NatWest makes largest profit since financial crisis on higher rates

Bailed-out bank raises bonuses after increase in charges for borrowers drives £5.1bn profit in 2022

NatWest has increased banker bonuses after reporting its largest profit since before the 2008 financial crisis, as the lender benefited from a surge in loan and mortgage charges for its borrowers.

The lender – which is still 46% owned by the UK government – said profits rose 33% to £5.1bn in 2022, marking its highest pre-tax earnings since the bank almost collapsed and was forced to take a £45bn taxpayer bailout at the height of the global financial crisis.