Financial Results

Coutts' Operating Profit, Net New Money Rose In Q1

Editorial Staff 28 April 2023

Coutts' Operating Profit, Net New Money Rose In Q1

Overall, results improved for the private banking wing of NatWest Group. Like a number of its peers, income was buoyed by rising interest rates.

NatWest Group today said that its private banking arm, which includes Coutts, logged £600 million ($748 million) of net new money in the first three months of 2023, up from £300 million in the previous quarter, but down from £800 million a year before. 

Total assets under management stood at £29.6 billion at the end of March, unchanged on a year ago, but up from £28.3 billion at end-December. Assets under administration rose to £5.6 billion from £5.4 billion. 

The private banking business logged an operating profit of £133 billion, up from £82 million a year earlier. One factor was a swing from £5 million of impairments a year ago to an £8 million net release in Q1 2023; another factor was a rise in total income to £296 million from $216 million. The bank said that rising interest rates had helped the income result.

The cost/income ratio narrowed to 51.4 per cent from 63.9 per cent at the private bank, it added.

For the NatWest Group overall, profit rose to £1.341 billion from £901 million a year earlier.

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