NatWest saw profits soar by more than a third to £5.1bn last year as mortgage lending grew and it and took in more income amid higher interest rates.
The Royal Bank of Scotland owner gave a payout of £5.25m to its chief executive, Dame Alison Rose, last year, handing out an annual bonus for the first time since its bailout in 2008.
It also ramped up the bonus pool for its bankers by nearly £70m in 2022, to total £367.5m. NatWest said it handed back £2.6bn to the UK Government over 2022 as it moves closer to being private again.
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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.”
Dame Alison hailed the group's return to majority private ownership, saying the UK Government's stake falling below 50% "was a symbolic milestone for our bank".
And she added: "It is from this basis of progress and profitability that we are amplifying our strategy, accelerating what we're doing but also being mindful of new opportunities and challenges we and our customers face.
" We aim to create ever closer and deeper relationships with our customers at every stage of their lives - support that starts earlier, reflects their values and meets their changing needs. It is a simple principle: if our customers thrive, so will we."
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