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NatWest Q1 Pre-tax Profit Down

NatWest Group plc (NWG.L), formerly known as the Royal Bank of Scotland Group plc, reported that its profit before impairment releases/losses for the first-quarter dropped to 844 million pounds from 1.32 billion pounds in the prior year.

But, profit attributable to ordinary shareholders for the quarter grew to 620 million pounds from 288 million pounds in the previous year.

Alison Rose, Chief Executive Officer, said, "NatWest Group's profit in the first quarter of 2021 is a result of a good operating performance in our core franchises as well as modest impairment releases that reflect the better than expected performance of our loan book across the first three months of the year."

Total income for the quarter was 2.66 billion pounds down from 3.16 billion pounds in the previous year.

The company said it retained the outlook provided in the 2020 Annual Results document.

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