NatWest follows Lloyds in pushing up provisions for bad debts
NatWest posted third-quarter profits just below analysts’ expectations, as heavier provisions for bad debts outweighed a boost from rising interest rates.
The UK high-street bank announced group pre-tax operating profits of £1.1bn for its continuing operations in the third quarter on Friday, up almost 20 per cent year on year but missing consensus estimates of £1.2bn.
Like rival Lloyds on Thursday, NatWest took a larger than expected provision for future loan losses, which it said reflected changes in its view of the economy.
This story originally appeared on: Financial Times - Author:Siddharth Venkataramakrishnan
