British lender NatWest has today posted a 41% jump in first-quarter profit, as rising rates boosted income even as they threaten to further squeeze household incomes.
The lender reported a pretax profit of £1.2 billion, up from £885m a year earlier and restated to exclude the Irish business - Ulster Bank - it is exiting. The bank maintained its economic forecasts, which will be updated later in year, but could be acutely exposed to any slowdown as one of Britain's largest lenders and its biggest business bank.Rivals Barclays, Lloyds and HSBC all warned this week of potential damage to their finances from inflation, which has been heightened by the impact of war in Ukraine.
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