Natwest closed the week strong, thanks to upbeat financials

NatWest (LSE:NWG) shares strengthened, to close Friday’s session 7% higher, after a positive showing in its first half results.

The UK lender reported an operating profit of £3 billion – albeit, pre-tax profit was down 4.1% at £1.7 billion.

Additionally, Natwest announced the acquisition of a £2.4 billion mortgage book from Metro Bank – adding to a recent deal to acquire Sainsbury's Bank accounts, adding about one million accounts.

It also revealed it had incurred £24 million in costs from an abandoned campaign, initially planned by the previous government, designed to privatize a portion of NatWest’s state-owned shares but was halted due to the early election call.

The government’s divestments of its holding in Natwest resumed following the election.

NatWest also upgraded its full-year profit forecast, expecting a return on tangible equity to rise above 14%. The bank’s net interest income fell by 2.4% to £2.8 billion.

Chief executive Paul Thwaite stated that NatWest had made significant progress in growing and simplifying its business, attracting over 200,000 new customers.

Analysts cheered the results, and here … we’ve curated some of the highlights.

In London, Natwest shares closed Friday 7% higher, at 361.9p.