NatWest Group Q3 Attributable Profit Down – Quick Facts

Banking and insurance holding company NatWest Group plc (NWG, NWG.L) reported Friday that its third-quarter profit attributable to ordinary shareholders declined to 187 million pounds from last year’s 674 million pounds.

Total earnings per share were 1.9 pence, down from 6.3 pence last year.

Profit from continuing operations grew to 652 million pounds from 646 million pounds a year ago.

Total Ulster Bank RoI including discontinued operations reported a loss of 652 million euros in the quarter, which included a 419 million euros loss associated with the reclassification of UBIDAC mortgages to fair value.

Profit before impairment (losses)/releases climbed to 1.33 billion pounds from prior year’s 755 million pounds.

Profit before impairment (losses)/releases in the Go-forward group, which excludes Ulster Bank RoI and discontinued operations, was 1.48 billion pounds, compared to 810 million pounds last year.

Total income increased to 3.23 billion pounds from last year’s 2.69 billion pounds.

Excluding notable items, income in the Go-forward group increased 36.8 percent from last year principally reflecting the impact of volume growth, increased transactional related fees and yield curve movements.

Looking ahead for fiscal 2022, the company expects income excluding notable items to be around 12.8 billion pounds in the Go-forward group. The company expects net interest margin to be greater than 2.80 percent for full year 2022 in the Go-forward group.

Further, for fiscal 2023, the company now expects income will be higher supported by higher interest rates. The company no longer expects costs to be broadly stable given increased inflationary pressures.

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