The wider bonus pool for bankers also grew by nearly £70m from the previous year and totalled £367.5m
Why you can trust Sky NewsThe bank recorded profits of £5.1bn before tax in its 2022 full-year results, a high not seen since 2007 and an increase from the £3.8bn booked a year earlier.
The payment of a bonus to its chief executive, Dame Alison Rose, was also given for the first time since the crash. Her total pay in the year was £5.25m. The wider bonus pool for bankers also grew by nearly £70m from the previous year and totalled £367.5m. It's the second year in a rowShareholders, including the state, will likely get a payout of 10p each per share, as an £800m share buyback scheme was announced, meaning the bank will increase its own stake.
Higher interest rates, imposed on lenders by the Bank of England following the mini-budget market turmoil in an effort to lower inflation, have benefitted NatWest.The CEO of NatWest has defended the banking industry's current tax contribution Profit has been boosted by those rates. Money earned on loans, minus the amount it pays in interest, increased. The margin rose from 2.3% in 2021 toAs interest rates rise and cost of living pressures weigh on households, NatWest has put aside £337m - less than the £434m forecast - for the year to prepare itself for the hit of customers who may default on loans. But the banks says levels of default remain low.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NatWest refuses to pass interest rate rise to savers despite announcing bumper profitsThe boss of Natwest declined to reassure savers that the bank would pass on a recent interest rate rise on the day it announced bumper profits
Read more »
NatWest boss gets £5m payout as mortgage profits soarChief executive Alison Rose was handed a bumper pay package for 2022, as the bank's profits hit £5.1bn.
Read more »
Turkey-Syria earthquake: Further £25m aid pledge from UK will provide 'vital humanitarian assistance' to victimsSo far, more than 40,000 people have died in the earthquake that struck Turkey and Syria, while towns and cities have been turned to rubble, rendering many victims homeless.
Read more »
Wedding venue for sale for £1.25m as husband-and-wife owners turn to new ventureThe hotel's owners recently won an award after diversifying the business and launching a gin distillery and is the brand partner for Blackburn Rovers Gin
Read more »
Sir Rod Stewart, Alison Hammond and Joe Lycett nominated for British LGBT AwardsJoe's 'cash-shredding' stunt is up for media moment of the year, while Sir Rod and Alison are nominated as celebrity allies
Read more »
Stacey Solomon shares Insta video of sweet moment Rose meets baby sister BelleThe heartwarming video starts with Rose reaching her arms out before Stacey places Belle gently on top. Rose then puts her head on Belle's, and is heard saying 'feed'.
Read more »