NatWest Group reported attributable profit of GBP 1.172 billion for the third quarter of 2024, a 35% increase year-on-year, as the bank's net interest margin continued to expand and lending volumes grew across its retail and commercial operations. Income excluding notable items reached GBP 3.772 billion, up 5.1% quarter-on-quarter, and the bank raised its full-year income guidance to around GBP 14.4 billion.
The return on tangible equity was 18.3% for the quarter. The results were published on 25 October 2024.
MARGIN AND BALANCE SHEET
The net interest margin was 2.18%, up 8 basis points on the prior quarter. Net loans to customers excluding central items rose by GBP 8.4 billion during the quarter, including GBP 2.3 billion from the acquisition of a Metro Bank mortgage portfolio, while customer deposits excluding central items grew by GBP 2.2 billion.
Mortgage balances rose by GBP 1.4 billion in the quarter, excluding the Metro Bank portfolio.
NINE-MONTH PERFORMANCE AND CAPITAL POSITION
For the nine months ended 30 September 2024, NatWest reported cumulative attributable profit of GBP 3.271 billion and a return on tangible equity of 17.0%, compared with GBP 3.165 billion for the same period of 2023. The CET1 ratio was 13.9%.