NatWest said on Friday its annual profit beat forecasts, boosted by progress in its growth strategy, improving productivity and active management of capital.
The British lender reported a pretax operating profit of £6.2 billion (€7.5 billion) for the year ended December 31st, in line with 2023 levels and surpassing analysts' forecasts of £6.1 billion.
The lender reported total loans of £372 billion, up 3.5 per cent year on year in its sixth consecutive year of total loan growth. Impairments also fell to £359 million in 2024, from £578 million in 2023.
NatWest set a new performance target of achieving a return on tangible equity of between 15-16 per cent in 2025 and over 15 per cent by 2027.
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The lender - which once boasted assets of £2.2 trillion, more than double the size of the British economy - is now a fraction of that size after a multi-year restructuring.
Costs over the year rose to £7.9 billion, compared to the previous year’s £6.8 billion.
NatWest’s stock price has risen 109 per cent in the last 12 months, as investors warmed to its £4 billion capital redistribution programme and sharpened focus on UK business, consumer and mortgage lending.
The UK taxpayer’s stake in the bank fell below 7 per cent on Friday, down from 38 per cent in December 2023, leaving NatWest on course to return to full private ownership this year after its £45 billion government bailout during the 2008 financial crisis. - Reuters
