NatWest's first-half pre-tax operating profit fell 16% to £3bn due to mortgage market competition and deposit shifts, while it plans to buy a £2.4bn mortgage portfolio from Metro Bank.
NatWest's first-half pre-tax operating profit fell by 16% to £3bn, with mortgage market competition and savers shifting deposits to higher-paying products contributing to the decline. The bank will buy a £2.4bn portfolio of prime residential mortgages from Metro Bank, aiming to bolster its retail banking business. NatWest's 2024 forecast for return on tangible equity has been lifted to above 14% from the previous 12%.
July 25, 2024
9 Articles