Natwest’s wealth income boosted by Evelyn Partners takeover

Natwest s profit climbed in the third-quarter after gains from its Evelyn Partners acquisition delivered a boost to the bank s wealth unit. The FTSE 100 bank recorded a pre-tax profit of £2.2bn, broadly in line with internal consensus and up 1.9 per cent from the same period last year. The bank recorded a total income of £4.6bn for the period, up 7.1 per cent, driven by an increase in its Private Banking Wealth Management division following its first full quarter with Evelyn Partners. Natwest sealed a £2.7bn deal to purchase the firm from its private equity owners Permira and Warburg Pincus in February. It added the acquisition had completed at the end of June. This helped income in the wealth division surge 47 per cent compared with the second quarter. Non-interest income more than doubled to £233m while assets under management income rose to £225m, from £92m. Group non-interest income beat expectations at just shy of £1.1bn, compared to the £1bn pencilled in. This h