NatWest Kovid is at a loss on loans, but is repaying dividends

NatWest Kovid is at a loss on loans, but is repaying dividends

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ATiWest has lost $ 351 million this year as a taxpayer-owned bank has been caught up in a weak economy and a home-based business.

The loss compares to $ 4.2 billion in profits last time, mainly due to the write-off of $ 3.2 billion in debt, which they fear will not be repaid.

But these numbers were better than the city expected. The bank has restored its 3 pence dividend payout and is now aiming for a 9-10% return on equity.

Ian Gordon of Investec said: “At first glance, we do not see this goal as credible.”

The dividend to the Treasury is $ 220 million.

Shares rose 0.5% to 172%.

Today’s annual report reveals that Alison Rose, the first woman CEO and managing director of a leading UK bank, has received $ 2.6 million this year. CFO paid Katie Murray $ 1.6 million.

NatWest has also confirmed that it is withdrawing from the Republic of Ireland after 100 years. Rose said the third largest lender under the Ulster Bank brand would be phased out from Ireland.

This could lead to significant political concern.

Rose said: “We are not sure about the long-term impact of Pandemic. As we grow, we can be sure that our bank will continue to support the most needy.

NatWest, a former Royal Bank of Scotland company, said 50,000 employees currently work from home.

After a $ 45 billion bailout in 2008, the company is still 60% state-owned. The stock is unlikely to be sold back to the city at any time.

Low interest rates affect all bank profits. Rose said, “My job is to make sure I create a bank that can handle low rates,” she said.

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Staff will slowly return to the offices, they hope.

“We believe we will end up with a hybrid working model. Offices are important for bringing people together to collaborate and connect, ”she said.

Bankers will share a $ 206 million bonus pot, which will be reduced by a third. Ross dropped his own bonus.

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