Its results for the period showed NatWest’s retail and private banking mortgage book totalled £206.3bn in Q3, including £2.3bn related to its acquisition of the Metro Bank mortgage portfolio.
While it did not disclose a figure for gross mortgage lending, the bank said this increased by 25% across its retail and private arms.
NatWest said the group mortgage book had a stable average loan to value (LTV) of 57%, with low levels of arrears that were below those of 2019.
Some £11bn or 6% of the group mortgage book was set to expire this year.
For the nine months to September, NatWest reported a profit of £3.4bn, compared to £3.34bn last year.
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For the Q3 period alone, it generated a profit of £1.24bn, slightly down from £1.25bn in the previous quarter.
Its net interest margin (NIM) fell from 2.17% in the first nine months of 2023 to 2.11% this year, while from Q2 to Q3, this rose from 2.1% to 2.18%.
Paul Thwaite, chief executive of NatWest, said: “The strength of NatWest Group’s performance is underpinned by the support we provide to our 19 million customers in every nation and region of the UK. By continuing to deliver against our strategy, we are growing and simplifying our bank whilst managing our capital more efficiently.
“As the UK’s biggest bank for business, and one that serves millions of households, NatWest Group plays a key role in driving economic growth across the UK. Throughout the third quarter of 2024, we have grown our lending, helping customers to buy or remortgage their homes or to start and grow their businesses. With customer activity increasing, defaults remaining low and optimism amongst businesses and consumers, we are well-placed to succeed with our customers and for our shareholders in the months and years ahead.”
