NatWest faces £140m hit from Iran war as UK growth slows and inflation rises

Profits ahead of expectations but almost half of £283m impairment charge follows forecast reassessment

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NatWest said the economic fallout from the conflict in the Middle East could cost it £140m amid slowing growth and rising inflation even as it reported profits ahead of expectations.

Overall, the FTSE 100 lender booked a £283m impairment charge and said that almost half of that was because of a reassessment of its economic forecast to “reflect increased geopolitical risk and weaker equity markets”.