The company reported an operating profit before tax of £635m for Q4 2021, compared to an operating loss before tax of £6m for the same quarter prior-year
NatWest branch at St Helier, capital of Jersey, Channel Islands. (Credit: Man vyi/Wikipedia.)
NatWest has reported a net profit of £434m or 3.8p per diluted share for the quarter ended 31 December 2021, compared to a loss of £109m or 0.9p per diluted share for the same period in 2020.
The company reported an operating profit before tax of £635m for the fourth quarter (Q4) 021, compared to an operating loss before tax of £6m for the respective quarter prior-year.
Its operating expenses for the reported period was £2.3bn, which almost remained unchanged compared to the corresponding quarter in 2020.
The company reported a net interest income of £1.9bn for Q4 20201, which remained unchanged compared to £1.9 for the same period the previous year.
NatWest said that as the economy recovers and the trend towards digital services advances, it will build a close and deep relationship with its customers.
NatWest Group chief executive Alison Rose said: “NatWest Group delivered a strong performance in 2021 as we returned to profitability, made progress against our strategy and distributed more than £3.8bn of capital to our shareholders, including £1.7bn to the taxpayer.
“As our economy recovers and the trend towards digital services accelerates, we are investing to deliver long term value in the bank and drive sustainable growth.
“We will do this by building closer and deeper relationships with our customers and by supporting their evolving needs and expectations at every stage of their lives.”
The company’s Retail Banking business reported an operating profit of £385m for Q4 2021, compared to £91m for the same quarter previous year.
Its Private Banking division reported an operating profit of £110m for Q4 2021, a 64% rise compared to £67m for the corresponding quarter in 2020.
NatWest’s Commercial Banking arm reported an operating profit of £630m for Q4 2021, compared to £285m for the same period the prior year.
In December last year, NatWest has been fined £264.8m by the Southwark Crown Court for violating the UK’s Money Laundering Regulations (MLR) 2007.
The bank was convicted for three MLR offences, failing to prevent the laundering of nearly £400m between 2012 and 2016. It has pleaded guilty to three offences, in October 2020.