NatWest: Who is CEO Paul Thwaite and how much he earns as bank reports sharp rise in profits for Q1

The performance exceeded analysts’ expectations and was driven by stronger customer balances, increased lending, and higher trading activity.

The banking group, which includes Royal Bank of Scotland and Coutts, said customer deposits rose by £2.1 billion despite higher tax payments ahead of the new financial year. Net lending also surged by £3.4 billion, with mortgage and business borrowing boosted by homebuyers rushing to complete deals before the April cut to stamp duty relief.

Chief executive Paul Thwaite said the bank was on track to meet the upper end of its income guidance for the year. “In the face of increased global economic uncertainty, our customers remain resilient and we saw good levels of activity through Q1 2025,” he said.

Thwaite acknowledged a dip in sentiment among households and businesses but noted no major changes in consumer behaviour. “Spending is actually up on discretionary items,” he added, pointing to an 8% rise in entertainment spending, a 5% increase in travel, and a 4% rise in retail, particularly furniture and home decor.

The strong results come as NatWest moves closer to full privatisation. The UK Government's stake in the bank has now dropped below 2%, with a full exit expected by mid-year. The bank said its return to private ownership would be a “symbolic moment” following its taxpayer bailout during the 2008–2009 financial crisis.

Who is Paul Thwaite?

Paul Thwaite, 54, was appointed CEO of NatWest Group in July 2023. Prior to taking the helm, he served as head of the Commercial & Institutional business, where he oversaw services for a wide spectrum of business clients, from start-ups to multinational corporations.

With over 30 years of experience in financial services, Thwaite has held senior leadership positions across wholesale, corporate, international, and retail banking in the UK, Europe, and the US. He is also a member of the Board of Trustees at the University of Manchester.

How much does the NatWest CEO earn?

According to the NatWest Group website, Thwaite receives a basic salary of £1.1 million. His total compensation package for 2024 was £4.9 million, which includes performance-based bonuses and share awards.

Under a new performance share plan proposed in 2024, Thwaite could earn up to three times his base pay, potentially raising his total annual package to £6.6 million, depending on performance outcomes. His maximum potential earnings, including bonus structures, could reach £7.8 million.