Banking giant NatWest has reported a doubling in profits in the last three months, but said the cost of living crisis will affect the rest of the year.

The bank's operating profits before tax came in at £1.2bn in the year's first quarter - more than double the £573m in the final three months of last year, as reported by Sky.

But Natwest, which has branches in Gloucester, Cheltenham, Stroud and Cirencester, said the rest of the year would be more challenging, as customers and businesses are faced with a big rise in the cost of living.

It said it is focused on providing practical support for the people and businesses it serves.

Mortgage lending was up 1.5 per cent to £2.7bn, compared to the three months to the end of December, and customer deposits increased £800m compared with the final three months of the year.

The bank, which recently returned to majority private ownership after 14 years, also said it would release £38m of cash held back during the pandemic.