NatWest Bank reported better-than-expected third quarter profits as it released cash set aside to cover bad loans during the Covid crisis and despite a charge of almost £300m to cover a fine for money laundering.
The company on Friday said operating pre-tax profits rose to £1.07bn from £355m a year ago, compared with estimates of £675m and £1.5bn reported in the second quarter.
Litigation and conduct costs were £294m, including a provision for an anticipated fine after pleading guilty earlier this month to failing to prevent the laundering of nearly £400m.
