NatWest shares surge as Q3 profits climb 26%, driven by robust lending growth

Shares in Natwest Group saw a significant surge today after announcing its third quarter profit had jumped by 26%, propelled by a robust performance underpinned by its lending operations.

For the third quarter of 2024, the banking giant reported an operating pre-tax profit of £1.7bn, marking a substantial increase on the £1.3bn posted in the same period last year, as reported by City AM.

Investors greeted the news with optimism, as evidenced by Natwest's share price leaping nearly five per cent at market opening.

The 'Big Four' bank enjoyed an increase in total income excluding notable items to £3.77bn, up by over five per cent from the preceding quarter, largely due to lending expansion, boosted deposits and an improved net interest margin (NIM).

Other operating expenses were down £144m in comparison to the previous quarter but stood £38m higher, discounting charges linked to a retail share offering, than during the corresponding quarter in 2