UK bank NatWest has reported a 25.7 per cent rise in quarterly profits and upgraded its forecasts for the year thanks to improved margins and growth in its lending and deposit base.
Pre-tax operating profit in the three months to September was ￡1.7bn, compared with ￡1.3bn in the same period last year and above analyst expectations of ￡1.5bn. Revenues rose to ￡3.7bn, slightly above forecasts.
The bank now expects its return on tangible equity — a key measure of profitability — to be above 15 per cent this year, compared with a previous forecast of 14 per cent.
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