TIDMNWG
RNS Number : 0650R
NatWest Group plc
27 February 2023
FILING OF ANNUAL REPORT ON FORM 20-F WITH THE US SECURITIES AND
EXCHANGE COMMISSION
NatWest Group plc (the "Company") announces that, on 24 February
2023, it filed its Annual Report on Form 20-F with the US
Securities and Exchange Commission (SEC). The document is available
for viewing on the SEC website at www.sec.gov and also on the
Company's website at www.natwestgroup.com . The Company will send
any holder of the Company's securities, upon request, a hard copy
of the Company's complete audited financial statements free of
charge. Requests may be made by writing to the Chief Governance
Officer and Company Secretary, NatWest Group plc, Gogarburn, PO Box
1000, Edinburgh EH12 1HQ.
Jan Cargill
Chief Governance Officer and Company Secretary
27 February 2023
Legal Entity Identifier
NatWest Group plc 2138005O9XJIJN4JPN90
Forward-looking statements
Cautionary statement regarding forward-looking statements
Certain sections in this document contain 'forward-looking
statements' as that term is defined in the United States Private
Securities Litigation Reform Act of 1995, such as statements that
include the words 'expect', 'estimate', 'project', 'anticipate',
'commit', 'believe', 'should', 'intend', 'will', 'plan', 'could',
'probability', 'risk', 'Value-at-Risk (VaR)', 'target', 'goal',
'objective', 'may', 'endeavour', 'outlook', 'optimistic',
'prospects' and similar expressions or variations on these
expressions. In particular, this document includes forward-looking
targets and guidance relating to financial performance measures,
such as income growth, operating expense, RoTE, ROE, discretionary
capital distribution targets, impairment loss rates, balance sheet
reduction, including the reduction of RWAs, CET1 ratio (and key
drivers of the CET1 ratio including timing, impact and details),
Pillar 2 and other regulatory buffer requirements and MREL and
non-financial performance measures, such as NatWest Group's initial
area of focus, climate and ESG-related performance ambitions,
targets and metrics, including in relation to initiatives to
transition to a net zero economy, Climate and Sustainable Funding
and Financing (CSFF) and financed emissions. In addition, this
document includes forward-looking statements relating, but not
limited to: implementation of NatWest Group's purpose-led strategy
and other strategic priorities (including in relation to: phased
withdrawal from ROI, cost-controlling measures, the NatWest Markets
refocusing, the creation of the C&I franchise and the
progression towards working as One Bank across NatWest Group to
serve customers); the timing and outcome of litigation and
government and regulatory investigations; direct and on-market
buy-backs; funding plans and credit risk profile; managing its
capital position; liquidity ratio; portfolios; net interest margin
and drivers related thereto; lending and income growth, product
share and growth in target segments; impairments and write-downs;
restructuring and remediation costs and charges; NatWest Group's
exposure to political risk, economic assumptions and risk, climate,
environmental and sustainability risk, operational risk, conduct
risk, financial crime risk, cyber, data and IT risk and credit
rating risk and to various types of market risk, including interest
rate risk, foreign exchange rate risk and commodity and equity
price risk; customer experience, including our Net Promotor Score
(NPS); employee engagement and gender balance in leadership
positions.
Limitations inherent to forward-looking statements
These statements are based on current plans, expectations,
estimates, targets and projections, and are subject to significant
inherent risks, uncertainties and other factors, both external and
relating to NatWest Group's strategy or operations, which may
result in NatWest Group being unable to achieve the current plans,
expectations, estimates, targets, projections and other anticipated
outcomes expressed or implied by such forward-looking statements.
In addition, certain of these disclosures are dependent on choices
relying on key model characteristics and assumptions and are
subject to various limitations, including assumptions and estimates
made by management. By their nature, certain of these disclosures
are only estimates and, as a result, actual future results, gains
or losses could differ materially from those that have been
estimated. Accordingly, undue reliance should not be placed on
these statements. The forward-looking statements contained in this
document speak only as of the date we make them and we expressly
disclaim any obligation or undertaking to update or revise any
forward-looking statements contained herein, whether to reflect any
change in our expectations with regard thereto, any change in
events, conditions or circumstances on which any such statement is
based, or otherwise, except to the extent legally required.
Important factors that could affect the actual outcome of the
forward-looking statements
We caution you that a large number of important factors could
adversely affect our results or our ability to implement our
strategy, cause us to fail to meet our targets, predictions,
expectations and other anticipated outcomes or affect the accuracy
of forward-looking statements described in this document. These
factors include, but are not limited to, those set forth in the
risk factors and the other uncertainties described in NatWest Group
plc's Annual Report on Form 20-F and its other filings with the US
Securities and Exchange Commission. The principal risks and
uncertainties that could adversely NatWest Group's future results,
its financial condition and/or prospects and cause them to be
materially different from what is forecast or expected, include,
but are not limited to: economic and political risk (including in
respect of: political and economic risks and uncertainty in the UK
and global markets, including due to high inflation, supply chain
disruption and the Russian invasion of Ukraine); uncertainty
regarding the effects of Brexit; changes in interest rates and
foreign currency exchange rates; and HM Treasury's ownership as the
largest shareholder of NatWest Group plc); strategic risk
(including in respect of the implementation of NatWest Group's
purpose-led Strategy; future acquisitions and divestments; phased
withdrawal from ROI and the transfer of its Western European
corporate portfolio); financial resilience risk (including in
respect of: NatWest Group's ability to meet targets and to make
discretionary capital distributions; the competitive environment;
counterparty and borrower risk; prudential regulatory requirements
for capital and MREL; liquidity and funding risks; changes in the
credit ratings; the requirements of regulatory stress tests; model
risk; sensitivity to accounting policies, judgments, assumptions
and estimates; changes in applicable accounting standards; the
value or effectiveness of credit protection; the adequacy of
NatWest Group's future assessments by the Prudential Regulation
Authority and the Bank of England; and the application of UK
statutory stabilisation or resolution powers); climate and
sustainability risk (including in respect of: risks relating to
climate change and the transitioning to a net zero economy; the
implementation of NatWest Group's climate change strategy,
including publication of an initial climate transition plan in 2023
and climate change resilient systems, controls and procedures;
climate-related data and model risk; the failure to adapt to
emerging climate, environmental and sustainability risks and
opportunities; changes in ESG ratings; increasing levels of
climate, environmental and sustainability related regulation and
oversight; and climate, environmental and sustainability-related
litigation, enforcement proceedings and investigations);
operational and IT resilience risk (including in respect of:
operational risks (including reliance on third party suppliers);
cyberattacks; the accuracy and effective use of data; complex IT
systems; attracting, retaining and developing senior management and
skilled personnel; NatWest Group's risk management framework; and
reputational risk); and legal, regulatory and conduct risk
(including in respect of: the impact of substantial regulation and
oversight; compliance with regulatory requirements; the outcome of
legal, regulatory and governmental actions and investigations; the
transition of LIBOR other IBOR rates to replacement risk-free
rates; and changes in tax legislation or failure to generate future
taxable profits).
Climate and ESG disclosures
Climate and ESG disclosures in this document are not measures
within the scope of International Financial Reporting Standards
('IFRS'), use a greater number and level of judgements, assumptions
and estimates, including with respect to the classification of
climate and sustainable funding and financing activities, than our
reporting of historical financial information in accordance with
IFRS. These judgements, assumptions and estimates are highly likely
to change over time, and, when coupled with the longer time frames
used in these disclosures, make any assessment of materiality
inherently uncertain. In addition, our climate risk analysis, net
zero strategy, including the implementation of our climate
transition plan remain under development, and the data underlying
our analysis and strategy remain subject to evolution over time.
The process we have adopted to define, gather and report data on
our performance on climate and ESG measures is not subject to the
formal processes adopted for financial reporting in accordance with
IFRS and there are currently limited industry standards or globally
recognised established practices for measuring and defining climate
and ESG related metrics. As a result, we expect that certain
climate and ESG disclosures made in this document are likely to be
amended, updated, recalculated or restated in the future. Please
also refer to the cautionary statement in the section entitled
'Climate-related and other
forward-looking statements and metrics' of the NatWest Group
2022 Climate-related Disclosures Report.
Cautionary statement regarding Non-IFRS financial measures and
APMs
NatWest Group prepares its financial statements in accordance
with generally accepted accounting principles (GAAP). This document
may contain financial measures and ratios not specifically defined
under GAAP or IFRS ('Non-IFRS') and/or alternative performance
measures ('APMs') as defined in European Securities and Markets
Authority ('ESMA') guidelines. APMs are adjusted for notable and
other defined items which management believes are not
representative of the underlying performance of the business and
which distort period-on-period comparison. Non-IFRS measures
provide users of the financial statements with a consistent basis
for comparing business performance between financial periods and
information on elements of performance that are one-off in nature.
Any Non-IFRS measures and/or APMs included in this document, are
not measures within the scope of IFRS, are based on a number of
assumptions that are subject to uncertainties and change, and are
not a substitute for IFRS measures.
The information, statements and opinions contained in this
document do not constitute a public offer under any applicable
legislation or an offer to sell or a solicitation of an offer to
buy any securities or financial instruments or any advice or
recommendation with respect to such securities or other financial
instruments.
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END
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