Coutts‘ profit has dropped 57.6% year-on-year to reach £59m ($71.5m) in Q3 2023 from £139m.

In addition, it is also less than the profits in Q2 2023, which were £101m.

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Total income for Coutts in Q3 2023 was £214m, down from the £285m in Q3 2022 and the £271m in the previous quarter.

This was attributed to lower deposit balances with mix shift from non-interest bearing to interest bearing balances, as customers continue to migrate to higher interest rate savings products, higher pass through of interest rate increases to customers, reduced lending volumes and mortgage margin pressure, partially offset by the deposit benefits from higher interest rates.

Assets under management and administration (AUMAs) increased by £0.3bn to £38.2bn in Q3 2023 from the previous quarter and up £4.8bn year-on-year. This primarily reflected AUA net inflows of £0.2bn and muted market movements. AUM net inflows for the year to date reflects 4% of opening AUM balances.

Chief executive, Paul Thwaite, said: “Today’s Q3 2023 results show that NatWest is a strong bank which is performing well, generating sustainable profits and returns. This performance is built on the foundations of strong customer franchises and a robust balance sheet with high levels of liquidity and a well-diversified loan book. As a result, credit losses and impairments remain low and we are ready and able to stand by our customers and businesses through the current economic uncertainty.

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“Our leadership team has come together to ensure we all keep our eyes on the things that matter most – the 19 million people, families, and businesses we serve. Across the bank, we are resolutely focused on meeting their needs today, whilst getting ahead of what they will need from us tomorrow. This is at the core of what we do. It is how we will build long-term value in our bank and deliver sustainable growth.”