NatWest Bank swung to a full year profit as it released more than £.17bn in cash set aside for loan defaults during the Covid pandemic and said it expected to achieve a return on tangible equity “comfortably” above 10% in 2023.
The bank, 53% owned by the UK taxpayer, posted full-year operating pre-tax profits of £4bn compared with a £481m loss a year earlier.
It also said it would pay a 7.5p-a-share dividend and announced a £750m share buyback.
