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Mortgage boom brings NatWest £4bn profit in 2021
NatWest’s annual results for 2021 report their profit as £4bn – up from a loss of £351m in their 2020 annual results.
Senior Journalist, covering the Credit Strategy and FSE News brands.
Senior Journalist, covering the Credit Strategy and FSE News brands.
The bank’s net lending – excluding government schemes – grew by £7.8bn (2.6%), and NatWest says this was primarily motivated by growth in mortgages which “exceeded the market”.
The bank possesses 11.5% flow share of UK mortgages, and say they approved 48,000 first home-owners’ mortgages and 40,000 remortgages last year.
The booming mortgage market helped NatWest return to profit, as did £1.3bn of impairment releases from capital set aside to cover pandemic-related loan losses that never materialised.
NatWest’s trading division also performed poorly, making a loss of £711m over 2020, with an operating loss of £302m in the fourth quarter. Trading division losses in 2020 were £227m.
For Premium Members, there is an in-depth analysis of the full year results here.
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