National Westminster Bank (NatWest) has reported a loss attributable to ordinary shareholders of £753m for the full year 2020, compared to a profit of £3.13bn for 2019.
The bank reported an operating loss of £351m for the full year 2020, compared to an attributable net profit of £4.23bn for the previous year.
NatWest reported a total income of £10.79bn for the full year 2020, a 24.3% decrease compared to £14.25bn for the full year 2019.
NatWest said that regardless of the attributable loss for the year, its underlying performance was resilient, through its core franchises and brands in a challenging operating environment.
NatWest chief executive officer Alison Rose said: “The past year presented some extraordinary challenges for our customers, colleagues and communities.
“We provided exceptional levels of support to those who needed it, including the approval of over £14 billion of lending under UK Government schemes, demonstrating that we have truly put Our Purpose at the heart of this business.
“Being purpose-led isn’t just the right thing to do, it has a powerful commercial imperative and is fundamental to building sustainable value in our business.”
The company has achieved a cost reduction of £277m for the full year 2020, ahead of its target of £250m for the year.
NatWest’s common equity tier 1 (CET1) ratio was 18.5% for the quarter ended 31 December 2020, which increased compared to 16.2% for the same period in the previous year. It was 230 basis points higher than in 2019.
The bank’s customer deposits increased by £62.5bn to £431.7bn for the full year 2020 compared to £369.2bn for the full year 2019.
NatWest has announced a phased withdrawal from Ireland and has signed a non-binding memorandum of understanding with Allied Irish Banks to sell loans worth €4bn.
