Natwest today said its profits had almost doubled since the previous quarter, despite inflation, the cost-of-living crisis, and the war in Ukraine.
The bank said it had generated £841m in profits in the first quarter of 2022, up 93.8 per cent compared to the £434m in profits Natwest posted in Q4 2021.
The first quarter also saw the government’s stake in Natwest drop below 50 per cent for the first time since the financial crash, after it dropped to 48 per cent in Q1 2022.
The firm beat analysts’ expectations in posting strong results on the back of higher fee incomes as rising interest rates also boosted Natwest’s mortgage business.
Natwest’s soaring profits came on the back of higher incomes and lower costs, as its total incomes increased 16.8 per cent compared to the first quarter of last year to £3.027bn.
The firm’s costs also dropped 21.8 per cent from £2.33bn in Q4 2021 to £1.82bn in Q1 2022.