NatWest falls into the red in 2020 and withdraws from Ireland

NatWest (formerly RBS), which owns 62% of the state, lost 3,753 million (about 943 million francs).

Britain’s NatWest bank said on Friday it turned red in 2020 due to poor credit conditions in the wake of the outbreak, which has helped to scatter Ireland, whose economic performance has been disappointing.

NatWest (formerly RBS), which owns 62% of the state, lost 3,753 million (about 943 million francs), according to a press release.

Like their rivals, the bank, customers, individuals and businesses have suffered the financial shock of the pandemic as they have been unable to repay their loans.

NatWest took a total of $3.2 billion from delinquency risk, sending its base into the red.

The bank had a net profit of 3.3.1 billion a year ago.

When the economy reopened in the third quarter, it had returned to green, but still lost 9.109 million in the fourth quarter.

“The bank continues to grow in areas such as housing and commercial lending, and our balance sheet remains strong with the highest capital ratios in the UK and Europe,” said Alison Rose, chief executive.

They added that the bank intends to pay dividends and regularly pay its shareholders in the years to come.

But banks say the short- to medium-term outlook is highly uncertain, which can save money and reduce the scope of operations.

NatWest announced its withdrawal from Ireland on Friday.

The exit will go through the demolition of Ulster Bank, its subsidiary in the country, with the aim of “reducing” job losses. The Ulster Bank branch in Northern Ireland is no problem.

Natwest explains that Ulster Bank has not made enough progress in recent years to hope for satisfactory profits in the future.

Rival Irish Bank has signed a memorandum of understanding with Allied Irish Banks to buy a വായ്പ portfolio of commercial loans.

In addition, NatWest is in talks with Permanent TSB, the British subsidiary of Banco Sabadal in Spain.

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