Friday October 29, 2021 7:45 a.m.
NatWest has set aside nearly £ 300m in legal fees to deal with the aftermath of the bank’s admission of money laundering.
The bank announced in its third quarter results that it had booked a litigation fee of £ 294 million during the reporting period.
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NatWest recently became the first UK bank to acknowledge criminal money laundering charges under a 2007 Money Laundering Act.
City Watchdog, the Financial Conduct Authority, accused the bank, formerly known at the Royal Bank of Scotland and partially owned by the government, of failing to monitor money laundering activities on a client who has been around 365 over five years Had deposited millions of pounds in his accounts.
Despite the burden, the bank tripled its pre-tax profit in the third quarter of the year
Profits rose to £ 1.1 billion in the three months to September, compared to £ 355 million for the same period last year.
Record third quarter results add to the robust earnings of other UK banks Barclays, Lloyds and HSBC, suggesting the sector is in bad shape.
Alison Rose, CEO of NatWest, said, “While we see challenges in the economy and for our customers – particularly in relation to supply chains and the cost of living – a number of key indicators remain positive; Growth is good, unemployment is low, and there are limited signs of default in our book. “
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“We play a critical role in helping the 19 million people, families and businesses we serve in communities across the UK to thrive. Because if they thrive, so will we. “
The bank’s core tier 1 capital ratio, a measure of the strength of a bank’s balance sheet, reached 18.7 percent.
NatWest’s net interest margin, one of the lowest in the industry, shrank six percentage points to 2.34 percent. Customer deposits grew £ 9.1 billion for the quarter.
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