NatWest profits soar to £3.6bn after week of resignations

NatWest has reported a sharp rise in first-half profits to £3.6bn following a week of high-profile resignations.

The bank announced better-than-expected pre-tax profits, up from £2.6bn.

The results come after a torrid few days for the bank, which saw both its chief executive and the boss of its Coutts division quit over the closure of Nigel Farage's account.

The board of NatWest, which is 39% owned by the taxpayer, remains under pressure over the row.

Sir Howard Davies remains as chair of the group, although former UKIP leader Mr Farage has also called on him to step down.

Hours before Dame Alison Rose announced her resignation as chief executive, Sir Howard said that the board retained "full confidence" in her.

Earlier this week, Economic Secretary to the Treasury Andrew Griffith said there was no need for Sir Howard to resign because NatWest had announced earlier this year that he would step down by the middle of 2024 and a search for his successor was already under way.

The results for the six months to 30 June are the last of Dame Alison's tenure as chief executive.

She left the bank earlier this week "by mutual consent" with the board after admitting she had discussed Mr Farage's relationship with Coutts, a subsidiary of NatWest which is focused on wealthy clients.

She was followed by Peter Flavel who quit as chief executive of Coutts a day later.