NatWest has today reported a 26% rise in third-quarter profit. The high street bank and lender revealed a pre-tax operating profit for the July-September period of £1.7bn, up from £1.3bn for the same period in 2023 and beating the £1.5bn pencilled in by analysts.
NatWest also revealed strong lending numbers, growing over £8bn over the third quarter, with the acquisition of Metro Bank notably boosting its mortgage book.
Net loans to customers increased by £8.4bn in the quarter, of which £2.3bn was in relation to the Metro Bank mortgage portfolio acquisition, with strong growth across the three businesses, including a £1.4bn increase in mortgage balances.
Commenting on the latest figures Natwest chief executive Paul Thwaite said:
” As the UK’s biggest bank for business, and one that serves millions of households, NatWest Group plays a key role in driving economic growth across the UK. Throughout the third quarter of 2024, we have grown our lending, helping customers to buy or remortgage their homes or to start and grow their businesses.
“With customer activity increasing, defaults remaining low and optimism amongst businesses and consumers, we are well placed to succeed with our customers and for our shareholders in the months and years ahead.”
Earlier this week Barclays and Lloyds released their latest performance figures.
While Barclays third quarter results also showed increased profits, loans and advances to customers decreased by £3.5bn to £199.3bn, driven by subdued mortgage lending.
In contrast, Lloyds Bank’s third quarter statement showed a stronger mortgage book – up 1% on the same period in 2023 but a slight dip in profits from July to September.
