National Westminster Bank Plc, a subsidiary of NatWest Group plc, has released its 2023 Annual Results. The report provides a comprehensive financial review, including the presentation of information, description of business, and performance overview. NWB Plc's financial statements are presented in pounds sterling, with the company serving customers across the UK with retail and commercial banking products and services. The reportable operating segments include Retail Banking, Private Banking, Commercial & Institutional, and Central items & other.

In terms of performance overview, NWB Group's profit for the year was £3,509 million, driven by increased income but partially offset by additional operating expenses and net impairment losses. Total income increased to £12,086 million, primarily due to the beneficial impact from base rate rises and lending growth. Operating expenses rose to £6,793 million, reflecting higher staff costs, restructuring costs, and other administrative costs. Net impairment losses of £504 million principally reflects increased economic uncertainty, with total impairment provisions increasing to £2.9 billion in the year.

The balance sheet showed an increase in total assets to £415.5 billion, driven by increases in other financial assets and loans to customers. Loans to customers increased to £318.5 billion, primarily driven by growth in Retail Banking mortgage business and commercial lending. Customer deposits decreased to £313.8 billion, reflecting higher outflows and overall market liquidity contraction. The Common Equity Tier 1 (CET1) ratio increased 30 basis points over the period due to a £1.4 billion increase in CET1 capital, partially offset by a £9.3 billion increase in RWAs.

Overall, the report highlights NWB Group's strong financial performance, robust balance sheet, and strong capital levels. The company's focus on serving customers across the UK with a wide range of banking products and services has contributed to its financial results for the year.