NatWest £6.2bln profit for 2023
While full-year earnings topped market forecasts at £6.2bln, estimates had been £5.1bln for the year, fourth quarter also beat at £1.26bln.
NatWest also announced a final dividend of 11.5 pence per share and a share buyback of £300mln. It has been a difficult year for the bank after the abrupt departure of Alison Rose following the so-called de-banking saga with Nigel Farage, but it has confirmed Paul Thwaite as its permanent chief executive. Now comes the gearing up for the sale of state-owned stock in the company back to the market.
(AI Video Summary)
NatWest
NatWest, a UK bank, just released their fourth-quarter results and they've done really well! They made £1.26 billion in profit before taxes, which is even better than what experts predicted (they thought it would be in the billions though). This is exciting news because NatWest had a tough year dealing with some scandals. Now, they want to sell some of their company's shares to the public, which means regular people like you and me can buy a piece of the bank.
NatWest's profits
For the whole year, NatWest made a total profit of £6.2 billion before taxes, which is higher than what they made the previous year. To celebrate their success, they're giving away some of that money to their shareholders in the form of a final dividend payment of 11.5 pence per share. They also have a plan to buy back some of their own shares, which shows they have confidence in their future.
Even though NatWest did really well, their stock price went down a tiny bit when trading started today. Some people are probably just selling their shares to secure their profits after the stock went up recently. But don't worry, it's possible that the price might go up again later in the day. Overall, NatWest did much better than everyone expected, and things are looking bright for them. With a new chief executive in charge, they are set to have an even better year ahead.
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