Coutts, the private banking and wealth management arm of NatWest Group, has posted an operating profit of £110m for the fourth quarter of 2022, flat compared to the year ago period.

Total income for the period ended 31 December 2022 rose to £310m from £253m in the fourth quarter of 2021.

The divisions’ operating expenses during the period under review increased to £198m from £155m a year ago.

Coutts’ net interest margin for the quarter was 5.19% as against 5.19% in the year ago period.

Total assets under management (AUMs) in the fourth quarter rose to £28.3bn from £27.6bn in the previous quarter.

Assets under administration increased to £5.1bn from £4.7bn in the third quarter of 2022.

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Assets under management and administration (AUMA) during the period rose to £33.4bn from £32.3bn in the previous quarter.

The company noted that net loans to customers during the quarter increased by £100m, or 0.5%, mainly driven by continued mortgage growth.

Overall, the banking group posted attributable profit of £1.26bn for the fourth quarter of 2022 versus £434m a year ago.

Total income rose to £3.71bn from £2.6bn in the fourth quarter of 2021.

NatWest Group CEO Alison Rose, commented: “NatWest Group delivered a strong performance in 2022, with pre-tax profit up more than a third to £5.1 billion. We made considerable progress against our strategic goals, maintained a well-balanced loan book and distributed significant capital to our shareholders, including the UK Government.

“Despite not yet seeing significant signs of financial distress among our customers, we are acutely aware that many people and businesses are struggling right now and that many more are worried about what the future holds.”