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High-street bank Natwest reported that operating profit more than trebled in the third quarter as income climbed.
For the three months ended 30 September, pre-tax profit grew to £1.56 billion from £355 million year-on-year as income gained 14.5% to £2.66 billion.
Net interest margin of decline by 7 basis points to 1.54%.
Total impairment provisions was reduced by £0.5 billion to £4.4 billion in the quarter and as a result expected credit loss coverage ratio decreased from 1.31% to 1.19%.
The CET ratio was up 50 basis points to 18.7% from Q2, largely reflecting the 'attributable profit and reduction in RWAs partially offset by the foreseeable dividend accrual,' the company said.
Looking ahead, the company cut its guidance for risk weighted assets to to a range of £185 to 195 billion on 1 January 2022.