Peter Flavel, NatWest's private banking chief

Coutts and Adam & Co delivered an operating profit of £57 million in the third quarter of 2020, down 30 percent year-on-year as the banks recognised further impairments on their loan portfolios.

The banks, which comprise NatWest’s private banking operation, still produced an operating margin in excess of 30 percent. The cost to income ratio was 59.9 percent, compared with 60.1 per...