NatWest hits close to £1bn in profit in Q1 2024 [Yahoo! Finance]
NatWest Group plc American Depositary Shares (NWG)
Company Research
Source: Yahoo! Finance
Operating profit before tax totalled £1,330m for NatWest in Q1 2024, which was higher than the £1,257m in Q4 2023 but lower year-on-year. Total income excluding notable items was £3,414m and the reduction of £28m (0.8%) compared to Q4 2023 was attributed to the impact of one day fewer. In addition, mortgage margin pressure was mostly offset by higher markets income in Commercial and Institutional. Furthermore, customer deposits, excluding central items, increased by £0.9bn (0.2%) since the last quarter. This was primarily attributed to £2bn growth in the retail banking arm. NatWest retail and private banking in Q1 2024 In the quarter, retail banking delivered an operating profit of £489m, down from £585m in the previous quarter. Total income was £1,325m and return on equity was 16.5%. Private banking for NatWest in Q1 2024 delivered a return on equity of 6.7% and an operating profit of £33m. This reflected sharp changes of deposit volume in 2023. Chief executive, Paul T
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NWG
Sec Filings
- 5/3/24 - Form 6-K
- 5/2/24 - Form 6-K
- 5/1/24 - Form 6-K
- NWG's page on the SEC website