NatWest nails record-breaking profit, outshining 2007’s financial debacle

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TLDR: NatWest Group has reported its largest annual profit since the 2007 financial crisis, with pre-tax profits reaching £6.2bn ($8.3bn) in 2023. The bank’s bumper profits were attributed to increased net interest income from loans and mortgages due to higher interest rates set by the Bank of England. NatWest’s bonus pool for bankers fell by 3% to £356m, reflecting the impact on shareholders after the bank missed previous earnings guidance. The bank also announced that interim CEO Paul Thwaite would permanently take over the role. Thwaite’s appointment will help pave the way for the government’s plans to sell shares in NatWest to the public later in the year.

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