NatWest raises outlook again after strong third quarter

NatWest Group raised its annual outlook on Friday, with third-quarter earnings surpassing expectations.

NatWest raises outlook again after strong third quarter

The company’s shares jumped 4.6% to 378.50 pence in London trading, making it the top performer among large-cap stocks. The bank reported a 7.3% year-over-year increase in total income, reaching GBP3.74 billion for the quarter ending September 30, up from GBP3.49 billion last year. Compared to the previous quarter, income rose 2.3% from GBP3.66 billion.

Results top consensus

Pretax profit surged 26% year-on-year to GBP1.67 billion from GBP1.33 billion, though it was down 1.5% from GBP1.70 billion in the second quarter. However, the result exceeded the consensus forecast of GBP1.46 billion. Total income also exceeded estimates, which had projected it to reach GBP3.58 billion. NatWest’s net interest margin climbed to 2.18%, up from 2.05% a year earlier and 2.10% in the second quarter.