NatWest Surprises With Swing to 3Q Profit -- Earnings Review
October 30 2020 - 10:59AM
Dow Jones News
By Sabela Ojea
NatWest Group PLC on Friday reported earnings for the third
quarter of 2020. Here's what you need to know:
OPERATING PRETAX PROFIT: The U.K. bank posted an operating
pretax profit of 355 million pounds ($459 million) in the third
quarter of 2020 compared with a loss of GBP8 million for the same
period a year earlier.
NatWest was expected to report an operating pretax loss of GBP75
million for the third quarter of the year, according to its own
compilation of estimates.
TOTAL INCOME FORECAST: The FTSE-100 bank's total income declined
to GBP2.42 billion from GBP2.90 billion in the year-earlier
period.
The bank was anticipated to report a total income of GBP2.46
billion, taken from the bank's compilation of forecasts.
WHAT WE WATCHED:
-IMPAIRMENTS: NatWest booked GBP254 million in impairment
losses, when it was expected to book impairment losses of GBP628
million, according to the bank's own compilation of forecasts.
-CAPITAL: The lender's common equity Tier 1 capital ratio--a
measure of a bank's financial strength--stood at 18.2%, up from
17.2% as at June 30. It was anticipated at 16.7%.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
October 30, 2020 10:44 ET (14:44 GMT)
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