Coutts, the private banking and wealth management division of UK-based NatWest Group, has recorded an operating profit of £187m in the first half of 2022, up from £146m a year ago.
For three six-month period to the end of June, the profit figure was £105m, against £82m in Q2 2021.
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This increase was attributed to robust deposit and lending growth with strong net new money despite volatile investment market conditions.
Coutts’ total income increased by £93m to £461m in the six months to June 2022 from £366m in H1 2021. Operating costs widened to £285m during H1 from £249m recorded in the same period last year.
The bank said it pulled in £1.4bn of net new money in H1 2022, down £0.2m from £1.6bn a year before.
Total assets under management (AUM) decreased to £28.1bn from £30.2bn at the end of 2021 due to the weak market conditions in the past six months.
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By GlobalDataAssets under administration fell to £4.8bn from £5.4bn a year ago.
Return on equity of 20.9% represented a rise of 7% points compared with H1 2021.
Coutts chief executive Peter Flavel said: “H1 presents an excellent set of results, with strong growth in our total income and operating profit. This demonstrates the continued resilience of our integrated banking, lending and wealth management business model, particularly given the volatile market we’re currently operating in.
“It is encouraging that, despite the more difficult economic environment, we’ve seen notable growth in new clients (up 11 per cent on 2021) and a continued determination to manage wealth, with clients’ balances continuing to represent positive growth.”
