REG - NatWest Group plc - NatWest Group plc Q1 Results 2025
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RNS Number : 1510H NatWest Group plc 02 May 2025
Inside this report
Business performance summary
2 Q1 2025 performance summary
3 Performance key metrics and ratios
5 Chief Financial Officer's review
6 Retail Banking
7 Private Banking
8 Commercial & Institutional
9 Central items & other
10 Segment performance
Risk and capital management
13 Credit risk
13 Segment analysis - portfolio summary
14 Segment analysis - loans
14 Movement in ECL provision
15 ECL post model adjustments
16 Sector analysis - portfolio summary
21 Capital, liquidity and funding risk
Financial statements and notes
28 Condensed consolidated income statement
29 Condensed consolidated statement of comprehensive income
30 Condensed consolidated balance sheet
31 Condensed consolidated statement of changes in equity
32 Presentation of condensed consolidated financial statements
32 Litigation
32 Post balance sheet events
Additional information
33 Presentation of information
33 Statutory accounts
33 Contacts
33 Forward-looking statements
Appendix
34 Non-IFRS financial measures
39 Performance measures not defined under IFRS
Q1 2025 performance summary
Chief Executive, Paul Thwaite, commented:
"Our strong first quarter performance demonstrates the positive momentum in
our business as we deliver against clear strategic priorities, and we now
expect to be at the upper end of our income and returns guidance for 2025.
This performance is underpinned by continued growth across our three
businesses and the support we provide to over 19 million customers, whether
that is buying a home, growing a business or investing their money.
In the face of increased global economic uncertainty, our customers remain
resilient and we saw good levels of activity through Q1 2025. The strength of
our balance sheet means we are well placed to help our customers navigate any
challenges, whilst also investing in our business and delivering returns to
shareholders. At a time when there is a clear intent to deliver economic
growth, NatWest Group is able to play an important role, shaping our future as
a vital and trusted partner to our customers and to the UK itself."
Strong Q1 2025 performance
- Attributable profit of £1,252 million, with earnings per share of
15.5 pence and a return on tangible equity (RoTE) of 18.5% driving capital
generation pre-distributions of 49 basis points for the quarter.
- Total income excluding notable items((1)) of £3,952 million was £80
million, or 2.1%, higher than Q4 2024, due to deposit margin expansion and
increased trading income partially offset by the impact of two fewer days in
the quarter, and was £538 million higher than Q1 2024 principally reflecting
deposit margin expansion, balance growth and increased trading income.
- Net interest margin (NIM) of 2.27% was 8 basis points higher than Q4
2024 principally reflecting deposit margin expansion.
- Other operating expenses were £179 million, or 8.5%, lower than Q4
2024, reflecting seasonally higher costs in Q4 2024 and lower strategic costs
relating to property exits, and were £93 million, or 4.6%, lower than Q1 2024
due to the timing of property exits and ongoing business transformation.
- A net impairment charge of £189 million, or 19 basis points of gross
customer loans, with levels of default stable.
Robust balance sheet with strong capital and liquidity levels
- Net loans to customers excluding central items increased by £3.4
billion, or 0.9%, in the quarter to £371.9 billion largely driven by
mortgages and growth in Corporate & Institutions.
- In the quarter we achieved our target to provide £100 billion climate
and sustainable funding and financing between 1 July 2021 and the end of 2025.
- Customer deposits excluding central items increased by £2.1 billion,
or 0.5%, in the quarter due to growth in Commercial & Institutional and
Retail Banking, partially offset by a reduction in Private Banking due to
seasonal tax payments.
- The liquidity coverage ratio (LCR) of 150%, representing £54.2
billion headroom above 100% minimum requirement, remained in line with Q4 2024
as increased lending was partially offset by increased issuance.
- TNAV per share increased by 18 pence in the quarter to 347 pence
primarily reflecting the attributable profit for the period.
- Common Equity Tier 1 (CET1) ratio of 13.8% was 20 basis points higher
than 31 December 2024.
- RWAs increased by £3.8 billion in the quarter to £187.0 billion
largely reflecting the annual operational risk update of £2.2 billion and
lending growth partially offset by £1.2 billion of RWA management actions.
Outlook((2))
The following statements are based on our current expectations for interest
rates and economic conditions. We recognise increased global economic
uncertainty and will monitor and react to market conditions and refine our
internal forecasts as the economic position evolves.
In 2025 we expect:
- to achieve a return on tangible equity at the upper end of our
previously guided range of 15-16%.
- income excluding notable items to be at the upper end of our
previously guided range of £15.2-15.7 billion.
- Group operating costs, excluding litigation and conduct costs, to be
around £8.1 billion including £0.1 billion of one-time integration costs.
- our loan impairment rate to be below 20 basis points.
- RWAs to be in the range of £190-195 billion at the end of 2025,
dependent on final CRD IV model outcomes.
In 2027 we expect:
- to achieve a return on tangible equity for the Group of greater than
15%.
Capital:
- we continue to target a CET1 ratio in the range of 13-14%.
- we expect to pay ordinary dividends of around 50% of attributable
profit from 2025 and will consider buybacks as appropriate.
(1) Refer to the Non-IFRS financial measures appendix for details of
notable items.
(2) The guidance, targets, expectations and trends discussed in this
section represent NatWest Group plc management's current expectations and are
subject to change, including as a result of the factors described in the
NatWest Group plc Risk Factors in the 2024 Annual Report and Accounts and Form
20-F. These statements constitute forward-looking statements. Refer to
Forward-looking statements in this announcement.
Business performance summary
Quarter ended
31 March 31 December 31 March
2025 2024 2024
Summary consolidated income statement £m £m Variance £m Variance
Net interest income 3,026 2,968 2.0% 2,651 14.1%
Non-interest income 954 857 11.3% 824 15.8%
Total income 3,980 3,825 4.1% 3,475 14.5%
Litigation and conduct costs (44) (153) (71.2%) (24) 83.3%
Other operating expenses (1,935) (2,114) (8.5%) (2,028) (4.6%)
Operating expenses (1,979) (2,267) (12.7%) (2,052) (3.6%)
Profit before impairments 2,001 1,558 28.4% 1,423 40.6%
Impairment losses (189) (66) 186.4% (93) 103.2%
Operating profit before tax 1,812 1,492 21.4% 1,330 36.2%
Tax charge (471) (233) 102.1% (339) 38.9%
Profit from continuing operations 1,341 1,259 6.5% 991 35.3%
Profit/(loss) from discontinued operations, net of tax - 69 (100.0%) (4) (100.0%)
Profit for the period 1,341 1,328 1.0% 987 35.9%
Performance key metrics and ratios
Notable items within total income (1) £28m £(47)m nm £61m nm
Total income excluding notable items (1) £3,952m £3,872m 2.1% £3,414m 15.8%
Net interest margin (1) 2.27% 2.19% 8bps 2.05% 22bps
Average interest earning assets (1) £542bn £539bn 0.6% £521bn 4.0%
Cost:income ratio (excl. litigation and conduct) (1) 48.6% 55.3% (6.7%) 58.4% (9.8%)
Loan impairment rate (1) 19bps 7bps 12bps 10bps 9bps
Profit attributable to ordinary shareholders £1,252m £1,248m 0.3% £918m 36.4%
Total earnings per share attributable to ordinary shareholders - basic 15.5p 15.3p 0.2p 10.5p 5.0p
Return on tangible equity (RoTE) (1) 18.5% 19.0% (0.5%) 14.2% 4.3%
Climate and sustainable funding and financing (2) £7.8bn £8.1bn (3.7%) £6.6bn 18.2%
nm = not meaningful
For the notes to this table refer to the following page.
Business performance summary continued
As at
31 March 31 December 31 March
2025 2024 2024
£bn £bn Variance £bn Variance
Balance sheet
Total assets 710.0 708.0 0.3% 697.5 1.8%
Loans to customers - amortised cost 398.8 400.3 (0.4%) 378.0 5.5%
Loans to customers excluding central items (1,3) 371.9 368.5 0.9% 357.0 4.2%
Loans to customers and banks - amortised cost and FVOCI 409.5 410.2 (0.2%) 387.7 5.6%
Total impairment provisions (4) 3.5 3.4 2.9% 3.6 (2.8%)
Expected credit loss (ECL) coverage ratio 0.86% 0.83% 3bps 0.94% (8)bps
Assets under management and administration (AUMA) (1) 48.5 48.9 (0.8%) 43.1 12.5%
Customer deposits 434.6 433.5 0.3% 432.8 0.4%
Customer deposits excluding central items (1,3) 433.4 431.3 0.5% 420.0 3.2%
Liquidity and funding
Liquidity coverage ratio (LCR) 150% 150% - 151% (1%)
Liquidity portfolio 222 222 - 229 (3.1%)
Net stable funding ratio (NSFR) 136% 137% (1%) 136% -
Loan:deposit ratio (excl. repos and reverse repos) (1) 85% 85% - 84% 1%
Total wholesale funding 87 86 1.2% 87 -
Short-term wholesale funding 33 33 - 31 6.5%
Capital and leverage
Common Equity Tier 1 (CET1) ratio (5) 13.8% 13.6% 20bps 13.5% 30bps
Total capital ratio (5) 20.6% 19.7% 90bps 18.8% 180bps
Pro forma CET1 ratio (excl. foreseeable items) (6) 14.8% 14.3% 50bps 14.3% 50bps
Risk-weighted assets (RWAs) 187.0 183.2 2.1% 186.3 0.4%
UK leverage ratio 5.2% 5.0% 0.2% 5.1% 0.1%
Tangible net asset value (TNAV) per ordinary share (1,7) 347p 329p 18p 302p 45p
Number of ordinary shares in issue (millions) (7) 8,067 8,043 0.3% 8,727 (7.6%)
(1) Refer to the Non-IFRS financial measures appendix for details of
the basis of preparation and reconciliation of non-IFRS financial measures and
performance metrics.
(2) NatWest Group uses its climate and sustainable funding and
financing inclusion (CSFFI) criteria to determine the assets, activities and
companies that are eligible to be included within its climate and sustainable
funding and financing target. This includes provision of committed (on and
off-balance sheet) funding and financing, including provision of services for
underwriting issuances and private placements. Climate and sustainable funding
and financing, as defined in our CSFFI criteria, represents only a relatively
small proportion of our overall funding and financing.
(3) Central items includes treasury repo activity.
(4) Includes £0.1 billion relating to off-balance sheet exposures (31
December 2024 - £0.1 billion; 31 March 2024 - £0.1 billion).
(5) Refer to the Capital, liquidity and funding risk section for
details of the basis of preparation.
(6) The pro forma CET1 ratio at 31 March 2025 excludes foreseeable
item of £1,875 million for ordinary dividends. (31 December 2024 excludes
foreseeable items of £1,249 million for ordinary dividends; 31 March 2024
excludes foreseeable items of £1,633 million: £1,380 million for ordinary
dividends and £253 million foreseeable charges).
(7) The number of ordinary shares in issue excludes own shares held.
Chief Financial Officer's review
We delivered a strong performance in the first quarter of 2025 with an
operating profit of £1,812 million and RoTE of 18.5%. Total income excluding
notable items increased £80 million compared with Q4 2024 and we continue to
see stable levels of default across our portfolio, with a net impairment
charge of 19 basis points of gross customer loans.
Net loans to customers excluding central items increased £3.4 billion in the
quarter, largely in Retail Banking mortgages and Corporate & Institutions,
and customer deposits excluding central items were £2.1 billion higher
despite the impact of elevated tax payments. We remain in a strong liquidity
position, with an LCR of 150%, representing £54.2 billion headroom above 100%
minimum requirement. Our CET1 ratio remains within our targeted range at
13.8%. The UK Government's stake has reduced to less than 2%.
Strong Q1 2025 financial performance
- Total income increased by 4.1% to £3,980 million compared with Q4
2024 and was 14.5% higher than Q1 2024. Total income excluding notable items
of £3,952 million was £80 million, or 2.1%, higher than Q4 2024 due to
deposit margin expansion, lending growth and strong customer activity in
trading income partially offset by the impact of two fewer days in the
quarter, and was £538 million higher than Q1 2024 principally reflecting
deposit margin expansion and balance growth and strong customer activity in
trading income.
- NIM of 2.27% was 8 basis points higher than Q4 2024 principally
reflecting deposit margin expansion.
- Total operating expenses were £288 million lower than Q4 2024 and
£73 million lower than Q1 2024. Other operating expenses were £179 million,
or 8.5%, lower than Q4 2024, reflecting seasonally higher costs in Q4 2024 and
lower strategic costs relating to property exits, and included one-time
integration costs of £7 million. Other operating expenses were £93 million,
or 4.6%, lower than Q1 2024 due to the timing of property exits and ongoing
business transformation. We remain committed to deliver on our full year cost
guidance.
- A net impairment charge of £189 million, or 19 basis points of
gross customer loans, with stable levels of default across the portfolio.
Compared with Q4 2024, our ECL provision increased by £0.1 billion to £3.5
billion and our ECL coverage ratio has increased from 0.83% to 0.86%. We
retain post model adjustments of £0.3 billion related to economic
uncertainty, or 8.7% of total impairment provisions. Whilst we remain
comfortable with the strong credit performance of our book, we continue to
assess this position.
- As a result, we are pleased to report an attributable profit for
Q1 2025 of £1,252 million, with earnings per share of 15.5 pence and a RoTE
of 18.5%.
Robust balance sheet with strong capital and liquidity levels
- Net loans to customers excluding central items increased by £3.4
billion in the quarter to £371.9 billion primarily reflecting a £2.0 billion
increase in Retail Banking mortgage balances and a £1.2 billion increase in
Commercial & Institutional, driven by growth in Corporate &
Institutions, partly offset by £0.4 billion of UK Government scheme
repayments.
- Customer deposits excluding central items increased by £2.1 billion
in the quarter to £433.4 billion reflecting £2.4 billion growth in
Commercial & Institutional, largely in Corporate & Institutions and
Commercial Mid-market excluding the impact of client transfers and a £0.9
billion increase in Retail Banking, largely current accounts, partially offset
by a £1.2 billion reduction in Private Banking due to seasonal tax payment
outflows. Term balances remain stable at 16% of our book, in line with Q4
2024.
- The LCR of 150%, representing £54.2 billion headroom above 100%
minimum requirement, remained in line with Q4 2024 as increased lending was
partially offset by increased issuance. Our primary liquidity at Q1 2025 was
£163.1 billion, of which £95.1 billion (58%) was cash at central banks.
Total wholesale funding increased by £1.7 billion in the quarter to £87.2
billion.
- TNAV per share increased by 18 pence in the quarter to 347 pence
primarily reflecting the attributable profit for the period.
- The CET1 ratio of 13.8% increased by 20 basis points in the quarter as
the attributable profit for the quarter, c.70 basis points, was partially
offset by the increase in RWAs, c.30 basis points, and a c.30 basis points
ordinary dividend deduction as we accrue to 50% of attributable profit.
- RWAs increased £3.8 billion in the quarter to £187.0 billion largely
reflecting lending growth, an increase for CRD IV models of £0.8 billion and
a £2.2 billion increase associated with the annual update to operational risk
partially offset by RWA management actions of £1.2 billion.
Business performance summary
Retail Banking
Quarter ended
31 March 31 December 31 March
2025 2024 2024
£m £m £m
Total income 1,540 1,501 1,325
Operating expenses (681) (808) (773)
of which: Other operating expenses (677) (714) (767)
Impairment losses (109) (16) (63)
Operating profit 750 677 489
Return on equity (1) 24.5% 21.4% 16.5%
Net interest margin (1) 2.58% 2.47% 2.22%
Cost:income ratio (excl. litigation and conduct) (1) 44.0% 47.6% 57.9%
Loan impairment rate (1) 21bps 3bps 12bps
As at
31 March 31 December 31 March
2025 2024 2024
£bn £bn £bn
Net loans to customers (amortised cost) 210.4 208.4 203.5
Customer deposits 195.7 194.8 190.0
RWAs 66.8 65.5 62.5
(1) Refer to the Non-IFRS financial measures appendix for details of
the basis of preparation and reconciliation of non-IFRS financial measures and
performance metrics.
During Q1 2025, Retail Banking delivered a return on equity of 24.5% and an
operating profit of £750 million, with continued positive income and net
interest margin momentum from deposit margin expansion. We have continued to
support our 18.2 million Retail Banking customers with continued improvements
to our digital journeys and have announced a wide-ranging collaboration with
Open AI focused on deploying generative AI to meet customers' needs faster and
more effectively.
Retail Banking provided £1.1 billion of climate and sustainable funding and
financing in Q1 2025 from lending on properties with an EPC rating of A or B.
- Total income was £39 million, or 2.6% higher than Q4 2024 reflecting
deposit margin expansion, partly offset by the impact of two fewer days in the
quarter. Total income was £215 million, or 16.2%, higher compared with Q1
2024 reflecting deposit margin expansion and deposit balance growth. This was
partly offset by the impact of the deposit balance mix shift from non-interest
bearing to interest bearing balances and asset margin compression.
- Net interest margin was 11 basis points higher than Q4 2024 largely
reflecting the factors noted above.
- Other operating expenses were £37 million, or 5.2%, lower than Q4
2024 reflecting the non-repeat of the Q4 2024 annual Bank Levy, together with
lower severance and property exit costs, partly offset by the Q1 2025 Bank of
England Levy. Other operating expenses were £90 million, or 11.7%, lower than
Q1 2024 due to lower severance and property exit costs, a 9.2% reduction in
headcount and lower non-staff costs.
- An impairment charge of £109 million, compared with a £16 million
charge in Q4 2024 and a £63 million charge in Q1 2024, largely driven by the
non-repeat of good book releases.
- Net loans to customers increased by £2.0 billion, or 1.0%, in Q1 2025
driven by £2.0 billion higher mortgage balances, supported by the
acceleration of new lending ahead of the increase in Stamp Duty Land Tax on 1
April 2025. Personal advances increased by £0.1 billion, or 1.2%, higher with
credit card balances broadly in line with Q4 2024.
- Customer deposits increased by £0.9 billion, or 0.5%, in Q1 2025,
driven by overall personal market growth, partly offset by seasonal tax
payments.
- RWAs increased by £1.3 billion, or 2.0%, in Q1 2025 primarily due to
the annual recalculation of operational risk, model updates and book
movements.
Business performance summary continued
Private Banking
Quarter ended
31 March 31 December 31 March
2025 2024 2024
£m £m £m
Total income 265 272 208
of which: AUMA income (1) 72 72 62
Operating expenses (187) (194) (181)
of which: Other operating expenses (187) (192) (180)
Impairment (losses)/releases (1) (3) 6
Operating profit 77 75 33
Return on equity (1) 17.1% 16.3% 6.7%
Net interest margin (1) 2.59% 2.72% 2.06%
Cost:income ratio (excl. litigation and conduct) (1) 70.6% 70.6% 86.5%
Loan impairment rate (1) 2bps 7bps (13)bps
AUMA net flows (£bn) (1) 0.8 1.0 0.3
As at
31 March 31 December 31 March
2025 2024 2024
£bn £bn £bn
Net loans to customers (amortised cost) 18.4 18.2 18.2
Customer deposits 41.2 42.4 37.8
Assets under management (AUM) (1) 36.7 37.0 33.6
Assets under administration (AUA) (1) 11.8 11.9 9.5
Total assets under management and
administration (AUMA) (1) 48.5 48.9 43.1
Total combined assets and liabilities (CAL) (2) 106.9 108.4 97.9
RWAs 11.3 11.0 11.3
(1) Refer to the Non-IFRS financial measures appendix for details of
the basis of preparation and reconciliation of non-IFRS financial measures and
performance metrics.
(2) CAL refers to customer deposits, net loans to customers and AUMA.
To avoid double counting, investment cash is deducted as it is reported within
customer deposits and AUMA.
During Q1 2025, Private Banking continued to deliver a strong performance with
an operating profit of £77 million and return on equity of 17.1%. We have
continued to see strong AUM net flows and stabilisation of our lending
balances. We have continued to support our customers by launching our new
online investment advice service, enabling us to deliver investment advice at
scale for retail and premier banking customers. We have improved client
experience through the launch of two new digital account opening journeys for
Coutts customers.
Private Banking provided £0.1 billion of climate and sustainable funding and
financing in Q1 2025, principally in relation to mortgages on residential
properties with an EPC rating of A or B and wholesale transactions.
- Total income was £7 million, or 2.6% lower than Q4 2024 primarily
reflecting the non-repeat of a £13 million effective interest rate adjustment
following a review of customer mortgage repayment behaviour in Q4 2024 and
impact of two fewer days in the quarter, partly offset by deposit margin
expansion. Total income was £57 million, or 27.4% higher than Q1 2024 largely
driven by deposit margin expansion and higher non-interest income.
- Net interest margin was 13 basis points lower than Q4 2024 largely
reflecting the factors noted above.
- Other operating expenses were £5 million, or 2.6%, lower than Q4 2024
primarily reflecting the non-repeat of the Q4 2024 annual Bank Levy, partly
offset by the Q1 2025 Bank of England Levy and higher severance costs. Other
operating expenses were £7 million, or 3.9%, higher than Q1 2024 largely due
to higher severance costs and higher investment spend.
- An impairment charge of £1 million, compared with a £3 million
charge in Q4 2024 and a £6 million release in Q1 2024, largely reflecting the
non-repeat of good book releases, with Stage 3 charges broadly flat and
remaining at low levels.
- CAL were £1.5 billion, or 1.4% lower than Q4 2024 as lending growth
is offset by lower AUMA and deposit balances.
- Net loans to customers were £0.2 billion, or 1.1%, higher than Q4
2024 driven by higher mortgage balances and higher commercial balances.
- Customer deposits decreased by £1.2 billion, or 2.8%, in Q1 2025
largely reflecting seasonal tax payments and outflows of transitory balances.
- AUMA balances decreased by £0.4 billion in the quarter primarily
driven by negative market movements of £1.2 billion and AUA net outflows of
£0.1 billion, partially offset by AUM net inflows of £0.8 billion and Cushon
net inflows of £0.1 billion.
Business performance summary continued
Commercial & Institutional
Quarter ended
31 March 31 December 31 March
2025 2024 2024
£m £m £m
Net interest income 1,459 1,404 1,246
Non-interest income 683 682 613
Total income 2,142 2,086 1,859
Operating expenses (1,044) (1,179) (1,051)
of which: Other operating expenses (1,015) (1,134) (1,020)
Impairment losses (78) (46) (39)
Operating profit 1,020 861 769
Return on equity (1) 19.3% 16.6% 14.6%
Net interest margin (1) 2.32% 2.21% 2.07%
Cost:income ratio (excl. litigation and conduct) (1) 47.4% 54.4% 54.9%
Loan impairment rate (1) 22bps 13bps 11bps
As at
31 March 31 December 31 March
2025 2024 2024
£bn £bn £bn
Net loans to customers (amortised cost) 143.1 141.9 135.3
Customer deposits 196.5 194.1 192.2
Funded assets (1) 336.1 321.6 321.7
RWAs 107.3 104.7 109.9
(1) Refer to the Non-IFRS financial measures appendix for details of
the basis of preparation and reconciliation of non-IFRS financial measures and
performance metrics.
During Q1 2025, Commercial & Institutional continued to deliver a strong
performance in income and operating profit, supporting a return on equity of
19.3%, an increase from 16.6% in Q4 2024. We continued to see demand to
support clients' risk management and funding needs during volatile markets,
helping to increase income.
Commercial & Institutional provided £6.5 billion of climate and
sustainable funding and financing in Q1 2025 to support customers investing in
the transition to net zero.
- Total income was £56 million, or 2.7%, higher than Q4 2024 primarily
reflecting strong customer activity in markets trading income, capital markets
underwriting, deposit income and customer lending growth, partly offset by the
impact of two fewer days in the quarter. Total income was £283 million, or
15.2%, higher than Q1 2024 primarily due to deposit margin expansion, customer
lending growth and strong customer activity in markets trading income.
- Net interest margin was 11 basis points higher than Q4 2024 reflecting
continued deposit margin expansion.
- Other operating expenses were £119 million, or 10.5%, lower than Q4
2024 primarily reflecting the non-repeat of the Q4 2024 annual Bank Levy
partially offset by the Q1 2025 Bank of England Levy. Other operating expenses
were £5 million, or 0.5%, lower than Q1 2024 mainly due to non-staff costs.
- An impairment charge of £78 million in Q1 2025 compared with a £39
million charge in Q1 2024 reflecting a reduction in post model adjustment
releases and higher Stage 3 charges, from a small number of larger
counterparties. Compared with Q4 2024, the impairment charge was £32 million
higher reflecting increased Stage 3 charges from a small number of larger
counterparties, partially offset by post model adjustment releases.
- Net loans to customers increased by £1.2 billion, or 0.8%, in Q1 2025
principally due to growth within Corporate & Institutions, partly offset
by UK Government scheme repayments of £0.4 billion.
- Customer deposits increased by £2.4 billion, or 1.2%, in Q1 2025
largely reflecting growth within Corporate & Institutions and Commercial
Mid-market excluding the impact of client transfers. During Q1 2025 client
transfers of approximately £4.9 billion from Commercial Mid-market to
Corporate & Institutions were undertaken with an equivalent value of £3.3
billion at Q4 2024.
- RWAs increased by £2.6 billion, or 2.5%, compared with Q4 2024
primarily driven by the annual recalculation of operational risk and increases
in market risk and credit risk from book growth, partly offset by continued
RWA management activity.
Business performance summary continued
Central items & other
Quarter ended
31 March 31 December 31 March
2025 2024 2024
£m £m £m
Continuing operations
Total income 33 (34) 83
Operating expenses (67) (86) (47)
of which: Other operating expenses (56) (74) (61)
Impairment (losses)/releases (1) (1) 3
Operating (loss)/profit (35) (121) 39
As at
31 March 31 December 31 March
2025 2024 2024
£bn £bn £bn
Net loans to customers (amortised cost) 26.9 31.8 21.0
Customer deposits 1.2 2.2 12.8
RWAs 1.6 2.0 2.6
- Total income was £67 million higher than Q4 2024 primarily reflecting
notable items including higher business growth fund gains and foreign exchange
recycling losses in Q4 2024, partially offset with lower gains on interest and
foreign exchange risk management derivatives not in accounting hedge
relationships. Total income was £50 million lower than Q1 2024 primarily
reflecting notable items including lower gains on interest and foreign
exchange risk management derivatives not in accounting hedge relationships.
- Other operating expenses were £18 million, or 24.3%, lower than Q4
2024 principally reflecting the timing of strategic costs largely relating to
property exits and were £5 million, or 8.2%, lower than Q1 2024 largely due
to reduction in costs due to our withdrawal of operations from the Republic of
Ireland.
- Net loans to customers decreased by £4.9 billion, or 15.4%, in Q1
2025 driven by reverse repo activity in Treasury.
- Customer deposits of £1.2 billion decreased by £1.0 billion in Q1
2025 of which £0.3 billion relates to repo activity in Treasury.
Segment performance
Quarter ended 31 March 2025
Retail Private Commercial & Central items Total NatWest
Banking Banking Institutional & other Group
£m £m £m £m £m
Continuing operations
Income statement
Net interest income 1,438 181 1,459 (52) 3,026
Own credit adjustments - - 6 - 6
Other non-interest income 102 84 677 85 948
Total income 1,540 265 2,142 33 3,980
Direct expenses (166) (59) (379) (1,331) (1,935)
Indirect expenses (511) (128) (636) 1,275 -
Other operating expenses (677) (187) (1,015) (56) (1,935)
Litigation and conduct costs (4) - (29) (11) (44)
Operating expenses (681) (187) (1,044) (67) (1,979)
Operating profit/(loss) before impairment losses 859 78 1,098 (34) 2,001
Impairment losses (109) (1) (78) (1) (189)
Operating profit/(loss) 750 77 1,020 (35) 1,812
Total income excluding notable items (1) 1,540 265 2,136 11 3,952
Additional information
Return on tangible equity (1) na na na na 18.5%
Return on equity (1) 24.5% 17.1% 19.3% nm na
Cost:income ratio (excl. litigation and conduct) (1) 44.0% 70.6% 47.4% nm 48.6%
Total assets (£bn) 234.3 28.9 397.9 48.9 710.0
Funded assets (£bn) (1) 234.3 28.9 336.1 47.9 647.2
Net loans to customers - amortised cost (£bn) 210.4 18.4 143.1 26.9 398.8
Loan impairment rate (1) 21bps 2bps 22bps nm 19bps
Impairment provisions (£bn) (1.9) (0.1) (1.5) - (3.5)
Impairment provisions - Stage 3 (£bn) (1.1) - (1.0) - (2.1)
Customer deposits (£bn) 195.7 41.2 196.5 1.2 434.6
Risk-weighted assets (RWAs) (£bn) 66.8 11.3 107.3 1.6 187.0
RWA equivalent (RWAe) (£bn) 67.6 11.3 108.5 2.1 189.5
Employee numbers (FTEs - thousands) 11.9 2.2 12.8 32.5 59.4
Third party customer asset rate (1) 4.29% 4.83% 6.24% nm nm
Third party customer funding rate (1) (1.87%) (2.90%) (1.71%) nm nm
Average interest earning assets (£bn) (1) 226.5 28.4 255.2 na 541.6
Net interest margin (1) 2.58% 2.59% 2.32% na 2.27%
nm = not meaningful, na = not applicable
(1) Refer to the Non-IFRS financial measures appendix for details of the basis of
preparation and reconciliation of non-IFRS financial measures and performance
metrics.
Segment performance continued
Quarter ended 31 December 2024
Retail Private Commercial & Central items Total NatWest
Banking Banking Institutional & other Group
£m £m £m £m £m
Continuing operations
Income statement
Net interest income 1,408 190 1,404 (34) 2,968
Own credit adjustments - - (4) - (4)
Other non-interest income 93 82 686 - 861
Total income 1,501 272 2,086 (34) 3,825
Direct expenses (191) (65) (417) (1,441) (2,114)
Indirect expenses (523) (127) (717) 1,367 -
Other operating expenses (714) (192) (1,134) (74) (2,114)
Litigation and conduct costs (94) (2) (45) (12) (153)
Operating expenses (808) (194) (1,179) (86) (2,267)
Operating profit/(loss) before impairment losses 693 78 907 (120) 1,558
Impairment losses (16) (3) (46) (1) (66)
Operating profit/(loss) 677 75 861 (121) 1,492
Total income excluding notable items (1) 1,501 272 2,090 9 3,872
Additional information
Return on tangible equity (1) na na na na 19.0%
Return on equity (1) 21.4% 16.3% 16.6% nm na
Cost:income ratio (excl. litigation and conduct) (1) 47.6% 70.6% 54.4% nm 55.3%
Total assets (£bn) 232.8 28.6 398.7 47.9 708.0
Funded assets (£bn) (1) 232.8 28.6 321.6 46.6 629.6
Net loans to customers - amortised cost (£bn) 208.4 18.2 141.9 31.8 400.3
Loan impairment rate (1) 3bps 7bps 13bps nm 7bps
Impairment provisions (£bn) (1.8) (0.1) (1.5) - (3.4)
Impairment provisions - Stage 3 (£bn) (1.1) - (0.9) - (2.0)
Customer deposits (£bn) 194.8 42.4 194.1 2.2 433.5
Risk-weighted assets (RWAs) (£bn) 65.5 11.0 104.7 2.0 183.2
RWA equivalent (RWAe) (£bn) 66.5 11.0 105.9 2.5 185.9
Employee numbers (FTEs - thousands) 12.0 2.1 12.8 32.3 59.2
Third party customer asset rate (1) 4.21% 5.22% 6.36% nm nm
Third party customer funding rate (1) (1.97%) (3.06%) (1.83%) nm nm
Average interest earning assets (£bn) (1) 226.3 27.8 252.2 na 538.8
Net interest margin (1) 2.47% 2.72% 2.21% na 2.19%
nm = not meaningful, na = not applicable
(1) Refer to the Non-IFRS financial measures appendix for details of the basis of
preparation and reconciliation of non-IFRS financial measures and performance
metrics.
Segment performance continued
Quarter ended 31 March 2024
Retail Private Commercial & Central items Total NatWest
Banking Banking Institutional & other Group
£m £m £m £m £m
Continuing operations
Income statement
Net interest income 1,216 134 1,246 55 2,651
Own credit adjustments - - (5) - (5)
Other non-interest income 109 74 618 28 829
Total income 1,325 208 1,859 83 3,475
Direct expenses (189) (61) (384) (1,394) (2,028)
Indirect expenses (578) (119) (636) 1,333 -
Other operating expenses (767) (180) (1,020) (61) (2,028)
Litigation and conduct costs (6) (1) (31) 14 (24)
Operating expenses (773) (181) (1,051) (47) (2,052)
Operating profit before impairment losses/releases 552 27 808 36 1,423
Impairment (losses)/releases (63) 6 (39) 3 (93)
Operating profit 489 33 769 39 1,330
Total income excluding notable items (1) 1,325 208 1,864 17 3,414
Additional information
Return on tangible equity (1) na na na na 14.2%
Return on equity (1) 16.5% 6.7% 14.6% nm na
Cost:income ratio (excl. litigation and conduct) (1) 57.9% 86.5% 54.9% nm 58.4%
Total assets (£bn) 226.4 26.5 388.8 55.8 697.5
Funded assets (£bn) (1) 226.4 26.5 321.7 54.7 629.3
Net loans to customers - amortised cost (£bn) 203.5 18.2 135.3 21.0 378.0
Loan impairment rate (1) 12bps (13)bps 11bps nm 10bps
Impairment provisions (£bn) (1.9) (0.1) (1.5) (0.1) (3.6)
Impairment provisions - Stage 3 (£bn) (1.2) - (0.8) - (2.0)
Customer deposits (£bn) 190.0 37.8 192.2 12.8 432.8
Risk-weighted assets (RWAs) (£bn) 62.5 11.3 109.9 2.6 186.3
RWA equivalent (RWAe) (£bn) 62.6 11.3 111.1 3.1 188.1
Employee numbers (FTEs - thousands) 13.1 2.2 12.7 33.3 61.3
Third party customer asset rate (1) 3.79% 4.97% 6.81% nm nm
Third party customer funding rate (1) (2.05%) (3.14%) (1.93%) nm nm
Average interest earning assets (£bn) (1) 220.6 26.2 241.9 na 521.1
Net interest margin (1) 2.22% 2.06% 2.07% na 2.05%
nm = not meaningful, na = not applicable
(1) Refer to the Non-IFRS financial measures appendix for details of the basis of
preparation and reconciliation of non-IFRS financial measures and performance
metrics.
Risk and capital management
Credit risk
Segment analysis - portfolio summary
The table below shows gross loans and expected credit loss (ECL), by segment
and stage, within the scope of the IFRS 9 ECL framework.
31 March 2025 31 December 2024
Retail Private Commercial & Central items Retail Private Commercial & Central items
Banking Banking Institutional & other Total Banking Banking Institutional & other Total
£m £m £m £m £m £m £m £m £m £m
Loans - amortised cost and FVOCI (1,2)
Stage 1 184,976 17,331 130,688 30,573 363,568 182,366 17,155 128,988 35,312 363,821
Stage 2 23,586 860 15,423 58 39,927 24,242 844 15,339 49 40,474
Stage 3 3,333 339 2,298 4 5,974 3,268 322 2,340 - 5,930
Of which: individual - 255 1,125 - 1,380 - 233 1,052 - 1,285
Of which: collective 3,333 84 1,173 4 4,594 3,268 89 1,288 - 4,645
Total 211,895 18,530 148,409 30,635 409,469 209,876 18,321 146,667 35,361 410,225
ECL provisions (3)
Stage 1 289 15 275 15 594 279 16 289 14 598
Stage 2 430 10 345 2 787 428 12 346 1 787
Stage 3 1,127 40 976 - 2,143 1,063 36 941 - 2,040
Of which: individual - 40 452 - 492 - 36 415 - 451
Of which: collective 1,127 - 524 - 1,651 1,063 - 526 - 1,589
Total 1,846 65 1,596 17 3,524 1,770 64 1,576 15 3,425
ECL provisions coverage (4)
Stage 1 (%) 0.16 0.09 0.21 0.05 0.16 0.15 0.09 0.22 0.04 0.16
Stage 2 (%) 1.82 1.16 2.24 3.45 1.97 1.77 1.42 2.26 2.04 1.94
Stage 3 (%) 33.81 11.80 42.47 - 35.87 32.53 11.18 40.21 - 34.40
Total 0.87 0.35 1.08 0.06 0.86 0.84 0.35 1.07 0.04 0.83
(1) The table shows gross loans only and excludes amounts that were outside the
scope of the ECL framework. Other financial assets within the scope of the
IFRS 9 ECL framework were cash and balances at central banks totalling £97.9
billion (31 December 2024 - £91.8 billion) and debt securities of £63.1
billion (31 December 2024 - £62.4 billion). FVOCI - fair value through other
comprehensive income.
(2) Includes loans to customers and banks.
(3) Includes £4 million (31 December 2024 - £4 million) related to assets
classified as FVOCI and £0.1 billion (31 December 2024 - £0.1 billion)
related to off-balance sheet exposures.
(4) ECL provisions coverage is calculated as ECL provisions divided by loans -
amortised cost and FVOCI. It is calculated on loans and total ECL provisions,
including ECL for other (non-loan) assets and unutilised exposure. Some
segments with a high proportion of debt securities or unutilised exposure may
result in a not meaningful (nm) coverage ratio.
Risk and capital management continued
Credit risk continued
Segment analysis - loans
- Retail Banking - Asset quality and arrears rates remained largely
stable and within expectations in the quarter. Reflecting the stable portfolio
performance, good book ECL coverage remained largely consistent with December
2024, as economic scenarios were unchanged and there were minimal movements in
probability of default and loss given default estimates. Total ECL coverage
saw a slight increase during the quarter, driven by growth in Stage 3 ECL on
unsecured portfolios. Growth in Stage 3 balances reflected less debt sale
activity compared to Q4 2024, alongside stable Stage 3 inflows.
- Commercial & Institutional - Coverage remained stable with small
increases in ECL alongside balance growth. Overall ECL increased, primarily in
Stage 3, driven by a limited number of flows into default. Stage 1 and Stage 2
ECL reduced marginally due to a decrease in post model adjustments and
positive movements in risk metrics.
Movement in ECL provision
The table below shows the main ECL provision movements during the quarter.
ECL provision
£m
At 1 January 2025 3,425
Changes in risk metrics and exposure: Stage 1 and Stage 2 (2)
Changes in risk metrics and exposure: Stage 3 215
Judgemental changes:
Changes in post model adjustments for Stage 1, Stage 2 and Stage 3 (3)
Write-offs and other (111)
At 31 March 2025 3,524
- ECL increased in Q1 2025, as Stage 3 charges were only partially
offset by write-offs. There were Stage 3 default flow increases, particularly
in the Personal portfolio. These were broadly in line with expectations due to
growth and normalisation of risk parameters. In the Commercial &
Institutional portfolio, Stage 3 ECL increased due to a small number of
individual charges.
- Judgemental ECL post model adjustments were consistent with 31
December 2024. This reflected a decision not to release any economic
uncertainty post model adjustments in the quarter based on a forward-looking
basis given recent geopolitical events. Judgemental ECL post model adjustments
represented 9% of the total ECL (31 December 2024 - 10%). Refer to the ECL
post model adjustments section for further details.
Risk and capital management continued
Credit risk continued
ECL post model adjustments
The table below shows ECL post model adjustments.
Retail Banking Private Commercial &
Mortgages Other Banking Institutional Total
31 March 2025 £m £m £m £m £m
Deferred model calibrations - - 1 18 19
Economic uncertainty 89 29 8 179 305
Other adjustments - - - 9 9
Total 89 29 9 206 333
Of which:
- Stage 1 57 11 4 87 159
- Stage 2 27 18 5 118 168
- Stage 3 5 - - 1 6
31 December 2024
Deferred model calibrations - - 1 18 19
Economic uncertainty 90 22 8 179 299
Other adjustments - - - 18 18
Total 90 22 9 215 336
Of which:
- Stage 1 58 9 5 94 166
- Stage 2 26 13 4 119 162
- Stage 3 6 - - 2 8
Post model adjustments remained broadly flat overall since 31 December 2024.
This mainly reflected economic uncertainty and continued related concerns
around customer affordability, inflation, supply chain, geopolitical risk and
liquidity.
- Retail Banking - The post model adjustment for economic uncertainty
increased to £118 million at 31 March 2025, from £112 million at 31 December
2024. This increase was primarily in the cost of living post model adjustment
in credit cards. The cost of living post model adjustment captures the risk on
segments in the Retail Banking portfolio that are more susceptible to the
effects of cost of living rises. It focuses on key affordability lenses,
including lower-income customers in fuel poverty, over-indebted borrowers and
customers who remain vulnerable to higher mortgage rates.
- Commercial & Institutional - The post model adjustment for
economic uncertainty remained unchanged at £179 million. The inflation,
supply chain and liquidity post model adjustment of £149 million was
maintained for lending prior to 1 January 2024, being a sector level downgrade
applied to the sectors that are considered most at risk from the current
economic and geopolitical headwinds. There was an £8 million equivalent in
the Private Banking portfolio.
- The remaining £27 million (31 December 2024 - £36 million) of post
model adjustments were for deferred model calibrations relating to refinance
risk and to mitigate the effect of operational timing delays in the
identification and flagging of a significant increase in credit risk.
Risk and capital management continued
Credit risk continued
Sector analysis - portfolio summary
The table below shows financial assets and off-balance sheet exposures gross
of ECL and related ECL provisions, impairment and past due by sector, asset
quality and geographical region.
Personal Non-Personal
Corporate Financial
Mortgages (1) Credit cards Other personal Total and other institutions Sovereign Total Total
31 March 2025 £m £m £m £m £m £m £m £m £m
Loans by geography 211,948 6,906 9,893 228,747 110,612 68,753 1,357 180,722 409,469
- UK 211,935 6,906 9,893 228,734 96,591 42,413 693 139,697 368,431
- Other Europe 13 - - 13 6,540 12,500 349 19,389 19,402
- RoW - - - - 7,481 13,840 315 21,636 21,636
Loans by asset quality (2) 211,948 6,906 9,893 228,747 110,612 68,753 1,357 180,722 409,469
- AQ1-AQ4 116,141 121 809 117,071 41,988 63,346 1,078 106,412 223,483
- AQ5-AQ8 92,144 6,475 7,968 106,587 66,150 5,283 127 71,560 178,147
- AQ9 1,118 123 204 1,445 285 2 133 420 1,865
- AQ10 2,545 187 912 3,644 2,189 122 19 2,330 5,974
Loans by stage 211,948 6,906 9,893 228,747 110,612 68,753 1,357 180,722 409,469
- Stage 1 188,720 4,847 7,576 201,143 93,077 68,143 1,205 162,425 363,568
- Stage 2 20,683 1,872 1,405 23,960 15,346 488 133 15,967 39,927
- Stage 3 2,545 187 912 3,644 2,189 122 19 2,330 5,974
- Of which: individual 153 - 25 178 1,066 117 19 1,202 1,380
- Of which: collective 2,392 187 887 3,466 1,123 5 - 1,128 4,594
Loans - past due analysis 211,948 6,906 9,893 228,747 110,612 68,753 1,357 180,722 409,469
- Not past due 208,762 6,682 8,963 224,407 107,309 68,091 1,338 176,738 401,145
- Past due 1-30 days 1,474 50 70 1,594 1,937 602 - 2,539 4,133
- Past due 31-90 days 582 56 106 744 424 4 - 428 1,172
- Past due 91-180 days 377 46 90 513 96 - 19 115 628
- Past due >180 days 753 72 664 1,489 846 56 - 902 2,391
Loans - Stage 2 20,683 1,872 1,405 23,960 15,346 488 133 15,967 39,927
- Not past due 19,500 1,804 1,304 22,608 14,436 481 133 15,050 37,658
- Past due 1-30 days 930 32 37 999 608 3 - 611 1,610
- Past due 31-90 days 253 36 64 353 302 4 - 306 659
Weighted average life
- ECL measurement (years) 9 4 6 6 5 2 nm 5 5
Weighted average 12 months PDs
- IFRS 9 (%) 0.50 3.29 4.59 0.75 1.27 0.16 5.05 0.87 0.80
- Basel (%) 0.67 3.77 3.28 0.87 1.12 0.15 5.05 0.78 0.83
ECL provisions by geography 469 409 1,012 1,890 1,486 127 21 1,634 3,524
- UK 469 409 1,012 1,890 1,323 72 13 1,408 3,298
- Other Europe - - - - 102 12 - 114 114
- RoW - - - - 61 43 8 112 112
nm = not meaningful
For the notes to this table refer to page 19.
Risk and capital management continued
Credit risk continued
Sector analysis - portfolio summary continued
Personal Non-Personal
Corporate Financial
Mortgages (1) Credit cards Other personal Total and other institutions Sovereign Total Total
31 March 2025 £m £m £m £m £m £m £m £m £m
ECL provisions by stage 469 409 1,012 1,890 1,486 127 21 1,634 3,524
- Stage 1 76 84 134 294 248 38 14 300 594
- Stage 2 61 192 179 432 343 10 2 355 787
- Stage 3 332 133 699 1,164 895 79 5 979 2,143
- Of which: individual 12 - 14 26 385 76 5 466 492
- Of which: collective 320 133 685 1,138 510 3 - 513 1,651
ECL provisions coverage (%) 0.22 5.92 10.23 0.83 1.34 0.18 1.55 0.90 0.86
- Stage 1 (%) 0.04 1.73 1.77 0.15 0.27 0.06 1.16 0.18 0.16
- Stage 2 (%) 0.29 10.26 12.74 1.80 2.24 2.05 1.50 2.22 1.97
- Stage 3 (%) 13.05 71.12 76.64 31.94 40.89 64.75 26.32 42.02 35.87
Loans by residual maturity 211,948 6,906 9,893 228,747 110,612 68,753 1,357 180,722 409,469
- <1 year 1,929 1,591 2,467 5,987 31,236 52,211 518 83,965 89,952
- 1-5 year 8,424 5,315 5,824 19,563 49,943 11,799 504 62,246 81,809
- >5< 15 year 42,522 - 1,596 44,118 21,080 4,604 299 25,983 70,101
- >15 year 159,073 - 6 159,079 8,353 139 36 8,528 167,607
Other financial assets by asset quality (2) - - - - 3,834 25,450 131,681 160,965 160,965
- AQ1-AQ4 - - - - 3,829 24,992 131,681 160,502 160,502
- AQ5-AQ8 - - - - 5 458 - 463 463
Off-balance sheet 12,373 21,182 7,838 41,393 76,708 21,394 209 98,311 139,704
- Loan commitments 12,373 21,182 7,798 41,353 73,858 19,939 209 94,006 135,359
- Contingent liabilities - - 40 40 2,850 1,455 - 4,305 4,345
Off-balance sheet by asset quality (2) 12,373 21,182 7,838 41,393 76,708 21,394 209 98,311 139,704
- AQ1-AQ4 11,594 483 6,504 18,581 48,220 19,646 128 67,994 86,575
- AQ5-AQ8 766 20,336 1,293 22,395 28,031 1,692 16 29,739 52,134
- AQ9 - 13 13 26 19 - 63 82 108
- AQ10 13 350 28 391 438 56 2 496 887
For the notes to this table refer to page 19.
Risk and capital management continued
Credit risk continued
Sector analysis - portfolio summary continued
Personal Non-Personal
Corporate Financial
Mortgages (1) Credit cards Other personal Total and other institutions Sovereign Total Total
31 December 2024 £m £m £m £m £m £m £m £m £m
Loans by geography 209,846 6,930 9,749 226,525 111,734 70,321 1,645 183,700 410,225
- UK 209,846 6,930 9,749 226,525 97,409 43,412 562 141,383 367,908
- Other Europe - - - - 6,311 14,747 766 21,824 21,824
- RoW - - - - 8,014 12,162 317 20,493 20,493
Loans by asset quality (2) 209,846 6,930 9,749 226,525 111,734 70,321 1,645 183,700 410,225
- AQ1-AQ4 113,209 128 818 114,155 43,918 65,078 1,365 110,361 224,516
- AQ5-AQ8 92,946 6,516 7,880 107,342 65,231 5,172 127 70,530 177,872
- AQ9 1,156 110 191 1,457 306 12 132 450 1,907
- AQ10 2,535 176 860 3,571 2,279 59 21 2,359 5,930
Loans by stage 209,846 6,930 9,749 226,525 111,734 70,321 1,645 183,700 410,225
- Stage 1 186,250 4,801 7,267 198,318 94,991 69,021 1,491 165,503 363,821
- Stage 2 21,061 1,953 1,622 24,636 14,464 1,241 133 15,838 40,474
- Stage 3 2,535 176 860 3,571 2,279 59 21 2,359 5,930
- Of which: individual 141 - 26 167 1,046 51 21 1,118 1,285
- Of which: collective 2,394 176 834 3,404 1,233 8 - 1,241 4,645
Loans - past due analysis 209,846 6,930 9,749 226,525 111,734 70,321 1,645 183,700 410,225
- Not past due 206,739 6,721 8,865 222,325 107,855 70,055 1,627 179,537 401,862
- Past due 1-30 days 1,404 50 70 1,524 2,530 211 - 2,741 4,265
- Past due 31-90 days 580 51 99 730 398 2 18 418 1,148
- Past due 91-180 days 408 41 96 545 139 49 - 188 733
- Past due >180 days 715 67 619 1,401 812 4 - 816 2,217
Loans - Stage 2 21,061 1,953 1,622 24,636 14,464 1,241 133 15,838 40,474
- Not past due 19,939 1,889 1,521 23,349 13,485 1,228 133 14,846 38,195
- Past due 1-30 days 853 31 37 921 640 11 - 651 1,572
- Past due 31-90 days 269 33 64 366 339 2 - 341 707
Weighted average life
- ECL measurement (years) 8 4 6 6 6 2 nm 6 6
Weighted average 12 months PDs
- IFRS 9 (%) 0.51 3.23 4.59 0.76 1.24 0.16 5.51 0.86 0.80
- Basel (%) 0.68 3.65 3.18 0.87 1.11 0.15 4.16 0.76 0.82
ECL provisions by geography 462 381 969 1,812 1,504 90 19 1,613 3,425
- UK 462 381 969 1,812 1,335 37 12 1,384 3,196
- Other Europe - - - - 109 9 - 118 118
- RoW - - - - 60 44 7 111 111
nm = not meaningful
For the notes to this table refer to the following page.
Risk and capital management continued
Credit risk continued
Sector analysis - portfolio summary continued
Personal Non-Personal
Corporate Financial
Mortgages (1) Credit cards Other personal Total and other institutions Sovereign Total Total
31 December 2024 £m £m £m £m £m £m £m £m £m
ECL provisions by stage 462 381 969 1,812 1,504 90 19 1,613 3,425
- Stage 1 77 77 130 284 264 38 12 314 598
- Stage 2 60 186 183 429 344 12 2 358 787
- Stage 3 325 118 656 1,099 896 40 5 941 2,040
- Of which: individual 11 - 17 28 382 36 5 423 451
- Of which: collective 314 118 639 1,071 514 4 - 518 1,589
ECL provisions coverage (%) 0.22 5.50 9.94 0.80 1.35 0.13 1.16 0.88 0.83
- Stage 1 (%) 0.04 1.60 1.79 0.14 0.28 0.06 0.80 0.19 0.16
- Stage 2 (%) 0.28 9.52 11.28 1.74 2.38 0.97 1.50 2.26 1.94
- Stage 3 (%) 12.82 67.05 76.28 30.78 39.32 67.80 23.81 39.89 34.40
Loans by residual maturity 209,846 6,930 9,749 226,525 111,734 70,321 1,645 183,700 410,225
- <1 year 3,367 3,903 3,186 10,456 34,929 54,971 822 90,722 101,178
- 1-5 year 11,651 3,027 5,551 20,229 48,075 10,967 488 59,530 79,759
- >5< 15 year 45,454 - 1,006 46,460 20,623 4,270 298 25,191 71,651
- >15 year 149,374 - 6 149,380 8,107 113 37 8,257 157,637
Other financial assets by asset quality (2) - - - - 3,644 31,102 119,502 154,248 154,248
- AQ1-AQ4 - - - - 3,639 30,743 119,502 153,884 153,884
- AQ5-AQ8 - - - - 5 359 - 364 364
Off-balance sheet 13,806 20,135 7,947 41,888 75,964 21,925 239 98,128 140,016
- Loan commitments 13,806 20,135 7,906 41,847 72,940 20,341 239 93,520 135,367
- Contingent liabilities - - 41 41 3,024 1,584 - 4,608 4,649
Off-balance sheet by asset quality (2) 13,806 20,135 7,947 41,888 75,964 21,925 239 98,128 140,016
- AQ1-AQ4 12,951 510 6,568 20,029 47,896 20,063 155 68,114 88,143
- AQ5-AQ8 839 19,276 1,336 21,451 27,657 1,813 21 29,491 50,942
- AQ9 1 12 17 30 19 - 63 82 112
- AQ10 15 337 26 378 392 49 - 441 819
(1) Includes a portion of Private Banking lending secured against
residential real estate in line with ECL calculation methodology. Private
Banking and RBS International mortgages are reported in the UK reflecting the
country of lending origination and includes crown dependencies
(2) AQ bandings are based on Basel PDs and mapping as follows:
Internal asset quality band Probability of default range Indicative S&P rating Internal asset quality band Probability of default range Indicative S&P rating
AQ1 0% - 0.034% AAA to AA AQ6 1.076% - 2.153% BB- to B+
AQ2 0.034% - 0.048% AA to AA- AQ7 2.153% - 6.089% B+ to B
AQ3 0.048% - 0.095% A+ to A AQ8 6.089% - 17.222% B- to CCC+
AQ4 0.095% - 0.381% BBB+ to BBB- AQ9 17.222% - 100% CCC to C
AQ5 0.381% - 1.076% BB+ to BB AQ10 100% D
£0.4 billion (31 December 2024 - £0.3 billion) of AQ10 Personal balances
primarily relate to loan commitments, the drawdown of which is effectively
prohibited.
Risk and capital management continued
Credit risk continued
Sector analysis - portfolio summary continued
The table below shows ECL by stage, for the Personal portfolio and
Non-Personal portfolio, including the three largest borrowing sector clusters
included in corporate and other.
Off-balance sheet
Loans - amortised cost and FVOCI Loan Contingent ECL provisions
Stage 1 Stage 2 Stage 3 Total commitments liabilities Stage 1 Stage 2 Stage 3 Total
31 March 2025 £m £m £m £m £m £m £m £m £m £m
Personal 201,143 23,960 3,644 228,747 41,353 40 294 432 1,164 1,890
Mortgages (1) 188,720 20,683 2,545 211,948 12,373 - 76 61 332 469
Credit cards 4,847 1,872 187 6,906 21,182 - 84 192 133 409
Other personal 7,576 1,405 912 9,893 7,798 40 134 179 699 1,012
Non-Personal 162,425 15,967 2,330 180,722 94,006 4,305 300 355 979 1,634
Financial institutions (2) 68,143 488 122 68,753 19,939 1,455 38 10 79 127
Sovereigns 1,205 133 19 1,357 209 - 14 2 5 21
Corporate and other 93,077 15,346 2,189 110,612 73,858 2,850 248 343 895 1,486
Of which:
Commercial real estate 16,264 1,447 435 18,146 6,750 160 72 30 136 238
Mobility and logistics 13,653 2,575 146 16,374 9,606 508 24 38 66 128
Consumer industries 12,511 3,099 416 16,026 11,073 556 41 83 191 315
Total 363,568 39,927 5,974 409,469 135,359 4,345 594 787 2,143 3,524
31 December 2024
Personal 198,318 24,636 3,571 226,525 41,847 41 284 429 1,099 1,812
Mortgages (1) 186,250 21,061 2,535 209,846 13,806 - 77 60 325 462
Credit cards 4,801 1,953 176 6,930 20,135 - 77 186 118 381
Other personal 7,267 1,622 860 9,749 7,906 41 130 183 656 969
Non-Personal 165,503 15,838 2,359 183,700 93,520 4,608 314 358 941 1,613
Financial institutions (2) 69,021 1,241 59 70,321 20,341 1,584 38 12 40 90
Sovereigns 1,491 133 21 1,645 239 - 12 2 5 19
Corporate and other 94,991 14,464 2,279 111,734 72,940 3,024 264 344 896 1,504
Of which:
Commercial real estate 16,191 1,517 433 18,141 6,661 143 70 30 146 246
Consumer industries 13,312 3,015 444 16,771 10,706 595 45 90 188 323
Mobility and logistics 13,363 2,384 148 15,895 9,367 595 26 35 67 128
Total 363,821 40,474 5,930 410,225 135,367 4,649 598 787 2,040 3,425
(1) As at 31 March 2025, £139.8 billion, 65.9%, of the total residential
mortgages portfolio had Energy Performance Certificate (EPC) data available
(31 December 2024 - £139.1 billion, 66.3%). Of which, 47.1% were rated as EPC
A to C (31 December 2024 - 46.3%).
(2) Includes transactions, such as securitisations, where the underlying assets
may be in other sectors.
Risk and capital management continued
Capital, liquidity and funding risk
NatWest Group takes a comprehensive approach to the management of capital,
liquidity and funding, underpinned by frameworks, risk appetite and policies,
to manage and mitigate capital, liquidity and funding risks. The framework
ensures the tools and capability are in place to facilitate the management and
mitigation of risk ensuring that NatWest Group operates within its regulatory
requirements and risk appetite.
Key developments since 31 December 2024
CET1 ratio The CET1 ratio increased by 20 basis points to 13.8% due to a £0.8 billion
increase in CET1 capital partially offset by a £3.8 billion increase in RWAs.
13.8%
(2024 - 13.6%)
The CET1 capital increase was mainly driven by an attributable profit to
ordinary shareholders in the period of £1.3 billion and other movements on
reserves and regulatory adjustments of £0.2 billion partially offset by a
foreseeable ordinary dividend accrual of £0.6 billion.
RWAs Total RWAs increased by £3.8 billion to £187.0 billion mainly reflecting:
£187.0bn - an increase in operational risk RWAs of £2.2 billion following the
annual recalculation.
(2024 - £183.2bn)
- an increase in credit risk RWAs of £0.9 billion, primarily driven by
lending growth partially offset by reductions due to active RWA management.
Further increase driven by CRD IV model updates within Retail Banking and
Commercial & Institutional.
- an increase in market risk RWAs of £0.5 billion, driven by an SVaR
increase due to movement in FX risk and a decrease in VaR due to interest rate
risk.
- an increase in counterparty credit risk RWAs of £0.2 billion driven
by an increase in securities financing transactions.
MREL ratio The Minimum Requirements of own funds and Eligible Liabilities (MREL) ratio
decreased to 32.7% driven by a £3.8 billion increase in RWAs partially offset
32.7% by a £0.7 billion increase in MREL. MREL increased to £61.2 billion driven
by a £2.4 billion increase in eligible capital partially offset by a £1.6
(2024 - 33.0%) billion decrease in senior unsecured debt.
The capital increase was driven by CET1 movements and the issuance of a £0.7
billion Additional Tier 1 instrument and a €1.0 billion subordinated debt
Tier 2 instrument.
The decrease in senior unsecured debt was driven by the redemption of a €1.5
billion debt instrument and foreign exchange movements.
UK leverage ratio The leverage ratio increased by 20 basis points to 5.2% due to a £1.5 billion
increase in Tier 1 capital partially offset by a £5.3 billion increase in
5.2% leverage exposure. The key drivers in the leverage exposure were an increase
in trading assets and other off balance sheet items.
(2024 - 5.0%)
Liquidity portfolio The liquidity portfolio decreased by £0.2 billion to £222.1 billion compared
with Q4 2024. Primary liquidity increased by £2.0 billion to £163.1 billion,
£222.1bn driven by an increase in customer deposits and issuance partially offset by
increased lending. Secondary liquidity decreased by £2.2 billion due to a
(2024 - £222.3bn) reduced pre-positioned collateral at the Bank of England.
LCR spot The spot Liquidity Coverage Ratio (LCR) of 150%, unchanged compared with Q4
2024 primarily due to increased lending partially offset by increased
150% issuance.
(2024 - 150%)
LCR average
151%
(2024 - 151%)
NSFR spot The spot Net Stable Funding Ratio (NSFR) of 136% decreased 1% compared with Q4
2024 driven by increased lending offset by increased issuance.
136%
(2024 - 137%)
NSFR average
137%
(2024 - 137%)
Risk and capital management continued
Capital, liquidity and funding risk continued
Maximum Distributable Amount (MDA) and Minimum Capital Requirements
NatWest Group is subject to minimum capital requirements relative to RWAs. The
table below summarises the minimum capital requirements (the sum of Pillar 1
and Pillar 2A), and the additional capital buffers which are held in excess of
the regulatory minimum requirements and are usable in stress.
Where the CET1 ratio falls below the sum of the minimum capital and the
combined buffer requirement, there is a subsequent automatic restriction on
the amount available to service discretionary payments (including AT1
coupons), known as the MDA. Note that different requirements apply to
individual legal entities or sub-groups and that the table shown does not
reflect any incremental PRA buffer requirements, which are not disclosable.
The current capital position provides significant headroom above both our
minimum requirements and our MDA threshold requirements.
Type CET1 Total Tier 1 Total capital
Pillar 1 requirements 4.5% 6.0% 8.0%
Pillar 2A requirements 1.8% 2.4% 3.2%
Minimum Capital Requirements 6.3% 8.4% 11.2%
Capital conservation buffer 2.5% 2.5% 2.5%
Countercyclical capital buffer (1) 1.7% 1.7% 1.7%
MDA threshold (2) 10.5% n/a n/a
Overall capital requirement 10.5% 12.6% 15.4%
Capital ratios at 31 March 2025 13.8% 17.0% 20.6%
Headroom (3,4) 3.3% 4.4% 5.2%
(1) The UK countercyclical capital buffer (CCyB) rate is currently being
maintained at 2%. The rate may vary in either direction in the future,
depending on how risks develop. Foreign exposures may be subject to different
CCyB rates depending on the rates set in those jurisdictions.
(2) Pillar 2A requirements for NatWest Group are set as a variable amount with the
exception of some fixed add-ons.
(3) The headroom does not reflect excess distributable capital and may vary over
time.
(4) Headroom as at 31 December 2024 was CET1 3.1%, Total Tier 1 3.9% and Total
capital 4.3%.
Leverage ratios
The table below summarises the minimum ratios of capital to leverage exposure
under the binding PRA UK leverage framework applicable for NatWest Group.
Type CET1 Total Tier 1
Minimum ratio 2.44% 3.25%
Countercyclical leverage ratio buffer (1) 0.6% 0.6%
Total 3.04% 3.85%
(1) The countercyclical leverage ratio buffer is set at 35% of NatWest Group's
CCyB.
Liquidity and funding ratios
The table below summarises the minimum requirements for key liquidity and
funding metrics under the PRA framework.
Type
Liquidity Coverage Ratio (LCR) 100%
Net Stable Funding Ratio (NSFR) 100%
Risk and capital management continued
Capital, liquidity and funding risk continued
Capital and leverage ratios
The tables below show key prudential metrics calculated in accordance with
current PRA rules.
31 March 31 December
2025 2024
Capital adequacy ratios (1) % %
CET1 13.8 13.6
Tier 1 17.0 16.5
Total 20.6 19.7
Capital £m £m
Tangible equity 28,025 26,482
Expected loss less impairment (39) (27)
Prudential valuation adjustment (230) (230)
Deferred tax assets (1,007) (1,084)
Own credit adjustments 18 28
Pension fund assets (151) (147)
Cash flow hedging reserve 1,314 1,443
Foreseeable ordinary dividends (1,875) (1,249)
Adjustment for trust assets (2) (365) (365)
Adjustments under IFRS 9 transitional arrangements - 33
Other adjustments for regulatory purposes 41 44
Total regulatory adjustments (2,294) (1,554)
CET1 capital 25,731 24,928
Additional AT1 capital 6,005 5,259
Tier 1 capital 31,736 30,187
Tier 2 capital 6,721 5,918
Total regulatory capital 38,457 36,105
Risk-weighted assets (1)
Credit risk 149,015 148,078
Counterparty credit risk 7,342 7,103
Market risk 6,689 6,219
Operational risk 23,959 21,821
Total RWAs 187,005 183,221
For the footnotes to the table refer to the following page.
Risk and capital management continued
Capital, liquidity and funding risk continued
Capital and leverage ratios continued
31 March 31 December
2025 2024
Leverage £m £m
Cash and balances at central banks 99,045 92,994
Trading assets 53,294 48,917
Derivatives 62,853 78,406
Financial assets 469,628 469,599
Other assets 25,212 18,069
Total assets 710,032 707,985
Derivatives
- netting and variation margin (60,701) (76,101)
- potential future exposures 16,859 16,692
Securities financing transactions gross up 2,164 2,460
Other off balance sheet items 60,927 59,498
Regulatory deductions and other adjustments (18,508) (11,014)
Claims on central banks (95,520) (89,299)
Exclusion of bounce back loans (2,114) (2,422)
UK leverage exposure 613,139 607,799
UK leverage ratio (%) (3) 5.2 5.0
(1) The IFRS 9 transitional capital rules in respect of ECL provisions no longer
apply as of 1 January 2025. (The impact of the IFRS 9 transitional adjustments
at 31 December 2024 was £33 million for CET1 capital, £33 million for total
capital and £3 million RWAs. Excluding this adjustment at 31 December 2024,
the CET1 ratio was 13.6%, Tier 1 capital ratio was 16.5% and the Total capital
ratio was 19.7%).
(2) Prudent deduction in respect of agreement with the pension fund.
(3) The UK leverage exposure and Tier 1 capital are calculated in accordance with
current PRA rules. The IFRS 9 transitional capital rules in respect of ECL no
longer apply as of 1 January 2025. (Excluding the IFRS 9 transitional
adjustment, the UK leverage ratio at 31 December 2024 was 5.0%).
Risk and capital management continued
Capital, liquidity and funding risk continued
Capital flow statement
The table below analyses the movement in CET1, AT1 and Tier 2 capital for the
three months ended 31 March 2025.
CET1 AT1 Tier 2 Total
£m £m £m £m
At 31 December 2024 24,928 5,259 5,918 36,105
Attributable profit for the period 1,252 - - 1,252
Foreseeable ordinary dividends (626) - - (626)
Foreign exchange reserve (27) - - (27)
FVOCI reserve 42 - - 42
Own credit (10) - - (10)
Share based remuneration and shares vested under employee share schemes 99 - - 99
Goodwill and intangibles deduction 48 - - 48
Deferred tax assets 77 - - 77
Prudential valuation adjustments - - - -
New issues of capital instruments - 746 823 1,569
Foreign exchange movements - - (20) (20)
Adjustment under IFRS 9 transitional arrangements (33) - - (33)
Expected loss less impairment (12) - - (12)
Other movements (7) - - (7)
At 31 March 2025 25,731 6,005 6,721 38,457
- For CET1 movements refer to the key points on page 21.
- The AT1 movement reflects the £0.7 billion 7.500% Reset Perpetual
Subordinated Contingent Convertible Additional Tier 1 Capital Notes issued in
March 2025.
- Tier 2 movements of £0.8 billion include an increase of £0.8 billion
for a €1.0 billion 3.723% per cent Fixed to Fixed Rate Reset Tier 2 Notes
2035 issued in February 2025 partially offset by immaterial foreign exchange
movements on Tier 2 instruments.
Risk and capital management continued
Capital, liquidity and funding risk continued
Risk-weighted assets
The table below analyses the movement in RWAs during the period, by key
drivers.
Counterparty Operational
Credit risk credit risk Market risk risk (1) Total
£bn £bn £bn £bn £bn
At 31 December 2024 148.1 7.1 6.2 21.8 183.2
Foreign exchange movement (0.2) - - - (0.2)
Business movement 0.1 0.2 0.5 2.2 3.0
Risk parameter changes 0.2 - - - 0.2
Methodology changes - - - - -
Model updates 0.8 - - - 0.8
Acquisitions and disposals - - - - -
At 31 March 2025 149.0 7.3 6.7 24.0 187.0
(1) Operational risk annual recalculation is performed at Q1 based on the previous
three years audited income.
The table below analyses segmental RWAs.
Total
Retail Private Commercial & Central items NatWest
Banking Banking Institutional & other Group
Total RWAs £bn £bn £bn £bn £bn
At 31 December 2024 65.5 11.0 104.7 2.0 183.2
Foreign exchange movement - - (0.2) - (0.2)
Business movement 0.6 0.3 2.5 (0.4) 3.0
Risk parameter changes 0.3 - (0.1) - 0.2
Methodology changes - - - - -
Model updates 0.4 - 0.4 - 0.8
Acquisitions and disposals - - - - -
At 31 March 2025 66.8 11.3 107.3 1.6 187.0
Credit risk 57.7 9.7 80.2 1.4 149.0
Counterparty credit risk 0.3 - 7.0 - 7.3
Market risk 0.1 - 6.6 - 6.7
Operational risk 8.7 1.6 13.5 0.2 24.0
Total RWAs 66.8 11.3 107.3 1.6 187.0
Total RWAs increased by £3.8 billion to £187.0 billion during the period
mainly reflecting:
- A reduction in risk-weighted assets from foreign exchange movements of
£0.2 billion due to sterling appreciation versus the US dollar and
depreciation versus the euro.
- An increase in business movements of £3.0 billion was primarily
driven by the annual recalculation of operational risk and an increase in
market risk and counterparty credit risk. Increases in credit risk from
lending growth were partially offset by reductions due to active RWA
management.
- An increase in risk parameters of £0.2 billion primarily driven by
movements in risk metrics within Retail Banking and Commercial &
Institutional.
- An increase in model updates of £0.8 billion driven by CRD IV model
updates within Retail Banking and Commercial & Institutional.
Risk and capital management continued
Capital, liquidity and funding risk continued
Liquidity portfolio
The table below shows the composition of the liquidity portfolio with primary
liquidity aligned to high-quality liquid assets on a regulatory LCR basis.
Secondary liquidity comprises assets which are eligible as collateral for
local central bank liquidity facilities and do not form part of the LCR
eligible high-quality liquid assets.
31 March 2025 31 December 2024
NatWest NWH UK Dol NatWest NWH UK Dol
Group (1) Group (2) Sub Group (1) Group (2) Sub
£m £m £m £m £m £m
Cash and balances at central banks 95,121 63,979 63,308 88,617 58,313 57,523
High quality government/MDB/PSE and GSE bonds (3) 55,545 40,551 40,551 58,818 43,275 43,275
Extremely high quality covered bonds 4,341 4,340 4,340 4,341 4,340 4,340
LCR level 1 Eligible Assets 155,007 108,870 108,199 151,776 105,928 105,138
LCR level 2 Eligible Assets (4) 8,084 6,738 6,738 9,271 7,957 7,957
Primary liquidity (HQLA) (5) 163,091 115,608 114,937 161,047 113,885 113,095
Secondary liquidity 59,021 58,991 58,991 61,230 61,200 61,200
Total liquidity value 222,112 174,599 173,928 222,277 175,085 174,295
(1) NatWest Group includes the UK Domestic Liquidity Sub-Group (NWB Plc, RBS plc
and Coutts & Co), NatWest Markets Plc and other significant operating
subsidiaries that hold liquidity portfolios. These include The Royal Bank of
Scotland International Limited and NWM N.V. who hold managed portfolios that
comply with local regulations that may differ from PRA rules.
(2) NWH Group comprises UK DoLSub and NatWest Bank Europe GmbH who hold managed
portfolios that comply with local regulations that may differ from PRA rules.
(3) Multilateral development bank abbreviated to MDB, public sector entities
abbreviated to PSE and government sponsored entities abbreviated to GSE.
(4) Includes Level 2A and Level 2B.
(5) High-quality liquid assets abbreviated to HQLA.
Condensed consolidated income statement
for the period ended 31 March 2025 (unaudited)
Quarter ended
31 March 31 December 31 March
2025 2024 2024
£m £m £m
Interest receivable 6,315 6,453 6,055
Interest payable (3,289) (3,485) (3,404)
Net interest income 3,026 2,968 2,651
Fees and commissions receivable 802 797 770
Fees and commissions payable (189) (179) (177)
Trading income 284 218 129
Other operating income 57 21 102
Non-interest income 954 857 824
Total income 3,980 3,825 3,475
Staff costs (1,069) (949) (1,062)
Premises and equipment (294) (348) (293)
Other administrative expenses (350) (666) (424)
Depreciation and amortisation (266) (304) (273)
Operating expenses (1,979) (2,267) (2,052)
Profit before impairment losses 2,001 1,558 1,423
Impairment losses (189) (66) (93)
Operating profit before tax 1,812 1,492 1,330
Tax charge (471) (233) (339)
Profit from continuing operations 1,341 1,259 991
Profit/(loss) from discontinued operations, net of tax - 69 (4)
Profit for the period 1,341 1,328 987
Attributable to:
Ordinary shareholders 1,252 1,248 918
Paid-in equity holders 90 81 60
Non-controlling interests (1) (1) 9
1,341 1,328 987
Earnings per ordinary share - continuing operations 15.5p 14.5p 10.5p
Earnings per ordinary share - discontinued operations - 0.8p -
Total earnings per share attributable to ordinary shareholders - basic 15.5p 15.3p 10.5p
Earnings per ordinary share - fully diluted continuing operations 15.4p 14.4p 10.4p
Earnings per ordinary share - fully diluted discontinued operations - 0.8p -
Total earnings per share attributable to ordinary shareholders - fully diluted 15.4p 15.2p 10.4p
Condensed consolidated statement of comprehensive income
for the period ended 31 March 2025 (unaudited)
Quarter ended
31 March 31 December 31 March
2025 2024 2024
£m £m £m
Profit for the period 1,341 1,328 987
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of retirement benefit schemes 6 (74) (36)
Changes in fair value of financial liabilities designated at fair value 4 (8) (23)
through profit or loss (FVTPL) due to changes in credit risk
FVOCI financial assets 14 (10) (13)
Tax 2 20 31
26 (72) (41)
Items that will be reclassified subsequently to profit or loss when specific
conditions are met:
FVOCI financial assets 34 (46) 45
Cash flow hedges (1) 183 (110) (66)
Currency translation (30) 124 (25)
Tax (62) 43 3
125 11 (43)
Other comprehensive income/(loss) after tax 151 (61) (84)
Total comprehensive income for the period 1,492 1,267 903
Attributable to:
Ordinary shareholders 1,403 1,187 834
Paid-in equity holders 90 81 60
Non-controlling interests (1) (1) 9
1,492 1,267 903
(1) Refer to footnote 2 and 3 of the consolidated statement of changes in equity.
Condensed consolidated balance sheet
as at 31 March 2025 (unaudited)
31 March 31 December
2025 2024
£m £m
Assets
Cash and balances at central banks 99,045 92,994
Trading assets 53,294 48,917
Derivatives 62,853 78,406
Settlement balances 9,261 2,085
Loans to banks - amortised cost 6,894 6,030
Loans to customers - amortised cost 398,806 400,326
Other financial assets 63,928 63,243
Intangible assets 7,537 7,588
Other assets 8,414 8,396
Total assets 710,032 707,985
Liabilities
Bank deposits 34,120 31,452
Customer deposits 434,617 433,490
Settlement balances 9,257 1,729
Trading liabilities 57,489 54,714
Derivatives 56,386 72,082
Other financial liabilities 61,905 61,087
Subordinated liabilities 7,004 6,136
Notes in circulation 3,215 3,316
Other liabilities 4,432 4,601
Total liabilities 668,425 668,607
Equity
Ordinary shareholders' interests 35,562 34,070
Other owners' interests 6,029 5,280
Owners' equity 41,591 39,350
Non-controlling interests 16 28
Total equity 41,607 39,378
Total liabilities and equity 710,032 707,985
Condensed consolidated statement of changes in equity
for the period ended 31 March 2025 (unaudited)
Share Other Other reserves Total Non
capital and Paid-in statutory Retained Fair Cash flow Foreign owners' controlling Total
share premium equity reserves (1) earnings value hedging (2,3) exchange Merger equity interests equity
£m £m £m £m £m £m £m £m £m £m £m
At 1 January 2025 10,133 5,280 2,350 11,426 (103) (1,443) 826 10,881 39,350 28 39,378
Profit attributable to ordinary shareholders
and other equity owners 1,342 1,342 (1) 1,341
Other comprehensive income
Realised gains in period on FVOCI equity shares (2) 2 - -
Remeasurement of retirement benefit schemes 6 6 6
Changes in fair value of credit in financial liabilities
designated at FVTPL due to own credit risk 4 4 4
Unrealised gains 56 56 56
Amounts recognised in equity (112) (112) (112)
Retranslation of net assets (24) (24) (24)
Losses on hedges of net assets (6) (6) (6)
Amount transferred from equity to earnings (8) 295 - 287 287
Tax (1) (8) (54) 3 (60) (60)
Total comprehensive income/(loss) - - - 1,349 42 129 (27) - 1,493 (1) 1,492
Transactions with owners
Paid-in equity dividends paid (90) (90) (90)
Securities issued in the period (4) 749 749 749
Purchase of non-controlling interest (10) (10) (11) (21)
Employee share schemes (9) (9) (9)
Shares vested under employee share schemes 64 30 94 94
Share-based renumeration 14 14 14
At 31 March 2025 10,133 6,029 2,414 12,710 (61) (1,314) 799 10,881 41,591 16 41,607
(1) Other statutory reserves consist of Capital redemption reserves of £3,218
million and Own shares held reserves of (£804) million.
(2) The change in the cash flow hedging reserve is driven by realised accrued
interest transferred into the income statement and an increase in swap rates
in the longer tenors in the year, where the portfolio of swaps are net receive
fixed from an interest rate risk perspective.
(3) The amount transferred from equity to the income statement is mostly recorded
within net interest income mainly within loans to banks and customers -
amortised cost, balances at central banks, bank deposits and customer
deposits.
(4) The issuance above is after netting of issuance fees of £1.6 million, and the
associated tax credit of £0.4 million.
Notes
1. Presentation of condensed consolidated financial statements
The condensed consolidated financial statements should be read in conjunction
with NatWest Group plc's 2024 Annual Report and Accounts. The accounting
policies are the same as those applied in the consolidated financial
statements.
The directors have prepared the condensed consolidated financial statements on
a going concern basis after assessing the principal risks, forecasts,
projections and other relevant evidence over the twelve months from the date
they are approved.
2. Litigation
NatWest Group plc's 2024 Annual Report and Accounts, issued on 14 February
2025, included disclosures about NatWest Group's litigation and regulatory
matters in Note 25. Set out below are the material developments in those
matters (all of which have been previously disclosed) since publication of the
2024 Annual Report and Accounts.
FX litigation
NWM Plc, NWMSI and/or NatWest Group plc are defendants in several cases
relating to NWM Plc's foreign exchange (FX) business. In May 2025, NWM Plc
executed an agreement to settle the claim in the Federal Court of Australia,
subject to court approval of that settlement. The settlement amount is covered
in full by an existing provision.
3. Post balance sheet events
On 20 June 2024 NatWest Group announced it had entered into an agreement with
Sainsbury's Bank plc (Sainsbury's Bank) to acquire the retail banking assets
and liabilities of Sainsbury's Bank which comprised its outstanding credit
card, unsecured personal loan and saving accounts. The acquisition completed
on 1 May 2025.
NatWest Group acquired approximately £2.5 billion of gross customer assets,
comprising £1.4 billion of unsecured personal loans and £1.1 billion of
credit card balances, together with approximately £2.7 billion of customer
deposits.
The transaction adds around one million customer accounts and results in a day
1 ECL charge of c.£0.1 billion, increases RWAs by c.£1.8 billion and
decreases the CET1 ratio by 16 basis points.
Other than as disclosed in this document, there have been no significant
events between 31 March 2025 and the date of approval of this announcement
that would require a change to, or additional disclosure, in the announcement.
Presentation of information
'Parent company' refers to NatWest Group plc, and 'NatWest Group', 'Group' or
'we' refers to NatWest Group plc and its subsidiaries. The term 'NWH Group'
refers to NatWest Holdings Limited ('NWH Limited') and its subsidiary and
associated undertakings. The term 'NWM Group' refers to NatWest Markets Plc
('NWM Plc') and its subsidiary and associated undertakings. The term 'NWM
N.V.' refers to NatWest Markets N.V. The term 'NWM N.V. Group' refers to
NatWest Markets N.V. and its subsidiary and associated undertakings. The term
'NWMSI' refers to NatWest Markets Securities, Inc. The term 'RBS plc' refers
to The Royal Bank of Scotland plc. The term 'NWB Plc' refers to National
Westminster Bank Plc. The term 'RBSI Ltd' refers to The Royal Bank of Scotland
International Limited.
NatWest Group publishes its financial statements in pounds sterling ('£' or
'sterling'). The abbreviations '£m' and '£bn' represent millions and
thousands of millions of pounds sterling, respectively, and references to
'pence' or 'p' represent pence where amounts are denominated in pounds
sterling ('GBP'). Reference to 'dollars' or '$' are to United States of
America ('US') dollars. The abbreviations '$m' and '$bn' represent millions
and thousands of millions of dollars, respectively. The abbreviation '€'
represents the 'euro', and the abbreviations '€m' and '€bn' represent
millions and thousands of millions of euros, respectively.
Statutory accounts
Financial information contained in this document does not constitute statutory
accounts within the meaning of section 434 of the Companies Act 2006 ('the
Act'). The statutory accounts for the year ended 31 December 2024 will be
filed with the Registrar of Companies. The report of the auditor on those
statutory accounts was unqualified, did not draw attention to any matters by
way of emphasis and did not contain a statement under section 498(2) or (3) of
the Act.
Contacts
Analyst enquiries: Claire Kane, Investor
Relations +44 (0) 20 7672 1758
Media enquiries: NatWest Group Press Office
+44 (0) 131 523 4205
Management presentation
Date: 2 May 2025
Time: 9:30 AM UK time
Zoom ID: 922 5870 0106
Available at natwestgroup.com/results (http://www.natwestgroup.com/results)
- Q1 2025 Interim Management Statement and presentation slides.
- A financial supplement containing income statement, balance sheet and
segment performance for the five quarters ended 31 March 2025.
- NatWest Group Pillar 3 supplement at 31 March 2025.
Forward-looking statements
This document may include forward-looking statements within the meaning of the
United States Private Securities Litigation Reform Act of 1995, such as
statements with respect to NatWest Group's financial condition, results of
operations and business, including its strategic priorities, financial,
investment and capital targets, and climate and sustainability related
targets, commitments and ambitions described herein. Statements that are not
historical facts, including statements about NatWest Group's beliefs and
expectations, are forward-looking statements. Words, such as 'expect',
'estimate', 'project', 'anticipate', 'commit', 'believe', 'should', 'intend',
'will', 'plan', 'could', 'target', 'goal', 'objective', 'may', 'outlook',
'prospects' and similar expressions or variations on these expressions are
intended to identify forward-looking statements. In particular, this document
may include forward-looking statements relating , but not limited to: NatWest
Group's outlook, guidance and targets (including in relation to RoTE, total
income, other operating expenses, loan impairment rate, CET1 ratio, RWA
levels, payment of dividends and participation in directed buybacks), its
financial position, profitability and financial performance, the
implementation of its strategy, its access to adequate sources of liquidity
and funding, its regulatory capital position and related requirements, its
impairment losses and credit exposures under certain specified scenarios,
substantial regulation and oversight, ongoing legal, regulatory and
governmental actions and investigations. Forward-looking statements are
subject to a number of risks and uncertainties that might cause actual results
and performance to differ materially from any expected future results or
performance expressed or implied by the forward-looking statements. Factors
that could cause or contribute to differences in current expectations include,
but are not limited to, future growth initiatives (including acquisitions,
joint ventures and strategic partnerships), the outcome of legal, regulatory
and governmental actions and investigations, the level and extent of future
impairments and write-downs, legislative, political, fiscal and regulatory
developments, accounting standards, competitive conditions, technological
developments, interest and exchange rate fluctuations, general economic and
political conditions and uncertainties, exposure to third party risk,
operational risk, conduct risk, cyber, data and IT risk, financial crime risk,
key person risk and credit rating risk and the impact of climate and
sustainability related risks and the transitioning to a net zero economy.
These and other factors, risks and uncertainties that may impact any
forward-looking statement or NatWest Group plc's actual results are discussed
in NatWest Group plc's 2024 Annual Report and Accounts on Form 20-F, NatWest
Group's Interim Management Statement for Q1 2025, and its other public
filings. The forward-looking statements contained in this document speak only
as of the date of this document and NatWest Group plc does not assume or
undertake any obligation or responsibility to update any of the
forward-looking statements contained in this document, whether as a result of
new information, future events or otherwise, except to the extent legally
required.
Non-IFRS financial measures
NatWest Group prepares its financial statements in accordance with UK-adopted
International Accounting Standards (IAS) and International Financial Reporting
Standards (IFRS). This document contains a number of non-IFRS measures, or
alternative performance measures, defined under the European Securities and
Markets Authority (ESMA) guidance, or non-GAAP financial measures in
accordance with the Securities and Exchange Commission (SEC) regulations.
These measures are adjusted for notable and other defined items which
management believes are not representative of the underlying performance of
the business and which distort period-on-period comparison.
The non-IFRS measures provide users of the financial statements with a
consistent basis for comparing business performance between financial periods
and information on elements of performance that are one-off in nature. The
non-IFRS measures also include a calculation of metrics that are used
throughout the banking industry.
These non-IFRS measures are not a substitute for IFRS measures and a
reconciliation to the closest IFRS measure is presented where appropriate.
Measure Description
Cost:income ratio (excl. litigation and conduct) The cost:income ratio (excl. litigation and conduct) is calculated as other
operating expenses (operating expenses less litigation and conduct costs)
Refer to table 2. Cost:income ratio (excl. litigation and conduct) on page 36. divided by total income. Litigation and conduct costs are excluded as they are
one-off in nature, difficult to forecast for Outlook purposes and distort
period-on-period comparisons.
Customer deposits excluding central items Customer deposits excluding central items is calculated as total NatWest Group
customer deposits excluding Central items & other customer deposits.
Refer to Segment performance on pages 10-12 for components of calculation. Central items & other includes Treasury repo activity. The exclusion of
Central items & other removes the volatility relating to Treasury repo
activity.
These items may distort period-on-period comparisons and their removal gives
the user of the financial statements a better understanding of the movements
in customer deposits.
Funded assets Funded assets is calculated as total assets less derivative assets. This
measure allows review of balance sheet trends exclusive of the volatility
Refer to Condensed consolidated balance sheet on page 30 for components of associated with derivative fair values.
calculation.
Loan:deposit ratio (excl. repos and reverse repos) Loan:deposit ratio (excl. repos and reverse repos) is calculated as net
customer loans held at amortised cost excluding reverse repos divided by total
Refer to table 5. Loan:deposit ratio (excl. repos and reverse repos) on page customer deposits excluding repos. This metric is used to assess liquidity.
37.
The removal of repos and reverse repos reduces volatility and presents the
ratio on a basis that is comparable to UK peers. The nearest ratio using IFRS
measures is loan:deposit ratio, calculated as net loans to customers held at
amortised cost divided by customer deposits.
NatWest Group return on tangible equity NatWest Group return on tangible equity comprises annualised profit or loss
for the period attributable to ordinary shareholders divided by average
Refer to table 7. NatWest Group return on tangible equity on page 38. tangible equity. Average tangible equity is average total equity excluding
average non-controlling interests, average other owners' equity and average
intangible assets. This measure shows the return NatWest Group generates on
tangible equity deployed. It is used to determine relative performance of
banks and used widely across the sector, although different banks may
calculate the rate differently. The nearest ratio using IFRS measures is
return on equity, calculated as profit attributable to ordinary shareholders
divided by average total equity.
Non-IFRS financial measures continued
Measure Description
Net interest margin (NIM) and average interest earning assets Net interest margin is net interest income, as a percentage of average
interest earning assets (IEA). Average IEA are average IEA of the banking
Refer to Segment performance on pages 10-12 for components of calculation. business of NatWest Group and primarily consists of cash and balances at
central banks, loans to banks, loans to customers and other financial assets
mostly comprising of debt securities. Average IEA shows the average asset base
generating interest over the period.
Net loans to customers excluding central items Net loans to customers excluding central items is calculated as total NatWest
Group net loans to customers excluding Central items & other net loans to
Refer to Segment performance on pages 10-12 for components of calculation. customers. Central items & other includes Treasury reverse repo activity.
The exclusion of Central items & other removes the volatility relating to
Treasury reverse repo activity.
This allows for better period-on-period comparisons and gives the user of the
financial statements a better understanding of the movements in net loans to
customers.
Operating expenses excluding litigation and conduct The management analysis of operating expenses shows litigation and conduct
costs separately. These amounts are included within staff costs and other
Refer to table 4. Operating expenses excluding litigation and conduct on page administrative expenses in the statutory analysis. Other operating expenses
37. excludes litigation and conduct costs, which are more volatile and may distort
period-on-period comparisons.
Segmental return on equity Segmental return on equity comprises segmental operating profit or loss,
adjusted for paid-in equity and tax, divided by average notional equity.
Refer to table 8. Segmental return on equity on page 38. Average RWAe is defined as average segmental RWAs incorporating the effect of
capital deductions. This is multiplied by an allocated equity factor for each
segment to calculate the average notional equity. This measure shows the
return generated by operating segments on equity deployed.
Tangible net asset value (TNAV) per ordinary share TNAV per ordinary share is calculated as tangible equity divided by the number
of ordinary shares in issue. This is a measure used by external analysts in
Refer to table 3. Tangible net asset value (TNAV) per ordinary share on page valuing the bank and allows for comparison with other per ordinary share
36. metrics including the share price. The nearest ratio using IFRS measures is:
net asset value (NAV) per ordinary share calculated as ordinary shareholders'
interests divided by the number of ordinary shares in issue.
Total combined assets and liabilities (CAL) - Private Banking CAL refers to customer deposits, net loans to customers and AUMA. To avoid
double counting, investment cash is deducted as it is reported within customer
Refer to table 6. Total combined assets and liabilities (CAL) - Private deposits and AUMA.
Banking on page 37.
The components of CAL are key drivers of income and provide a measure of
growth and strength of the business on a comparable basis.
Total income excluding notable items Total income excluding notable items is calculated as total income less
notable items. The exclusion of notable items aims to remove the impact of
Refer to table 1. Total income excluding notable items on page 36. one-offs and other items which may distort period-on-period comparisons.
Non-IFRS financial measures continued
1. Total income excluding notable items
Quarter ended
31 March 31 December 31 March
2025 2024 2024
£m £m £m
Continuing operations
Total income 3,980 3,825 3,475
Less notable items
Commercial & Institutional
Own credit adjustments (OCA) 6 (4) (5)
Central items & other
Share of associate profits/(losses) for Business Growth Fund 15 (1) 7
Interest and foreign exchange risk management derivatives not in hedge 7 19 59
accounting relationships
Foreign exchange recycling losses - (30) -
Tax interest on prior periods - (31) -
28 (47) 61
Total income excluding notable items 3,952 3,872 3,414
2. Cost:income ratio (excl. litigation and conduct)
Quarter ended
31 March 31 December 31 March
2025 2024 2024
£m £m £m
Continuing operations
Operating expenses 1,979 2,267 2,052
Less litigation and conduct costs (44) (153) (24)
Other operating expenses 1,935 2,114 2,028
Total income 3,980 3,825 3,475
Cost:income ratio 49.7% 59.3% 59.1%
Cost:income ratio (excl. litigation and conduct) 48.6% 55.3% 58.4%
3. Tangible net asset value (TNAV) per ordinary share
Quarter ended or as at
31 March 31 December 31 March
2025 2024 2024
Ordinary shareholders' interests (£m) 35,562 34,070 33,958
Less intangible assets (£m) (7,537) (7,588) (7,598)
Tangible equity (£m) 28,025 26,482 26,360
Ordinary shares in issue (millions) (1) 8,067 8,043 8,727
NAV per ordinary share (pence) 441p 424p 389p
TNAV per ordinary share (pence) 347p 329p 302p
(1) The number of ordinary shares in issue excludes own shares held.
Non-IFRS financial measures continued
4. Operating expenses excluding litigation and conduct
Quarter ended
31 March 31 December 31 March
2025 2024 2024
£m £m £m
Other operating expenses
Staff expenses 1,055 938 1,047
Premises and equipment 294 348 293
Other administrative expenses 320 524 415
Depreciation and amortisation 266 304 273
Total other operating expenses 1,935 2,114 2,028
Litigation and conduct costs
Staff expenses 14 11 15
Other administrative expenses 30 142 9
Total litigation and conduct costs 44 153 24
Total operating expenses 1,979 2,267 2,052
Total operating expenses excluding litigation and conduct 1,935 2,114 2,028
5. Loan:deposit ratio (excl. repos and reverse repos)
As at
31 March 31 December 31 March
2025 2024 2024
£m £m £m
Loans to customers - amortised cost 398,806 400,326 378,010
Less reverse repos (30,258) (34,846) (23,120)
Loans to customers - amortised cost (excl. reverse repos) 368,548 365,480 354,890
Customer deposits 434,617 433,490 432,793
Less repos (1,070) (1,363) (11,437)
Customer deposits (excl. repos) 433,547 432,127 421,356
Loan:deposit ratio (%) 92% 92% 87%
Loan:deposit ratio (excl. repos and reverse repos) (%) 85% 85% 84%
6. Total combined assets and liabilities (CAL) - Private Banking
As at
31 March 31 December 31 March
2025 2024 2024
£bn £bn £bn
Net loans to customers (amortised cost) 18.4 18.2 18.2
Customer deposits 41.2 42.4 37.8
Assets under management and administration (AUMA) 48.5 48.9 43.1
Less investment cash included in both customer deposits and AUMA (1.2) (1.1) (1.2)
Total combined assets and liabilities (CAL) 106.9 108.4 97.9
Non-IFRS financial measures continued
7. NatWest Group return on tangible equity
Quarter ended or as at
31 March 31 December 31 March
2025 2024 2024
£m £m £m
Profit attributable to ordinary shareholders 1,252 1,248 918
Annualised profit attributable to ordinary shareholders 5,008 4,992 3,672
Average total equity 40,354 38,915 37,490
Adjustment for average other owners' equity and intangible assets (13,228) (12,703) (11,684)
Adjusted total tangible equity 27,126 26,212 25,806
Return on equity 12.4% 12.8% 9.8%
Return on tangible equity 18.5% 19.0% 14.2%
8. Segmental return on equity
Quarter ended 31 March 2025 Quarter ended 31 December 2024 Quarter ended 31 March 2024
Retail Private Commercial & Retail Private Commercial & Retail Private Commercial &
Banking Banking Institutional Banking Banking Institutional Banking Banking Institutional
Operating profit (£m) 750 77 1,020 677 75 861 489 33 769
Paid-in equity cost allocation (£m) (23) (4) (63) (23) (5) (53) (16) (4) (40)
Adjustment for tax (£m) (204) (20) (239) (183) (20) (202) (132) (8) (182)
Adjusted attributable profit (£m) 523 53 718 471 50 606 341 21 547
Annualised adjusted attributable profit (£m) 2,092 212 2,872 1,884 202 2,424 1,362 84 2,187
Average RWAe (£bn) 66.9 11.1 106.8 65.6 11.0 106.0 61.7 11.2 109.0
Equity factor 12.8% 11.1% 13.9% 13.4% 11.2% 13.8% 13.4% 11.2% 13.8%
Average notional equity (£bn) 8.6 1.2 14.8 8.8 1.2 14.6 8.3 1.3 15.0
Return on equity (%) 24.5% 17.1% 19.3% 21.4% 16.3% 16.6% 16.5% 6.7% 14.6%
Performance measures not defined under IFRS
The table below summarises other performance measures used by NatWest Group,
not defined under IFRS, and therefore a reconciliation to the nearest IFRS
measure is not applicable.
Measure Description
AUMA AUMA comprises both assets under management (AUM) and assets under
administration (AUA) serviced through the Private Banking segment. AUM
comprise assets where the investment management is undertaken by Private
Banking on behalf of Private Banking, Retail Banking and Commercial &
Institutional customers.
AUA comprise i) third party assets held on an execution-only basis in custody
by Private Banking, Retail Banking and Commercial & Institutional for
their customers, for which the execution services are supported by Private
Banking ii) AUA of Cushon, acquired on 1 June 2023, which are supported by
Private Banking and held and managed by third parties.
This measure is tracked and reported as the amount of funds that we manage or administer, and directly impacts the level of investment income that we receive.
AUMA income AUMA income includes investment income which reflects an ongoing fee as
percentage of assets and transactional income related to investment services
comprised of one-off fees for advice services, trading and exchange services,
protection and alternative investing services.
AUMA is a core driver of non-interest income, especially with respect to
ongoing investment income and this measure provides a means of reporting the
income earned on AUMA.
AUMA net flows AUMA net flows represents assets under management and assets under
administration.
AUMA net flows is reported and tracked to monitor the business performance of
new business inflows and management of existing client withdrawals across
Private Banking, Retail Banking and Commercial & Institutional.
Climate and sustainable funding and financing The climate and sustainable funding and financing metric is used by NatWest Group to measure the level of support it provides customers, through lending products and underwriting activities, to help in their transition towards a net zero, climate resilient
and sustainable economy. We have a target to provide £100 billion of climate and sustainable funding and financing between the 1 July 2021 and the end of 2025. As part of this, we aim to provide at least £10 billion in lending for residential properties
with EPC ratings A and B between 1 January 2023 and the end of 2025.
Loan impairment rate Loan impairment rate is the annualised loan impairment charge divided by gross customer loans. This measure is used to assess the credit quality of the loan book.
Third party rates Third party customer asset rate is calculated as annualised interest receivable on third-party loans to customers as a percentage of third-party loans to customers. This excludes assets of disposal groups, intragroup items, loans to banks and liquid asset
portfolios. Third party customer funding rate reflects interest payable or receivable on third-party customer deposits, including interest bearing and non- interest bearing customer deposits. Intragroup items, bank deposits, debt securities in issue and
subordinated liabilities are excluded for customer funding rate calculation.
Wholesale funding Wholesale funding comprises deposits by banks (excluding repos), debt securities in issue and subordinated liabilities. Funding risk is the risk of not maintaining a diversified, stable and cost-effective funding base. The disclosure of wholesale funding
highlights the extent of our diversification and how we mitigate funding risk.
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