Making progress

NatWest RBS back in profit and restores dividend

RBS and Alison Rose

Alison Rose: ‘good operating performances’

NatWest, parent of Royal Bank of Scotland, has announced a return to profitability and a restoration of its dividend.

The bank posted an operating profit before tax of  £2.5bn (£1.6bn in Q2) against a loss of £770m at H1 2020.

Attributable profit came in at £1.8bn (£1.2bn in Q2) against a loss of £705m in the first half last year.

The bank declared an interim dividend of 3p per share and a share buyback of up to £750m.

There is a release of an impairment charge of £707m (£605m in Q2).

Newsletter

Chief executive, Alison Rose, said: “These results have been driven by good operating performances across the Group, underpinned by a robust loan book and a strong capital position.

“Defaults remain low and, given the improved outlook, we have released a further £0.6 billion of impairment provisions in the quarter. While we see the potential for a more rapid recovery, we will continue to take an appropriate and conservative approach as the government schemes wind down and the economy reopens.

“As a result of our strong and resilient performance, coupled with our capital strength and cautiously optimistic outlook, we are announcing an interim dividend of 3p per share and share buyback of up to £750m.

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.