NatWest private banking – of which Coutts is the main component – reduced operating profits by a third in 2023.

In its full year results to 31 December 2023, operating profits decreased to £291 million from £436 million a year earlier.

Total income dropped by 6.3 percent or £66 million in the year from £1.06 billion to £950 million. The bank said this was due to lower deposit balances with mix shifting from non-interest bearing to interest bearing balances, as custom...