NAT WORST

Crisis-hit bank rakes in extra £1bn profits while we all struggle

- MEG JORSH

NATWEST Group’s profits have surged by nearly £1billion as account-holders battle the cost-of-living crisis.

The British finance giant – which sparked a row when one of its posh banking brands closed Nigel Garage’s bank account – reported a “strong” financial performance for the first half of 2023.

Its pre-tax profits leapt to £3.6bn, compared to £2.6bn in the same period last year. The lender has been raking in cash thanks to higher interest rates pushing up the cost of borrowing as mortgages continue to rise.

Its group chair Howard Davies was seen this week with a hefty wad of cash near his London home.