The parent company of the Royal Bank of Scotland, NatWest Group (NWG -8.39%), had its share price fall nearly 8.7% during today's last hour of trading.
The third quarter results for NatWest fell short of analyst estimates, with net income of roughly $217 million and total revenues of about $3.7 billion.
We are painfully aware of the difficulties that people, families, and companies across the nation are enduring at this time of heightened economic uncertainty.
Although we haven't yet noticed any indications of increased financial trouble, Rose continued.
"We are highly aware of our customers' growing concerns and we are actively monitoring any changes to their money or behaviour."
Due to an increase in loan losses during the quarter—a considerable increase from the prior quarter—NatWest had to make a provision for loan losses of around $287 million.
The third quarter saw an increase in operating expenses of around 3.4% to $2.2 billion, which seemed to worry analysts.
Given that this is the second quarter in which management has walked back its cost estimate, the market is likely to demand more clarification on the expenses trajectory.