Q1 2021 Natwest Group PLC Interim Management Statement Call (Fixed Income Investors) Transcript

Apr 29, 2021

Apr 29, 2021 / 12:00PM GMT
Operator

Good afternoon, and welcome to NatWest Group Quarter 1 2021 results with Treasurer Q&A with Donal Quaid. (Operator Instructions)

I'll now hand over to Donal Quaid. Donal, please go ahead.

Donal Quaid - NatWest Group plc - Interim Treasurer & Head of Treasury Markets

Thanks, Dave. Good afternoon, and thank you for joining today's call. I'm joined today by Paul Pybus, Head of Fixed Income, Investor Relations; and by Scott Forrest, our Head of Treasury Debt Capital Markets.

I'll share some of the headlines from the quarter before moving into more detail on capital and liquidity before concluding with an update on our issuance progress for 2021.

Starting with Slide 3 on Q1 performance. We reported an operating profit before impairment of GBP 844 million for the quarter. With an impairment release of GBP 102 million as defaults continue to remain low with little change in stage migration. Taking the impairment release into account, this resulted in attributable profit of GBP 620 million for the quarter. We continue to benefit from

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