Operating loss of £102m at Ulster Bank in H1

The bank, which is preparing to exit the Irish banking market, reported operating expenses of £128 million.

NatWest reported pretax profit up 13% at £2.6 billion for the six months to June 30, ahead of analyst forecasts. This enabled NatWest to raise its full-year revenue forecast to about £12.5 billion, up from a previous estimate of more than £11 billion. The bank also raised its target for return on equity to between 14% and 16% for 2023.

Inflation has climbed to 9.4%, a 40-year high, and central bank forecasts due next week could point to inflation peaking at 12% in October.

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