Natwest Group PLC at Morgan Stanley European Financials Conference Transcript

Mar 14, 2023

Mar 14, 2023 / 11:00AM GMT
Alvaro Serrano Saenz de Tejada - Morgan Stanley, Research Division - Lead Analyst

Thank you, everyone, for joining this session. With NatWest, delighted to introduce the CEO, Alison Rose, to this fireside chat. As usual, we're going to open up with a polling question, and then I'll have a few questions with debate with Alison, and we'll open up to Q&A.

Questions and Answers:

Alvaro Serrano Saenz de Tejada - Morgan Stanley, Research Division - Lead Analyst

The question is, NatWest trades below 1x book value versus a 2023 medium-term RoTE target of 14% to 16%. What do you think is needed to close the valuation gap? Show resilient revenue as deposit betas growth? Resilient NIM? Second, continued cost growth in this inflationary sort of contained -- sorry, contain cost growth in this inflation environment. Number three, successfully close down the Irish operations. Number four, prioritize share buybacks within the shareholder remuneration. Number five, government reducing its stake significantly.

Well, resilient revenues it is.

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