Overview

• 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.