Ulster Bank owner NatWest beats profit forecasts following Irish branch closures

The bank is now a minor shareholder in Permanent TSB after it acquired Ulster Bank's residential mortgages

Despite strong income in Q1, NatWest reported a £19.8bn pound outflow in deposits, blaming fiercer pricing competition as well as its disposal of Ulster Bank.

British Bank NatWest exceeded profit expectations for the first three months of 2023, reporting a 37% surge in income despite heightened inflation and pricing competition squeezing customer deposits.

NatWest reported pre-tax profits of £1.8bn (€2.04bn), with higher interest rates driving the bank's rising revenue.