NatWest Group plc Stock News

The British high-street bank reported higher third-quarter pretax profit, helped by increased income following the acquisition of Evelyn Partners.

NatWest reports flat third-quarter profit, reaffirms outlook

The FTSE 100 Index has pulled back over the past few days, falling from this month's high of 10,891 to its current level of 10,670. The retreat continued this week as top companies like Barclays released their earnings and crude oil prices jumped.

British bank NatWest's move to ask staff to work from office at least two days a week drew sharp criticism on Tuesday from union ​Unite, which raised concerns about costs to employees and disruptions ‌to family arrangements.

Shares in Lloyds and NatWest fell Friday as investors reacted to reports of a possible increase in the U.K. bank-profit surcharge. The bank surcharge is reportedly expected to rise to 8% from 3% in Finance Minister John Healey's budget later this month.

Lloyds Banking Group PLC (LSE:LLOY) and NatWest Group PLC (LSE:NWG) were among the leading FTSE 100 fallers on Friday as investors reacted to expectations that Chancellor John Healey could raise taxes on banks in the 28 October budget. Lloyds fell 1.9% to 103.85p shortly after 8:30, while NatWest dropped 1.8% to 662.2p, with the sector facing the prospect of a higher surcharge on banking profits.

European Banks remain an ‘overweight' sector for JP Morgan, with NatWest Group PLC (LSE:NWG) and Standard Chartered PLC (LSE:STAN) among its top picks following the sector's recent decline. Its preferred portfolio also includes UBS Group AG (NYSE:UBS), Deutsche Bank AG (NYSE:DB) and ING, with Julius Baer newly added.