NatWest Group PLC (NYSE:NWG)

$ 10.24 -0.01 (-0.1%) Market Cap: 41.16 Bil Enterprise Value: -82.86 Bil PE Ratio: 7.70 PB Ratio: 0.86 GF Score: 73/100

Q3 2021 Natwest Group PLC Interim Management Statement Call Transcript

Oct 29, 2021 / 07:45AM GMT

Release Date Price: $6.52 (-6.06%)

Transcript

Operator

Welcome, everyone. Today's presentation will be hosted by CEO, Alison Rose; and CFO, Katie Murray. (Operator Instructions)

Alison Marie Rose;Slade

NatWest Group plc - Group CEO & Executive Director

Good morning, and thank you for joining us today. As usual, I'll start with a brief update before handing over to Katie to take you through the Q3 results. We'll then take your questions.

So starting with the headlines. We're reporting operating profit of GBP 1.1 billion, up from GBP 400 million for the same quarter last year. This includes an impairment release of GBP 242 million as underlying credit metrics improved and defaults remained low, resulting in an attributable profit of GBP 674 million. We continue to make good progress on our targets. Net lending was up 3.1% on an annualized basis, driven primarily by growth in mortgage lending. Costs were down 4.3% for the first 9 months compared to the same period in 2020 and we're reporting a CET1 ratio of 18.7%.

As you know, this capital strength has enabled us to increase

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