Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

NatWest Group Achieves Highest Annual Profit Since Pre-Financial Crisis

by February 16, 2024
February 16, 2024
NatWest Group Achieves Highest Annual Profit Since Pre-Financial Crisis

NatWest Group has disclosed its most substantial yearly profit since the period just preceding the financial crisis in 2007.

The banking conglomerate revealed a pre-tax profit of £6.2bn for the year 2023, surpassing expectations.

Additionally, it announced the appointment of Paul Thwaite as its permanent chief executive. Thwaite succeeds Dame Alison Rose, who resigned the previous year after acknowledging discussions regarding the closure of Nigel Farage’s bank account.

The board affirmed Thwaite as the “ideal candidate” to steer the group towards its future endeavours.

This announcement coincides with the group’s preparations for a potential public share offering, possibly slated for as early as June.

The government still retains a 35% ownership stake in the bank, following its £46bn bailout during the financial crisis.

UK Government Investments (UKGI), the entity overseeing government investments, has been exploring a share sale since the chancellor unveiled plans in 2023.

Since its bailout in 2008, NatWest, formerly Royal Bank of Scotland, has steadily decreased the government’s shareholding through sales to institutional investors and repurchases by the bank itself.

On Friday, the group disclosed a 20% increase in pre-tax profits for 2023 compared to the previous year and announced a £300m share buyback.

While heightened interest rates have bolstered revenues, the bank cautioned that a challenging economic environment could impact future earnings.

NatWest stated it would distribute £356m in staff bonuses, slightly down from £368m in the preceding year.

In its annual report released on Friday, NatWest confirmed that Dame Alison Rose would receive £2.4m in pay, pension contributions, and benefits for her notice period, concluding on 26 July this year.

Due to her resignation not meeting the criteria for “good leaver” status, Dame Alison will forego £5.1m in share awards and potential bonuses and other awards amounting to up to £2.8m.

In addition to the new chief executive, Richard Haythornthwaite has been appointed to succeed Sir Howard Davies as NatWest chair.

Haythornthwaite, presently chair of Ocado and the AA motoring and insurance organisation, will relinquish his other chairmanships upon assuming the role at NatWest on 15 April.

Sir Howard Davies faced criticism last year for expressing the board’s “full confidence” in Dame Alison Rose following the controversy surrounding Nigel Farage‘s account closure discussions with a BBC journalist.

However, just a day later, NatWest announced Dame Alison’s resignation.

Earlier this year, Sir Howard drew ire for remarking that it wasn’t “that difficult” for first-time buyers to enter the property market.

He remarked to the BBC: “I don’t think it is that difficult at the moment,” noting, “You have to save, and that is the way it always used to be.”

Read more:
NatWest Group Achieves Highest Annual Profit Since Pre-Financial Crisis

0
FacebookTwitterGoogle +Pinterest
previous post
Joe Manchin suggests Mitt Romney, Rob Portman as potential running mates as he flirts with third-party ticket
next post
Amazon sellers teetering on the brink of insolvency due to VAT verification fiasco

You may also like

Independent producers bucks retail trend with record £3.5million...

July 11, 2023

Top 6 Strategies to Improve Your Business and...

May 30, 2023

North of England rail faces ‘utter chaos’, warns...

November 28, 2022

Chancellor pledges 30 hours of childcare a week...

March 14, 2023

The Secret to Building a Loyal Customer Base...

November 4, 2024

Steep discounts on furniture and fashion weigh on...

January 28, 2025

UK small businesses face costs 10k higher than...

December 14, 2023

Household Confidence Peaks to Three-Year High Amid Economic...

May 24, 2024

Taking the biscuit: Jaffa Cake shortage fears as...

November 15, 2022

Car Industry Urges UK Government Action to Boost...

May 8, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Maybe Most People Do Not Want Teacher-Led Public School Prayer—But They Do Want Chaplains

      June 27, 2025
    • Flashback: The debate night against Trump that threw Biden’s reelection campaign into a free fall

      June 27, 2025
    • How to Improve your Trading Odds and Increase Opportunities

      June 27, 2025
    • UK Export Finance unveils new tools to boost SME global trade

      June 27, 2025
    • Republicans raise alarm over US vulnerability to mass drone strikes after Israel-Iran conflict

      June 27, 2025
    • Manchester businessman cleared of hacking charges in ICO case

      June 27, 2025

    Categories

    • Business (8,329)
    • Investing (2,075)
    • Politics (15,826)
    • Stocks (3,173)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved