RTTNews | Oct 30, 2020 04:08AM EDT

04:07 Friday, October 30, 2020 (RTTNews.com) - NatWest Group plc (NWG.L), formerly known as the Royal Bank of Scotland Group plc, reported that its third-quarter net income attributable to ordinary shareholders was 61 million pounds or 0.5 pence per share compared to a loss of 315 million pounds or 2.6 pence per share in the prior year.

Net impairment losses was 254 million pounds, compared to 213 million pounds in the prior year. Litigation and conduct costs for the quarter was 8 million pounds compared to 750 million pounds in the prior year.

Profit before impairment losses for the third-quarter surged to 609 million pounds from 205 million pounds last year.

But, total income for the quarter was 2.42 billion pounds down from 2.90 billion pounds in the prior year.

NatWest Group believes the full year impairment charge is likely to be at the lower end of the 3.5 billion pounds - 4.5 billion pounds range following the limited level of defaults across lending portfolios and associated ECL stage migration within the third quarter.

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