By Sohaib Shams
NatWest Group reported a 2% rise in quarterly operating pre-tax profit to £2.2 billion, driven by higher net interest income which jumped nearly 9% to £3.6 billion for the three months to September.
Efficiency Drive Cuts Jobs, Adds Savings
The banking group reduced about 1,000 full-time positions in the quarter, bringing total job losses this year to 1,400. However, the acquisition of wealth manager Evelyn Partners added roughly 2,200 employees, increasing overall headcount. The efficiency programme delivered around £420 million in cost savings, lowering the cost-to-income ratio to 45.7% year-to-date.
Technology Investment Supports Growth
Investment in technology, including AI tools such as a spending insights helper and a fraud detection agent for credit card customers, contributed to the cost reduction. Chief executive Paul Thwaite said the bank continues to see broad-based growth across its three customer franchises, with lending, deposits and assets under management all increasing during the quarter.
