NatWest Q3 profits slip amid 'challenging environment'
By Iain Gilbert
Date: Friday 28 Oct 2022
(Sharecast News) - UK bank NatWest said on Friday that profits had missed expectations, even as it continued to deliver a strong financial performance in the third quarter despite operating in a "challenging environment".
NatWest posted a third-quarter attributable profit of £187.0m and a return on tangible equity of 2.9%, as well as a "robust balance sheet" with strong capital and liquidity levels.
The FTSE 100-listed said provisions for bad loans were £247.0m, significantly higher than consensus estimates of £163.4m.
NatWest also altered its outlook for 2023, stating income will be higher but that it no longer anticipates costs will be "broadly stable given increased inflationary pressures".
The bank's net interest margin improved to 2.99%, slightly better than expected.
As of 0900 BST, NatWest shares were down 8.96% at 225.50p.
Reporting by Iain Gilbert at Sharecast.com
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