FX.co ★ NatWest Group Q1 Profit, Net Interest Income Drop; Retains Outlook

NatWest Group plc, a leading banking and financial services firm, has reported a decrease in Q1 profits compared to last year. The profit attributed to ordinary shareholders fell from £1.28 billion last year to £918 million.

In addition, the total basic earnings per share decreased from 13.2 pence a year ago to 10.5 pence. The total income also fell by 10.3 percent from £3.88 billion last year to £3.475 billion.

Excluding notable items, the total income was £3.414 billion, which is lower compared to £3.442 billion last year. The company also saw a decrease in net interest income which dropped from £2.90 billion from the previous year to £2.65 billion. Non-interest income also dropped from the previous year.

There was a decrease in net interest margin from 2.25% in the prior year to 2.05%. Moving forward, the company stated that it will maintain the outlook guidance stated in the 2023 Annual Report and Accounts.