NatWest Group has revealed its profit slid by more than a quarter at the start of the year, as it becomes the latest high street lender to feel the effects of more competitive savings and mortgage rates.
The group revealed an operating pre-tax profit of £1.3bn over the first three months of the year, down 27 per cent from £1.8bn the previous year. It is ahead of the £1.2bn profit that analysts were pencilling in for the quarter. Total income for the bank fell by a tenth, as more customers moved money from current accounts and into savings accounts with higher returns.
“At the same time, we are becoming simpler, more productive and easier to deal with.” “We are also pleased with the recent momentum in the reduction of HM Treasury’s stake in the bank. “Returning NatWest Group to private ownership is a shared ambition and we believe it is in the best interests of both the bank and all our shareholders.” The Government is gearing up to sell its remaining shareholding in NatWest, which it bailed out during the 2008 financial crisis.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NatWest says it retreated from race towards cheaper mortgage deals last yearThe banking group said new mortgage lending totalled £5.2 billion in the first three months of the year, down from £9.9 billion the previous year.
Read more »
NatWest says it retreated from race towards cheaper mortgage deals last yearThe banking group said new mortgage lending totalled £5.2 billion in the first three months of the year, down from £9.9 billion the previous year.
Read more »
NatWest becomes latest UK bank to report sharp drop in profitsThe lender said pre-tax earnings in the first quarter of 2024 were £1.3bn - a decline of nearly 28% on the same period a year ago. Lloyds and Barclays also reported falls earlier this week.
Read more »
Thousands of NatWest, Halifax and Santander customers ditch accountsNationwide, Lloyds and Barclays have been named the 'big winners' as thousands of customers ditched their banks in the final quarter of 2023, according to industry figures
Read more »
Over 100 NatWest, Lloyds, Halifax bank closures announcedOne high street branch is set to close every day this year - use our postcode checker to see if any near you are going
Read more »
NatWest and the Royal Bank of Scotland to shut 48 more branches this yearThe NatWest group has confirmed that 48 more bank branches will be shut this year in another blow to UK high streets.
Read more »