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MORE OPTIONSI accept businessInsiderLoad mobile navigation * Economy * Markets * Sectors * All Sectors * Banking & Finance * Energy * Food & Drink * Retail & Consumer * Property * Science & Technology * Tourism * Transport Expand * Events * Events Listing * Events News Expand * Special Reports * More * Deals and Dealmakers * Sustainable Scotland * Subscriptions * Sign Out × search * Follow us * * * * About Us * Contact Us * Advertise with Us * Newsletter Signup London-based fund secures first Scottish investment for £25.9 million The firm has agreed to forward-fund 114 build to rent apartments in Glasgow £50,000 fund launched to boost investment into Scotland The plan is to help establish stronger ties with academia, in order to help businesses innovate Iomart secures new £100 million credit facility Four major banks have backed the company's additional liquidity Scottish National Investment Bank backs Glasgow social housing The Station Wynd site, immediately adjacent to Nitshill train station, has been derelict for some time Iomart reports 8% revenue drop Board remains confident that the company will turn around the 'short-term' impact on revenue 1. Home 2. Company Results & Forecasts 3. Royal Bank of Scotland Company Results & Forecasts NATWEST TRIPLES PROFITS BEFORE TAX TO £1.1 BILLION NatWest has set aside nearly £300m to deal with the fallout of money laundering breaches businessInsider * Share * * * * * Comments * Subscriptions * Sign Out By John GloverBusiness reporter * 08:13, 29 OCT 2021 * Updated10:46, 29 OCT 2021 Company Results & Forecasts Alison Rose, CEO of Nat West Group Sign up to FREE email alerts from businessInsider - DailyInvalid EmailSomething went wrong, please try again later.Subscribe We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Thank you for subscribingWe have more newslettersShow meSee ourprivacy notice NatWest has reported a pre-tax profit for the third quarter of £1.1bn, tripling its profits, despite setting cash aside for an expected money laundering fine. The banking group’s results showed the pre-tax profit had grown £355m, compared with a year ago and was £677m better than the analysts forecasts. It also released £242m from NatWest’s impairment pot – the money set aside to cover loans that could go bad last year during the pandemic. In total the group has released £949m to date to help people through its commercial banking arm. It has set aside £294m for litigation and conduct costs following the court case, which included provisions for an anticipated fine for breaching of the UK Money Laundering Regulations 2007 and other matters. NatWest pleaded guilty in a hearing at Westminster Magistrates’ Court to three counts of failing to comply with anti-money laundering legislation. The case was brought over offences relating to the Money Laundering Regulations 2007 between 2012 and 2016 in relation to the accounts of a UK-incorporated customer, which it did not adequately monitor. The trading update also revealed that NatWest’s had experienced a 3.1% growth in lending money of £2.9bn up £7bn on the last financial year. PROMOTED STORIES The group provided around £2.2bn worth of mortgages in the UK retail sector in the third quarter, due to the current demand in property following lockdowns. It noted that credit card balances were up by 3% - a further £100,000 - and the issuance of new cards had almost doubled year on year. It’s private banking had experienced a 11% growth for the assets under its management and administration - growing by £1bn. READ MORE RELATED ARTICLES * NatWest pledges £100 billion in climate funding READ MORE RELATED ARTICLES * NatWest pleads guilty to anti-money laundering compliance failure NatWest will also be investing £3bn over the next three years to accelerate its digital transformation with only seven million retail customers current account being digital only. The group experienced an increase of 13% in mobile payments in the third quarter of this year compared to the same period last year - up from 81m to 91.4m. Chief executive Alison Rose said: “NatWest continued to deliver a strong operating performance; growing in key areas and accelerating our digital transformation to improve customer experience and make our business more efficient. "Our robust capital position means that we have been able to buy back around £402 million of our shares, whilst also investing for growth as we support our customers and drive sustainable returns to our shareholders. “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." Donald Brown, senior investment manager at Brewin Dolphin, commented: “NatWest has beaten expectations in today’s results, underlining the turnaround in fortunes for the UK’s major banks over the last 12 months on the back of a stronger UK economy. “The bank has largely navigated the pandemic well and, with increased profits, a strong capital position, and a brighter outlook ahead, NatWest appears to be in a good place. “All things being equal, the bank should continue on its positive trajectory, with the shares up around 45% in 2021 – notwithstanding legal costs and the government selling down its stake over the next year or so.” Don't miss the latest headlines with our twice-daily newsletter - sign up here for free. READ MORE RELATED ARTICLES * RBS reports record level of demand for permanent staff in Scotland READ MORE RELATED ARTICLES * Rose confirms RBS headquarters would move to London in event of Scottish independence Follow Us FacebookTwitter Comment Advertisement More On * RBS * Royal Bank of Scotland * Banking & Finance * Financial services Recommended London-based fund secures first Scottish investment for £25.9 million The firm has agreed to forward-fund 114 build to rent apartments in Glasgow £50,000 fund launched to boost investment into Scotland The plan is to help establish stronger ties with academia, in order to help businesses innovate Iomart secures new £100 million credit facility Four major banks have backed the company's additional liquidity Scottish National Investment Bank backs Glasgow social housing The Station Wynd site, immediately adjacent to Nitshill train station, has been derelict for some time Iomart reports 8% revenue drop Board remains confident that the company will turn around the 'short-term' impact on revenue * Company Results & Forecasts * all * Most Read * Most Recent HospitalityFife Arms Hotel owner blames pandemic for lossesSwiss art dealer duo also confirm restructuring of the group HospitalityFife Arms Hotel owner blames pandemic for lossesSwiss art dealer duo also confirm restructuring of the group Stagecoach reports £32.9 million operating profit StagecoachReduced Covid-19 restrictions led to an increase in passenger demand across its services Iomart reports 8% revenue drop Science & TechnologyBoard remains confident that the company will turn around the 'short-term' impact on revenue Denholm Associates on track for 140% year-on-year revenue growth RecruitmentThe company has launched a new office in Leith as it doubles headcount John Menzies reports 'record year' following pandemic difficulties TransportCargo division manages to retain and gain contracts across the globe * Most Read * Most Recent UK GovernmentScottish employers 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board Recommended Firms will have new duty to act in consumers’ interests under FCA plans Regulator hopes it will drive a culture change, as senior managers are held accountable Fife Arms Hotel owner blames pandemic for losses Swiss art dealer duo also confirm restructuring of the group Scottish employers named and shamed for not paying minimum wage 19 companies north of the border have been highlighted by the UK Government Australian firm chooses Scotland for global growth Expansion into Glasgow should create 40 new jobs in the city Up Next Fife Arms Hotel owner blames pandemic for losses * Company Results & Forecasts * all * Most Read * Most Recent HospitalityFife Arms Hotel owner blames pandemic for lossesSwiss art dealer duo also confirm restructuring of the group HospitalityFife Arms Hotel owner blames pandemic for lossesSwiss art dealer duo also confirm restructuring of the group Stagecoach reports £32.9 million operating profit StagecoachReduced Covid-19 restrictions led to an increase in passenger demand across its services Iomart reports 8% revenue drop Science & TechnologyBoard remains confident that the company will turn around the 'short-term' impact on revenue Denholm Associates on track for 140% year-on-year revenue growth RecruitmentThe company has launched a new office in Leith as it doubles headcount John Menzies reports 'record year' following pandemic difficulties TransportCargo division manages to retain and gain contracts across the globe * Most Read * Most Recent UK GovernmentScottish employers named and shamed for not paying minimum wage19 companies north of the border have been highlighted by the UK Government Australian firm chooses Scotland for global growth Scottish EnterpriseExpansion into Glasgow should create 40 new jobs in the city Scottish Salmon Company receives £5 million public sector funding Scottish salmonThe money should help create around 30 new jobs in the industry Lomond Group in talks to buy DJ Alexander PropertyDavid Alexander is likely to stay as managing director, with the firm maintaining its brand name Highland Council approves Achany wind farm extension plan SSEProposals now proceed to Scottish Government ministers for final consent on the application SpaceOrbex begins construction of new rocket launchpad in the UKFirst orbital launchpad constructed in the UK since Black Arrow was tested over 50 years ago £50,000 fund launched to boost investment into Scotland Scottish GovernmentThe plan is to help establish stronger ties with academia, in order to help businesses innovate Fife Arms Hotel owner blames pandemic for losses HospitalitySwiss art dealer duo also confirm restructuring of the group LIVE: The Scottish Budget 2022-23 Scottish BudgetWe'll be bringing you all the statement highlights, ministerial questioning coverage and post-Budget analysis North Star Renewables secures £90 million contract to support Dogger Bank RenewablesThe company will build the fourth and final offshore vessel for 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