Half Year 2020 Natwest Group PLC Earnings Call (Fixed Income Investors) Transcript

Jul 31, 2020 / 12:30PM GMT
Operator

Welcome, everyone. We will now play a prerecorded audio presentation of our fixed income results. This will be followed by a live Q&A session with Katie Murray and Donal Quaid.

Katie Murray - NatWest Group plc - Group CFO & Executive Director

Good afternoon, everyone. Thank you for joining us this afternoon for our fixed income H1 results presentation. I am joined by Donal Quaid, our Treasurer. And I will take you through our headlines, then move into the detail, including a breakdown of the impairment charge and the scenarios we have used to model expected credit loss under IFRS 9. Donal will then take you through the balance sheet, capital and liquidity and give you an update on issuance plans. And we'll open the call at the end for Q&A.

So let me start on Slide 3 with the headlines. We've had a strong start to the year before the impact of COVID-19, and our pre-impairment operating profit for the first half was GBP 2.1 billion. Since we spoke in May, however, the economic outlook has worsened. As a result, we are announcing a first half

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