LONDON: NatWest bank returned to profit last year as the economy recovered from the pandemic, the British state-owned lender said in a statement Friday.

Net profit came in at £2.95 billion ($4 billion, 3.5 billion euros) compared with a loss after tax of of 753 million in 2020, NatWest said in a statement.

As the UK economy rebounded, the bank was able to release provisions it set aside to help it through the Covid pandemic.

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Formerly known as Royal Bank of Scotland, NatWest remains majority owned by the UK government after its rescue during the financial crisis more than a decade ago.