NatWest Launches GBP800 Million Buyback After 4Q Pretax Profit Beat Views
February 17 2023 - 02:58AM
Dow Jones News
By Elena Vardon
NatWest Group PLC on Friday posted a rise in pretax profit for
the fourth quarter of 2022, which came in slightly ahead of market
views, and said it intends to start a share buyback program of up
to 800 million pounds ($959 million) in the first half of 2023.
The U.K. bank posted a pretax profit of GBP1.43 billion for the
three months to Dec. 31 compared with GBP543 million for the fourth
quarter of 2021, against the GBP1.40 billion expected in a
company-compiled consensus.
The lender, in which the U.K. government has a 44% stake, said
its net profit was GBP1.26 billion compared with a GBP434 million
for the year-earlier period and consensus' GBP940 million.
Total income rose to GBP3.71 billion from GBP2.62 billion,
beating the GBP3.58 billion forecasted by analysts. Net interest
income for the quarter was GBP2.87 billion against consensus'
expected GBP2.88 million.
NatWest's common equity Tier 1 ratio--a key measure of
balance-sheet strength--stood at 14.2% at Dec. 31, in line with
consensus and ahead of the bank's end-2022 target of 14%.
The board proposed a final dividend of 10 pence a share.
For 2023, the lender said it sees total income excluding notable
items of around GBP14.8 billion and a full-year net interest margin
around 3.20%, along with a cost income ratio below 52%.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
February 17, 2023 02:43 ET (07:43 GMT)
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