British bank NatWest has reported a 27 per cent decline in first-quarter profits, attributed to increasing competition for savings, mortgage and lending products over the past year.
In its quarterly report, the bank reported a pre-tax operating profit of £1.3bn, a drop from £1.8bn recorded in the previous quarter, consistent with analyst forecasts. Despite this decline, revenues remained slightly above market expectations, totalling £3.5bn.
