Boost for NatWest shares after week of turmoil

Shares in NatWest moved higher on Friday after reporting strong first-half (H1) results.

NatWest earnings

The financial institution reported a pre-tax profit of £3.6 billion, showing an increase from the £2.6 billion earned in the preceding year. The growth can be attributed to the surge in interest rates. Their liquidity coverage ratio (LCR), which indicates the institution's cash on hand, rose to 141%, or £45.3 billion above the regulatory requirement of 100%.

The group also announced an interim dividend of 5.5 pence per share and a buyback programme of £500 million for the second half of this year. However, it said customer deposits declined by £6bn.

CEO steps down

The results update comes after NatWest‘s board of directors announced its group chief executive, Alison Rose, was stepping down from her position after she mishandled the closure of Nigel Farage’s account with its private bank Coutts.