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Banking

NatWest Q3 profit triples despite money laundering charge

2021 10 29T060805Z 1 LYNXMPEH9S0B5 RTROPTP 4 NATWEST RESULTS - Global Banking | Finance

LONDON (Reuters) – NatWest reported its third quarter profits tripled on Friday, despite setting aside cash to prepare for an expected fine for money laundering failings as Britain’s resurgent economy lifted its finances.

The British lender reported a pre-tax profit for the July-September period of 1.1 billion pounds ($1.52 billion), better than the 677 million pounds average of analyst forecasts and up from 355 million pounds a year ago.

The state-backed bank took a 294 million pound litigation and conduct charge for the quarter, which includes a provision for an anticipated fine after pleading guilty earlier this month to failing to prevent the laundering of nearly 400 million pounds.

($1 = 0.7253 pounds)

(Reporting By Iain Withers and Lawrence White; Editing by Rachel Armstrong)

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