NatWest annual results
NatWest has just published its annual results, which can be found >> here <<. Newspage asked brokers for their thoughts, which can be seen below.
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Not surprisingly, 2023 seems to have been very kind to NatWest and its shareholders. However, retail banking gross new mortgage lending was down significantly to £29.8 billion from £41.4 billion in the previous year, reflecting the lack of demand in the property market. Expect the same decline from other lenders reporting their results.
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NatWest have shown a reasonably clean set of heels this last year, with profits up 20% overall. This has been driven by a wider profit on mortgage and savings rates, at a time when borrowers have suffered higher payments and savers have seen their money eroded by higher inflation. Higher provision for bad debts will be similar throughout the industry, both for unsecured and mortgage lending, supported by the Direct Debit failure figures this week.
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NatWest's annual results are promising, led by them dipping their toes in and out of the mortgage market with their product range at the right time. It's saddening, however, to hear feedback from business owners of Natwest's hunger, at this difficult time, to cancel overdrafts from trading entities when they need them most. Banks need to be seen to act responsibly, especially at times like these, when they are showing good financial results off the back of the struggling general public.
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NatWest's release of its annual results marks a significant milestone, showcasing its robust performance and resurgence since the 2007 financial crisis. Bolstered by high interest rates, the bank achieved its highest annual profit since 2007, totaling £6.2bn in pre-tax profits for the year ending in December. This remarkable 20% increase underscores NatWest's steadfast commitment to financial excellence and its ability to navigate challenging economic landscapes.
The confirmation of Paul Thwaite as the permanent chief executive further solidifies NatWest's leadership stability, signaling confidence in its future trajectory. As the bank prepares for the sale of its government-owned shares, this announcement sets a positive tone for investors and stakeholders alike, highlighting NatWest's resilience and forward-thinking approach in today's dynamic financial environment.
The confirmation of Paul Thwaite as the permanent chief executive further solidifies NatWest's leadership stability, signaling confidence in its future trajectory. As the bank prepares for the sale of its government-owned shares, this announcement sets a positive tone for investors and stakeholders alike, highlighting NatWest's resilience and forward-thinking approach in today's dynamic financial environment.