In Q1 2023, the private banking arm of NatWest Group recorded an operating profit of £133m ($166m), up from £82m year-on-year.

Furthermore, total income was £296m, up from the £216m in Q1 2022. Private banking also provided £0.1bn of climate and sustainable funding and financing in Q1 2023.

Assets under management remained steady but AUMAs increased by £1.8bn since the last quarter.

NatWest in Q1 2023

The group as a whole saw Q1 2023 attributable profit of £1,279m and a return on tangible equity of 19.8%.

In addition, total income, excluding notable items, increased by £1,036m, or 37.2%, compared with Q1 2022 principally reflecting the impact of volume growth and yield curve movements.

Chief executive Alison Rose said: “NatWest Group’s strong performance in Q1 2023 is underpinned by our robust balance sheet, our high levels of capital and liquidity and our well-diversified loan book. Through a period of significant macro disruption and uncertainty, we continue to stand alongside the people, families and businesses we serve, providing targeted support and growing our lending responsibly.

“Our disciplined and consistent approach to risk management means that arrears and impairments remain low. By monitoring customer behaviour and looking closely for signs of financial distress, we are able to put in place proactive measures to help those who are struggling right now and those who are worried about the future.

“As we continue to make progress against our strategic priorities, NatWest Group is well positioned to navigate this challenging operating environment and to deliver sustainable growth and returns by responding to new and emerging trends that are shaping the lives of our customers.”