NATWEST is trying to drum up support for its shares ahead of the Government’s sale of its remaining stake.
The lender, which also includes Royal Bank of Scotland and Coutts, reported a better-than-expected pre-tax profit of £1.3billion for the first quarter, down 27 per cent from £1.8billion the previous year.
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Analysts had forecast a figure of £1.2billion, following profit dips from Lloyds and Barclays.
NatWest said yesterday that its mortgage lending nearly halved at the start of the year as it retreated from parts of the market.
The banking group said new mortgage lending totalled £5.2billion in the first three months of 2024, down from £9.9billion in 2023.
Chief executive Paul Thwaite said NatWest was taking the “necessary steps” in preparation for the Government to launch a sale of its remaining shares, after bailing the bank out during the 2008 financial crisis.
NatWest confirmed the Government has sold more shares in the group, taking its stake down to 28 per cent from 37.9 per cent in December.
Mr Thwaite said “returning NatWest to private ownership is a shared ambition” with the Government.
A dark blow
CYBER security firm Darktrace is the latest British business to be taken off the London stock market.
Private equity firm Thoma Bravo struck a £4.25billion deal at 620p-a-share after nearly two years.
But the boss of £4.5billion Greek industrial company Mytilineos said he would list in London.
BHP snubbed
COPPER miner Anglo American has rejected a £31billion takeover by rival BHP as “highly opportunistic”.
Investors in the FTSE 100 firm said the offer was too low.
But shares in Anglo American still rose yesterday as traders bet on BHP coming back with a better offer in the future.
Good week
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Bad week
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