NatWest today reported a 26% rise in third quarter profits. The major bank and lender revealed pre-tax operating profit of £1.7 billion for the July-September period, compared with £1.3 billion for the same period in 2023 and better than the £1.5 billion analysts had estimated.
NatWest also showed strong lending figures, growing by more than £8 billion in the third quarter, with the acquisition of Metro Bank particularly boosting the mortgage book.
Net customer lending increased by £8.4 billion in the quarter, of which £2.3 billion was related to the acquisition of Metro Bank’s mortgage portfolio, with strong growth across the three businesses, including an increase of £1.4 billion in mortgage balances.
Commenting on the latest figures, Natwest CEO Paul Thwaite said:
“As Britain’s largest investment bank and a bank serving millions of households, NatWest Group plays a key role in driving economic growth across the UK. During the third quarter of 2024, we expanded our lending business, helping customers buy or remortgage their homes or start and grow their businesses.
“With customer activity increasing, default rates remaining low and optimism rising among businesses and consumers, we are well positioned to deliver success for our customers and for our shareholders in the months and years ahead.”
Earlier this week Barclays And Lloyds have released their latest performance figures.
While Barclays’ third quarter results also showed higher profits, customer loans and advances fell by £3.5 billion to £199.3 billion, due to subdued mortgage lending.
In contrast, Lloyds Bank’s third quarter statement showed a stronger mortgage portfolio – up 1% on the same period in 2023, but a slight decline in profits from July to September.