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NatWest profits triple to £1bn after jump in mortgage lending
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NatWest Group tripled its profits in the third quarter to a better than expected £1.1bn thanks to a jump in mortgage lending and a recovery in the economy despite setting aside cash to cover fines linked to money-laundering charges.
The bank, which is majority-owned by the taxpayer, said the stronger economic position had allowed it to release £242m worth of provisions in the three months to 30 September, which it had made to cover a potential rise in defaults because of the coronavirus pandemic. That compares with the £254m it put aside during the same period last year. Analysts had expected the bank to take a further £40m charge.
The lender said it would “continue to assess this position as we see the impact within the economy of the UK
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