London, United Kingdom–British bank NatWest on Friday said net profit jumped nearly a third in 2023 on higher interest rates, adding that Paul Thwaite would become permanent chief executive following boardroom turmoil.
Profit after tax increased 32 percent to £4.4 billion ($5.5 billion), NatWest said it a statement. Revenue climbed 12 percent to around 14.8 billion.
Thwaite takes over from Alison Rose, who resigned as CEO in July after admitting a “serious error of judgment” in speaking to a reporter about the banking affairs of arch-Brexiteer Nigel Farage.
Thwaite had filled the role on an interim basis after an internal promotion.
He said Friday that it was “an honour to lead” a bank “which plays a vital role in the lives of the 19 million customers”.
“With that, comes a great sense of responsibility to succeed for our customers, colleagues, and shareholders.
“Our customers’ needs and expectations are changing at pace, as they engage with emerging technology, adapt to new social trends, and build ever more resilience to a fast-evolving world,” the new CEO added in a statement.
An independent probe in October found that NatWest displayed “serious failings” in its treatment of the banking affairs of Farage — ex-leader of the Brexit Party and the anti-immigration party UKIP.
Farage had complained about the closure of his account with upmarket NatWest division Coutts, claiming he was removed for his political views.
NatWest remains 38-percent owned by the government after a state bailout of the lender in the wake of the financial crisis in 2008.
