Overview
- NatWest, which reported first-quarter results on Friday, posted about £2 billion in pre-tax profit that beat analyst estimates.
- The net interest margin rose to 2.47%, which led the bank to guide for income at the top of its £17.2 billion to £17.6 billion range.
- Credit provisions rose to £283 million, including £140 million tied to war fallout, as higher borrowing costs can push more borrowers into arrears.
- The lending book grew, with mortgages up £3.3 billion and commercial balances up £3.8 billion, while the bank noted a rush to remortgage and tighter household spending.
- In February NatWest bought Evelyn Partners for about £2.7 billion to expand wealth management, a move that drew investor concern over price and integration costs.