NatWest Group recorded attributable profit of £918m ($1,150m) in Q1 2024, a drop from the £1,279m in Q1 2023.

Operating profit before tax totalled £1,330m for NatWest in Q1 2024, which was higher than the £1,257m in Q4 2023 but lower year-on-year.

Total income excluding notable items was £3,414m and the reduction of £28m (0.8%) compared to Q4 2023 was attributed to the impact of one day fewer. In addition, mortgage margin pressure was mostly offset by higher markets income in Commercial and Institutional.

Furthermore, customer deposits, excluding central items, increased by £0.9bn (0.2%) since the last quarter. This was primarily attributed to £2bn growth in the retail banking arm.

NatWest retail and private banking in Q1 2024

In the quarter, retail banking delivered an operating profit of £489m, down from £585m in the previous quarter.

Total income was £1,325m and return on equity was 16.5%.

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Private banking for NatWest in Q1 2024 delivered a return on equity of 6.7% and an operating profit of £33m. This reflected sharp changes of deposit volume in 2023.

Chief executive, Paul Thwaite, commented: “NatWest Group has delivered a strong set of results for the first quarter – with an operating profit of £1.3bn – as we remain focused on the priorities we set out in February, which will help us shape the future of this bank.

“Our performance is grounded in the vital role we play in the economy and in the lives of our 19 million customers. Though macro-uncertainty continues, customer confidence and activity is improving, with both lending and deposits up in the quarter and impairments remaining low, reflecting our well-diversified business.

“We are ambitious for this bank, and by succeeding for our customers, we will succeed for our shareholders. Our first priority is delivering disciplined growth across our three businesses by serving our customers well. At the same time, we are becoming simpler, more productive and easier to deal with. As a result, we aim to generate returns that allow us to support our customers, invest in our business and deliver attractive distributions to shareholders.

“We are also pleased with the recent momentum in the reduction of HM Treasury’s stake in the bank. Returning NatWest Group to private ownership is a shared ambition and we believe it is in the best interests of both the bank and all our shareholders.”