Boost for NatWest shares after week of turmoil
Shares in NatWest moved higher on Friday after reporting strong first-half (H1) results.
NatWest earnings
The bank posted pre-tax profit of £3.6 billion, compared to £2.6bn in the previous year, boosted by rising interest rates. The liquidity coverage ratio (LCR), which demonstrates the bank’s cash reserves, went up to 141%, representing £45.3bn above the 100% minimum requirement.
The group also announced an interim dividend of 5.5 pence per share and a buyback programme of £500 million for the second half of this year. However, it said customer deposits declined by £6bn.
CEO steps down
The results update comes after NatWest’s board of directors announced its group chief executive, Alison Rose, was stepping down from her position after she mishandled the closure of Nigel Farage’s account with its private bank Coutts.
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