NatWest Group reported a 20% increase in profits for the first half of the year, reaching £4.3 billion. This rise follows similar announcements from other major banks like Barclays and Lloyds. Barclays noted a pre-tax profit surge to £6.1 billion in the first half of 2026, while Lloyds saw earnings climb to £4.3 billion during the same period.
The TUC union group highlighted the need for higher taxes on bank profits in response to these results. TUC General Secretary Paul Nowak emphasized the disparity between bank profits and the financial challenges faced by ordinary people.
NatWest attributed its profit growth to increased lending and deposits, along with a reduced cost-to-income ratio. The bank expressed confidence in its future financial performance, citing strategic investments and a customer-centric approach.
Despite ongoing global uncertainties, including the Iran conflict and rising energy costs, the Bank of England opted to maintain interest rates. Inflation is projected to peak at around 3.2% later this year, prompting caution from central bank officials.
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