The business division, including the Coutts business, issued a significantly stronger profit for the first six months of this year and a sharply narrower cost/income ratio result.

The wealth and private banking arm of NatWest Group – its Coutts business – today reported operating profit of £179 million ($241.5 million) in the first half of 2025, rising £99 million from a year before.

The cost/income ratio of the business narrowed significantly to 66.4 per cent from 80 per cent; return on equity rose to 19.8 per cent from 10.5 per cent, it said in a statement today.

Assets under management and administration (AuMA) stood at £51.8 billion as at the end of June, rising from £48.5 billion at the end of March. AuMA net inflows were £1.3 billion in the three months to the of June.

“I’m pleased to see the continued progress we’re making for our clients reflected in our results, with strong growth in AuMA and improving returns showing we have real momentum in the business,” Emma Crystal (pictured), CEO, wealth businesses, NatWest Group, said. 

“I’m excited about the opportunity in front of us to intensify our focus on high net worth clients, increase the number of referrals from our C&I (commercial and institutional) franchise and extend our investment offering to more clients as their chosen partner for private banking and wealth management in the UK,” she said. 

Total income for this division was £95 million, rising 21.4 per cent on a year earlier, mainly reflecting balance growth across deposits, lending and AuMA, and deposit margin expansion. The net interest margin was 39 basis points higher than a year before, mostly caused by deposit margin expansion and growth across lending and deposits.

Operating costs were £358 million, versus £355 million a year before, NatWest Group said.

For the NatWest Group as a whole, it chalked up a half-year profit of £2.675 billion, rising 19.5 per cent on a year earlier.

Investors liked what they saw from the NatWet figures. Shares in the lender were up 2.63 per cent around noon in London trade; since the start of January, they have risen by 28 per cent. 

"These numbers seem to amply justify NatWest’s share price rally over the last year, one of the most impressive risers on the FTSE 100 in recent months. The Sainsbury’s bank acquisition has helped boost its market share, but perhaps investors will wonder now where the next round of growth will come from,"  Chris Beauchamp, chief market analyst at global trading and investing platform IG, said. (In June last year, NatWest Group agreed to buy about £2.5 billion of gross customer assets, comprising £1.4 billion of unsecured personal loans and £1.1 billion of credit cards balances, together with approximately £2.6 billion of customer deposits. Sainsbury’s, one of the UK’s largest grocery and consumer goods retailers, has moved to focus on its core business and leave the financial sector.)