NatWest Group plc Interim Results 2025 - Part 1

Companies

NATWEST GROUP (NWG)

UK 100

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Business performance summary
2	H1 2025 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

Risk and capital management
16	Credit risk
16	Economic loss drivers
20	Governance and post model adjustments
22	Measurement uncertainty and ECL sensitivity analysis
24	Measurement uncertainty and ECL adequacy
25	Credit risk - Banking activities
25	Financial instruments within the scope of the IFRS 9 ECL framework
26	Segment analysis - portfolio summary
28	Segmental loans and impairment metrics
29	Sector analysis - portfolio summary
34	Non-Personal forbearance
36	Personal portfolio
39	Commercial real estate
40	Flow statements

Risk and capital management continued
47	Stage 2 decomposition by a significant increase in credit risk trigger
49	Asset quality
53	Credit risk - Trading activities
56	Capital, liquidity and funding risk
67	Non-traded market risk
71	Traded market risk
71	Pension risk

Financial statements and notes
72	Condensed consolidated income statement
73	Condensed consolidated statement of comprehensive income
74	Condensed consolidated balance sheet
75	Condensed consolidated statement of changes in equity
77	Condensed consolidated cash flow statement
78	Presentation of condensed consolidated financial statements
78	Net interest income
79	Non-interest income
80	Operating expenses
81	Segmental analysis
84	Tax
85	Financial instruments - classification
87	Financial instruments - valuation

Financial statements and notes continued
92	Trading assets and liabilities
93	Loan impairment provisions
94	Provisions for liabilities and charges
94	Dividends
94	Contingent liabilities and commitments
95	Litigation and regulatory matters
101	Related party transactions
101	Post balance sheet events
101	Date of approval
102	Auditor's independent review report to NatWest Group plc Group plc

Additional information
103	NatWest Group plc summary risk factors
105	Statement of directors' responsibilities
106	Presentation of information
106	Statutory accounts
106	Forward-looking statements
107	Share information and contacts
108	Appendix
108	Non-IFRS financial measures
113	Performance measures not defined under IFRS

	Half year ended			Quarter ended
	30 June	30 June		30 June	31 March		30 June
	2025	2024	Variance	2025	2025	Variance	2024	Variance
Summary consolidated income statement	£m	£m	%	£m	£m	%	£m	%
Net interest income	6,120	5,408	13.2%	3,094	3,026	2.2%	2,757	12.2%
Non-interest income	1,865	1,726	8.1%	911	954	(4.5%)	902	1.0%
Total income	7,985	7,134	11.9%	4,005	3,980	0.6%	3,659	9.5%
Litigation and conduct costs	(118)	(101)	16.8%	(74)	(44)	68.2%	(77)	(3.9%)
Other operating expenses	(3,900)	(3,956)	(1.4%)	(1,965)	(1,935)	1.6%	(1,928)	1.9%
Operating expenses	(4,018)	(4,057)	(1.0%)	(2,039)	(1,979)	3.0%	(2,005)	1.7%
Profit before impairment losses/releases	3,967	3,077	28.9%	1,966	2,001	(1.7%)	1,654	18.9%
Impairment (losses)/releases	(382)	(48)	nm	(193)	(189)	2.1%	45	nm
Operating profit before tax	3,585	3,029	18.4%	1,773	1,812	(2.2%)	1,699	4.4%
Tax charge	(910)	(801)	13.6%	(439)	(471)	(6.8%)	(462)	(5.0%)
Profit from continuing operations	2,675	2,228	20.1%	1,334	1,341	(0.5%)	1,237	7.8%
Profit from discontinued operations, net of tax	-	11	nm	-	-	nm	15	nm
Profit for the period	2,675	2,239	19.5%	1,334	1,341	(0.5%)	1,252	6.5%

Performance key metrics and ratios
Notable items within total income (1)	£23m	£130m	nm	(£5m)	£28m	nm	£69m	nm
Total income excluding notable items (1)	£7,962m	£7,004m	13.7%	£4,010m	£3,952m	1.5%	£3,590m	11.7%
Net interest margin (1)	2.28%	2.07%	21bps	2.28%	2.27%	1bp	2.10%	18bps
Average interest earning assets (1)	£542bn	£524bn	3.4%	£543bn	£542bn	0.2%	£528bn	2.8%
Cost:income ratio (excl. litigation and conduct) (1)	48.8%	55.5%	(6.7%)	49.1%	48.6%	0.5%	52.7%	(3.6%)
Loan impairment rate (1)	19bps	3bps	16bps	19bps	19bps	-	(5bps)	24bps
Profit attributable to ordinary shareholders	£2,488m	£2,099m	18.5%	£1,236m	£1,252m	(1.3%)	£1,181m	4.7%
Total earnings per share attributable to ordinary shareholders - basic	30.9p	24.2p	6.7p	15.3p	15.5p	(0.2p)	13.7p	1.6p
Return on Tangible Equity (RoTE) (1)	18.1%	16.4%	1.7%	17.7%	18.5%	(0.8%)	18.5%	(0.8%)
Climate and sustainable funding and financing (2)	£16.9bn	£16.3bn	3.7%	£9.1bn	£7.8bn	16.7%	£9.7bn	(6.2%)

	As at
	30 June	31 March		31 December
	2025	2025	Variance	2024	Variance
Balance sheet	£bn	£bn	%	£bn	%
Total assets	730.8	710.0	2.9%	708.0	3.2%
Loans to customers - amortised cost	407.1	398.8	2.1%	400.3	1.7%
Loans to customers excluding central items (1,3)	380.1	371.9	2.2%	368.5	3.1%
Loans to customers and banks - amortised cost and FVOCI	417.9	409.5	2.1%	410.2	1.9%
Total impairment provisions (4)	3.7	3.5	5.7%	3.4	8.8%
Expected credit loss (ECL) coverage ratio	0.87%	0.86%	1bp	0.83%	4bps
Assets under management and administration (AUMA) (1)	51.8	48.5	6.8%	48.9	5.9%
Customer deposits	436.8	434.6	0.5%	433.5	0.8%
Customer deposits excluding central items (1,3)	435.8	433.4	0.6%	431.3	1.0%
Liquidity and funding
Liquidity Coverage Ratio (LCR)	147%	150%	(3.0%)	150%	(3.0%)
Liquidity portfolio	217	222	(2.3%)	222	(2.3%)
Net Stable Funding Ratio (NSFR)	134%	136%	(2.0%)	137%	(3.0%)
Loan:deposit ratio (excl. repos and reverse repos) (1)	86%	85%	1%	85%	1%
Total wholesale funding	91	87	4.6%	86	5.8%
Short-term wholesale funding	35	33	6.1%	33	6.1%
Capital and leverage
Common Equity Tier 1 (CET1) ratio (5)	13.6%	13.8%	(20bps)	13.6%	-
Total capital ratio (5)	19.7%	20.6%	(90bps)	19.7%	-
Pro forma CET1 ratio (excl. foreseeable items) (6)	14.6%	14.8%	(20bps)	14.3%	30bps
Risk-weighted assets (RWAs)	190.1	187.0	1.7%	183.2	3.8%
UK leverage ratio	5.0%	5.2%	(0.2%)	5.0%	-
Tangible net asset value (TNAV) per ordinary share (1,7)	351p	347p	4p	329p	22p
Number of ordinary shares in issue (millions) (7)	8,088	8,067	0.3%	8,043	0.6%

	Half year ended 30 June 2025
		Private Banking
	Retail	& Wealth	Commercial	Central items	Total NatWest
	Banking	Management (2)	& Institutional	& other	Group
	£m	£m	£m	£m	£m
Continuing operations
Income statement
Net interest income	2,922	363	2,955	(120)	6,120
Own credit adjustments	-	-	3	-	3
Other non-interest income	212	176	1,331	143	1,862
Total income	3,134	539	4,289	23	7,985
Direct expenses	(396)	(122)	(782)	(2,600)	(3,900)
Indirect expenses	(1,015)	(236)	(1,280)	2,531	-
Other operating expenses	(1,411)	(358)	(2,062)	(69)	(3,900)
Litigation and conduct costs	(12)	(1)	(89)	(16)	(118)
Operating expenses	(1,423)	(359)	(2,151)	(85)	(4,018)
Operating profit/(loss) before impairment losses	1,711	180	2,138	(62)	3,967
Impairment losses	(226)	(1)	(154)	(1)	(382)
Operating profit/(loss)	1,485	179	1,984	(63)	3,585

Income excluding notable items (1)	3,134	539	4,286	3	7,962

Additional information
Return on Tangible Equity (1)	na	na	na	na	18.1%
Return on equity (1)	23.8%	19.8%	18.6%	nm	na
Cost:income ratio (excl. litigation and conduct) (1)	45.0%	66.4%	48.1%	nm	48.8%
Total assets (£bn)	238.6	29.1	414.9	48.2	730.8
Funded assets (£bn) (1)	238.6	29.1	343.1	47.0	657.8
Net loans to customers - amortised cost (£bn)	214.3	18.6	147.2	27.0	407.1
Loan impairment rate (1)	21bps	1bp	21bps	nm	19bps
Impairment provisions (£bn)	(1.9)	(0.1)	(1.7)	-	(3.7)
Impairment provisions - Stage 3 (£bn)	(1.1)	-	(1.1)	-	(2.2)
Customer deposits (£bn)	196.6	41.3	197.9	1.0	436.8
Risk-weighted assets (RWAs) (£bn)	69.4	11.5	107.8	1.4	190.1
RWA equivalent (RWAe) (£bn)	70.0	11.5	108.8	2.0	192.3
Employee numbers (FTEs - thousands)	11.8	2.1	12.8	32.5	59.2
Third party customer asset rate (1)	4.31%	4.78%	6.12%	nm	nm
Third party customer funding rate (1)	(1.83%)	(2.82%)	(1.65%)	nm	nm
Average interest earning assets (£bn) (1)	228.2	28.4	255.4	na	542.4
Net interest margin (1)	2.58%	2.57%	2.33%	na	2.28%

	Half year ended 30 June 2024
		Private Banking
	Retail	& Wealth	Commercial	Central items	Total NatWest
	Banking	Management (2)	& Institutional	& other	Group
	£m	£m	£m	£m	£m
Continuing operations
Income statement
Net interest income	2,475	285	2,543	105	5,408
Own credit adjustments	-	-	(7)	-	(7)
Other non-interest income	215	159	1,264	95	1,733
Total income	2,690	444	3,800	200	7,134
Direct expenses	(381)	(126)	(764)	(2,685)	(3,956)
Indirect expenses	(1,076)	(229)	(1,309)	2,614	-
Other operating expenses	(1,457)	(355)	(2,073)	(71)	(3,956)
Litigation and conduct costs	(13)	(1)	(77)	(10)	(101)
Operating expenses	(1,470)	(356)	(2,150)	(81)	(4,057)
Operating profit before impairment losses/releases	1,220	88	1,650	119	3,077
Impairment (losses)/releases	(122)	11	57	6	(48)
Operating profit	1,098	99	1,707	125	3,029

Income excluding notable items (1)	2,690	444	3,807	63	7,004

Additional information
Return on Tangible Equity (1)	na	na	na	na	16.4%
Return on equity (1)	18.4%	10.5%	16.2%	nm	na
Cost:income ratio (excl. litigation and conduct) (1)	54.2%	80.0%	54.6%	nm	55.5%
Total assets (£bn)	226.5	27.2	381.9	54.7	690.3
Funded assets (£bn) (1)	226.5	27.2	315.5	53.6	622.8
Net loans to customers - amortised cost (£bn)	203.3	18.1	133.9	24.0	379.3
Loan impairment rate (1)	12bps	(12bps)	(8bps)	nm	3bps
Impairment provisions (£bn)	(1.7)	(0.1)	(1.5)	-	(3.3)
Impairment provisions - Stage 3 (£bn)	(1.0)	-	(0.9)	(0.1)	(2.0)
Customer deposits (£bn)	191.5	39.5	194.2	7.8	433.0
Risk-weighted assets (RWAs) (£bn)	62.3	11.0	104.9	2.6	180.8
RWA equivalent (RWAe) (£bn)	63.1	11.0	106.7	3.1	183.9
Employee numbers (FTEs - thousands)	12.6	2.2	12.8	33.0	60.6
Third party customer asset rate (1)	3.88%	4.99%	6.77%	nm	nm
Third party customer funding rate (1)	(2.08%)	(3.14%)	(1.93%)	nm	nm
Average interest earning assets (£bn) (1)	220.1	26.3	244.0	na	524.4
Net interest margin (1)	2.26%	2.18%	2.10%	na	2.07%

	Quarter ended 30 June 2025
		Private Banking
	Retail	& Wealth	Commercial	Central items	Total NatWest
	Banking	Management (2)	& Institutional	& other	Group
	£m	£m	£m	£m	£m
Continuing operations
Income statement
Net interest income	1,484	182	1,496	(68)	3,094
Own credit adjustments	-	-	(3)	-	(3)
Other non-interest income	110	92	654	58	914
Total income	1,594	274	2,147	(10)	4,005
Direct expenses	(230)	(63)	(403)	(1,269)	(1,965)
Indirect expenses	(504)	(108)	(644)	1,256	-
Other operating expenses	(734)	(171)	(1,047)	(13)	(1,965)
Litigation and conduct costs	(8)	(1)	(60)	(5)	(74)
Operating expenses	(742)	(172)	(1,107)	(18)	(2,039)
Operating profit/(loss) before impairment losses	852	102	1,040	(28)	1,966
Impairment losses	(117)	-	(76)	-	(193)
Operating profit/(loss)	735	102	964	(28)	1,773

Income excluding notable items (1)	1,594	274	2,150	(8)	4,010

Additional information
Return on Tangible Equity (1)	na	na	na	na	17.7%
Return on equity (1)	23.2%	22.5%	17.9%	nm	na
Cost:income ratio (excl. litigation and conduct) (1)	46.0%	62.4%	48.8%	nm	49.1%
Total assets (£bn)	238.6	29.1	414.9	48.2	730.8
Funded assets (£bn) (1)	238.6	29.1	343.1	47.0	657.8
Net loans to customers - amortised cost (£bn)	214.3	18.6	147.2	27.0	407.1
Loan impairment rate (1)	22bps	-	20bps	nm	19bps
Impairment provisions (£bn)	(1.9)	(0.1)	(1.7)	-	(3.7)
Impairment provisions - Stage 3 (£bn)	(1.1)	-	(1.1)	-	(2.2)
Customer deposits (£bn)	196.6	41.3	197.9	1.0	436.8
Risk-weighted assets (RWAs) (£bn)	69.4	11.5	107.8	1.4	190.1
RWA equivalent (RWAe) (£bn)	70.0	11.5	108.8	2.0	192.3
Employee numbers (FTEs - thousands)	11.8	2.1	12.8	32.5	59.2
Third party customer asset rate (1)	4.32%	4.74%	6.00%	nm	nm
Third party customer funding rate (1)	(1.79%)	(2.74%)	(1.60%)	nm	nm
Average interest earning assets (£bn) (1)	230.0	28.5	255.6	na	543.2
Net interest margin (1)	2.59%	2.56%	2.35%	na	2.28%

	Quarter ended 31 March 2025
		Private Banking
	Retail	& Wealth	Commercial	Central items	Total NatWest
	Banking	Management (2)	& Institutional	& other	Group
	£m	£m	£m	£m	£m
Continuing operations
Income statement
Net interest income	1,438	181	1,459	(52)	3,026
Own credit adjustments	-	-	6	-	6
Other non-interest income	102	84	677	85	948
Total income	1,540	265	2,142	33	3,980
Direct expenses	(166)	(59)	(379)	(1,331)	(1,935)
Indirect expenses	(511)	(128)	(636)	1,275	-
Other operating expenses	(677)	(187)	(1,015)	(56)	(1,935)
Litigation and conduct costs	(4)	-	(29)	(11)	(44)
Operating expenses	(681)	(187)	(1,044)	(67)	(1,979)
Operating profit/(loss) before impairment losses	859	78	1,098	(34)	2,001
Impairment losses	(109)	(1)	(78)	(1)	(189)
Operating profit/(loss)	750	77	1,020	(35)	1,812

Income excluding notable items (1)	1,540	265	2,136	11	3,952

Additional information
Return on Tangible Equity (1)	na	na	na	na	18.5%
Return on equity (1)	24.5%	17.1%	19.3%	nm	na
Cost:income ratio (excl. litigation and conduct) (1)	44.0%	70.6%	47.4%	nm	48.6%
Total assets (£bn)	234.3	28.9	397.9	48.9	710.0
Funded assets (£bn) (1)	234.3	28.9	336.1	47.9	647.2
Net loans to customers - amortised cost (£bn)	210.4	18.4	143.1	26.9	398.8
Loan impairment rate (1)	21bps	2bps	22bps	nm	19bps
Impairment provisions (£bn)	(1.9)	(0.1)	(1.5)	-	(3.5)
Impairment provisions - Stage 3 (£bn)	(1.1)	-	(1.0)	-	(2.1)
Customer deposits (£bn)	195.7	41.2	196.5	1.2	434.6
Risk-weighted assets (RWAs) (£bn)	66.8	11.3	107.3	1.6	187.0
RWA equivalent (RWAe) (£bn)	67.6	11.3	108.5	2.1	189.5
Employee numbers (FTEs - thousands)	11.9	2.2	12.8	32.5	59.4
Third party customer asset rate (1)	4.29%	4.83%	6.24%	nm	nm
Third party customer funding rate (1)	(1.87%)	(2.90%)	(1.71%)	nm	nm
Average interest earning assets (£bn) (1)	226.5	28.4	255.2	na	541.6
Net interest margin (1)	2.58%	2.59%	2.32%	na	2.27%

	Quarter ended 30 June 2024
		Private Banking
	Retail	& Wealth	Commercial	Central items	Total NatWest
	Banking	Management (2)	& Institutional	& other	Group
	£m	£m	£m	£m	£m
Continuing operations
Income statement
Net interest income	1,259	151	1,297	50	2,757
Own credit adjustments	-	-	(2)	-	(2)
Other non-interest income	106	85	646	67	904
Total income	1,365	236	1,941	117	3,659
Direct expenses	(192)	(65)	(380)	(1,291)	(1,928)
Indirect expenses	(498)	(110)	(673)	1,281	-
Other operating expenses	(690)	(175)	(1,053)	(10)	(1,928)
Litigation and conduct costs	(7)	-	(46)	(24)	(77)
Operating expenses	(697)	(175)	(1,099)	(34)	(2,005)
Operating profit before impairment losses/releases	668	61	842	83	1,654
Impairment (losses)/releases	(59)	5	96	3	45
Operating profit	609	66	938	86	1,699

Income excluding notable items (1)	1,365	236	1,943	46	3,590

Additional information
Return on Tangible Equity (1)	na	na	na	na	18.5%
Return on equity (1)	20.3%	14.4%	17.8%	nm	na
Cost:income ratio (excl. litigation and conduct) (1)	50.5%	74.2%	54.3%	nm	52.7%
Total assets (£bn)	226.5	27.2	381.9	54.7	690.3
Funded assets (£bn) (1)	226.5	27.2	315.5	53.6	622.8
Net loans to customers - amortised cost (£bn)	203.3	18.1	133.9	24.0	379.3
Loan impairment rate (1)	12bps	(11bps)	(28bps)	nm	(5bps)
Impairment provisions (£bn)	(1.7)	(0.1)	(1.5)	-	(3.3)
Impairment provisions - Stage 3 (£bn)	(1.0)	-	(0.9)	(0.1)	(2.0)
Customer deposits (£bn)	191.5	39.5	194.2	7.8	433.0
Risk-weighted assets (RWAs) (£bn)	62.3	11.0	104.9	2.6	180.8
RWA equivalent (RWAe) (£bn)	63.1	11.0	106.7	3.1	183.9
Employee numbers (FTEs - thousands)	12.6	2.2	12.8	33.0	60.6
Third party customer asset rate (1)	3.97%	5.01%	6.73%	nm	nm
Third party customer funding rate (1)	(2.10%)	(3.15%)	(1.93%)	nm	nm
Average interest earning assets (£bn) (1)	219.6	26.5	246.0	na	527.6
Net interest margin (1)	2.31%	2.30%	2.12%	na	2.10%

Portfolio	Economic loss 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

High level narrative - potential developments, vulnerabilities and risks
Growth		Outperformance sustained - the economy continues to grow at a robust pace	Upside
		Steady growth - staying close to trend pace but with some near-term slowdown	Base case
		Stalling - lagged effect of higher inflation and cautious consumer amidst global trade policy and geopolitical uncertainty stalls the rebound	Downside
		Extreme stress - extreme fall in GDP, with policy support to facilitate sharp recovery	Extreme downside
Inflation		Sticky - strong growth and/or wage policies and/or interest rate cuts keep services inflation well above target	Upside
		Battle won - Beyond near-term volatility, downward drift in services inflation continues, ensuring 2% target is met on a sustained basis	Base case
		Structural factors - sustained bouts of energy, food and goods price inflation on geopolitics/deglobalisation	Downside
		Close to deflation - inflationary pressures diminish amidst pronounced weakness in demand	Extreme downside
Labour market		Tighter, still - job growth rebounds strongly, pushing unemployment back down to 3.5%	Upside
		Cooling continues - gradual loosening prompts a gentle rise in unemployment (but remains low), job growth recovers	Base case
		Job shedding - prolonged weakness in economy prompts redundancies, reduced hours, building slack	Downside
		Depression - unemployment hits levels close to previous peaks amid severe stress	Extreme downside
Rates short-term		Limited cuts - higher growth and inflation keeps the Monetary Policy Committee cautious	Upside
		Steady - approximately one cut per quarter	Base case
		Mid-cycle quickening - sharp declines through 2025 to support recovery	Downside
		Sharp drop - drastic easing in policy to support a sharp deterioration in the economy	Extreme downside
		Above consensus - 4%	Upside
Rates long-term	Middle - 3.5%		Base case
	Close to 2010s - 1-2%/2.5%		Downside/Extreme downside

	30 June 2025					31 December 2024
				Extreme	Weighted				Extreme	Weighted
	Upside	Base case	Downside	downside	average	Upside	Base case	Downside	downside	average
Five-year summary	%	%	%	%	%	%	%	%	%	%
GDP	2.1	1.3	0.6	(0.1)	1.2	2.0	1.3	0.5	(0.2)	1.1
Unemployment rate	3.8	4.6	5.4	7.1	4.9	3.6	4.3	5.0	6.7	4.6
House price index	5.7	3.4	0.5	(4.3)	2.5	5.8	3.5	0.8	(4.3)	2.7
Commercial real estate price	6.1	2.0	(0.3)	(4.8)	1.8	5.4	1.2	(1.0)	(5.7)	1.1
Consumer price index	2.4	2.2	3.7	1.7	2.5	2.4	2.2	3.5	1.6	2.4
Bank of England base rate	4.1	3.6	2.5	1.2	3.2	4.4	4.0	3.0	1.6	3.6
Stock price index	5.2	3.8	2.6	0.7	3.5	6.3	5.0	3.4	1.1	4.5
World GDP	3.7	3.0	2.3	1.4	2.8	3.8	3.2	2.5	1.6	3.0
Probability weight	21.7	45.0	20.7	12.6		23.2	45.0	19.1	12.7

	Retail Banking		Private Banking &	Commercial &
	Mortgages	Other	Wealth Management	Institutional	Total
30 June 2025	£m	£m	£m	£m	£m
Deferred model calibrations	-	-	1	16	17
Economic uncertainty	55	30	7	142	234
Other adjustments	-	-	-	18	18
Total	55	30	8	176	269
Of which:
Stage 1	40	12	4	76	132
Stage 2	15	18	4	100	137
Stage 3	-	-	-	-	-

31 December 2024
Deferred model calibrations	-	-	1	18	19
Economic uncertainty	90	22	8	179	299
Other adjustments	-	-	-	18	18
Total	90	22	9	215	336
Of which:
Stage 1	58	9	5	94	166
Stage 2	26	13	4	119	162
Stage 3	6	-	-	2	8

			Moderate	Moderate	Extreme
		Base	upside	downside	downside
30 June 2025	Actual	scenario	scenario	scenario	scenario
Stage 1 modelled loans (£m)
Retail Banking - mortgages	171,904	173,172	175,663	170,228	159,515
Retail Banking - unsecured	10,677	10,796	11,132	10,502	9,508
Non-Personal - property	29,450	29,539	29,587	29,444	27,053
Non-Personal - non-property	138,575	138,975	139,344	138,554	121,078
	350,606	352,482	355,726	348,728	317,154
Stage 1 modelled ECL (£m)
Retail Banking - mortgages	50	50	50	48	41
Retail Banking - unsecured	227	231	224	227	210
Non-Personal - property	76	61	52	78	169
Non-Personal - non-property	192	170	160	195	311
	545	512	486	548	731
Stage 1 coverage
Retail Banking - mortgages	0.03%	0.03%	0.03%	0.03%	0.03%
Retail Banking - unsecured	2.13%	2.14%	2.01%	2.16%	2.21%
Non-Personal - property	0.26%	0.21%	0.18%	0.26%	0.62%
Non-Personal - non-property	0.14%	0.12%	0.11%	0.14%	0.26%
	0.16%	0.15%	0.14%	0.16%	0.23%
Stage 2 modelled loans (£m)
Retail Banking - mortgages	21,320	20,052	17,561	22,996	33,709
Retail Banking - unsecured	3,381	3,262	2,926	3,556	4,550
Non-Personal - property	3,206	3,117	3,069	3,212	5,603
Non-Personal - non-property	12,199	11,799	11,430	12,220	29,696
	40,106	38,230	34,986	41,984	73,558
Stage 2 modelled ECL (£m)
Retail Banking - mortgages	51	46	38	57	99
Retail Banking - unsecured	374	358	310	398	530
Non-Personal - property	59	51	46	60	131
Non-Personal - non-property	246	223	199	251	519
	730	678	593	766	1,279
Stage 2 coverage
Retail Banking - mortgages	0.24%	0.23%	0.22%	0.25%	0.29%
Retail Banking - unsecured	11.06%	10.97%	10.59%	11.19%	11.65%
Non-Personal - property	1.84%	1.64%	1.50%	1.87%	2.34%
Non-Personal - non-property	2.02%	1.89%	1.74%	2.05%	1.75%
	1.82%	1.77%	1.69%	1.82%	1.74%
Stage 1 and Stage 2 modelled loans (£m)
Retail Banking - mortgages	193,224	193,224	193,224	193,224	193,224
Retail Banking - unsecured	14,058	14,058	14,058	14,058	14,058
Non-Personal - property	32,656	32,656	32,656	32,656	32,656
Non-Personal - non-property	150,774	150,774	150,774	150,774	150,774
	390,712	390,712	390,712	390,712	390,712

				Extreme	Weighted
Consumer price index	Upside	Base case	Downside	downside	average
- four quarter change	%	%	%	%	%
2025	3.2	2.9	4.2	2.4	3.2
2026	2.7	2.2	5.8	0.7	2.9
2027	2.3	2.0	3.0	1.6	2.2
2028	2.0	2.0	2.8	2.0	2.2
2029	2.0	2.0	2.5	2.0	2.1
2030	2.0	2.0	2.5	2.0	2.1

Bank of England base rate
- annual average
2025	4.32	4.21	4.07	3.58	4.12
2026	4.00	3.52	2.25	0.11	2.93
2027	4.00	3.50	2.00	0.30	2.89
2028	4.00	3.50	2.00	0.64	2.94
2029	4.00	3.50	2.00	1.47	3.04
2030	4.00	3.50	2.44	2.03	3.20

Stock price index
- four quarter change
2025	9.7	6.1	(3.1)	(19.3)	1.8
2026	5.7	3.3	(0.9)	(9.5)	1.7
2027	4.0	3.3	5.8	14.0	4.9
2028	3.5	3.3	5.8	12.3	4.7
2029	3.1	3.3	5.8	11.0	4.5
2030	3.3	3.3	5.8	10.1	4.5

						Of which:
						Personal				Non-Personal
		Private					Private			Private
		Banking &		Central			Banking &		Central	Banking &		Central
	Retail	Wealth	Commercial	items		Retail	Wealth	Commercial	items	Wealth	Commercial	items
	Banking	Management	& Institutional	& other	Total	Banking	Management	& Institutional	& other	Management	& Institutional	& other
30 June 2025	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Loans - amortised cost and FVOCI (1,2)
Stage 1	188,562	17,514	134,858	30,941	371,875	188,562	13,991	2,225	-	3,523	132,633	30,941
Stage 2	24,437	843	14,857	56	40,193	24,437	362	41	9	481	14,816	47
Stage 3	3,006	318	2,496	3	5,823	3,006	233	43	3	85	2,453	-
Of which: individual	-	243	1,279	-	1,522	-	158	5	-	85	1,274	-
Of which: collective	3,006	75	1,217	3	4,301	3,006	75	38	3	-	1,179	-
Total	216,005	18,675	152,211	31,000	417,891	216,005	14,586	2,309	12	4,089	149,902	30,988
ECL provisions (3)
Stage 1	360	15	258	15	648	360	3	2	-	12	256	15
Stage 2	425	9	306	1	741	425	1	-	-	8	306	1
Stage 3	1,128	42	1,090	1	2,261	1,128	22	16	-	20	1,074	1
Of which: individual	-	42	569	-	611	-	22	5	-	20	564	-
Of which: collective	1,128	-	521	1	1,650	1,128	-	11	-	-	510	1
Total	1,913	66	1,654	17	3,650	1,913	26	18	-	40	1,636	17
ECL provisions coverage (4)
Stage 1 (%)	0.19	0.09	0.19	0.05	0.17	0.19	0.02	0.09	-	0.34	0.19	0.05
Stage 2 (%)	1.74	1.07	2.06	1.79	1.84	1.74	0.28	-	-	1.66	2.07	2.13
Stage 3 (%)	37.52	13.21	43.67	33.33	38.83	37.52	9.44	37.21	-	23.53	43.78	-
Total	0.89	0.35	1.09	0.05	0.87	0.89	0.18	0.78	-	0.98	1.09	0.05
Impairment (releases)/losses
ECL charge/(release) (5)	226	1	154	1	382	226	3	-	-	(2)	154	1
Stage 1	18	(5)	(80)	-	(67)	18	-	(1)	-	(5)	(79)	-
Stage 2	139	3	23	-	165	139	1	-	-	2	23	-
Stage 3	69	3	211	1	284	69	2	1	-	1	210	1
Of which: individual	-	3	191	-	194	-	2	-	-	1	191	-
Of which: collective	69	-	20	1	90	69	-	1	-	-	19	1
Total	226	1	154	1	382	226	3	-	-	(2)	154	1
Amounts written-off	94	1	97	-	192	94	1	-	-	-	97	-
Of which: individual	-	1	60	-	61	-	1	-	-	-	60	-
Of which: collective	94	-	37	-	131	94	-	-	-	-	37	-

						Of which:
						Personal				Non-Personal
		Private					Private			Private
		Banking &		Central			Banking &		Central	Banking &		Central
	Retail	Wealth	Commercial	items		Retail	Wealth	Commercial	items	Wealth	Commercial	items
	Banking	Management	& Institutional	& other	Total	Banking	Management	& Institutional	& other	Management	& Institutional	& other
31 December 2024	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Loans - amortised cost and FVOCI (1,2)
Stage 1	182,366	17,155	128,988	35,312	363,821	182,366	13,726	2,226	-	3,429	126,762	35,312
Stage 2	24,242	844	15,339	49	40,474	24,242	352	42	-	492	15,297	49
Stage 3	3,268	322	2,340	-	5,930	3,268	251	52	-	71	2,288	-
Of which: individual	-	233	1,052	-	1,285	-	162	5	-	71	1,047
Of which: collective	3,268	89	1,288	-	4,645	3,268	89	47	-	-	1,241	-
Total	209,876	18,321	146,667	35,361	410,225	209,876	14,329	2,320	-	3,992	144,347	35,361
ECL provisions (3)
Stage 1	279	16	289	14	598	279	2	3	-	14	286	14
Stage 2	428	12	346	1	787	428	1	-	-	11	346	1
Stage 3	1,063	36	941	-	2,040	1,063	21	15	-	15	926	-
Of which: individual	-	36	415	-	451	-	21	7	-	15	408	-
Of which: collective	1,063	-	526	-	1,589	1,063	-	8	-	-	518	-
Total	1,770	64	1,576	15	3,425	1,770	24	18	-	40	1,558	15
ECL provisions coverage (4)
Stage 1 (%)	0.15	0.09	0.22	0.04	0.16	0.15	0.01	0.13	-	0.41	0.23	0.04
Stage 2 (%)	1.77	1.42	2.26	2.04	1.94	1.77	0.28	-	-	2.24	2.26	2.04
Stage 3 (%)	32.53	11.18	40.21	-	34.40	32.53	8.37	28.85	-	21.13	40.47	-
Total	0.84	0.35	1.07	0.04	0.83	0.84	0.17	0.78	-	1.00	1.08	0.04
Half year ended 30 June 2024
Impairment (releases)/losses
ECL (release)/charge (5)	122	(11)	(57)	(6)	48	122	1	-	-	(12)	(57)	(6)
Stage 1	(166)	(9)	(182)	(7)	(364)	(166)	(1)	-	-	(8)	(182)	(7)
Stage 2	178	(3)	14	1	190	178	1	-	-	(4)	14	1
Stage 3	110	1	111	-	222	110	1	-	-	-	111	-
Of which: individual	-	1	79	-	80	-	1	-	-	-	79	-
Of which: collective	110	-	32	-	142	110	-	-	-	-	32	-
Total	122	(11)	(57)	(6)	48	122	1	-	-	(12)	(57)	(6)
Amounts written-off	270	-	99	-	369	270	-	1	-	-	98	-
Of which: individual	-	-	64	-	64	-	-	1	-	-	63	-
Of which: collective	270	-	35	-	305	270	-	-	-	-	35	-

	Personal				Non-Personal
		Credit	Other		Corporate	Financial
	Mortgages (1)	cards	personal	Total	and other	institutions	Sovereign	Total	Total
30 June 2025	£m	£m	£m	£m	£m	£m	£m	£m	£m
Loans by geography	213,336	8,137	11,439	232,912	112,911	70,884	1,184	184,979	417,891
- UK	213,323	8,137	11,439	232,899	98,210	46,126	491	144,827	377,726
- Other Europe	13	-	-	13	6,584	12,010	364	18,958	18,971
- RoW	-	-	-	-	8,117	12,748	329	21,194	21,194
Loans by stage	213,336	8,137	11,439	232,912	112,911	70,884	1,184	184,979	417,891
- Stage 1	189,743	6,011	9,024	204,778	95,737	70,335	1,025	167,097	371,875
- Stage 2	21,477	1,917	1,455	24,849	14,780	422	142	15,344	40,193
- Stage 3	2,116	209	960	3,285	2,394	127	17	2,538	5,823
- Of which: individual	138	-	25	163	1,222	120	17	1,359	1,522
- Of which: collective	1,978	209	935	3,122	1,172	7	-	1,179	4,301
Loans - past due analysis (2)	213,336	8,137	11,439	232,912	112,911	70,884	1,184	184,979	417,891
- Not past due	210,041	7,872	10,438	228,351	109,838	69,858	1,167	180,863	409,214
- Past due 1-30 days	1,559	61	78	1,698	1,802	1,007	-	2,809	4,507
- Past due 31-90 days	620	65	117	802	390	9	-	399	1,201
- Past due 90-180 days	368	52	108	528	98	-	-	98	626
- Past due >180 days	748	87	698	1,533	783	10	17	810	2,343
Loans - Stage 2	21,477	1,917	1,455	24,849	14,780	422	142	15,344	40,193
- Not past due	20,093	1,836	1,331	23,260	13,906	410	142	14,458	37,718
- Past due 1-30 days	1,082	36	42	1,160	540	3	-	543	1,703
- Past due 31-90 days	302	45	82	429	334	9	-	343	772
Weighted average life
- ECL measurement (years)	8	4	5	5	6	4	nm	6	6
Weighted average 12 months PDs
- IFRS 9 (%)	0.52	3.35	4.75	0.77	1.19	0.18	6.13	0.82	0.80
- Basel (%)	0.68	3.77	3.33	0.88	1.08	0.16	6.13	0.75	0.82
ECL provisions by geography	386	472	1,099	1,957	1,527	144	22	1,693	3,650
- UK	386	472	1,099	1,957	1,361	90	13	1,464	3,421
- Other Europe	-	-	-	-	106	10	-	116	116
- RoW	-	-	-	-	60	44	9	113	113
ECL provisions by stage	386	472	1,099	1,957	1,527	144	22	1,693	3,650
- Stage 1	59	128	178	365	232	37	14	283	648
- Stage 2	51	197	178	426	305	8	2	315	741
- Stage 3	276	147	743	1,166	990	99	6	1,095	2,261
- Of which: individual	12	-	15	27	482	96	6	584	611
- Of which: collective	264	147	728	1,139	508	3	-	511	1,650

	ECL provision
	£m
At 1 January 2025	3,425
Acquisitions	81
Changes in economic forecasts	10
Changes in risk metrics and exposure: Stage 1 and Stage 2	(27)
Changes in risk metrics and exposure: Stage 3	404
Judgemental changes: changes in post model adjustments for Stage 1,
Stage 2 and Stage 3	(67)
Write-offs and other	(176)
At 30 June 2025	3,650

	30 June 2025			31 December 2024
	Gross	ECL	Net	Gross	ECL	Net
	£bn	£bn	£bn	£bn	£bn	£bn
Balance sheet total gross amortised cost and FVOCI	588.2			567.2
In scope of IFRS 9 ECL framework	578.2			564.4
% in scope	98%			100%
Loans to customers - in scope - amortised cost	411.2	3.6	407.6	404.2	3.4	400.8
Loans to customers - in scope - FVOCI	0.1	-	0.1	-	-	-
Loans to banks - in scope - amortised cost	6.6	-	6.6	6.0	-	6.0
Total loans - in scope	417.9	3.6	414.3	410.2	3.4	406.8
Stage 1	371.9	0.6	371.3	363.8	0.6	363.2
Stage 2	40.2	0.7	39.5	40.5	0.8	39.7
Stage 3	5.8	2.3	3.5	5.9	2.0	3.9
Other financial assets - in scope - amortised cost	117.5	-	117.5	116.4	-	116.4
Other financial assets - in scope - FVOCI	42.8	-	42.8	37.8	-	37.8
Total other financial assets - in scope	160.3	-	160.3	154.2	-	154.2
Stage 1	159.5	-	159.5	153.4	-	153.4
Stage 2	0.8	-	0.8	0.8	-	0.8
Out of scope of IFRS 9 ECL framework	10.0	na	10.0	2.8	na	2.8
Loans to customers - out of scope - amortised cost	(0.5)	na	(0.5)	(0.5)	na	(0.5)
Loans to banks - out of scope - amortised cost	0.8	na	0.8	0.1	na	0.1
Other financial assets - out of scope - amortised cost	9.4	na	9.4	3.2	na	3.2
Other financial assets - out of scope - FVOCI	0.3	na	0.3	-	na	-

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

	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
30 June 2025	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Personal	204,778	24,849	3,285	232,912	48,109	38	365	426	1,166	1,957
Mortgages (1)	189,743	21,477	2,116	213,336	14,489	-	59	51	276	386
Credit cards	6,011	1,917	209	8,137	25,919	-	128	197	147	472
Other personal	9,024	1,455	960	11,439	7,701	38	178	178	743	1,099
Non-Personal	167,097	15,344	2,538	184,979	94,084	4,153	283	315	1,095	1,693
Financial institutions (2)	70,335	422	127	70,884	20,157	1,353	37	8	99	144
Sovereigns	1,025	142	17	1,184	192	-	14	2	6	22
Corporate and other	95,737	14,780	2,394	112,911	73,735	2,800	232	305	990	1,527
Of which:
Commercial real estate	16,855	1,274	368	18,497	6,637	161	64	26	135	225
Mobility and logistics	13,990	2,280	121	16,391	10,036	499	25	35	39	99
Consumer industries	12,882	2,592	445	15,919	10,891	517	32	71	202	305
Total	371,875	40,193	5,823	417,891	142,193	4,191	648	741	2,261	3,650

	Corporate and	Financial
	other	institutions	Sovereign	Total
30 June 2025	£m	£m	£m	£m
Forbearance (flow)	2,287	66	14	2,367
Forbearance (stock)	4,267	117	14	4,398
Heightened Monitoring and Risk of Credit Loss	5,812	88	1	5,901

31 December 2024
Forbearance (flow)	3,359	119	18	3,496
Forbearance (stock)	4,556	106	18	4,680
Heightened Monitoring and Risk of Credit Loss	5,931	150	1	6,082

	Mortgages				ECL provisions				ECL provisions coverage
	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
30 June 2025	£m	£m	£m	£m	£m	£m	£m	£m	%	%	%	%
≤50%	66,045	8,771	965	75,781	16	13	126	155	-	0.1	13.1	0.2
>50% and ≤70%	63,404	7,796	684	71,884	21	19	86	126	-	0.2	12.6	0.2
>70% and ≤80%	25,372	2,496	145	28,013	10	9	19	38	-	0.4	13.1	0.1
>80% and ≤90%	17,133	1,806	80	19,019	7	9	13	29	-	0.5	16.3	0.2
>90% and ≤100%	2,873	243	19	3,135	1	1	4	6	-	0.4	21.1	0.2
>100%	11	2	9	22	-	-	5	5	-	-	55.6	22.7
Total with LTVs	174,838	21,114	1,902	197,854	55	51	253	359	-	0.2	13.3	0.2
Other	404	1	1	406	3	-	1	4	0.7	-	100.0	1.0
Total	175,242	21,115	1,903	198,260	58	51	254	363	-	0.2	13.3	0.2

31 December 2024
≤50%	64,040	8,344	1,159	73,543	21	16	153	190	-	0.2	13.2	0.3
>50% and ≤70%	61,739	7,741	855	70,335	29	23	104	156	-	0.3	12.2	0.2
>70% and ≤80%	25,022	2,361	173	27,556	13	9	22	44	0.1	0.4	12.7	0.2
>80% and ≤90%	16,718	1,769	85	18,572	9	9	13	31	0.1	0.5	15.3	0.2
>90% and ≤100%	4,076	512	26	4,614	2	3	5	10	-	0.6	19.2	0.2
>100%	14	4	13	31	-	-	6	6	-	-	46.2	19.4
Total with LTVs	171,609	20,731	2,311	194,651	74	60	303	437	-	0.3	13.1	0.2
Other	212	1	1	214	2	-	1	3	0.9	-	100.0	1.4
Total	171,821	20,732	2,312	194,865	76	60	304	440	-	0.3	13.1	0.2

	Gross loans				ECL provisions				ECL provisions coverage
	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
30 June 2025	£m	£m	£m	£m	£m	£m	£m	£m	%	%	%	%
≤50%	7,393	200	51	7,644	25	4	8	37	0.3	2.0	15.7	0.5
>50% and ≤60%	4,166	165	40	4,371	19	4	4	27	0.5	2.4	10.0	0.6
>60% and ≤70%	689	76	23	788	3	2	7	12	0.4	2.6	30.4	1.5
>70% and ≤100%	298	122	51	471	1	4	17	22	0.3	3.3	33.3	4.7
>100%	122	8	113	243	1	-	57	58	0.8	-	50.4	23.9
Total with LTVs	12,668	571	278	13,517	49	14	93	156	0.4	2.5	33.5	1.2
Total portfolio
average LTV	46%	59%	105%	48%
Other investment (1)	2,169	335	37	2,541	5	5	15	25	0.2	1.5	40.5	1.0
Investment	14,837	906	315	16,058	54	19	108	181	0.4	2.1	34.3	1.1
Development and
other (2)	2,018	368	53	2,439	10	7	27	44	0.5	1.9	50.9	1.8
Total	16,855	1,274	368	18,497	64	26	135	225	0.4	2.0	36.7	1.2

31 December 2024
≤50%	7,334	380	48	7,762	28	6	7	41	0.4	1.6	14.6	0.5
>50% and ≤60%	3,829	169	53	4,051	19	5	9	33	0.5	3.0	17.0	0.8
>60% and ≤70%	584	198	34	816	3	5	8	16	0.5	2.5	23.5	2.0
>70% and ≤100%	312	83	79	474	2	4	21	27	0.6	4.8	26.6	5.7
>100%	139	8	119	266	1	-	56	57	0.7	-	47.1	21.4
Total with LTVs	12,198	838	333	13,369	53	20	101	174	0.4	2.4	30.3	1.3
Total portfolio
average LTV	46%	51%	102%	48%
Other investment (1)	2,132	348	41	2,521	6	6	15	27	0.3	1.7	36.6	1.1
Investment	14,330	1,186	374	15,890	59	26	116	201	0.4	2.2	31.0	1.3
Development and
other (2)	1,861	331	59	2,251	11	4	30	45	0.6	1.2	50.8	2.0
Total	16,191	1,517	433	18,141	70	30	146	246	0.4	2.0	33.7	1.4

	Corporate and other (3)		Financial institutions		Sovereign		Total
30 June 2025	£m	%	£m	%	£m	%	£m	%
Non-Personal trigger (1)
PD movement	11,814	80.0	284	67.3	141	99.3	12,239	79.9
PD persistence	226	1.5	3	0.7	-	-	229	1.5
Heightened Monitoring and Risk of Credit Loss	1,761	11.9	11	2.6	-	-	1,772	11.5
Forbearance support provided	345	2.3	-	-	-	-	345	2.2
Customers in collections	33	0.2	-	-	-	-	33	0.2
Collective SICR and other reasons (2)	380	2.6	124	29.4	1	0.7	505	3.3
Days past due >30	221	1.5	-	-	-	-	221	1.4
	14,780	100.0	422	100.0	142	100.0	15,344	100.0

31 December 2024
Non-Personal trigger (1)
PD movement	11,800	81.6	971	78.2	-	-	12,771	80.6
PD persistence	310	2.1	2	0.2	-	-	312	2.0
Heightened Monitoring and Risk of Credit Loss	1,599	11.1	83	6.7	132	99.2	1,814	11.5
Forbearance support provided	229	1.6	-	-	-	-	229	1.4
Customers in collections	34	0.2	-	-	-	-	34	0.2
Collective SICR and other reasons (2)	396	2.7	172	13.9	1	0.8	569	3.6
Days past due >30	96	0.7	13	1.0	-	-	109	0.7
	14,464	100.0	1,241	100.0	133	100.0	15,838	100.0

	Reverse repos			Repos
		Of which:	Outside netting		Of which:	Outside netting
	Total	can be offset	arrangements	Total	can be offset	arrangements
30 June 2025	£m	£m	£m	£m	£m	£m
Gross	95,498	94,568	930	86,696	83,992	2,704
IFRS offset	(33,802)	(33,802)	-	(33,802)	(33,802)	-
Carrying value	61,696	60,766	930	52,894	50,190	2,704
Master netting arrangements	(517)	(517)	-	(517)	(517)	-
Securities collateral	(59,424)	(59,424)	-	(49,673)	(49,673)	-
Potential for offset not recognised under IFRS	(59,941)	(59,941)	-	(50,190)	(50,190)	-
Net	1,755	825	930	2,704	-	2,704

31 December 2024
Gross	87,901	87,861	40	68,024	67,321	703
IFRS offset	(23,883)	(23,883)	-	(23,883)	(23,883)	-
Carrying value	64,018	63,978	40	44,141	43,438	703
Master netting arrangements	(1,549)	(1,549)	-	(1,549)	(1,549)	-
Securities collateral	(62,217)	(62,217)	-	(41,889)	(41,889)	-
Potential for offset not recognised under IFRS	(63,766)	(63,766)	-	(43,438)	(43,438)	-
Net	252	212	40	703	-	703

	30 June 2025							31 December 2024
	Notional
	GBP	USD	EUR	Other	Total	Assets	Liabilities	Notional	Assets	Liabilities
	£bn	£bn	£bn	£bn	£bn	£m	£m	£bn	£m	£m
Gross exposure						90,087	84,878		97,152	93,109
IFRS offset						(17,077)	(18,895)		(18,746)	(21,027)
Carrying value	4,137	3,397	5,907	1,165	14,606	73,010	65,983	13,628	78,406	72,082
Of which:
Interest rate (1)	3,793	1,824	5,183	208	11,008	35,028	28,317	10,333	37,499	31,532
Exchange rate	341	1,569	717	957	3,584	37,897	37,496	3,279	40,797	40,306
Credit	1	4	7	-	12	85	170	14	110	244
Equity and commodity	2	-	-	-	2	-	-	2	-	-
Carrying value	4,137	3,397	5,907	1,165	14,606	73,010	65,983	13,628	78,406	72,082
Counterparty mark-to-market netting						(57,011)	(57,011)		(61,883)	(61,883)
Cash collateral						(9,041)	(4,723)		(10,005)	(5,801)
Securities collateral						(3,814)	(1,274)		(4,072)	(896)
Net exposure						3,144	2,975		2,446	3,502
Banks (2)						175	348		214	345
Other financial institutions (3)						1,839	1,286		1,429	1,456
Corporate (4)						1,071	1,318		769	1,669
Government (5)						59	23		34	32
Net exposure						3,144	2,975		2,446	3,502
UK						1,494	1,710		1,061	1,774
Europe						994	873		875	978
US						555	330		443	604
RoW						101	62		67	146
Net exposure						3,144	2,975		2,446	3,502

Asset quality of uncollateralised derivative assets
AQ1-AQ4						2,500			2,049
AQ5-AQ8						641			394
AQ9-AQ10						3			3
Net exposure						3,144			2,446

	Central and local government
	UK	US	Other	Financial institutions	Corporate	Total
30 June 2025	£m	£m	£m	£m	£m	£m
AAA	-	-	2,610	1,572	-	4,182
AA to AA+	-	6,832	562	393	2	7,789
A to AA-	3,961	-	2,618	955	95	7,629
BBB- to A-	-	-	916	411	549	1,876
Non-investment grade	-	-	-	65	132	197
Total	3,961	6,832	6,706	3,396	778	21,673

31 December 2024
AAA	-	-	1,335	1,368	-	2,703
AA to AA+	-	3,734	74	569	2	4,379
A to AA-	2,077	-	1,266	381	519	4,243
BBB- to A-	-	-	831	562	885	2,278
Non-investment grade	-	-	-	108	167	275
Total	2,077	3,734	3,506	2,988	1,573	13,878

CET1 ratio 13.6% (2024 - 13.6%)	The CET1 ratio remained static due to a £0.9 billion increase in CET1 capital offset by a £6.9 billion increase in RWAs. The CET1 capital increase was mainly driven by an attributable profit to ordinary shareholders in the period of £2.5 billion and other movements on reserves and regulatory adjustments of £0.4 billion partially offset by a share buyback of £0.8 billion and a foreseeable ordinary dividend accrual of £1.2 billion.

RWAs £190.1bn (2024 - £183.2bn)	Total RWAs increased by £6.9 billion to £190.1 billion during H1 2025 reflecting: - an increase in credit risk RWA's of £4.6 billion, primarily driven by lending growth, balances acquired from Sainsbury's Bank and CRD IV model updates. These increases were partially offset by reductions due to active RWA management, movements in risk metrics and the impact of foreign exchange. - an increase in operational risk RWAs of £2.2 billion following the annual recalculation. - an increase in counterparty credit risk RWAs of £0.5 billion driven by an increase in over-the-counter transaction under the IMM approach. - a decrease in market risk RWAs of £0.4 billion, driven by the IRC, reflecting changes in government bond positions.

UK leverage ratio 5.0% (2024 - 5.0%)	The leverage ratio remained static due to a £1.6 billion increase in Tier 1 capital offset by a £27.8 billion increase in leverage exposure. The key drivers in the leverage exposure were an increase in trading assets, other financial assets and other off balance sheet items.
MREL ratio 32.4% (2024 - 33.0%)	The Minimum Requirements of own funds and Eligible Liabilities (MREL) ratio decreased by 60 basis points driven by a £6.9 billion increase in RWAs partially offset by a £1.2 billion increase in MREL. MREL increased to £61.7 billion driven by a £0.9 billion increase in CET1 capital, issuance of a £0.7 billion Additional Tier 1 instrument and a €1.0 billion subordinated debt Tier 2 instrument, and redemption of a £1.0 billion subordinated debt Tier 2 instrument. There was a £0.2 billion decrease in senior unsecured debt driven by new issuances totalling £3.3 billion, offset by the redemption of a €1.5 billion debt instrument, a $1.5 billion debt instrument no longer being MREL eligible, and foreign exchange movements.

Liquidity portfolio £216.6bn (2024 - £222.3bn)	The liquidity portfolio decreased by £5.7 billion to £216.6 billion compared with Q4 2024. Primary liquidity decreased by £0.5 billion to £160.6 billion, driven by increased lending (including balances acquired from Sainsbury's Bank) partially offset by issuances. Secondary liquidity decreased by £5.2 billion due to reduced pre-positioned collateral at the Bank of England.

LCR spot 147% (2024 - 150%)	The spot Liquidity Coverage Ratio (LCR) decreased by 3% to 147%, during H1 2025, driven by increased lending (including balances acquired from Sainsbury's Bank) partially offset by issuances.
LCR average 150% (2024 - 151%)

NSFR spot 134% (2024 - 137%)	The spot Net Stable Funding Ratio (NSFR) decreased 3% to 134% driven by increased lending (including balances acquired from Sainsbury's Bank), partially offset by increased issuances.
NSFR average 136% (2024 - 137%)

Type	CET1	Total Tier 1		Total capital
Pillar 1 requirements	4.5%	6.0%		8.0%
Pillar 2A requirements	1.8%	2.4%		3.2%
Minimum Capital Requirements	6.3%	8.4%		11.2%
Capital conservation buffer	2.5%	2.5%		2.5%
Countercyclical capital buffer (1)	1.7%	1.7%		1.7%
MDA threshold (2)	10.5%		n/a		n/a
Overall capital requirement	10.5%	12.6%		15.4%
Capital ratios at 30 June 2025	13.6%	16.7%		19.7%
Headroom (3,4)	3.1%	4.1%		4.3%

	CET1	AT1	Tier 2	Total
	£m	£m	£m	£m
At 31 December 2024	24,928	5,259	5,918	36,105
Attributable profit for the period	2,488	-	-	2,488
Share buyback	(750)	-	-	(750)
Foreseeable ordinary dividends	(1,244)	-	-	(1,244)
Foreign exchange reserve	(82)	-	-	(82)
FVOCI reserve	95	-	-	95
Own credit	(4)	-	-	(4)
Share based remuneration and shares vested under employee share schemes	142	-	-	142
Goodwill and intangibles deduction	80	-	-	80
Deferred tax assets	149	-	-	149
Prudential valuation adjustments	20	-	-	20
New issues of capital instruments	-	746	823	1,569
Redemption of capital instruments	-	-	(1,000)	(1,000)
Foreign exchange movements	-	-	(54)	(54)
Adjustment under IFRS 9 transitional arrangements	(33)	-	-	(33)
Expected loss less impairment	27	-	-	27
Other movements	(17)	-	40	23
At 30 June 2025	25,799	6,005	5,727	37,531

	30 June 2025				31 December 2024
		Balance	Regulatory	MREL		Balance	Regulatory	MREL
	Par value (1)	sheet value	value	Value (2)	Par value (1)	sheet value	value	Value (2)
	£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
CET1 capital (3)	25.8	25.8	25.8	25.8	24.9	24.9	24.9	24.9
Tier 1 capital: end-point CRR compliant AT1
of which: NatWest Group plc (holdco)	6.0	6.0	6.0	6.0	5.3	5.3	5.3	5.3
of which: NatWest Group plc operating subsidiaries (opcos)	-	-	-	-	-	-	-	-
	6.0	6.0	6.0	6.0	5.3	5.3	5.3	5.3
Tier 1 capital: end-point CRR non-compliant
of which: holdco	-	-	-	-	-	-	-	-
of which: opcos	0.1	0.1	-	-	0.1	0.1	-	-
	0.1	0.1	-	-	0.1	0.1	-	-
Tier 2 capital: end-point CRR compliant
of which: holdco	5.7	5.6	5.7	5.7	5.9	5.7	5.9	5.9
of which: opcos	-	-	-	-	-	-	-	-
	5.7	5.6	5.7	5.7	5.9	5.7	5.9	5.9
Tier 2 capital: end-point CRR non-compliant
of which: holdco	-	-	-	-	-	-	-	-
of which: opcos	0.2	0.3	-	-	0.2	0.3	-	-
	0.2	0.3	-	-	0.2	0.3	-	-
Senior unsecured debt securities
of which: holdco	25.3	25.2	-	24.2	24.4	24.0	-	24.4
of which: opcos	36.9	36.9	-	-	33.7	33.6	-	-
	62.2	62.1	-	24.2	58.1	57.6	-	24.4
Tier 2 capital
Other regulatory adjustments	-	-	-	-	-	-	-	-

Total	100.0	99.9	37.5	61.7	94.5	93.9	36.1	60.5
RWAs				190.1				183.2
UK leverage exposure				635.6				607.8
MREL as a ratio of RWAs				32.4%				33.0%
MREL as a ratio of UK leverage exposure				9.7%				9.9%

(1)	Par value reflects the nominal value of securities issued.
(2)	MREL value reflects NatWest Group's interpretation of the Bank of England's approach to setting a MREL, published in December 2021 (Updating June 2018). Liabilities excluded from MREL include instruments with less than one year remaining to maturity, structured debt, operating company senior debt, and other instruments that do not meet the MREL criteria. The MREL calculation includes Tier 1 and Tier 2 securities before the application of any regulatory caps or adjustments.
(3)	Shareholders' equity was £42 billion (2024 - £39.4 billion).

			NatWest				NatWest	NWM	RBS
		NatWest	Holdings	NWB	RBS	NWM	Markets	Securities	International
		Group plc	Limited	Plc	plc	Plc	N.V.	Inc. (6)	Limited (7)
		£bn	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Additional Tier 1	Externally issued	6.0	-	0.1	-	-	-	-	-
Additional Tier 1	Internally issued	-	4.4	3.8	0.5	2.1	0.2	-	0.3
		6.0	4.4	3.9	0.5	2.1	0.2	-	0.3
Tier 2	Externally issued	5.6	-	-	-	-	0.2	-	-
Tier 2	Internally issued	-	4.9	4.1	0.5	1.0	0.1	0.3	-
		5.6	4.9	4.1	0.5	1.0	0.3	0.3	-
Senior unsecured	Externally issued	25.2	-	-	-	-	-	-	-
Senior unsecured	Internally issued	-	13.0	7.3	1.0	4.6	-	-	0.3
		25.2	13.0	7.3	1.0	4.6	-	-	0.3
Total outstanding issuance		36.8	22.3	15.3	2.0	7.7	0.5	0.3	0.6

		Counterparty		Operational
	Credit risk	credit risk	Market risk	risk	Total
	£bn	£bn	£bn	£bn	£bn
At 31 December 2024	148.1	7.1	6.2	21.8	183.2
Foreign exchange movement	(0.7)	-	-	-	(0.7)
Business movement	2.2	0.3	(0.4)	2.2	4.3
Risk parameter changes	(0.5)	-	-	-	(0.5)
Model updates	2.0	0.2	-	-	2.2
Acquisitions and disposals	1.6	-	-	-	1.6
At 30 June 2025	152.7	7.6	5.8	24.0	190.1

	30 June 2025			31 December 2024
	Short-term	Long-term		Short-term	Long-term
	less than	more than		less than	more than
	1 year	1 year	Total	1 year	1 year	Total
	£m	£m	£m	£m	£m	£m
Bank deposits
Repos	17,996	-	17,996	11,967	-	11,967
Other bank deposits (1)	10,495	9,657	20,152	9,708	9,777	19,485
	28,491	9,657	38,148	21,675	9,777	31,452
Customer deposits
Repos	988	-	988	1,363	-	1,363
Non-bank financial institutions	53,457	10	53,467	48,761	241	49,002
Personal	231,226	2,991	234,217	231,483	2,451	233,934
Corporate	148,038	46	148,084	149,086	105	149,191
	433,709	3,047	436,756	430,693	2,797	433,490
Trading liabilities (2)
Repos (3)	33,014	897	33,911	29,752	810	30,562
Derivative collateral	11,597	-	11,597	12,509	-	12,509
Other bank customer deposits	591	280	871	627	268	895
Debt securities in issue - Medium term notes	9	242	251	20	237	257
	45,211	1,419	46,630	42,908	1,315	44,223
Other financial liabilities
Customer deposits	854	1,129	1,983	471	1,341	1,812
Debt securities in issue:
Commercial paper and certificates of deposit	11,093	298	11,391	10,889	377	11,266
Medium term notes	13,401	37,153	50,554	11,118	34,967	46,085
Covered bonds	-	749	749	-	749	749
Securitisation	-	1,263	1,263	295	880	1,175
	25,348	40,592	65,940	22,773	38,314	61,087
Subordinated liabilities	48	5,958	6,006	1,051	5,085	6,136
Total funding	532,807	60,673	593,480	519,100	57,288	576,388
Of which: available in resolution (4)			29,778			29,742

	Liquidity value
	30 June 2025			31 December 2024
	NatWest	NWH	UK DoL	NatWest	NWH	UK DoL
	Group (1)	Group (2)	Sub	Group (1)	Group (2)	Sub
	£m	£m	£m	£m	£m	£m
Cash and balances at central banks	86,589	55,027	54,353	88,617	58,313	57,523
High-quality government/MDB/PSE and GSE bonds (3)	61,527	44,580	44,580	58,818	43,275	43,275
Extremely high quality covered bonds	4,494	4,494	4,494	4,341	4,340	4,340
LCR level 1 assets	152,610	104,101	103,427	151,776	105,928	105,138
LCR level 2 Eligible Assets (4)	7,985	6,880	6,880	9,271	7,957	7,957
Primary liquidity (HQLA) (5)	160,595	110,981	110,307	161,047	113,885	113,095
Secondary liquidity	55,997	55,969	55,969	61,230	61,200	61,200
Total liquidity value	216,592	166,950	166,276	222,277	175,085	174,295