LONDON (dpa-AFX) - NatWest Group plc (NWG.L), a banking and financial services company, posted a profit attributable to ordinary shareholders of 4.519 billion pounds or 53.1 pence per share in fiscal year 2024, up from 4.394 billion pounds or 47.7 pence per share in the prior year.
Profit before impairment losses declined to 6.55 billion pounds from 6.76 billion pounds last year. But Operating profit before tax was 6.20 billion pounds up from 6.18 billion pounds in the previous year.
Net interest income for the year was 11.28 billion pounds compared to 11.05 billion pounds in the previous year. Non-interest income was 3.43 billion pounds compared to 3.70 billion pounds last year.
Total income for the year declined to 14.70 billion pounds from last year's 14.75 billion pounds largely due to foreign exchange recycling gains in the prior year.
Total income excluding notable items of 14.6 billion pounds was 2.2% higher than the prior year principally reflecting deposit margin expansion, lending growth and strong customer activity in capital markets partially offset by the impact of the deposit balance mix shift from non-interest bearing to interest bearing balances.
A proposed final dividend of 15.5 pence per share brings the total for the year to 21.5 pence, marking a 26% increase compared to 2023. Total distributions deducted from capital for the year amount to 4.0 billion pounds.
The company said it generated attractive returns and distributed 4.0 billion pounds through a combination of dividends and buybacks, with dividends per share increasing by 26%. It has also confirmed that it intends to increase ordinary dividend payout ratio from 40% to 50% from 2025.
In 2025, the company expects to achieve a return on tangible equity in the range of 15% - 16%, income excluding notable items to be in the range of 15.2 billion pounds - 15.7 billion pounds. Group operating costs, excluding litigation and conduct costs, is expected to be around 8.1 billion pounds including 0.1 billion pounds of one-time integration costs.
In 2027, the company projects to achieve a return on tangible equity for the Group of greater than 15%.
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