●
|
The
income statement movements are materially impacted by transfers
from NatWest Markets Plc (NWM Plc) to set up the ring-fenced bank
during H1 2018. Central items included in the ring-fenced bank
include certain property portfolios and Treasury balances including
the covered bond programme. Following the transfer of services and
functions, certain segment related direct costs are recovered
through legal entity recharging and recorded in other operating
income. For the period prior to the transfers, NatWest Plc was a
receiver of shared services from NWM Plc and consequently had
comparatively lower direct costs and received higher legal entity
recharges which were booked in other administrative
expenses.
|
●
|
We
continue to support our customers through ongoing UK economic
uncertainty. Overall net lending to customers remained strong with
an increase in H1 2019 of £6.1 billion, or 3% (excluding
customer migrations from other RBS Group entities). We continue to
see large corporates delay borrowing reflecting Brexit uncertainty.
The number of digital users and total digital sales continue to
grow strongly as continued investment develops the customer
proposition through these channels.
|
●
|
Across
Personal Banking (UK PB) and Commercial & Private Banking
income increased by £222 million, or 5.7%, compared with H1
2018 but excluding one-off losses incurred in H1 2018, was broadly
stable. NatWest Bank Group’s total income increased by
£141 million, or 3.2% to £4,547 million compared with
£4,406 million in H1 2018, which included an increase in
service charge income recovered from other RBS Group entities of
£545 million, offset by the non-repeat of £352 million FX
related income on recycling in H1 2018, following the disposal of
NatWest Group Holdings Corporation.
|
●
|
NatWest
Bank Group’s operating expenses increased by £1,023
million, or 47% to £3,206 million compared with H1 2018, as
NatWest Plc became the main provider of shared services activities
for the RBS Group. In H1 2019, NatWest Plc recharged an additional
£545 million of these costs to other RBS Group entities,
recorded in other operating income. An additional £66 million
of conduct charges were recorded in H1 2019 and £236 million
of strategic costs were incurred as we continue towards our
strategy of becoming a more cost efficient Group. Underlying costs
continue to reduce through digitisation initiatives.
|
●
|
Total
assets increased by £0.8 billion to £310.7 billion
compared with £309.9 billion at 31 December 2018. This
included net increases in loans to customers – amortised
cost, of £7.2 billion, offset by reductions in cash and
balances at central banks as an additional £4.0 billion was
repaid under the terms of the Term Funding Scheme.
|
●
|
Common
Equity Tier 1 (CET1) ratio was 16.0%. Profits earned during the
period helped support payment of an interim dividend to the parent
company, NatWest Holdings of £700 million. RWAs increased by
£5.3 billion in H1 2019 primarily reflecting an increase in
lending, the transfer of customers from other RBS Group entities
and the adoption of IFRS 16. NatWest Plc issued a £750 million
4-year Covered Bond in March 2019.
|
|
|
Commercial & Private
|
|
|
Half year ended
|
||
|
UK Personal
|
Commercial
|
Private
|
Central items
|
|
30 June
|
30 June
|
|
Banking
|
Banking
|
Banking
|
& other
|
|
2019
|
2018
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
|
|
|
|
|
|
|
Net interest income
|
1,678
|
1,071
|
256
|
(111)
|
|
2,894
|
2,799
|
Non-interest income
|
390
|
593
|
115
|
555
|
|
1,653
|
1,607
|
|
|
|
|
|
|
|
|
Total income
|
2,068
|
1,664
|
371
|
444
|
|
4,547
|
4,406
|
|
|
|
|
|
|
|
|
Operating expenses
|
(1,105)
|
(1,121)
|
(265)
|
(715)
|
|
(3,206)
|
(2,183)
|
|
|
|
|
|
|
|
|
Profit before impairment releases/(losses)
|
963
|
543
|
106
|
(271)
|
|
1,341
|
2,223
|
Impairment (losses)/releases
|
(147)
|
(141)
|
5
|
(3)
|
|
(286)
|
(158)
|
|
|
|
|
|
|
|
|
Operating profit
|
816
|
402
|
111
|
(274)
|
|
1,055
|
2,065
|
|
|
|
|
|
|
|
|
Tax charge
|
|
|
|
|
|
(282)
|
(473)
|
|
|
|
|
|
|
|
|
Profit from continuing operations
|
|
|
|
|
|
773
|
1,592
|
Loss from discontinued operations, net of tax
|
|
|
|
|
|
-
|
(3)
|
|
|
|
|
|
|
|
|
Profit for period
|
|
|
|
|
|
773
|
1,589
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
Ordinary shareholders
|
|
|
|
|
|
689
|
1,586
|
Paid-in equity holders
|
|
|
|
|
|
82
|
-
|
Non-controlling interests
|
|
|
|
|
|
2
|
3
|
|
Half year ended
|
||||||
|
30 June
|
30 June
|
|||||
Key metrics and ratios
|
2019
|
2018
|
|||||
Cost:income ratio (2)
|
71%
|
50%
|
|||||
|
|
|
|||||
|
As at
|
||||||
|
30 June
|
31 December
|
|||||
|
2019
|
2018
|
|||||
Loan impairment expected credit loss rate (3)
|
27bps
|
21bps
|
|||||
CET1 ratio (4)
|
16.0%
|
17.4%
|
|||||
Leverage ratio (5)
|
5.1%
|
5.2%
|
|||||
Risk weighted assets (RWAs) (£bn)
|
80.9
|
75.6
|
|||||
|
|
|
|||||
|
|
|
Financial review continued
|
|
|
Balance sheet key metrics and commentary
|
|
|
|
30 June 2019
|
31 December 2018
|
|
£bn
|
£bn
|
Total assets
|
310.7
|
309.9
|
Third party assets (1)
|
306.7
|
304.7
|
Net customer lending
|
210.9
|
203.6
|
Customer deposits
|
236.4
|
237.8
|
Loan:deposit ratio (2)
|
89%
|
86%
|
(1)
(2)
|
Total
assets less amounts due from holding company and fellow
subsidiaries.
Net
customer loans held at amortised cost divided by total customer
deposits.
|
|
30 June 2019
|
31 December 2018
|
Capital adequacy ratios
|
%
|
%
|
CET1 (1)
|
16.0
|
17.4
|
Tier 1
|
18.8
|
20.4
|
Total
|
21.5
|
24.5
|
|
|
|
Capital
|
£m
|
£m
|
CET1
|
12,985
|
13,138
|
Tier 1
|
15,180
|
15,389
|
Total
|
17,406
|
18,490
|
|
|
|
Risk-weighted assets
|
|
|
Credit risk
|
67,493
|
63,548
|
Counterparty credit risk
|
717
|
325
|
Market risk
|
40
|
50
|
Operational risk
|
12,669
|
11,660
|
Total RWAs
|
80,919
|
75,583
|
|
|
|
Leverage (2)
|
|
|
Leverage exposure (£m) (CRR basis)
|
297,016
|
295,483
|
Tier 1 capital (£m)
|
15,180
|
15,389
|
Leverage ratio (%)
|
5.1
|
5.2
|
(1)
(2)
|
Includes
the impact of dividends paid in the period of £700 million (31
December 2018 - £292 million).
Leverage
exposure is broadly aligned to the accounting value of on and
off-balance sheet exposures albeit subject to specific adjustments
for derivatives, securities financing positions and off-balance
sheet exposures.
|
(3)
|
CRR
end-point for UK banks set by the PRA is 10.5% minimum total
capital ratio, with a minimum CET1 ratio of 7.0%.
|
●
|
The
CET1 ratio decreased to 16.0% from 17.4% primarily due to a
£5.3 billion increase in RWAs. CET1 reflects the attributable
profit offset by the dividend paid to the parent, the impact of the
adoption of IFRS 16 and the final annual uplift in transition for
significant investments in financial institutions
capital.
|
●
|
NatWest
Plc redeemed £700 million internal Tier 2 Notes in March
2019.
|
●
|
RWAs
increased by £5.3 billion primarily due to the credit risk
increase of £3.9 billion. This was driven by the £1.3
billion uplift due to adoption of IFRS 16, increased asset size due
to lending growth and the transfer in of lending portfolios from
RBS plc. Counterparty credit risk increased by £0.4 billion
primarily due to increased exposures. There was a £1.0 billion
increase in operational risk due to the annual
recalculation.
|
●
|
The
leverage ratio has decreased to 5.1% as a result of the decrease in
Tier 1 capital.
|
|
|
|
|
Half year ended
|
|
|
30 June
|
30 June
|
|
2019
|
2018
|
|
£m
|
£m
|
|
|
|
Interest receivable
|
3,642
|
3,377
|
Interest payable
|
(748)
|
(578)
|
|
|
|
Net interest income
|
2,894
|
2,799
|
|
|
|
Fees and commissions receivable
|
1,169
|
1,054
|
Fees and commissions payable
|
(306)
|
(243)
|
Other operating income
|
790
|
796
|
|
|
|
Non-interest income
|
1,653
|
1,607
|
|
|
|
Total income
|
4,547
|
4,406
|
Operating expenses
|
(3,206)
|
(2,183)
|
|
|
|
Profit before impairment losses
|
1,341
|
2,223
|
Impairment losses
|
(286)
|
(158)
|
|
|
|
Operating profit before tax
|
1,055
|
2,065
|
Tax charge
|
(282)
|
(473)
|
|
|
|
Profit from continuing operations
|
773
|
1,592
|
Loss from discontinued operations, net of tax
|
-
|
(3)
|
|
|
|
Profit for the period
|
773
|
1,589
|
|
|
|
Attributable to:
|
|
|
Ordinary shareholders
|
689
|
1,586
|
Paid-in equity holders
|
82
|
-
|
Non-controlling interests
|
2
|
3
|
|
773
|
1,589
|
|
|
|
|
|
|
|
Profit for the period
|
|
773
|
1,589
|
Items that do not qualify for reclassification
|
|
|
|
Remeasurement of retirement benefit schemes
|
|
|
|
- contribution in preparation for ring-fencing
(1)
|
|
-
|
(2,000)
|
- other movements
|
|
(68)
|
-
|
Fair value through other comprehensive income
(FVOCI) financial assets
|
|
-
|
(6)
|
Tax
|
|
18
|
516
|
|
|
(50)
|
(1,490)
|
Items that do qualify for reclassification
|
|
|
|
Fair value through other comprehensive income (FVOCI) financial
assets
|
|
(28)
|
457
|
Currency translation
|
|
(1)
|
(390)
|
Tax
|
|
12
|
(135)
|
|
|
(17)
|
(68)
|
|
|
|
|
Other comprehensive loss after tax
|
|
(67)
|
(1,558)
|
|
|
|
|
Total comprehensive income for the period
|
|
706
|
31
|
|
|
|
|
Attributable to:
|
|
|
|
Ordinary shareholders
|
|
622
|
28
|
Paid-in equity holders
|
|
82
|
-
|
Non-controlling interests
|
|
2
|
3
|
|
|
706
|
31
|
|
|
|
|
Note:
|
|
(1)
|
On 17
April 2018 RBS agreed a Memorandum of Understanding (MoU) with the
Trustees of the RBS Group Pension Fund in connection with the
requirements of ring-fencing. NatWest Markets Plc could not
continue to be a participant in the Main section and separate
arrangements were required for its employees. It also agreed
to contribute £1.2 billion to the ring-fenced bank.
Under the MoU, NatWest Bank Plc made a contribution of £2
billion on 9 October 2018 to strengthen funding of the Main section
in recognition of the changes in covenant.
|
|
30 June
|
31 December
|
|
2019
|
2018
|
|
£m
|
£m
|
|
|
|
Assets
|
|
|
Cash and balances at central banks
|
38,671
|
45,032
|
Derivatives
|
1,195
|
1,253
|
Loans to banks - amortised cost
|
3,901
|
6,406
|
Loans to customers - amortised cost
|
210,892
|
203,647
|
Amounts due from holding companies and fellow
subsidiaries
|
3,994
|
5,206
|
Other financial assets
|
44,189
|
41,226
|
Other assets
|
7,853
|
7,168
|
Total assets
|
310,695
|
309,938
|
|
|
|
Liabilities
|
|
|
Bank deposits
|
16,525
|
17,563
|
Customer deposits
|
236,401
|
237,770
|
Amounts due to holding companies and fellow
subsidiaries
|
23,337
|
22,542
|
Derivatives
|
1,276
|
779
|
Other financial liabilities
|
7,815
|
6,497
|
Subordinated liabilities
|
1,293
|
1,275
|
Other liabilities
|
4,314
|
3,638
|
Total liabilities
|
290,961
|
290,064
|
|
|
|
Equity
|
|
|
Owners’ equity
|
19,725
|
19,867
|
Non-controlling interests
|
9
|
7
|
Total equity
|
19,734
|
19,874
|
|
|
|
Total liabilities and equity
|
310,695
|
309,938
|
|
|
Half year ended
|
|
|
|
30 June
|
30 June
|
|
|
2019
|
2018
|
|
|
£m
|
£m
|
Called up share capital - at
beginning and end of period
|
|
1,678
|
1,678
|
Paid-in equity - at beginning of period
|
|
2,370
|
-
|
Securities issued during the year (1)
|
|
-
|
2,370
|
At end of period
|
|
2,370
|
2,370
|
Share premium - at beginning
and end of period
|
|
2,225
|
2,225
|
Merger reserve - at beginning
of period
|
|
412
|
-
|
Transfer from fellow subsidiary (2)
|
|
|
|
- gross
|
|
-
|
553
|
- tax
|
|
-
|
124
|
Amortisation
|
|
(130)
|
-
|
At end of period
|
|
282
|
677
|
Fair value through other comprehensive income reserve
- at beginning of
period
|
|
250
|
(5)
|
Implementation of IFRS 9 on 1 January 2018
|
|
-
|
46
|
Unrealised (losses)/gains
|
|
(18)
|
35
|
Realised gains
|
|
(10)
|
(38)
|
Tax
|
|
12
|
(11)
|
Transfer from fellow subsidiary (2)
|
|
|
|
- gross
|
|
-
|
460
|
- tax
|
|
-
|
(124)
|
At end of period
|
|
234
|
363
|
Foreign exchange reserve - at
beginning of period
|
|
15
|
826
|
Retranslation of net assets
|
|
(3)
|
(42)
|
Foreign currency gains on hedges of net assets
|
|
2
|
4
|
Recycled to profit or loss on disposal of businesses
|
|
-
|
(352)
|
At end of period
|
|
14
|
436
|
Capital redemption reserve - at
beginning and end of period
|
|
796
|
796
|
Retained earnings - at
beginning of period
|
|
12,121
|
10,766
|
Implementation of IFRS 9 on 1 January 2018
|
|
-
|
(317)
|
Implementation of IFRS 16 on 1 January 2019 (3)
|
|
(153)
|
-
|
Profit attributable to ordinary and equity preference
shareholders
|
|
|
|
- continuing operations
|
|
771
|
1,589
|
- discontinued operations
|
|
-
|
(3)
|
Ordinary dividends
|
|
(700)
|
-
|
Paid-in equity dividends paid
|
|
(82)
|
-
|
Distribution of subsidiary (4)
|
|
-
|
(902)
|
Capital contribution (5)
|
|
-
|
1,200
|
Realised losses in period on FVOCI equity shares
|
|
-
|
(6)
|
Remeasurement of retirement benefit schemes
|
|
|
|
- contribution in preparation for ring-fencing
(5)
|
|
-
|
(2,000)
|
- other movements
|
|
(68)
|
-
|
- tax
|
|
18
|
516
|
Amortisation of merger reserve
|
|
130
|
-
|
Share-based payments (6)
|
|
93
|
-
|
Shares issues under employee share schemes
|
|
(4)
|
-
|
At end of period
|
|
12,126
|
10,843
|
Owners’ equity at end of period
|
|
19,725
|
19,388
|
Non-controlling interests - at
beginning of period
|
|
7
|
81
|
Profit attributable to non-controlling interests
|
|
2
|
3
|
Equity withdrawn and disposals
|
|
-
|
(74)
|
At end of period
|
|
9
|
10
|
Total equity at end of period
|
|
19,734
|
19,398
|
|
|
|
|
Total equity is attributable to:
|
|
|
|
Ordinary shareholders
|
|
17,355
|
19,388
|
Paid-in equity holders
|
|
2,370
|
-
|
Non-controlling interests
|
|
9
|
10
|
|
|
19,734
|
19,398
|
|
|
|
|
Notes:
|
||
(1)
|
AT1
capital notes totalling £2.4 billion issued to the parent
company NatWest Holdings in April 2018.
|
|
(2)
|
During
H1 2018 NatWest Bank Plc acquired RBS Treasury at net asset value.
The assets, liabilities and IFRS reserves were recognised at
inherited values. The difference was recognised in the merger
reserve.
|
|
(3)
|
Refer to Note 2 for further information on the impact of IFRS 16
implementation.
|
|
(4)
|
On 2
March 2018, in preparation for ring-fencing, NatWest Bank Group
Holdings Corp, parent of NatWest Markets Securities Inc, was
distributed to NatWest Markets Plc.
|
|
(5)
|
On 17
April 2018 RBS agreed a Memorandum of Understanding (MoU) with the
Trustees of the RBS Group Pension Fund in connection with the
requirements of ring-fencing. NatWest Markets Plc could not
continue to be a participant in the Main section and separate
arrangements were required for its employees. It also agreed
to contribute £1.2 billion to the ring-fenced bank.
Under the MoU, NatWest Bank Plc made a contribution of £2
billion on 9 October 2018 to strengthen funding of the Main section
in recognition of the changes in covenant.
|
|
(6)
|
Includes
adjustments to the allocation of deferred awards following the
implementation of ring-fencing.
|
|
|
Half year ended
|
|
|
30 June
|
30 June
|
|
2019
|
2018
|
|
£m
|
£m
|
|
|
|
Operating activities
|
|
|
Operating profit before tax from continuing operations
|
1,055
|
2,065
|
Loss before tax from discontinued operations
|
-
|
(3)
|
Adjustments for non-cash items
|
(410)
|
(4,291)
|
Net cash inflow/(outflow) from trading activities
|
645
|
(2,229)
|
Changes in operating assets and liabilities
|
(3,756)
|
41,173
|
|
|
|
Net cash flows from operating activities before tax
|
(3,111)
|
38,944
|
Income taxes (paid)/received
|
(99)
|
48
|
Net cash flows from operating activities
|
(3,210)
|
38,992
|
Net cash flows from investing activities
|
(2,615)
|
(40,295)
|
Net cash flows from financing activities
|
(1,562)
|
548
|
Effects of exchange rate changes on cash and cash
equivalents
|
67
|
589
|
|
|
|
Net decrease in cash and cash equivalents
|
(7,320)
|
(166)
|
Cash and cash equivalents at beginning of period
|
51,317
|
97,940
|
|
|
|
Cash and cash equivalents at end of period
|
43,997
|
97,774
|
|
|
|
|
£bn
|
Retained earnings at 1 January 2019
|
12.1
|
Loans to customers - Finance
leases
|
0.2
|
Other assets - Net right of use
assets
|
1.0
|
- Recognition of lease liabilities
|
(1.6)
|
- Provision for onerous leases
|
0.2
|
Other liabilities
|
(1.4)
|
Net impact on retained earnings
|
(0.2)
|
Retained earnings at 1 January 2019
|
11.9
|
|
Half year ended
|
|
|
30 June
|
30 June
|
|
2019
|
2018
|
|
£m
|
£m
|
Wages, salaries and other staff costs
|
(1,097)
|
(549)
|
Social security costs
|
(109)
|
(58)
|
Pension costs
|
(114)
|
(82)
|
Variable compensation
|
(106)
|
(41)
|
Staff costs
|
(1,426)
|
(730)
|
Premises and equipment
|
(486)
|
(234)
|
Depreciation and amortisation (1)
|
(391)
|
(197)
|
Other administrative expenses (2)
|
(873)
|
(1,015)
|
Administrative expenses (3)
|
(1,750)
|
(1,446)
|
Write down of other intangible assets
|
(30)
|
(7)
|
|
|
|
|
(3,206)
|
(2,183)
|
(1)
|
Half
year ended 30 June 2019 includes depreciation in relation to the
right of use assets recognised following the adoption of IFRS 16
(previously leasing costs in relation to these were included in
premises and equipment). For further details on the adoption of
IFRS 16 refer to Note 2.
|
(2)
|
Includes
litigation and conduct costs. Refer to Note 7 for further
details.
|
(3)
|
The
increase in 2019 compared to 2018 mainly includes the impact of the
NatWest Bank Group becoming the provider of shared services to the
RBS Group in Q2 2018 in preparation for ring-fencing, direct costs
incurred are recovered through legal entity recharging and recorded
in Other income.
|
●
|
UK
Personal Banking (UK PB) which is a single reportable
segment;
|
●
|
Commercial
& Private Banking (CPB) which comprises two reportable
segments: Commercial Banking and Private Banking; and
|
●
|
Central
items & other which comprises corporate functions.
|
Analysis of operating profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
The following table provides a segmental analysis of operating
profit by main income statement captions.
|
|||||||
|
|
|
|
|
|
|
|
|
Net
|
|
Other non-
|
|
|
Impairment
|
|
|
interest
|
Net fees and
|
interest
|
Total
|
Operating
|
(losses)/
|
Operating
|
|
income
|
commissions
|
income
|
income
|
expenses
|
releases
|
profit
|
Half year ended 30 June 2019
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
|
|
|
|
|
|
|
UK Personal Banking
|
1,678
|
287
|
103
|
2,068
|
(1,105)
|
(147)
|
816
|
|
|
|
|
|
|
|
|
Commercial Banking
|
1,071
|
480
|
113
|
1,664
|
(1,121)
|
(141)
|
402
|
Private Banking
|
256
|
104
|
11
|
371
|
(265)
|
5
|
111
|
|
|
|
|
|
|
|
|
Commercial & Private Banking
|
1,327
|
584
|
124
|
2,035
|
(1,386)
|
(136)
|
513
|
|
|
|
|
|
|
|
|
Central items & other
|
(111)
|
(8)
|
563
|
444
|
(715)
|
(3)
|
(274)
|
Total
|
2,894
|
863
|
790
|
4,547
|
(3,206)
|
(286)
|
1,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year ended 30 June 2018*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK Personal Banking
|
1,678
|
280
|
48
|
2,006
|
(1,035)
|
(97)
|
874
|
|
|
|
|
|
|
|
|
Commercial Banking
|
981
|
435
|
123
|
1,539
|
(756)
|
(75)
|
708
|
Private Banking
|
215
|
108
|
13
|
336
|
(209)
|
-
|
127
|
|
|
|
|
|
|
|
|
Commercial & Private Banking
|
1,196
|
543
|
136
|
1,875
|
(965)
|
(75)
|
835
|
|
|
|
|
|
|
|
|
Central items & other
|
(75)
|
(12)
|
612
|
525
|
(183)
|
14
|
356
|
Total
|
2,799
|
811
|
796
|
4,406
|
(2,183)
|
(158)
|
2,065
|
|
|
|
Half year ended
|
|
|
||
|
30 June 2019
|
|
30 June 2018*
|
||||
|
External
|
Inter
|
Total
|
|
External
|
Inter
|
Total
|
Total revenue
|
segment
|
segment
|
|||||
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
|
|
|
|
|
|
|
|
UK Personal Banking
|
2,622
|
92
|
2,714
|
|
2,459
|
9
|
2,468
|
|
|
|
|
|
|
|
|
Commercial Banking
|
1,634
|
61
|
1,695
|
|
1,457
|
20
|
1,477
|
Private Banking
|
333
|
133
|
466
|
|
354
|
43
|
397
|
|
|
|
|
|
|
|
|
Commercial & Private Banking
|
1,967
|
194
|
2,161
|
|
1,811
|
63
|
1,874
|
|
|
|
|
|
|
|
|
Central items & other
|
1,012
|
(286)
|
726
|
|
957
|
(72)
|
885
|
|
|
|
|
|
|
|
|
Total
|
5,601
|
-
|
5,601
|
|
5,227
|
-
|
5,227
|
Analysis of net fees and commissions
|
Commercial & Private
|
|
|
||
|
UK Personal
|
Commercial
|
Private
|
Central items
|
|
|
Banking
|
Banking
|
Banking
|
& other
|
Total
|
Half year ended 30 June 2019
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
|
|
|
|
|
Fees and commissions receivable
|
|
|
|
|
|
- Lending (credit facilities)
|
238
|
136
|
1
|
-
|
375
|
- Payment services
|
124
|
243
|
16
|
-
|
383
|
- Credit and debit card fees
|
150
|
55
|
6
|
-
|
211
|
- Investment management, trustee and fiduciary
services
|
18
|
2
|
84
|
-
|
104
|
- Other
|
27
|
72
|
13
|
(16)
|
96
|
Total
|
557
|
508
|
120
|
(16)
|
1,169
|
|
|
|
|
|
|
Fees and commissions payable
|
(270)
|
(28)
|
(16)
|
8
|
(306)
|
|
|
|
|
|
|
Net fees and commissions
|
287
|
480
|
104
|
(8)
|
863
|
Half year ended 30 June 2018*
|
|
|
|
|
|
|
|
|
|
|
|
Fees and commissions receivable
|
|
|
|
|
|
- Lending (credit facilities)
|
174
|
107
|
1
|
-
|
282
|
- Payment services
|
85
|
198
|
16
|
-
|
299
|
- Credit and debit card fees
|
173
|
55
|
6
|
-
|
234
|
- Investment management, trustee and fiduciary
services
|
20
|
18
|
88
|
-
|
126
|
- Other
|
29
|
75
|
12
|
(3)
|
113
|
Total
|
481
|
453
|
123
|
(3)
|
1,054
|
|
|
|
|
|
|
Fees and commissions payable
|
(201)
|
(18)
|
(15)
|
(9)
|
(243)
|
|
|
|
|
|
|
Net fees and commissions
|
280
|
435
|
108
|
(12)
|
811
|
|
|
|
|
|
|
Total assets and liabilities
|
30 June 2019
|
|
31 December 2018*
|
||
|
Assets
|
Liabilities
|
|
Assets
|
Liabilities
|
|
£m
|
£m
|
|
£m
|
£m
|
|
|
|
|
|
|
UK Personal Banking
|
131,754
|
120,381
|
|
130,258
|
118,718
|
|
|
|
|
|
|
Commercial Banking
|
73,858
|
97,232
|
|
72,259
|
98,927
|
Private Banking
|
14,579
|
26,259
|
|
14,110
|
26,626
|
|
|
|
|
|
|
Commercial & Private Banking
|
88,437
|
123,491
|
|
86,369
|
125,553
|
|
|
|
|
|
|
Central items & other
|
90,504
|
47,089
|
|
93,311
|
45,793
|
|
|
|
|
|
|
Total
|
310,695
|
290,961
|
|
309,938
|
290,064
|
|
Half year ended
|
|
|
30 June
|
30 June
|
|
2019
|
2018
|
|
£m
|
£m
|
|
|
|
Profit before tax
|
1,055
|
2,065
|
|
|
|
Expected tax charge
|
(201)
|
(392)
|
Losses and temporary differences in period where no deferred tax
asset recognised
|
-
|
1
|
Foreign profits taxed at other rates
|
(5)
|
(2)
|
Items not allowed for tax
|
|
|
- losses on disposals and write-downs
|
-
|
(24)
|
- UK bank levy
|
(8)
|
(14)
|
- regulatory and legal actions
|
(10)
|
(3)
|
- other disallowable items
|
(39)
|
-
|
Non-taxable items
|
|
|
- non taxable gain on transfer of fellow
subsidiaries
|
3
|
97
|
- other
|
24
|
3
|
Reduction in carrying value of deferred tax asset in respect of UK
losses
|
-
|
(15)
|
Banking surcharge
|
(89)
|
(124)
|
Adjustments in respect of prior periods
|
43
|
-
|
|
|
|
Actual tax charge
|
(282)
|
(473)
|
|
|
|
|
Amortised cost
|
|
|
|
|||||
|
MFVTPL (1)
|
DFV (2)
|
FVOCI (3)
|
Other assets
|
Total
|
|||||||
Assets
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
||||||
|
|
|
|
|
|
|
||||||
Cash and balances at central banks
|
-
|
-
|
-
|
38,671
|
|
38,671
|
||||||
Derivatives
|
1,195
|
|
|
|
|
1,195
|
||||||
Loans to banks - amortised cost
|
|
|
|
3,901
|
|
3,901
|
||||||
Loans to customers - amortised cost
|
|
|
|
210,892
|
|
210,892
|
||||||
Amounts due from holding companies and fellow
subsidiaries
|
3
|
-
|
-
|
3,991
|
|
3,994
|
||||||
Other financial assets
|
260
|
-
|
39,014
|
4,915
|
|
44,189
|
||||||
Other assets
|
|
|
|
|
7,853
|
7,853
|
||||||
|
|
|
|
|
|
|
||||||
30 June 2019
|
1,458
|
-
|
39,014
|
262,370
|
7,853
|
310,695
|
||||||
Cash
and balances at central banks
|
-
|
-
|
-
|
45,032
|
|
45,032
|
||||||
Derivatives
|
1,253
|
|
|
|
|
1,253
|
||||||
Loans to banks - amortised cost
|
|
|
|
6,406
|
|
6,406
|
||||||
Loans
to customers - amortised cost
|
|
|
|
203,647
|
|
203,647
|
||||||
Amounts
due from holding companies and fellow
subsidiaries
|
26
|
10
|
-
|
5,165
|
5
|
5,206
|
||||||
Other financial assets
|
280
|
-
|
35,400
|
5,546
|
|
41,226
|
||||||
Other assets
|
|
|
|
|
7,168
|
7,168
|
||||||
|
|
|
|
|
|
|
||||||
31
December 2018
|
1,559
|
10
|
35,400
|
265,796
|
|
309,938
|
||||||
|
|
|
|
|
|
|
|
Held-for-
|
|
Amortised
|
Other
|
|
|
trading
|
DFV (2)
|
cost
|
liabilities
|
Total
|
Liabilities
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
|
|
|
|
|
Bank deposits
|
|
|
16,525
|
|
16,525
|
Customer deposits
|
|
|
236,401
|
|
236,401
|
Amounts due to holding companies and fellow
subsidiaries
|
-
|
-
|
23,267
|
70
|
23,337
|
Derivatives
|
1,276
|
|
|
|
1,276
|
Other financial liabilities
|
50
|
2
|
7,763
|
|
7,815
|
Subordinated liabilities
|
-
|
-
|
1,293
|
|
1,293
|
Other liabilities
|
|
|
861
|
3,453
|
4,314
|
|
|
|
|
|
|
30 June 2019
|
1,326
|
2
|
286,110
|
3,523
|
290,961
|
|
|
|
|
|
|
Bank deposits
|
|
|
17,563
|
|
17,563
|
Customer deposits
|
|
|
237,770
|
|
237,770
|
Amounts due to holding companies and fellow
subsidiaries
|
17
|
-
|
22,525
|
-
|
22,542
|
Derivatives
|
779
|
|
|
|
779
|
Other financial liabilities
|
50
|
20
|
6,427
|
|
6,497
|
Subordinated liabilities
|
-
|
-
|
1,275
|
|
1,275
|
Other liabilities
|
|
|
857
|
2,781
|
3,638
|
|
|
|
|
|
|
31 December 2018
|
846
|
20
|
286,417
|
2,781
|
290,064
|
(1)
|
Mandatory fair
value through profit or loss.
|
(2)
|
Designated as at
fair value through profit or loss
|
(3)
|
Fair
value through other comprehensive income.
|
The above includes amounts due from/to the holding companies and
fellow subsidiaries, as follows:
|
|||||
|
|
|
|
|
|
|
30 June 2019
|
|
31 December 2018
|
||
|
Holding
|
Fellow
|
|
Holding
|
Fellow
|
|
companies
|
subsidiaries
|
|
companies
|
subsidiaries
|
|
£m
|
£m
|
|
£m
|
£m
|
Assets
|
|
|
|
|
|
Derivatives
|
17
|
1,126
|
|
61
|
1,143
|
Loans to banks - amortised cost
|
-
|
3,700
|
|
-
|
4,635
|
Loans to customers - amortised cost
|
44
|
247
|
|
40
|
490
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Bank deposits
|
-
|
10,149
|
|
-
|
13,564
|
Customer deposits
|
6,742
|
873
|
|
4,409
|
83
|
Derivatives
|
55
|
1,192
|
|
-
|
744
|
Other financial liabilities (1)
|
3,226
|
-
|
|
-
|
-
|
Subordinated liabilities
|
2,277
|
-
|
|
2,904
|
-
|
|
|
|
|
|
|
Note:
|
|
|
|
|
|
(1) Includes £1.6 billion of new MREL issuances in H1 2019,
with maturities of more than one year
|
The Group's financial assets and liabilities include:
|
30 June
|
31 December
|
|
2019
|
2018
|
|
£m
|
£m
|
Reverse repos
|
|
|
Loans to banks - amortised cost
|
1,058
|
3,539
|
Loans to customers - amortised cost
|
641
|
-
|
|
|
|
Repos
|
|
|
Bank deposits
|
2,845
|
518
|
Customer deposits
|
1,004
|
3,774
|
|
30 June 2019
|
|
31 December 2018
|
||||
|
Level 1
|
Level 2
|
Level 3
|
|
Level 1
|
Level 2
|
Level 3
|
Assets
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
|
|
|
|
|
|
|
Derivatives
|
-
|
1,190
|
5
|
|
-
|
1,244
|
9
|
Amounts due from holding company and fellow
subsidiaries
|
-
|
3
|
-
|
|
-
|
36
|
-
|
Other financial assets
|
|
|
|
|
|
|
|
Securities
|
34,353
|
4,661
|
-
|
|
31,476
|
3,924
|
-
|
Loans - MFVTPL
|
-
|
260
|
-
|
|
-
|
280
|
-
|
|
|
|
|
|
|
|
|
Total financial assets held at fair value
|
34,353
|
6,114
|
5
|
|
31,476
|
5,484
|
9
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts due to holding company and fellow subsidiaries
|
-
|
-
|
-
|
|
-
|
17
|
-
|
Derivatives
|
-
|
1,229
|
47
|
|
-
|
738
|
41
|
Other financial liabilities
|
|
|
|
|
|
|
|
Deposits - HFT
|
-
|
50
|
-
|
|
-
|
50
|
-
|
Deposits - DFV
|
-
|
2
|
-
|
|
-
|
20
|
-
|
|
|
|
|
|
|
|
|
Total financial liabilities held at fair value
|
-
|
1,281
|
47
|
|
-
|
825
|
41
|
|
|
|
|
|
|
|
|
(1)
|
Level 1
– Instruments valued using unadjusted quoted prices in active
and liquid markets, for identical financial instruments. Examples
include government bonds, listed equity shares and certain
exchange-traded derivatives.
Level 2
– Instruments valued using valuation techniques that have
observable inputs. Examples include most government agency
securities, investment-grade corporate bonds, certain mortgage
products, including CLOs, most bank loans, repos and reverse repos,
less liquid listed equities, state and municipal obligations, most
notes issued, and certain money market securities and loan
commitments and most OTC derivatives.
Level 3
– Instruments valued using a valuation technique where at
least one input which could have a significant effect on the
instrument’s valuation, is not based on observable market
data. Examples include cash instruments which trade infrequently,
certain syndicated and commercial mortgage loans, certain emerging
markets and derivatives with unobservable model
inputs.
|
(2)
|
Transfers
between levels are deemed to have occurred at the beginning of the
quarter in which the instruments were transferred. There were no
significant transfers between level 1 and level 2.
|
Items where fair value
|
|
|
|
|
|
|
|
approximates
|
Carrying
|
|
Fair value hierarchy level
|
||
|
carrying value
|
value
|
Fair value
|
Level 1
|
Level 2
|
Level 3
|
30 June 2019
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
|
|
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
Cash and balances at central banks
|
38.7
|
|
|
|
|
|
Loans to banks
|
|
3.9
|
3.9
|
-
|
1.2
|
2.7
|
Loans to customers
|
|
210.9
|
209.4
|
-
|
0.8
|
208.6
|
Amounts due from holding company and
|
|
|
|
|
|
|
fellow subsidiaries
|
|
4.0
|
3.9
|
-
|
0.4
|
3.5
|
Other financial assets
|
|
|
|
|
|
|
Securities
|
|
4.8
|
4.9
|
3.2
|
1.4
|
0.3
|
Settlement balances
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
Bank deposits
|
3.0
|
13.5
|
13.3
|
-
|
12.7
|
0.6
|
Customer deposits
|
202.2
|
34.2
|
34.3
|
-
|
6.0
|
28.3
|
Amounts due to holding company and
|
|
|
|
|
|
|
fellow subsidiaries
|
5.6
|
17.7
|
17.3
|
-
|
7.6
|
9.7
|
Other financial liabilities
|
|
|
|
|
|
|
Debt securities in issue (1)
|
|
7.8
|
7.9
|
-
|
6.3
|
1.6
|
Subordinated liabilities
|
|
1.3
|
1.3
|
-
|
1.3
|
-
|
Other liabilities - notes in circulation
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
31 December 2018
|
|
|
|
|
|
|
Financial assets
|
|
|
|
|
|
|
Cash and balances at central banks
|
45.0
|
|
|
|
|
|
Loans to banks
|
0.4
|
6.0
|
6.0
|
-
|
5.4
|
0.6
|
Loans to customers
|
|
203.6
|
202.3
|
-
|
0.1
|
202.2
|
Amounts due from holding company and
|
|
|
|
|
|
|
fellow subsidiaries
|
|
5.2
|
5.3
|
-
|
0.7
|
4.6
|
Other financial assets
|
|
|
|
|
|
|
Securities
|
|
5.3
|
5.4
|
3.6
|
1.5
|
0.3
|
Settlement balances
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
Bank deposits
|
3.0
|
14.6
|
13.9
|
-
|
13.9
|
-
|
Customer deposits
|
203.0
|
34.8
|
35.4
|
-
|
9.0
|
26.4
|
Amounts due to holding company and
|
|
|
|
|
|
|
fellow subsidiaries
|
5.7
|
16.8
|
17.1
|
-
|
6.8
|
10.3
|
Other financial liabilities
|
|
|
|
|
|
|
Debt securities in issue
|
|
6.3
|
6.4
|
-
|
5.5
|
0.9
|
Settlement balances
|
0.1
|
|
|
|
|
|
Subordinated liabilities
|
|
1.3
|
1.2
|
-
|
1.2
|
-
|
Other liabilities - notes in circulation
|
0.8
|
|
|
|
|
|
(1)
|
Includes
£0.8 billion of covered bonds, with maturity in more than one
year.
|
|
Payment
|
Other
|
Litigation and
|
|
|
|
protection
|
customer
|
other
|
|
|
|
insurance (1)
|
redress
|
regulatory
|
Other (2)
|
Total
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
|
|
|
|
|
At 1 January 2019
|
411
|
216
|
38
|
478
|
1,143
|
Implementation of IFRS16 on 1 January 2019 (3)
|
-
|
-
|
-
|
(150)
|
(150)
|
ECL impairment charge/(release)
|
-
|
-
|
-
|
23
|
23
|
Currency translation and other movements
|
(2)
|
(3)
|
-
|
1
|
(4)
|
Transfer from fellow subsidiaries
|
-
|
3
|
-
|
-
|
3
|
Charge to income statement
|
26
|
43
|
2
|
103
|
174
|
Releases to income statement
|
-
|
(9)
|
(2)
|
(40)
|
(51)
|
Provisions utilised
|
(161)
|
(94)
|
(2)
|
(96)
|
(353)
|
|
|
|
|
|
|
At 30 June 2019
|
274
|
156
|
36
|
319
|
785
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
(1) 30 June 2019 includes provisions held in relation to offers
made from 2018 and earlier years of £60 million.
|
|||||
(2) Materially comprises provisions relating to property closures
and restructuring costs.
|
|||||
(3) Refer to Note 2 for further information on the impact of IFRS
16 implementation.
|
|
|
|
|
|
|
Sensitivity
|
||
Assumptions
|
Actual
to date
|
Future
expected
|
Change in
assumption
%
|
Consequential
change in provision
£m
|
Customer
initiated complaints (1)
|
1,836k
|
59k
|
+/-5
|
+/-4
|
Uphold
rate (2)
|
88%
|
90%
|
+/-1
|
+/-1
|
Average
redress (3)
|
£1,657
|
£1,559
|
+/-5
|
+/-4
|
Processing
costs per claim (4)
|
£148
|
£317
|
+/- 10k claims
|
+/-3
|
|
30 June
|
31 December
|
|
2019
|
2018
|
|
£m
|
£m
|
Loans - amortised cost
|
|
|
Stage 1
|
196,041
|
191,478
|
Stage 2
|
17,170
|
16,732
|
Stage 3
|
2,940
|
3,005
|
Inter-Group
|
3,991
|
5,046
|
|
220,142
|
216,261
|
ECL provisions (1)
|
|
|
Stage 1
|
184
|
179
|
Stage 2
|
446
|
449
|
Stage 3
|
1,167
|
1,043
|
Inter-Group
|
-
|
1
|
|
1,797
|
1,672
|
ECL provisions coverage (2,3)
|
|
|
Stage 1 (%)
|
0.09
|
0.09
|
Stage 2 (%)
|
2.60
|
2.68
|
Stage 3 (%)
|
39.69
|
34.71
|
Inter-Group
|
-
|
0.01
|
|
0.83
|
0.77
|
ECL charge (4)
|
|
|
Third party
|
287
|
445
|
Inter-Group
|
(1)
|
(17)
|
|
286
|
428
|
Impairment losses
|
|
|
ECL loss rate - annualised (basis points)
|
26.56
|
21.07
|
Amounts written-off
|
192
|
612
|
|
30 June 2019
|
|
31 December 2018
|
||||||||
|
Upside 2
|
Upside 1
|
Base case
|
Downside 1
|
Downside 2
|
|
Upside 2
|
Upside 1
|
Base case
|
Downside 1
|
Downside 2
|
UK
|
%
|
%
|
%
|
%
|
%
|
|
%
|
%
|
%
|
%
|
%
|
GDP - change
|
2.5
|
2.2
|
1.6
|
1.3
|
0.9
|
|
2.6
|
2.3
|
1.7
|
1.5
|
1.1
|
Unemployment
|
3.2
|
3.7
|
4.7
|
5.4
|
6.5
|
|
3.3
|
3.8
|
5.0
|
5.6
|
6.9
|
House Price Inflation - change
|
4.7
|
3.7
|
1.7
|
1.0
|
(0.9)
|
|
4.3
|
3.3
|
1.7
|
1.1
|
(0.5)
|
Bank of England base rate
|
1.3
|
1.2
|
1.0
|
0.1
|
-
|
|
1.7
|
1.3
|
1.1
|
0.5
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
World GDP - change
|
3.9
|
3.4
|
2.8
|
2.5
|
2.0
|
|
3.6
|
3.2
|
2.7
|
2.5
|
2.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Probability weight
|
12.7
|
14.8
|
30.0
|
29.7
|
12.7
|
|
12.8
|
17.0
|
30.0
|
25.6
|
14.6
|
●
|
Scenario selection – Two
upside and two downside scenarios from Moody’s inventory of
scenarios were chosen. The aim is to obtain downside scenarios that
are not as severe as stress tests, so typically they have a
severity of around one in ten and one in five of approximate
likelihood, along with corresponding upsides.
|
●
|
Severity assessment – Having selected the most appropriate scenarios,
their severity is then assessed based on the behaviour of UK GDP by
calculating a variety of measures such as average growth, deviation
from baseline and peak to trough falls. These measures are compared
against a set of 1,000 model runs, following which, a percentile in
the distribution is established which most closely corresponds to
the scenario.
|
●
|
Probability assignment – Having established the relevant percentile points,
probability weights are assigned to ensure that the scenarios
produce an unbiased result. If the severity assessment step shows
the scenarios to be broadly symmetric, then this will result in a
symmetric probability weight (same probability weight above and
below the base case). However, if the downsides are not as extreme
as the upsides, then a higher probability weight is allocated to
the downsides to ensure the unbiasedness requirement is satisfied.
This adjustment is made purely to restore unbiasedness, not to
address any relative skew in the distribution of risks in the
economic outlook.
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
Total
|
||||
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
Group total
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
At 1 January 2019
|
266,834
|
184
|
|
17,393
|
452
|
|
2,950
|
1,042
|
|
287,177
|
1,678
|
Currency translation and other adjustments
|
51
|
2
|
|
(2)
|
(4)
|
|
70
|
2
|
|
119
|
-
|
Inter-Group transfers
|
253
|
-
|
|
16
|
1
|
|
-
|
-
|
|
269
|
1
|
Transfers from Stage 1 to Stage 2
|
(8,967)
|
(38)
|
|
8,967
|
38
|
|
-
|
-
|
|
-
|
-
|
Transfers from Stage 2 to Stage 1
|
6,629
|
103
|
|
(6,629)
|
(103)
|
|
-
|
-
|
|
-
|
-
|
Transfers to Stage 3
|
(131)
|
-
|
|
(962)
|
(84)
|
|
1,093
|
84
|
|
-
|
-
|
Transfers from Stage 3
|
121
|
9
|
|
380
|
26
|
|
(501)
|
(35)
|
|
-
|
-
|
Net re-measurement of ECL on stage
transfer
|
|
(88)
|
|
|
208
|
|
|
223
|
|
|
343
|
Changes in risk parameters (model inputs)
|
|
(20)
|
|
|
(65)
|
|
|
91
|
|
|
6
|
Other changes in net exposure
|
(1,517)
|
32
|
|
(1,342)
|
(21)
|
|
(470)
|
(26)
|
|
(3,329)
|
(15)
|
Other (P&L only items)
|
|
-
|
|
|
-
|
|
|
(47)
|
|
|
(47)
|
Income statement (releases)/charges
|
|
(76)
|
|
|
122
|
|
|
241
|
|
|
287
|
Amounts written-off
|
-
|
-
|
|
(2)
|
(2)
|
|
(190)
|
(190)
|
|
(192)
|
(192)
|
Unwinding of discount
|
|
-
|
|
|
-
|
|
|
(24)
|
|
|
(24)
|
At 30 June 2019
|
263,273
|
184
|
|
17,819
|
446
|
|
2,952
|
1,167
|
|
284,044
|
1,797
|
Net carrying amount
|
263,089
|
|
|
17,373
|
|
|
1,785
|
|
|
282,247
|
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
Total
|
||||
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
UK PB - mortgages
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
At 1 January 2019
|
107,618
|
8
|
|
7,268
|
50
|
|
723
|
77
|
|
115,609
|
135
|
Currency translation and other adjustments
|
-
|
-
|
|
-
|
1
|
|
-
|
(1)
|
|
-
|
-
|
Transfers from Stage 1 to Stage 2
|
(2,861)
|
-
|
|
2,861
|
-
|
|
-
|
-
|
|
-
|
-
|
Transfers from Stage 2 to Stage 1
|
1,907
|
6
|
|
(1,907)
|
(6)
|
|
-
|
-
|
|
-
|
-
|
Transfers to Stage 3
|
(7)
|
-
|
|
(230)
|
(10)
|
|
237
|
10
|
|
-
|
-
|
Transfers from Stage 3
|
7
|
-
|
|
122
|
10
|
|
(129)
|
(10)
|
|
-
|
-
|
Net re-measurement of ECL on stage
transfer
|
|
(6)
|
|
|
13
|
|
|
6
|
|
|
13
|
Changes in risk parameters (model inputs)
|
|
-
|
|
|
(1)
|
|
|
19
|
|
|
18
|
Other changes in net exposure
|
3,089
|
-
|
|
(508)
|
(4)
|
|
(77)
|
(5)
|
|
2,504
|
(9)
|
Other (P&L only items)
|
|
-
|
|
|
-
|
|
|
(8)
|
|
|
(8)
|
Income statement (releases)/charges
|
|
(6)
|
|
|
8
|
|
|
12
|
|
|
14
|
Amounts written-off
|
-
|
-
|
|
(1)
|
(1)
|
|
(6)
|
(6)
|
|
(7)
|
(7)
|
Other movements
|
|
-
|
|
|
-
|
|
|
(11)
|
|
|
(11)
|
At 30 June 2019
|
109,753
|
8
|
|
7,605
|
52
|
|
748
|
79
|
|
118,106
|
139
|
Net carrying amount
|
109,745
|
|
|
7,553
|
|
|
669
|
|
|
117,967
|
|
UK PB - personal cards
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2019
|
1,896
|
26
|
|
904
|
87
|
|
71
|
48
|
|
2,871
|
161
|
Currency translation and other adjustments
|
-
|
1
|
|
-
|
(2)
|
|
-
|
1
|
|
-
|
-
|
Transfers from Stage 1 to Stage 2
|
(452)
|
(9)
|
|
452
|
9
|
|
-
|
-
|
|
-
|
-
|
Transfers from Stage 2 to Stage 1
|
389
|
26
|
|
(389)
|
(26)
|
|
-
|
-
|
|
-
|
-
|
Transfers to Stage 3
|
(7)
|
-
|
|
(47)
|
(15)
|
|
54
|
15
|
|
-
|
-
|
Transfers from Stage 3
|
-
|
-
|
|
3
|
2
|
|
(3)
|
(2)
|
|
-
|
-
|
Net re-measurement of ECL on stage
transfer
|
|
(19)
|
|
|
55
|
|
|
20
|
|
|
56
|
Changes in risk parameters (model inputs)
|
|
(8)
|
|
|
(39)
|
|
|
6
|
|
|
(41)
|
Other changes in net exposure
|
35
|
8
|
|
(45)
|
2
|
|
(10)
|
-
|
|
(20)
|
10
|
Other (P&L only items)
|
|
-
|
|
|
-
|
|
|
(2)
|
|
|
(2)
|
Income statement (releases)/charges
|
|
(19)
|
|
|
18
|
|
|
24
|
|
|
23
|
Amounts written-off
|
-
|
-
|
|
-
|
-
|
|
(25)
|
(25)
|
|
(25)
|
(25)
|
Other movements
|
|
-
|
|
|
-
|
|
|
(2)
|
|
|
(2)
|
At 30 June 2019
|
1,861
|
25
|
|
878
|
73
|
|
87
|
61
|
|
2,826
|
159
|
Net carrying amount
|
1,836
|
|
|
805
|
|
|
26
|
|
|
2,667
|
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
Total
|
||||
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
UK PB - other personal unsecured
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
At 1 January 2019
|
3,931
|
44
|
|
1,557
|
196
|
|
382
|
303
|
|
5,870
|
543
|
Transfers from Stage 1 to Stage 2
|
(959)
|
(17)
|
|
959
|
17
|
|
-
|
-
|
|
-
|
-
|
Transfers from Stage 2 to Stage 1
|
468
|
33
|
|
(468)
|
(33)
|
|
-
|
-
|
|
-
|
-
|
Transfers to Stage 3
|
(3)
|
-
|
|
(129)
|
(45)
|
|
132
|
45
|
|
-
|
-
|
Transfers from Stage 3
|
1
|
-
|
|
14
|
4
|
|
(15)
|
(4)
|
|
-
|
-
|
Net re-measurement of ECL on stage
transfer
|
|
(25)
|
|
|
93
|
|
|
38
|
|
|
106
|
Changes in risk parameters (model inputs)
|
|
2
|
|
|
(21)
|
|
|
44
|
|
|
25
|
Other changes in net exposure
|
624
|
9
|
|
(230)
|
(13)
|
|
(15)
|
(4)
|
|
379
|
(8)
|
Other (P&L only items)
|
|
-
|
|
|
-
|
|
|
(13)
|
|
|
(13)
|
Income statement (releases)/charges
|
|
(14)
|
|
|
59
|
|
|
65
|
|
|
110
|
Amounts written-off
|
-
|
-
|
|
(1)
|
(1)
|
|
(33)
|
(33)
|
|
(34)
|
(34)
|
Other movements
|
|
-
|
|
|
-
|
|
|
(9)
|
|
|
(9)
|
At 30 June 2019
|
4,062
|
46
|
|
1,702
|
197
|
|
451
|
380
|
|
6,215
|
623
|
Net carrying amount
|
4,016
|
|
|
1,505
|
|
|
71
|
|
|
5,592
|
|
Commercial Banking - excluding business banking
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2019
|
52,533
|
72
|
|
6,403
|
73
|
|
1,396
|
472
|
|
60,332
|
617
|
Currency translation and other adjustments
|
56
|
(1)
|
|
(4)
|
2
|
|
72
|
(4)
|
|
124
|
(3)
|
Inter-Group transfers
|
285
|
-
|
|
43
|
1
|
|
19
|
13
|
|
347
|
14
|
Transfers from Stage 1 to Stage 2
|
(4,013)
|
(8)
|
|
4,013
|
8
|
|
-
|
-
|
|
-
|
-
|
Transfers from Stage 2 to Stage 1
|
3,219
|
27
|
|
(3,219)
|
(27)
|
|
-
|
-
|
|
-
|
-
|
Transfers to Stage 3
|
(81)
|
-
|
|
(454)
|
(6)
|
|
535
|
6
|
|
-
|
-
|
Transfers from Stage 3
|
105
|
9
|
|
230
|
7
|
|
(335)
|
(16)
|
|
-
|
-
|
Net re-measurement of ECL on stage
transfer
|
|
(28)
|
|
|
22
|
|
|
138
|
|
|
132
|
Changes in risk parameters (model inputs)
|
|
(3)
|
|
|
11
|
|
|
4
|
|
|
12
|
Other changes in net exposure
|
3,578
|
8
|
|
(606)
|
(5)
|
|
(266)
|
(9)
|
|
2,706
|
(6)
|
Other (P&L only items)
|
|
-
|
|
|
-
|
|
|
(7)
|
|
|
(7)
|
Income statement (releases)/charges
|
|
(23)
|
|
|
28
|
|
|
126
|
|
|
131
|
Amounts written-off
|
-
|
-
|
|
-
|
-
|
|
(105)
|
(105)
|
|
(105)
|
(105)
|
Other movements
|
|
-
|
|
|
-
|
|
|
(1)
|
|
|
(1)
|
At 30 June 2019
|
55,682
|
76
|
|
6,406
|
86
|
|
1,316
|
498
|
|
63,404
|
660
|
Net carrying amount
|
55,606
|
|
|
6,320
|
|
|
818
|
|
|
62,744
|
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
Total
|
||||
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
Commercial - business banking
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
At 1 January 2019
|
4,917
|
18
|
|
743
|
35
|
|
165
|
109
|
|
5,825
|
162
|
Currency translation and other adjustments
|
-
|
(1)
|
|
-
|
(1)
|
|
-
|
1
|
|
-
|
(1)
|
Transfers from Stage 1 to Stage 2
|
(390)
|
(3)
|
|
390
|
3
|
|
-
|
-
|
|
-
|
-
|
Transfers from Stage 2 to Stage 1
|
296
|
8
|
|
(296)
|
(8)
|
|
-
|
-
|
|
-
|
-
|
Transfers to Stage 3
|
(7)
|
-
|
|
(55)
|
(8)
|
|
62
|
8
|
|
-
|
-
|
Transfers from Stage 3
|
2
|
1
|
|
10
|
2
|
|
(12)
|
(3)
|
|
-
|
-
|
Net re-measurement of ECL on stage
transfer
|
-
|
(7)
|
|
-
|
21
|
|
-
|
21
|
|
|
35
|
Changes in risk parameters (model inputs)
|
-
|
(5)
|
|
-
|
(14)
|
|
-
|
20
|
|
|
1
|
Other changes in net exposure
|
222
|
2
|
|
(106)
|
(3)
|
|
(24)
|
(5)
|
|
92
|
(6)
|
Other (P&L only items)
|
|
-
|
|
|
-
|
|
|
(20)
|
|
|
(20)
|
Income statement (releases)/charges
|
-
|
(10)
|
|
-
|
4
|
|
-
|
16
|
|
|
10
|
Amounts written-off
|
-
|
-
|
|
-
|
-
|
|
(20)
|
(20)
|
|
(20)
|
(20)
|
Other movements
|
|
-
|
|
|
-
|
|
|
(1)
|
|
|
(1)
|
At 30 June 2019
|
5,040
|
13
|
|
686
|
27
|
|
171
|
130
|
|
5,897
|
170
|
Net carrying amount
|
5,027
|
|
|
659
|
|
|
41
|
|
|
5,727
|
|
Private Banking
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2019
|
13,282
|
13
|
|
494
|
10
|
|
192
|
17
|
|
13,968
|
40
|
Currency translation and other adjustments
|
(2)
|
1
|
|
(2)
|
-
|
|
-
|
-
|
|
(4)
|
1
|
Transfers from Stage 1 to Stage 2
|
(277)
|
(1)
|
|
277
|
1
|
|
-
|
-
|
|
-
|
-
|
Transfers from Stage 2 to Stage 1
|
285
|
4
|
|
(285)
|
(4)
|
|
-
|
-
|
|
-
|
-
|
Transfers to Stage 3
|
(25)
|
-
|
|
(47)
|
-
|
|
72
|
-
|
|
-
|
-
|
Transfers from Stage 3
|
7
|
-
|
|
1
|
-
|
|
(8)
|
-
|
|
-
|
-
|
Net re-measurement of ECL on stage
transfer
|
|
(3)
|
|
|
3
|
|
|
-
|
|
|
-
|
Changes in risk parameters (model inputs)
|
|
(3)
|
|
|
(1)
|
|
|
2
|
|
|
(2)
|
Other changes in net exposure
|
507
|
1
|
|
(37)
|
-
|
|
(79)
|
(2)
|
|
391
|
(1)
|
Other (P&L only items)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Income statement (releases)/charges
|
|
(5)
|
|
|
2
|
|
|
-
|
|
|
(3)
|
Amounts written-off
|
-
|
-
|
|
-
|
-
|
|
(1)
|
(1)
|
|
(1)
|
(1)
|
Other movements
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
At 30 June 2019
|
13,777
|
12
|
|
401
|
9
|
|
176
|
16
|
|
14,354
|
37
|
Net carrying amount
|
13,765
|
|
|
392
|
|
|
160
|
|
|
14,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Mortgages
|
|
|
ECL
|
|
ECL provisions coverage (2)
|
||||||||||
|
|
|
|
Not within
|
|
Of which:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS 9
|
|
Gross
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ECL
|
|
new
|
|
|
|
|
|
|
|
|
|
|
UK PB
|
Stage 1
|
Stage 2
|
Stage 3
|
scope
|
Total
|
lending
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total (1)
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
30 June 2019
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
≤50%
|
37,251
|
2,288
|
303
|
128
|
39,970
|
1,944
|
|
1
|
10
|
36
|
47
|
|
-
|
0.5
|
11.7
|
0.1
|
>50% and ≤70%
|
38,528
|
2,622
|
289
|
36
|
41,475
|
3,748
|
|
2
|
16
|
23
|
41
|
|
-
|
0.6
|
8.1
|
0.1
|
>70% and ≤80%
|
19,493
|
1,339
|
97
|
7
|
20,936
|
3,494
|
|
1
|
10
|
7
|
18
|
|
-
|
0.7
|
7.7
|
0.1
|
>80% and ≤90%
|
12,445
|
993
|
50
|
4
|
13,492
|
3,761
|
|
2
|
8
|
5
|
15
|
|
-
|
0.9
|
9.7
|
0.1
|
>90% and ≤100%
|
3,035
|
193
|
15
|
5
|
3,248
|
466
|
|
-
|
4
|
2
|
6
|
|
-
|
1.8
|
12.0
|
0.2
|
>100% and ≤110%
|
43
|
28
|
5
|
1
|
77
|
-
|
|
-
|
1
|
1
|
2
|
|
0.1
|
4.2
|
18.8
|
2.9
|
>110% and ≤130%
|
55
|
33
|
7
|
2
|
97
|
-
|
|
-
|
2
|
2
|
4
|
|
0.1
|
5.3
|
26.0
|
3.8
|
>130% and ≤150%
|
22
|
22
|
6
|
-
|
50
|
-
|
|
-
|
1
|
1
|
2
|
|
0.1
|
5.7
|
15.8
|
4.3
|
>150%
|
4
|
9
|
4
|
-
|
17
|
-
|
|
-
|
1
|
1
|
2
|
|
0.1
|
5.2
|
30.6
|
10.2
|
Total with LTVs
|
110,876
|
7,527
|
776
|
183
|
119,362
|
13,413
|
|
6
|
53
|
78
|
137
|
|
-
|
0.7
|
10.1
|
0.1
|
Other
|
18
|
2
|
1
|
-
|
21
|
81
|
|
-
|
-
|
-
|
-
|
|
-
|
1.2
|
21.1
|
0.8
|
Total
|
110,894
|
7,529
|
777
|
183
|
119,383
|
13,494
|
|
6
|
53
|
78
|
137
|
|
-
|
0.7
|
10.1
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31 December 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
≤50%
|
37,349
|
2,297
|
305
|
141
|
40,092
|
4,476
|
|
1
|
9
|
35
|
45
|
|
-
|
0.4
|
11.6
|
0.1
|
>50% and ≤70%
|
37,788
|
2,496
|
275
|
45
|
40,604
|
8,067
|
|
2
|
15
|
23
|
40
|
|
-
|
0.6
|
8.4
|
0.1
|
>70% and ≤80%
|
18,193
|
1,131
|
84
|
14
|
19,422
|
7,095
|
|
1
|
8
|
6
|
15
|
|
-
|
0.7
|
7.5
|
0.1
|
>80% and ≤90%
|
11,513
|
882
|
43
|
12
|
12,450
|
7,086
|
|
2
|
8
|
4
|
14
|
|
-
|
1.0
|
9.7
|
0.1
|
>90% and ≤100%
|
2,124
|
126
|
13
|
7
|
2,270
|
987
|
|
-
|
3
|
2
|
5
|
|
-
|
2.5
|
12.1
|
0.2
|
>100% and ≤110%
|
47
|
25
|
5
|
1
|
78
|
-
|
|
-
|
1
|
1
|
2
|
|
0.1
|
4.7
|
13.9
|
2.4
|
>110% and ≤130%
|
51
|
37
|
7
|
2
|
97
|
-
|
|
-
|
2
|
1
|
3
|
|
0.1
|
5.2
|
14.8
|
3.1
|
>130% and ≤150%
|
22
|
23
|
6
|
-
|
51
|
-
|
|
-
|
1
|
1
|
2
|
|
0.1
|
6.2
|
13.5
|
4.4
|
>150%
|
3
|
9
|
3
|
-
|
15
|
-
|
|
-
|
1
|
1
|
2
|
|
0.1
|
6.2
|
17.3
|
7.2
|
Total with LTVs
|
107,090
|
7,026
|
741
|
222
|
115,079
|
27,711
|
|
6
|
48
|
74
|
128
|
|
-
|
0.7
|
9.9
|
0.1
|
Other
|
33
|
8
|
3
|
3
|
47
|
173
|
|
-
|
1
|
2
|
3
|
|
-
|
6.9
|
57.5
|
5.4
|
Total
|
107,123
|
7,034
|
744
|
225
|
115,126
|
27,884
|
|
6
|
49
|
76
|
131
|
|
-
|
0.7
|
10.1
|
0.1
|
|
30 June
|
31 December
|
|
2019
|
2018
|
|
£m
|
£m
|
|
|
|
Guarantees
|
817
|
901
|
Other contingent liabilities
|
1,275
|
1,321
|
Standby facilities, credit lines and other commitments
|
71,919
|
71,946
|
Contingent liabilities and commitments
|
74,011
|
74,168
|
●
|
The
NatWest Bank’s Group is subject to increasingly sophisticated
and frequent cyberattacks.
|
●
|
Operational
risks are inherent in the NatWest Bank Group’s businesses,
particularly under its new ring-fenced structure.
|
●
|
The
NatWest Bank Group is exposed to third party risks including as a
result of outsourcing and its use of new technologies and
innovation, as well as related regulatory and market changes.
Failure to effectively manage these risks could adversely affect
the NatWest Bank Group.
|
●
|
The
NatWest Bank Group’s operations are highly dependent on its
IT systems, and any IT failure could adversely affect the NatWest
Bank Group.
|
●
|
The
NatWest Bank Group relies on attracting, retaining and developing
senior management and skilled personnel, and is required to
maintain good employee relations.
|
●
|
A
failure in the NatWest Bank Group’s risk management framework
could adversely affect the NatWest Bank Group, including its
ability to achieve its strategic objectives.
|
●
|
The
NatWest Bank Group’s operations are subject to inherent
reputational risk.
|
●
|
Prevailing
uncertainty on the terms of the UK’s withdrawal from the
European Union is adversely affecting the NatWest Bank Group. The
UK is currently expected to leave the European Union on 31 October
2019.
|
●
|
The RBS
Group has executed the core aspects of its plans for continuity of
business impacted by the UK’s expected departure from the EU,
including obtaining certain regulatory permissions on which it will
rely going forward. There remains uncertainty as to the final scope
and extent of the implementation of these plans and their impact on
the NatWest Bank Group due to the prevailing political and
regulatory uncertainty.
|
●
|
The
NatWest Bank Group faces increased political and economic risks and
uncertainty in the UK and global markets.
|
●
|
Continued
low interest rates have significantly affected and will continue to
affect the NatWest Bank Group’s business and
results.
|
●
|
The
NatWest Bank Group expects to face significant risks in connection
with climate change and the transition to a low carbon economy,
which may cause negative financial impacts for the NatWest Bank
Group.
|
●
|
Changes
in foreign currency exchange rates may affect the NatWest Bank
Group’s results and financial position.
|
●
|
HM
Treasury (or UKGI on its behalf) could exercise a significant
degree of influence over the RBS Group.
|
●
|
The
NatWest Bank Group may not meet targets or generate sustainable
returns.
|
●
|
The
NatWest Bank Group has significant exposure to counterparty and
borrower risk.
|
●
|
The
NatWest Bank Group operates in markets that are highly competitive,
with increasing competitive pressures and technology
disruption.
|
●
|
The
NatWest Bank Group may not meet the prudential regulatory
requirements for capital or manage its capital effectively, which
could trigger certain management actions or recovery
options.
|
●
|
The
NatWest Bank Group may not be able to adequately access sources of
liquidity and funding.
|
●
|
The
NatWest Bank Group is reliant on the RBS Group for capital and
funding support, and is substantially reliant on RBSG’s
ability to issue sufficient amounts of external MREL securities and
downstream the proceeds to the NatWest Bank Group.
|
●
|
Any
reduction in the credit rating assigned to RBSG, any of its
subsidiaries (including the Bank or other NatWest Bank Group
subsidiaries) or any of their respective debt securities could
adversely affect the availability of funding for the NatWest Bank
Group, reduce its liquidity position and increase its cost of
funding.
|
●
|
The
NatWest Bank Group may be adversely affected if the RBS Group fails
to meet the requirements of regulatory stress tests.
|
●
|
The
NatWest Bank Group could incur losses or be required to maintain
higher levels of capital as a result of limitations or failure of
various models.
|
●
|
The
NatWest Bank Group’s financial statements are sensitive to
the underlying accounting policies, judgements, estimates and
assumptions.
|
●
|
Changes
in accounting standards may materially impact the NatWest Bank
Group’s financial results.
|
●
|
The RBS
Group (including the NatWest Bank Group) may become subject to the
application of UK statutory stabilisation or resolution powers
which may result in, among other actions, the write-down or
conversion of the NatWest Bank Group’s Eligible
Liabilities.
|
●
|
The
NatWest Bank Group’s businesses are subject to substantial
regulation and oversight, which are constantly evolving and may
adversely affect the NatWest Bank Group.
|
●
|
The
NatWest Bank Group, including the Bank, is required to comply with
regulatory requirements in respect of its ongoing compliance with
the UK ring-fencing regime and to ensure operational continuity in
resolution.
|
●
|
The
NatWest Bank Group is subject to a number of legal and regulatory
actions and investigations including conduct-related reviews and
redress projects, the outcomes of which are inherently difficult to
predict, and which could have an adverse effect on the NatWest Bank
Group.
|
●
|
The
NatWest Bank Group may not effectively manage the transition of
LIBOR and other IBOR rates to alternative risk free
rates.
|
●
|
The
NatWest Bank Group operates in markets that are subject to intense
scrutiny by the competition authorities.
|
●
|
The
cost of implementing the Alternative Remedies Package could be
higher than originally forecasted.
|
●
|
Changes
in tax legislation or failure to generate future taxable profits
may impact the recoverability of certain deferred tax assets
recognised by the NatWest Bank Group.
|
●
|
the
condensed financial statements have been prepared in accordance
with IAS 34 'Interim Financial Reporting';
|
|
|
●
|
the
interim management report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the
first six months and description of principal risks and
uncertainties for the remaining six months of the year);
and
|
|
|
●
|
the
interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions
and changes therein).
|
Howard
Davies
Chairman
|
Ross
McEwan
Chief
Executive
|
Katie
Murray
Chief
Financial Officer
|
Chairman
|
Executive directors
|
Non-executive directors
|
Howard
Davies
|
Ross
McEwanKatie Murray
Alison
Rose-Slade
|
Francesca
Barnes
Graham
Beale
Ian
Cormack
Alison
Davis
Patrick
Flynn
Morten
Friis
Robert
Gillespie
Yasmin
Jetha
Baroness
Noakes
Mike
Rogers
Mark
Seligman
Dr Lena
Wilson
|
Statutory
results on pages 7 to 31 comprising the condensed consolidated
income statement, condensed consolidated statement of comprehensive
income, condensed consolidated balance sheet, condensed
consolidated statement of changes in equity, condensed consolidated
cash flow statement and the related notes 1 to 14.
|
Alexander
Holcroft
|
Investor
Relations
|
+44 (0)
2076721982
|
Date:
02 August 2019
|
|
|
|
|
|
|
NATIONAL
WESTMINSTER BANK PLC (Registrant)
|
|
|
|
|
|
By:
|
/s/ Jan
Cargill
|
|
|
|
|
Name:
|
Jan
Cargill
|
|
Title:
|
Deputy
Secretary
|