NatWest’s pre‑tax profits climbed 29% to £2.3bn in the second quarter, surpassing expectations and prompting a full‑year ROE upgrade. Total income reached £4.5bn, up from £4bn Y/Y, beating analysts’ £4.4bn revenue forecast. Retail division led the charge, generating £948mn operating profit versus £735mn.

The private banking and wealth arm, including Coutts, saw a 16% rise in operating profits. CEO Paul Thwaite highlighted wealth management as a sticky fee source, less thorough to the interest‑rate cycle. NatWest completed a £2.7bn acquisition of Evelyn Partners, Britain’s third‑largest wealth manager, strengthening its ultra‑wealthy focus.

The deal is NatWest’s largest since the ill‑fated £49bn ABN Amro takeover that triggered a £45.5bn bailout and restructuring. Shares rose 2.7% in early trade, and the government sold its final stake in May.

The Bank of England’s rate stability helped NatWest and peers like Lloyds Banking Group maintain strong performance.