NatWest Wealth Profit Climbs Following Evelyn Partners Integration

The earnings performance reflects the successful completion of the £2.2 billion acquisition of Evelyn Partners, finalized on June 30. This strategic expansion fueled a record £2 billion in net asset management inflows and pushed total assets under management and administration to £130.6 billion, a 130.3 per cent increase since March. The Evelyn deal alone contributed £71.7 billion to this total, signaling a rapid consolidation of market share in the UK wealth management sector.

Total income for the division rose 10 per cent to £595 million, while the cost-to-income ratio improved by 320 basis points to 63.2 per cent. Emma Chrystal, CEO of the division, noted that the integration of Evelyn Partners creates a leading franchise that blends private banking with financial planning expertise. Beyond the division's specific gains, the broader NatWest Group reported a pre-tax operating profit of £4.318 billion, a 20.4 per cent year-on-year increase. Despite the positive momentum, the bank’s Common Equity Tier 1 ratio, a key measure of capital resilience, dipped to 13.2 per cent from 14.3 per cent a year ago, reflecting the capital deployment required for the acquisition.