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Natwest Holdings Limited Annual Report and Accounts 2019 Strategic Report

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Natwest Holdings Limited Annual Report and Accounts 2019 Strategic Report NatWest Holdings Limited Annual Report and Accounts 2019 Strategic report Page RBS Group ring-fencing Strategic report The UK ring-fencing legislation required the separation of essential Presentation of information 1 banking services from investment banking services from 1 January Description of business 1 2019. RBS Group has placed the majority of the UK and Ireland Principal activities and operating segments 1 banking business in ring-fenced banking entities under an intermediate Performance overview 2 holding company, NatWest Holdings Limited (NWH Ltd). Some Stakeholder engagement and s.172(1) statement 3 Western European corporate business has been transferred from the ring-fenced bank entities to NatWest Markets N.V., a subsidiary of Board of directors and secretary 5 NatWest Markets Plc (NWM Plc) and RBS Group continues to review Financial review 6 the scope of further transfers. NWM Plc and RBS International Limited Capital and risk management 9 (RBSI Ltd) are separate banks outside the ring-fence, both Report of the directors 63 subsidiaries of RBSG plc. Statement of directors’ responsibilities 67 Financial Statements 68 The principal entities under NWH Ltd are National Westminster Bank Plc (which wholly owns Ulster Bank Limited), The Royal Bank of Presentation of information Scotland plc and Ulster Bank Ireland DAC. NatWest Holdings Limited (‘NWH Ltd’) is a wholly owned subsidiary of The Royal Bank of Scotland Group plc (‘RBSG plc’ or ‘the holding RBS Group re-segmentation company’). NatWest Holdings Group (‘NWH Group’) comprises NWH Effective from 1 January 2019 Business Banking was transferred from Ltd and its subsidiary and associated undertakings. National UK Personal & Business Banking (UK PBB) to Commercial Banking as Westminster Bank Plc (NWB Plc), The Royal Bank of Scotland plc the nature of the business, including distribution channels, products (RBS plc) and Ulster Bank Ireland DAC (UBI DAC) are wholly owned and customers were more closely aligned to the Commercial Banking subsidiaries. The term ‘RBS Group’ comprises RBSG plc and its Business. Following the transfer, UK PBB was renamed UK Personal subsidiary and associated undertakings. Banking. Reportable segmental comparatives have been restated. NWH Group publishes its financial statements in pounds sterling (‘£’ or Franchises ‘sterling’). The abbreviations ‘£m’ and ‘£bn’ represent millions and In the fourth quarter of 2019, Commercial & Private Banking (CPB), thousands of millions of pounds sterling, respectively, and references combining the reportable segments of Commercial Banking and to ‘pence’ represent pence in the United Kingdom (‘UK’). Reference to Private Banking ceased to operate as one business area and the ‘dollars’ or ‘$’ are to United States of America (‘US’) dollars. The franchise Personal & Ulster, combining the reportable segments of UK abbreviations ‘$m’ and ‘$bn’ represent millions and thousands of Personal Banking and Ulster Bank RoI was also disbanded. The millions of dollars, respectively, and references to ‘cents’ represent reportable operating segments remain unchanged and no cents in the US. The abbreviation ‘€’ represents the ‘euro’, and the comparatives have been restated. abbreviations ‘€m’ and ‘€bn’ represent millions and thousands of millions of euros, respectively. Principal activities and operating segments NWH Group serves customers across the UK and Ireland with a range Description of business of retail and commercial banking products and services. A wide range First consolidated Annual Report and Accounts of personal products are offered including current accounts, credit This is the first set of consolidated accounts presented for NWH cards, personal loans, mortgages and wealth management services. Group, with the 2018 accounts being prepared for only NWH Ltd. The change in presentation is in line with NWH Group becoming the ring- The reportable operating segments are as follows: fenced banking group of the RBS Group from 1 January 2019. Comparatives are presented for the majority of disclosures with the UK Personal Banking serves individuals and mass affluent customers exception of the capital and risk weighted assets (RWA) disclosures as in the UK and includes Ulster Bank customers in Northern Ireland. NWH Ltd was only regulated on a consolidated basis from 1 January 2019 and a limited number of other risk disclosures that are not Ulster Bank RoI serves individuals and businesses in the Republic of subject to audit. Ireland (RoI). Business profile Commercial Banking serves start-up, SME, commercial and corporate As at 31 December 2019 the business profile of the NWH Group was customers in the UK, together with small businesses. as follows: Private Banking serves UK connected, high net worth individuals and • Total assets of £428.4 billion. their business interests. • A CET 1 ratio at 31 December 2019 of 15.7% and total RWA of £134.7 billion. Central items & other includes corporate functions, such as treasury, • Customers are served through a UK and Irish network of finance, risk management, compliance, legal, communications and branches and ATM services, and relationship management human resources. NWB Plc, NWH Ltd’s largest subsidiary, became structures in commercial and private banking. the main provider of shared services and Treasury activities for RBS Group in 2018. The services are mainly provided to NWH Group • The geographic location of customers is predominately within the UK and Ireland however, in certain instances, where permitted, services are also provided to the wider RBS Group including the non ring-fence business. NWH Group Annual Report and Accounts 2019 1 Strategic report Performance overview Supporting our customers through continued lending growth: Impairments We continue to support our customers through ongoing UK economic Impairment losses increased by £278 million, or 60%, to £745 million, uncertainty. Overall net lending to customers remained strong with an compared with £467 million in 2018, primarily driven by increased increase in 2019 of £21.0 billion, or 7% (excluding customer migrations Stage 3 impairments in Commercial Banking reflecting additional from other RBS Group entities). The number of digital users and total single name impairments, IFRS model adjustments and fewer digital sales continue to grow strongly as continued investment recoveries as a result of less debt sales completing in 2019. develops the customer proposition through these channels. Balance sheet, capital and RWAs Income resilient in a competitive market: Total assets increased by £6.0 billion to £428.4 billion compared with Across UK Personal Banking, Commercial Banking, Private Banking £422.4 billion at 31 December 2018. Drivers included net increases in and Ulster Bank RoI, income increased by £561 million, or 6%, loans to customers – amortised cost, of £21.0 billion, offset by a compared with 2018. Total income increased by £609 million, or 6% to reduction of £12.4 billion in cash and balances at central banks. The £11,095 million compared with £10,486 million in 2018, which included decrease was impacted by Term Funding Scheme repayments and an increase in service charge income recovered from other RBS liquidity optimisation activity. Group entities of £415 million. Common Equity Tier 1 (CET1) ratio was 15.7% and RWA’s were Operating Expenses £134.7 billion. NWH Group’s operating expenses increased by £1,851 million, or 29% to £8,144 million compared with 2018. The movement was impacted by increases in one-off strategic costs of £444 million and a PPI charge of £700 million. NWB Plc, as part of NWH Group, became the main provider of shared services activities for RBS Group in May 2018. An increase in costs of £900 million has been incurred in 2019. NWH Group recharged an additional £415 million of these costs to other RBS Group entities, recorded in other operating income. NWH Group Annual Report and Accounts 2019 2 Stakeholder engagement and s.172(1) statement Stakeholder engagement and s.172(1) statement during the process of establishing RBS Group’s Purpose. The The Board objectives, approved in February 2019, identified the continued strengthening of RBS Group’s culture was also echoed in Board’s key stakeholders (as set out in this statement). During 2019 this year’s improved Banking Standards Board annual assessment of the Board undertook a variety of activities to engage with stakeholders culture in the UK banking sector, which was also considered by the and bring their voice into the boardroom. Details are set out below, Board and provides further proof of progress across a range of together with additional information on related engagement activities measures. undertaken within RBS Group which impacted NWH Group. Employee consultation This section of the Strategic Report describes how the directors have Having ongoing discussion and engagement with a number of had regard to the matters set out in section 172(1) (a) to (f), and forms employee representatives such as trade unions and work councils is the directors’ statement required under section 414CZA, of The vital and RBS Group regularly discusses developments and updates Companies Act 2006. on the progress of strategic plans. Board training and support on s.172 duties Speak Up Directors are supported in the discharge of their duties by the Where colleagues wish to report any concerns relating to wrong doing Company Secretary. All directors receive guidance on their statutory or misconduct, one of the ways they can do this is by raising
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