NatWest profits jump as UK crosses Covid Business

A year earlier he invested £ 802million for loan losses and cashed £ 3.2million for those provisions over the whole of 2020.

The group – renamed Royal Bank of Scotland last year – has not changed its outlook for the full year, as it remains cautious amid “continuing uncertainty for our economy”.

Alison Rose, Managing Director of NatWest Group, said: “NatWest Group profit in the first quarter of 2021 is the result of a good operational performance of our loan book franchises over the first three months of the year.”

She added: “Defaults remain low due to UK government support programs and there is reason for optimism with vaccination programs progressing at pace and restrictions being relaxed.

“However, uncertainty persists for our economy and for many of our customers due to Covid-19.”