NatWest posts record profits, beats forecasts
NatWest reported profits of 2.2 billion pounds for the quarter ending in September, a 30.4 percent increase that surpassed analyst projections. The bank’s income climbed nearly 16 percent to 4.3 billion pounds as deposit margins expanded. Share prices rose 3 percent to 563 pence, reaching the highest level since the 2008 government rescue.
Chief Executive Paul Thwaite attributed results to strong customer engagement and solid balance sheet performance. The lender raised its annual income forecast to 16.3 billion pounds from the previous 16 billion pound estimate. Net interest margin grew to 2.37 percent from 2.18 percent one year earlier.
Banks benefited from elevated interest rates that remained at 4 percent after peaking at 5.25 percent. Barclays and Lloyds posted similar gains this week with substantial profits. Treasury officials may consider additional taxes as Chancellor Rachel Reeves prepares the autumn budget on Nov. 26.
