With total income and operating profits of £1.06 billion and £436 million respectively for the year to 31 December, Coutts’ - or more precisely NatWest Private Banking’s - latest set of results came out as more or less expected.

Indeed, the operating profits figure of £436 million was only £1.4 million greater than a benchmark forecast based on ceteris paribus assumptions of £434.6 million.

At £1.056 billion the income figure was £61.5 million greater th...