The private banking arm of NatWest increased its AUMA balance by £1.4bn in Q3 2024, reflecting net inflows of £0.9bn ($1.12bn).

There were also £0.5bn in positive market movements.

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In addition, NatWest Private Banking produced a return on equity of 19.7% and an operating profit of £90m in Q3 2024.

Total income was £17m, or 7.2% higher than Q2 2024 primarily driven by
deposit margin expansion and higher AUMA balances driving an increase in investment fee income. Q3 2024 total income was £39m, or 18.2%, higher than Q3 2023 primarily reflecting deposit margin expansion and higher AUMA balances driving an increase in investment fee income, partly offset with the impact of deposit mix changes as customers migrated from current account accounts to savings products offering higher returns.

NatWest Group in Q3 2024

The bank as a whole gained attributable profit of £1,172m and a return on tangible equity (RoTE) of 18.3% in Q3 2024.

Furthermore, total income, excluding notable items of £3,772m, was £182m or 5.1% higher than Q2 2024 primarily reflecting lending and deposit growth and margin expansion.

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Chief executive, Paul Thwaite, commented: “The strength of NatWest Group’s performance is underpinned by the support we provide to our 19 million customers in every nation and region of the UK. By continuing to deliver against our strategy, we are growing and simplifying our bank whilst managing our capital more efficiently.

“As the UK’s biggest bank for business, and one that serves millions of households, NatWest Group plays a key role in driving economic growth across the UK. Throughout the third quarter of 2024, we have grown our lending, helping customers to buy or remortgage their homes or to start and grow their businesses. With customer activity increasing, defaults remaining low and optimism amongst businesses and consumers, we are well placed to succeed with our customers and for our shareholders in the months and years ahead.”