Slides
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25 June 2025
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3 Agenda Introduction Strategic Overview and Growth Simplification and Active Balance Sheet & Risk Management CEO, NatWest Group CEO, Private Banking & Wealth Management COO, Private Banking & Wealth Management Key takeaways and Q&A Your presenters 1 2 3 4
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4 ~25% share of deposits11 ~20% share of lending12 #1 UK Corp and FI GBP issuance13 FY’24: 17.2% RoE Q1’25: 19.3% RoE #1 for UK start ups6 1.5m customers3 Commercial & Institutional Start-ups to large corporates and financial institutions Multi-channel brands serving our >19 million customers Strong market positions with extensive product and service offering All three businesses delivering attractive returns and generating capital 16.3% of Current Accounts7 12.6% of UK Mortgages8 7.4% of Unsecured Lending9 FY’24: 19.9% RoE Q1’25: 24.5% RoE 18.1m customers1 +82% Rooster youth customers4 Retail Banking Youth to mass affluent FY’24: 14.2% RoE Q1’25: 17.1% RoE £48.5bn AuMA £18.4bn Loans10 £41.2bn Deposits Award-winning UK Private bank5 0.1m customers2 Private Banking & Wealth Management Affluent to high net -worth
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5 • Accelerate digitisation of customer journeys • Streamline and modernise our technology estate including use of cloud to increase pace of delivery • Accelerate data simplification and AI deployment • Further simplify our operational model • Grow our three customer businesses • Improve share in target segments, subject to returns • Deepen engagement through personalisation • Continue to assess value accretive inorganic opportunities • Leverage our strong capital, liquidity and funding positions as a key source of competitive advantage • Drive dynamic and disciplined capital allocation • Drive strategic recycling of capital
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7 Return on Equity 17.0% 24.5% 14.8% 14.2% FY’22 FY’23 FY’24 Who we are Our contribution Income, £m FY’21 35.6 33.4 40.8 48.9 48.5 +36% 282 279 280 324 84 480 777 710 645 181 762 1,056 990 969 265NII Non-NII Established trusted partner for UK-connected HNW individuals and their business interests, Coutts NPS +49 £107bn of Client Assets and Liabilities (“CAL”)¹ with a full suite offering across banking, lending and wealth management services Investment Products & Solutions Providing investment management services for customers across the Group 11.1% 6.6% 4.6% 6.9% Leading UK Private Bank Awards received for Best UK Private Bank for Customer-Facing Digital Capabilities and the United Kingdom’s Best Domestic Private Bank2 AUM net flows, % opening AUM balance AUMA3, £bn Client assets and liabilities (CAL), £bn 92.2 92.8 96.1 108.4 106.9 +16% Q1’25 8.6%6 17.1% o/w AUMA income5 £m 240 242 239 270 72 Operating profit £m 350 436 291 264 77 4 4
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8 #1 UK Private Banking brand1 with >325 year history Regional footprint and co-location with Retail Banking and C&I 19 locations around the UK and Channel Islands 1 UK Private Banking Brand with a Leading NPS of +491 Grow wealth management with new and existing customers Extend wealth offering to other parts of the Group Highly capital generative business with low capital intensity 24/7 coverage service model and award- winning mobile app Single CIO House View with open-architecture product selection Single core banking and investments platform We are a full-service Private Bank and Wealth Manager Part of the wider NatWest Group Dedicated specialist advisors
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9 • Multi-currency accounts and cards including; • Current, Instant and Notice Accounts • ISAs • Gifts via THANK YOU FROM COUTTS • Coutts Travel Protection • Commercial banking services Banking • Discretionary Portfolio services • Coutts managed funds • Personal Portfolio Funds • Wealth Advisory services • Dealing, custody and foreign exchange services Investments Products and Solutions • Wills, estate and trust planning • Financial planning • Pension planning • Wealth structuring • Family businesses and Wealth succession • Business succession Bespoke Planning • Loans, mortgages and overdrafts in major currencies • Complex mortgages • Commercial lending • Investment-backed lending • Access to a panel of residential property experts Lending Deposits Lending AUMA CAL ~£107bn1 2 £41.2bn £18.4bn £48.5bn
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10 Family Office Financial Sponsors & Executives Sports, Media & Entertainment Coutts Commercial Landowners Entrepreneurs International We have 250+ advisors and 150+ specialists dedicated to understanding the specific needs of clients These advisors and specialists are supported by a strong digital layer and personalisation 24/7 coverage via Coutts 24 Prime Property Index Professionals & Specialist Practices Award-winning mobile app Forums and thought leadership Business Exit Programme London Games Festival Investment Outlook Business Insights Report Tailored events and experiences
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12 £2.4tn £3.8tn £1tn 2023 £3.0tn £4.4tn £1tn 2030 £7.2tn £8.4tn Leveraging our leading position in Private Banking to increase share in Wealth Management ~3.4% ~2.1% ~0.4% U/HNW segment expected to grow faster than overall market Industry trends may increase demand for wealth management services More personalised experiences via hybrid service model Retirement savings & advice gap to narrow Largest inter-generational Wealth transfer in 50 years • ~£1.2tn2 wealth may be passed down from baby boomers in next 5-10 years • Wealth held by Gen X and Millennials to increase from ~35% to ~67% by 20303 • Only ~8% of UK adults receive regulated advice annually4 • FCA’s Advice and Guidance Boundary Review to address 40% individuals under-saving for retirement • Technology and AI to support a seamless transition between digital & human-led interactions CAGR ‘23-’30 U/HNW >£3m CAL Affluent £100k-£3m CAL Mass Retail <£100k CAL UK financial assets by segment1
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13 Intensify focus on UK Ultra/High Net Worth clients, both new and existing, to increase £3m+ CAL clients by ~20% Increase Commercial & Institutional customer referrals by 3x Broaden and enhance our investment management proposition for U/HNW clients and further extend it to Retail customers to grow AUMA to ~50% of CAL • Invest in our award-winning app and in digitise customer journeys to improve experience and drive deeper engagement • Invest in technology, data and Generative AI to improve productivity • Implement cost-effective location strategy • Deliver a sustainable source of funding for the Group • Actively manage pricing to optimise returns • Leverage Group processes to manage simple lending • Proactive risk and compliance management Our Ambition: To be the UK’s #1 Chosen Partner for Private Banking & Wealth Management Disciplined growth Bank-wide simplification Active balance sheet and risk management 1 2 3
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14 We are evolving our service model providing greater differentiation to increase £3m+ CAL clients by ~20% 1 Disciplined growth Evolving our service model to increase client facing time Implement coverage model fully leveraging expert knowledge and solutions • Improve customer experience with easier account opening via the app • Engaging ahead of fixed-term deposit maturities with multiple options • Enhance securities-backed lending capabilities • Actively manage pricing to optimise returns Deposits: Proactive client engagement, tailored and timely Lending: Grow the book selectively, focusing on value Investments: Broaden proposition to meet client needs • Expand our investment offering, including private markets • Greater client personalisation of discretionary portfolios Upskill client facing colleagues Enhance client journeys and propositions to meet more client needs on a timely basis Intensify business development
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16 Coutts C&I / Premier External Spotlight example Business Exit Programme Preparing entrepreneurs and their family for a successful business exit Drawing on 25 years of quantitative and qualitative research to provide proactive and practical guidance Opportunity to capture new clients with ~60% of attendees not currently Coutts customers Disciplined growth 2 Mix of customers in our programme1 ~400 business owners in attendance The C&I customer base represents a significant opportunity… …and the path to unlocking value is clear Increase in C&I referrals in 2024 Leverage data to better understand C&I customers’ needs1 Improved end-to-end journey from identification to onboarding2 Leverage specialisms for differentiation3 Corporate and Institutional Banking Commercial Mid-Market ~7k ~100k Key Opportunity Entrepreneurs Executives
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18 Insights from in-house investment specialists Our Balanced3 portfolio performance Disciplined growth 3 1 year 3 year 5 year 10 year 3.1% 2.7% 2.9% 1.7% 5.3% 5.1% 3.9% 3.2% Coutts Discretionary Portfolio Service, Balanced Strategy3 ARC Balanced Asset Index4 AuA Funds Discretionary Portfolio Service2 Coutts Managed Funds Personal Portfolio Funds Execution-only dealing Custody and administration Portfolio Services Single CIO House View Open-architecture product selection Responsible investing approach Anchor & Cycle investment strategy ~35%~40% ~25% A s s e t s U n d e r M a n a g e m e n t ~ £ 3 7 b n 1 A s s e t s U n d e r A d m i n i s t r a t i o n ~ £ 1 2 b n 1 Advisory Portfolio Service Our investment proposition is underpinned by
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19 AUMA, £bn Financial performance AUMA % of CAL AUM Net flows as a % of opening balance 39% 36% 42% 45% 6.6% 4.6% 6.9%11.1% 30.2 28.3 31.7 37.0 9.1 11.9 5.4 2021 5.1 2022 2023 2024 35.6 33.4 40.8 48.9 +11% CAGR AUA AUM 3 £2.2bn AUM net flows in 2024 demonstrating our strong track record +13% increase in AUMA fee income in 2024 2024 Highlights AUMA Income £240m £242m £239m £270m Disciplined growth 2025-27 Priorities Further evolve our Discretionary Portfolio Service to allow more personalisation Extend our investment offering and thought leadership content Improve our digital investment capabilities including enhanced reporting Grow AUMA to ~50% CAL AUM Net flows £3.0bn £2.0bn £1.3bn £2.2bn
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20 3 Wealth Advisory Self-DirectedHybrid Advice • Further scale Digital Wealth Manager • Product Enhancements including pension capabilities • Greater personalisation to enhance customer engagements • Meet with our Wealth managers in-person • Access to expertly managed funds and portfolios by Coutts, as well as services including pension and estate planning • A fixed one-off fee for financial planning or investment advice • Algorithmic investing advice supported by Digital Wealth Managers • Investment recommendation: help to find out if investing is right for you, your affordability and risk appetite • One-off fee, only applicable if you take the advice 2025-27 Priorities Affluent Mass Retail • Execution-only investing from £50 through a seamless digital journey • Extensive range of account types including stocks and shares ISA and General Investment Account along with one of five risk appetites • Competitive fees, % of investment Disciplined growth
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22 • Intensify focus on UK Ultra/High Net Worth clients, both new and existing, to increase £3m+ CAL clients by ~20% • Increase Commercial & Institutional customer referrals by 3x • Broaden and enhance our investment management proposition for U/HNW clients and further extend it to Retail customers to grow AUMA to ~50% of CAL Invest in our award-winning app and in digitise customer journeys to improve experience and drive deeper engagement Invest in technology, data and Generative AI to improve productivity Implement cost-effective location strategy • Deliver a sustainable source of funding for the Group • Actively manage pricing to optimise returns • Leverage Group processes to manage simple lending • Proactive risk and compliance management Our Ambition: To be the UK’s #1 Chosen Partner for Private Banking & Wealth Management Disciplined growth Bank-wide simplification Active balance sheet and risk management 1 2 3
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23 Amplifying our expertise Enhancing product and pricing journeys Progress highlights in 2024/25 2025-2027 Priorities • Improve investment management functionality in the app • Strengthen the app’s role as a primary channel for timely and personalised client communications • New look and feel Coutts mobile app to be released next year • 58% digitally active Coutts clients ~17k unique daily logins • Mobile NPS +501 • 4.4 out of 5 app store rating2 • 94% of payments are now digital • 5 Savings account opening journeys digitalised 10x increase in digital deposit inflows in 2024 Increased client engagement on investments More products and services available as a digital journey Curated insights, directly and immediately visible Outcomes for us Outcomes for customers Bank-wide Simplification 1
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24 Bank-wide Simplification 2 • Further de-couple application development and release from our modern core banking platform • Simplify our digital ecosystem • Leverage Group technology capabilities • Deploy workflow solutions including new CRM • Remove unnecessary complexity • Improve clients’ self-serve capabilities through the app • Future ready workforce • Increased productivity • Personalised client engagement Technology Simplification AI-enabled BusinessStreamlined Client Servicing 2025-2027 Priorities Outcomes • Increased cadence of app updates • Reduced reliance on third party providers • Improved platform performance and reduce costs • Increased internal referrals • Reduced time to offer and serve • Improved client engagement and satisfaction • More personalised client solutions • Increased advisor and engineer productivity
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25 Our footprint will evolve to meet the demands of our clients Bank-wide Simplification 3 Leveraging our Group digital and AI capabilities in India and UK 2023 2027 Technology workforce by country UK India Switzerland
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26 Conduct Cyber Regulation Protection of client data and security of bank systems • In collaboration with the NatWest Security team, the Control Environment is rigorously tested through simulation exercises, external testing and constant monitoring of access and activity • In-app calling abilities enhance fraud protection Compliance with, and readiness for, new regulation underpins our operating model • Engaging with the FCA on theAdvice-Guidance Boundary Review Delivering good outcomes to our clients in line with Consumer Duty • Actively monitor measures assessing client outcomes and banker performance • Ongoing product and service reviews and enhancements • Enhance vulnerability identification data and processes to support all clients Active balance sheet and risk management Capital, Liquidity and Credit Disciplined deployment of capital supporting Group returns • Delivering a sustainable source of liquidity for the Group • Actively manage pricing to optimise returns
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30 Paul Thwaite, Chief Executive Officer – NatWest Group • Paul was appointed Chief Executive Officer in July 2023. Prior to becoming Group Chief Executive, he was Chief Executive of the bank’s Commercial & Institutional (C&I) business, bringing together the teams that support NatWest’s business customers, ranging from entrepreneurs and start-ups through to multi-nationals and financial institutions. • Paul has over 30 years’ experience in financial services having held senior roles within Wholesale, Corporate, International, Risk and Retail Banking, across the UK, Europe and US. Emma Crystal, Chief Executive Officer • Emma Crystal joined NatWest Group as CEO of Coutts and Wealth Businesses on 1 July 2024 from UBS where she was Lead, Sustainable Finance Group. Emma has extensive Wealth Management and leadership experience from her time at Credit Suisse where she held various senior leadership roles including leading the Wealth Management business for Northern & Western Europe. Before joining Credit Suisse, Emma worked in Global Markets at Deutsche Bank for 10 years. Jamel Oulidi, Chief Operating Officer • Jamel joined NatWest Group as COO of the Wealth Businesses franchise in September 2023. He brings over 20 years of experience in Private Banking and Wealth Management across Asia and Europe, with expertise in banking technology, operations and finance. • Prior to NatWest Jamel spent two years at Barclays as COO of the Private Bank. Before that, 14 years at HSBC, holding various senior leadership roles in the Private Bank across Monaco, Switzerland and London.
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31 Ray Mulligan, Chief Digital Information Officer • Ray joined Coutts from Scotiabank where he was Senior Vice President and Chief Information Officer of their wealth management technology team. He has significant experience in technology and financial services at Credit Suisse, Barclays and Scotiabank. • Ray is responsible for the technology strategy for the Wealth Businesses, ensuring the high standards of personal service Coutts clients enjoy is complemented by a first-class digital offering. Siobhan Boylan, Chief Financial Officer • Siobhan was appointed as the CFO, Wealth Business in September 2023 and sits on the board of Coutts & Co. Prior to joining NatWest Group, Siobhan worked at Brewin Dolphin plc for 4 years where she was CFO prior to its acquisition by Royal Bank of Canada in 2022. • With over 30 years’ financial experience, Siobhan has held a number of other senior positions in the industry including CFO at Legal & General Investment Management and Aviva Investors.
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26th March 2025 25th June 2025 25th November 2025 32
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33 Appendix
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34 2021 2022 2023 2024 2025 Full year Full year Full year Full year Q1 Income statement £m £m £m £m £m Net interest income 480 777 710 645 181 Non-interest income 336 279 280 324 84 Total income 816 1,056 990 969 265 Other operating expenses (523) (610) (676) (713) (187) Litigation and conduct costs 3 (12) (9) (3) - Operating expenses (520) (622) (685) (716) (187) Operating profit before impairment releases/losses 296 434 305 253 78 Impairment releases/(losses) 54 2 (14) 11 (1) Operating profit 350 436 291 264 77 Performance ratios Return on equity 17.0% 24.5% 14.8% 14.2% 17.1% Net interest margin 1.76% 2.65% 2.62% 2.40% 2.59% AUMA net flows (£bn) 3.0 2.0 1.9 3.2 0.8 of which AUM net flows (£bn) 3.0 2.0 1.3 2.2 0.8 AUMA income (£m) 240 242 239 270 72 Cost:income ratio (excl. litigation and conduct) 64.1% 57.8% 68.3% 73.6% 70.6% 2 4 3 5 1
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35 2021 2022 2023 2024 2025 31 December 31 December 31 December 31 December 31 March Balance sheet £bn £bn £bn £bn £bn Loans to customers (amortised cost) - personal 2.3 2.2 1.8 1.7 1.7 - mortgages 11.8 12.7 12.3 12.0 12.1 - other 4.4 4.4 4.5 4.6 4.7 Total loans to customers (amortised cost) 18.5 19.3 18.6 18.3 18.5 Loan impairment provisions (0.1) (0.1) (0.1) (0.1) (0.1) Net loans to customers (amortised cost) 18.4 19.2 18.5 18.2 18.4 Total assets 29.9 29.9 26.9 28.6 28.9 Assets under management (AUM) 30.2 28.3 31.7 37.0 36.7 Assets under administration (AUA) 5.4 5.1 9.1 11.9 11.8 Assets under management and administration (AUMA) 35.6 33.4 40.8 48.9 48.5 Total combined assets and liabilities (CAL) 92.2 92.8 96.1 108.4 106.9 Customer deposits - current accounts 13.8 12.3 7.2 6.6 6.5 - savings 25.5 28.9 30.5 35.8 34.7 Total customer deposits 39.3 41.2 37.7 42.4 41.2 Loan:deposit ratio 47% 47% 49% 43% 45% Total risk-weighted assets 11.3 11.2 11.2 11.0 11.3 1 2
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36 Loans to customers, £bn 11.8 12.7 12.3 12.0 12.1 2.3 2.2 4.4 4.4 4.5 4.6 4.7 2021 2022 1.8 2023 1.7 2024 1.7 Q1’25 18.5 19.3 18.6 18.3 18.5 Broadlys table Customer deposits, £bn 13.8 12.3 7.2 6.6 6.5 25.5 28.9 30.5 35.8 34.7 2021 2022 2023 2024 Q1’25 39.3 41.2 37.7 42.4 41.2 +3% CAGR 35% 65% 2021 30% 70% 2022 19% 81% 2023 16% 84% 2024 16% 84% Q1’25 Deposit Mix, % Stabilising 2021 2022 2023 2024 Q1’25 47% 47% 49% 43% 45% Loans to deposit ratio, % Savings Current Account Savings Current Account Personal Mortgages Other
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37 Slide 4: 1) Retail and Premier customers as at FY’24. 2) Private customers excluding RBS Collective Investment Funds Limited (CIFL) solo customers as at FY’24. 3) Business Banking, SME & Mid Corporates, Large Corporates & Institutions customers including Western Europe, Specialised Businesses including Lombard, RBS International (RBSI), Tyl and Mettle as at FY’24. 4) Net growth in Rooster Money accounts since FY’23. 5) Our Awards | Coutts Private Bank 6) Those operating for less than two years identified a NatWest Group brand as their main bank. Source: MarketVue Business Banking from Savanta Q1’25 based on 566 Start-Ups. The survey results have been weighted to reflect the regional distribution and turnover of businesses across Great Britain. NatWest Group is made up of multiple brands, including NatWest, Royal Bank of Scotland and Mettle. 7) Current account balances outstanding, based on Mar‘25 CACI data. 8) Stock share of Retail Banking and Private Banking mortgages, calculated as a percentage of balances outstanding of total sterling net secured lending to individuals not seasonally adjusted as per Mar’25 BoE data. 9) Based on Unsecured lending, pro-forma for Sainsbury’s Bank portfolios, including Cards, Loans, Overdrafts and central items, calculated as a percentage of balances outstanding of total (excluding the Student Loans Company) sterling net unsecured lending to individuals not seasonally adjusted based on Mar’25 BoE data. 10) Based on Net Loans and Advances to Customers at amortised cost. 11) Based on Customer deposits (£bn) for Commercial & Institutional excluding NatWest Markets (NWM) and RBSI, calculated as a percentage of M4 liabilities for Private Non-Financial Corporates (PNFC’s) as per Mar’25 BoE data. 12) Based on Gross Loans and Advances to Customers at amortised cost for Commercial & Institutional excluding NWM and RBSI, calculated as a percentage of monthly amounts outstanding of sterling and all foreign currency loans to SMEs and large businesses as per Mar25 BoE data. 13) In April 2025, NatWest ranked first among bookrunners for supporting UK corporates and financial institutions Sterling debt issuance. Source: Dealogic, 30th April 2025. Slide 7: 1) Client assets and liabilities refers to customer deposits, net loans to customers and AUMA. To avoid double counting, investment cash is deducted as it is reported within customer deposits and AUMA. 2) UK Private Bank - Customer Facing Digital Capabilities (Banking) - WealthBriefing European Awards 2025 and United Kingdom's Best Domestic Private Bank - Euromoney Private Banking Awards 2024. 3) AUMA comprises both assets under management (AUM) and assets under administration (AUA) serviced through the Private Banking segment. AUM comprise assets where the investment management is undertaken by Private Banking on behalf of Private Banking, Retail Banking and Commercial & Institutional customers. AUA comprises i) third party assets held on an execution-only basis in custody by Private Banking, Retail Banking and Commercial & Institutional for their customers, for which the execution services are supported by Private Banking ii) AUA of Cushon, acquired on 1 June 2023, which are supported by Private Banking and held and managed by third parties. This measure is tracked and reported as the amount of funds that we manage or administer and that directly impacts the level of investment income that we receive. 4) Adjusted for one-off gain of £54m on sale of Adam & Co. in Q4’21. 5) AUMA income includes investment income which reflects an ongoing fee as percentage of assets and transactional income related to investment services comprised of one-off fees for advice services, trading and exchange services, protection and alternative investing services. 6) Annualised basis using Q1’25 AUM net flows. Slide 8: 1) FT Private Banking/Wealth Management GIST Survey 2025. 2) Generative AI tools including internally developed AIDEN and externally licenced Microsoft Copilot. Slide 9: 1) Client assets and liabilities refers to customer deposits, net loans to customers and AUMA. To avoid double counting, investment cash is deducted as it is reported within customer deposits and AUMA. 2) Coutts manages AUMA balances on behalf of the whole of NatWest Group. Slide 12: 1) Boston Consulting Group (BCG) Global Wealth Report 2024, 2022-2030F. Includes all financial wealth, investments, cash deposits, pensions, life insurance etc. 2) Stellar Asset Management: The Investment Economy. 3) BCG - World Economic Forum Global Investor Survey 2024 (UK data, n=600); GenX born between 1960 and 1979; Millennials born between 1980 and 1994. 4) FCA Financial Lives 2024 survey. Slide 16: 1) Customer mix based on the total number of business owners. Slide 18: 1) AUMA comprises both assets under management (AUM) and assets under administration (AUA) serviced through the Private Banking segment. Assets under administration also includes Cushon balances of c.£3bn. 2) Includes Bespoke Discretionary Portfolio Service. 3) The Balanced strategy within the Discretionary Portfolio Service. Annualised returns, net of costs. 4) Asset Risk Consultants Balanced Asset Index. Slide 23: 1) Based on Apr’25. 2) Coutts & Company app. Slide 35: 1) Includes on-off gain of £54m on sale of Adam & Co. in Q4’21. 2) Return on equity is based on segmental operating profit or loss adjusted for preference share dividends and tax, divided by average notional tangible equity based on 11.1% (2024 - 11.2%). 3) Net interest margin is calculated as net interest income as a percentage of average interest-earning assets. 4) AUMA net flows represents assets under management (AUM) and assets under administration (AUA). AUMA comprises both AUM and AUA serviced through the Private Banking segment. AUM comprises assets where the investment management is undertaken by Private Banking, on behalf of Private Banking, Retail Banking and Commercial & Institutional customers. AUA comprises third party assets held on an execution-only basis in custody by Private Banking, Retail Banking and Commercial & Institutional for their customers, for which the execution services are supported by Private Banking. 5) Total operating expenses excluding litigation and conduct costs divided by total income. Slide 36: 1) CAL refers to customer deposits, net loans to customers and AUMA. To avoid double counting investment cash of £1.2 billion (31 December 2024 - £1.1 billion; 30 September 2024 - £1.1 billion; 30 June 2024 - £1.1 billion; 31 March 2024 - £1.2 billion) is deducted as it is reported within customer deposits and AUMA. 2) Net customer loans held at amortised cost, excluding reverse repos, divided by total customer deposits, excluding repos.
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38 Forward-looking statements The guidance, targets, expectations and trends discussed in this presentation represent NatWest Group management’s current expectations and are subject to change, including as a result of the factors described in the “Risk Factors” in the NatWest Group plc 2024 Annual Report on Form 20-F. Cautionary statement regarding forward-looking statements This presentation may include forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, such as statements with respect to NatWest Group’s financial condition, results of operations and business, including its strategic priorities, financial, investment and capital targets, and climate and sustainability-related targets, commitments and ambitions described herein. Statements that are not historical facts, including statements about NatWest Group’s beliefs and expectations, are forward-looking statements. Words, such as '‘expect’, ‘estimate’, ‘project’, ‘anticipate’, ‘commit’, ‘believe’, ‘should’, ‘intend’, ‘will’, ‘plan’, ‘could’, ‘target’, ‘goal’, ‘objective’, ‘may’, ‘outlook’, ‘prospects’, ‘ambition’, and similar expressions or variations on these expressions are intended to identify forward-looking statements. In particular, this presentation may include forward-looking statements relating , but not limited to: NatWest Group’s outlook, guidance and targets (including in relation to RoTE, total income, other operating expenses, loan impairment rate, CET1 ratio, RWA levels, payment of dividends and participation in directed buybacks), its financial position, profitability and financial performance, the implementation of its strategy, its access to adequate sources of liquidity and funding, its regulatory capital position and related requirements, its impairment losses and credit exposures under certain specified scenarios, substantial regulation and oversight, ongoing legal, regulatory and governmental actions and investigations. Forward-looking statements are subject to a number of risks and uncertainties that might cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statements. Factors that could cause or contribute to differences in current expectations include, but are not limited to, future growth initiatives (including acquisitions, joint ventures and strategic partnerships), the outcome of legal, regulatory and governmental actions and investigations, the level and extent of future impairments and write-downs, legislative, political, fiscal and regulatory developments, accounting standards, competitive conditions, technological developments, interest and exchange rate fluctuations, general economic and political conditions and uncertainties, exposure to third party risk, operational risk, conduct risk, cyber, data and IT risk, financial crime risk, key person risk and credit rating risk and the impact of climate-related risks and the transitioning to a net zero economy. These and other factors, risks and uncertainties that may impact any forward-looking statement or NatWest Group plc's actual results are discussed in NatWest Group plc's 2024 Annual Report on Form 20-F, NatWest Group’s Interim Management Statement for Q1 2025, and its other public filings. The forward-looking statements contained in this presentation speak only as of the date of this presentation and NatWest Group plc does not assume or undertake any obligation or responsibility to update any of the forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, except to the extent legally required. Cautionary statement regarding Non-IFRS financial measures NatWest Group prepares its financial statements in accordance with UK-adopted International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). This presentation may contain financial measures and ratios not specifically defined under GAAP or IFRS and/or alternative performance measures as defined in European Securities and Markets Authority guidelines (altogether, the ‘non-IFRS measures’). Non-IFRS measures 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 included in this presentation, 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. Climate and sustainability-related disclosures Climate and sustainability-related disclosures in this presentation are not measures within the scope of IFRS, use a greater number and level of judgments, 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 judgments, assumptions and estimates are highly likely to change materially 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, our ambition to be net zero across our financed emissions, assets under management and operational value chain by 2050 and 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 sustainability-related 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 sustainability-related metrics. As a result, we expect that certain climate and sustainability-related disclosures made in this presentation are likely to be amended, updated, recalculated or restated in the future. Refer to the cautionary statement in the section entitled ‘Climate-related and other forward- looking statements and metrics’ of the NatWest Group 2024 Sustainability Report. The information, statements and opinions contained in this presentation 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.