SHARES in National Westminster Bank shone out in yesterday's declining UK equity market, rising 12p to 648p on the back of a bumper 17 per cent increase in the dividend payout.

The board's dividend largesse celebrates better than expected 1996 pre-tax profits up 10 per cent at £1.75 billion. Trading surplus was up 9 per cent reflecting margin gains through income gains of per cent while costs increased by less at 3 per cent.

Bad debt charges were 4 per cent higher due to a specific provision at NatWest Markets coupled with an increase in general provisions. But, underlying UK provisions fell by 23 per cent.