'The impact of the economy plus a life event' drive people to require help from NatWest's financial support teams CEO Dame Alison Rose tells Sky News. NatWest announced it had beaten profit expectations with a 50% hike on last year 📺Sky 501 and YouTube
NatWest has beaten expectations by recording a pre-tax profit of £1.8bn in the first three months of the year.
NatWest Group, which includes the Royal Bank of Scotland and Ulster Bank, also saw its total income surge by more than a third over the period, bolstered by higher interest rates which makes it more expensive to borrow. When this was excluded, £11bn was taken out of the bank, or 2.6% of its total customer deposits, which was put down to higher tax payments, competition for better savings rates and market volatility.It also reported a growing number of people using its fixed-term savings products in the first quarter as people looked to make the most of higher interest rates.
"Our disciplined and consistent approach to risk management means that arrears and impairments remain low.
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