NatWest Group PLC (NWG) 2025 Q2 法說會逐字稿

Good afternoon, everyone, and thank you for joining our half-year 2025 fixed income results presentation.

大家下午好，感謝大家參加我們的2025年上半年固定收益業績發表會。

I'm joined today by Donal Quaid, our Treasurer; and Paul Pybus, our Head of Debt IR. I'll take you through the headlines for the year before moving on to the financials for the second quarter. Donal will take you through capital, liquidity and funding, and then we'll open up for questions.

今天與我一起參加會議的還有我們的財務主管 Donal Quaid 和我們的債務投資者關係主管 Paul Pybus。在介紹第二季的財務狀況之前，我將先帶您回顧今年的頭條新聞。唐納德 (Donal) 將帶您了解資本、流動性和融資，然後我們將開始回答問題。

Starting with the headlines on slide 3. Customer activity has helped to deliver a strong first half. Customer lending grew 3.2% to GBP384 billion in H1. Customer deposits were up 1% to GBP436 billion, and assets under management and administration grew 5.9% to GBP52 billion.

從投影片 3 上的標題開始。客戶活動協助上半年業績強勁成長。上半年客戶貸款成長 3.2%，達到 3,840 億英鎊。客戶存款成長 1% 至 4,360 億英鎊，管理和行政資產成長 5.9% 至 520 億英鎊。

Income grew 13.7% to GBP8 billion year on year while costs reduced 1.4% to GBP3.9 billion. This resulted in operating profit of GBP3.6 billion and attributable profit of GBP2.5 billion. Our return on tangible equity was 18.1%.

營收年增 13.7% 至 80 億英鎊，而成本下降 1.4% 至 39 億英鎊。這使得營業利潤達到36億英鎊，應占利潤達到25億英鎊。我們的有形資產報酬率為18.1%。

This morning, we announced an interim dividend of 9.5p and a new share buyback of GBP750 million. Our balance sheet remains strong with a CET1 ratio of 13.6%, and we reached an important milestone in May where the government is selling its remaining stake in NatWest Group. So we are now privately owned for the first time in 17 years. With a significant restructuring of the bank and government ownership behind us, we are now attracting new investors and driving growth.

今天上午，我們宣布派發 9.5 便士的中期股息併回購 7.5 億英鎊的新股。我們的資產負債表依然強勁，CET1 比率為 13.6%，我們在 5 月達到了一個重要的里程碑，即政府正在出售其在 NatWest Group 的剩餘股份。因此，17 年來我們首次實現私有化。隨著銀行和政府所有權的重大重組，我們現在正在吸引新的投資者並推動成長。

Turning to our strategic priorities on slide 4. We continue to grow our customer base, attracting over 100,000 new customers across the bank as a result of organic growth during the first half. In addition, the Sainsbury's Bank transaction completed in May, adding around 1 million new customers with about GBP2.4 billion of savings and GBP2.2 billion of unsecured lending.

轉到投影片 4 上的我們的策略重點。我們持續擴大客戶群，由於上半年的自然成長，全行吸引了超過 10 萬名新客戶。此外，Sainsbury's Bank 交易於 5 月完成，新增約 100 萬名新客戶，儲蓄總額約 24 億英鎊，無擔保貸款總額 22 億英鎊。

In commercial and institutional, we are building on our strength in social housing, and it delivered GBP6.8 billion of our lending towards our GBP7.5 billion 2026 target. We've over-delivered on our GBP100 billion target for climate and sustainable funding and financing and have now reached GBP110 billion. We are announcing a new target today to deliver GBP200 billion of climate and transition finance by 2030.

在商業和機構領域，我們正在鞏固我們在社會住宅方面的優勢，並且已經提供了 68 億英鎊的貸款，以實現我們 2026 年 75 億英鎊的目標。我們超額完成了1,000億英鎊的氣候和永續資金及融資目標，目前已達到1,100億英鎊。我們今天宣布了一項新目標，即到 2030 年提供 2000 億英鎊的氣候和轉型資金。

We continue to work on bank-wide simplification to enhance customer and colleague experience and increase productivity. We are accelerating the use of data and AI across the bank through collaboration with others.

我們將繼續致力於全行範圍的簡化，以增強客戶和同事的體驗並提高生產力。我們正在透過與其他機構的合作加速整個銀行的數據和人工智慧的使用。

For example, we have just announced a strategic collaboration with AWS and Accenture to modernize our data capabilities, including the creation of a platform that uses AI to give us a single view of customer data across the bank. This will enable greater personalization, faster onboarding, better protection against fraud, and stronger customer engagement.

例如，我們剛剛宣布與 AWS 和埃森哲進行策略合作，以實現數據能力的現代化，包括創建一個使用人工智慧的平台，讓我們能夠一站式查看整個銀行的客戶數據。這將實現更大的個人化、更快的入職、更好的防詐騙和更強的客戶參與度。

Finally, as we actively manage our balance sheet, we have generated 101 basis points of capital in the first half. We have taken action to reduce risk-weighted assets by GBP2.9 billion through a range of measures, including three significant risk transfers.

最後，透過積極管理資產負債表，我們在上半年產生了 101 個基點的資本。我們已採取行動，透過一系列措施（包括三項重大風險轉移）將風險加權資產減少 29 億英鎊。

Turning now to our second-quarter performance using the first quarter as a comparator. Income, excluding all notable items, was up 1.5% at GBP4 billion. Operating expenses were 3% higher at GBP2 billion, and the impairment charge was GBP193 million or 19 basis points of loans.

現在我們以第一季為參考來看一下我們第二季的業績。不包括所有值得注意的項目，收入成長了 1.5%，達到 40 億英鎊。營運費用增加 3%，達到 20 億英鎊，減損費用為 1.93 億英鎊，即貸款的 19 個基點。

Taking this together, we have delivered operating profit before tax of GBP1.8 billion. Profit attributable to ordinary shareholders was GBP1.2 billion, and return on tangible equity was 17.7%.

綜合以上各項，我們實現了稅前營業利潤18億英鎊。普通股股東應占利潤為12億英鎊，有形權益回報率為17.7%。

Turning now to income. Overall income, excluding notable items, grew 1.5% to GBP4 billion. Excluding the impact of one additional day in the quarter, income across our three businesses increased 1.1% or GBP43 million.

現在談談收入。不包括顯著項目的總收入成長 1.5%，達到 40 億英鎊。不計本季增加一天的影響，我們三項業務的收入成長了 1.1%，即 4,300 萬英鎊。

Net interest income grew 1.6% to GBP3.1 billion. This was driven by volume growth across lending and deposits, including portfolios added from Sainsbury's. It was also supported by margin expansion as tailwinds from the product structural hedge more than offset the impact of the base rate cut in May and lending growth.

淨利息收入成長1.6%，達到31億英鎊。這是由貸款和存款量的增長推動的，其中包括從 Sainsbury's 增加的投資組合。由於產品結構對沖帶來的利多抵消了 5 月份基準利率下調和貸款成長的影響，利潤率的擴大也為其提供了支持。

We continue to assume two further base rate cuts this year with rates reaching 3.75% by the year end. Non-interest income across the three businesses was down 0.8% compared with a strong first quarter and up 2% compared to the prior year. Given the strength of the first half total income, we now expect full-year total income, excluding notable items, to be greater than GBP16 billion and return on tangible equity to be greater than 16.5%.

我們繼續假設今年基準利率將進一步下調兩次，到年底利率將達到 3.75%。三項業務的非利息收入與強勁的第一季相比下降了 0.8%，與去年同期相比成長了 2%。鑑於上半年總收入的強勁表現，我們現在預計全年總收入（不包括顯著項目）將超過 160 億英鎊，有形股本回報率將超過 16.5%。

Moving now to lending. We continue to be disciplined in our approach to deploying capital where returns are attractive. Gross loans to customers across our three businesses increased GBP8.4 billion to GBP384 billion.

現在轉向借貸。我們將繼續嚴格遵守投資回報率有吸引力的資本配置方法。我們三項業務的客戶總貸款增加了 84 億英鎊，達到 3,840 億英鎊。

Taking retail banking together with private banking, mortgage balances grew by GBP1.3 billion, with growth improving through the quarter following the stamp duty deadline at the end of March. Our stock share remained stable at 12.6%. Unsecured balances increased by GBP2.7 billion, mainly reflecting the addition of the credit card and personal loan portfolios from Sainsbury's Bank.

將零售銀行業務與私人銀行業務結合起來，抵押貸款餘額增加了 13 億英鎊，在 3 月底印花稅截止日期之後的整個季度中，成長有所改善。我們的股票份額保持穩定在12.6%。無擔保餘額增加了27億英鎊，主要反映了來自Sainsbury's Bank的信用卡和個人貸款組合的增加。

In commercial and institutional, gross customer loans, excluding government schemes, increased by GBP4.6 billion. Within this, loans to corporates and institutions grew by GBP2.1 billion, mainly driven by project finance, sustainable financing, and funds lending. Loans in our commercial mid-market business grew by GBP2.1 billion, reflecting increased lending across social housing and residential, commercial real estate.

在商業和機構方面，不包括政府計劃在內的總客戶貸款增加了46億英鎊。其中，企業和機構貸款增加了21億英鎊，主要受專案融資、永續融資和基金貸款的推動。我們的商業中端市場業務的貸款成長了 21 億英鎊，反映了社會住宅和住宅、商業房地產貸款的成長。

I'll now turn to deposits. These were up GBP2.4 billion across our three businesses to GBP436 billion, continuing the quarterly growth trend. Retail Banking increased deposit balances by GBP0.9 billion to GBP197 billion. The addition of GBP2.4 billion of deposits acquired from Sainsbury's Bank was partially offset by a reduction in current accounts.

我現在來談談存款。我們的三大業務部門的營業額增加了 24 億英鎊，達到 4,360 億英鎊，延續了季度成長趨勢。零售銀行存款餘額增加9億英鎊，達1,970億英鎊。從 Sainsbury's Bank 獲得的 24 億英鎊存款被活期帳戶的減少部分抵消。

Private banking balances increased by GBP0.1 billion and the increase in commercial and institutional of GBP1.4 billion was mainly from larger customers in corporate and institutions. Deposit mix was broadly stable as the proportion of non-interest-bearing balances remained at 31% and term accounts increased slightly from 16% to 17%.

私人銀行餘額增加了1億英鎊，商業和機構餘額增加了14億英鎊，主要來自企業和機構的較大客戶。存款結構基本上穩定，無利息餘額佔比維持在 31%，定期帳戶佔比從 16% 小幅上升至 17%。

Turning now to costs. Fees increased 1.6% to GBP2 billion in the second quarter. Our annual wage awards and higher national insurance contributions both took effect in early April. We also incurred GBP27 million of our guided one-time integration cost during the quarter, bringing the total to GBP34 million for the first half.

現在談談成本。第二季費用增加 1.6%，達到 20 億英鎊。我們的年度薪資獎勵和更高的國民保險繳款均於四月初生效。本季我們也發生了 2,700 萬英鎊的指導性一次性整合成本，使上半年的總額達到 3,400 萬英鎊。

We remain on track for the other operating expenses to be around GBP8 billion for the full year plus around GBP100 million of one-time integration costs. This means expenses will be higher in the second half driven by further business transformation, the remaining one-time integration costs, and the bank levy. Our focus remains driving cost savings to create capacity for further investment to accelerate our bank-wide simplification.

我們仍預計全年其他營運支出約為 80 億英鎊，加上約 1 億英鎊的一次性整合成本。這意味著下半年的支出將會更高，原因是進一步的業務轉型、剩餘的一次性整合成本以及銀行徵稅。我們的重點仍然是推動成本節約，以創造進一步投資的能力，從而加速全行的簡化。

I'd like to turn now to impairments. Our diversified prime loan book continues to perform well, and we're reporting a net impairment charge of GBP193 million for the second quarter, equivalent to 19 basis points of loans on an annualized basis.

現在我想談談損害問題。我們的多元化優質貸款帳簿繼續表現良好，我們報告第二季的淨減損費用為 1.93 億英鎊，相當於年化貸款的 19 個基點。

This includes an GBP81 million one-time charge on acquisition of balances from Sainsbury's Bank equivalent to 8 basis points. Excluding this, the charge was GBP112 million or 11 basis points. We retained post-model adjustments for economic uncertainty of GBP234 million.

其中包括從 Sainsbury's Bank 收購餘額時收取的 8,100 萬英鎊一次性費用，相當於 8 個基點。除此之外，費用為1.12億英鎊或11個基點。我們保留了 2.34 億英鎊的經濟不確定性後車型調整額。

We have reviewed and updated our macroeconomic assumptions with minor changes that drove GBP10 million of additional expected credit loss. Overall, we have no significant concerns about the credit portfolio at this point. And given the current performance of the book, we continue to expect a lower impairment rate below 20 basis points for the full year.

我們審查並更新了我們的宏觀經濟假設，但微小的變化導致了 1000 萬英鎊的額外預期信貸損失。總體而言，我們目前對信貸組合沒有重大擔憂。鑑於目前的帳面表現，我們仍然預期全年減損率將低於 20 個基點。

Turning now to guidance for 2025. We now expect income excluding notable items to be greater than GBP16 billion. And based on the strength of income, we anticipate return on tangible equity to be greater than 16.5%.

現在轉向 2025 年的指導。我們現在預計不包括重大項目的收入將超過 160 億英鎊。基於強勁的收入，我們預期有形資產回報率將超過 16.5%。

Our cost, impairment, and RWA guidance remains unchanged. We expect other operating expenses to be around GBP8.1 billion, including around GBP100 million of one-time integration costs; the loan impairment rate to be below 20 basis points; and RWAs to be between GBP190 billion and GBP195 billion.

我們的成本、減損和 RWA 指導保持不變。我們預計其他營運費用約為 81 億英鎊，其中包括約 1 億英鎊的一次性整合成本；貸款減損率低於 20 個基點；風險加權資產在 1,900 億英鎊至 1,950 億英鎊之間。

Where the figure lands within this range still depends on CRD IV model outcomes. We also continue to target returns greater than 15% in 2027.

該數字是否落在這個範圍內仍然取決於 CRD IV 模型的結果。我們也將繼續瞄準 2027 年超過 15% 的回報率。

And with that, I'll hand over to Donal.

現在，我將把發言權交給唐納德。

Thank you, Katie. Good afternoon, and thank you for joining today's call. I will start by sharing some highlights for the half year before moving into more detail on the balance sheet, covering capital, liquidity, and funding. I will then update you on the progress against our funding plans for the year and plans for the second half of the year.

謝謝你，凱蒂。下午好，感謝您參加今天的電話會議。我會先分享半年來的一些亮點，然後再詳細介紹資產負債表，包括資本、流動性和資金。然後，我將向您通報我們今年的融資計劃和下半年計劃的進度。

Starting with an overview of the key metrics on slide 13. We ended the quarter with a strong capital, MREL, and leverage position, comfortably above regulatory minimum with a CET1 ratio of 13.6%, a total capital ratio of 19.7%, a total MREL ratio of 32.4%, and a leverage ratio of 5%.

從投影片 13 上的關鍵指標概述開始。本季末，我們擁有強大的資本、MREL 和槓桿率，遠高於監管最低標準，CET1 比率為 13.6%，總資本比率為 19.7%，總 MREL 比率為 32.4%，槓桿率為 5%。

Our average liquidity coverage ratio was 150%, giving us a comfortable surplus over our minimum requirements. Our loan-to-deposit ratio was 86% and our average net stable funding ratio was 136%. The group's funding is very well diversified with a strong retail, private, and corporate deposit franchise with around GBP437 billion of customer deposits.

我們的平均流動性覆蓋率為 150%，遠遠超出了最低要求。我們的貸存比率為86%，平均淨穩定資金比率為136%。該集團的資金來源非常多樣化，擁有強大的零售、私人和企業存款業務，客戶存款約為 4,370 億英鎊。

We have made solid progress against our 2025 funding plan with GBP5 billion equivalent of benchmark issuance from the holding company across senior MREL, AT1, and Tier 2 capital securities; and GBP4.2 billion equivalent from the operating company, NatWest Markets.

我們在 2025 年融資計劃方面取得了堅實進展，控股公司已發行相當於 50 億英鎊的高級 MREL、AT1 和 Tier 2 資本證券基準債券；營運公司 NatWest Markets 已發行相當於 42 億英鎊的債券。

Thank you for your continued support for our transactions. June marked another positive step in our credit ratings journey as Fitch upgraded all rated entities while affirming a stable outlook.

感謝您一直以來對我們交易的支持。6 月標誌著我們的信用評級又邁出了積極的一步，惠譽上調了所有評級實體的評級，同時確認了穩定的前景。

Turning to our capital and leverage positions on slide 14. Our CET1 ratio of 13.6% is within our guided target range of 13% to 14%, and we're currently operating with 310 basis points of headroom above the maximum distributable amount of 10.5%, equivalent to GBP5.9 billion of nominal CET1. Our UK leverage ratio was 5%, leaving around 115 basis points of headroom above the Bank of England minimum requirements.

轉向投影片 14 上的資本和槓桿狀況。我們的 CET1 比率為 13.6%，處於我們 13% 至 14% 的指導目標範圍內，目前我們的營運空間比 10.5% 的最高可分配金額高出 310 個基點，相當於 59 億英鎊的名義 CET1。我們的英國槓桿比率為 5%，比英格蘭銀行的最低要求高出約 115 個基點。

The slide also shows the impact of the other systemically important institution buffer applied to NatWest Holdings that results in a group risk add-on for NatWest Group of 1.2% for CET1 and 40 basis points for leverage. Although not part of minimum ratio requirements or combined buffer requirements for NatWest Group, it does form part of our minimum supervisory requirements, resulting in a buffer of 190 basis points or GBP3.6 billion of nominal CET1 capital and 75 basis points for leverage.

幻燈片還顯示了應用於 NatWest Holdings 的其他系統重要性機構緩衝的影響，這導致 NatWest 集團的集團風險附加為 CET1 為 1.2%，槓桿為 40 個基點。雖然它不屬於 NatWest 集團的最低比率要求或綜合緩衝要求，但它確實構成了我們最低監管要求的一部分，從而產生了 190 個基點或 36 億英鎊的名義 CET1 資本緩衝和 75 個基點的槓桿緩衝。

Moving to capital generation on slide 15. We ended the second quarter with a common equity Tier 1 ratio of 13.6%, down 20 basis points on the first. We generated 53 basis points of capital before distributions. Strong earnings added 69 basis points, offset by 15 basis points from Sainsbury's and 1 basis point from RWA increases and other CET1 movements.

轉到第 15 張投影片上的資本產生。我們第二季的普通股一級資本適足率為 13.6%，比第一季下降了 20 個基點。我們在分配前產生了 53 個基點的資本。強勁的利潤增加了 69 個基點，但被 Sainsbury's 的 15 個基點和 RWA 增加以及其他 CET1 變動的 1 個基點所抵消。

We increased our ordinary dividend payout ratio from around 40% to around 50% earlier this year. And this morning, we announced an interim ordinary dividend of 9.5p per share together with a share buyback program for GBP750 million. Together, these accruals consumed 72 basis points of capital.

今年早些時候，我們將普通股息支付率從 40% 左右提高到 50% 左右。今天上午，我們宣布了每股 9.5 便士的中期普通股息以及 7.5 億英鎊的股票回購計劃。這些應計項目總計消耗了 72 個基點的資本。

Risk-weighted assets increased by GBP3.1 billion to GBP190.1 billion. This comprises GBP4.6 billion of business movements which broadly reflects our lending growth, including Sainsbury's Bank; and GBP1.4 billion from CRD IV model inflation. These movements were partially offset by a GBP1.7 billion reduction as a result of RWA management and a GBP1.2 billion reduction in other RWA movements, including FX.

風險加權資產增加31億英鎊，達1,901億英鎊。其中包括 46 億英鎊的業務變動，大致反映了我們的貸款成長，包括 Sainsbury's Bank；以及 14 億英鎊的 CRD IV 模式通膨。這些變動被風險加權資產管理導致的 17 億英鎊減少和包括外匯在內的其他風險加權資產變動的 12 億英鎊減少部分抵消。

We continue to expect between GBP190 billion and GBP195 billion of risk-weighted assets at the year end. Where the figure lands within this range still depends on CRD IV model outcomes. Our target CET1 ratio remains unchanged in the 13% to 14% range.

我們仍預期年底風險加權資產將在 1,900 億英鎊至 1,950 億英鎊之間。該數字是否落在這個範圍內仍然取決於 CRD IV 模型的結果。我們的目標 CET1 比率保持不變，在 13% 至 14% 的範圍內。

Turning to our total capital position on slide 16. We currently have an AT1 ratio of 3.1% with GBP6 billion of securities outstanding. Earlier this month, we announced the call of the August USD1.15 billion AT1 notes, which reduced CET1 by approximately 5 basis points. The impact arises due to changes in FX rates since the date of issuance of the notes.

前往第 16 張投影片上的總資本狀況。我們目前的 AT1 比率為 3.1%，未償還證券總額為 60 億英鎊。本月初，我們宣布贖回 8 月 11.5 億美元 AT1 票據，這將使 CET1 降低約 5 個基點。此影響是由於自發行票據之日起外匯匯率的變化而產生的。

Our Tier 2 ratio is 3% with GBP5.7 billion of securities outstanding. We are currently running with excess headroom in AT1 and Tier 2 compared to our minimum requirements, having taken advantage of positive market dynamics in 2024 and 2025 to prefund both AT1 and Tier 2 calls. However, over time, we expect to return to more normalized levels of AT1 and Tier 2 capital relative to our minimum requirements.

我們的二級資本比率為 3%，未償還證券總額為 57 億英鎊。我們目前在 AT1 和 Tier 2 方面的運作空間比最低要求還多，因為我們利用 2024 年和 2025 年的積極市場動態為 AT1 和 Tier 2 呼叫預先提供資金。然而，隨著時間的推移，我們預計 AT1 和二級資本將恢復到相對於最低要求更正常的水平。

Turning to our total MREL position on slide 17. Our total MREL is very healthy at 32.4%, significantly higher than our risk-weighted asset requirements, leaving us well positioned for any further growth in risk-weighted assets by the end of the year. Having built out the maturity curve of our MREL stack, we have an annual refinance requirement of GBP3 billion to GBP5 billion over the next few years.

前往投影片 17 上的我們的整體 MREL 位置。我們的整體 MREL 水準非常健康，達到 32.4%，遠高於我們的風險加權資產要求，這讓我們為年底前風險加權資產的進一步成長做好了準備。在製定了我們的 MREL 堆疊的到期曲線後，我們未來幾年每年的再融資需求為 30 億至 50 億英鎊。

Turning to liquidity on slide 18. Our liquidity position remains very strong. At the end of the quarter, the LCR ratio was 150% on a 12-month rolling average and 147% on a spot basis, reflecting around GBP52 billion of surplus primary liquidity above minimum requirements. Our total liquidity portfolio was GBP217 billion, comprising primary liquidity of GBP161 billion and secondary liquidity of GBP56 billion.

轉向幻燈片 18 上的流動性。我們的流動性狀況依然非常強勁。截至本季末，LCR 比率（以 12 個月滾動平均值計算）為 150%，以現貨計算為 147%，反映出超過最低要求的剩餘初級流動性約為 520 億英鎊。我們的流動性組合總額為 2,170 億英鎊，其中包括 1,610 億英鎊的一級流動性和 560 億英鎊的二級流動性。

Primary liquidity decreased slightly in the first half, driven by an increase in lending, including balances acquired from Sainsbury's Bank; partially offset by issuances during the year. Secondary liquidity reduced due to the normal amortization of collateral prepositioned at the Bank of England.

上半年，主要流動性略有下降，原因是貸款增加，包括從 Sainsbury's Bank 獲得的餘額；部分被年內發行的貸款所抵消。由於英格蘭銀行預置的抵押品正常攤銷，二級流動性減少。

Looking at our primary liquidity, cash balances of GBP86.6 billion placed with Central Banks represents around 54% of total primary liquidity, with Level 1 high-quality government and SSA bonds of GBP61.5 billion making up a further 38%.

從我們的一級流動性來看，存放在中央銀行的 866 億英鎊現金餘額約佔一級流動性總額的 54%，其中 615 億英鎊的一級高品質政府債券和 SSA 債券佔比 38%。

We continue to transition the portfolio from cash holdings into securities, which provides a tailwind to income. The percentage of primary liquidity held in Central Bank balances has reduced from 87% at full year 2022 to 54% at H1 this year, inclusive of net repo positions.

我們繼續將投資組合從現金持有轉向證券持有，這為收入帶來了順風。央行餘額中持有的一級流動性比例已從 2022 年全年的 87% 降至今年上半年的 54%（包括淨回購部位）。

Looking at the composition of the securities portfolio, 73% are held to collect and sell on fair value through other comprehensive income and 27% are held to collect and held on the balance sheet at amortized cost. The remaining primary liquidity is a smaller percentage of Level 1 high-quality covered bonds and Level 2 securities.

從證券投資組合的組成來看，73%的證券以公允價值計量且其變動計入其他綜合收益的方式持有，27%的證券以攤餘成本計量並記入資產負債表。剩餘的主要流動性是較小比例的 1 級高品質抵押債券和 2 級證券。

Turning to slide 19 on our funding composition. Although customer deposits account for over 80% of the group's funding, we also have access to stable and diverse sources of wholesale funding across a range of products, maturities, and currencies.

翻到第 19 張投影片，了解我們的資金組成。雖然客戶存款佔集團資金的 80% 以上，但我們也可以獲得涵蓋各種產品、期限和貨幣的穩定且多樣化的批發融資來源。

Of the GBP91 billion of wholesale funding outstanding, the large majority is MREL and capital issuance from NatWest Group and senior unsecured issuance from NatWest Markets. As part of the mix, we have GBP12 billion currently drawn under the Bank of England's TFSME scheme with GBP3.8 billion repayable in October this year and the remainder repayable from 2027.

在未償還的 910 億英鎊批發融資中，絕大部分是 NatWest Group 發行的 MREL 和資本，以及 NatWest Markets 發行的優先無擔保債券。作為該組合的一部分，我們目前根據英格蘭銀行的 TFSME 計劃提取了 120 億英鎊，其中 38 億英鎊將於今年 10 月償還，其餘部分將於 2027 年開始償還。

On slide 20, you can see that we've been very active in the first half in wholesale funding markets, issuing from both the group holding company and our NatWest Markets operating entity. From NatWest Group, we have issued GBP3.3 billion equivalent in senior MREL against our guidance of GBP4 billion to GBP5 billion for the year.

在投影片 20 上，您可以看到我們在上半年在批發融資市場非常活躍，由集團控股公司和我們的 NatWest Markets 營運實體發行。我們從 NatWest 集團發行了價值 33 億英鎊的高級 MREL，而我們今年的預期發行額是 40 億至 50 億英鎊。

In addition to issuing MREL, we've also issued GBP750 million of AT1 and GBP0.9 billion equivalent of Tier 2 capital during the year; while for NatWest Markets Plc, we issued around GBP4.2 billion equivalent against our GBP4 billion to GBP5 billion guidance for 2025. We continue to take opportunities to diversify our currency mix, issuing in our core currencies of euros and dollars together with Australian dollars and Swiss francs.

除了發行 MREL 之外，我們還在年內發行了 7.5 億英鎊的 AT1 和 9 億英鎊等值的二級資本；而對於 NatWest Markets Plc，我們發行了約 42 億英鎊等值的資本，而我們對 2025 年的指導目標是 40 億至 50 億英鎊。我們繼續抓住機會實現貨幣組合多元化，發行歐元和美元等核心貨幣以及澳元和瑞士法郎。

The progress we have made in the first half leaves us well placed against our capital requirements for 2025. In the second half, I expect to be active in senior issuance from the holding company and in senior unsecured from NatWest Markets. I will also start to consider 2026 funding requirements later in the year.

我們上半年的進展使我們完全有能力滿足 2025 年的資本需求。下半年，我預計將積極參與控股公司的優先債券發行以及 NatWest Markets 的優先無擔保債券發行。我還將在今年稍後開始考慮 2026 年的資金需求。

And finally, turning to credit ratings on slide 21. It was pleasing to see progress in our credit ratings during the first half. In June, Fitch upgraded the rating of NatWest Group PLC to A+ from A and upgraded all rated operating companies, including the issuing entities, NatWest Markets Plc, NatWest Markets NV, and RBSI Limited, to AA- with a stable outlook.

最後，我們來看看第 21 張投影片上的信用評級。我們很高興看到上半年我們的信用評等有所進步。6 月份，惠譽將 NatWest Group PLC 的評級從 A 上調至 A+，並將其所有評級營運公司（包括發行實體 NatWest Markets Plc、NatWest Markets NV 和 RBSI Limited）的評級上調至 AA-，展望為穩定。

With that, we can open up for questions.

這樣，我們就可以開始提問了。

(Operator Instructions) Our first question is a pre-submitted question. You have a guided up to GBP1 billion AT1. You have issued GBP700 million. Are you expected to issue another small transaction before the end of the year?

（操作員指示）我們的第一個問題是預先提交的問題。您有指導性高達 10 億英鎊的 AT1。你們已經發行了7億英鎊。您是否預計在年底前再發行小額交易？

Donal, would you like to take that?

唐納德，你想接受這個嗎？

Yeah. Sure, Katie. I'll take that one. So yes, guiding to GBP1 billion, we've actually issued GBP750 million earlier on in the year. I suppose if I look ahead, our current AT1 ratio is 3.1%.

是的。當然，凱蒂。我要那個。是的，就 10 億英鎊而言，我們實際上在今年稍早發行了 7.5 億英鎊。我想，如果展望未來，我們目前的 AT1 比率是 3.1%。

We do have an upcoming six-month back call later on in December. If we were to call that security, that would bring our ratio back down to a more optimized 2.1%. So the way we think about it is evolution of risk weights into year end and into next year.

我們確實將在 12 月下旬舉行為期六個月的回訪會議。如果我們呼叫該證券，那麼我們的比率將回到更優化的 2.1%。因此，我們思考的方式是風險權重在年底和明年的演變。

So I think putting all that together, there is potential for a cleanup AT1 transaction later on this year or early next year subject to the trajectory of risk weights.

因此，我認為，綜合考慮所有這些因素，根據風險權重的軌跡，有可能在今年稍後或明年年初進行清理 AT1 交易。

And our second question is, one of your peers was asked yesterday about the gap in ratings between S&P and other credit rating agencies. Is this a concern for you? And what do you do -- what do you plan to do to close the gap?

我們的第二個問題是，昨天您的一位同行被問到標準普爾與其他信用評級機構之間的評級差距。您擔心這個嗎？您會做什麼——您計劃做什麼來縮小差距？

Donal?

唐納德？

Katie, I'll take that one as well. Yeah, so as you pointed, S&P are now the only rating agencies that do not have an A rating for NatWest Group. We've got Fitch at A+. We've got Moody's at AAA and S&P at BBB+.

凱蒂，我也要這個。是的，正如您所指出的，標準普爾現在是唯一沒有給 NatWest Group 評級的評級機構。惠譽的評級為 A+。穆迪的評級為 AAA，標準普爾的評級為 BBB+。

I'd obviously like to see S&P join the other two agencies with an A rating, which I personally think is more than deserved given the balance sheet strength of the organization and the consistent strong financial performance of the group, both on the relative and on an absolute basis versus European peers.

我顯然希望看到標準普爾與其他兩家機構一起獲得 A 級評級，我個人認為，考慮到該組織的資產負債表實力以及該集團與歐洲同行相比無論是相對還是絕對而言都持續強勁的財務表現，該評級是當之無愧的。

However, I think when you look at S&P ratings methodology for UK Bank holdcos, it's overly punitive versus others. That's reflected in the minus one notch applied for structural subordination. I think NatWest and peers are also penalized by S&P's use on the UK economy, which keeps the BICRA score lower than other European countries.

然而，我認為，當你查看標準普爾對英國銀行控股公司的評級方法時，你會發現它與其他公司相比過於嚴厲。這反映在結構從屬關係的減一等級。我認為 NatWest 及其同行也因標準普爾對英國經濟的使用而受到懲罰，這使得 BICRA 評分低於其他歐洲國家。

Again, if that improved, our rating would likely go up one notch for stronger capital. So we'll continue to deliver on our strategy and continue to deliver strong results and emphasize the operating strength and discussions we have with all the agencies, particularly S&P.

再次，如果情況有所改善，我們的評級可能會因資本實力增強而上升一級。因此，我們將繼續執行我們的策略，繼續取得強勁的業績，並強調我們的營運實力以及與所有機構（特別是標準普爾）的討論。

Dan David, Autonomous. (Operator Instructions)

丹·戴維（Dan David），Autonomous。（操作員指示）

Hey, Dan. I've got you now, Dan.

嘿，丹。我現在抓住你了，丹。

I hope that I pressed the right button from my phone and you can hear me. Great. Hopefully, I've done that right and perfect. Congratulations on the results. I have a couple.

我希望我按下了手機上的正確按鈕，並且你能聽到我的聲音。偉大的。希望我做得正確且完美。恭喜你取得這樣的成績。我有一對。

The first one is just on issuance plans and the second one is on CET1. Just touching on the AT1 point, I want to focus more on the currency of the issuance that you potentially could issue in H2. Do you think it would be non-dollar sterling?

第一個只是關於發行計劃，第二個是關於 CET1。只是談到 AT1 點，我想更多地關注您可能在 H2 發行的發行貨幣。您認為它會是非美元的英鎊嗎？

And I wanted to just ask on Euro AT1. I think it's quite a scarce resource amongst UK banks now. And is that a reflection of reducing demand from European investors for UK banks' paper? And is this a concern going forward given that, I guess, the uncertainty around the UK budget? Is that something you think about?

我只是想問 Euro AT1。我認為這是目前英國銀行中相當稀缺的資源。這是否反映出歐洲投資人對英國銀行公債的需求減少？我想，考慮到英國預算的不確定性，這是否會成為未來的擔憂？您是否考慮過這一點？

The second one is just on the CET1 target and the buffer that you intend to hold and picks up on some of the points that I think you made on the call this morning. I thought one of the justifications for UK banks holding lower CET1 buffers was a high countercyclical, so 2%.

第二個問題只是關於 CET1 目標和您打算持有的緩衝區，並提到了我認為您在今天早上的電話會議上提出的一些觀點。我認為英國銀行持有較低 CET1 緩衝的理由之一是較高的逆週期率，即 2%。

And I guess that thinking about the that could potentially come down. So if the countercyclical comes down, should we expect UK banks like yourselves to hold a higher CET1 buffer target?

我想，這樣想的話，情況可能會有所改善。因此，如果逆週期調節利率下降，我們是否應該預期像你們這樣的英國銀行會持有更高的 CET1 緩衝目標？

Yeah. So I'll take the second one, Donal, and then come back to you for the issuance plans. So if I look at the -- what we said in the call this morning as well in terms of this, our CET1 number is something we look at regularly as we look at the changes that we see coming through regulation and also the changes within our own book.

是的。因此，我將回答第二個問題，唐納德，然後再向您報告發行計劃。因此，如果我看一下——我們今天早上在電話會議上也說過這一點，我們的 CET1 數字是我們在查看監管變化以及我們自己賬簿中的變化時定期查看的。

We don't have any particular insight into any thoughts on whether the countercyclical buffer will come down or not. But what I would say is, as regulation changes, we adapt to that regulation. It's something that we do look at regularly. So we'll continue to do that as we work our way through things like this or Pillar 2 or the implementation of Basel 3.1.

我們對逆週期緩衝是否會下降沒有任何特別的見解。但我想說的是，隨著法規的變化，我們也會適應該法規。這是我們經常關注的事情。因此，在推進此類事宜或第二支柱或巴塞爾協議 3.1 的實施過程中，我們將繼續這樣做。

Donal, do you want to take issuance plan?

唐納德，你想接受發行計畫嗎？

Yeah, sure. So in terms of currency, again, as usual, we won't tie ourselves to any currency. We will be open just depending on pricing at any point in time. At the moment, and if I look at AT1, I think dollars and sterling probably look most attractive, particularly where it swaps back to sterling.

是的，當然。因此，就貨幣而言，與往常一樣，我們不會將自己與任何貨幣掛鉤。我們將根據任何時間點的定價開放。目前，如果我看一下 AT1，我認為美元和英鎊可能看起來最具吸引力，特別是當它們兌換回英鎊時。

I think in terms of your question around European demand for AT1 and reducing demand from investors, I think that's not something we've specifically seen. I think it really comes down to pricing.

我認為，就您關於歐洲對 AT1 的需求以及投資者需求減少的問題而言，我認為這不是我們具體看到的情況。我認為這實際上取決於定價。

When we look at pricing across the three majors, dollars has been most attractive, I think, from an AT1 perspective, and probably followed by sterling for most of the year. That's not always the case. But I think that's really the key driver of the lack of supply may be in euros from UK banks in particular.

當我們觀察三大貨幣的定價時，我認為，從 AT1 角度來看，美元是最具吸引力的，其次可能是今年大部分時間英鎊的吸引力。但情況並非總是如此。但我認為，真正導致供應不足的關鍵因素可能是英國銀行的歐元供應不足。

Robert Smalley. (Operator Instructions)

羅伯特·斯莫利。（操作員指示）

Congratulations on some good results. I also concur on your thoughts on S&P, by the way. Just a couple of quick questions.

恭喜你取得了一些好成績。順便說一句，我也同意你對標準普爾的看法。只是幾個簡單的問題。

On the provision, still almost de minimis, but I'm looking at slide 10 and going forward, when I look at the economic assumptions, it's -- the weighted average seems to be weaker for '26. Can we assume that we start to get into that 20- to 30-basis-point range further out? Or are we still going to be on the lower end of that -- is my first question.

就規定而言，仍然幾乎是最低限度的，但我正在看第 10 張投影片，繼續往前看，當我看經濟假設時，26 年的加權平均值似乎更弱。我們是否可以假設我們開始進一步進入 20 到 30 個基點的範圍？或者我們仍將處於較低水平——這是我的第一個問題。

Secondly, in terms of loan growth, you've been very active in project finance. Is that a steady pipeline at this point? Or is that really more lumpier as projects and contracts come in?

其次，就貸款成長而言，你們在專案融資方面非常活躍。目前這是一條穩定的管道嗎？或者隨著專案和合約的到來，情況真的會變得更加不穩定嗎？

And then two other potentially related questions, one on NSFR. It's probably something you don't necessarily manage, too, but you want to keep liquidity, but that number is very high. Is there a reason for that? Or is that just an outcome?

然後還有另外兩個可能相關的問題，一個是關於 NSFR 的。這可能也是你不一定能管理的事情，但你想保持流動性，但這個數字非常高。這有什麼原因嗎？或者這只是一個結果？

And then more generally, on loosening the ring fence, I know early days in talking about it. But what are some of the implications for the mortgage market general liquidity overall?

然後更一般地說，關於放鬆圍欄，我知道這是一個談論的早期階段。但這對於抵押貸款市場整體流動性有何影響？

Sure. Let me take a few of them, and then I'll come over to Donal as well to help me out. So in terms of the impairment space, the 20 to 30 basis points we talked about a little bit this morning on the equity call as well. So we haven't given you any particular guidance at this stage in terms of 2026.

當然。讓我拿幾個，然後我也會去找唐納德來幫我。因此，就減損空間而言，我們今天早上在股票選擇權中也討論了 20 到 30 個基點。因此，目前我們還沒有就 2026 年給予任何具體指引。

So it's -- we will do that when we get to February. I mean that's our through-the-cycle number. I would say that as we've looked over the past number of years, we do seem to be operating much closer to the lower end of that. But honestly, Robert, it's something we'll talk more about in February.

所以——到二月的時候我們會這麼做。我的意思是這是我們整個週期的數字。我想說，回顧過去幾年，我們的營運似乎確實更接近這一水平的低端。但說實話，羅伯特，我們會在二月詳細討論這個事情。

But certainly, if we were to see the economics to deteriorate, then you could expect there to be more. But I would say even as I look at the five-year average of the economics that we see and then weighted across our different downsides, it's not something that's probably flagging a lot within the financial statements.

但可以肯定的是，如果我們看到經濟狀況惡化，那麼你可以預期還會有更多。但我想說，即使我看一下我們所看到的五年經濟平均值，然後權衡我們不同的不利因素，這也不是財務報表中明顯突出的問題。

And you might not have got to this yet, but you can see our sensitivities that are on page 23 of those accounts that show actually this is how much additional you would have if you brought through, say, 100% on the downside. It's like [786] or something. So that would clearly get you into a higher level of basis points, but that would be a very, very big depreciation in terms of the level of our current macroeconomics.

您可能還沒有談到這一點，但您可以看到這些帳戶第 23 頁上的敏感度，這些敏感度實際上顯示瞭如果您將下行風險降低 100%，您將獲得多少額外收益。類似[786]之類的。因此，這顯然會讓你進入更高的基點水平，但就我們目前的宏觀經濟水平而言，這將是一個非常非常大的貶值。

And interestingly, what's there is as you look at it, it's slightly better than it was at the tail end of last year because we're also seeing the benefit of the SRT transactions that we're doing, which are not only good for capital, but they're very good also in terms of risk management as well.

有趣的是，正如您所看到的，它比去年年底的情況略有好轉，因為我們也看到了我們正在進行的 SRT 交易的好處，這不僅對資本有利，而且在風險管理方面也非常好。

Your second question on the private finance. Look, I think private finance by its nature is lumpy-ish is how I would describe it, but we've obviously got a lot of relationships in there, which helps smooth out. And it's probably been a theme of our increased lending at that top end of the market really for the last number of quarters.

第二個問題是關於民間融資。聽著，我認為私人金融本質上有點不平衡，這就是我所描述的，但我們顯然在其中建立了許多關係，這有助於理順這段關係。這可能確實是過去幾季以來我們增加高端市場貸款的一個主題。

So -- and we expect that to continue as these deals mature often quicker, and they are shorter lengths than some of the more standard ones. So we're comfortable that it's an important line with long-established relationships that we're keen to go into.

因此——我們預計這種情況將會持續下去，因為這些交易通常成熟得更快，而且它們的期限比一些更標準的交易更短。因此，我們很高興看到這是一條與我們有著長期合作關係的重要線路，我們非常願意涉足其中。

I'm going to deal with mortgages, and then I'll come back, Donal, to you on the NSFR point. So it's interesting. The mortgage market at the moment is very big. It's very active. It's a bigger -- our estimation for this year is bigger than last year's.

我將處理抵押貸款問題，然後我會回來和你討論 NSFR 問題，Donal。所以這很有趣。目前抵押貸款市場規模非常大。它非常活躍。我們對今年的估計比去年更大。

We do see a lot of competition within there. Again, on the equity call this morning, I talked about that our back book and front book differentials in the round are still in the same space.

我們確實看到那裡存在著很多競爭。再次，在今天早上的股權電話會議上，我談到我們這一輪的後期帳簿和前期帳簿差異仍然在同一水平。

I think what we have been doing in our mortgage market quite a lot in the last year for us is really trying to expand our waterfront. So you've seen us do big improvements on first-time buyers, on buy-to-let, and also on this family-backed mortgage product that we launched last quarter.

我認為，去年我們在抵押貸款市場上所做的大量工作實際上是為了擴大我們的業務範圍。因此，您已經看到我們在首次購屋者、買房出租以及上個季度推出的家庭支援抵押貸款產品方面取得了巨大進步。

So overall, we feel quite good about the mortgage market in the round. We just need to make sure that we continue to keep that right focus on managing the return and not chasing share unnecessarily. Donal?

因此，總體而言，我們對整個抵押貸款市場感覺相當樂觀。我們只需要確保我們繼續正確專注於管理回報而不是不必要地追求份額。唐納德？

Yeah. And maybe just to finish on the mortgage fees and bringing it back to the link to ring-fencing as well. So I think it's fair to say we welcome the announcement on HMT that they'll review their ring-fencing regime in its current form working with Bank of England and reporting early in 2026.

是的。也許只是為了完成抵押貸款費用並將其帶回隔離環節。因此，我認為可以說，我們歡迎 HMT 宣布他們將與英格蘭銀行合作審查其現行的隔離制度，並在 2026 年初提交報告。

I think it's far too early to talk about any potential benefits, if any, as we need to get more clarity first on the scope and extent of that review, whether that's legislative change or more focused on PRA rules.

我認為現在談論任何潛在的好處還為時過早，因為我們需要先更清楚地了解審查的範圍和程度，無論是立法變化還是更加關注 PRA 規則。

I think our views on ring-fencing are clear. We believe it does add cost and friction to both us and our customers and also significant cost and dyssynergies from ring-fencing as well, particularly when it comes to funding and liquidity.

我認為我們對隔離的看法是明確的。我們認為，這確實會為我們和我們的客戶增加成本和摩擦，而且也會因隔離而產生巨大的成本和協同失調，特別是在資金和流動性方面。

I think linking back to mortgage market, I'm not expecting any changes there to have any impact on the competitive nature of the mortgage market in the UK. As Katie said, it's very competitive and will continue to be so.

我認為回到抵押貸款市場，我預計那裡的任何變化都不會對英國抵押貸款市場的競爭性質產生任何影響。正如凱蒂所說，競爭非常激烈，而且這種局面還會持續下去。

On the last point on NSFR, yeah, you're right, very strong print, 134% on a spot basis, 136% on an average basis. It's not something we need to actually manage. It is more an outcome.

關於 NSFR 的最後一點，是的，您說得對，印刷效果非常強勁，現貨價格為 134%，平均價格為 136%。這不是我們真正需要管理的事情。這更像是一種結果。

I'd probably say more structural in nature. So very, very comfortable with that and aligned when we look at both NSFR and our liquidity coverage ratio in a very, very healthy position, primarily driven just by our very strong deposit franchise across our different businesses.

我可能會說本質上更具結構性。因此，我們對此感到非常非常滿意，當我們查看 NSFR 和流動性覆蓋率時，我們處於非常非常健康的狀態，這主要得益於我們不同業務中非常強大的存款特許經營權。

(Operator Instructions) There are no more questions at this time. I would now like to hand it back to Katie for any closing remarks.

（操作員指示）目前沒有其他問題。現在我想將發言權交還給凱蒂，請她做最後的總結發言。

Thanks, Oliver. Much appreciated. Look, as ever, thank you very much for taking the time to come on the call. We do appreciate the support that you give us through the year in terms of -- and the support that you give to our ongoing issuance.

謝謝，奧利佛。非常感謝。看起來，一如既往，非常感謝您抽出時間來接聽電話。我們非常感謝您一年來給予我們的支持—以及您對我們持續發行的支持。

If you need anything else or you'd like any further information, please don't hesitate to reach out to Paul Pybus and our Debt IR team, and he'll be able to help you. And I look forward to meeting with some of you as we go into the current upcoming road show season. Take care. Thanks very much.

如果您有任何其他需要或想要了解更多信息，請隨時聯繫 Paul Pybus 和我們的債務 IR 團隊，他將能夠幫助您。我期待著在即將到來的路演季與你們中的一些人會面。小心。非常感謝。