NatWest beat expectations in the second quarter and announced a special dividend as it saw steady customer activity through mounting economic headwinds.
“We’re very aware of the challenges that people are facing but as we sit here today we are seeing no signs of distress or default,” CEO Alison Rose said on Bloomberg Television. “Households have a buffer in terms of the cash deposits and there is still a huge amount of liquidity sitting on corporate and business balance sheets.”
The bank will also take €900m in charges, mostly next year, as it continues to sell its Ulster Bank business in Ireland. NatWest said that excluding the operations it’s preparing to exit, its group operating profit was £1.5bn.
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