NatWest Group returned to profitability last year, reporting full-year net profit of £2.95 billion.

Overall pre-tax profits reached £4 billion in 2021, increasing from a loss of £481 million the year before.

In last year’s half year financial results, NatWest reported an operating profit of £2.5 billion, compared with an loss of £770 million during first six months of 2020.

The bank said that its net lending – excluding government schemes – grew by £7.8 billion during last year. This was largely driven by growth in mortgages.

NatWest also removed £256 million in costs from the business over the 12-month period.

“NatWest Group delivered a strong performance in 2021 as we returned to profitability, made progress against our strategy and distributed more than £3.8 billion of capital to our shareholders, including £1.7 billion to the taxpayer,” said Alison Rose, chief executive, NatWest Group. “We are acutely aware of the challenges that many people, families and businesses continue to face up and down the country and are working alongside our customers to provide the support they need - whether that is managing their money better, saving for a house or retirement or starting or growing a new business - as well as playing a leading role in the transition to net zero.”

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