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NatWest first-half profit down 16% as mortgage competition bites
Global Banking & Finance Review®
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LONDON (Reuters) – NatWest’s first-half pretax operating profit fell by a less than expected 16% to 3 billion pounds ($3.86 billion), it said on Friday, with margins hit by mortgage market competition and savers shifting deposits to higher-paying products.
LONDON (Reuters) – NatWest’s first-half pretax operating profit fell by a less than expected 16% to 3 billion pounds ($3.86 billion), it said on Friday, with margins hit by mortgage market competition and savers shifting deposits to higher-paying products.
The British bank said this month that the government’s stake in it fell below 20%, moving the lender closer to full private ownership after its state bailout in the 2008 financial crisis.
($1 = 0.7775 pounds)
(Reporting by Lawrence White and Yadarisa Shabong; Editing by David Goodman)
A mortgage is a loan specifically used to purchase real estate, where the property itself serves as collateral. Borrowers repay the loan amount plus interest over a specified period.
Operating profit is the profit a company makes from its core business operations, excluding any income derived from non-operational activities, such as investments or sales of assets.
The UK economy refers to the economic system of the United Kingdom, characterized by a mixed economy that includes both private and public sector enterprises, influencing global trade and finance.
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