Oct 29, 2021 / 12:00PM GMT
Operator
Good afternoon, and welcome to the NatWest Group Q3 2021 Results Treasurer Q&A with Donal Quaid. (Operator Instructions)
I'll now hand over to Donal Quaid. Donal, please go ahead.
Donal Quaid - NatWest Group plc - Treasurer
Good afternoon, and thank you for joining today's call. I will share some of our highlights from Q3 before moving into more detail on capital and liquidity and progress on our funding plans for 2021, and then we'll open up for questions.
Starting with Slide 3. We're reporting an operating profit of GBP 1.1 billion, up from GBP 400 million for the same quarter last year. This includes an impairment release of GBP 242 million as underlying credit metrics improved and defaults remained low, resulting in an attributable profit of GBP 674 million.
We continue to make good progress on our targets. Net lending was up 3.1% on an annualized basis driven by growth in mortgage lending. Costs were down 4.3% for the first 9 months compared to the same period in 2020, and we're reporting a CET1 ratio of 18.7%.
Our
Q3 2021 Natwest Group PLC Interim Management Statement Call (Treasurer Q&A Session) Transcript
Oct 29, 2021
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