NatWest Group has become the latest high street bank to report lower profits, after earnings soared in 2023 on the back of higher interest rates. The group revealed an operating pre-tax profit of £1.3bn over the first three months of the year, down from £1.8bn the previous year.
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00:00 Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
00:06 I bring you a major trading update this morning from one of the biggest banks in the UK. NatWest
00:13 has become the latest high street bank to report lower profits after earnings in 2023
00:18 soared on the back of higher interest rates. The group has revealed an operating pre-tax
00:24 profit of £1.3 billion of the first three months of the year, which is down from £1.8
00:31 billion to the previous year. It is ahead of the £1.2 billion profit that analysts
00:36 were expecting for the quarter. This fall was partly driven by more customers moving
00:41 money into accounts with higher savings rates and mortgage rates coming down from the levels
00:46 that they hit last year. So an update this morning from NatWest, which has become the
00:51 latest high street bank to report lower profits over recent months. My name is Greg Wright
00:57 and I'm the Deputy Business Editor of the Yorkshire Post.