UK bank NatWest on Friday reported better-than-expected profits driven by rising interest rates.
The bank posted pre-tax profits of £2.6bn for the six months to June 30, up from £2.3bn a year earlier and above £2.2bn average in a company-compiled forecast by analysts.
Net interest margin, the difference between lending and savings rates, rose 26 basis points to 2.72% was 26 basis points higher than the first quarter, driven by the impact of base rate rises.
The Bank of England has been raising rates in an attempt to quell runaway inflation amid Britain’s cost-of-living crisis.
Reporting by Frank Prenesti at Sharecast.com
