NatWest made its biggest annual profit last year since the 2007 financial crisis, helped by high interest rates, as the bank confirmed the interim boss, Paul Thwaite, would permanently take over as its chief executive before a public sale of its government-owned shares.
The UK lender – which is still 35% government-owned – said pre-tax profits rose 20% to £6.2bn in the year to December. That is higher than analyst forecasts for £6bn, and marks its largest annual profit recorded since it made £10bn in 2007, the year before excesses led to a £45.5bn public rescue that has yet to be fully unwound 16 years later.
