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NatWest reported its first quarter profit rose 12p per cent year-on-year, as the British lender grew lending income while taking a modest charge against potential losses from the economic impact of the Iran war, Reuters reports.
The bank said operating profit before tax for January-March came in at 2 billion pounds ($2.72bn), up from 1.8bn pounds in the same period a year ago and just above the average of analysts’ forecasts of 1.9bn pounds.
NatWest also upgraded its income guidance for the year, now saying it expects to be near the top of the 17.2-17.6bn pound range it previously set out.
