Banking giant NatWest has revealed half-year profits fell by less than feared as it announced a deal to buy a £2.5 billion mortgage portfolio from rival Metro Bank. NatWest reported a 16% fall in pre-tax operating profits to £3 billion for the six months to June 30. Despite the fall, the result was better than the £2.6 billion most analysts had pencilled in.
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00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.
00:05Here are your headlines for this morning.
00:07The banking giant NatWest has revealed that half-year profits fell by less than feared,
00:13as it announced a deal to buy a £2.5 billion mortgage portfolio from its rival Metro Bank.
00:20NatWest reported a 16% fall in pre-tax operating profits to £3 billion for the six months to June 30th.
00:29Despite the fall, the result was better than the £2.6 billion most analysts had pencilled in.
00:36NatWest also announced it had agreed to buy around £2.5 billion worth of residential mortgages from Metro Bank
00:45for £2.4 billion in cash, which will see it add around 10,000 borrowers to the group.
00:52There's an update this morning from NatWest, who has revealed that half-year profits fell by less than analysts were expecting.
00:59My name's Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.