NatWest profit falls less than expected ahead of state escape

By Jerry  Published On April 26, 2024
LONDON, April 26 (Reuters) – British bank NatWest’s (NWG.L), opens new tab first-quarter profit fell by a less than expected 27%, it said on Friday, with income squeezed by an increase in competition for savings, lending and mortgage products over the past year.
Rising central bank interest rates and political and media attention on the rates banks pay to savers has resulted in lower customers holding lower deposit balances while hunting for higher-paying products.
NatWest’s pretax operating profit for the three months to March 31 was 1.3 billion pounds ($1.63 billion), down from 1.8 billion pounds a year earlier and just above the average of analyst forecast of 1.2 billion pounds.
Despite the challenges, the results showed NatWest in relatively rude health as it prepares to return to full private ownership for the first time since the 2008 financial crisis.
Shares in the company rose 3.5% to 300 pence in early trading and are up by nearly a third so far this year.
Source: REUTER

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