NatWest has today reported a 26% rise in third-quality profit. It also revealed a pre-tax operating profit for July to September of £1.7bn, up from £1.3bn for the same period last year. The profit growth surpasses the £1.5bn predicted by analysts.
Strong lending numbers were also announced by the high street bank, with figures reaching £8bn over the third quarter, and the buyout of Metro Bank playing a significant role in boosting its mortgage book.
There was an increase in net loans to customers, rising by £8.4bn in the quarter - £2.3bn of which was related to the Metro Bank acquisition. Strong growth was reported across the three businesses, including a £1.4bn increase in mortgage balanaces.
NatWest chief executive Paul Thwaite, commented on the latest figures, saying: ”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.”
Lloyds and Barclays also released their latest performance figures earlier in the week.
Where Lloyd’s showed a stronger mortgage book with a 1% growth during the third quarter, Barclays also reported increased profits, although due to subdued mortgage lending loans and advances to customers decreased by £3.5bn to £199.3bn.