REG - NatWest Group plc - NatWest Group plc Q1 Results 2026
01/05/2026 07:01
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RNS Number : 6943C NatWest Group plc 01 May 2026
NatWest Group
Q1 2026 Interim Management Statement
natwestgroup.com
Inside this report
Business performance summary
2 Q1 2026 performance summary
3 Performance key metrics and ratios
5 Chief Financial Officer's review
7 Retail Banking
8 Private Banking & Wealth Management
9 Commercial & Institutional
10 Central items & other
11 Segment performance
Capital and risk management
14 Capital, liquidity and funding risk
20 Credit risk
20 Economic drivers
24 Segment analysis - portfolio summary
25 Segment analysis - loans
25 Movement in ECL provision
26 ECL post model adjustments
27 Measurement uncertainty and ECL sensitivity analysis
28 Sector analysis - portfolio summary
Financial statements and notes
33 Condensed consolidated income statement
34 Condensed consolidated statement of comprehensive income
35 Condensed consolidated balance sheet
36 Condensed consolidated statement of changes in equity
37 Presentation of condensed consolidated financial statements
37 Litigation and regulatory matters
37 Post balance sheet events
Additional information
38 Presentation of information
38 Statutory accounts
38 Contacts
38 Forward-looking statements
40 Non-IFRS financial measures
45 Performance measures not defined under IFRS
Q1 2026 performance summary
Chief Executive, Paul Thwaite, commented:
"NatWest Group's strong performance in the first quarter of 2026 reflects our
consistent delivery for customers and shareholders. Total income excluding
notable items((1)) of £4.2 billion and an operating profit of £2.0 billion
have both increased compared to Q1 2025, with a Return on Tangible Equity of
18.2% continuing our track record of delivering attractive returns.
Having raised our ambitions in February 2026, we have continued to make good
progress against our strategic priorities in Q1 2026. We have started the year
with positive momentum, underpinned by healthy customer activity - growing all
of our three businesses, expanding our capabilities to meet more of our
customers' needs and further improving productivity as we use AI at scale
across the bank.
NatWest Group has a vital role to play in the lives of our customers and in
the communities we serve throughout the UK. The strength of our balance sheet,
scale of our business and depth of our long-standing relationships mean that
we can provide the funding, advice and expertise our 20 million customers need
in order to navigate increasing uncertainty and to achieve their goals."
Strong financial performance
We delivered a strong financial performance in Q1 2026, with attributable
profit of £1.4 billion and earnings per share of 17.9 pence, up 15.5%
compared with Q1 2025. Return on Tangible Equity (RoTE) of 18.2% drove strong
capital generation pre-distributions of 65 basis points in the quarter and
further growth in TNAV per share, up 16 pence to 400 pence.
Strong growth in our customer businesses while strengthening and deepening
relationships
We made good progress against our strategic objectives and remain well placed
to support our customers through the current macroeconomic uncertainty. This
reflects our focus on strengthening customer relationships, priority customer
segments and deepening customer connections.
· Customer assets and liabilities (CAL) increased by £8.4 billion,
or 0.9%, in the quarter and are 5.2% higher than Q1 2025, as we build towards
our 2028 annual growth rate target of more than 4%.
· Net loans to customers excluding central items increased by £7.2
billion in the quarter, as we grew our Retail Banking mortgage book and
increased Commercial & Institutional balances. In Commercial &
Institutional we onboarded 24,000 new startups, 25% higher than Q1 2025,
supported by targeted initiatives and an improved onboarding journey, assisted
by AI agents.
· Customer deposits excluding central items increased by £3.1
billion with growth in Corporate & Institutions partially offset by
expected reductions in Retail Banking and Private Banking & Wealth
Management which were impacted by seasonal tax payments.
· Strong lending and deposit growth was partially offset by a £1.8
billion reduction in assets under management and administration (AUMA),
impacted by negative market movements. AUM net inflows of £0.9 billion in the
quarter were strong, with c.23,000 people investing with us for the first
time.
We continue to leverage simplification to drive efficiency
We have generated over £100 million of additional cost savings in the first
quarter, and our cost:income ratio (excl. litigation and conduct) of 46.5%
improved 2.1 percentage points compared with Q1 2025. This has been driven by
ongoing restructuring and increased investment, building on our strong
technology foundation and accelerating our use of AI to deliver simpler and
better customer experiences in a responsible way. We continued to support our
customers with improvements to our digital journeys to meet their needs faster
and more effectively.
Active balance sheet management creates capacity for growth to deliver
attractive returns
We continued to actively manage lower returning capital to create capacity for
redeployment, delivering £2.2 billion of benefits from RWA management
actions. Increased capital velocity supports capital generation
pre-distributions of 65 basis points in the quarter. Our Common Equity Tier 1
(CET1) ratio of 14.3% was c.30 basis points higher than Q4 2025.
We continue to maintain stable and diversified sources of funding with a
strong loan:deposit ratio (excl. repos and reverse repos), up 1% in the
quarter to 89%, and liquidity position, with an average Liquidity Coverage
Ratio (LCR) of 144%.
Outlook((2))
Based on our latest expectations for interest rates and economic conditions,
we now expect income excluding notable items to be at the top end of our
previously guided range of £17.2 - 17.6 billion. Except for this strengthened
guidance, we reaffirm the outlook provided in our full year 2025 results.
We are confident we will achieve our guidance however we recognise that market
conditions are uncertain and we will refine our internal forecasts as the
economic position evolves.
(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 2025 Annual Report and Accounts and Form
20-F. All 2026 guidance excludes the expected impact of the forthcoming Evelyn
Partners acquisition. 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
2026 2025 2025
Summary consolidated income statement £m £m Variance £m Variance
Net interest income 3,394 3,441 (1.4%) 3,026 12.2%
Non-interest income 964 883 9.2% 954 1.0%
Total income 4,358 4,324 0.8% 3,980 9.5%
Litigation and conduct costs (15) (37) (59.5%) (44) (65.9%)
Other operating expenses (2,027) (2,211) (8.3%) (1,935) 4.8%
Operating expenses (2,042) (2,248) (9.2%) (1,979) 3.2%
Profit before impairment losses 2,316 2,076 11.6% 2,001 15.7%
Impairment losses (283) (136) 108.1% (189) 49.7%
Operating profit before tax 2,033 1,940 4.8% 1,812 12.2%
Tax charge (526) (462) 13.9% (471) 11.7%
Profit for the period 1,507 1,478 2.0% 1,341 12.4%
Performance key metrics and ratios
Notable items within total income (1) £135m £52m 159.6% £28m nm
Total income excluding notable items (1) £4,223m £4,272m (1.1%) £3,952m 6.9%
Net interest margin (NIM) (1) 2.47% 2.45% 2bps 2.27% 20bps
Average interest earning assets (1) £556bn £557bn (0.2%) £542bn 2.6%
Cost:income ratio (excl. litigation and conduct) (1) 46.5% 51.1% (4.6%) 48.6% (2.1%)
Loan impairment rate (1) 26bps 13bps 13bps 19bps 7bps
Profit attributable to ordinary shareholders £1,432m £1,393m 2.8% £1,252m 14.4%
Total earnings per share attributable to ordinary shareholders - basic 17.9p 17.4p 0.5p 15.5p 2.4p
Return on Tangible Equity (RoTE) (1) 18.2% 18.3% (0.1%) 18.5% (0.3%)
Climate and transition finance (2) £10,477m £11,451m na - na
nm = not meaningful, na = not applicable
For the footnotes to this table refer to the following page.
Business performance summary continued
As at
31 March 31 December 31 March
2026 2025 2025
Balance sheet £bn £bn Variance £bn Variance
Total assets 749.6 714.6 4.9% 710.0 5.6%
Loans to customers - amortised cost 431.6 418.9 3.0% 398.8 8.2%
Loans to customers excluding central items (1,3) 396.4 389.2 1.8% 371.9 6.6%
Loans to customers and banks - amortised cost and FVOCI 444.4 429.9 3.4% 409.5 8.5%
Total impairment provisions (4) 3.7 3.6 2.8% 3.5 5.7%
Expected credit loss (ECL) coverage ratio 0.84% 0.83% 1bps 0.86% (2bps)
Customer deposits 445.5 443.0 0.6% 434.6 2.5%
Customer deposits excluding central items (1,3) 444.8 441.7 0.7% 433.4 2.6%
Assets under management and administration (AUMA) (1) 56.7 58.5 (3.1%) 48.5 16.9%
Customer assets and liabilities (CAL) (1) 900.1 891.7 0.9% 856.0 5.2%
Liquidity and funding
Average Liquidity Coverage Ratio (LCR) (5) 144% 147% (3%) 151% (7%)
Liquidity portfolio 233 238 (2%) 222 5%
Average Net Stable Funding Ratio (NSFR) (5) 134% 135% (1%) 137% (3%)
Loan:deposit ratio (excl. repos and reverse repos) (1) 89% 88% 1% 85% 4%
Total wholesale funding 92 88 5% 87 6%
Short-term wholesale funding 29 28 4% 33 (12%)
Capital and leverage
Common Equity Tier 1 (CET1) ratio (6) 14.3% 14.0% 30bps 13.8% 50bps
Total capital ratio (6) 19.8% 19.3% 50bps 20.6% (80bps)
Pro forma CET1 ratio (excl. foreseeable items) (7) 15.9% 15.4% 50bps 14.8% 110bps
Risk-weighted assets (RWAs) 196.0 193.3 1.4% 187.0 4.8%
UK leverage ratio 4.8% 4.8% - 5.2% (0.4%)
Tangible net asset value (TNAV) per ordinary share (1,8) 400p 384p 16p 347p 53p
Number of ordinary shares in issue (millions) (8) 7,971 7,995 (0.3%) 8,067 (1.2%)
(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 transition finance framework to
determine the assets, activities, acquisition targets and companies that are
eligible to be included within its target to provide £200 billion in climate
and transition finance between 1 July 2025 and the end of 2030. This included
both provision of committed (on and off-balance sheet) financing and
facilitation. Climate and transition finance represents only a relatively
small proportion of NatWest Group's overall funding, financing and
facilitation activities. The climate and transition finance framework is
available on natwestgroup.com.
(3) Central items includes Treasury repo activity.
(4) Includes £0.1 billion relating to off-balance sheet exposures (31
December 2025 - £0.1 billion; 31 March 2025 - £0.1 billion).
(5) Reported on an average basis in line with supervisory guidelines.
The LCR is calculated as the average of the preceding 12 months. The NSFR is
calculated as the average of the preceding four quarters.
(6) Refer to the Capital, liquidity and funding risk section for
details of the basis of preparation.
(7) The pro forma CET1 ratio at 31 March 2026 excludes foreseeable
items of £3,161 million: £2,553 million for ordinary dividends and £608
million foreseeable charges (31 December 2025 excludes foreseeable items of
£2,758 million: £1,837 million for ordinary dividends and £921 million
foreseeable charges. 31 March 2025 excludes foreseeable items of £1,875
million for ordinary dividends).
(8) The number of ordinary shares in issue excludes own shares held.
Chief Financial Officer's review
In the first quarter of 2026 we delivered a strong financial performance and
continued to execute against our strategic objectives, with a RoTE of 18.2%
and total income excluding notable items of £4.2 billion. We have
strengthened our income guidance and remain on track to meet the other targets
set out in our full year results in February.
Net loans to customers excluding central items increased £7.2 billion in the
quarter and customer deposits excluding central items increased £3.1 billion,
despite elevated tax payments.
Our capital and liquidity position remains robust, with a CET1 ratio of 14.3%
and an average LCR of 144%. Strong income generation and disciplined cost
control translated into 65 basis points of capital generation in the quarter,
including a further £2.2 billion of RWA management actions to create capacity
for growth.
Strong growth while strengthening and deepening relationships
We are growing in ways that build and strengthen customer relationships,
focusing on our priority segments and deepening customer connections.
· Attributable profit was £1,432 million, earnings per share of 17.9
pence, up 15.5% compared with Q1 2025, and a RoTE of 18.2%.
· Total income of £4.4 billion was broadly flat compared with Q4
2025 and £378 million higher than Q1 2025. Total income excluding notable
items was £49 million lower than Q4 2025 reflecting the impact of two fewer
days in the quarter, deposit outflows due to tax payments and lower mortgage
margins. These impacts were partially offset by higher trading income and
deposit margin expansion from strong hedge income. As a result, Q1 2026 net
interest margin increased by 2 basis points in the quarter to 2.47%. Total
income excluding notable items was £271 million higher than Q1 2025
principally due to deposit margin expansion and lending balance growth,
partially offset by lower mortgage margins.
· We continued to support our customers as net loans to customers
excluding central items increased by £7.2 billion in the quarter to £396.4
billion. This included a £3.8 billion increase in Commercial &
Institutional balances, driven by growth in Corporate & Institutions, and
a £3.3 billion increase in Retail Banking mortgage balances.
· Customer deposits excluding central items increased £3.1 billion
during Q1 2026 to £444.8 billion. This primarily reflected £5.1 billion
growth in Commercial & Institutional, driven by higher balances in
Corporate & Institutions. This was partially offset by reductions in
Retail Banking and Private Banking & Wealth Management which were impacted
by seasonal tax outflows. Total term balances across the group were stable in
Q1 2026 at 17%.
· Customer assets and liabilities (CAL) increased by £8.4 billion,
or 0.9%, in the quarter as lending and deposit growth was partially offset by
a £1.8 billion reduction in assets under management and administration
(AUMA), impacted by negative market movements.
Leveraging simplification
Our cost:income ratio (excl. litigation and conduct) of 46.5% has improved 2.1
percentage points compared with Q1 2025 as we continued to make progress
towards becoming a simpler, more agile and technology-driven bank, using our
capabilities to support growth, productivity and trust. We're leveraging our
strong technology foundation to deliver bespoke customer solutions through
responsible, sustainable AI.
· Total operating expenses were £206 million lower than Q4 2025 and
£63 million higher than Q1 2025. Other operating expenses were £184 million,
or 8.3%, lower in the quarter primarily reflecting seasonally higher costs in
Q4 2025 partially offset with higher reward and restructuring costs. Compared
with Q1 2025, other operating expenses were £92 million, or 4.8%, higher.
This was largely due to increased transformational activity, leading to higher
costs associated with people and investment, as well as the impact of
rewarding our people through the 2025 pay award. Other ongoing inflationary
pressures were offset by underlying cost efficiencies.
Chief Financial Officer's review continued
Actively managing our balance sheet and risk to deliver attractive returns
We continue to proactively manage our balance sheet and maintain stable and
diversified sources of funding to increase capital velocity.
· A net impairment charge of £283 million, or 26 basis points of
gross customer loans, including a multiple economic scenario (MES) update of
c.£140 million.
· Compared with Q4 2025, our ECL provision increased £0.2 billion to
£3.7 billion and our ECL coverage ratio increased to 0.84%. We recognise the
significant uncertainty in the economic outlook and whilst we are comfortable
with the strong credit performance of our book, we retain post model
adjustments (PMA) of £0.3 billion.
· CET1 ratio increased c.30 basis points to 14.3% in Q1 2026. This
included capital generation pre-distributions of 65 basis points, primarily
comprising c.70 basis points of profit and c.5 basis points from a reduction
in expected losses less impairment provisions following the MES update through
impairment losses. This was partially offset by the increase in RWAs, c.20
basis points.
· The average LCR decreased by 3% to 144% during Q1 2026, due to
higher lending offset by higher deposits and issuance, and changes in outflow
assumptions. Our primary liquidity decreased by £1.6 billion to £155.7
billion, of which £74.9 billion, or 48%, was cash and balances at central
banks. Total wholesale funding increased by £3.4 billion in the quarter to
£91.7 billion.
· TNAV per share increased by 16 pence in the quarter to 400 pence
primarily reflecting the attributable profit for the period.
· RWAs increased by £2.7 billion during Q1 2026 to £196.0 billion.
This primarily reflected franchise lending growth partially offset by a
further £2.2 billion benefit from RWA management actions.
Business performance summary
Retail Banking
Quarter ended
31 March 31 December 31 March
2026 2025 2025
£m £m £m
Total income 1,684 1,699 1,540
Operating expenses (719) (799) (681)
of which: Other operating expenses (716) (799) (677)
Impairment losses (184) (114) (109)
Operating profit 781 786 750
Return on equity (1) 24.6% 24.6% 24.5%
Net interest margin (1) 2.69% 2.70% 2.58%
Cost:income ratio (excl. litigation and conduct) (1) 42.5% 47.0% 44.0%
Loan impairment rate (1) 33bps 21bps 21bps
As at
31 March 31 December 31 March
2026 2025 2025
£bn £bn £bn
Net loans to customers (amortised cost) 219.4 216.1 210.4
Customer deposits 202.2 202.6 195.7
Customer assets and liabilities (CAL) (1) 423.5 420.5 407.9
RWAs 70.2 68.5 66.8
During Q1 2026, Retail Banking delivered an operating profit of £781 million
and a return on equity of 24.6%. This performance was supported by growth in
mortgage stock share and stable deposit stock share compared to Q4 2025,
alongside deposit margin expansion from strong hedge income.
We support over 19 million Retail Banking customers and continue to expand our
reach to build new customer relationships. We announced a partnership with
Rightmove, bringing our digital, end-to-end mortgage capability to where our
customers are looking for their next home. In addition, we announced a
partnership with Sainsbury's Group to provide customers with credit cards,
personal loans and instant access savings products. Our banking as a service
proposition, NatWest Boxed, is live in the market and supporting balance sheet
growth, and from Q1 2026 is reported in the Retail Banking segment. We
continue to harness the power of AI to enhance the experience for both
customers and colleagues, increasing operational leverage and driving low-cost
growth. Compared with Q1 2025, our digital assistant Cora handled 11% higher
chat volumes, with 20% handled by generative AI. Retail Banking provided £1.3
billion of climate and transition finance((2)) in Q1 2026 from lending on EPC
A and B-rated residential properties.
Q1 2026 performance
· Total income decreased by £15 million, or 0.9%, compared with Q4
2025, reflecting the impact of seasonal customer tax outflows on deposit
balances, lower asset margins and the impact of two fewer days in the quarter,
partly offset by deposit margin expansion from strong hedge income and higher
non-interest income, which benefitted from one-off items including an annual
insurance profit share. Total income increased by £144 million, or 9.4%,
compared with Q1 2025, driven by deposit margin expansion, as a result of
increased hedge income, and lending balance growth, partly offset by lower
asset margins.
· Net interest margin decreased by 1 basis point compared with Q4
2025, largely reflecting the net interest income factors noted above.
· Other operating expenses decreased by £83 million, or 10.4%,
compared with Q4 2025, reflecting the non-repeat of the Q4 2025 annual bank
levy and property exit costs, together with lower restructuring costs, fraud
and lower investment spend. These reductions were partly offset by Bank of
England levy and the inclusion of NatWest Boxed in the Retail Banking segment.
Other operating expenses increased by £39 million, or 5.8%, compared with Q1
2025, reflecting inclusion of NatWest Boxed costs in the Retail Banking
segment, higher investment spend and higher Bank of England levy.
· An impairment charge of £184 million, compared with a £114
million charge in Q4 2025, primarily reflecting the non-repeat of the mortgage
securitisation benefit recognised in Q4 2025, alongside updates to multiple
economic scenarios and increased Stage 3 flows largely as a result of
strategic credit card portfolio growth in recent years.
· Net loans to customers increased by £3.3 billion, or 1.5%, in Q1
2026 driven by an increase of £3.3 billion, or 1.6%, in mortgage balances and
an increase of £0.3 billion, or 3.2%, in personal advances, partly offset by
lower cards balances of £0.2 billion, or 2.4%, in the quarter.
· Customer deposits decreased by £0.4 billion, or 0.2%, in Q1 2026,
largely reflecting the impact of customers' seasonal tax payments, partly
offset by overall personal market growth.
· RWAs increased by £1.7 billion, or 2.5%, in Q1 2026, primarily due
to book movements and model updates.
(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) Climate and transition finance represents only a relatively small
proportion of our overall financing and facilitation activities.
Business performance summary continued
Private Banking & Wealth Management
Quarter ended
31 March 31 December 31 March
2026 2025 2025
£m £m £m
Total income 291 308 265
Operating expenses (191) (195) (187)
of which: Other operating expenses (191) (195) (187)
Impairment losses (6) (6) (1)
Operating profit 94 107 77
Return on equity (1) 21.1% 23.6% 17.1%
Net interest margin (1) 2.73% 2.72% 2.59%
Cost:income ratio (excl. litigation and conduct) (1) 65.6% 63.3% 70.6%
Loan impairment rate (1) 13bps 13bps 2bps
AUM net flows (£bn) (1) 0.9 0.9 0.8
AUMA income (1,2) 83 84 75
As at
31 March 31 December 31 March
2026 2025 2025
£bn £bn £bn
Net loans to customers (amortised cost) 19.0 18.9 18.4
Customer deposits 41.1 42.7 41.2
RWAs 11.4 11.4 11.3
Assets under management and administration (AUMA) (1,3) 56.7 58.5 48.5
of which:
Assets under management (AUM) (1) 43.3 43.7 36.7
Assets under administration (AUA) (1,3) 13.4 14.8 11.8
Customer assets and liabilities (CAL) (1,4) 115.5 119.0 107.0
During Q1 2026, Private Banking & Wealth Management delivered an operating
profit of £94 million and return on equity of 21.1%. We saw strong AUM net
inflows of £0.9 billion and a more than 50% uplift in 'new-to-invest' clients
in the quarter, at c.23,000. We continued to enhance the digital experience
within the Coutts app, with record mobile NPS of 56, including 60% more
readers of the Chief Investment Officer's articles and client engagement with
personalised in-app messaging.
Private Banking & Wealth Management provided £0.1 billion of climate and
transition finance((5)) in Q1 2026, principally in relation to mortgages on
residential properties with an EPC rating of A or B and wholesale
transactions.
Q1 2026 performance
· Total income decreased by £17 million, or 5.5%, compared with Q4
2025, primarily reflecting the non-repeat of adjustments relating to
transactional fees and effective interest rate adjustment review of customer
loan repayment behaviour in Q4 2025, as well as the impact of two fewer days
in the quarter, partly offset by deposit margin expansion from strong hedge
income. Total income increased by £26 million, or 9.8%, compared with Q1 2025
largely driven by deposit margin expansion from strong hedge income and AUMA
balance growth.
· Net interest margin was 1 basis point higher than Q4 2025, largely
reflecting the net interest income factors noted above.
· Other operating expenses decreased by £4 million, or 2.1%,
compared with Q4 2025 largely driven by non-repeat of the Q4 2025 annual bank
levy and lower non-staff costs, partially offset by the Bank of England levy,
higher investment spend and restructuring costs. Other operating expenses
increased by £4 million, or 2.1%, compared with Q1 2025 largely due to higher
investment spend.
· An impairment charge of £6 million was in line with Q4 2025.
Compared with Q1 2025, the impairment charge increased by £5 million largely
reflecting higher good book charges driven by an update in multiple economic
scenarios in Q1 2026 compared to good book releases in Q1 2025.
· Net loans to customers increased by £0.1 billion, or 0.5%, in Q1
2026, driven by an increase in personal lending.
· Customer deposits decreased by £1.6 billion, or 3.7%, in Q1 2026,
largely reflecting the impact of seasonal tax outflows.
· AUMA balances decreased by £1.8 billion, or 3.1%, in Q1 2026
primarily driven by negative market movements of £1.7 billion and AUA net
outflows driven by gilt redemptions linked to seasonal tax outflows of £1.2
billion, partially offset by AUM net inflows of £0.9 billion and Cushon net
inflows of £0.2 billion. AUM net flows as a percentage of opening balances
are 8.2% on an annualised basis.
(1) Refer to the Non-IFRS financial measures appendix for details of
basis of preparation and reconciliation of non-IFRS financial measures and
performance metrics.
(2) AUMA income includes investment income earned across NatWest Group
(excluding Cushon). Investment income includes ongoing fees as a percentage of
assets and fees, charged on a per transaction basis, for advice services,
trading and exchange services, protection and alternative investing services.
(3) Includes £4.0 billion (31 December 2025 - £4.0 billion; 31 March
2025 - £3.0 billion) relating to Cushon, classified as held-for-sale.
(4) CAL refers to customer deposits, gross loans to customers -
amortised cost and AUMA. To avoid double counting, investment cash is deducted
from CAL as it is reported within customer deposits and AUMA.
(5) Climate and transition finance represents only a relatively small
proportion of our overall financing and facilitation activities.
Business performance summary continued
Commercial & Institutional
Quarter ended
31 March 31 December 31 March
2026 2025 2025
£m £m £m
Net interest income 1,642 1,644 1,459
Non-interest income 593 668 683
Total income 2,235 2,312 2,142
Operating expenses (1,111) (1,254) (1,044)
of which: Other operating expenses (1,102) (1,225) (1,015)
Impairment losses (94) (19) (78)
Operating profit 1,030 1,039 1,020
Return on equity (1) 18.3% 19.4% 19.3%
Net interest margin (1) 2.46% 2.45% 2.32%
Cost:income ratio (excl. litigation and conduct) (1) 49.3% 53.0% 47.4%
Loan impairment rate (1) 24bps 5bps 22bps
As at
31 March 31 December 31 March
2026 2025 2025
£bn £bn £bn
Net loans to customers (amortised cost) 158.0 154.2 143.1
Customer deposits 201.5 196.4 196.5
Funded assets (1) 364.0 331.4 336.1
Customer assets and liabilities (CAL) (1) 361.1 352.2 341.1
RWAs 113.0 111.9 107.3
During Q1 2026, Commercial & Institutional delivered an operating profit
of £1,030 million and a return on equity of 18.3%. Performance was supported
by strong lending growth across key customer sectors. We continued to support
social housing((2)) with greater than £1.1 billion committed in Q1 2026 and
we are on track to meet our £10 billion ambition by 2028, as well as
continued support to start-ups where we have seen 25% growth in start-up
customers compared with Q1 2025. We are continuing to improve our customer
journeys through the deployment of AI‑enabled capabilities. Four
AI‑enabled agents are now live across onboarding and mandates, supporting
faster and more efficient processing while strengthening controls through
embedded human oversight.
Commercial & Institutional provided £9.1 billion of climate and
transition finance((3)) in Q1 2026 to support customers investing in the
transition to net zero.
Q1 2026 performance
· Total income was £77 million, or 3.3%, lower than Q4 2025
primarily reflecting non-repeat of the Q4 2025 dividend received on
restructuring of a strategic investment in Corporate & Institutions and
the impact of two fewer days in the quarter, partially offset by strong
lending growth across Corporate & Institutions and Commercial
Mid-market,((4)) and higher markets trading income. Total income was £93
million, or 4.3%, higher than Q1 2025 primarily due to deposit margin
expansion from strong hedge income, customer lending growth, partially offset
by lower markets trading income.
· Net interest margin was 1 basis point higher than Q4 2025
reflecting deposit margin expansion.
· Other operating expenses were £123 million, or 10.0%, lower than
Q4 2025 primarily reflecting the non-repeat of the Q4 2025 annual bank levy.
Other operating expenses were £87 million, or 8.6%, higher than Q1 2025
largely due to increased inflation, continued investment in the business and
higher restructuring costs, partly offset by continued business
simplification.
· An impairment charge of £94 million in Q1 2026 compared with a
£19 million charge in Q4 2025 largely reflecting higher charges driven by an
update in the multiple economic scenarios in Q1 2026. Compared with Q1 2025,
the impairment charge increased £16 million due to higher good book charges
reflecting the updated multiple economic scenarios in Q1 2026, partially
offset by lower Stage 3 charges.
· Net loans to customers increased by £3.8 billion, or 2.5%, in Q1
2026, reflecting broad-based growth within Corporate & Institutions and
Commercial Mid-market. Commercial Mid-market and Business Banking were
impacted by client transfers.((4)) UK Government scheme repayments were £0.4
billion in the quarter.
· Customer deposits increased by £5.1 billion, or 2.6%, in Q1 2026
largely reflecting growth in interest-bearing savings balances in Corporate
& Institutions. Commercial Mid-market and Business Banking were impacted
by client transfers((5)) and seasonality factors including client tax
outflows.
· RWAs increased by £1.1 billion, or 1.0%, compared with Q4 2025
primarily driven by book growth and increases in market risk and counterparty
credit risk, partly offset by continued RWA management activity and CRDIV
benefits.
(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) Social finance and facilitation represents only a relatively small
proportion of our overall financing and facilitation activities.
(3) Climate and transition finance represents only a relatively small
proportion of our overall financing and facilitation activities.
(4) Client transfers from Commercial Mid-market to Business Banking in
Q1 2026 of £0.8 billion. Comparatives have not been restated. Equivalent
balance at the end of 31 December 2025 was £0.8 billion.
(5) Client transfers from Commercial Mid-market to Business Banking in
Q1 2026 of £1.7 billion. Comparatives have not been restated. Equivalent
balance at the end of 31 December 2025 was £1.7 billion.
Business performance summary continued
Central items & other
Quarter ended
31 March 31 December 31 March
2026 2025 2025
£m £m £m
Total income 148 5 33
Operating expenses (21) - (67)
of which: Other operating expenses (18) 8 (56)
Impairment releases/(losses) 1 3 (1)
Operating profit/(loss) 128 8 (35)
As at
31 March 31 December 31 March
2026 2025 2025
£bn £bn £bn
Net loans to customers (amortised cost) 35.2 29.7 26.9
Customer deposits 0.7 1.3 1.2
RWAs 1.4 1.5 1.6
Q1 2026 performance
· Total income was £143 million higher than Q4 2025 and £115
million higher than Q1 2025 primarily reflecting higher gains on interest and
FX risk management derivatives not in hedge accounting relationships and
foreign exchange recycling gains.
· Other operating expenses were £26 million higher than Q4 2025 and
£38 million lower than Q1 2025 primarily due to indirect cost allocation
phasing across 2025.
· Net loans to customers increased by £5.5 billion in Q1 2026 driven
by reverse repo activity in Treasury.
· Customer deposits decreased by £0.6 billion compared with Q4 2025
reflecting repo activity in Treasury.
Segment performance
Quarter ended 31 March 2026
Retail Private Banking Commercial Central items Total NatWest
Banking & Wealth Management & Institutional & other Group
£m £m £m £m £m
Income statement
Net interest income 1,562 196 1,642 (6) 3,394
Own credit adjustments - - 3 - 3
Other non-interest income 122 95 590 154 961
Total income 1,684 291 2,235 148 4,358
Direct expenses (182) (58) (379) (1,408) (2,027)
Indirect expenses (534) (133) (723) 1,390 -
Other operating expenses (716) (191) (1,102) (18) (2,027)
Litigation and conduct costs (3) - (9) (3) (15)
Operating expenses (719) (191) (1,111) (21) (2,042)
Operating profit before impairment losses/releases 965 100 1,124 127 2,316
Impairment (losses)/releases (184) (6) (94) 1 (283)
Operating profit 781 94 1,030 128 2,033
Total income excluding notable items (1) 1,684 291 2,232 16 4,223
Additional information
Return on Tangible Equity (1) na na na na 18.2%
Return on equity (1) 24.6% 21.1% 18.3% nm na
Cost:income ratio (excl. litigation and conduct) (1) 42.5% 65.6% 49.3% nm 46.5%
Total assets (£bn) 243.4 29.5 430.2 46.5 749.6
Funded assets (£bn) (1) 243.4 29.5 364.0 46.3 683.2
Net loans to customers - amortised cost (£bn) 219.4 19.0 158.0 35.2 431.6
Loan impairment rate (1) 33bps 13bps 24bps nm 26bps
Impairment provisions (£bn) (1.9) (0.1) (1.7) - (3.7)
Impairment provisions - Stage 3 (£bn) (1.2) (0.1) (1.0) 0.1 (2.2)
Customer deposits (£bn) 202.2 41.1 201.5 0.7 445.5
Risk-weighted assets (RWAs) (£bn) 70.2 11.4 113.0 1.4 196.0
Total customer assets and liabilities (CAL) (1) 423.5 115.5 361.1 na 900.1
RWA equivalent (RWAe) (£bn) 71.3 11.4 114.0 1.8 198.5
Employee numbers (FTEs - thousands) 12.3 2.1 12.9 31.4 58.7
Third party customer asset rate (1) 4.43% 4.54% 5.56% nm nm
Third party customer funding rate (1) (1.60%) (2.35%) (1.36%) nm nm
Average interest earning assets (£bn) (1) 235.5 29.1 270.6 na 556.3
Net interest margin (1) 2.69% 2.73% 2.46% na 2.47%
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 2025
Retail Private Banking Commercial Central items Total NatWest
Banking & Wealth Management & Institutional & other Group
£m £m £m £m £m
Income statement
Net interest income 1,593 202 1,644 2 3,441
Own credit adjustments - - (2) - (2)
Other non-interest income 106 106 670 3 885
Total income 1,699 308 2,312 5 4,324
Direct expenses (231) (67) (441) (1,472) (2,211)
Indirect expenses (568) (128) (784) 1,480 -
Other operating expenses (799) (195) (1,225) 8 (2,211)
Litigation and conduct costs - - (29) (8) (37)
Operating expenses (799) (195) (1,254) - (2,248)
Operating profit before impairment losses/releases 900 113 1,058 5 2,076
Impairment (losses)/releases (114) (6) (19) 3 (136)
Operating profit 786 107 1,039 8 1,940
Total income excluding notable items (1) 1,699 308 2,263 2 4,272
Additional information
Return on Tangible Equity (1) na na na na 18.3%
Return on equity (1) 24.6% 23.6% 19.4% nm na
Cost:income ratio (excl. litigation and conduct) (1) 47.0% 63.3% 53.0% nm 51.1%
Total assets (£bn) 240.3 30.5 391.9 51.9 714.6
Funded assets (£bn) (1) 240.3 30.5 331.4 51.6 653.8
Net loans to customers - amortised cost (£bn) 216.1 18.9 154.2 29.7 418.9
Loan impairment rate (1) 21bps 13bps 5bps nm 13bps
Impairment provisions (£bn) (1.8) (0.1) (1.7) - (3.6)
Impairment provisions - Stage 3 (£bn) (1.1) (0.1) (1.0) - (2.2)
Customer deposits (£bn) 202.6 42.7 196.4 1.3 443.0
Risk-weighted assets (RWAs) (£bn) 68.5 11.4 111.9 1.5 193.3
Total customer assets and liabilities (CAL) (1) 420.5 119.0 352.2 na 891.7
RWA equivalent (RWAe) (£bn) 69.7 11.4 112.9 1.7 195.7
Employee numbers (FTEs - thousands) 11.5 2.1 12.3 32.8 58.7
Third party customer asset rate (1) 4.42% 4.66% 5.69% nm nm
Third party customer funding rate (1) (1.63%) (2.47%) (1.41%) nm nm
Average interest earning assets (£bn) (1) 234.1 29.5 266.4 na 557.2
Net interest margin (1) 2.70% 2.72% 2.45% na 2.45%
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 2025
Retail Private Banking Commercial Central items Total NatWest
Banking & Wealth Management & Institutional & other Group
£m £m £m £m £m
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
Total customer assets and liabilities (CAL) (1) 407.9 107.0 341.1 na 856.0
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.
Capital and risk management
Capital, liquidity and funding risk
Introduction
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 2025
CET1 ratio The CET1 ratio increased by 30 basis points to 14.3% due to a £0.9 billion
increase in CET1 capital partially offset by a £2.7 billion increase in RWAs.
14.3%
The CET1 capital increase was mainly driven by an attributable profit to
(2025 - 14.0%) ordinary shareholders of £1.4 billion and other movements on reserves and
regulatory adjustments of £0.2 billion partially offset by a foreseeable
ordinary dividend accrual of £0.7 billion.
RWAs Total RWAs increased by £2.7 billion to £196.0 billion reflecting:
£196.0bn · a net increase in credit risk RWAs of £1.8 billion, mainly driven
by franchise lending growth with a further increase driven by risk parameters
(2025 - £193.3bn) and foreign exchange. These movements were partially offset by the benefit of
RWA management actions;
· an increase in market risk RWAs of £0.6 billion, chiefly driven by
SVaR and the incremental risk charge;
· an increase in counterparty credit risk RWAs of £0.3 billion,
primarily due to updating illiquid collateral eligibility in securities
financing transactions, partially offset by over-the-counter trades.
UK leverage ratio The leverage ratio remained static at 4.8% due to a £0.9 billion increase in
Tier 1 capital offset by an £18.7 billion increase in leverage exposure. The
4.8% key drivers of the leverage exposure movement were an increase in trading
assets and other financial assets partially offset by a decrease in other off
(2025 - 4.8%) balance sheet items.
MREL ratio The Minimum Requirements of own funds and Eligible Liabilities (MREL) ratio
remained static at 31.9% driven by a £0.9 billion increase in MREL partially
31.9% offset by a £2.7 billion increase in RWAs.
(2025 - 31.9%) MREL increased to £62.5 billion driven by a £0.9 billion increase in CET1
capital, a £0.5 billion increase in Tier 2 capital, and a £0.6 billion
decrease in senior unsecured debt. The Tier 2 movement includes an increase of
£0.6 billion for a $0.8 billion 5.908% Fixed-to-Fixed Reset Rate Subordinated
Tier 2 Note issued in March 2026. The senior unsecured debt movement includes
the redemption of a $1.0 billion 5.847% Senior Callable Fixed-to-Fixed Reset
Rate Note and £0.5 billion 3.125% Senior Callable Fixed-to-Fixed Reset Note
in March 2026 offset by a €0.8 billion Fixed-to-Floating Senior Unsecured
Note due 2037 issued in February 2026.
Liquidity portfolio The liquidity portfolio decreased by £4.5 billion to £233.4 billion compared
with Q4 2025. Primary liquidity decreased by £1.6 billion to £155.7 billion,
£233.4bn driven by higher lending and Treasury maturities partly offset by issuance and
increased deposits. Secondary liquidity decreased by £3.0 billion due to
(2025 - £237.9bn) reduced pre-positioned collateral at the Bank of England.
LCR average The average Liquidity Coverage Ratio (LCR) decreased by 3% to 144% during Q1
2026, due to higher lending offset by higher deposits and issuance, and
144% changes in outflow assumptions.
(2025 - 147%)
NSFR average The average Net Stable Funding Ratio (NSFR) decreased by 1% to 134% during Q1
2026 driven by increased lending partly offset by increased deposits.
134%
(2025 - 135%)
Capital and risk 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 capital 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 NatWest
Group's minimum requirements and its MDA threshold requirements.
Type CET1 Total Tier 1 Total capital
Pillar 1 requirements 4.5% 6.0% 8.0%
Pillar 2A requirements 1.6% 2.2% 2.9%
Minimum Capital Requirements 6.1% 8.2% 10.9%
Capital conservation buffer 2.5% 2.5% 2.5%
Countercyclical capital buffer (1) 1.7% 1.7% 1.7%
MDA threshold (2) 10.3% n/a n/a
Overall capital requirement 10.3% 12.4% 15.1%
Capital ratios at 31 March 2026 14.3% 16.6% 19.8%
Headroom (3,4) 4.0% 4.2% 4.7%
(1) The UK countercyclical buffer (CCyB) rate is currently being
maintained at 2%. This may vary in either direction in the future subject to
how risks develop. Foreign exposures may be subject to different CCyB rates
depending on the rate 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 2025 was CET1 3.7%, Total Tier 1 4.0%
and Total Capital 4.2%.
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%
Capital and risk 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
2026 2025
Capital adequacy ratios % %
CET1 14.3 14.0
Tier 1 16.6 16.4
Total 19.8 19.3
Capital £m £m
Tangible equity 31,860 30,736
Expected loss less impairment - (89)
Prudential valuation adjustment (185) (167)
Deferred tax assets (775) (804)
Own credit adjustments 28 42
Pension fund assets (188) (187)
Cash flow hedging reserve 878 752
Foreseeable ordinary dividends (2,553) (1,837)
Adjustment for trust assets (1) (365) (365)
Foreseeable charges (2) (608) (921)
Other adjustments for regulatory purposes (96) (94)
Total regulatory adjustments (3,864) (3,670)
CET1 capital 27,996 27,066
Additional AT1 capital 4,571 4,555
Tier 1 capital 32,567 31,621
Tier 2 capital 6,283 5,754
Total regulatory capital 38,850 37,375
Risk-weighted assets
Credit risk 157,427 155,610
Counterparty credit risk 7,909 7,609
Market risk 5,079 4,474
Operational risk 25,595 25,595
Total RWAs 196,010 193,288
(1) Prudent deduction in respect of agreement with the pension fund to
establish legal structure to remove dividend-linked contribution.
(2) The foreseeable charges of £608 million relates to share buybacks
(31 December 2025 - £921 million).
31 March 31 December
2026 2025
Leverage £m £m
Cash and balances at central banks 78,966 85,182
Trading assets 56,817 46,537
Derivatives 66,408 60,789
Financial assets 523,567 505,609
Other assets 23,883 16,436
Total assets 749,641 714,553
Derivatives
- netting and variation margin (63,035) (58,769)
- potential future exposures 18,907 18,155
Securities financing transactions gross up 1,808 2,593
Other off balance sheet items 59,842 70,909
Regulatory deductions and other adjustments (17,017) (9,699)
Claims on central banks (75,548) (81,616)
Exclusion of bounce back loans (925) (1,172)
UK leverage exposure 673,673 654,954
UK leverage ratio (%) 4.8 4.8
Capital and risk 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 2026.
CET1 AT1 Tier 2 Total
£m £m £m £m
At 31 December 2025 27,066 4,555 5,754 37,375
Attributable profit for the period 1,432 - - 1,432
Foreseeable ordinary dividends (716) - - (716)
Foreign exchange reserve (87) - - (87)
FVOCI reserve 28 - - 28
Own credit (14) - - (14)
Share-based remuneration and shares vested under employee share schemes 102 - - 102
Goodwill and intangibles deduction 66 - - 66
Deferred tax assets 29 - - 29
Prudential valuation adjustments (18) - - (18)
New issues of capital instruments - - 553 553
Other capital instrument movements (1) - 16 (53) (37)
Expected loss less impairment 89 - - 89
Other movements 19 - 29 48
At 31 March 2026 27,996 4,571 6,283 38,850
(1) Other capital instrument movements include foreign exchange
movements, accrued interest and fair value adjustments to capital instruments.
· For CET1 movements refer to the key points on page 14.
· Tier 2 movements of £0.5 billion include an increase of £0.6
billion for a $0.8 billion 5.908% Fixed-to-Fixed Reset Rate Subordinated Tier
2 Note issued in March 2026.
· Within other movements for Tier 2 capital, there is an increase as
a result of excess IRB provisions over expected losses in the period.
Capital generation pre-distributions
31 March 31 December
2026 2025
£m £m
CET1 27,996 27,066
CET1 capital pre-distributions (1) 28,712 31,171
RWAs 196,010 193,288
CET1 ratio (%) - opening at 1 January 14.00 13.61
CET1 ratio pre-distributions (%) - closing 14.65 16.13
Capital generation pre-distributions (%) (1) 0.65 2.52
(1) The calculation of capital generation pre-distributions uses CET1
capital pre-distributions. Distributions include ordinary dividends paid,
foreseeable ordinary dividends and share buybacks.
Capital and risk management continued
Capital, liquidity and funding risk continued
Risk-weighted assets
The table below analyses the movement in RWAs for the quarter ended 31 March
2026, by key drivers.
Counterparty Operational
Credit risk credit risk Market risk risk Total
£bn £bn £bn £bn £bn
At 31 December 2025 155.6 7.6 4.5 25.6 193.3
Foreign exchange movement 0.2 - - - 0.2
Business movement 1.3 0.2 0.6 - 2.1
Risk parameter changes 0.3 - - - 0.3
Model updates - 0.1 - - 0.1
At 31 March 2026 157.4 7.9 5.1 25.6 196.0
The table below analyses segmental RWAs.
Private Banking Total
Retail & Wealth Commercial Central items NatWest
Banking Management & Institutional & other Group
Total RWAs £bn £bn £bn £bn £bn
At 31 December 2025 68.5 11.4 111.9 1.5 193.3
Foreign exchange movement - - 0.2 - 0.2
Business movement 0.7 - 1.5 (0.1) 2.1
Risk parameter changes 0.1 - 0.2 - 0.3
Model updates 0.9 - (0.8) - 0.1
At 31 March 2026 70.2 11.4 113.0 1.4 196.0
Credit risk 60.8 9.7 85.5 1.4 157.4
Counterparty credit risk 0.2 - 7.7 - 7.9
Market risk 0.1 - 5.0 - 5.1
Operational risk 9.1 1.7 14.8 - 25.6
Total RWAs 70.2 11.4 113.0 1.4 196.0
Total RWAs increased by £2.7 billion to £196.0 billion during the period
mainly reflecting:
· An increase in risk-weighted assets from foreign exchange movements
of £0.2 billion, primarily due to sterling depreciation versus the US dollar
and appreciation versus euro.
· An increase in business movements of £2.1 billion, primarily
driven by credit risk reflecting franchise lending growth, partially offset by
the benefit of RWA management actions. A further increase was driven by market
risk, due to SVaR and the incremental risk charge. An increase in counterparty
credit risk was primarily due to updating illiquid collateral eligibility in
securities financing transactions, partially offset by over-the-counter
trades.
· An increase in risk parameters of £0.3 billion driven by movements
in risk metrics within Commercial & Institutional and Retail Banking.
· An increase in model updates of £0.1 billion driven by CRDIV model
updates in Retail Banking partially offset by CRDIV model benefits in
Commercial & Institutional.
Capital and risk 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 of 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. High-quality liquid assets cover both
Pillar 1 and Pillar 2 risks.
Liquidity value
31 March 2026 31 December 2025
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 74,868 42,090 41,408 81,107 52,307 51,640
High quality government/MDB/PSE and GSE bonds (3) 67,464 49,714 49,714 61,438 42,214 42,214
Extremely high-quality covered bonds 4,404 4,404 4,404 4,415 4,414 4,414
LCR level 1 assets 146,736 96,208 95,526 146,960 98,935 98,268
LCR level 2 Eligible Assets (4) 8,991 8,168 8,168 10,325 9,466 9,466
Primary liquidity (HQLA) (5) 155,727 104,376 103,694 157,285 108,401 107,734
Secondary liquidity 77,647 77,647 77,647 80,647 80,647 80,647
Total liquidity value 233,374 182,023 181,341 237,932 189,048 188,381
(1) NatWest Group includes the UK Domestic Liquidity Sub-Group (UK
DoLSub), NatWest Markets Plc and other significant operating subsidiaries that
hold liquidity portfolios. These include RBSI Ltd 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.
Capital and risk management continued
Credit risk
Economic drivers
Introduction
The portfolio segmentation and selection of economic drivers for IFRS 9
follows the approach used in stress testing. The stress models for each
portfolio segment (defined by product or asset class and where relevant,
industry sector and region) are based on a selected, small number of economic
variables that best explain the movements in portfolio loss rates. The process
to select economic drivers uses empirical analysis and expert judgement.
The most significant economic drivers for material portfolios are shown in the
table below:
Portfolio Economic drivers
Personal mortgages Unemployment rate, sterling swap rate, house price index, real wage
Personal unsecured Unemployment rate, sterling swap rate, real wage
Corporates Stock price index, gross domestic product (GDP)
Commercial real estate Stock price index, commercial property price index, GDP
Economic scenarios
At 31 March 2026, the range of anticipated future economic conditions was
defined by a set of four internally developed scenarios and their respective
probabilities. In addition to the base case, they comprised upside, downside
and extreme downside scenarios.
At 31 March 2026, the four scenarios were deemed appropriate in capturing the
uncertainty in economic forecasts and the non-linearity in outcomes under
different scenarios. These four scenarios were developed to provide sufficient
coverage to current risks faced by the economy and consider varying outcomes
across inflation, interest rate, the labour market, asset price and economic
growth, around which there remains pronounced levels of uncertainty.
Since 31 December 2025, the near-term economic growth outlook weakened, mainly
due to rising energy prices following the Middle East conflict. To reflect the
impact, changes have been made to the base case economic outlook. Inflation is
likely to peak above 3.5%. Real incomes are expected to come under pressure,
with economic growth slowing to 0.4%.
The unemployment rate is assumed to peak higher at 5.7%. Given the elevated
risks of second round inflationary impacts, it is assumed that bank rates are
paused at the current level. Asset prices show modest declines due to weaker
growth and higher than anticipated interest rates.
At 31 March 2026, the extreme downside scenario was updated to further
incorporate physical and transition climate risks.
High-level narrative - potential developments, vulnerabilities and risks
Growth Outperformance - above trend growth as government support helps in consumer Upside
sentiment recovery
Modest - soft in 2026, close to trend pace afterwards Base case
Stalling - cautious consumer and policy uncertainty weighs on activity Downside
Extreme stress - extreme fall in GDP followed by a weak recovery Extreme downside
Inflation Sticky - strong growth and/or wage policies keep services inflation above Upside
target in medium term
Reversal - ongoing progress against inflation halted, inflation rises to Base case
around 3.5%
Slow - swift fall to lower levels as demand shock dominates Downside
Stagflation - crystallisation of physical risks, acceleration of transition Extreme downside
policy, surging energy prices and second round impacts, leading to double
digit inflation
Labour market Recovery - job growth rebounds strongly, reversing much of the recent rise in Upside
unemployment rate
Cooling continues - gradual loosening continues into 2026, before improving Base case
Job shedding - redundancies, reduced hours, building slack Downside
Depression - unemployment hits levels close to previous peaks amid severe Extreme downside
stress
Rates Cautious - higher growth and inflation keep the Monetary Policy Committee Upside
cautious
short-term
Pause - rate cutting cycle on pause given the risk of second round inflation Base case
impacts.
Supportive - sharp declines to support recovery Downside
Sharp rise - sharp rates tightening in response to double digit inflation Extreme downside
Rates Above consensus - 4% Upside
long-term
Flat - 3.75% Ba
se
ca
se
Low - 2% Do
wn
si
de
High - 4% Ex
tr
em
e
do
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de
Capital and risk management continued
Credit risk continued
Economic drivers continued
Main macroeconomic variables
The main macroeconomic variables for each of the four scenarios used for
expected credit loss (ECL) modelling are set out in the table below.
2026 2025
Extreme Weighted Extreme Weighted
Upside Base case Downside downside average Upside Base case Downside downside average
Five-year summary % % % % % % % % % %
GDP 2.1 1.1 0.3 (0.4) 1.0 2.1 1.4 0.5 0.1 1.2
Unemployment rate 4.3 5.4 6.0 7.3 5.5 4.3 5.1 5.6 7.0 5.3
House price index 6.0 1.2 (0.4) (4.2) 1.4 5.7 3.3 0.6 (3.8) 2.6
Commercial real estate price 6.0 0.4 (1.6) (5.3) 0.7 6.1 2.2 (0.3) (5.0) 1.9
Consumer price index 2.2 2.3 1.7 4.3 2.5 2.6 2.4 2.4 1.8 2.3
Bank of England base rate 4.0 3.8 1.8 5.4 3.7 4.0 3.5 2.6 1.4 3.2
Stock price index 5.8 3.7 3.5 (0.3) 3.6 6.2 4.8 2.8 1.1 4.3
World GDP 3.7 3.0 2.5 1.6 2.9 3.7 3.1 2.5 2.2 3.0
Probability weight 22.5 45.0 18.3 14.2 22.4 45.0 19.5 13.1
(1) The five-year summary runs from 2026-2030 for 31 March 2026 and
from 2025-2029 for 31 December 2025.
(2) The table shows compound annual growth rate (CAGR) for GDP,
average levels for the unemployment rate and Bank of England base rate and Q4
to Q4 CAGR for other parameters.
Probability weightings of scenarios
NatWest Group applies a quantitative approach for IFRS 9 multiple economic
scenarios by selecting specific discrete scenarios that represent the range of
risks in the economic outlook and assigning appropriate probability weights.
The approach involves comparing GDP paths for NatWest Group's scenarios
against a set of model simulations to determine the percentile in the
distribution that aligns most closely with each scenario.
The probability weight for the base case is determined first using judgement,
while probability weights for the alternative scenarios are then assigned
based on these percentiles scores.
The assigned probability weights were judged to be aligned with the subjective
assessment of balance of the risks in the economy. Given the balance of risks
that the economies in which NatWest Group operates are exposed to, NatWest
Group judges it appropriate that downside-biased scenarios have higher
combined probability weights than the upside-biased scenario. Skew between the
upside scenario and downside scenarios was broadly similar to that at 31
December 2025. Compared to 31 December 2025, the base case was assigned the
same weight. The downside scenario had a lower weight, which was consistent
with the severity of the scenario and changes to the broader suite.
The extreme downside scenario had a higher weight which was deemed reasonable
given the rising risk of stagflation.
It presents good coverage to the range of outcomes assumed in the scenarios,
including the potential for a robust recovery on the upside and exceptionally
challenging outcomes on the downside. A 22.5% weighting was applied to the
upside scenario, a 45.0% weighting applied to the base case scenario, an 18.3%
weighting applied to the downside scenario and a 14.2% weighting applied to
the extreme downside scenario.
Capital and risk management continued
Credit risk continued
Economic drivers continued
Annual figures
GDP - annual growth Consumer price index - four quarter change
Upside % Base case % Downside % Extreme downside % Weighted average % Upside % Base case % Downside % Extreme downside % Weighted average %
2026 1.2 0.4 (0.4) (1.0) 0.3 2026 2.6 3.5 1.3 9.0 3.7
2027 3.2 1.0 (1.6) (3.5) 0.4 2027 2.4 2.1 1.4 4.7 2.4
2028 2.6 1.5 1.1 0.6 1.6 2028 2.1 2.0 1.9 3.7 2.2
2029 1.7 1.4 1.3 1.0 1.4 2029 1.9 2.0 2.0 2.2 2.0
2030 1.6 1.4 1.3 1.0 1.4 2030 2.0 2.0 2.0 2.0 2.0
Unemployment rate - annual average Bank of England base rate - annual average
Upside % Base case % Downside % Extreme downside % Weighted average % Upside % Base case % Downside % Extreme downside % Weighted average %
2026 5.1 5.5 5.5 5.7 5.4 2026 3.94 3.75 2.80 5.25 3.83
2027 4.2 5.7 6.2 7.2 5.6 2027 4.00 3.75 1.52 6.75 3.82
2028 4.1 5.4 6.4 8.4 5.7 2028 4.00 3.75 1.50 5.89 3.70
2029 4.1 5.3 6.1 8.0 5.5 2029 4.00 3.75 1.50 5.06 3.58
2030 4.0 5.1 5.7 7.4 5.3 2030 4.00 3.75 1.77 4.26 3.52
House price index - four quarter change Stock price index - four quarter change
Upside % Base case % Downside % Extreme downside % Weighted average % Upside % Base case % Downside % Extreme downside % Weighted average %
2026 6.4 0.7 (4.3) (5.9) 0.1 2026 13.8 (2.5) (20.9) (39.0) (7.4)
2027 7.6 (1.8) (6.6) (12.4) (1.8) 2027 5.6 5.2 8.1 4.8 5.7
2028 5.3 (0.5) (0.7) (12.0) (0.4) 2028 3.5 5.2 12.9 18.1 7.2
2029 5.3 3.9 4.9 4.7 4.5 2029 3.5 5.3 11.5 15.3 6.9
2030 5.6 4.0 5.2 6.3 4.9 2030 3.1 5.3 10.4 13.3 6.5
Commercial real estate price - four quarter change
Upside % Base case % Downside % Extreme downside % Weighted average %
2026 11.9 (2.6) (9.4) (15.0) (2.3)
2027 4.9 (2.1) (9.5) (22.4) (4.1)
2028 5.8 2.8 4.1 3.9 4.0
2029 4.3 2.0 4.1 5.8 3.4
2030 3.0 2.0 4.0 5.0 2.9
Capital and risk management continued
Credit risk continued
Economic drivers continued
Worst points
2026 2025
Extreme Downside % Weighted Average % Extreme Downside % Weighted Average %
Downside % Quarter Quarter Downside % Quarter Quarter
GDP (2.3) Q2 2027 (4.8) Q2 2027 - - Q4 2027 (3.8) Q4 2026 -
Unemployment rate - peak 6.5 Q1 2028 8.5 Q2 2028 5.8 6.2 Q4 2027 8.5 Q4 2027 5.6
House price index (12.7) Q3 2028 (27.6) Q1 2029 (2.6) (2.4) Q2 2028 (25.9) Q2 2028 -
Commercial real estate price (18.0) Q4 2027 (35.0) Q1 2028 (6.3) (7.3) Q2 2027 (33.3) Q3 2027 -
Consumer price index
- highest four quarter change 1.1 Q1 2026 10.0 Q1 2027 3.7 3.8 Q3 2025 3.8 Q3 2025 3.8
Bank of England base rate - extreme level 1.5 Q1 2026 7.0 Q1 2027 3.9 2.0 Q1 2025 0.1 Q1 2025 2.8
Stock price index (22.7) Q1 2027 (44.8) Q1 2027 (7.6) (6.7) Q4 2026 (47.7) Q4 2026 -
(1) The figures show falls relative to the starting period for GDP,
house price index, commercial real estate price and stock price index. For
unemployment rate, it shows highest value through the scenario horizon. For
consumer price index, it shows highest or lowest annual percentage change. For
Bank of England base rate, it shows highest or lowest value through the
horizon. The calculations are performed over five years, with a starting point
of Q4 2025 for 31 March 2026 scenarios and Q4 2024 for 31 December 2025
scenarios.
Capital and risk management continued
Credit risk continued
Segment analysis - portfolio summary
The table below shows gross loans and ECL, by segment and stage, within the
scope of the IFRS 9 ECL framework.
31 March 2026 31 December 2025
Private Banking Private Banking
Retail & Wealth Commercial Central items Retail & Wealth Commercial Central items
Banking Management & Institutional & other Total Banking Management & Institutional & other Total
£m £m £m £m £m £m £m £m £m £m
Loans - amortised cost and FVOCI (1,2)
Stage 1 198,995 17,621 140,577 40,467 397,660 196,325 17,552 138,769 34,005 386,651
Stage 2 19,553 1,112 21,151 49 41,865 19,113 1,115 18,289 65 38,582
Stage 3 2,424 378 2,050 2 4,854 2,231 348 2,102 2 4,683
Of which: individual - 324 1,081 - 1,405 - 276 1,180 - 1,456
Of which: collective 2,424 54 969 2 3,449 2,231 72 922 2 3,227
Total 220,972 19,111 163,778 40,518 444,379 217,669 19,015 159,160 34,072 429,916
ECL provisions (3)
Stage 1 334 15 289 7 645 335 13 256 10 614
Stage 2 467 14 372 1 854 424 13 357 2 796
Stage 3 1,151 55 1,037 1 2,244 1,075 50 1,048 2 2,175
Of which: individual - 55 540 - 595 - 50 548 - 598
Of which: collective 1,151 - 497 1 1,649 1,075 - 500 2 1,577
Total 1,952 84 1,698 9 3,743 1,834 76 1,661 14 3,585
ECL provisions coverage (4)
Stage 1 (%) 0.17 0.09 0.21 0.02 0.16 0.17 0.07 0.18 0.03 0.16
Stage 2 (%) 2.39 1.26 1.76 2.04 2.04 2.22 1.17 1.95 3.08 2.06
Stage 3 (%) 47.48 14.55 50.59 50.00 46.23 48.18 14.37 49.86 100.00 46.44
Total 0.88 0.44 1.04 0.02 0.84 0.84 0.40 1.04 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 £78.0 billion (31 December 2025 - £84.1 billion) and debt
securities of £81.5 billion (31 December 2025 - £78.4 billion).
(2) Fair value through other comprehensive income (FVOCI). Includes
loans to customers and banks.
(3) Includes £7 million (31 December 2025 - £6 million) related to
assets classified as FVOCI and £0.1 billion (31 December 2025 - £0.1
billion) related to off-balance sheet exposures.
(4) ECL provisions coverage is calculated as ECL provisions, including
ECL for other non-loan assets and unutilised exposure, divided by loans -
amortised cost and FVOCI.
Capital and risk management continued
Credit risk continued
Segment analysis - loans
· Retail Banking - Year-to-date balance sheet expansion was primarily
attributed to growth in the mortgage portfolio. Asset quality remained
consistent throughout Q1 2026, underscoring sustained customer resilience and
disciplined risk management. Although portfolio performance was stable, ECL
coverage for Retail Banking increased compared to 31 December 2025, due to
updates in economic scenarios that incorporate increased global economic
uncertainty due to the Middle East conflict. Overall, default rates held
steady, however, unsecured flows into Stage 3 increased during the quarter,
largely as a result of strategic credit card portfolio growth and seasoning
since 2022.
· Commercial & Institutional - Coverage increased modestly with
rises in both ECL and balances. Strong underlying portfolio performance was
offset by the impact of new economic scenarios, which led to an increase in
Stage 1 and Stage 2 ECL. Stage 3 charges and flows to default remained
subdued.
Movement in ECL provision
The table below shows the main ECL provision movements during the year.
ECL provision
£m
At 1 January 2026 3,585
Changes in economic forecasts 140
Changes in risk metrics and exposure: Stage 1 and Stage 2 (16)
Changes in risk metrics and exposure: Stage 3 219
Judgemental changes: changes in post model adjustments for Stage 1,
Stage 2 and Stage 3 (34)
Write-offs and other (151)
At 31 March 2026 3,743
· ECL increased in Q1 2026, largely driven by updates to economic
scenarios and associated weights to reflect increased geopolitical risk and
weaker equity markets, with an adaptation to the extreme downside scenario to
further incorporate physical and transition climate risks.
· Stage 3 charges in Q1 2026 remain broadly stable overall with
increases in Personal Stage 3 charges driven by seasoning of post-2022
unsecured lending growth, in line with expectations.
· Judgemental ECL post model adjustments decreased by £34 million to
£262 million (31 December 2025 - £296 million) representing 7.0% of total
ECL (31 December 2025 - 8.3%), reflecting that for Non-Personal portfolios,
more economic uncertainty is being captured by the models.
Capital and risk management continued
Credit risk continued
ECL post model adjustments
The table below shows ECL post model adjustments.
Private Banking
Retail Banking & Wealth Commercial
Mortgages Other Management & Institutional Total
31 March 2026 £m £m £m £m £m
Deferred model calibrations - - 1 12 13
Economic uncertainty 45 41 9 125 220
Other adjustments - 20 - 9 29
Total 45 61 10 146 262
Of which:
- Stage 1 37 35 3 53 128
- Stage 2 8 22 7 93 130
- Stage 3 - 4 - - 4
31 December 2025
Deferred model calibrations - - 1 14 15
Economic uncertainty 44 42 11 149 246
Other adjustments - 19 - 16 35
Total 44 61 12 179 296
Of which:
- Stage 1 33 38 4 73 148
- Stage 2 11 20 8 106 145
- Stage 3 - 3 - - 3
Post model adjustments decreased since 31 December 2025 reflecting that for
Non-Personal portfolios, the latest economic scenarios are capturing more
economic uncertainty.
· Retail Banking - As at 31 March 2026, the post model adjustment for
economic uncertainty remained stable at £86 million (31 December 2025 - £86
million). The cost of living post model adjustment continued to address the
risk in segments of the Retail Banking portfolio that were more susceptible to
affordability challenges. It focused on key affordability factors, including
overindebted borrowers, poor credit card affordability status and lower income
customers in fuel poverty.
· A £20 million post model adjustment remains as a judgemental
measure while additional loss data is accumulated on the recently migrated
Sainsbury's Bank lending portfolio.
· Commercial & Institutional - As at 31 March 2026, the post
model adjustment for economic uncertainty decreased to £125 million (31
December 2025 - £149 million), reflecting a greater element of economic
uncertainty being captured by the models.
· The remaining £21 million (31 December 2025 - £30 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.
·
Capital and risk management continued
Credit risk continued
Measurement uncertainty and ECL sensitivity analysis
The recognition and measurement of ECL is complex and requires significant
judgement and estimation, especially during times of economic volatility and
uncertainty. This includes the formulation and incorporation of multiple
forward-looking economic conditions into ECL to meet the measurement
objectives of IFRS 9. The ECL provision is sensitive to the model inputs and
economic assumptions used in the estimation.
Simulations were conducted to assess the impact of various economic scenarios,
including base case, upside, downside and extreme downside scenarios. The
potential ECL impacts reflected the simulated impact as at 31 March 2026. In
the simulations, NatWest Group assumed that the economic macro variables
associated with each scenario would replace the existing base case economic
assumptions, giving them a 100% probability weighting and therefore serving as
a single economic scenario. These scenarios were applied to all modelled
portfolios with the simulation affecting both probability of defaults and loss
given defaults. Post model adjustments included in the ECL estimates were
adjusted in line with the modelled ECL movements. However, adjustments that
were judgemental in nature, such as those for deferred model calibrations and
economic uncertainty, were not automatically recalculated. Instead, they will
be re-evaluated by management through ECL governance for any new economic
scenario outlook.
As expected, the scenarios created varying impacts on ECL by portfolio, and
these impacts were deemed reasonable. The simulations assumed that existing
modelled relationships between key economic variables and drivers would hold.
However, in practice, other factors such as potential changes in customer
behaviour and policy changes could also impact the wider availability of
credit.
The focus of the simulations was on ECL provisioning requirements for
performing exposures in Stage 1 and Stage 2. The simulations were run on a
stand-alone basis and were independent of each other. Scenario impacts on SICR
were considered when evaluating the ECL movements of Stage 1 and Stage 2.
Stage 3 provisions are not subject to the same level of measurement
uncertainty, as default is an observed event as at the balance sheet date and
defaulted loss given default is typically more impacted by borrower specific
factors rather than economics. Therefore, Stage 3 provisions were not
considered in this analysis.
Extreme
Base Upside Downside downside
31 March 2026 Actual scenario scenario scenario scenario
Total Stage 1 and Stage 2 ECL (£m) 1,499 1,400 1,155 1,598 3,177
Variance to actual total Stage 1 and
Stage 2 ECL (£m) - (99) (344) 99 1,678
31 December 2025
Total Stage 1 and Stage 2 ECL (£m) 1,410 1,301 1,186 1,464 2,660
Variance to actual total Stage 1 and
Stage 2 ECL (£m) - (109) (224) 54 1,250
· If the economics were as negative as observed in the extreme
downside (i.e. 100% probability weighting), total Stage 1 and Stage 2 ECL was
simulated to increase by £1.7 billion (112%). This was mainly driven by the
Non-Personal portfolios with significant falls in both the stock index and
commercial real estate prices.
· For the downside scenario (with 100% weighting), total Stage 1 and
Stage 2 ECL was simulated to increase by £0.1 billion (7%) with smaller
movements in key economic variables.
Capital and risk 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
Credit Other Corporate and Financial
Mortgages (1) cards personal Total other institutions (2) Sovereign Total Total
31 March 2026 £m £m £m £m £m £m £m £m £m
Loans by geography 218,516 8,154 11,564 238,234 120,712 84,068 1,365 206,145 444,379
- UK 218,511 8,154 11,564 238,229 102,155 49,899 548 152,602 390,831
- Other Europe 5 - - 5 7,184 19,384 354 26,922 26,927
- RoW - - - - 11,373 14,785 463 26,621 26,621
Loans by asset quality (3) 218,516 8,154 11,564 238,234 120,712 84,068 1,365 206,145 444,379
- AQ1-AQ4 121,924 109 884 122,917 48,796 77,775 937 127,508 250,425
- AQ5-AQ8 93,999 7,618 9,449 111,066 69,676 6,138 137 75,951 187,017
- AQ9 1,141 154 222 1,517 280 12 276 568 2,085
- AQ10 1,452 273 1,009 2,734 1,960 143 15 2,118 4,852
Loans by stage 218,516 8,154 11,564 238,234 120,712 84,068 1,365 206,145 444,379
- Stage 1 200,921 5,705 8,988 215,614 97,382 83,590 1,074 182,046 397,660
- Stage 2 16,141 2,176 1,567 19,884 21,370 335 276 21,981 41,865
- Stage 3 1,454 273 1,009 2,736 1,960 143 15 2,118 4,854
- Of which: individual 204 1 26 231 1,021 138 15 1,174 1,405
- Of which: collective 1,250 272 983 2,505 939 5 - 944 3,449
Loans - past due analysis 218,516 8,154 11,564 238,234 120,712 84,068 1,365 206,145 444,379
- Not past due 215,831 7,809 10,526 234,166 117,006 83,845 1,353 202,204 436,370
- Past due 1-30 days 1,413 74 94 1,581 2,347 173 - 2,520 4,101
- Past due 31-90 days 468 88 115 671 679 47 12 738 1,409
- Past due 91-180 days 298 71 104 473 52 - - 52 525
- Past due >180 days 506 112 725 1,343 628 3 - 631 1,974
Loans - Stage 2 16,141 2,176 1,567 19,884 21,370 335 276 21,981 41,865
- Not past due 14,809 2,073 1,448 18,330 20,001 324 276 20,601 38,931
- Past due 1-30 days 1,077 44 49 1,170 1,052 3 - 1,055 2,225
- Past due 31-90 days 255 59 70 384 317 8 - 325 709
Weighted average life
- ECL measurement (years) 9 4 6 5 6 4 nm 6 6
ECL provisions by geography 281 564 1,149 1,994 1,581 149 19 1,749 3,743
- UK 280 564 1,149 1,993 1,394 100 6 1,500 3,493
- Other Europe 1 - - 1 119 8 - 127 128
- RoW - - - - 68 41 13 122 122
For the notes to this table refer to page 31.
Capital and risk management continued
Credit risk continued
Sector analysis - portfolio summary continued
Personal Non-Personal
Credit Other Corporate and Financial
Mortgages (1) cards personal Total other institutions (2) Sovereign Total Total
31 March 2026 £m £m £m £m £m £m £m £m £m
ECL provisions by stage 281 564 1,149 1,994 1,581 149 19 1,749 3,743
- Stage 1 50 120 168 338 267 33 7 307 645
- Stage 2 37 224 207 468 374 7 5 386 854
- Stage 3 194 220 774 1,188 940 109 7 1,056 2,244
- Of which: individual 16 1 13 30 452 106 7 565 595
- Of which: collective 178 219 761 1,158 488 3 - 491 1,649
ECL provisions coverage (%) 0.13 6.92 9.94 0.84 1.31 0.18 1.39 0.85 0.84
- Stage 1 (%) 0.02 2.10 1.87 0.16 0.27 0.04 0.65 0.17 0.16
- Stage 2 (%) 0.23 10.29 13.21 2.35 1.75 2.09 1.81 1.76 2.04
- Stage 3 (%) 13.34 80.59 76.71 43.42 47.96 76.22 46.67 49.86 46.23
Loans by residual maturity 218,516 8,154 11,564 238,234 120,712 84,068 1,365 206,145 444,379
- ≤1 year 2,468 1,771 2,671 6,910 33,527 60,712 807 95,046 101,956
- >1 and ≤5 year 8,430 6,383 6,503 21,316 53,900 19,163 94 73,157 94,473
- >5 and ≤15 year 43,532 - 2,088 45,620 24,785 4,134 295 29,214 74,834
- >15 year 164,086 - 302 164,388 8,500 59 169 8,728 173,116
Other financial assets by asset quality (3) - - - - 4,472 28,381 126,635 159,488 159,488
- AQ1-AQ4 - - - - 4,463 28,291 126,635 159,389 159,389
- AQ5-AQ8 - - - - 9 90 - 99 99
Off-balance sheet 16,216 23,157 7,499 46,872 77,466 23,929 409 101,804 148,676
- Loan commitments 16,216 23,157 7,464 46,837 74,472 22,370 409 97,251 144,088
- Contingent liabilities - - 35 35 2,994 1,559 - 4,553 4,588
Off-balance sheet by asset quality (3) 16,216 23,157 7,499 46,872 77,466 23,929 409 101,804 148,676
- AQ1-AQ4 15,309 403 6,087 21,799 49,497 21,732 43 71,272 93,071
- AQ5-AQ8 895 22,670 1,373 24,938 27,625 2,161 - 29,786 54,724
- AQ9 2 13 10 25 28 - 366 394 419
- AQ10 10 71 29 110 316 36 - 352 462
For the notes to this table refer to page 31.
Capital and risk management continued
Credit risk continued
Sector analysis - portfolio summary continued
Personal Non-Personal
Credit Other Corporate and Financial
Mortgages (1) cards personal Total other institutions (2) Sovereign Total Total
31 December 2025 £m £m £m £m £m £m £m £m £m
Loans by geography 215,229 8,311 11,401 234,941 118,229 74,456 2,290 194,975 429,916
- UK 215,220 8,311 11,401 234,932 101,441 45,700 1,477 148,618 383,550
- Other Europe 9 - - 9 7,010 14,059 351 21,420 21,429
- RoW - - - - 9,778 14,697 462 24,937 24,937
Loans by asset quality (3) 215,229 8,311 11,401 234,941 118,229 74,456 2,290 194,975 429,916
- AQ1-AQ4 120,519 117 877 121,513 46,282 68,774 1,879 116,935 238,448
- AQ5-AQ8 92,296 7,817 9,360 109,473 69,665 5,535 131 75,331 184,804
- AQ9 1,075 135 208 1,418 292 6 265 563 1,981
- AQ10 1,339 242 956 2,537 1,990 141 15 2,146 4,683
Loans by stage 215,229 8,311 11,401 234,941 118,229 74,456 2,290 194,975 429,916
- Stage 1 197,939 5,988 8,977 212,904 97,779 73,959 2,009 173,747 386,651
- Stage 2 15,951 2,081 1,468 19,500 18,460 356 266 19,082 38,582
- Stage 3 1,339 242 956 2,537 1,990 141 15 2,146 4,683
- Of which: individual 167 1 25 193 1,112 136 15 1,263 1,456
- Of which: collective 1,172 241 931 2,344 878 5 - 883 3,227
Loans - past due analysis 215,229 8,311 11,401 234,941 118,229 74,456 2,290 194,975 429,916
- Not past due 212,492 7,993 10,388 230,873 114,895 74,257 2,275 191,427 422,300
- Past due 1-30 days 1,510 71 92 1,673 2,261 137 - 2,398 4,071
- Past due 31-90 days 469 86 130 685 274 8 - 282 967
- Past due 91-180 days 275 62 104 441 110 6 - 116 557
- Past due >180 days 483 99 687 1,269 689 48 15 752 2,021
Loans - Stage 2 15,951 2,081 1,468 19,500 18,460 356 266 19,082 38,582
- Not past due 14,521 1,979 1,335 17,835 17,605 343 266 18,214 36,049
- Past due 1-30 days 1,138 41 48 1,227 610 5 - 615 1,842
- Past due 31-90 days 292 61 85 438 245 8 - 253 691
Weighted average life
- ECL measurement (years) 9 4 6 5 7 4 nm 6 6
ECL provisions by geography 272 520 1,088 1,880 1,532 155 18 1,705 3,585
- UK 270 520 1,088 1,878 1,367 103 5 1,475 3,353
- Other Europe 2 - - 2 104 10 1 115 117
- RoW - - - - 61 42 12 115 115
nm = not meaningful
For the notes to this table refer to the following page.
Capital and risk management continued
Credit risk continued
Sector analysis - portfolio summary continued
Personal Non-Personal
Credit Other Corporate and Financial
Mortgages (1) cards personal Total other institutions (2) Sovereign Total Total
31 December 2025 £m £m £m £m £m £m £m £m £m
ECL provisions by stage 272 520 1,088 1,880 1,532 155 18 1,705 3,585
- Stage 1 45 125 172 342 228 37 7 272 614
- Stage 2 36 205 185 426 360 5 5 370 796
- Stage 3 191 190 731 1,112 944 113 6 1,063 2,175
- Of which: individual 16 1 12 29 453 110 6 569 598
- Of which: collective 175 189 719 1,083 491 3 - 494 1,577
ECL provisions coverage (%) 0.13 6.26 9.54 0.80 1.30 0.21 0.79 0.87 0.83
- Stage 1 (%) 0.02 2.09 1.92 0.16 0.23 0.05 0.35 0.16 0.16
- Stage 2 (%) 0.23 9.85 12.60 2.18 1.95 1.40 1.88 1.94 2.06
- Stage 3 (%) 14.26 78.51 76.46 43.83 47.44 80.14 40.00 49.53 46.44
Loans by residual maturity 215,229 8,311 11,401 234,941 118,229 74,456 2,290 194,975 429,916
- ≤1 year 2,764 1,856 2,736 7,356 33,768 52,130 1,765 87,663 95,019
- >1 and ≤5 year 8,332 6,452 6,898 21,682 51,723 18,262 77 70,062 91,744
- >5 and ≤15 year 42,759 3 1,772 44,534 24,136 4,016 290 28,442 72,976
- >15 year 161,374 - (5) 161,369 8,602 48 158 8,808 170,177
Other financial assets by asset quality (3) - - - - 4,513 28,490 129,532 162,535 162,535
- AQ1-AQ4 - - - - 4,506 28,301 129,532 162,339 162,339
- AQ5-AQ8 - - - - 7 189 - 196 196
Off-balance sheet 14,799 22,696 7,550 45,045 78,604 23,031 501 102,136 147,181
- Loan commitments 14,799 22,696 7,514 45,009 75,723 21,555 501 97,779 142,788
- Contingent liabilities - - 36 36 2,881 1,476 - 4,357 4,393
Off-balance sheet by asset quality (3) 14,799 22,696 7,550 45,045 78,604 23,031 501 102,136 147,181
- AQ1-AQ4 13,926 415 6,140 20,481 50,709 21,030 114 71,853 92,334
- AQ5-AQ8 859 22,205 1,283 24,347 27,525 1,924 12 29,461 53,808
- AQ9 4 11 12 27 61 - 375 436 463
- AQ10 10 65 115 190 309 77 - 386 576
(1) Includes a portion of Private Banking & Wealth Management
lending secured against residential real estate, in line with ECL calculation
methodology. Private Banking & Wealth Management and RBS International
mortgages are reported in UK, reflecting the country of lending origination
and includes crown dependencies.
(2) Included within financial institutions is funds lending of £21.0
billion, including £16.7 billion subscription lines financing and £4.3
billion net asset value financing, and £11.5 billion of securitisation
classified as private credit securitisation. Private credit securitisation is
defined as senior securitisation financing secured on diversified portfolios
of private loans to corporates.
(3) AQ bandings are based on Basel PDs and mapping is 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
Capital and risk 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.
Loans - amortised cost and FVOCI Off-balance sheet ECL provisions
Loan Contingent
Stage 1 Stage 2 Stage 3 Total commitments liabilities Stage 1 Stage 2 Stage 3 Total
31 March 2026 £m £m £m £m £m £m £m £m £m £m
Personal 215,614 19,884 2,736 238,234 46,837 35 338 468 1,188 1,994
Mortgages (1) 200,921 16,141 1,454 218,516 16,216 - 50 37 194 281
Credit cards 5,705 2,176 273 8,154 23,157 - 120 224 220 564
Other personal 8,988 1,567 1,009 11,564 7,464 35 168 207 774 1,149
Non-Personal 182,046 21,981 2,118 206,145 97,251 4,553 307 386 1,056 1,749
Financial institutions (2) 83,590 335 143 84,068 22,370 1,559 33 7 109 149
Sovereign 1,074 276 15 1,365 409 - 7 5 7 19
Corporate and other 97,382 21,370 1,960 120,712 74,472 2,994 267 374 940 1,581
Of which:
Commercial real estate 18,586 1,169 259 20,014 5,724 134 67 19 106 192
Mobility and logistics 12,864 4,713 84 17,661 10,472 548 25 48 40 113
Consumer industries 12,364 3,421 395 16,180 11,004 512 37 72 181 290
Total 397,660 41,865 4,854 444,379 144,088 4,588 645 854 2,244 3,743
31 December 2025
Personal 212,904 19,500 2,537 234,941 45,009 36 342 426 1,112 1,880
Mortgages (1) 197,939 15,951 1,339 215,229 14,799 - 45 36 191 272
Credit cards 5,988 2,081 242 8,311 22,696 - 125 205 190 520
Other personal 8,977 1,468 956 11,401 7,514 36 172 185 731 1,088
Non-Personal 173,747 19,082 2,146 194,975 97,779 4,357 272 370 1,063 1,705
Financial institutions (2) 73,959 356 141 74,456 21,555 1,476 37 5 113 155
Sovereign 2,009 266 15 2,290 501 - 7 5 6 18
Corporate and other 97,779 18,460 1,990 118,229 75,723 2,881 228 360 944 1,532
Of which:
Commercial real estate 17,838 1,272 294 19,404 6,646 162 55 22 120 197
Mobility and logistics 13,021 4,312 81 17,414 10,194 520 24 45 40 109
Consumer industries 12,875 2,912 389 16,176 11,149 496 33 68 199 300
Total 386,651 38,582 4,683 429,916 142,788 4,393 614 796 2,175 3,585
(1) As at 31 March 2026, £145.8 billion, 66.7%, of the total
residential mortgages portfolio had Energy Performance Certificate (EPC) data
available (31 December 2025 - £144.2 billion, 67%). Of which, 49.5% were
rated as EPC A to C (31 December 2025 - 48.8%).
(2) Includes transactions, such as securitisations, where the
underlying risk may be in other sectors.
Condensed consolidated income statement
for the period ended 31 March 2026 (unaudited)
Quarter ended
31 March 31 December 31 March
2026 2025 2025
£m £m £m
Interest receivable 6,421 6,543 6,315
Interest payable (3,027) (3,102) (3,289)
Net interest income 3,394 3,441 3,026
Fees and commissions receivable 832 835 802
Fees and commissions payable (200) (181) (189)
Trading income 153 138 284
Other operating income 179 91 57
Non-interest income 964 883 954
Total income 4,358 4,324 3,980
Staff costs (1,086) (981) (1,069)
Premises and equipment (312) (385) (294)
Other administrative expenses (364) (583) (350)
Depreciation and amortisation (280) (299) (266)
Operating expenses (2,042) (2,248) (1,979)
Profit before impairment losses 2,316 2,076 2,001
Impairment losses (283) (136) (189)
Operating profit before tax 2,033 1,940 1,812
Tax charge (526) (462) (471)
Profit for the period 1,507 1,478 1,341
Attributable to:
Ordinary shareholders 1,432 1,393 1,252
Paid-in equity holders 73 84 90
Non-controlling interests 2 1 (1)
1,507 1,478 1,341
Earnings per share attributable to ordinary shareholders - basic 17.9p 17.4p 15.5p
Earnings per share attributable to ordinary shareholders - diluted 17.8p 17.2p 15.4p
Condensed consolidated statement of comprehensive income
for the period ended 31 March 2026 (unaudited)
Quarter ended
31 March 31 December 31 March
2026 2025 2025
£m £m £m
Profit for the period 1,507 1,478 1,341
Items that do not qualify for reclassification
Remeasurement of retirement benefit schemes 5 11 6
Changes in fair value of financial liabilities designated at fair value 17 (6) 4
through profit or loss (FVTPL) due to changes in credit risk
FVOCI financial assets 2 (14) 14
Tax 2 (6) 2
26 (15) 26
Items that do qualify for reclassification
FVOCI financial assets 32 66 34
Cash flow hedges (1) (168) 190 183
Currency translation (87) 5 (30)
Tax 32 (73) (62)
(191) 188 125
Other comprehensive (loss)/income after tax (165) 173 151
Total comprehensive income for the period 1,342 1,651 1,492
Attributable to:
Ordinary shareholders 1,267 1,566 1,403
Paid-in equity holders 73 84 90
Non-controlling interests 2 1 (1)
1,342 1,651 1,492
(1) Refer to footnote 3 and 4 of the condensed consolidated statement
of changes in equity.
Condensed consolidated balance sheet
as at 31 March 2026 (unaudited)
31 March 31 December
2026 2025
£m £m
Assets
Cash and balances at central banks 78,966 85,182
Trading assets 56,817 46,537
Derivatives 66,408 60,789
Settlement balances 8,148 645
Loans to banks - amortised cost 8,522 6,958
Loans to customers - amortised cost 431,563 418,881
Other financial assets 83,482 79,770
Intangible assets 7,224 7,292
Other assets 8,511 8,499
Total assets 749,641 714,553
Liabilities
Bank deposits 48,153 44,092
Customer deposits 445,461 442,998
Settlement balances 9,941 942
Trading liabilities 58,945 49,022
Derivatives 59,471 53,974
Other financial liabilities 70,214 67,599
Subordinated liabilities 6,642 6,123
Notes in circulation 3,113 3,164
Other liabilities 4,030 4,026
Total liabilities 705,970 671,940
Equity
Ordinary shareholders' interests 39,084 38,028
Other owners' interests 4,571 4,571
Owners' equity 43,655 42,599
Non-controlling interests 16 14
Total equity 43,671 42,613
Total liabilities and equity 749,641 714,553
Condensed consolidated statement of changes in equity
for the period ended 31 March 2026 (unaudited)
Share Other Other reserves Total Non
capital and Paid-in statutory Retained Cash flow Foreign owners' controlling Total
share premium equity reserves (2) earnings Fair value hedging (3,4) exchange Merger equity interests equity
£m £m £m £m £m £m £m £m £m £m £m
At 1 January 2026 10,021 4,571 2,613 14,419 13 (752) 833 10,881 42,599 14 42,613
Profit attributable to ordinary shareholders
and other equity owners 1,505 1,505 2 1,507
Other comprehensive income
Realised gains on FVOCI equity shares (12) (12) (12)
Remeasurement of retirement benefit schemes 5 5 5
Changes in fair value of credit in financial liabilities
designated at FVTPL due to own credit risk 17 17 17
Unrealised gains 46 46 46
Amounts recognised in equity (260) (260) (260)
Retranslation of net assets 3 3 3
Losses on hedges of net assets 3 3 3
Reclassification of OCI to Income statement 92 (93) (1) (1)
Tax (2) (6) 42 - 34 34
Total comprehensive income 1,525 28 (126) (87) - 1,340 2 1,342
Transactions with owners
Paid-in equity dividends paid (73) (73) (73)
Shares repurchased (1) (54) 54 (313) (313) (313)
Employee share schemes 17 17 17
Shares vested under employee share schemes 70 70 70
Share-based remuneration 15 15 15
At 31 March 2026 9,967 4,571 2,737 15,590 41 (878) 746 10,881 43,655 16 43,671
(1) As part of the On Market Share Buyback Programmes NatWest Group
plc repurchased and cancelled 51 million shares, of which 0.6 million shares
were repurchased in March 2026 and were settled and cancelled in April 2026.
The total consideration for these shares, excluding fees, was £313.7 million,
of which £3.2 million was related to shares repurchased in March 2026, which
were settled and cancelled in April 2026. The nominal value of the shares
cancelled was transferred to the capital redemption reserve.
(2) Other statutory reserves consist of Capital redemption reserves of
£3,384 million and Own shares held reserves of £(647) million.
(3) The change in the cash flow hedging reserve is driven by an
increase in swap rates in the year, where the portfolio of swaps is net
receive fixed from an interest rate risk perspective. This is offset by
realised accrued interest transferred into the income statement.
(4) 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.
Notes
1. Presentation of condensed consolidated financial statements
The condensed consolidated financial statements should be read in conjunction
with NatWest Group plc's 2025 Annual Report and Accounts. The accounting
policies are the same as those applied in the consolidated financial
statements. The Group has not early adopted any standard, interpretation or
amendment that has been issued but is not yet effective.
The Amendments to the Classification and Measurement of Financial Instruments
(Amendments to IFRS 9 and IFRS 7 - issued May 2024) were adopted on 1 January
2026. The Group has made an accounting policy election to derecognise
financial liabilities before the settlement date where they are settled using
electronic payment systems that satisfy the specified conditions in IFRS 9.
The amendments had no material impact on the financial performance or position
of the Group.
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 and regulatory matters
NatWest Group plc's 2025 Annual Report and Accounts, issued on 13 February
2026, 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 matters have been previously disclosed) since
publication of the 2025 Annual Report and Accounts.
Litigation
Swaps antitrust litigation
NWM Plc and other members of NatWest Group, including NatWest Group plc, as
well as a number of other interest rate swap dealers, are defendants in
several cases pending in the SDNY alleging violations of US antitrust laws in
the market for interest rate swaps. Three swap execution facilities
(TeraExchange, Javelin, and trueEx) allege that they would have successfully
established exchange-like trading of interest rate swaps if the defendants had
not unlawfully conspired to prevent that from happening through boycotts and
other means.
Discovery is complete though expert discovery is ongoing, and in March 2026,
defendants filed a motion for summary judgment seeking dismissal of the
claims, which is pending.
Oracle Securities Litigation
In January and February 2026, two substantially similar class action
complaints were filed in New York state court against Oracle Corporation and
the underwriters of a September 2025 bond offering by Oracle, including NWMSI.
The complaint alleges that the offering documents for the bonds were
materially misleading because they failed to disclose that, at the time of the
bond offering, Oracle was already planning to further increase its debt to
fund its Artificial Intelligence infrastructure expansion. On 4 March 2026, an
amended complaint consolidated both actions into one.
The consolidated amended complaint seeks damages under the U.S. Securities Act
of 1933 (the 'Securities Act'), as amended, on behalf of those who purchased
Oracle's bonds.
In connection with the bond offering, Oracle agreed to indemnify the
underwriters against certain potential liabilities, including disclosure-based
liability under the Securities Act. Defendants (including NWMSI) anticipate
filing a motion to dismiss the consolidated amended complaint.
Regulatory matters
US investigations relating to fixed-income securities
In December 2021, NWM Plc pled guilty in the United States District Court for
the District of Connecticut to one count of wire fraud and one count of
securities fraud in connection with historical spoofing conduct by former
employees in US Treasuries markets between January 2008 and May 2014 and,
separately, during approximately three months in 2018. The 2018 trading
occurred during the term of a non-prosecution agreement (NPA) between NWMSI
and the United States Attorney's Office for the District of Connecticut (USAO
CT), under which non-prosecution was conditioned on NWMSI and affiliated
companies not engaging in criminal conduct during the term of the NPA. The
relevant trading in 2018 was conducted by two NWM Plc traders in Singapore and
breached that NPA. The plea agreement reached with the US Department of
Justice (DOJ) and the USAO CT resolved both the spoofing conduct and the
breach of the NPA.
The DOJ and USAO CT paused the monitorship in May 2025 and, following a
review, determined that a monitorship was no longer necessary as a result of
NWM Plc's notable progress in strengthening its compliance programme, certain
of NWM Plc's remedial improvements, internal controls, and the status of
implementation of Monitor recommendations, and that reporting by NWM Plc to
the DOJ and USAO CT on its continued compliance programme progress provided an
appropriate degree of oversight. The court approved the agreement and extended
NWM Plc's obligations under the plea agreement and probation until December
2026.
In the event that NWM Plc does not meet its obligations to the DOJ, this may
lead to adverse consequences such as increased costs and findings that NWM Plc
violated its probation term amongst other consequences. Other material adverse
collateral consequences may occur as a result of this matter, as further
described in the Risk Factor relating to legal, regulatory and governmental
actions and investigations set out on pages 417 to 419 of the NatWest Group
plc 2025 Annual Report and Accounts.
Other customer remediation in Ulydien (formerly Ulster Bank Ireland DAC)
Ulydien identified other legacy issues leading to the establishment of
remediation requirements. These remediation activities have now materially
concluded.
3. Post balance sheet events
As part of the ongoing on-market share buyback programme, NatWest Group plc
has repurchased and cancelled a further 10.70 million shares since 31 March
2026 for a total consideration (excluding fees) of £63.53 million.
Other than as disclosed in this document, there have been no significant
events between 31 March 2026 and the date of approval of this announcement
which 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 RBSH N.V.
refers to RBS Holdings 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 the 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 2025 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) 7557 316 540
Management presentation
Date: 1 May 2026
Time: 9am BST
Zoom ID: 957 9088 3730
Registered office
36 St Andrew Square
Edinburgh, EH2 2YB
Registered in Scotland No. SC45551
Available on natwestgroup.com/results
· Q1 2026 Interim Management Statement and background slides.
· A financial supplement containing income statement, balance sheet
and segment performance for the five quarters ended 31 March 2026.
· NatWest Group Pillar 3 supplement at 31 March 2026.
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, capital generation
pre-distributions, customer assets and liabilities growth rate, cost-income
ratio, CET1 ratio, RWA levels and payment of dividends), 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 such
as artificial intelligence, 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 2025 Annual Report on Form 20-F, NatWest Group's Interim
Management Statement for Q1 2026, and its other public filings.
Forward-looking statements continued
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.
Caution on non-financial reporting
The processes we have adopted to define, collect and report data on our
climate and sustainability related performance, as well as the associated
metrics and disclosures in this document, are not subject to the same formal
processes adopted for financial reporting in accordance with established
reporting standards. They involve a higher degree of judgement, assumptions
and estimates, including in relation to the classification of climate and
sustainability-related (including social, sustainability,
sustainability-linked, green, climate and transition) funding, financing and
facilitation activities, than what is required for reporting of historical
financial information prepared in accordance with established reporting
standards. As a result, climate and sustainability-related disclosures may be
amended, updated or restated over time. However, NatWest Group does not
undertake to restate prior disclosures except where required by applicable law
or regulation, even if subsequently available data or methodologies differ
from those used at the time of the original disclosure. In addition,
non-financial reporting systems are less developed than financial reporting
systems, often involving manual processes and less robust controls, which may
affect data quality and consistency.
Refer also to the 'Climate and sustainability-related risk factors' on pages
420 to 422 of the NatWest Group plc 2025 Annual Report and Accounts, the
'Additional cautionary statement regarding climate and sustainability-related
data, metrics and forward-looking statements' on pages 429 to 431 of the
NatWest Group plc 2025 Annual Report and Accounts, and the cautionary
statement in the section entitled 'Caution about climate-related metrics and
data required for climate reporting' on pages 70 to 72 of the NatWest Group
plc 2025 Climate Transition Plan Report.
Caution about sustainability-related funding, financing and facilitation
Sustainability-related (including social, sustainability,
sustainability-linked, green, climate, transition) funding, financing and
facilitation currently represents only a relatively small proportion of
NatWest Group's overall funding, financing and facilitation activities.
Accordingly, disclosures relating to sustainability-related funding, financing
and facilitation should be read in the context of NatWest Group's broader
balance sheet, risk profile and funding, financing and facilitation
activities, and should not be interpreted as indicative of NatWest Group's
overall funding, financing or facilitation strategy.
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), as issued by the International Accounting Standards Board
(IASB). 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-Generally Accepted Accounting Principles
(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 the basis of calculation for 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 42. 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 11-13 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 and the reduction of deposits as part of our withdrawal from the
Republic of Ireland.
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 excluding the volatility
Refer to Condensed consolidated balance sheet on page 35 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 loans
to customers - 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.
43.
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 -
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 44. 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 and average interest earning assets Net interest margin is net interest income as a percentage of average interest
earning assets (IEA).
Refer to Segment performance on pages 11-13 for components of calculation.
Average IEA are average IEA of the banking business of NatWest Group and
primarily consists of cash and balances at central banks, loans to banks -
amortised cost, loans to customers - amortised cost and other financial
assets. It excludes trading balances and assets in treasury repurchase
agreements that have not been derecognised. 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 11-13 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 and the reduction of loans to customers as part
of our withdrawal from the Republic of Ireland.
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
43. excludes litigation and conduct costs, which are more volatile and may distort
period-on-period comparisons.
Segment return on equity Segment 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. Segment return on equity on page 44. 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
42. metrics including the share price. The nearest ratio using IFRS measures is:
net asset value (NAV) per ordinary share - this comprises ordinary
shareholders' interests divided by the number of ordinary shares in issue.
Total customer assets and liabilities (CAL) CAL comprises customers deposits and gross loans to customers (amortised
cost), across the Retail Banking, Private Banking & Wealth Management and
Refer to table 6. Total customer assets and liabilities (CAL) on page 44. Commercial & Institutional segments. For the Private Banking & Wealth
Management segment, CAL also includes AUMA, with an adjustment to deduct
investment cash to avoid double counting, as investment cash is recognised
within both customer deposits and AUMA.
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 42. 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
2026 2025 2025
£m £m £m
Total income 4,358 4,324 3,980
Less notable items:
Commercial & Institutional
Own credit adjustments 3 (2) 6
Dividend received on restructuring of a strategic investment - 51 -
Central items & other
Share of (losses)/gains of associate - Business Growth Fund (1) 15 15
Interest and foreign exchange management derivatives not in hedge 38 17 7
accounting relationships
Foreign exchange recycling gains 95 10 -
Loss on reclassification to disposal groups under IFRS 5 - (39) -
135 52 28
Total income excluding notable items 4,223 4,272 3,952
2. Cost:income ratio (excl. litigation and conduct)
Quarter ended
31 March 31 December 31 March
2026 2025 2025
£m £m £m
Operating expenses 2,042 2,248 1,979
Less litigation and conduct costs (15) (37) (44)
Other operating expenses 2,027 2,211 1,935
Total income 4,358 4,324 3,980
Cost:income ratio 46.9% 52.0% 49.7%
Cost:income ratio (excl. litigation and conduct) 46.5% 51.1% 48.6%
3. Tangible net asset value (TNAV) per ordinary share
As at
31 March 31 December 31 March
2026 2025 2025
Ordinary shareholders' interests (£m) 39,084 38,028 35,562
Less intangible assets (£m) (7,224) (7,292) (7,537)
Tangible equity (£m) 31,860 30,736 28,025
Ordinary shares in issue (millions) (1) 7,971 7,995 8,067
NAV per ordinary share (pence) 490p 476p 441p
TNAV per ordinary share (pence) 400p 384p 347p
(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
2026 2025 2025
£m £m £m
Other operating expenses
Staff expenses 1,070 966 1,055
Premises and equipment 309 383 294
Other administrative expenses 368 563 320
Depreciation and amortisation 280 299 266
Total other operating expenses 2,027 2,211 1,935
Litigation and conduct costs
Staff expenses 16 15 14
Premises and equipment 3 2 -
Other administrative expenses (4) 20 30
Total litigation and conduct costs 15 37 44
Total operating expenses 2,042 2,248 1,979
Operating expenses excluding litigation and conduct 2,027 2,211 1,935
5. Loan:deposit ratio (excl. repos and reverse repos)
As at
31 March 31 December 31 March
2026 2025 2025
£m £m £m
Loans to customers - amortised cost 431,563 418,881 398,806
Less reverse repos (37,784) (32,817) (30,258)
Loans to customers - amortised cost (excl. reverse repos) 393,779 386,064 368,548
Customer deposits 445,461 442,998 434,617
Less repos (1,474) (1,796) (1,070)
Customer deposits (excl. repos) 443,987 441,202 433,547
Loan:deposit ratio (%) 97% 95% 92%
Loan:deposit ratio (excl. repos and reverse repos) (%) 89% 88% 85%
Non-IFRS financial measures continued
6. Total customer assets and liabilities (CAL)
As at
31 March 2026 31 December 2025 31 March 2025
Private Banking Private Banking Private Banking
Retail & Wealth Commercial Retail & Wealth Commercial Retail & Wealth Commercial
Banking Management & Institutional Total Banking Management & Institutional Total Banking Management & Institutional Total
£bn £bn £bn £bn £bn £bn £bn £bn £bn £bn £bn £bn
Gross loans and advances to customers 221.3 19.1 159.6 400.0 217.9 19.0 155.8 392.7 212.2 18.5 144.6 375.3
Customer deposits 202.2 41.1 201.5 444.8 202.6 42.7 196.4 441.7 195.7 41.2 196.5 433.4
Assets under management and
administration (AUMA) - 56.7 - 56.7 - 58.5 - 58.5 - 48.5 - 48.5
Less investment cash included in both
customer deposits and AUMA - (1.4) - (1.4) - (1.2) - (1.2) - (1.2) - (1.2)
CAL 423.5 115.5 361.1 900.1 420.5 119.0 352.2 891.7 407.9 107.0 341.1 856.0
7. NatWest Group Return on Tangible Equity
Quarter ended
31 March 31 December 31 March
2026 2025 2025
£m £m £m
Profit attributable to ordinary shareholders 1,432 1,393 1,252
Annualised profit attributable to ordinary shareholders 5,728 5,572 5,008
Average total equity 43,216 42,877 40,354
Adjustment for average other owners' equity and intangible assets (11,760) (12,431) (13,228)
Adjusted total tangible equity 31,456 30,446 27,126
Return on equity 13.3% 13.0% 12.4%
Return on Tangible Equity 18.2% 18.3% 18.5%
8. Segment return on equity
Quarter ended 31 March 2026 Quarter ended 31 December 2025 Quarter ended 31 March 2025
Private Banking Private Banking Private Banking
Retail & Wealth Commercial Retail & Wealth Commercial Retail & Wealth Commercial
Banking Management & Institutional Banking Management & Institutional Banking Management & Institutional
Operating profit (£m) 781 94 1,030 786 107 1,039 750 77 1,020
Paid-in equity cost allocation (£m) (18) (3) (51) (24) (4) (56) (23) (4) (63)
Adjustment for tax (£m) (214) (25) (245) (213) (29) (246) (204) (20) (239)
Adjusted attributable profit (£m) 549 66 734 549 74 737 523 53 718
Annualised adjusted attributable profit (£m) 2,197 262 2,937 2,195 297 2,949 2,092 212 2,872
Average RWAe (£bn) 70.4 11.4 113.8 69.7 11.3 109.3 66.9 11.1 106.8
Equity factor 12.7% 10.9% 14.1% 12.8% 11.1% 13.9% 12.8% 11.1% 13.9%
Average notional equity (£bn) 8.9 1.2 16.0 8.9 1.3 15.2 8.6 1.2 14.8
Return on equity 24.6% 21.1% 18.3% 24.6% 23.6% 19.4% 24.5% 17.1% 19.3%
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 client assets under management (AUM) and client assets under administration (AUA) serviced through the Private Banking & Wealth Management segment and not recognised on NatWest Group's balance sheet. AUM comprise assets where the
investment management is undertaken by Private Banking & Wealth Management on behalf of customers of the Private Banking & Wealth Management, Retail Banking and Commercial & Institutional segments. AUA comprises i) third party assets held on an
execution-only basis in custody by Private Banking & Wealth Management, Retail Banking and Commercial & Institutional for their customers, for which the execution services are supported by Private Banking & Wealth Management ii) AUA of Cushon,
acquired on 1 June 2023, which are supported by Private Banking & Wealth Management 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 earned across NatWest Group (excluding
Cushon). Investment income includes ongoing fees as a percentage of assets and
fees, charged on a per transaction basis, 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.
AUM net flows AUM net flows refers to net client cash inflows and outflows relating to
investment products, both discretionary and advisory mandates serviced through
the Private Banking & Wealth Management segment. AUM comprises assets
where the investment management is undertaken by Private Banking & Wealth
Management on behalf of Private Banking & Wealth Management, Retail
Banking and Commercial & Institutional customers.
Capital generation pre-distributions Capital generation pre-distributions refers to the change in the CET1 ratio in the period, before distributions to ordinary shareholders. It reflects the capital generated through business activities and all other movements, including attributable profit
for the period, impacts from acquisitions and disposals, and risk-weighted asset (RWA) changes, prior to the deduction of ordinary shareholder distributions such as ordinary dividends and share buybacks. It is used to show the capital generated in the
period that is available for deployment in the business and distribution to shareholders.
Climate and transition finance The climate and transition finance target enables NatWest Group to quantify the level of financing and facilitation provided by NatWest Group that could support customers in achieving their climate and/or transition ambitions, through lending and
underwriting activities. The climate and transition finance framework, available on natwestgroup.com, underpins the target to provide £200 billion in climate and transition finance between 1 July 2025 and the end of 2030.
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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