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Royal Bank of Scotland Group PLC (RBS) CEO Alison Rose on Q1 2020 Results - Earnings Call Transcript

May 01, 2020 1:56 PM ETNatWest Group plc (NWG), RBSPF
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Royal Bank of Scotland Group PLC (RBS) Q1 2020 Earnings Conference Call May 1, 2020 4:00 AM ET

Company Participants

Alison Rose - Chief Executive Officer

Katie Murray - Chief Financial Officer

Conference Call Participants

Martin Leitgeb - Goldman Sachs

Andrew Coombs - Citi

Ben Toms - RBC

Jonathan Pierce - Numis

Edward Firth - KBW

Chris Cant - Autonomous

Fahed Kunwar - Redburn

Aman Rakkar - Barclays

Robin Down - HSBC

Jenny Cook - Exane


Good morning, ladies and gentlemen. We will now play a pre-recorded video of the results announcement. This will be followed by a live Q&A with Alison Rose and Katie Murray.

Alison Rose

Good morning and thank you for joining Katie and me on the call today. We’re here to cover Q1 results, but clearly, we need to address the context we’re into. Every person, family and business has been affected by the current situation, and normal business activity has been severely affected. And everyone including governments, central banks, regulators and businesses had been responding at pace. I would address how the Group has been responding and focus on the important things for NatWest Group, our customers and employees.

On Slide 3, before I cover our response to Covid-19, I will briefly touch on our headline Q1 results which Katie will expand upon. Despite a strong start, our Q1 financial results is impacted by net impairment charge of GBP 802 million, as a result of our response to the economic uncertainty. This compares to GBP 86 million in the same quarter last year. It included a GBP 628 million management overlay, as we build provisions under IFRS 9 against the uncertain economic outlook, which has substantially worsened.

The detail here is important, and Katie will take time to walk you through the assumptions behind this

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