Coutts, the private banking arm of the NatWest Group today (14 February) reported a 19.9% jump to £48.9bn (2023: £40.8bn) in assets under management and administration (AUMA) in its full year 2024 results.
Operating profit fell from £291m in 2023 to £264m in the latest full year but with strong H2 performance compared to H2 2023.
Deposits of £42.4bn were up 12.5% (£4.7bn) year-on-year (2023: £37.7bn), largely reflecting growth in instant access savings accounts.
Assets under management net flows were £2.2bn represented 6.9% of opening AUM balances, while assets under advice saw net flows of £0.6bn and Cushon net flows of £0.4bn.
Coutts further reported £4.8bn of positive market movements throughout the year and an impairment release of £11m compared with a £14m charge in 2023.
RoE of 14.2% (2023: 14.8%) with a strong performance during the second half of the year showing positive momentum.
Emma Crystal (pictured), CEO, Wealth Businesses, NatWest Group said: “These results are a solid foundation for us to build from. In particular, the strong growth in AUMA and deposits demonstrate the value of our client focus across both private banking and wealth management.
"As we head into the new financial year, our focus will remain on delivering for our clients, as a trusted partner, across their full range of needs.”
