NatWest posts £94m Q1 profit in wealth management division

NatWest has reported that its private banking and wealth management division generated an operating profit of £94m in Q1, while also delivering a return on equity of 21.1%.

This compared to figures of £77m operating profit and 17.1% return on equity as reported by the bank for Q1 last year.

NatWest, announcing its results covering the three-month trading period to 31 March, also saw strong assets undermanagement (AUM) net inflows of £900m in the wealth management division, as well as a more than 50% uplift in “new-to-invest” clients in the quarter, which estimated around 23,000.

The bank also reported that its private banking and wealth management division provided £10mm of climate and transition finance in Q1, principally in relation to mortgages on residential properties with an energy performance certificate (EPC) rating of A or B and wholesale transactions.

NatWest’s chief executive, Paul Thwaite, said that the bank’s performance in Q1 reflected a “consistent delivery for customers and shareholders”.

“We have started the year with positive momentum, underpinned by healthy customer activity - growing all of our three businesses, expanding our capabilities to meet more of our customers' needs and further improving productivity as we use AI at scale across the bank,” Thwaite commented.

“NatWest has a vital role to play in the lives of our customers and in the communities we serve throughout the UK.”

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