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NatWest Group, the owner of the Royal Bank of Scotland, has raised its profit guidance following a strong first-quarter performance, reporting an operating profit before tax of £1.8 billion for the three months ending March 31. This figure surpassed market expectations by £200 million and marked an increase from £1.3 billion in the same period last year, despite ongoing global economic uncertainties and the impact of tariffs. The bank is nearing a return to full private ownership.
The Royal Bank of Scotland, now operating as NatWest Group, is nearing a significant milestone that could mark the end of a tumultuous chapter following the financial crash. This moment is seen as 'cathartic' for the bank, which has been associated with controversy in recent years.
NatWest Group, the owner of the Royal Bank of Scotland, has raised its profit guidance amid global economic uncertainty, minimizing concerns over the impact of Trump tariffs. The bank is nearing a return to full private ownership following a £45.5 billion bailout during the financial crisis and expects profits this year to reach the upper end of its forecast.
NatWest reported a significant increase in first quarter profits, rising to £1.3bn from £0.9bn last year, with operating profit up 36% to £1.8bn. The bank's income grew to £4bn, and it completed the acquisition of Sainsbury’s Bank, adding approximately one million customer accounts. Chief executive Paul Thwaite expressed optimism for the year ahead, highlighting the bank's strong performance and resilience amid economic uncertainty.
NatWest Group reported a 36% increase in pre-tax profits to £1.8 billion for Q1 2025, driven by higher customer balances, lending, and trading activity. As the UK government's stake falls below 2%, the bank moves closer to full privatization, with optimistic guidance amid global economic uncertainty. Shares rose by 2% following the announcement.
NatWest reported a significant increase in its first quarter profit, rising by a third compared to the previous year. This strong financial performance highlights the bank's robust growth and resilience in the current economic climate.
Lloyds Banking Group reported a 7% decline in pre-tax profits to £1.52 billion for Q1, amid rising impairment charges due to economic uncertainties and potential borrower defaults linked to US tariff threats. The bank has set aside £1.2 billion for the motor finance commission scandal, awaiting a Supreme Court ruling in July. Despite a strong mortgage lending performance, shares fell about 2% as concerns over the UK economy and the impact of tariffs loom large.
Banking leaders are urging the UK government to abolish the ring-fencing regime, arguing it hinders economic growth and competitiveness. Barclays CEO CS Venkatakrishnan defends the system, emphasizing its role in protecting depositors, while rivals claim it restricts their ability to support businesses. The debate highlights the tension between regulatory frameworks and the need for financial sector growth.
Barclays is expected to report a 23% rise in Q1 pre-tax profits, driven by its US investment banking division, despite potential provisions for the motor finance scandal. Lloyds anticipates a 6% profit decline amid increased loan loss provisions, while NatWest projects a 20% profit rise as it returns to full private ownership, despite also raising provisions significantly. The motor finance scandal looms large, particularly for Lloyds, with potential liabilities estimated at £4.6 billion, impacting the sector's outlook amid economic uncertainties.
Analysts have made several adjustments to London-listed shares, with RBC downgrading Ashtead Group to 'sector perform' and Goldman Sachs lowering its price target. UBS also cut ratings for United Utilities and National Grid to 'neutral', while Bank of America raised targets for St James’s Place and Phoenix Group. Other notable changes include Barclays downgrading Hammerson to 'underweight' and Citigroup adjusting targets for various companies, including Flutter Entertainment and Standard Chartered.
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