NatWest Q1 profit fell 27%, dropping to £1.3bn from £1.8bn in 2022, due to reduced margins in savings, lending, and mortgage products.
NatWest's Q1 profit fell by 27% as competition for savings, lending, and mortgage products squeezed margins. The bank's pretax operating profit for the first quarter was £1.3bn, down from £1.8bn in 2023 and slightly above analyst forecasts of £1.2bn. Income was £406m lower than the same period in 2022, partly due to lower deposit balances and customers shifting savings to higher-returning products. Despite the challenges, NatWest's results showed the bank in relatively good health as it prepares to return to full private ownership for the first time since the 2008 financial crisis.
April 26, 2024
14 Articles