Oct 29, 2021
NatWest profits surge despite money laundering charge
NatWest tripled profits last quarter even after setting aside £294m to cover an expected fine for money laundering failings. NatWest this month pleaded guilty in a London court to failing to prevent alleged money laundering. Time Out reported a £70.5m loss for the 18 months ended June and a cash balance at the period end of £19.1m. The company said it had been encouraged by current trading in spite of the current dearth of tourists. Apple revenues were slightly below forecasts but the technology company achieved higher net profits than anticipated despite a components shortage that cost it $6bn in its latest quarter. Revenue hit $83.4bn in its fiscal fourth quarter ending in September, up 29 per cent from a year ago but missing expectations of $84.3bn. Amazon said that severe staffing shortages and mounting costs would throttle its earnings for the rest of the year.
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