Half Year 2021 Natwest Group PLC Fixed Income Call Transcript

Jul 30, 2021 / 12:00PM GMT
Unidentified Company Representative

Welcome, everyone. Today's presentation will be hosted by Katie Murray, CFO; and Donal Quaid, Group Treasurer. After the presentation, we will open up for questions.

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

Good afternoon, everyone, and thank you for joining us for our H1 2021 fixed income results presentation. I'm joined today by Donal Quaid, our Treasurer; and Paul Pybus, Head of Debt IR. I will take you through the headlines for the first half, give an update on our strategic priorities and then move on to some of the detail. Donal will then take you through the balance sheet to capital and liquidity, and then we'll open it up for questions.

So starting with headlines on Slide 3. We're reporting an operating profit of GBP 2.5 billion compared to a loss of GBP 0.8 billion in the first half last year. This includes an impairment release of GBP 707 million as a result of improvement in economics and underlying credit metrics. I will come on to this in more detail later. Most of this release was

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