NatWest posts highest annual profits since 2007 image credit: shutterstock

NatWest Group has released its H1 2024 results and revealed it has purchased £2.5bn ($3.2bn) of UK prime residential mortgages from Metro Bank.

Furthermore, the bank admitted that it spent £24m on its public share offering in 2024.

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H1 2024 attributable profit totalled £2,099m for NatWest and it also made a return on tangible equity (RoTE) of 16.4%.

Operating profit before tax amounted to £3,029m in H1 2024 for NatWest, a 15.6% drop year-on-year. Net interest income was £5,408m, a 5.6% fall year-on-year.

Retail banking in H1 2024 garnered £1.1bn in operating profit, down from £1.6bn in H1 2023.

However, customer deposits increased by £3.5bn, or 1.9%, in H1 2024 reflecting growth in savings partly offset by lower current account balances.

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In addition, during H1 2024, private banking delivered a return on equity of 10.5% and an operating profit of £99m.

NatWest reaction to H1 2024

Chief executive, Paul Thwaite, said: “As the UK’s leading business bank, and one of the largest retail banks, NatWest Group’s strong performance is grounded in the vital role we play in the UK economy and in the lives of our 19 million customers. In the first half of the year, we have delivered an operating profit of £3bn, a return on tangible equity of 16.4% and a 6 pence interim dividend, up 9% on last year’s dividend.

“We are also pleased with the continued reduction of the Government’s stake, which has almost halved this year. We have made good progress against our strategic priorities, taking decisive action to grow and simplify our business and to manage our capital and costs more efficiently. There has been growth across all three of our businesses, we have attracted over 200,000 new customers and our acquisition from Sainsbury’s Bank is expected to add around one million customer accounts on completion.

“We have also agreed to acquire £2.5bn of UK prime residential mortgages from Metro Bank plc, adding further scale to our Retail Banking business. The positive momentum and progress in the first half reflect the ambition across the bank to deliver its full potential. Our customers are beginning to feel more confident, with activity increasing and asset quality remaining strong, and we are well positioned to help unlock growth across the UK through our unrivalled regional network. Fundamentally, if we succeed with our customers, we will succeed for our shareholders and the wider economy.”