(Il Sole 24 Ore Radiocor) – Milan, 25 Oct – Natwest stands out on the London Stock Exchange after beating market expectations in the third quarter and raising its annual forecasts. In the morning, the British banking group’s stock increased by 4.8% to 379.30 pence, by far the highest among the components of the FTSE 100 index (-0.2%). Since the beginning of the year, the share price has gained approximately 73%. Natwest achieved a 7.3% increase in total revenues to £3.74 billion in the quarter to September, better than expectations which on average had pointed to £3.58 billion. Net interest income increased by 8% to 2.89 billion, reflected in the margin of 2.18% from 2.05%. Costs fell 5.3% year over year and 9% from the second quarter to $1.82 billion. Operating profit before taxes jumped by 26% to 1.67 billion, exceeding the consensus which stopped at 1.46 billion. Profit for the period rose to 1.25 billion from 924 million. Strengthened by the performance achieved so far, the group has raised some estimates for 2024 and expects a Roe above 15%, compared to previous indications which aimed for ‘over 14%’. Total revenues before ‘notable items’ are expected to be €14.4 billion from the ‘around €14 billion’ initially anticipated and from €14.34 billion in 2023. ‘As Britain’s largest business bank and serving millions of families , Natwest plays an essential role in stimulating growth in the UK. Throughout the third quarter we increased our loans, helped customers buy homes, start or expand their businesses. With increased customer activity, the level of defaults remaining low, and the optimism of families and businesses, we are well positioned to succeed with our customers and our shareholders in the coming months and years.” , commented CEO Paul Thwaite. In recent days the British media have reported that the UK Treasury intends to sell the remaining 16% of NatWest which is still owned by it by the spring of 2025. The British State has come to hold 84% of Natwest, after the bank bailout during the 2008 financial crisis.
Gli-col
(RADIOCOR) 25-10-24 10:29:47 (0264) 5 NNNN
