NatWest Profits Up 26% in Competitive Market
NatWest Profits Up 26% in Competitive Market
NatWest Profits Up 26% in Competitive Market
News summary

NatWest Group's third-quarter profits surged by 26%, with the bank reporting a pretax operating profit of £1.7 billion, exceeding analysts' expectations of £1.5 billion. This performance was buoyed by increased lending and deposits despite a competitive mortgage market and falling interest rates. The bank also raised its income forecast for fiscal 2024 to £14.4 billion and expects a return on tangible equity above 15%, up from 14%. Net interest income grew 8%, and customer deposits increased by £2.2 billion in the quarter. The British lender is progressing towards full privatization, with the government's stake dropping below 16% this month. These results highlight NatWest's resilience in maintaining robust revenue levels amidst economic uncertainties.

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