National Westminster Bank reported its first-quarter results on Friday, revealing that its net profit annually surged by 52% to reach £1.28 billion. NatWest's income expanded by 37% to £3.88 billion in the same period, slightly below market expectations.
"NatWest Group's strong performance in Q1 2023 is underpinned by our robust balance sheet, our high levels of capital and liquidity and our well-diversified loan book. Through a period of significant macro disruption and uncertainty, we continue to stand alongside the people, families and businesses we serve, providing targeted support and growing our lending responsibly," CEO Alison Rose noted.
Commenting on the outlook, NatWest said retained the guidance provided in its 2022 Annual Report and Accounts. The company's shares plunged over 5% in London following the earnings announcement.
