BUSINESS LIVE: NatWest’s profits triple; 500,000 British companies in “financial distress”


BUSINESS LIVE: NatWest Profits Triple in Third Quarter; Amazon and Apple sales are skyrocketing; Half a million British companies in “financial distress”

NatWest’s profits tripled in the third quarter of 2021, although the bank set aside cash to pay a fine for money laundering breaches.

The state-backed lender reported a pre-tax profit of £ 1.1bn for the period July-September, above the average of £ 677m analysts’ forecast and up from 355m of pounds sterling a year ago.

Amazon and Apple have raked in £ 142 billion in three months as the boom in online shopping and a new iPhone have skyrocketed sales.

They broke their own quarterly records – ending an exceptional week for US tech companies that also saw Microsoft, Alphabet and Facebook reach new heights.

More than half a million British companies were under “significant financial stress” in the third quarter of 2021, finds a study by Begbies Traynor.

It was accompanied by a 139% increase in county court judgments in the quarter, with companies going to court to collect their debts, while there was a 17% increase in “critical business distress.” more serious ”.

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Natwest reported pre-tax profits of £ 1.1bn in the three months to the end of September, beating analysts’ expectations of £ 677m.

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