# NatWest reported a 12.2 per cent year-on-year increase in first-quarter profits to £2 billion.

*business · news · 2026-05-01 · The Sunday Times*

## Key points

- NatWest reported a 12.2% profit increase to £2 billion in the first quarter.
- Mortgage rates and net interest margins at major UK banks have risen sharply since the Iran conflict.
- Markets previously expected three Bank of England rate cuts before US attacks on Iran altered forecasts.
- Speculation is increasing that the UK Treasury may target bank profits with higher taxes if the war worsens.

**Companies:** NatWest, Barclays, Lloyds Banking Group
**Countries:** United Kingdom, Iran, Russia, United States

[Read the full story on The Sunday Times](https://www.thetimes.com/business/companies-markets/article/mps-warn-banks-against-profiteering-amid-interest-rate-rises-8ghsv6qff)

---

Canonical: https://newsio.io/n/07a0bbf4-39b0-46e5-8fc7-14f3bab5cf23/natwest-reported-a-12-2-per-cent-year-on-year-increase-in-first-quarter-profits
Summarized by Newsio from The Sunday Times. https://newsio.io/how-it-works