NatWest profits beat expectations despite pressure on mortgages

The bank says its first-quarter results were strong and have left it in a good position for the government’s planned sale of shares to the public
Patrick Hosking
, Financial Editor
The Times
NatWest’s net interest margin, which measures the the difference between what it earns on loans and what it pays savers, widened in the first quarter and bad debt provisions were lower than expected
NatWest’s net interest margin, which measures the the difference between what it earns on loans and what it pays savers, widened in the first quarter and bad debt provisions were lower than expected
HENRY NICHOLLS/AFP
Patrick Hosking
, Financial Editor
The Times

NatWest has declared forecast-beating first-quarter numbers ahead of a possible offer of shares to the public by the government later in the year.

A widening of the net interest margin, a metric watched closely by analysts, and very low provisions for bad debts were better than had been forecast.

Paul Thwaite, 52, the lender’s chief executive, declared it a strong set of results, adding that the bank had been making “the necessary preparations” for a retail offer of shares by the Treasury.

The government has announced plans for a heavily advertised retail offer of NatWest shares, which could come as early as the summer. It wants to use the offer to try to boost appetite for direct share ownership in large UK-listed companies.

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