NatWest Group plc first quarter profit beat expectations with a 36% jump Friday, driven by higher margins on deposits and increased mortgage lending, in its first results since the UK government ceased being a major shareholder.
Operating profit before tax for the three months to March 31 came in at £1.8bn, up from £1.3bn a year earlier and consensus estimates of £1.6bn.
Chief executive Paul Thwaite said the bank now expected to be at the upper end of income and returns guidance for 2025.
The British government's stake in NatWest fell just below 2% on Thursday, a sharp reduction from almost 40% just over a year ago and 84% when it was part nationalised at a cost of £46bn after banking industry malfeasance caused the 2008 global financial crash.
NatWest also booked a net impairment charge for the quarter of £189, adding that it recognised "increased global economic uncertainty and will monitor and react to market conditions and refine our internal forecasts as the economic position evolves".
Reporting by Frank Prenesti for Sharecast.com