NatWest falls into the red in 2020 and retreats from Ireland

NatWest falls into the red in 2020 and retreats from Ireland

NatWest (formerly RBS), which owns 62% of the government, lost 3 753 million (approximately 943 million francs).

The British bank NatWest announced on Friday that it had turned red in 2020 due to bad credit conditions in the wake of the epidemic, which helped disperse Ireland, whose economic performance was disappointing.

NatWest (formerly RBS), which owns 62 percent of the state, lost 3 753 million (approximately 943 million francs), according to a statement.

Like their rivals, the bank, customers, individuals and businesses suffered the financial shock of Pandemic as they were unable to repay their loans.

NatWest has levied a total of $ 3.2 billion on the risk of crime, which has sent its base to the red.

The bank had a net profit of 3. 3.1 billion a year ago.

When the economy reopened in the third quarter, it was back to green, but lost a further 9 109 million in the fourth quarter.

“The bank continues to grow in areas such as housing and commercial lending, and our financial balance sheet remains strong at the highest capital ratios in the UK and Europe,” said Alison Rose, Managing Director.

They added that the bank intends to pay dividends and regularly pay its shareholders in the coming years.

But banks say short- and medium-term prospects are highly uncertain, which can save money and reduce the scope of operations.

NatWest announced its withdrawal from Ireland on Friday.

The exit will include the demolition of Ulster Bank, its subsidiary in the country, with the aim of “reducing” job losses. The branch of Ulster Bank in Northern Ireland is not a concern.

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Natwest explains that Ulster Bank has not made enough progress in recent years to expect satisfactory profits in the future.

Rival Irish Bank has signed a memorandum of understanding with Allied Irish Banks to repurchase a portfolio of വായ്പ 4 billion in commercial loans.

In addition, NatWest is in talks with Permanent TSB, a UK subsidiary of Banco Sabadal in Spain.

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