NatWest's profits surge by over a third to £5.1 billion in 2022 with its boss earning £5m pay

NatWest's profits surged by more than a third to reach £5.1 billion last year, the bank said Thursday.

It comes as it ramped up mortgage lending and took in more income amid higher interest rates.

The British banking giant also paid its chief executive, Dame Alison Rose a huge £5.25 million last year.

It also boosted the bonus pool for its bankers by nearly £70 million in 2022, to £367.5 million.

This is the first time the bank has handed out an annual bonus since its bailout in 2008.

The lender, which is no longer majority-owned by the state, said it handed back £2.6 billion to the UK Government over 2022 as it moves closer to being private again.Dame Alison Rose, NatWest Group’s chief executive, said: “NatWest Group delivered a strong performance in 2022. We made considerable progress against our strategic goals, maintained a well-balanced loan book and distributed significant capital to our shareholders, including the UK Government.

“Despite not yet seeing significant signs of financial distress among our customers, we are acutely aware that many people and businesses are struggling right now, and that many more are worried about what the future holds.

“Our robust balance sheet, responsible lending and continued capital generation allow us to proactively support those who need it whilst helping others to get ahead of the challenges to come.”

Last year NatWest looked to shift its focus to online and mobile banking.

In October 2022 it confirmed it would close 43 high street branches across the UK but just six jobs were expected to be put at risk.

A NatWest spokesperson said at the time: “We understand and recognise that digital solutions aren’t right for everyone or every situation, and that when we close branches we have to make sure that no-one is left behind.

“We take our responsibility seriously to support the people who face challenges in moving online, so we are investing to provide them with support and alternatives that work for them.”

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