NatWest quarter profits almost triple to £1.3bn as higher interest rates offset bad loan provision February 17, 2023 NatWest recorded bumper profits in the final quarter of last year as the boost from higher interest rates outweighed funds set aside to cope with bad loans. Profits at the bank increased to £1.3bn in the final quarter, in line with market expectations and doubling compared to last year. This brought yearly profits to £3.6bn, [...]
FTSE 100 close: London index breaches 8,000 mark for first time ever despite Barclays tumbling February 15, 2023 London’s FTSE 100 today breached the 8,000 point mark for the first time ever despite Britain’s biggest banks tanking after Barclays posted a big profits drop. Today’s move higher crystalises the premier index’s bullish start to 2023 that has seen it surged more than seven per cent. The new year rally builds on advances that [...]
Bank chiefs hit back at accusations of profiteering on higher interest rates February 7, 2023 Chief executives from the UK’s four largest lenders today hit back at accusations from MPs that they were too quick to charge customers more interest on their mortgages without offering higher rates on savings accounts. The bank chiefs were asked why interest rates on instant savings accounts remain around one per cent while the Bank [...]
NatWest boss refuses summons by MPs probing savings rates February 1, 2023 The boss of NatWest has refused a request to appear in front of MPs to answer questions on why banks are being slow to pass on higher interest rates to savers. Chief executive Alison Rose has told MPs on the Treasury Select Committee that she does not have the time to speak to them next [...]
Fleet Street site amongst a host of Barclays bank branch closures January 28, 2023 Barclays has announced the closure of 15 branches across the country, meaning over 100 banks are slated to shut down so far this year. The bank is set to close 14 branches across England and one in Wales from late April to the first few days on May. Sites in London, Gosport, Bridgwater and St [...]
NatWest to shutter two London branches in latest round of closures taking UK total to 66 January 26, 2023 Natwest will close a further 23 branches between April and June this year, including two in London, as the shuttering of its presence on Britain’s high streets picks up pace. The closures add to the 43 branches Natwest has already confirmed will be closing in 2023. Only two of the branches – Clapham High Street [...]
Banks called on to extend pandemic era support to vulnerable customers as cost of living pressures mount January 22, 2023 British banks are being called on to extend support offered to customers during the pandemic as the cost of living crisis increasingly affects vulnerable customers. A new report from Fair4All Finance – a government-backed financial inclusion body – found that “unprecedented” support from banks significantly helped customers during Covid-19 with “no detrimental impact on bottom [...]
UK banks’ shares slide on fears of recession and bad debt January 19, 2023 UK banks’ share prices dipped on Thursday as increasing fears of recession, bad debt and a fairly poor set of US bank earnings this week spooked investors. Barclays shed 2.8 per cent, HSBC 0.6 per cent and Standard Chartered 0.8 per cent. Domestic-focused lenders Lloyds and Natwest also traded lower, finishing down 1.0 per cent [...]
Why UK banks are not going to cause another financial crisis January 15, 2023 UK banks are better prepared to withstand a jump in home loan defaults, cooling fears of a repeat of the financial crisis, analysts have told City A.M. Strict affordability rules implemented after the 2008 banking crash have strengthened lenders’ loan books, meaning they are well insulated from a potential rise in defaults caused by last [...]
NatWest helps firms and customers concerned with ‘cutting back on food and groceries’ January 11, 2023 NatWest has announced new measures to help squeezed businesses and customers in debt after noticed people are cutting back on food and fuel amid decades-high inflation. The banking giant, which was majority owned by the UK Government until last March, said it was extending the repayment period for customers who have missed several payments on [...]