NatWest smashed expectations to post £2.5bn in operating profit for the first half of the year as it hiked shareholder payouts, with the Government set to receive £190m for its stake in the lender.
The bank said that operating profit before tax reached more than £2.5bn in the six months. That is far better than analyst expectations of £1.8bn for the first half, and a swing from a £770m loss in the same period last year.
It makes NatWest the latest bank to beat forecasts, following on from both Barclays and Lloyds earlier this week, as they dip into their provisions for bad loans – money set aside to protect balance sheets from defaulting customers during the pandemic.
