The earnings performance reflects the successful completion of the £2.2 billion acquisition of Evelyn Partners, finalized on June 30. This strategic expansion fueled a record £2 billion in net asset management inflows and pushed total assets under management and administration to £130.6 billion, a 130.3 per cent increase since March. The Evelyn deal alone contributed £71.7 billion to this total, signaling a rapid consolidation of market share in the UK wealth management sector.
NatWest Wealth Profit Climbs Following Evelyn Partners Integration
NatWest Group’s private banking and wealth management division posted an operating profit of £212 million for the first half of the year, a marked rise from the £179 million recorded during the same period in 2023, as the bank aggressively pivots toward fee-based income streams.
Total income for the division rose 10 per cent to £595 million, while the cost-to-income ratio improved by 320 basis points to 63.2 per cent. Emma Chrystal, CEO of the division, noted that the integration of Evelyn Partners creates a leading franchise that blends private banking with financial planning expertise. Beyond the division's specific gains, the broader NatWest Group reported a pre-tax operating profit of £4.318 billion, a 20.4 per cent year-on-year increase. Despite the positive momentum, the bank’s Common Equity Tier 1 ratio, a key measure of capital resilience, dipped to 13.2 per cent from 14.3 per cent a year ago, reflecting the capital deployment required for the acquisition.
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