Financial Results
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.
