NatWest Reports Mixed Q1 Results, Beats Estimates Despite Profit Decline

NatWest's first-quarter profits fell by over 25% compared to last year, but still surpassed analyst expectations amid a challenging economic environment.

NatWest's operating pre-tax profit for Q1 2024 was £1.3 billion, down from £1.8 billion in the same period last year, yet above the forecasted £1.2 billion.
Total income decreased by 10% to £3.5 billion, reflecting competitive pressures in savings and mortgage rates.
Customer loans and deposits both increased, indicating improving customer confidence and activity despite ongoing macroeconomic uncertainty.
Credit impairments were significantly lower than expected at £93 million, down from a forecasted £186 million.
The UK government's stake in NatWest has decreased to below 30%, advancing the bank's return to private ownership.