- NatWest press release ( NYSE: NWG ): Q3 GAAP EPS of 1.90p.
- Revenue of €3.23B (+20.1% Y/Y).
- Excluding notable items, income in the Go-forward group increased by £923 million, or 36.8%, compared with Q3 2021 principally reflecting the impact of volume growth, increased transactional related fees and yield curve movements.
- Bank net interest margin of 2.99% was 27 basis points higher than Q2 2022 driven by the impact of base rate rises.
- CET1 ratio of 14.3% was flat on Q2 2022 as the attributable profit and reduction in RWAs was offset by accruals for foreseeable dividends and pension contributions.
- Outlook 2023: "In 2023, we continue to expect to achieve our planned return on tangible equity in the range of 14-16%. However, reflecting changes in the economic outlook since H1 2022, the composition of those returns will be different: Income will be higher supported by higher interest rates. We no longer expect costs to be broadly stable given increased inflationary pressures. Our loan book is performing well, and while we expect impairments to increase, we remain comfortable with our through the cycle impairment loss rate guidance of 20-30 basis points, including in 2023."
- Outlook 2022 : "At today’s Bank of England base rate of 2.25% we expect 2022 income excluding notable items to be around £12.8 billion in the Go-forward group. We expect NIM to be greater than 2.80% for full year 2022 in the Go-forward group."
For further details see:
NatWest GAAP EPS of 1.90p, total income of €3.23B