Privatization Milestone
The government has sold its remaining stake in NatWest Group, marking the bank's transition to private ownership for the first time in 17 years.
Strong Financial Performance
Customer lending grew 3.2% to GBP 384 billion, customer deposits increased by 1% to GBP 436 billion, and assets under management rose 5.9% to GBP 52 billion. Income grew 13.7% to GBP 8 billion, while costs reduced 1.4% to GBP 3.9 billion, resulting in an operating profit of GBP 3.6 billion and attributable profit of GBP 2.5 billion.
Increased Shareholder Returns
An interim dividend of 9.5p was announced, up 58%, with a new share buyback of GBP 750 million, bringing total distributions to shareholders to around GBP 1.5 billion in the first half.
Customer Base Expansion
NatWest attracted over 100,000 new customers through organic growth, and the Sainsbury's transaction completed in May added around 1 million new customers.
Climate and Sustainable Finance Success
The bank has overdelivered on its GBP 100 billion target for climate and sustainable funding and financing, reaching GBP 110 billion, with a new target of GBP 200 billion by 2030.