Mr Thwaite said: “As we enter a new, forward-looking chapter for NatWest Group, I am optimistic about the opportunities ahead of us to grow our business as a vital and trusted partner to our customers and the UK itself and, in doing so, create further value for our shareholders.”.
NatWest said it benefited from lending growth during the year, with mortgage demand increasing as the property market improved and after acquiring Metro Bank’s loan book.
The retail bank nonetheless generated less income than in 2023, as borrowing costs started to come down and more people moved savings into accounts with higher interest rates.
Meanwhile, the Government’s stake in NatWest has dropped to below 7% as the bank continues on its path to privatisation, which it expects to reach later this year.
Chief executive Paul Thwaite said shedding the Government’s shareholding would mark a “new, forward-looking chapter” for the British lender.
