NatWest reports 40% profit jump as bank refers customers to debt experts

Strong first-quarter results come as group warns of uncertain' economy because of cost of living crisis

NatWest has reported a 40% jump in first-quarter profits but warned about the UK's uncertain" economy amid the cost of living crisis, saying it had referred more than 2,000 customers to debt experts at Citizens Advice.

The banking group - formerly known as Royal Bank of Scotland - beat expectations after reporting a jump in pre-tax profits to 1.2bn compared with 885m a year earlier. That was compared with analyst forecasts of a 15% drop in profits to 755m.