Natwest profits triple

Natwest profits have tripled in the third quarter to  £1.1bn.

Profits were higher than analyst expectations thanks to mortgage lending and economic recovery.

The jump in profits is despite the £300m costs the group had to set aside for legal fees around a money-laundering scandal.

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.”

Natwest said that it would “continue to assess this position as we see the impact within the economy of the UK government support measures winding down and we emerge from the pandemic”.