NatWest has reported a doubling in profits in the last three months but warned its outlook would be clouded by the cost of living crisis.

The bank’s operating profits before tax came in at £1.2bn in the year’s first quarter, compared to £573m in the final three months of last year.

During last year’s first quarter, pre-tax operating profits had been £894m.

But chief executive Alison Rose said the rest of the year would be more difficult, as customers and businesses grappled with the cost of living crisis.

She said: “The world has changed considerably during the last three months.

“Our thoughts are with everyone affected by the invasion of Ukraine and we are doing all that we can to support them.

“We are also very aware of the challenges and concerns the cost-of-living crisis is causing for many of our customers up and down the country.

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“NatWest Group is focused on providing practical help and support for the people, families and businesses we serve.”

Mortgages increased by 1.5% compared to the final three months of the year to £2.7bn and customer deposits rose £800m compared with the three months to end of December.

The bank also said it would release £38m of cash held back during the COVID-19 pandemic.

The UK government sold down the taxpayers’ stake in the bank to 48% earlier this year.

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