NatWest Group plc (NWG) Q1 2022 Earnings Call Transcript

NatWest Group plc (NWG -0.14%)
Q1 2022 Earnings Call
Apr 29, 2022, 4:00 a.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Alison Rose

Good morning and thank you for joining us today. As usual, I'll start with a brief strategic update. Katie will take you through the results and then we'll open it up for questions. Clearly, since we last spoke, the world has changed considerably.

Russia's invasion of Ukraine has led to greater macroeconomic and geopolitical uncertainty. And our customers now face higher inflation, rising rates, and energy costs, as well as ongoing supply chain disruption. While so many of them have built up healthy savings and balance sheets during the pandemic, and we are not seeing any immediate signs of distress, we are acutely aware of the pressures our customers face. So just as we did during the pandemic, we are supporting them as they navigate this period of uncertainty.

For example, we continue to deliver around 1 million free financial health checks a year, we help customers to understand the impact of different scenarios on their credit rating and improve their score, and we regularly refer are more vulnerable customers to citizens advice. Our business customers benefit from having access to dedicated relationship managers with sector expertise in all of our regions. As the invasion of Ukraine continues, together with our customers and colleagues, we have donated over 9 million pounds to the Disaster Emergency Committee, Ukraine Humanitarian Appeal. We are also offering practical assistance to Ukrainian refugees in the UK.

For example, we are using one of our headquarters as a welcome hub and we are providing help with opening bank accounts. We have no operations in Russia or Ukraine and minimal direct exposure to Russia. We believe that our focus on building deeper relationships with our customers, together with two years of strong strategic progress, makes NatWest Group well positioned to deliver sustainable growth and returns in the years to come. So let me now turn to the financial headlines.

We are reporting a strong performance with profit before tax of 1.3 billion, up 36% on the first quarter last year. We generated attributable profit of 841 million, up 36%, and our return on tangible equity was 11.3%, up from 7.9% in the same quarter last year. We are delivering on our income growth, cost reduction, and capital targets. Income was up 8.6%, costs were down 4.6%.

Though we continue to expect an annual reduction of around 3%, and this resulted in positive jaws of 13.2%. Our CET1 ratio is now 15.2%, which includes 1.5 billion pounds of distributions. As you know, we have committed to make annual dividend distributions of at least 1 billion pounds this year. Our CET1 ratio includes an accrual of 250 million toward that commitment.

And we made another directed buyback in March of 1.2 billion, bringing government ownership to around 48%, which is clearly an important milestone. We have also executed 377 million of the additional 750 million on market buyback announced in February. We continue to focus on delivering our strategic plan and our targets. Despite the macro economic uncertainty, we are updating our income target as we now expect to deliver income that is comfortably above 11 billion, as a result of faster than assumed rate increases.

As I said earlier, we plan to reduce cost by roughly 3%, both this year and next, taking into account cost inflation and our investment in the business as we continue strong cost discipline, and we are targeting a CET1 ratio of 13 to 14% with a return on tangible equity comfortably above 10% by 2023. So let me turn now to other ways in which we are supporting our customers to drive sustainable growth. We want to deepen relationships with existing customers by serving them at all the key stages in their lives, whether it's to buy a house, say, for the future or set up and grow a business. We are also acquiring new customers by delivering a wider range of products and services more effectively across our franchises.

For example, by successfully extending our asset management expertise to customers in retail as well as private banking, we increased our affluent investment customer base by 40% in 2021 and grew assets under management and administration 17% to 35.6 billion in the same period. Total AUMA were down in the first quarter as they were impacted by market volatility, but net new inflows were up 33% on the first quarter last year at 800 million, and this included 137 million via digital platforms. In retail banking, we added 159,000 new current accounts during the first quarter this year, and we continue to invest in the SME ecosystem. As the leading bank for small and medium businesses, we offer both digital solutions, as well as an extensive network of locally based sector specialist relationship managers.

As we build a comprehensive digital payments proposition for these businesses, the number of customers using our merchant acquiring platform till has more than doubled in each of the last three years. We are also diversifying our income through product innovation, such as our buy now, pay later proposition due to be launched this summer. Demand for buy now, pay later has grown rapidly since the start of the pandemic, and we want to provide a product that is both better and safer for our customers. A new proposition will offer a fixed credit limits, clear structured repayments, credit scoring, and affordability checks, as well as the ability to keep track of payments on our mobile app.

Unlike many providers, transactions will also be covered by all the protections customers expect from a fully regulated bank. Turning to Slide 7. This is the second year of our 3 billion pound investment program, 80% of which is being invested in data, digitization, and technology. The majority of our customers now interact with us digitally.

61% of retail customers are entirely digital, 90% of retail customer needs are met either online or by a mobile, and 83% of customers in our commercial business use digital banking. We continue to make good progress on improving customer journeys. 79% of retail accounts are now opened with straight three processing, 99% of unsecured applications are fully automated, and commercial customers made 73,000 digital service requests in the first quarter, compared to just 6,000 in the whole of 2019. Our digital transformation is helping us acquire new customers.

For example, our digital bank for business customers, Mettle, has gained 50,000 new customers since launch. And our acquisition of Restore Money last year, which provides families with an app that helps children to learn about managing money, added 130,000 new customers. Improving the customer experience has also resulted in a significant improvement in net promoter scores, with retail at 16, up from four in 2019, affluent at 26, up from minus two in 2019,  and a business banking mobile NPS of 48. Of course, this improvement creates a virtuous circle which results in the acquisition of more new customers.

Turning now to capital management on Slide 8. We continue to proactively manage capital at risk and have reduced the capital intensity of the business from 54% in 2019 to 48% in the first quarter this year. Our phased withdrawal from the Republic of Ireland is progressing, and we are pleased with what has been announced. We are also managing risk well with a low level of defaults and strong risk profile.

94% of our personal lending is secured and we are growing unsecured in a responsible way. 92% of our retail mortgage book is fixed with an average LTV of 54%, and we have a well-diversified corporate portfolio with limited exposure to at risk sectors that we monitor closely. We are focusing on capital efficiency in order to maximize shareholder returns. And as I said earlier, we have booked total distributions in the quarter of 1.5 billion pounds for 2022.

And with that, I'll hand over to Katie to take you through the results.

Katie Murray -- Chief Financial Officer

Thank you, Alison. I'm going to talk about the performance of the Go-Forward Bank using the fourth quarter as a comparator. We reported total income of 3 billion pounds for the first quarter, up 15.8% from the fourth. Within this net interest income was up 5% at 2 billion pounds, and non-interest income was up 46% to 964 million.

Excluding all notable items, income was 2.8 billion, up 9.8% from the fourth quarter. Operating expenses fell 22% to 1.7 billion, driven by the absence of the annual UK bank levy, lower conduct costs, and of course ongoing cost reduction. The net and payment release of 7 million pounds compares to release of 328 million in the fourth quarter. This reflects a continued low level of defaults and an increase in our post model adjustment for economic uncertainty of 69 million pounds due to increased cost of living and supply chain challenges our customers are facing.

Taking all of this together, we reported operating profit before tax of 1.3 billion for the quarter. Attributable profit to ordinary shareholders was 841 million, equivalent to a return on tangible equity of 11.3%. I'll move on now to net interest income on Slide 11. Net interest income for the first quarter of 2 billion was 104 million higher than the fourth as a result of the higher UK base rates and strong lending.

Net interest margin increased by 50 basis points to 246 basis points, driven by wider deposit margins, which added 22 basis points. This reflects the benefits of the higher UK base rates, which increased to 75 basis points on the 17th of March from 25 basis points at the start of the year and higher spot rates on our hedge deposits. Lower mortgage margins on the front book reduced them by four basis points and was partly offset by a positive mix in unsecured, which added two basis points. However, as you can see, these impacts were more than offset by higher personal deposit margins and net interest margin in both retail banking and private banking has increased in the quarter.

In commercial and institutional, changes in loan mix reduced bank NIM by three basis points as growth was driven by lower margin large corporates, while smaller businesses continue to repay. As in retail, wider commercial and institutional deposit margins more than offset this and the CNI NIM increased in the quarter accordingly. Turning to the yield and cost trends on Slide 12, you will be familiar with this slide. But this quarter we have presented the customer loan and deposit rates for our new CNN -- CNI franchise.

I want to highlight two key points. First, commercial and institutional loan yields increased by eight basis points to 283, as the majority of these loans are variable rates with an automatic reprice. And secondly, deposit costs were broadly stable. We expect deposit costs to increase further in the second quarter, following rate changes taking place in April.

Turning now to look at mortgage margin dynamics on Slide 13. The chart at the top will be familiar to you. However, we are now showing you quarterly average metrics for the group and not just retail banking. We have increased average customer mortgage rates by around 30 basis points in the first quarter.

Of course, we also recognize there is considerable pressure from the swap curve. The average five year swap increased by around 60 basis points in the quarter. Customer deposit rates, however, were broadly stable as customer rate changes only took effect in early April. This led to an increase in customer spreads, the difference between what we charge customers for their mortgage and what we pay for deposits.

Of course, higher swap rates are good for hedge deposit income. As you know, we increased the product and other hedge notional by 39 billion pounds to 185 billion during 2021, reflecting growth in customer deposits. In the first quarter, we increased this by a further 8 billion. If we assume deposits remain at the same level as the first quarter, then we expect this to increase by a further 5 billion pounds over the next 12 months.

The structural hedge yield of 72 basis points is up slightly from 71 in the fourth quarter. Moving on now to look at volumes on Slide 14. Gross loans increased by 6.6 billion pounds or 1.9% in the quarter to 362 billion. In retail and private banking, mortgage lending grew by 2.8 billion or 1.5%, and unsecured balances increased by a further 100 million despite typical seasonality.

In commercial and institutional, gross customer loans increased by 2.3 billion pounds. This comprised 3 billion pounds of growth in large corporate and institutional customers as a result of increased capital markets activity and higher facility utilization, as well as an increase of 500 million pounds in invoice and asset financing within our commercial mid-market businesses. This growth was partially offset by the continued repayments on government lending schemes. I'd like to turn now to non-interest income on Slide 15.

Non-interest income, excluding notable items, was 740 million pounds, up 24% on the fourth quarter. Within this, income from trading and other activities increased five fold to 205 million as we benefited from higher volatility in our currencies business and good issuance volumes in capital markets. Fees and commissions fell overall by 4% to 535 million, driven by normal seasonality. I will look on now to look at costs on Slide 16.

Other operating expenses were 1.6 billion for the first quarter. That's down 78 million pounds or 4.6% on the same period last year. As we continue to work to meet our targets, which, as you know, is a reduction of around 3% for the full year. And I remind you that this will not be linear.

Turning now to impairments on Slide 17. We're reporting a net impairment release for the Go-Forward group of 7 million pounds, compared to a release of 328 million or 37 basis points in the fourth quarter. This reflects a continuing low level of defaults across the group. We continue to see further improvements in underlying credit metrics in the good book with positive migration of stage two loans back to stage one driving ECL releases.

However, we have decided to allocate these releases to our post model adjustment for economic uncertainty, which increased by 69 million pounds to 653 million. As we recognize our customers face both increased cost of living and supply chain challenges that are yet to impact the data. The economic assumptions we presented in February are unchanged and we include these on the slide appendix. We will update these in line with our usual practice in the second quarter.

We continue to expect a low down payment rates below 20 to 30 basis points in both '22 and '23. Turning now to look at capital and risk weighted assets on Slide 18. We ended the quarter with a common equity tier one ratio of 15.2%, down 70 basis points since January the first. This includes 1.5 billion of 2022 distributions, which reduced the ratio by 83 basis points.

The redemption of legacy equity preference shares reduced the ratio by a further 40 basis points in line with our guidance. This will deliver an annual saving of 90 million pounds from Q2 onwards. Higher RWAs reduce the ratio by five basis points, and fair value movements on our liquid asset portfolio reduced it by a further nine basis points. These reductions were partially offset by a 44- basis-point increase from attributable profit net of changes to IFRS 9 transitional relief.

Our IFRS 9 transitional relief is 23 basis points, down from 39 basis points for Q4, as relief decreased from 100% at the end of the year to 75%. RWA is increased by 500 million pounds to 177 billion. This was driven by higher credit and market risk, partly offset by 1.9 billion benefits from an annual operational risk recalibration exercise. Turning to Slide 19, which shows the strength of our balance sheet.

Our CET1 ratio of 15.2% is now 120 to 220 basis points, above our 13 to 14% target range. U.K. leverage ratio of 5.5% is down 40 basis points over Q4 and 225 basis points above the Bank of England minimum requirement. We have also been trained strong liquidity levels with a high quality liquid asset pool and a stable, diverse funding base.

Our liquidity coverage ratio decreased 167% due to the redemption of legacy preference shares and the directed buyback, taking the headroom above our minimum to 83 billion pounds. And turning to my final slide. We are making strong progress and expect to deliver income excluding notable items comfortably above 11 billion pounds for 2022. This assumes U.K.

based rates reach 1.25% in the fourth quarter and reflects faster rate increases than we had in the plan. We reaffirm all our guidance on expenses, impairments, and capital. And taking all of this together, we continue to expect to deliver a 2023 return on tangible equity comfortably above 10%. And with that, I'll hand back to Alison.

Alison Rose

Thank you, Katie. We have delivered another strong set of results for the quarter. As a purpose led bank focused on people, families, and businesses up and down the country, we are acutely aware of the challenges our customers face and we continue to support them in every way we can in an uncertain environment. Despite the macro economic uncertainty, we remain well positioned with a diversified lending book, strong risk management, and an ongoing investment plan in digital transformation that underpins our growth plans.

Our capital strength gives us the flexibility to invest for growth and consider other options that create value as well as return capital to shareholders. And we remain fully committed to the targets we have set out today. Thank you very much and will now open it up for questions.

Questions & Answers:

Operator

We'll take our first question from Aman Rakkar of Barclays. If you could please unmute and ask your question. 

Aman Rakkar -- Barclays -- Analyst

Good morning, Alison. Good morning, Katie. Hopefully, you can both hear me OK.

Alison Rose

We can. Yes.

Aman Rakkar -- Barclays -- Analyst

OK. Great. Thanks. I have a question on your revenue guide, first of all, and interest income, if I could.

Could you help us understand the guide around comfortably in excess of 1 billion pound per month? And you were telling us that the year '21. But I guess it lends itself to quite a wide range. If I was to take 2022 consensus and thank the net interest income, I mean, that number should be about 11.5 billion, I think so. Any kind of refinement of that guidance would be really helpful.

The second was on net interest income. You're clearly benefiting from a really rich tailwind in '22 from rate hikes supporting deposit income this year. If I could ask you to cast your gaze perhaps forward into '23. Ultimately, my question is, do you think net interest income can continue growing in '23? And as part of that, could you help us understand your expectations for the structural hedge in '22 or '23? I think that could be a nice tailwind for '23, and that's going to be an important defense against mortgage margin compression.

Thank you very much.

Alison Rose

Great. Thank you, Will. I'll get Katie to take you through those in a little bit more detail. But I guess in terms of comfortably above, we are feeling much more confident in terms of those numbers.

But, Katie, do you want to walk through those questions?

Katie Murray -- Chief Financial Officer

Yes, sure. Absolutely. I'll just sort of start by saying that the interest rate that we were looking at is one of the factors which we incorporate into our guidance. And so that I'm comfortable the total income is above that 11 billion pounds.

The degree to which it will be above is driven both by the magnitude and importantly the timing of U.K. base rate rises. Our guidance of comfortably above 11 includes our assumption of further Bank of England base rate rises this year, reaching 1.25% in Q4 22. We do note the market expectations of further rises are currently above our estimates and our assumptions include two further rate rises this year.

While this is below the current market assumptions, we are conscious of the increased uncertainties that face the economy and we remain comfortable at this level. So we do look to manage both sides of the balance sheet and we have seen continued deposit increases. There has been quite limited pass through in Q1, which has helped us kind of improve this guidance. However, I would say of the last deposit rate change that we saw -- we did in April was equivalent to 40% pass through there.

There are some more attractive deposit accounts around for people as well. You can see with our interest rate disclosures on the slide is unchanged since the full year. This will be updated again to half one, but it gives you a good guide of -- as rates come through if they are above our estimate, what that might mean. But in terms of our estimates, it is around the 125.

It won't surprise you, Amanda, to know that I'm not going to give you a precise, precise number. But the way that I would think about it is the faster pace of rates in Q1 and then the much lower pass through of those rates than expected. And compared to our expectations when we spoke in February, that's where you're getting your additional and revenue guidance as you move through. If you think of the structural hedge at this point, what we can say is it's definitely a positive as we move through.

You can see that in the look this last quarter, the yield moved up. So 72 from 71 for the whole piece, a small movement, but an important one, because what you can see is the benefit that is now kind of flowing through into those numbers. You can also -- and when you when you look at where we're kind of writing and what we're adding on in terms of that that structural hedge compared to where we were before, it's a much, much richer rate. If you look to kind of a year ago, it was kind of going on about 20 basis points is now going on over 200.

In terms of [Inaudible], I would say that is a positive as we move forward from here. We added on 8 billion in the quarter. We'll add another 5 billion over the next year if deposits stay as they are. And I would note that we haven't kind of seen that that growth in deposits, although it slowed, it hasn't disappeared.

So you can kind of take your own views on that. I would see something as we as we move forward, the issue should be helpful to us. I'm probably not going to get drawn on NII into 2023. I think you can take your interest -- our interest rate guidance and take it through from there.

Aman Rakkar -- Barclays -- Analyst

Sorry for the echo in my line.

Katie Murray -- Chief Financial Officer

Oh, sorry. We can hear, Aman, so it's fine. Apologies for you.

Operator

Thank you very much. And our next question comes from Andrew Coombs of Citi. Andrew, if you could please unmute and go ahead.

Andrew Coombs -- Citi -- Analyst

Good morning. Can you hear me?

Alison Rose

Yes. Good morning. We can hear you. Hi, Andrew.

Andrew Coombs -- Citi -- Analyst

Yes. Hi. Good morning. A couple questions for me.

That basically is a simple one which is given the AIB announcement today with another 6 billion of trackers moving across. Is that change your guidance on Ulster Bank in terms of withdrawal, costs, disposal losses, and so forth? And second question on capital, and you've seen the direct buyback already, you've still got a couple of billion of excess capital, in fact, 14% ratio and you're still guiding to get to 40% by the year end. On Slide 30, you flag a couple of moving parts, regulation, and [Inaudible] pension contribution. But perhaps you could just give us a bill for what this implies for buybacks, in your view, because aside from that, I don't think there's any other major capital charges to come through from here.

So can we look at that 2 billion of excess capital you have today as as on market buyback potential?

Alison Rose

Great. Thanks. And you will let me let me take the Irish question. No change to guidance, obviously.

Really pleased with the announcements today. And I think just continuing progress with our guidance on costs and disposals remain unchanged. But I think good momentum there and pleased we could announce that today. Katie do you want to pick up the second question?

Katie Murray -- Chief Financial Officer

Buybacks? I know. Absolutely. So look, as you know there's kind of four ways that we can distribute capital. It's a combination of the ordinary special dividend.

So we said it's a minimum of a billion for '22 and '23 buybacks. We're halfway through the buyback that we announced in February. So we're we're pleased with the level of liquidity that we've seen in the stock this enable us to kind of progress that quite quickly. And I would remind you that we we reflected that in our year end numbers.

So we like buybacks. They work well, they make good economic sense for our balance sheet, and that's something that I think you could anticipate that we would continue to utilize. Clearly, decisions were made by the board at the right time in terms of that that piece, we've obviously done the right to buyback with the government so that windows closed, now, as you all know, for the rest of this year.

Operator

Thank you very much. Next question comes from Rahul Sinha of J.P. Morgan. Rahul, if you could please unmute and go ahead.

Katie Murray -- Chief Financial Officer

Hi, Rahul.

Rahul Sinha -- J.P. Morgan -- Analyst

Hi. Good morning. Can you hear me, Kitty?

Katie Murray -- Chief Financial Officer

Yes. Fine. We can hear you.

Rahul Sinha -- J.P. Morgan -- Analyst

I just wanted to I was hoping to get a little bit more color on on your 40% pass through point. And I was wondering if you might be able to tell us, you know, what deposit beta assumptions you might have made within the retail as well as the commercial deposits separately. I'm just interested in your disclosure around the split of the margin evolution between the two divisions, and just was looking for some additional color on how you expect the pass through on the commercial side, perhaps to be different from the past from the retail side. And what does it look like against that 40% pass through? So that's the first question.

The second one is just, Allison, on on -- I think you mentioned that you would also look at other options to create value on top of capital return, presumably through acquisitions. And you've been quite clear, I guess, in past conference calls on this point, but I was just interested based on some of the sort of press commentary about -- is there been any evolution in terms of thinking around potential areas where there might be additional value that you could create? And I'm interested any color around what area that might be, where you think you could actually add a lot of value by doing some bolt on M&A? Thank you.

Alison Rose

Great. Thank you. On the M&A, no changed to my approach as my my preference is distribution to shareholders. If there's anything of compelling shareholder value and strategic rationale, then we would we would look at that.

I think if you look at what we've done so far, things like the metro mortgage book or we recently raised a money which which was aligned with our strategy. So there's a pretty I guess there's a pretty high bar of things that we would look at. It's got to be compelling shareholder value, but our preference remains distributions, and we have, obviously, the very strong position where in that I'm able to invest in the business with the 3 billion investment program, continue to drive positive jaws with operating leverage and have a strong distribution story, and then look at other things that are compelling. So no evolution beyond what I've told you before.

Katie, do you want to pick up the pass through point.

Katie Murray -- Chief Financial Officer

And look -- absolutely, Rahul. It's one of those things, as you look at it, it's very kind of dependent upon, I think, what's happening in the market. But let me let me try to give you a bit of a kind of a fuller picture than that answer. So when we gave you the sensitivity, what we said at the time is it was built bottom up, incorporating different pass through assumptions for different products across all the franchises.

And those assumptions changed as we -- as they rake kind of increased and through those different levels. The actual pass through rate will be determined by levels of liquidity and also subject to prevailing market conditions, including, I think, the expectation of the pace and number of rate increases. If you look to the first quarter, we obviously got two rate rises. We put through a rate change in March which takes impact in April, which was equivalent to 40% of that -- of the last rate rise.

Or you could look at it as kind of 20% of the first two. I think that that's an important distinction because as you think about it, actually, it does really depend what's kind of happening in the market, how much liquidity we've got within there. And then when you look across the book, you have to think, well, how much is fixed versus variable in terms of of there? And if you go into the retail banking, the vast majority of our loans are retail bank at fixed. So they obviously have no impact on that.

And the CNI loans, we do see a kind of reference rate which reprises immediately. So we get the benefit. But then you move into deposits, almost all of our retail and corporate deposit rates are managed rates. So they don't have any automatic price -- pricing changes due to the external rate changes.

Retail banking deposits 187 -- 189 billion, 40% current accounts, 60% savings accounts, an average cost of five basis points for the first quarter. You'll see that got very slightly in the second because of the change. And then in terms of of CNI average cost two basis points, and that will be very much managed as we as we move forward from here. If as a consumer, you're looking to get a better rate, we've got a very nice digital account which will pay you 3.25% rates.

And then also in the business banking, there's also another opportunity to an enhanced account, everything pays about 40 basis points. So there is availability to you, but it is something that we look at as we kind of work through what's happening in the market and what's happening with our customers.

Rahul Sinha -- J.P. Morgan -- Analyst

That's really helpful, Katie. Thanks so much.

Katie Murray -- Chief Financial Officer

Lovely. Thanks, Rahul.

Operator

Thank you. Our next question comes from Omar Keenan from Credit Suisse. If you could please unmute and go ahead.

Katie Murray -- Chief Financial Officer

Morning.

Omar Keenan -- Credit Suisse -- Analyst

Good morning, Alison. Good morning, Katie. Thank you very much for taking the questions. I've got two questions.

One on the just, I guess, the big picture question on the interest rate and asset quality outlook. And the second one on NatWest markets. So just firstly on the interest rates, not the quality outlook. I hear you that your assumptions in terms of the revenue guidance are Bank of England base rates of 1.25% at the end of the year.

I guess if we look at current interest rate expectations of indicate that the Bank of England rates will probably be around something like 2.5%. In one year and then such settle at a neutral rate of about 2% in three years. And I realize this is quite a difficult question, but at what level of interest rate do you think that starts to put at risk the through the cycle guidance because I get a sense that's where a lot of people are, perhaps, struggling to think about what level. How your higher interest rates become a negative rather than the positive.

And [Technical difficulty]

Duration: 35 minutes

Call participants:

Alison Rose

Katie Murray -- Chief Financial Officer

Aman Rakkar -- Barclays -- Analyst

Andrew Coombs -- Citi -- Analyst

Rahul Sinha -- J.P. Morgan -- Analyst

Omar Keenan -- Credit Suisse -- Analyst

More NWG analysis

All earnings call transcripts