LONDON: British bank NatWest on Friday posted surging third-quarter profits as the economy recovered, mirroring a bounce back by its UK rivals and lenders worldwide.
NatWest said net profit soared to £674 million ($929 million, 796 million euros) in the three months to the end of September, helped by the release of unused provisions set aside for bad loans during the pandemic.
That compared with profit after tax of £61 million in the third quarter of 2020. "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," noted chief executive Alison Rose in reference to surging inflation as reopening economies struggle to meet demand.
"Growth is good, unemployment is low and there are limited signs of default across our book," she added in the bank's results statement.
NatWest's strong third quarter follows similar recoveries for its British banking rivals Barclays, HSBC and Lloyds and lenders generally worldwide.
NatWest last year changed its name from Royal Bank of Scotland and remains majority-owned by the UK government following a government bailout stretching back to the global financial crisis more than a decade ago.
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