NatWest triples profits under threat of money-laundering

[anenro]

NatWest triples profits under threat of money-laundering fine

 

NatWest has shrugged off a looming fine for money laundering failings to report a jump in third-quarter profits.



Pre-tax operating profits at the high street lender leapt to almost £1.1 billion from £355 million a year earlier, far surpassing the £677 million that had been expected by City analysts.



 
They surged despite the bank taking a £294 million hit to account for litigation and conduct costs, which NatWest said included money that it had set aside to cover a forthcoming penalty following its recent money laundering prosecution. The group could be fined £340 million after it became the first British bank to be criminally prosecuted for money laundering failures by the Financial Conduct Authority, the City regulator.