NatWest Group has reported a 7.3% increase in its total income for the third quarter of 2024 (Q3 2024) at £3.74bn, compared to £3.48bn posted in the corresponding quarter of the previous year.
In the previous quarter, that is Q2 2024, the British banking and insurance holding company’s total income stood at £3.65bn. The increased total income in Q3 2024 has been attributed to the growth in lending and deposit along with the margin expansion.
In the quarter that ended 30 September 2024, NatWest Group’s attributable profit surged by 35.3% to £1.17bn from its £866m in Q3 2023.
For the first nine months of 2024, NatWest Group’s total income was £10.8bn, a decline of 3% compared to the same period of the previous year. Its attributable profit for the first nine months of the previous year was £3.3bn.
NatWest Group 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.”
NatWest Group witnessed a decline in total operating expenses, reporting a reduction of £180m compared to Q2 2024 and £102m lower than Q3 2023. Other operating expenses of the bank in the reported quarter were down by £144m from Q2 2024.
This was driven by lower severance and staff costs, as well as expenses linked to a retail share offering in the prior quarter and reduced costs associated with the company’s withdrawal from the Republic of Ireland.
NatWest Group’s retail banking, private banking and commercial and institutional units posted total income of £94m, £17m, and £130m, respectively in the third quarter of 2024.
For the full year, the British lender expects its income to be approximately £14.4bn.
