NatWest Group PLC's Q1 2024 Interim Management Statement highlights the company's focus on supporting customers' evolving needs with financing and risk solutions. As part of the NatWest Group Commercial & Institutional segment, the company aims to collaborate and strengthen relationships with its customers. In Q1 2024, NWM Group reported a profit of £82 million, maintaining a robust capital and liquidity position.
The total income for Q1 2024 decreased to £327 million compared to the previous quarter, mainly due to the profit share arrangement with fellow NatWest Group subsidiaries. Operating expenses decreased to £255 million, driven by lower litigation and conduct costs, and other operating expenses, including a credit recognized in the current period in relation to property charges.
NWM Group's total assets and liabilities increased to £179.8 billion and £173.4 billion respectively at the end of Q1 2024. The company's Common Equity Tier 1 (CET1) ratio increased to 18.1% at the end of Q1 2024, and the total MREL for NWM Plc also increased. The company's liquidity portfolio at the end of Q1 2024 was £18.8 billion with an LCR of 186%.
In terms of Environmental, Social, and Governance (ESG) highlights, NatWest Group has delivered £34.2 billion towards its climate and sustainable funding and financing target of £100 billion between 1 July 2021 and the end of 2025.
The company retains the Outlook guidance provided in the NatWest Markets Plc 2023 Annual Report and Accounts. This includes the management's current expectations, targets, and trends.