NatWest Group plc (NYSE:NWG) Q3 2024 Earnings Conference Call October 25, 2024 4:00 AM ET
Company Participants
Paul Thwaite - Group Chief Executive Officer
Katie Murray - Group Chief Financial Officer
Conference Call Participants
Guy Stebbings - BNP Paribas Exane
Chris Cant - Autonomous
Benjamin Toms - RBC
Aman Rakkar - Barclays
Alvaro Serrano - Morgan Stanley
Jonathan Price - Jefferies
Benjamin Caven-Roberts - Goldman Sachs
Robert Noble - Deutsche Bank
Andrew Coombs - Citi
Amit Goel - Mediobanca
Ed Firth - KBW
Jason Napier - UBS
Operator
Good morning, and welcome to the NatWest Group Q3 Results 2024 Management Presentation. Today's presentation will be hosted by CEO, Paul Thwaite; and CFO, Katie Murray. After the presentation we will take questions.
Paul Thwaite
Good morning, and thank you for joining us today. I'll start with a brief introduction before Katie takes you through the financial performance and then we'll open it up for questions.
You will have seen that we are upgrading our full year income and returns guidance this morning as we continue to make good progress on our three strategic priorities. Discipline growth, bank wide simplification together with active balance sheet and risk management. This progress together with our ongoing support of customers is reflected in our performance.
So, let's turn to the financial headlines for the first 9 months of the year. Healthy levels of customer activity continue on both sides of the balance sheet. Customer lending growth of GBP 8.1 billion to GBP 367 billion was broad-based.
In Commercial & Institutional this was driven by both our large corporate and commercial mid-market customers including lending to the social housing sector. We provided GBP 23.5 billion of climate and sustainable funding and financing bringing the total to GBP 85.4 billion since July 2021 in reach of our GBP 100 billion 2025 target.
Our existing mortgage book returned to growth in the third quarter as volumes and margins improved during the year making returns more attractive. The acquisition of a GBP 2.3 billion prime residential mortgage portfolio for Metro Bank completed last month and is included in these numbers. In addition we grew our share in credit cards from 8.5% to 9.3%.
On the other side of the balance sheet customer deposits increased by GBP 8.3 billion to GBP 427 billion with growth across all three of our businesses and migration to term deposits continuing to slow.
In our private bank assets under management increased by GBP 5.7 billion to GBP 46.5 billion including GBP 2.2 billion of net new inflows. This activity clearly underpins our financial performance. We generated income of GBP 10.8 billion for the first nine months.