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NatWest 3Q Pretax Profit More Than Tripled, Beating Market Views

By Sabela Ojea

 

NatWest Group PLC on Friday reported a more-than-tripled pretax profit for the third quarter, which came in ahead of market views, and said that its guidance for 2021 remains unchanged.

The FTSE 100 listed bank posted a pretax profit of 1.07 billion pounds ($1.48 billion) compared with GBP355 million for the same period a year earlier. Pretax profit was expected to be GBP735 million, according to the bank's compiled consensus.

Total income also rose ahead of market views to GBP2.77 billion from GBP2.42 billion the year before. It was anticipated to reach GBP2.63 billion, taken from the lender's compiled consensus.

The bank ended the period with a common equity Tier 1 ratio--a key measure of balance-sheet strength--of 18.7%. It was expected to be 18.3%, according to the bank's compiled consensus.

"Our robust capital position means that we have been able to buy back GBP402 million of our shares to date while also investing for growth as we support our customers and drive sustainable returns to our shareholders," Chief Executive Alison Rose said.

 

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

 

(END) Dow Jones Newswires

October 29, 2021 02:33 ET (06:33 GMT)

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