Coutts' Operating Profit, Net New Money Rose In Q1

Editorial Staff

28 April 2023

NatWest Group today said that its private banking arm, which includes , 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.