Coutts, the private banking and wealth management arm of UK-based NatWest Group, has posted an operating profit of £139m in the third quarter of 2022.
The figure represents an increase from £94m reported in the same period a year ago.
The positive shift was driven by strong operating performance with continued balance growth amid challenging market conditions, the bank said.
For the quarter ended 30 September 2022, Coutts’ total income was £285m, up 46.2% from £195m in the prior-year period. The increase was due to higher deposit and lending balances as well as improved deposit returns.
The bank’s quarterly operating expenses was £139m when compared to £116m reported a year ago.
Total assets under management (AUMs) in the third quarter of this year was £27.6bn, while assets under administration dipped from £5.4bn to £4.7bn.
Meanwhile, the bank saw 1.4% jump in customer deposits, representing continued growth in savings.
Overall, NatWest Group posted a third quarter attributable profit of £187m, down from £674m a year ago.
Profit from continuing operations rose to £652m from £646m in the year ago quarter.
Commenting on the group’s overall quarterly results, NatWest chief executive Alison Rose said: “In a challenging environment, NatWest Group continues to deliver a strong financial performance; supporting our customers, responsibly growing our lending and making significant investments to transform the bank.
“At a time of increased economic uncertainty, we are acutely aware of the challenges that people, families and businesses are facing up and down the country. Although we are not yet seeing signs of heightened financial distress, we are very conscious of the growing concerns of our customers and we are closely monitoring any changes to their finances or behaviours. “The bank’s strong capital and liquidity mean we are able to help those who are likely to need it the most, through support for our community partners, proactive outreach to our customers or targeted lending packages for the most impacted sectors.”