“NatWest Group delivered a strong performance in 2021 as we returned to profitability, made progress against our strategy and distributed more than £3.8bn of capital to our shareholders, including £1.7bn to the taxpayer.
We are acutely aware of the challenges that many people, families and businesses continue to face up and down the country and are working alongside our customers to provide the support they need – whether that is managing their money better, saving for a house or retirement or starting or growing a new business – as well as playing a leading role in the transition to net zero.
As our economy recovers and the trend towards digital services accelerates, we are investing to deliver long term value in the bank and drive sustainable growth. We will do this by building closer and deeper relationships with our customers and by supporting their evolving needs and expectations at every stage of their lives.”
Annual Results 2021 financials
Operating profit - £4.3bn – for the whole group
Up from loss of £351m in ’20.
£4.0bn – operating profit for the continuing group.
Impairment release of £1.3bn, compared to a charge of £3.2bn in ’20
£341m - Q4 impairment release.
Growth – Net lending up £7.8bn (2.6%) on FY’20 (UK and RBSI retail and commercial businesses, excluding government support schemes).
Costs – Cost reduction of £256m (4.0%) on FY’20 (ex OLD and Ulster Bank direct costs).
Capital - CET1 ratio of 18.2%.
Down from 18.7% at Q3 - result of capital distributions and reduced RWAs.
£3.8bn of distributions announced for ’21.
£1.2bn dividends - £846m final (7.5p/share), £347m interim (3p/share).
£1.5bn on market buy-backs - £750m executed + additional £750m announced today.
£1.1bn directed buy back in March ‘21.
Total of ~£1.7bn back to UK government in dividends and buybacks for ‘21.