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NatWest Group has reported operating profits before tax of £2.5 billion, compared to an operating loss before tax of £770 million during the same period last year, in its half year results for 2020.
After tax, profits were at £1.8 billion for the half year to 30 June 2021. Income across its UK and Royal Bank of Scotland International retail and commercial businesses dipped 3.3%, and was down at £160 million for the period.
The bank says this reflects lower yield curve and subdued transactional business activity.
NatWest Markets income decreased 59.6% from its half year results in 2020 and was down at £492 million.
Alison Rose, CEO, said: We continue to make progress against our strategic targets and to accelerate our digital transformation as we build a bank that is relevant to our customers in every region of the UK and supports them at every stage of their lives.
As the UK's leading business bank, we are determined to remove barriers to entry and help the economy build back better.
The banks net interest margin of 1.61% decreased by 3 basis points, compared with the first quarter of 2021.