NatWest raises income outlook as lending growth drives profits higher
NatWest reported a 26% rise in third-quarter profit and raised its income forecast for 2024, as it grew lending and deposits while sustaining margins despite an uncertain UK economic outlook. The stronger-than-expected results from NatWest on Friday capped a stellar run of earnings from British banks this week, showing them maintaining recent robust revenue levels despite policy interest rate cuts that should eat into loan margins. "NatWest is also the third bank this week to mention easing deposit migration, and that’s the key reason it posted a decent beat on net interest margin," said Matt Britzman, senior equity analyst, Hargreaves Lansdown.
