PROFITS at NatWest have jumped by a third with the bank’s return to privatisation looking weeks away.
The Government’s stake in the bank, which was bailed out by taxpayers in the 2008 crisis, has fallen to below 2 per cent.
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At the current rate of share sales, it could be offloaded entirely by mid-summer.
NatWest could also have the option to buy back the remaining Treasury shares itself.
NatWest, which also includes the Royal Bank of Scotland and Coutts brands, reported operating pre-tax profits had risen to £1.8billion during the first three months of the year from £1.3billion in 2024.
The bank said net loans had risen to £4billion, helped by an increase in mortgage lending as homebuyers rushed to beat stamp duty increases in April.
NatWest followed Lloyds in putting aside £189million for bad loans as it braced for a global trade war.
Boss Paul Thwaite said that while default levels were low, there was a “mixed picture”.
He added that while sentiment had dipped, there were no “material changes in behaviour” among retail customers.
Data showed spending on entertainment jumped 8 per cent in the first quarter compared with last year, while travel spending was up 5 per cent.
But spending on groceries, utilities and fuel has fallen this year.
Bite of Apple
Apple’s boss has warned US President Donald Trump’s tariffs will cost the firm $900million (£677 million) over the next three months.
Tim Cook said uncertainty made it “very difficult to predict beyond June”.
Apple devices sold in the US will now come from India and Vietnam instead of China to swerve the highest rate of tariffs.
Shelling out
Shell has handed another £2.6billion to investors, despite profits dropping by more than a quarter.
Earnings fell to £4.19billion from £5.8billion during the past three months due to lower gas prices.
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But boss Wael Sawan insisted the results were “solid”. The North Sea windfall tax cost Shell an extra £328million this quarter.
Good week
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Deliveroo founder Will Shu, who is set for a £172million payday if takeover by US rival DoorDash concludes.
Bad week
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Stuart Machin, boss of retailer M&S, which is dealing with a cyber attack that has blocked online orders.