NatWest warns customers over Bitcoin and crypto scams
The bank issued the warning to its mobile banking customers after reporting that it had received record numbers of complaints about crypto scams in the first three months of 2021
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LON:NWG
NatWest Group PLC is one of the world's top 10 financial services groups and a leading provider of personal, business and institutional banking services. NatWest Group is the new name for Royal Bank of Scotland as of July 2020.
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The bank issued the warning to its mobile banking customers after reporting that it had received record numbers of complaints about crypto scams in the first three months of 2021
While surprises over levels of bad loan provisions are “viewed as low quality by the investment community”, the analysts said “we think they matter nevertheless and must not be underestimated”
Excess savings in consumer bank accounts mid-April totalled around £170bn
Earlier in 2021, the government said it aimed to sell its entire stake by 2025-26
NatWest was acquired by Royal Bank of Scotland in 2000, which has had its headquarters in Edinburgh for almost 300 years.
Income from its retail and commercial bank arms fell by 8%
The head of the bank's risk committee said the lender had “no appetite” for dealing with customers whose main business is backed by the exchange of crypto, which it has categorised as "high risk"
Deal reduces the UK taxpayers' stake in NatWest to 59.8%
The bank is scheduled to appear at Westminster Magistrates’ Court on 14 April 2021.
"We think this capital strength will allow significant capital returns," UBS said, in a quick reaction to this morning's results from NatWest Group
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London's leading index advanced 7 points Friday to 6,624
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It's banking results season and following hot on the heels of Barclays on Thursday, it's NatWest's turn to march to the crease on Friday
Elsewhere in the financial sector, Citigroup removed its ‘sell’ rating on Hargreaves Lansdown
The investment bank said they now estimated the chance of a last minute trade deal between the UK and the EU at around 60%, adding that the big banks also faced an elevated risk of negative interest rates
The FTSE 100 bank is reportedly considering an offer for the supermarket's financial services business, which currently has over 2mln customers
The former Royal Bank of Scotland took £254mln of bad loan impairments, down from £2.1bn in the second quarter and £802mln in the first
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The main indices were red on both sides of the Atlantic on Friday
Elsewhere, Glencore will update on quarterly production levels
NatWest is also separately closing its Regents House office in Islington, London
The UBS analysts noted the bank's numbers followed a familiar pattern, with a stronger pre-provision profit offset by a bigger reserve build
“We believe the full year 2020 impairment charge is likely to be in the range of £3.5-4.5 billion," the lender said