Britain's largest business bank, NatWest Group, has reported a stronger-than-expected first-half profit, days after a shake-up at the top amid the row over Nigel Farage's account closure.
NatWest delivered a pre-tax profit of £3.6 billion ($4.6 billion) for the first half of the year, a significant increase compared to the £2.6 billion reported for year before and beating the average analyst forecast of £3.3 billion.
This marks an almost £1 billion year-on-year profit increase for the banking group.
A combination of higher borrowing costs and increased lending contributed to the strong performance.
A crisis prompted by the mishandling of former Brexit Party leader Farage's account closure led to the ousting of chief executive Alison Rose and Coutts boss Peter Flavel earlier this week.
The turmoil followed the emergence of a dossier which revealed that a bank committee had said Mr Farage's views were not in line with the lender's own.
The mismanagement of this matter led to heavy criticism, ultimately costing Ms Rose and Mr Flavel their positions.
Ms Rose admitted to a “serious error of judgment” in discussing Mr Farage's relationship with the bank with a BBC journalist.
Yet the bank's crisis was barely mentioned in the earnings release, which featured only the announcement that former commercial banking boss Paul Thwaite had been promoted to interim chief executive for an initial period of 12 months.
NatWest chairman Howard Davies said political pressure was a factor behind the unexpected departure of Ms Rose amid the bank's struggle to recover from a damaging confrontation with former Brexit party leader.
Mr Davies confirmed the role of political factors in the departure for the first time on Friday. "The political reaction to retaining Alison as CEO was such that her position was untenable," he said.
The chairman, who has decided to remain with the bank for the time being, also paid tribute to Ms Rose's leadership qualities.
"We've lost a great leader," he said.
An independent review by Travers Smith, due for completion in October, will scrutinise the closure of Mr Farage's accounts with Coutts, a related BBC article and other account closures made by the bank in the past two years.
The review's findings will be made public to identify potential areas for improvement.
NatWest declared an interim dividend of 5.5 pence per share and announced a share buyback scheme of up to £500 million for the latter half of the year, providing additional returns to shareholders.
However, the bank said it expects higher interest rates to be largely counterbalanced by savings rates and mortgage income reductions throughout the rest of the year.
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Robbie Keane (Atletico de Kolkata) The Irish striker is, along with his former Spurs teammate Dimitar Berbatov, the headline figure in this season’s ISL, having joined defending champions ATK. His grand entrance after arrival from Major League Soccer in the US will be delayed by three games, though, due to a knee injury.
Dimitar Berbatov (Kerala Blasters) Word has it that Rene Meulensteen, the Kerala manager, plans to deploy his Bulgarian star in central midfield. The idea of Berbatov as an all-action, box-to-box midfielder, might jar with Spurs and Manchester United supporters, who more likely recall an always-languid, often-lazy striker.
Wes Brown (Kerala Blasters) Revived his playing career last season to help out at Blackburn Rovers, where he was also a coach. Since then, the 23-cap England centre back, who is now 38, has been reunited with the former Manchester United assistant coach Meulensteen, after signing for Kerala.
Andre Bikey (Jamshedpur) The Cameroonian defender is onto the 17th club of a career has taken him to Spain, Portugal, Russia, the UK, Greece, and now India. He is still only 32, so there is plenty of time to add to that tally, too. Scored goals against Liverpool and Chelsea during his time with Reading in England.
Emiliano Alfaro (Pune City) The Uruguayan striker has played for Liverpool – the Montevideo one, rather than the better-known side in England – and Lazio in Italy. He was prolific for a season at Al Wasl in the Arabian Gulf League in 2012/13. He returned for one season with Fujairah, whom he left to join Pune.
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
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Call the hotline on 0502955999 or send "thenational" to the following numbers:
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