Ebene News – GB – NatWest falls at a loss on Covid loans, to leave Ireland after 100 years

ATWEST plunged into a loss of £ 351million for the year as the taxpayer-owned bank battled Covid, a weak economy and working from home

This loss compares to profits of £ 4.2bn last time around and is largely due to £ 3.2bn in write-downs on loans she fears not being repaid

But the numbers were still better than the city expected A 3 pence dividend payment has been reinstated and the bank is now aiming for an ambitious 9-10% return on equity

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

Managing Director Alison Rose, first female CEO of major UK bank, received £ 2.6million this year, today’s annual report reveals CFO Katie Murray got £ 1.6million

NatWest has also confirmed it is pulling out of the Republic of Ireland after 100 years Rose said there will be a phased out from Ireland, where it is the third largest lender under the Ulster Bank brand

Rose said, “We can’t be sure of the long-term impact of the pandemic, but we can be sure our bank will continue to support those who need it most as we rebuild better”

/ p>

NatWest, formerly Royal Bank of Scotland, said 50,000 employees are working from home at the moment

The company is still 60% government-owned after a £ 45bn bailout in 2008 It seems unlikely that this stake will be sold back to the city anytime soon

Low interest rates hurt all bank profits Rose said: “My job is to make sure I create a bank that can cope with lower rates,” she said

“We believe we will end up with a hybrid working model. Offices remain important as a way to bring people together to collaborate and connect,” she said

Bankers to split £ 206million bonus pot, cut by one-third Rose waived her own bonus

Ulster Bank, NatWest, Ireland, NatWest Group, Finance, Allied Irish Banks

Ebene News – GB – NatWest falls at a loss on Covid loans, to leave Ireland after 100 years

Source: https://www.standard.co.uk/business/natwest-falls-to-loss-on-covid-loans-to-quit-ireland-after-100-years-b920408.html