REG - Nat.Westminster Bk - NatWest Bank Plc Annual Results 2025
13/02/2026 09:00
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RNS Number : 8991S National Westminster Bank PLC 13 February 2026
National Westminster Bank Plc
2025 Annual Results
Financial review
Contents
Presentation of information 1
Description of business 1
Performance overview 2
Financial statements 5
Notes to the financial statements 10
Statement of directors' responsibilities 21
Forward-looking statements 22
Presentation of information
National Westminster Bank Plc (NWB Plc or 'we') is a wholly owned subsidiary
of NatWest Holdings Limited (NWH Ltd or the intermediate holding company). The
term 'NWB Group' or 'we' refers to NWB Plc and its subsidiary and associated
undertakings. The term 'NWH Group' refers to NWH Ltd and its subsidiary and
associated undertakings. NatWest Group plc is 'the ultimate holding company'.
The term 'NatWest Group' refers to NatWest Group plc and its subsidiaries.
NWB Plc publishes its financial statements in pounds sterling ('£' or
'sterling'). The abbreviations '£m' and '£bn' represent millions and
thousands of millions of pounds sterling (GBP), respectively, and references
to 'pence' represent pence where amounts are denominated in sterling.
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.
Description of business
NWB Plc, which wholly owns Coutts & Company, is a principal entity under
NWH Ltd, together with The Royal Bank of Scotland plc (RBS plc).
Principal activities and operating segments
NWB Group serves customers across the UK with a range of retail and commercial
banking products and services. A wide range of personal products are offered
including current accounts, credit cards, personal loans, mortgages and wealth
management services. NWB Plc is the main provider of shared services for
NatWest Group.
The reportable operating segments are as follows:
Retail Banking - serves personal customers in the UK and includes Ulster Bank
customers in Northern Ireland.
Private Banking & Wealth Management - serves UK-connected, high net-worth
individuals and their business interests.
Commercial & Institutional - consists of customer businesses reported
under Business Banking, Commercial Mid-market and Corporate &
Institutions, supporting our customers across the full non-personal customer
lifecycle, both domestically and internationally.
Central items & other - includes corporate functions such as treasury,
finance, risk management, compliance, legal, communications and human
resources. NWB Plc is the main service provider of shared services and
treasury activities for NatWest Group. The services are mainly provided to NWH
Group, however, in certain instances where permitted, services are also
provided to the wider NatWest Group including the non ring-fenced business.
Financial review continued
Performance overview
Strong financial performance
NWB Group reported an attributable profit for the year of £4,198 million and
a Common Equity Tier 1 (CET1) ratio of 11.2% for NWB Plc.
Total income increased by £1,647 million, or 14%, to £13,620 million due to
deposit margin expansion as a result of higher customer balances and strong
hedge income.
Operating expenses increased by £278 million, or 4%, to £7,241 million
driven by transformation and reward costs as we continue to drive
simplification and invest in our people.
The cost:income ratio decreased from 58.2% to 53.2%.
Net impairment losses of £653 million, compared with a charge of £347
million in 2024, primarily reflect lower good book releases in 2025 and
include a charge associated with balances acquired from Sainsbury's Bank.
Robust balance sheet with strong capital levels
Net loans to customers increased by £13.6 billion to £345.6 billion, across
all customer segments due to growth in mortgages and personal and commercial
lending.
Customer deposits increased by £6.8 billion to £325.1 billion driven by
growth in retail savings and current account balances.
The loan:deposit ratio remained stable at 98%.
The CET1 ratio decreased by 20 basis points to 11.2%. A £9.2 billion increase
in risk-weighted assets (RWAs) driven by lending growth and regulatory changes
was partially mitigated by RWA management actions and was further offset by a
£0.8 billion increase in CET1 capital.
Financial review continued
Summary consolidated income statement for the year ended 31 December 2025
Private
Banking &
Retail Wealth Commercial & Central items &
Banking Management Institutional other 2025 2024 Variance
£m £m £m £m £m £m £m %
Net interest income 5,100 720 3,817 14 9,651 8,208 1,443 18
Non-interest income 423 369 1,421 1,756 3,969 3,765 204 5
Total income 5,523 1,089 5,238 1,770 13,620 11,973 1,647 14
Operating expenses (2,466) (727) (2,522) (1,526) (7,241) (6,963) (278) 4
Profit before impairment losses/releases 3,057 362 2,716 244 6,379 5,010 1,369 27
Impairment (losses)/releases (403) (10) (241) 1 (653) (347) (306) 88
Operating profit before tax 2,654 352 2,475 245 5,726 4,663 1,063 23
Tax charge (1,528) (1,238) (290) 23
Profit for the year 4,198 3,425 773 23
Key metrics and ratios 2025 2024
Cost:income ratio (1) 53.2% 58.2%
Loan impairment rate (2) 19bps 10bps
CET1 ratio (3) 11.2% 11.4%
Leverage ratio (4) 4.3% 4.4%
Risk-weighted assets (RWAs) £133.7bn £124.5bn
Loan:deposit ratio (5) 98% 98%
(1) Cost income ratio is total operating expenses divided by total
income.
(2) Loan impairment rate is the loan impairment charge divided by
gross customer loans.
(3) CET1 ratio is CET1 capital divided by RWAs.
(4) Leverage ratio is Tier 1 capital divided by total exposure.
(5) Loan: deposit ratio is total loans divided by total deposits.
Total income increased by £1,647 million, or 14%, to £13,620 million
compared with £11,973 million in 2024.
Net interest income increased by £1,443 million, or 18%, to £9,651 million
due to deposit margin expansion, as a result of higher customer balances and
strong hedge income, and customer lending growth.
Non-interest income increased by £204 million, or 5%, to £3,969 million
driven by card fees reflecting volume growth and the impact of balances
acquired from Sainsbury's Bank. Investment management fees increased as a
result of assets under management and administration (AUMA) growth.
Additionally, income from fellow NatWest Group subsidiaries increased due to
the higher cost of services being recharged.
Operating expenses increased by £278 million, or 4%, to £7,241 million due
to transformation costs, investment in our people through higher pay and bonus
driven by continued strong performance, and one-off integration costs
following the acquisition of balances from Sainsbury's Bank. This was
partially offset by lower conduct and compliance costs and the non-repeat of
2024 restructuring costs.
Net impairment losses of £653 million, compared with a charge of £347
million in 2024, primarily reflects lower good book releases in 2025 and
includes an £81 million charge associated with balances acquired from
Sainsbury's Bank. The loan impairment rate increased 9 basis points to 19
basis points. Stage 3 losses remained stable. Total impairment provisions
increased by £0.2 billion to £3.0 billion in the year.
Financial review continued
Summary consolidated balance sheet as at 31 December 2025
2025 2024 Variance
£m £m £m %
Assets
Cash and balances at central banks 29,939 35,095 (5,156) (15)
Derivatives 1,093 2,874 (1,781) (62)
Loans to banks - amortised cost 4,515 3,426 1,089 32
Loans to customers - amortised cost 345,643 332,013 13,630 4
Amounts due from holding companies and fellow subsidiaries 7,186 3,736 3,450 92
Other financial assets 53,124 39,571 13,553 34
Other assets 8,039 7,594 445 6
Total assets 449,539 424,309 25,230 6
Liabilities
Bank deposits 33,020 24,780 8,240 33
Customer deposits 325,069 318,290 6,779 2
Amounts due to holding companies and fellow subsidiaries 57,106 47,724 9,382 20
Derivatives 764 1,177 (413) (35)
Other financial liabilities 5,333 4,999 334 7
Subordinated liabilities 122 122 - -
Notes in circulation 1,049 935 114 12
Other liabilities 2,947 3,164 (217) (7)
Total liabilities 425,410 401,191 24,219 6
Total equity 24,129 23,118 1,011 4
Total liabilities and equity 449,539 424,309 25,230 6
Total assets increased by £25.2 billion, or 6%, to £449.5 billion as at 31
December 2025.
Cash and balances at central banks decreased by £5.2 billion to £29.9
billion, reflecting settlement of facilities with the Bank of England,
liquidity risk management and dividend settlement.
Derivative assets decreased by £1.8 billion to £1.1 billion driven by
movements in interest rate swaps.
Loans to banks - amortised cost increased by £1.1 billion to £4.5 billion
due to an increase in reverse repo balances.
Loans to customers - amortised cost increased by £13.6 billion to £345.6
billion, driven by £6.7 billion retail mortgage growth, an increase in
personal loans and credit card balances in Retail Banking, supported by
balances acquired from Sainsbury's Bank, and growth in Commercial &
Institutional of £6.0 billion mainly within Commercial Mid-market and
Corporate & Institutions.
Amounts due from holding companies and fellow subsidiaries increased by £3.4
billion to £7.2 billion due to increased balances with fellow subsidiaries of
NWH Group.
Other financial assets increased by £13.6 billion to £53.1 billion mainly
driven by net bond activity due to market conditions.
Total liabilities increased by £24.2 billion, or 6%, to £425.4 billion as at
31 December 2025.
Bank deposits increased by £8.2 billion to £33.0 billion driven by repo
balances due to market conditions, partially offset by settlement of
facilities with the Bank of England.
Customer deposits increased by £6.8 billion to £325.1 billion, including
savings balances acquired from Sainsbury's Bank and reflecting growth in
savings and current account balances, primarily in retail fixed rate products.
Amounts due to holding companies and fellow subsidiaries increased by £9.4
billion to £57.1 billion, due to increased balances with fellow subsidiaries
of NWH Group.
Derivative liabilities decreased by £0.4 billion to £0.8 billion, driven by
movements in interest rate swaps.
Other financial liabilities, which includes debt securities in issue,
increased by £0.3 billion to £5.3 billion.
Total equity increased by £1.0 billion to £24.1 billion. The increase mainly
reflects profit for the year of £4.2 billion, partially offset by £3.0
billion of ordinary dividends paid to NatWest Group plc and £0.2 billion of
paid-in equity dividends paid.
Consolidated income statement
for the year ended 31 December 2025
2025 2024
£m £m
Interest receivable 19,148 18,100
Interest payable (9,497) (9,892)
Net interest income 9,651 8,208
Fees and commissions receivable 2,419 2,276
Fees and commissions payable (597) (542)
Other operating income 2,147 2,031
Non-interest income 3,969 3,765
Total income 13,620 11,973
Staff costs (3,392) (3,301)
Premises and equipment (1,183) (1,099)
Other administrative expenses (1,588) (1,576)
Depreciation and amortisation (1,078) (987)
Operating expenses (7,241) (6,963)
Profit before impairment losses 6,379 5,010
Impairment losses (653) (347)
Operating profit before tax 5,726 4,663
Tax charge (1,528) (1,238)
Profit for the year 4,198 3,425
Attributable to:
Ordinary shareholders 3,965 3,237
Paid-in equity holders 233 194
Non-controlling interests - (6)
4,198 3,425
Consolidated statement of comprehensive income
for the year ended 31 December 2025
2025 2024
£m £m
Profit for the year 4,198 3,425
Items that do not qualify for reclassification
Remeasurement of retirement benefit schemes 1 (150)
Tax (1) 39
- (111)
Items that do qualify for reclassification
FVOCI financial assets 115 (28)
Cash flow hedges (1) 73 405
Currency translation 6 (18)
Tax (54) (107)
140 252
Other comprehensive income after tax 140 141
Total comprehensive income for the year 4,338 3,566
Attributable to:
Ordinary shareholders 4,105 3,377
Paid-in equity holders 233 194
Non-controlling interests - (5)
4,338 3,566
(1) Refer to footnote 2 of the Statement in changes in equity.
Balance sheet
as at 31 December 2025
NWB Group NWB Plc
2025 2024 2025 2024
£m £m £m £m
Assets
Cash and balances at central banks 29,939 35,095 29,911 35,083
Derivatives 1,093 2,874 1,106 2,892
Loans to banks - amortised cost 4,515 3,426 4,261 3,148
Loans to customers - amortised cost 345,643 332,013 310,121 297,548
Amounts due from holding companies and fellow subsidiaries 7,186 3,736 38,965 36,383
Securities subject to repurchase agreements 15,004 8,984 15,004 8,984
Other financial assets excluding securities subject to repurchase agreements 38,120 30,587 37,152 29,814
Other financial assets 53,124 39,571 52,156 38,798
Investment in group undertakings - - 2,477 2,520
Other assets 8,039 7,594 5,652 5,503
Total assets 449,539 424,309 444,649 421,875
Liabilities
Bank deposits 33,020 24,780 33,016 24,778
Customer deposits 325,069 318,290 282,427 275,972
Amounts due to holding companies and fellow subsidiaries 57,106 47,724 98,661 90,925
Derivatives 764 1,177 780 1,323
Other financial liabilities 5,333 4,999 3,670 3,824
Subordinated liabilities 122 122 119 119
Notes in circulation 1,049 935 1,049 935
Other liabilities 2,947 3,164 2,242 2,390
Total liabilities 425,410 401,191 421,964 400,266
Owners' equity 24,121 23,093 22,685 21,609
Non-controlling interests 8 25 - -
Total equity 24,129 23,118 22,685 21,609
Total liabilities and equity 449,539 424,309 444,649 421,875
Owners' equity of NWB Plc as at 31 December 2025 includes the profit for the
year of £4,227 million (2024 - £3,613 million).
Statement of changes in equity
for the year ended 31 December 2025
NWB Group NWB Plc
2025 2024 2025 2024
£m £m £m £m
Called-up share capital - at 1 January and 31 December 1,678 1,678 1,678 1,678
Paid-in equity - at 1 January 3,317 2,518 3,317 2,518
Redeemed (1,877) - (1,877) -
Issued 1,741 799 1,741 799
At 31 December 3,181 3,317 3,181 3,317
Share premium account - at 1 January and 31 December 2,225 2,225 2,225 2,225
Merger reserve - at 1 January 10 28 - -
Amortisation (8) (18) - -
At 31 December 2 10 - -
FVOCI reserve - at 1 January (63) (41) (66) (52)
Unrealised gains/(losses) 108 (46) 111 (52)
Realised losses 7 18 7 32
Tax (34) 6 (34) 6
At 31 December 18 (63) 18 (66)
Cash flow hedging reserve - at 1 January (308) (600) (307) (601)
Amounts recognised in equity (1) (33) 119 (33) 125
Reclassification of OCI to P&L (2) 106 286 105 283
Tax (20) (113) (20) (114)
At 31 December (255) (308) (255) (307)
Foreign exchange reserve - at 1 January (123) (104) (30) (18)
Retranslation of net assets 37 (44) 30 (28)
Foreign currency (losses)/gains on hedges of net assets (29) 25 (17) 16
Recycled to profit or loss on disposal of businesses (2) - (2) -
At 31 December (117) (123) (19) (30)
Capital redemption reserve - at 1 January and 31 December 820 820 820 820
Retained earnings - at 1 January 15,537 14,871 13,972 13,131
Profit attributable to ordinary shareholders and other equity owners 4,198 3,431 4,227 3,613
Paid-in equity dividends paid (233) (194) (233) (194)
Ordinary dividends paid (2,988) (2,516) (2,988) (2,516)
Redemption/reclassification of paid-in equity (34) - (34) -
Remeasurement of the retirement benefit schemes
- gross 1 (150) 3 (139)
- tax (1) 39 (1) 39
Employee share schemes
- gross 19 16 19 16
- tax - 6 - 6
Share-based remuneration
- gross 4 (5) 4 (5)
- tax 19 21 19 21
Sharing in success 49 - 49 -
Amortisation of merger reserve 8 18 - -
Purchase of non-controlling interest (10) - - -
At 31 December 16,569 15,537 15,037 13,972
For the notes to this table refer to the following page.
Statement of changes in equity for the year ended 31 December 2025 continued
NWB Group NWB Plc
2025 2024 2025 2024
£m £m £m £m
Owners' equity at 31 December 24,121 23,093 22,685 21,609
Non-controlling interests - at 1 January 25 35 - -
Currency translation adjustments and other movements - 1 - -
Loss attributable to non-controlling interests - (6) - -
Dividends paid (6) (5) - -
Purchase of non-controlling interest (11) - - -
At 31 December 8 25 - -
Total equity at 31 December 24,129 23,118 22,685 21,609
Attributable to:
Ordinary shareholders 20,940 19,776 19,504 18,292
Paid-in equity holders 3,181 3,317 3,181 3,317
Non-controlling interests 8 25 - -
24,129 23,118 22,685 21,609
(1) The change in the cash flow hedging reserve is driven by realised
occurred interest transferred into the income statement and a decrease in swap
rates in the year. The portfolio of hedging instruments are predominantly pay
fixed swaps.
(2) The amount transferred from equity to the income statement is
mostly recorded within net interest income mainly within loans to banks and
customers - amortised costs, balances at central banks, bank deposits and
customer deposits. Refer to Note 12 to the financial statements of the NatWest
Bank Plc 2025 Annual Report and Accounts.
Cash flow statement
for the year ended 31 December 2025
NWB Group NWB Plc
2025 2024 2025 2024
£m £m £m £m
Cash flows from operating activities
Operating profit before tax 5,726 4,663 5,591 4,680
Adjustments for:
Non-cash and other items 540 2,174 (62) 1,424
Changes in operating assets and liabilities 10,111 (5,981) 9,514 (7,007)
Income taxes paid (1,756) (1,186) (1,515) (993)
Net cash flows from operating activities (1,2) 14,621 (330) 13,528 (1,896)
Cash flows from investing activities
Sale and maturity of other financial assets 32,655 34,959 31,898 33,860
Purchase of other financial assets (45,399) (42,561) (44,449) (41,551)
Income received on other financial assets 1,436 798 1,404 768
Net movement in business interests and intangible assets (352) (2,883) (401) (2,861)
Dividends received from subsidiaries - - 487 553
Sale of property, plant and equipment 52 183 36 101
Purchase of property, plant and equipment (659) (452) (237) (252)
Net cash flows from investing activities (12,267) (9,956) (11,262) (9,382)
Cash flows from financing activities
Issue of paid-in equity 1,741 799 1,741 799
Redemption of paid-in equity (1,911) - (1,911) -
Issue of subordinated liabilities 830 600 830 600
Redemption of subordinated liabilities (500) (579) (500) (579)
Interest paid on subordinated liabilities (175) (184) (174) (159)
Issue of MRELs 1,544 1,187 1,544 927
Maturity and redemption of MRELs - (1,190) - (930)
Interest paid on MRELs (251) (247) (227) (215)
Dividends paid (3,227) (2,715) (3,221) (2,710)
Purchase of minority interest (21) - - -
Net cash flows from financing activities (1,970) (2,329) (1,918) (2,267)
Effects of exchange rate changes on cash and cash equivalents 131 (256) 141 (259)
Net increase/(decrease) in cash and cash equivalents 515 (12,871) 489 (13,804)
Cash and cash equivalents at 1 January 39,130 52,001 38,678 52,482
Cash and cash equivalents at 31 December (3) 39,645 39,130 39,167 38,678
(1) NWB Group includes interest received of £18,825 million (2024 -
£17,968 million) and interest paid of £9,675 million (2024 - £9,807
million), and NWB Plc includes interest received of £18,036 million (2024 -
£17,094 million) and interest paid of £9,722 million (2024 - £9,581
million).
(2) The total cash outflow for leases for NWB Group was £75 million
(2024 - £78 million) and for NWB Plc £63 million (2024 - £66 million). This
included payment of principal for NWB Group of £61 million (2024 - £63
million) and NWB Plc of £55 million (2024 - £58 million). These amounts are
included in operating activities in the cash flow statement.
(3) Cash and cash equivalents comprise loans and advances due from the
holding company and fellow subsidiaries with an original maturity of less than
three months for 2025 and 2024.
Notes to the financial statements
1 Presentation of condensed consolidated financial statements
The condensed consolidated financial statements should be read in conjunction
with NatWest Bank Plc 2025 Annual Report and Accounts. The critical and
material 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 Operating expenses
2025 2024
£m £m
Wages, salaries and other staff costs 2,624 2,598
Temporary and contract costs 124 125
Social security costs 347 306
Pension costs 297 272
- defined benefit schemes 89 80
- defined contribution schemes 208 192
Staff costs 3,392 3,301
Premises and equipment 1,183 1,099
Depreciation and amortisation (1) 1,078 987
Other administrative expenses (2) 1,588 1,576
Administrative expenses 3,849 3,662
7,241 6,963
(1) Includes depreciation on right of use assets of £77 million (2024
- £84 million).
(2) Includes redress and litigation costs. Further details are
provided in Note 21 to the financial statements of the NatWest Bank Plc 2025
Annual Report and Accounts.
Notes to the financial statements continued
3 Segmental analysis
Reportable operating segments
NWB Plc is organised into the following reportable segments: Retail Banking,
Private Banking & wealth Management, Commercial & Institutional and
Central items & other.
Retail Banking serves personal customers in the UK.
Private Banking & Wealth Management serves UK-connected high net worth
individuals and their business interests.
Commercial & Institutional consists of customer businesses reported under
Business Banking, Commercial Mid-market and Corporate & Institutions,
supporting our customers across the full non-personal customer lifecycle, both
domestically and internationally.
Central items & other includes corporate functions such as treasury,
finance, risk management, compliance, legal, communications and human
resources. NWB Plc is the main service provider of shared services and
treasury activities for NatWest Group. The services are mainly provided to NWH
Group, however, in certain instances where permitted, services are also
provided to the wider NatWest Group including the non ring-fenced business.
Retail Private Banking & Wealth Management Commercial & Institutional Central items & other
Banking
Total
2025 £m £m £m £m £m
Net interest income 5,100 720 3,817 14 9,651
Net fees and commissions 336 334 1,147 5 1,822
Other operating income 87 35 274 1,751 2,147
Total income 5,523 1,089 5,238 1,770 13,620
Depreciation and amortisation (1) (1) (106) (970) (1,078)
Other operating expenses (2,465) (726) (2,416) (556) (6,163)
Impairment (losses)/releases (403) (10) (241) 1 (653)
Operating profit 2,654 352 2,475 245 5,726
2024
Net interest income 4,472 619 3,342 (225) 8,208
Net fees and commissions 313 285 1,132 4 1,734
Other operating income 99 34 314 1,584 2,031
Total income 4,884 938 4,788 1,363 11,973
Depreciation and amortisation (1) (1) (117) (868) (987)
Other operating expenses (2,444) (699) (2,229) (604) (5,976)
Impairment (losses)/releases (250) 11 (117) 9 (347)
Operating profit 2,189 249 2,325 (100) 4,663
Total revenue (1)
Retail Private Banking & Wealth Management Commercial & Institutional Central items & other
Banking
Total
2025 £m £m £m £m £m
External 9,385 1,266 6,793 6,270 23,714
Inter-segment (2) 203 1,561 (1,309) (455) -
Total 9,588 2,827 5,484 5,815 23,714
2024
External 8,215 1,256 7,037 5,899 22,407
Inter-segment (2) 100 1,529 (1,369) (260) -
Total 8,315 2,785 5,668 5,639 22,407
Total income
Retail Private Banking & Wealth Management Commercial & Institutional Central items & other
Banking
Total
2025 £m £m £m £m £m
External 6,249 131 4,348 2,892 13,620
Inter-segment (2) (726) 958 890 (1,122) -
Total 5,523 1,089 5,238 1,770 13,620
2024
External 4,725 6 4,477 2,765 11,973
Inter-segment (2) 159 932 311 (1,402) -
Total 4,884 938 4,788 1,363 11,973
For the notes to this table refer to following page.
Notes to the financial statements continued
3 Segmental analysis continued
Analysis of net fees and commissions
Retail Private Banking & Commercial & Central items
Banking Wealth Management Institutional & other Total
2025 £m £m £m £m £m
Fees and commissions receivable
- Payment services 286 38 569 - 893
- Credit and debit card fees 348 30 206 - 584
- Lending and financing 15 9 511 - 535
- Brokerage 27 10 - - 37
- Investment management, trustee and fiduciary services 2 260 1 - 263
- Underwriting fees - - 2 - 2
- Other 5 7 89 4 105
Total 683 354 1,378 4 2,419
Fees and commissions payable (347) (20) (231) 1 (597)
Net fees and commissions 336 334 1,147 5 1,822
2024
Fees and commissions receivable
- Payment services 261 37 538 - 836
- Credit and debit card fees 327 13 199 4 543
- Lending and financing 16 5 512 - 533
- Brokerage 27 9 - - 36
- Investment management, trustee and fiduciary services 2 230 1 - 233
- Underwriting fees - - - - -
- Other 8 11 70 6 95
Total 641 305 1,320 10 2,276
Fees and commissions payable (328) (20) (188) (6) (542)
Net fees and commissions 313 285 1,132 4 1,734
Retail Private Banking & Commercial & Institutional Central items & other
Banking
Wealth Management
Total
2025 £m £m £m £m £m
Assets 208,851 19,564 99,203 121,921 449,539
Liabilities 167,353 42,895 128,269 86,893 425,410
2024
Assets 199,579 18,916 92,653 113,161 424,309
Liabilities 159,989 42,603 127,878 70,721 401,191
(1) Total revenue comprises interest receivable, fees and commissions
receivable and other operating income.
(2) Revenue and income from transactions between segments of the group
are now reported as inter-segment.
Notes to the financial statements continued
4 Tax
2025 2024
£m £m
Current tax
Charge for the year (1,253) (1,078)
Over/(under) provision in respect of prior years 53 (117)
(1,200) (1,195)
Deferred tax
Charge for the year (310) (255)
Increase in the carrying value of deferred tax assets in respect of losses 21 203
(Under)/over provision in respect of prior years (39) 9
Tax charge for the year (1,528) (1,238)
Current tax for the year ended 31 December 2025 is based on rates of 25% for
the standard rate of UK corporation tax and 3% for the UK banking surcharge.
The actual tax charge differs from the expected tax charge, computed by
applying the standard rate of UK corporation tax of 25% (2024 - 25%), as
follows:
2025 2024
£m £m
Expected tax charge (1,432) (1,166)
Losses and temporary differences in period where no deferred tax asset - (2)
recognised
Foreign profits and losses taxed at other rates (8) (5)
Items not allowed for tax:
- losses on disposals and write-downs - (2)
- UK bank levy (20) (20)
- regulatory and legal actions 2 (16)
- other disallowable items (17) (36)
Non-taxable items 11 3
Unrecognised losses brought forward and utilised 1 -
Increase in the carrying value of deferred tax assets in respect of:
- UK losses 19 203
- Overseas losses 2 -
Banking surcharge (158) (131)
Tax on paid-in equity dividends 58 42
Adjustments in respect of prior years (1) 14 (108)
Actual tax charge (1,528) (1,238)
(1) Prior year tax adjustments incorporate refinements to tax
computations made on submission and agreement with the tax authorities and
adjustments to provisions in respect of uncertain tax positions.
Judgement: Tax contingencies
NWB Group's corporate income tax charge and its provisions for corporate
income taxes necessarily involve a significant degree of estimation and
judgement. The tax treatment of some transactions is uncertain and tax
computations are yet to be agreed with the relevant tax authorities. Any
difference between the final outcome and the amounts provided will affect
current and deferred income tax assets and charges in the period when the
matter is resolved. NWB Group recognises anticipated tax liabilities based on
all available evidence and, where appropriate, in the light of external
advice.
For accounting policy information refer to Accounting policies 3.7 and 3.14 to
the financial statements of the NatWest Bank Plc 2025 Annual Report and
Accounts.
Notes to the financial statements continued
5 Loan impairment provisions
Loan exposure and impairment metrics
The table below summarises loans and related credit impairment measures within
the scope of ECL framework.
NWB Group NWB Plc
31 December 31 December 31 December 31 December
2025 2024 2025 2024
£m £m £m £m
Loans - amortised cost and FVOCI (1)
Stage 1 316,363 298,209 287,175 268,368
Stage 2 33,379 35,517 27,117 31,101
Stage 3 3,737 4,798 3,212 4,112
Inter-group (2) 6,970 3,130 37,823 34,942
Total 360,449 341,654 355,327 338,523
ECL provisions (3)
Stage 1 516 482 483 442
Stage 2 683 667 633 624
Stage 3 1,770 1,599 1,645 1,482
Inter-group 1 2 30 39
2,970 2,750 2,791 2,587
ECL provision coverage (4)
Stage 1 (%) 0.16 0.16 0.17 0.16
Stage 2 (%) 2.05 1.88 2.33 2.01
Stage 3 (%) 47.36 33.33 51.21 36.04
Inter-group (%) 0.01 0.07 0.08 0.11
0.84 0.81 0.87 0.84
Impairment (releases)/losses
ECL (release)/charge (5)
Stage 1 (153) (355) (135) (335)
Stage 2 369 325 354 316
Stage 3 438 376 399 356
Third party 654 346 618 337
Inter-group (1) 1 (9) (3)
653 347 609 334
Amounts written-off 489 549 454 536
(1) The table shows gross loans only and excludes amounts that are
outside the scope of the ECL framework. Refer to Financial instruments within
the scope of the IFRS 9 ECL framework of the NatWest Bank Plc 2025 Annual
Report and Accounts for further details for further details. Other financial
assets within the scope of the IFRS 9 ECL framework were cash and balances at
central banks totalling £29.3 billion (2024 - £34.6 billion) and debt
securities of £52.4 billion (2024 - £39.1 billion).
(2) NWB Group and NWB Plc's intercompany assets are classified in
Stage 1.
(3) Includes £3 million (2024 - £4 million) related to assets
classified as FVOCI.
(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 coverage ratio.
(5) Includes a £3 million release (2024 - £10 million charge)
related to other financial assets, of which a £1 million release (2024 - £4
million charge) related to assets classified as FVOCI, and includes a £4
million charge (2024 - £3 million release) related to contingent liabilities.
Notes to the financial statements continued
5 Loan impairment provisions continued
Credit risk enhancement and mitigation
For information on credit risk enhancement and mitigation held as security,
refer to Risk and capital management - credit risk enhancement and mitigation
section of the NatWest Bank Plc 2025 Annual Report and Accounts for further
details.
Critical accounting policy: Loan impairment provisions
Accounting policy 2.2 to the NatWest Bank Plc 2025 Annual Report and Accounts
sets out how the expected loss approach is applied. At 31 December 2024,
impairment provisions amounted to £2,970 million (2024 - £2,750 million). A
loan is impaired when there is objective evidence that the cash flows will not
occur in the manner expected when the loan was advanced. Such evidence
includes changes in the credit rating of a borrower, the failure to make
payments in accordance with the loan agreement, significant reduction in the
value of any security, breach of limits or covenants, and observable data
about relevant macroeconomic measures.
The impairment loss is the difference between the carrying value of the loan
and the present value of estimated future cash flows at the loan's original
effective interest rate.
The measurement of credit impairment under the IFRS expected loss model
depends on management's assessment of any potential deterioration in the
creditworthiness of the borrower, its modelling of expected performance and
the application of economic forecasts. All three elements require judgements
that are potentially significant to the estimate of impairment losses. For
further information and sensitivity analysis, refer to Risk and capital
management - measurement uncertainty and ECL sensitivity analysis section to
the NatWest Bank Plc 2025 Annual Report and Accounts.
IFRS 9 modes
Refer to Credit risk - IFRS 9 ECL models section to the NatWest Bank Plc 2025
Annual Report and Accounts for further details.
Approach for multiple economic scenarios (MES)
The base scenario plays a greater part in the calculation of ECL than the
approach to MES. Refer to Credit risk - economic loss drivers - probability
weightings of scenarios section to the NatWest Bank Plc 2025 Annual Report and
Accounts for further details.
Notes to the financial statements continued
6 Provisions for liabilities and charges
NWB Group
Provisions for liabilities and charges Financial commitments and guarantees Total
Redress and other litigation
Property Other (1)
£m £m £m £m £m
At 1 January 2025 255 59 39 124 477
Expected credit losses impairment release - - 7 - 7
Currency translation and other movements 22 - - - 22
Charge to income statement 80 24 - 186 290
Release to income statement (25) (17) - (38) (80)
Provisions utilised (99) (13) - (169) (281)
At 31 December 2025 233 53 46 103 435
NWB Plc
Provisions for liabilities and charges Financial commitments and guarantees Total
Redress and other litigation
Property Other (1)
£m £m £m £m £m
At 1 January 2025 249 57 38 99 443
Expected credit losses impairment charge - - 7 - 7
Currency translation and other movements 22 - - 1 23
Charge to income statement 46 23 - 166 235
Release to income statement (23) (16) - (33) (72)
Provisions utilised (99) (13) - (152) (264)
At 31 December 2025 195 51 45 81 372
(1) Other materially comprises provisions relating to
restructuring costs.
Provisions are liabilities of uncertain timing or amount and are recognised
when there is a present obligation as a result of a past event, the outflow of
economic benefit is probable and the outflow can be estimated reliably. Any
difference between the final outcome and the amounts provided will affect the
reported results in the period when the matter is resolved.
For accounting policy information refer to Accounting policy Note 3.12 in the
NatWest Bank Plc 2025 Annual Report and Accounts.
Background information on all material provisions is given in Note 26 to the
financial statements of the NatWest Bank Plc 2025 Annual Report and Accounts.
Notes to the financial statements continued
7 Memorandum items
Contingent liabilities and commitments
The amounts shown in the table below are intended only to provide an
indication of the volume of business outstanding at 31 December 2025. Although
NWB Group is exposed to credit risk in the event of non-performance of the
obligations undertaken by customers, the amounts shown do not, and are not
intended to, provide any indication of NWB Group's expectation of future
losses.
NWB Group NWB Plc
2025 2024 2025 2024
£m £m £m £m
Contingent liabilities and commitments
Guarantees 1,580 1,748 1,570 1,729
Other contingent liabilities 1,127 1,142 1,085 1,097
Standby facilities, credit lines and other commitments 102,451 93,758 91,720 82,965
Total 105,158 96,648 94,375 85,791
Trustee and other fiduciary activities
In its capacity as trustee or other fiduciary role, NWB Group may hold or
place assets on behalf of individuals, trusts, companies, pension schemes and
others. The assets and their income are not included in NWB Group's financial
statements. NWB Group earned fee income of £260 million (2024 - £231
million) from these activities.
The Financial Services Compensation Scheme
The Financial Services Compensation Scheme (FSCS), the UK's statutory fund of
last resort for customers of authorised financial services firms, pays
compensation if a firm is unable to meet its obligations. The FSCS funds
compensation for customers by raising management expenses levies and
compensation levies on the industry. In relation to protected deposits, each
deposit-taking institution contributes towards these levies in proportion to
their share of total protected deposits on 31 December of the year preceding
the scheme year (which runs from 1 April to 31 March), subject to annual
maxima set by the Prudential Regulation Authority. In addition, the FSCS has
the power to raise levies on a firm that has ceased to participate in the
scheme and is in the process of ceasing to be authorised for the costs that it
would have been liable to pay had the FSCS made a levy in the financial year
it ceased to be a participant in the scheme.
Litigation and regulatory matters
NWB Plc and its subsidiary and associated undertakings ('NWB Group') are party
to various legal proceedings and are involved in, or subject to, various
regulatory matters, including as the subject of investigations and other
regulatory and governmental action (Matters) in the United Kingdom (UK), the
United States (US), the European Union (EU) and other jurisdictions.
NWB Group recognises a provision for a liability in relation to these Matters
when it is probable that an outflow of economic benefits will be required to
settle an obligation resulting from past events, and a reliable estimate can
be made of the amount of the obligation.
In many of the Matters, it is not possible to determine whether any loss is
probable, or to estimate reliably the amount of any loss, either as a direct
consequence of the relevant proceedings and regulatory matters or as a result
of adverse impacts or restrictions on NWB Group's reputation, businesses and
operations. Numerous legal and factual issues may need to be resolved,
including through potentially lengthy discovery and document production
exercises and determination of important factual matters, and by addressing
novel or unsettled legal questions relevant to the proceedings in question,
before the probability of a liability, if any, arising can reasonably be
estimated in respect of any Matter. NWB Group cannot predict if, how, or when
such claims will be resolved or what the eventual settlement, damages, fine,
penalty or other relief, if any, may be, particularly for Matters that are at
an early stage in their development or where claimants seek substantial or
indeterminate damages.
There are situations where NWB Group may pursue an approach that in some
instances leads to a settlement agreement. This may occur in order to avoid
the expense, management distraction or reputational implications of continuing
to contest liability, or in order to take account of the risks inherent in
defending or contesting Matters, even for those for which NWB Group believes
it has credible defences and should prevail on the merits.
The uncertainties inherent in all Matters affect the amount and timing of any
potential economic outflows for both Matters with respect to which provisions
have been established and other contingent liabilities in respect of any such
Matter.
It is not practicable to provide an aggregate estimate of potential liability
for our Matters as a class of contingent liabilities.
The future economic outflow in respect of any Matter may ultimately prove to
be substantially greater than, or less than, the aggregate provision, if any,
that NWB Group has recognised in respect of such Matter. Where a reliable
estimate of the economic outflow cannot be reasonably made, no provision has
been recognised. NWB Group expects that in future periods, additional
provisions and economic outflows relating to Matters that may or may not be
currently known by NWB Group will be necessary, in amounts that are expected
to be substantial in some instances. Refer to Note 21 to the financial
statements of the NatWest Bank Plc 2025 Annual Report and Accounts. for
information on material provisions.
Matters which are, or could be, material, either individually or in aggregate,
having regard to NWB Group, considered as a whole, in which NWB Group is
currently involved are set out below. We have provided information on the
procedural history of certain Matters, where we believe appropriate, to aid
the understanding of the Matter.
Notes to the financial statements continued
7 Memorandum items continued
For a discussion of certain risks associated with NWB Group's litigation and
regulatory matters (including the Matters), refer to the Risk Factor relating
to legal, regulatory and governmental actions and investigations set out on
pages 181 and 182 of the NatWest Bank Plc 2025 Annual Report and Accounts.
Offshoring VAT assessments
HMRC, as part of an industry-wide review, issued protective tax assessments in
2018 against NatWest Group plc totalling £143 million relating to unpaid VAT
in respect of the UK branches of two NatWest Group companies registered in
India for the period from 1 January 2014 until 31 December 2017 inclusive.
NatWest Group formally requested reconsideration by HMRC of their assessments,
and this process was completed in November 2020. HMRC upheld their original
decision and, as a result, NatWest Group plc lodged an appeal with the Tax
Tribunal and an application for judicial review with the High Court of Justice
of England and Wales, both in December 2020.
In order to lodge the appeal with the Tax Tribunal, NatWest Group plc was
required to pay amounts totalling £153 million (including statutory interest)
to HMRC in December 2020 and May 2022. The appeal and the application for
judicial review were previously stayed behind a separate case involving
another bank.
NatWest Group plc was informed in late 2024 that the other bank had settled
its case with HMRC by agreement. NatWest Group plc is progressing its appeal
before the Tax Tribunal in its own name. NatWest Group plc will also continue
to review next steps relevant to the judicial review.
The amount of £153 million continues to be recognised as an asset that
NatWest Group plc expects to recover. Since 1 January 2018, NatWest Group plc
has paid VAT on intra-group supplies from the India-registered NatWest Group
companies.
Regulatory matters
NWB Group's financial condition can be affected by the actions of various
governmental and regulatory authorities in the UK, the US, the EU and
elsewhere. NWB Group and/or NatWest Group have engaged, and will continue to
engage, in discussions with relevant governmental and regulatory authorities,
including in the UK, the US, the EU and elsewhere, on an ongoing and regular
basis, and in response to informal and formal inquiries or investigations,
regarding operational, systems and control evaluations and issues including
those related to compliance with applicable laws and regulations, including
consumer protection, investment advice, business conduct,
competition/anti-trust, VAT recovery, anti-bribery, anti-money laundering and
sanctions regimes.
NWB Group expects government and regulatory intervention in financial services
to be high for the foreseeable future, including increased scrutiny from
competition and other regulators in the retail and SME business sectors.
Any matters discussed or identified during such discussions and inquiries may
result in, among other things, further inquiry or investigation, other action
being taken by governmental and regulatory authorities, increased costs being
incurred by NWB Group, remediation of systems and controls, public or private
censure, restriction of NWB Group's business activities and/or fines.
Any of the events or circumstances mentioned in this paragraph or below could
have a material adverse effect on NWB Group, its business, authorisations and
licences, reputation, results of operations or the price of securities issued
by it, or lead to material additional provisions being taken. NWB Group is
co-operating fully with the matters described below.
Investment advice review
In October 2019, the FCA notified NatWest Group of its intention to appoint a
Skilled Person under section 166 of the Financial Services and Markets Act
2000 to conduct a review of whether NatWest Group's past business review of
investment advice provided during 2010 to 2015 was subject to appropriate
governance and accountability and led to appropriate customer outcomes.
The Skilled Person's review has concluded and, after discussion with the FCA,
NatWest Group is undertaking additional review / remediation work, which is
expected to conclude in H1 2026.
Notes to the financial statements continued
8 Related parties
UK Government
In May 2025, the UK Government through His Majesty's Treasury (HMT) sold its
remaining shareholding in NatWest Group plc. Under UK listing rules the UK
Government and UK Government-controlled bodies remained related parties until
12 July 2025, 12 months after the UK Government shareholding in NatWest Group
plc fell below 20%.
NWB Group enters into transactions with many of these bodies. Transactions
include the payment of: taxes, principally UK corporation tax (Note 7 to the
financial statements of the NatWest Bank Plc 2025 Annual Report and Accounts)
and value added tax; national insurance contributions; local authority rates;
and regulatory fees and levies; together with banking transactions such as
loans and deposits undertaken in the normal course of banker-customer
relationships.
Bank of England facilities
NWB Group may participate in a number of schemes operated by the Bank of
England in the normal course of business.
In March 2024 Bank of England Levy replaced the Cash Ratio Deposit scheme.
Members of NatWest Group that are UK authorised institutions having eligible
liabilities greater than £600 million are required to pay the levy. They also
have access to Bank of England reserve accounts: sterling current accounts
that earn interest at the Bank of England Base rate.
NWB Plc guarantees certain liabilities of NWH Group to the Bank of England.
Other related party
(a) In accordance with IAS 24, transactions or balances between NWB Group
entities that have been eliminated on consolidation are not reported.
(b) The primary financial statements include transactions and balances
with its subsidiaries which have been further disclosed in the relevant parent
company notes.
Associates, joint ventures and equity investments
In their roles as providers of finance, NWB Group companies provide
development and other types of capital support to businesses. These
investments are made in the normal course of business. To further strategic
partnerships, NWB Group may seek to invest in third parties or allow third
parties to hold a minority interest in a subsidiary of NatWest Group. We
disclose as related parties for associates and joint ventures and where equity
interest is over 10%. Ongoing business transactions with these entities are on
normal commercial terms.
At 31 December 2025 NWB Group held investment in associates and joint ventures
amounting to £2 million (2024 - £1 million). For the year ended 31 December
2025 NWB Group's share of profit/(losses) of associates was £1 million (2024
- £(2) million). At 31 December 2025 there were £1 million balances within
customer deposits (2024 - £1 million) relating to associates and joint
ventures.
Post employment benefits
NatWest Group recharges NatWest Group Pension Fund with the cost of pension
management services incurred by it.
Holding companies and fellow subsidiaries
Transactions NWB Group enters with its holding companies and fellow
subsidiaries also meet the definition of related party transactions. The table
below discloses transactions between NWB Group and fellow subsidiaries of
NatWest Group.
2025 2024
Holding Fellow Total Holding Fellow Total
companies subsidiaries companies subsidiaries
£m £m £m £m £m £m
Interest receivable 1 118 119 2 95 97
Interest payable (792) (1,430) (2,222) (713) (1,768) (2,481)
Fees and commissions receivable - 80 80 - 74 74
Fees and commissions payable - (82) (82) - (78) (78)
Other operating income (1) 34 1,520 1,554 37 1,441 1,478
Other administration expenses (2) - (168) (168) - (128) (128)
Impairment (losses)/releases 1 - 1 (1) - (1)
(756) 38 (718) (675) (364) (1,039)
(1) Includes internal service recharges of £1,554 million (2024 -
£1,478 million).
(2) Other administration expense relates to a profit share
arrangement with a fellow NatWest Group subsidiary that commenced in 2023. The
profit share arrangement was introduced to reward NWM Group on an arm's length
basis for its contribution to the performance of the NatWest Group Commercial
& Institutional business segment, 2023 being the first full year with the
Commercial & Institutional segment in place.
Notes to the financial statements continued
9 Date of approval
The annual results for the year ended 31 December 2025 were approved by the
board of directors on 12 February 2026.
10 Post balance sheet events
On 9 February 2026, NatWest Group plc announced that it had reached an
agreement to acquire Evelyn Partners for an enterprise value of £2.7 billion,
with NatWest Bank Plc the acquiring entity. The transaction is expected to
complete in the summer of 2026, subject to regulatory approval.
Other than as disclosed in the accounts, there have been no other significant
events subsequent to 31 December 2025 which would require a change to or
additional disclosure.
Statement of directors' responsibilities
This statement should be read in conjunction with the responsibilities of the
auditor set out in their report on pages 81 to 91 of the NatWest Bank Plc 2025
Annual Report and Accounts.
The directors are responsible for the preparation of the Annual Report and
Accounts. The directors are required to prepare Group financial statements,
and as permitted by the Companies Act 2006 have elected to prepare company
financial statements, for each financial year in accordance with UK adopted
International Accounting Standards. They are responsible for preparing
financial statements that present fairly the financial position, financial
performance and cash flows of NWB Group and NWB Plc. In preparing those
financial statements, the directors are required to:
· select suitable accounting policies and then apply them consistently;
· make judgements and estimates that are reasonable, relevant and
reliable; and
· state whether applicable accounting standards have been followed,
subject to any material departures disclosed and explained in the financial
statements;
· prepare the financial statements on a going concern basis unless it
is inappropriate to presume that the company and Group will continue in
business.
The directors are responsible for keeping proper accounting records which
disclose with reasonable accuracy at any time the financial position of NWB
Group and to enable them to ensure that the Annual Report and Accounts
complies with the Companies Act 2006. They are also responsible for
safeguarding the assets of NWB Plc and NWB Group and hence for taking
reasonable steps for the prevention and detection of fraud and other
irregularities.
Under applicable law and regulations, the directors are also responsible for
preparing a Strategic report and Directors' report, that comply with that law
and those regulations. The directors are responsible for the maintenance and
integrity of the corporate and financial information included on the company's
website.
The directors confirm that to the best of their knowledge:
· the financial statements, prepared in accordance with UK adopted
International Accounting Standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Bank and the
undertakings included in the consolidation taken as a whole; and
· the Strategic report and Directors' report (incorporating the
Financial review) includes a fair review of the development and performance of
the business and the position of the Bank and the undertakings included in the
consolidation taken as a whole, together with a description of the principal
risks and uncertainties that they face.
By order of the Board
Richard Haythornthwaite John-Paul Thwaite Katie Murray
Chair Chief Executive Officer Chief Financial Officer
12 February 2026
Board of directors
Chair Executive directors Non-executive directors
Richard Haythornthwaite John-Paul Thwaite Francesca Barnes
Katie Murray Karin Cook
Joshua Critchley
Roisin Donnelly
Patrick Flynn
Geeta Gopalan
Yasmin Jetha
Stuart Lewis
Mark Rennison
Gillian Whitehead
Lena Wilson
Forward-looking statements
Cautionary statement regarding 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 NWB 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 NWB 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: NWB
Group's economic and political risks, its regulatory capital position and
related requirements, its financial position, profitability and financial
performance (including financial, capital, cost savings and operational
targets), the implementation of NatWest Group's strategy, its climate and
sustainability-related ambitions and targets, its access to adequate sources
of liquidity and funding, its ongoing compliance with the UK ring-fencing
regime and ensuring operational continuity in resolution, 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 such
as artificial intelligence, interest and exchange rate fluctuations, and
general economic and political conditions, exposure to third party risk,
operational risk, compliance and conduct risk, cyber, data and IT risk,
financial crime risk, key person risk, credit rating risk, model risk,
reputational 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 the NWB
Group's actual results are discussed in the NWB Plc's 2025 Annual Report and
Accounts, and its other public filings. The forward-looking statements
contained in this document speak only as of the date of this document and NWB
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.
Legal Entity Identifier: 213800IBT39XQ9C4CP71
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