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February 21, 2023: On Friday, NatWest warned that rising interest prices might not deliver the long-lasting earnings bonanza investors hope for, even though profit increased by 33% in the previous year.
Shares in the bank decreased nearly 9% as investors accepted the forecasts for profitability and costs for this year, even as the bank stated annual pretax profit increased to 5.1 billion pounds from 3.8 billion pounds.
“We think the results are likely to be experienced as a miss on 2023 expectations today,” Credit Suisse analysts stated, which cited the bank’s unchanged comebacks target and guidance that costs would be 300 million pounds much more than the analysts thought.
NatWest shares decreased 7% at 0945 GMT. Rival Lloyds Banking Group, also aimed at the UK market, was down 4%.
State-backed NatWest did surge payouts for shareholders, announcing a 10 pence for each final share dividend and an 800 million pound share buyback.
NatWest CEO Alison Rose stated that the bank’s strategy was delivering, and it had been clear on its economic forecasts, which include a prediction that Bank of England prices would hold at 4% this year.
It raised the staff bonus pool by nearly a quarter to 368 million pounds, which risks potential criticism because it is 44% owned by taxpayers.
Rose’s entire pay package for 2022 increased by almost 50% to 5.2 million pounds, which increased from 3.6 million pounds the last year.
NatWest Chairman Howard Davies stated that the figures reflected executive directors receiving an annual bonus for the initial time since 2010 and also included long-term awards earned in prior years.
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