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Top Stories

Posted By Uma Rajagopal

Posted on July 26, 2024

NatWest first-half profit down 16% as mortgage competition bites

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)

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