NatWest Group has formally appointed Paul Thwaite as their group CEO and executive director after publishing its highest yearly profit since before the financial crash of 2008.

Thwaite will replace the previous CEO Alison Rose after she stepped down following last year’s Nigel Farage controversy.

NatWest Group said they undertook a “rigorous and competitive search process” to find the right candidate to fit the bill, landing on Thwaite.

Rick Haythornthwaite, chair designate of NatWest Group said: “Paul has shown an unrivalled understanding of this business, our customers, and the opportunities for growth. We are both ambitious for this organisation and I fully expect his potent blend of NatWest knowledge and thoughtful, imaginative approach to leadership to prove key to forging success in the rapidly changing landscape of banking.

“The Board agreed that he was the outstanding candidate and the right person to shape the future of NatWest.”

NatWest also revealed that they hit a pre-tax profit of £6.2bn in 2023, which beat out analysts expectations and was a marked increase of 20% from 2022.

Income for the group was a £14.3bn, up 9.3%, though overall costs rose by 5% to £7.6bn.

In 2023, NatWest lent £9bn into the UK economy, opening over 100,000 startup accounts.

The New Startup Index from NatWest and Beauhust also found that over 900,00 new companies were incorporated in 2023, making it a record year for new businesses.

Thwaite acted as interim boss for NatWest in July 2023, and previously served as

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“I want to thank the Board for their support and the opportunity they have given me,” he said upon the announcement.

“It’s an honour to lead what, I believe, is a great business, which plays a vital role in the lives of the 19 million customers we serve. With that, comes a great sense of responsibility to succeed for our customers, colleagues, and shareholders.

“Our customers’ needs and expectations are changing at pace, as they engage with emerging technology, adapt to new social trends, and build ever more resilience to a fast-evolving world. I believe that NatWest, with its heritage, leading customer businesses, deep regional connections and financial strength, can be a trusted partner to customers during a period of change.

“It is an exciting time for our sector and our bank. I am confident we can shape the future of NatWest to deliver its full potential.”