UK recovery lifts NatWest to bumper profit

People maintain social distance while they queue outside a Natwest bank in Wimbledon, following the outbreak of the coronavirus disease (COVID-19), London, Britain, May 1, 2020. REUTERS/Hannah McKay

LONDON, Feb 18 (Reuters) – British taxpayer-backed bank NatWest (NWG.L) reported a leap in annual profit on Friday, boosted by the country’s economic rebound and the release of cash previously piled up for pandemic bad loans.

NatWest reported statutory pre-tax profits of 4 billion pounds ($5.45 billion) for the 2021 calendar year, in line with an average of analyst estimates compiled by the bank. The previous year the bank had made a 351 million pound loss.

The bank announced it would pay a 7.5 pence per share dividend and an on-market share buyback of 750 million pounds.

($1 = 0.7345 pounds)

Reporting by Iain Withers, Editing by John O’Donnell

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