NatWest Q3 profits boosted by release of bad debt provision

The state-backed UK bank reported pre-tax profits of £1.1bn in the third quarter up from £355m for the same period last year.

Chief executive Alison Rose, said: “Although we are seeing challenges in the economy and for our customers – especially around 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 across our book.”

At a glance

• Total revenues (£2.8bn) were up 14% from last year;
• Release of £242m of impairment provisions taken to cover losses during the pandemic;
• Total expected credit losses were at £4.4bn or 1.19% of the bank’s total loans;
• £294m set aside to cover potential fines and legal fees in Bradford money laundering scandal.

NatWest announced a new target to provide an additional £100bn of climate and sustainable funding and debt financing between 2021 and 2025.

For our premium members, there is an in-depth analysis of the full Q3 results available here.