Pre-tax profits at NatWest increased by more than a third to £5.1 billion last year, according to the bank's latest financial results.

Profits at the bank were up by £1.3 billion compared to 2021 and the highest they’ve been since before the 2008 global financial crash.

The bank, which is part owned by the government, also announced that chief executive Alison Rose received a £5.2 million bonus last year.

Following the successful year, NatWest said it plans to launch a share buyback programme of up to £800 million in the first six-months of 2023.

“We made considerable progress against our strategic goals, maintained a well-balanced loan book and distributed significant capital to our shareholders, including the UK Government,” said Rose.

The chief executive said that the bank had not yet seen significant signs of financial difficulty among its customers but that it is aware that “many people and businesses” are struggling.

NatWest attributed its record profits to strong performance across the whole business, but warned that the economic outlook for 2023 "remains uncertain".

The results come a few days after NatWest announced a deal to acquire a majority stake in UK-based FinTech Cushon.

The bank will acquire 85 per cent of the workplace pensions and ISAs company for £144 million, with NatWest saying that the deal would allow it to offer a new range of financial products to commercial customers and their staff.

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