NatWest Group plc Interim Results 2026 - Part 1

Summary by AI ^BETAClose X

NatWest Group plc reported a strong first half of 2026, with attributable profit of £3.0 billion and a Return on Tangible Equity (RoTE) of 19.7%, driven by broad-based balance sheet growth and improved efficiency. Customer assets and liabilities (CAL) increased by £95.2 billion, including £71.7 billion from the acquisition of Evelyn Partners, while the cost:income ratio improved by 2.8 percentage points to 46.0%. The bank generated 137 basis points of capital pre-distributions, excluding the Evelyn Partners acquisition, and maintained a robust Common Equity Tier 1 (CET1) ratio of 13.2% and an average Liquidity Coverage Ratio (LCR) of 140%. The company has also strengthened its 2026 guidance, expecting total income around £17.9 billion and RoTE greater than 19%.

Disclaimer*

Companies

NATWEST GROUP (NWG)

UK 100

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Business performance summary
2	H1 2026 performance summary
4	Performance key metrics and ratios
6	Chief Financial Officer's review
8	Retail Banking
9	Private Banking & Wealth Management
10	Commercial & Institutional
11	Central items & other
12	Segment performance

Capital and risk management
17	Capital, liquidity and funding risk
27	Credit risk
27	Movement in ECL provision
27	Key metrics
28	Economic drivers
32	Measurement uncertainty and ECL sensitivity analysis
34	ECL post model adjustments
35	Credit risk - Banking activities
35	Financial instruments within the scope of the IFRS 9 ECL framework
36	Segment analysis - portfolio summary
38	Segmental loans and impairment metrics
39	Sector analysis - portfolio summary
44	Non-Personal forbearance
45	Personal portfolio
48	Commercial real estate
49	Flow statements

Capital and risk management continued
56	Stage 2 decomposition by a significant increase in credit risk trigger
58	Asset quality
62	Credit risk - Trading activities
65	Non-traded market risk
68	Traded market risk

Financial statements and notes
69	Condensed consolidated income statement
70	Condensed consolidated statement of comprehensive income
71	Condensed consolidated balance sheet
72	Condensed consolidated statement of changes in equity
74	Condensed consolidated cash flow statement
75	Presentation of condensed consolidated financial statements
76	Acquisition of Evelyn Partners
78	Net interest income
78	Non-interest income
79	Operating expenses
79	Segmental analysis
82	Tax
83	Financial instruments - classification
85	Financial instruments - valuation
90	Trading assets and liabilities
91	Loan impairment provisions
92	Provisions for liabilities and charges

Financial statements and notes continued
92	Dividends
92	Contingent liabilities and commitments
93	Litigation and regulatory matters
99	Related party transactions
99	Post balance sheet events
99	Date of approval
100	Independent review report to NatWest Group plc Group plc

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

	Half year ended			Quarter ended
	30 June	30 June		30 June	31 March		30 June
	2026	2025		2026	2026		2025
Summary consolidated income statement	£m	£m	Variance	£m	£m	Variance	£m	Variance
Net interest income	6,890	6,120	12.6%	3,496	3,394	3.0%	3,094	13.0%
Non-interest income	1,972	1,865	5.7%	1,008	964	4.6%	911	10.6%
Total income	8,862	7,985	11.0%	4,504	4,358	3.4%	4,005	12.5%
Litigation and conduct costs	(45)	(118)	(61.9%)	(30)	(15)	100.0%	(74)	(59.5%)
Other operating expenses	(4,076)	(3,900)	4.5%	(2,049)	(2,027)	1.1%	(1,965)	4.3%
Operating expenses	(4,121)	(4,018)	2.6%	(2,079)	(2,042)	1.8%	(2,039)	2.0%
Profit before impairment losses	4,741	3,967	19.5%	2,425	2,316	4.7%	1,966	23.3%
Impairment losses	(423)	(382)	10.7%	(140)	(283)	(50.5%)	(193)	(27.5%)
Operating profit before tax	4,318	3,585	20.4%	2,285	2,033	12.4%	1,773	28.9%
Tax charge	(1,138)	(910)	25.1%	(612)	(526)	16.3%	(439)	39.4%
Profit for the period	3,180	2,675	18.9%	1,673	1,507	11.0%	1,334	25.4%

Performance key metrics and ratios
Notable items within total income (1)	£190m	£23m	nm	£55m	£135m	(59.3%)	(£5m)	nm
Total income excluding notable items (1)	£8,672m	£7,962m	8.9%	£4,449m	£4,223m	5.4%	£4,010m	10.9%
Net interest margin (NIM) (1)	2.48%	2.28%	20bps	2.49%	2.47%	2bps	2.28%	21bps
Average interest earning assets (1)	£559bn	£542bn	3.1%	£563bn	£556bn	1.3%	£543bn	3.7%
Cost:income ratio (excl. litigation and conduct) (1)	46.0%	48.8%	(2.8%)	45.5%	46.5%	(1.0%)	49.1%	(3.6%)
Loan impairment rate (1)	19bps	19bps	-	13bps	26bps	(13bps)	19bps	(6bps)
Profit attributable to ordinary shareholders	£3,035m	£2,488m	22.0%	£1,603m	£1,432m	11.9%	£1,236m	29.7%
Total earnings per share attributable to ordinary shareholders - basic	38.1p	30.9p	7.2p	20.1p	17.9p	2.2p	15.3p	4.8p
Return on Tangible Equity (RoTE) (1)	19.7%	18.1%	1.6%	21.0%	18.2%	2.8%	17.7%	3.3%
Climate and transition finance (1,2)	£23,143m	na	na	£12,666m	£10,477m	20.9%	na	na

	As at
	30 June	31 March		31 December
	2026	2026		2025
Balance sheet	£bn	£bn	Variance	£bn	Variance
Total assets	745.4	749.6	(0.6%)	714.6	4.3%
Loans to customers - amortised cost	435.9	431.6	1.0%	418.9	4.1%
Loans to customers excluding central items (1,3)	406.2	396.4	2.5%	389.2	4.4%
Loans to customers and banks - amortised cost and FVOCI	447.7	444.4	0.7%	429.9	4.1%
Total impairment provisions (4)	3.6	3.7	(2.7%)	3.6	-
Expected credit loss (ECL) coverage ratio (1)	0.80%	0.84%	(4bps)	0.83%	(3bps)
Customer deposits	448.6	445.5	0.7%	443.0	1.3%
Customer deposits excluding central items (1,3)	447.6	444.8	0.6%	441.7	1.3%
Assets under management and administration (AUMA) (1)	130.6	56.7	130.3%	58.5	123.2%
Customer assets and liabilities (CAL) (1)	986.9	900.1	9.6%	891.7	10.7%
Liquidity and funding
Average Liquidity Coverage Ratio (LCR) (5)	140%	144%	(4%)	147%	(7%)
Liquidity portfolio	225	233	(3.4%)	238	(5.5%)
Average Net Stable Funding Ratio (NSFR) (5)	132%	134%	(2%)	135%	(3%)
Loan:deposit ratio (excl. repos and reverse repos) (1)	90%	89%	1%	88%	2%
Total wholesale funding (1)	93	92	1.1%	88	5.7%
Short-term wholesale funding (1)	36	29	24.1%	28	28.6%
Capital and leverage
Common Equity Tier 1 (CET1) ratio (6)	13.2%	14.3%	(110bps)	14.0%	(80bps)
Total capital ratio (6)	18.9%	19.8%	(90bps)	19.3%	(40bps)
Pro forma CET1 ratio (excl. foreseeable items) (7)	14.2%	15.9%	(170bps)	15.4%	(120bps)
Risk-weighted assets (RWAs)	199.5	196.0	1.8%	193.3	3.2%
UK leverage ratio	4.7%	4.8%	(0.1%)	4.8%	(0.1%)
Tangible net asset value (TNAV) per ordinary share (1,8)	359p	400p	(41p)	384p	(25p)
Number of ordinary shares in issue (millions) (8)	7,959	7,971	(0.2%)	7,995	(0.5%)

	Half year ended 30 June 2026
		Private Banking
	Retail	& Wealth	Commercial	Central items	Total NatWest
	Banking	Management	& Institutional	& other	Group
	£m	£m	£m	£m	£m
Income statement
Net interest income	3,165	398	3,367	(40)	6,890
Own credit adjustments	-	-	2	-	2
Other non-interest income	273	197	1,260	240	1,970
Total income	3,438	595	4,629	200	8,862
Direct expenses	(430)	(126)	(783)	(2,737)	(4,076)
Indirect expenses	(1,000)	(250)	(1,395)	2,645	-
Other operating expenses	(1,430)	(376)	(2,178)	(92)	(4,076)
Litigation and conduct costs	1	(1)	(30)	(15)	(45)
Operating expenses	(1,429)	(377)	(2,208)	(107)	(4,121)
Operating profit before impairment losses	2,009	218	2,421	93	4,741
Impairment losses	(280)	(6)	(137)	-	(423)
Operating profit	1,729	212	2,284	93	4,318

Income excluding notable items (1)	3,438	595	4,627	12	8,672

Additional information
Return on Tangible Equity (1)	na	na	na	na	19.7%
Return on equity (1)	27.1%	23.8%	20.3%	nm	na
Cost:income ratio (excl. litigation and conduct) (1)	41.6%	63.2%	47.1%	nm	46.0%
Total assets (£bn)	247.5	32.9	422.1	42.9	745.4
Funded assets (£bn) (1)	247.5	32.9	359.1	42.7	682.2
Net loans to customers - amortised cost (£bn)	223.5	19.0	163.7	29.7	435.9
Loan impairment rate (1)	25bps	6bps	17bps	nm	19bps
Impairment provisions (£bn)	(1.8)	(0.1)	(1.7)	-	(3.6)
Impairment provisions - Stage 3 (£bn)	(1.1)	(0.1)	(0.9)	-	(2.1)
Customer deposits (£bn)	202.2	41.4	204.0	1.0	448.6
Total customer assets and liabilities (CAL) (£bn) (1)	427.5	190.1	369.3	na	986.9
Risk-weighted assets (RWAs) (£bn)	71.2	12.4	114.5	1.4	199.5
RWA equivalent (RWAe) (£bn)	72.0	12.4	115.4	1.6	201.4
Employee numbers (FTEs - thousands)	12.1	4.4	12.7	31.3	60.5
Third party customer asset rate (1)	4.43%	4.56%	5.55%	nm	nm
Third party customer funding rate (1)	(1.59%)	(2.35%)	(1.38%)	nm	nm
Average interest earning assets (£bn) (1)	237.1	29.0	276.3	na	559.5
Net interest margin (1)	2.69%	2.77%	2.46%	na	2.48%

	Half year ended 30 June 2025
		Private Banking
	Retail	& Wealth	Commercial	Central items	Total NatWest
	Banking	Management	& Institutional	& other	Group
	£m	£m	£m	£m	£m
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
Total customer assets and liabilities (CAL) (£bn) (1)	412.8	110.5	346.7	na	870.0
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%

	Quarter ended 30 June 2026
		Private Banking
	Retail	& Wealth	Commercial	Central items	Total NatWest
	Banking	Management	& Institutional	& other	Group
	£m	£m	£m	£m	£m
Income statement
Net interest income	1,603	202	1,725	(34)	3,496
Own credit adjustments	-	-	(1)	-	(1)
Other non-interest income	151	102	670	86	1,009
Total income	1,754	304	2,394	52	4,504
Direct expenses	(248)	(68)	(404)	(1,329)	(2,049)
Indirect expenses	(466)	(117)	(672)	1,255	-
Other operating expenses	(714)	(185)	(1,076)	(74)	(2,049)
Litigation and conduct costs	4	(1)	(21)	(12)	(30)
Operating expenses	(710)	(186)	(1,097)	(86)	(2,079)
Operating profit/(loss) before impairment losses	1,044	118	1,297	(34)	2,425
Impairment losses	(96)	-	(43)	(1)	(140)
Operating profit/(loss)	948	118	1,254	(35)	2,285

Income excluding notable items (1)	1,754	304	2,395	(4)	4,449

Additional information
Return on Tangible Equity (1)	na	na	na	na	21.0%
Return on equity (1)	29.7%	26.5%	22.4%	nm	na
Cost:income ratio (excl. litigation and conduct) (1)	40.7%	60.9%	44.9%	nm	45.5%
Total assets (£bn)	247.5	32.9	422.1	42.9	745.4
Funded assets (£bn) (1)	247.5	32.9	359.1	42.7	682.2
Net loans to customers - amortised cost (£bn)	223.5	19.0	163.7	29.7	435.9
Loan impairment rate (1)	17bps	-	10bps	nm	13bps
Impairment provisions (£bn)	(1.8)	(0.1)	(1.7)	-	(3.6)
Impairment provisions - Stage 3 (£bn)	(1.1)	(0.1)	(0.9)	-	(2.1)
Customer deposits (£bn)	202.2	41.4	204.0	1.0	448.6
Total customer assets and liabilities (CAL) (£bn) (1)	427.5	190.1	369.3	na	986.9
Risk-weighted assets (RWAs) (£bn)	71.2	12.4	114.5	1.4	199.5
RWA equivalent (RWAe) (£bn)	72.0	12.4	115.4	1.6	201.4
Employee numbers (FTEs - thousands)	12.1	4.4	12.7	31.3	60.5
Third party customer asset rate (1)	4.42%	4.58%	5.55%	nm	nm
Third party customer funding rate (1)	(1.59%)	(2.35%)	(1.40%)	nm	nm
Average interest earning assets (£bn) (1)	238.7	28.8	282.1	na	562.6
Net interest margin (1)	2.69%	2.81%	2.45%	na	2.49%

	Quarter ended 31 March 2026
		Private Banking
	Retail	& Wealth	Commercial	Central items	Total NatWest
	Banking	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

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
Total customer assets and liabilities (CAL) (£bn) (1)	423.5	115.5	361.1	na	900.1
Risk-weighted assets (RWAs) (£bn)	70.2	11.4	113.0	1.4	196.0
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%

	Quarter ended 30 June 2025
		Private Banking
	Retail	& Wealth	Commercial	Central items	Total NatWest
	Banking	Management	& Institutional	& other	Group
	£m	£m	£m	£m	£m
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
Total customer assets and liabilities (CAL) (£bn) (1)	412.8	110.5	346.7	na	870.0
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%

CET1 ratio 13.2% (2025 - 14.0%)	The CET1 ratio decreased by 80 basis points to 13.2% due to a £0.8 billion decrease in CET1 capital and a £6.2 billion increase in RWAs. The CET1 capital decrease was mainly driven by an increase in regulatory deductions following the acquisition of Evelyn Partners of £2.7 billion and a foreseeable ordinary dividend accrual of £1.5 billion. This was partially offset by an attributable profit to ordinary shareholders of £3.0 billion.

RWAs £199.5bn (2025 - £193.3bn)	Total RWAs increased by £6.2 billion to £199.5 billion during H1 2026 reflecting: · a net increase in credit risk RWA's of £5.3 billion, primarily driven by franchise lending growth, CRD IV model updates, movements in risk metrics and an increase from the acquisition of Evelyn Partners. These movements were partially offset by the benefit of RWA management actions; · an increase in operational risk RWAs of £0.7 billion driven by the acquisition of Evelyn Partners; · an increase in counterparty credit risk RWAs of £0.2 billion, primarily due to an update to the approach to determining collateral liquidity in securities financing transactions and CRD IV model updates.

UK leverage ratio 4.7% (2025 - 4.8%)	The leverage ratio decreased by 10 basis points to 4.7% due to a £18.1 billion increase in leverage exposure and a £0.2 billion decrease in Tier 1 capital. The key drivers of the leverage exposure movement were an increase in other financial assets and other assets partially offset by an increase in regulatory deductions.
MREL ratio 30.6% (2025 - 31.9%)		The Minimum Requirements of own funds and Eligible Liabilities (MREL) ratio decreased by 130 basis points to 30.6% driven by a £6.2 billion increase in RWAs and a £0.5 billion decrease in MREL. MREL decreased to £61.1 billion driven by a £0.8 billion decrease in CET1 capital and a £0.9 billion decrease in senior unsecured debt, offset by the issuance of a £0.5 billion Additional Tier 1 instrument and a $0.8 billion subordinated debt Tier 2 instrument. The decrease in senior unsecured debt was mainly driven by redemptions totalling £2.4 billion offset by new issuances totalling £1.6 billion.

Liquidity portfolio £224.6bn (2025 - £237.9bn)		The liquidity portfolio decreased by £13.3 billion to £224.6 billion compared with Q4 2025. Primary liquidity decreased by £5.2 billion to £152.0 billion, driven by lending growth and the acquisition of Evelyn Partners partially offset by issuance. Secondary liquidity decreased by £8.1 billion due to reduced pre-positioned collateral at the Bank of England.

LCR average 140% (2025 - 147%)		The average Liquidity Coverage Ratio (LCR) decreased by 7% to 140% during H1 2026, due to higher lending and changes to outflows assumptions partially offset by deposit growth and issuance.

NSFR average 132% (2025 - 135%)		The average Net Stable Funding Ratio (NSFR) decreased by 3% to 132% during H1 2026, due to higher lending partially offset by deposit growth.

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 30 June 2026	13.2%	15.7%		18.9%
Headroom (3,4)	2.9%	3.3%		3.8%

Type
Liquidity Coverage Ratio (LCR)	100%
Net Stable Funding Ratio (NSFR)	100%

	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	3,035	-	-	3,035
Foreseeable ordinary dividends	(1,517)	-	-	(1,517)
Foreign exchange reserve	(158)	-	-	(158)
FVOCI reserve	51	-	-	51
Own credit	(6)	-	-	(6)
Share-based remuneration and shares vested under employee share schemes	123	-	-	123
Goodwill and intangibles deduction (1)	(2,471)	-	-	(2,471)
Deferred tax assets	69	-	-	69
Prudential valuation adjustments	15	-	-	15
Issuances of capital instruments	-	500	553	1,053
Other capital instrument movements (2)	-	15	(87)	(72)
Expected loss less impairment	89	-	-	89
Other movements	10	-	55	65
At 30 June 2026	26,306	5,070	6,275	37,651

	30 June 2026				31 December 2025
		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)	26.3	26.3	26.3	26.3	27.1	27.1	27.1	27.1
Tier 1 capital: end-point CRR compliant AT1
of which: NatWest Group plc (holdco)	5.1	5.1	5.1	5.1	4.6	4.6	4.6	4.6
of which: NatWest Group plc operating subsidiaries (opcos)	-	-	-	-	-	-	-	-
	5.1	5.1	5.1	5.1	4.6	4.6	4.6	4.6
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	6.3	6.2	6.2	6.2	5.8	5.7	5.8	5.8
of which: opcos	-	-	-	-	-	-	-	-
	6.3	6.2	6.2	6.2	5.8	5.7	5.8	5.8
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	23.5	23.4	-	23.4	25.4	25.4	-	24.3
of which: opcos	42.7	42.6	-	-	37.5	37.6	-	-
	66.2	66.0	-	23.4	62.9	63.0	-	24.3
Tier 2 capital
Other regulatory adjustments	-	-	0.1	0.1	-	-	-	-

Total	104.2	104.0	37.7	61.1	100.7	100.8	37.4	61.6
RWAs				199.5				193.3
UK leverage exposure				673.0				655.0
MREL as a ratio of RWAs				30.6%				31.9%
MREL as a ratio of UK leverage exposure				9.1%				9.4%
(1) Par value reflects the nominal value of securities issued.
(2) MREL value reflects NatWest Group's interpretation of the Bank of England's current approach to setting MREL. Effective from 1 January 2026, MREL values are based on full accounting value of eligible instruments in accordance with the revised MREL Statement of Policy (July 2025), whereas NatWest Group previously reflected MREL values based on the par value of eligible instruments. 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 eligibility criteria. The MREL calculation includes Tier 1 and Tier 2 securities before the application of any regulatory caps or adjustments. Comparative figures as at 31 December 2025 have not been restated and continue to be presented on the basis of the previous Statement of Policy (December 2021).
(3) Shareholders' equity was £43.8 billion (2025 - £42.6 billion).

	30 June	31 December
	2026	2025
Leverage	£m	£m
Cash and balances at central banks	76,743	85,182
Trading assets	47,366	46,537
Derivatives	63,157	60,789
Financial assets	529,802	505,609
Other assets	28,299	16,436
Total assets	745,367	714,553
Derivatives
- netting and variation margin	(59,853)	(58,769)
- potential future exposures	18,529	18,155
Securities financing transactions gross up	1,301	2,593
Other off balance sheet items	62,862	70,909
Regulatory deductions and other adjustments	(21,116)	(9,699)
Claims on central banks	(73,311)	(81,616)
Exclusion of bounce back loans	(758)	(1,172)
UK leverage exposure	673,021	654,954
UK leverage ratio (%)	4.7	4.8

			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	5.1	-	0.1	-	-	-	-	-
Additional Tier 1	Internally issued	-	4.2	3.7	0.5	1.2	0.2	-	-
		5.1	4.2	3.8	0.5	1.2	0.2	-	-
Tier 2	Externally issued	6.2	-	-	-	-	0.2	-	-
Tier 2	Internally issued	-	5.4	4.6	0.5	1.1	0.1	0.3	-
		6.2	5.4	4.6	0.5	1.1	0.3	0.3	-
Senior unsecured	Externally issued	23.4	-	-	-	-	-	-	-
Senior unsecured	Internally issued	-	13.9	7.9	1.1	4.0	-	-	0.3
		23.4	13.9	7.9	1.1	4.0	-	-	0.3
Total outstanding issuance		34.7	23.5	16.3	2.1	6.3	0.5	0.3	0.3

	30 June 2026			31 December 2025
	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	27,318	6,225	33,543	22,371	5,445	27,816
Other bank deposits (1)	11,521	4,938	16,459	6,094	10,182	16,276
	38,839	11,163	50,002	28,465	15,627	44,092
Customer deposits
Repos	876	756	1,632	753	1,043	1,796
Non-bank financial institutions	58,470	14	58,484	53,559	4	53,563
Personal	232,651	6,180	238,831	232,815	7,757	240,572
Corporate	149,571	87	149,658	147,022	45	147,067
	441,568	7,037	448,605	434,149	8,849	442,998
Trading liabilities (2)
Repos (3)	26,136	1,490	27,626	26,168	2,410	28,578
Cash collateral received	11,889	-	11,889	11,966	-	11,966
Other bank and customer deposits	600	284	884	454	286	740
Debt securities in issue - Medium term notes	15	200	215	28	206	234
	38,640	1,974	40,614	38,616	2,902	41,518
Other financial liabilities
Customer deposits	498	1,951	2,449	836	1,476	2,312
Debt securities in issue:
Commercial paper and certificates of deposit	13,668	894	14,562	8,718	683	9,401
Medium term notes	8,860	42,496	51,356	11,475	41,999	53,474
Covered bonds	2	1,749	1,751	-	749	749
Securitisation	-	1,916	1,916	-	1,663	1,663
	23,028	49,006	72,034	21,029	46,570	67,599
Subordinated liabilities	1,716	4,890	6,606	1,076	5,047	6,123
Total funding	543,791	74,070	617,861	523,335	78,995	602,330
Of which: available in resolution (4) (unreviewed)			29,628			30,049

	Liquidity value
	30 June 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	72,578	42,480	42,458	81,107	52,307	51,640
High-quality government/MDB/PSE and GSE bonds (3)	66,627	46,450	46,450	61,438	42,214	42,214
Extremely high quality covered bonds	4,703	4,693	4,693	4,415	4,414	4,414
LCR level 1 Eligible Assets	143,908	93,623	93,601	146,960	98,935	98,268
LCR level 2 Eligible Assets (4)	8,137	7,225	7,225	10,325	9,466	9,466
Primary liquidity (HQLA) (5)	152,045	100,848	100,826	157,285	108,401	107,734
Secondary liquidity	72,560	72,560	72,560	80,647	80,647	80,647
Total liquidity value	224,605	173,408	173,386	237,932	189,048	188,381

(1)	AT1 and Tier 2 balances are based on the IFRS balance sheet carrying amount. Effective 1 January 2026, regulatory values are generally aligned to IFRS carrying amounts, except for dated capital instruments, which remain subject to straight-line regulatory amortisation over the final five years to maturity. This change reflects the revised MREL Statement of Policy (2025), which replaced the 2021 policy.
(2)	Balance sheet amounts reported for AT1 and Tier 2 instruments are before grandfathering restrictions imposed by CRR.
(3)	Internal issuance for NWB Plc and RBS plc represents AT1, Tier 2 or Senior unsecured issuance to NWH Ltd and for NWM N.V. and NWM SI to NWM Plc.
(4)	The balances are the IFRS balance sheet carrying amounts for Senior unsecured debt category and it does not include CP, CD and short term/medium notes issued from NatWest Group operating subsidiaries.
(5)	The above table does not include CET1 balance.
(6)	NWM Securities Inc is regulated under US broker dealer rules.
(7)	RBSI Ltd - the Resolution Regime is under development in Jersey.

		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	-	-	-	-	-
Business movement	3.7	0.1	-	-	3.8
Risk parameter changes	0.4	-	-	-	0.4
Model updates	0.8	0.1	-	-	0.9
Acquisitions and disposals	0.4	-	-	0.7	1.1
At 30 June 2026	160.9	7.8	4.5	26.3	199.5

	ECL provision
	£m
At 1 January 2026	3,585
Changes in economic forecasts	122
Changes in risk metrics and exposure: Stage 1 and Stage 2	(63)
Changes in risk metrics and exposure: Stage 3	373
Judgemental changes: changes in post model adjustments for Stage 1, Stage 2 and Stage 3	20
Write-offs and other	(475)
At 30 June 2026	3,562

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

High-level narrative - potential developments, vulnerabilities and risks
Growth		Outperformance - above trend growth supported by consumer sentiment recovery	Upside
		Modest - soft in 2026, close to trend pace afterwards	Base case
		Stalling - economic and policy uncertainty lead to consumer caution which 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 target in medium term	Upside
		Reversal - ongoing progress against inflation halted, inflation rises to around 4%	Base case
		Slow - swift fall to lower levels as demand shock dominates	Downside
		Stagflation - crystallisation of physical risks, acceleration of transition policy, surging energy prices and second round impacts, leading to double digit inflation	Extreme downside
Labour market		Recovery - job growth rebounds strongly, reversing much of the recent rise in unemployment rate	Upside
		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 stress	Extreme downside
Rates short-term		Careful - cautious hikes in the face of higher growth and inflation	Upside
		Pause - rate cutting cycle on pause given the risk of second round inflation impacts	Base case
		Supportive - sharp declines to support recovery	Downside
		Sharp rise - sharp rates tightening in response to double digit inflation	Extreme downside
Rates long-term	Above consensus - 4%		Upside
	Flat - 3.75%		Base case
	Low - 2%		Downside
	High - around 4%		Extreme downside

	30 June 2026					31 December 2025
				Extreme	Weighted				Extreme	Weighted
	Upside	Base case	Downside	downside	average	Upside	Base case	Downside	downside	average
Five-year summary (1,2)	%	%	%	%	%	%	%	%	%	%
GDP	2.0	1.3	0.6	(0.3)	1.1	2.1	1.4	0.5	0.1	1.2
Unemployment rate	4.4	5.2	6.0	7.2	5.4	4.3	5.1	5.6	7.0	5.3
House price index	5.7	2.4	-	(4.5)	2.0	5.7	3.3	0.6	(3.8)	2.6
Commercial real estate price	5.8	1.1	(1.4)	(5.5)	1.0	6.1	2.2	(0.3)	(5.0)	1.9
Consumer price index	2.3	2.4	2.0	4.6	2.6	2.6	2.4	2.4	1.8	2.3
Bank of England base rate	4.0	3.8	1.9	5.5	3.7	4.0	3.5	2.6	1.4	3.2
Stock price index	9.0	4.1	2.5	(1.0)	4.4	6.2	4.8	2.8	1.1	4.3
World GDP	3.6	2.9	2.4	1.5	2.8	3.7	3.1	2.5	2.2	3.0
Probability weight	22.8	45.0	19.0	13.2		22.4	45.0	19.5	13.1

			Moderate		Extreme
		Base	upside	Downside	downside
30 June 2026 (1)	Actual	scenario	scenario	scenario	scenario
Stage 1 modelled loans (£m)
Retail Banking - mortgages	186,994	187,700	189,049	186,736	179,577
Retail Banking - unsecured	12,542	12,695	13,143	12,447	10,824
Non-Personal - property	32,585	32,626	32,712	32,500	22,677
Non-Personal - non-property	147,116	147,579	148,063	146,709	112,225
	379,237	380,600	382,967	378,392	325,303
Stage 1 modelled ECL (£m)
Retail Banking - mortgages	39	38	36	38	42
Retail Banking - unsecured	285	290	279	277	267
Non-Personal - property	66	50	38	86	106
Non-Personal - non-property	206	176	152	248	269
	596	554	505	649	684
Stage 1 coverage (%)
Retail Banking - mortgages	0.02%	0.02%	0.02%	0.02%	0.02%
Retail Banking - unsecured	2.27%	2.28%	2.12%	2.23%	2.47%
Non-Personal - property	0.20%	0.15%	0.12%	0.26%	0.47%
Non-Personal - non-property	0.14%	0.12%	0.10%	0.17%	0.24%
	0.16%	0.15%	0.13%	0.17%	0.21%
Stage 2 modelled loans (£m)
Retail Banking - mortgages	16,435	15,729	14,380	16,693	23,852
Retail Banking - unsecured	4,009	3,856	3,408	4,104	5,727
Non-Personal - property	3,283	3,242	3,156	3,368	13,191
Non-Personal - non-property	18,953	18,490	18,006	19,360	53,844
	42,680	41,317	38,950	43,525	96,614
Stage 2 modelled ECL (£m)
Retail Banking - mortgages	33	29	24	33	68
Retail Banking - unsecured	425	408	351	436	638
Non-Personal - property	57	50	43	61	434
Non-Personal - non-property	331	310	271	373	1,311
	846	797	689	903	2,451
Stage 2 coverage (%)
Retail Banking - mortgages	0.20%	0.18%	0.17%	0.20%	0.29%
Retail Banking - unsecured	10.60%	10.58%	10.30%	10.62%	11.14%
Non-Personal - property	1.74%	1.54%	1.36%	1.81%	3.29%
Non-Personal - non-property	1.75%	1.68%	1.51%	1.93%	2.43%
	1.98%	1.93%	1.77%	2.07%	2.54%
Stage 1 and Stage 2 modelled loans (£m)
Retail Banking - mortgages	203,429	203,429	203,429	203,429	203,429
Retail Banking - unsecured	16,551	16,551	16,551	16,551	16,551
Non-Personal - property	35,868	35,868	35,868	35,868	35,868
Non-Personal - non-property	166,069	166,069	166,069	166,069	166,069
	421,917	421,917	421,917	421,917	421,917

	Retail Banking		Private Banking &	Commercial &
	Mortgages	Other	Wealth Management	Institutional	Total
30 June 2026	£m	£m	£m	£m	£m
Deferred model calibrations	-	-	1	12	13
Economic uncertainty	32	52	11	189	284
Other adjustments	-	13	-	6	19
Total	32	65	12	207	316
Of which:
Stage 1	28	35	3	68	134
Stage 2	4	26	9	139	178
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

	30 June 2026			31 December 2025
	Gross	ECL	Net	Gross	ECL	Net
	£bn	£bn	£bn	£bn	£bn	£bn
Balance sheet total gross amortised cost and FVOCI	619.3			593.9
In scope of IFRS 9 ECL framework	608.8			592.4
% in scope	98%			100%
Loans to customers - in scope - amortised cost	440.0	3.6	436.4	422.9	3.6	419.3
Loans to customers - in scope - FVOCI	0.7	-	0.7	0.2	-	0.2
Loans to banks - in scope - amortised cost	7.0	-	7.0	6.8	-	6.8
Total loans - in scope	447.7	3.6	444.1	429.9	3.6	426.3
Stage 1	398.1	0.6	397.5	386.6	0.6	386.0
Stage 2	44.9	0.9	44.0	38.6	0.8	37.8
Stage 3	4.7	2.1	2.6	4.7	2.2	2.5
Other financial assets - in scope - amortised cost	111.0	-	111.0	120.7	-	120.7
Other financial assets - in scope - FVOCI	50.1	-	50.1	41.8	-	41.8
Total other financial assets - in scope	161.1	-	161.1	162.5	-	162.5
Stage 1	160.6	-	160.6	161.5	-	161.5
Stage 2	0.5	-	0.5	1.0	-	1.0
Out of scope of IFRS 9 ECL framework	10.5	na	10.5	1.5	na	1.5
Loans to customers - out of scope - amortised cost	(0.6)	na	(0.6)	(0.6)	na	(0.6)
Loans to banks - out of scope - amortised cost	0.4	na	0.4	0.2	na	0.2
Other financial assets - out of scope - amortised cost	10.8	na	10.8	1.7	na	1.7
Other financial assets - out of scope - FVOCI	(0.1)	na	(0.1)	0.2	na	0.2

						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 2026	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Loans - amortised cost and FVOCI (1,2)
Stage 1	202,548	17,824	143,085	34,639	398,096	202,548	14,268	2,348	-	3,556	140,737	34,639
Stage 2	20,103	1,117	23,650	45	44,915	20,103	274	37	-	843	23,613	45
Stage 3	2,427	375	1,889	-	4,691	2,427	277	35	-	98	1,854	-
Of which: individual	-	309	867	-	1,176	-	217	5	-	92	862	-
Of which: collective	2,427	66	1,022	-	3,515	2,427	60	30	-	6	992	-
Total	225,078	19,316	168,624	34,684	447,702	225,078	14,819	2,420	-	4,497	166,204	34,684
ECL provisions (3)
Stage 1	324	14	271	7	616	324	3	1	-	11	270	7
Stage 2	457	14	400	1	872	457	1	-	-	13	400	1
Stage 3	1,069	52	953	-	2,074	1,069	25	12	-	27	941	-
Of which: individual	-	52	440	-	492	-	25	5	-	27	435	-
Of which: collective	1,069	-	513	-	1,582	1,069	-	7	-	-	506	-
Total	1,850	80	1,624	8	3,562	1,850	29	13	-	51	1,611	8
ECL provisions coverage (4)
Stage 1 (%)	0.16	0.08	0.19	0.02	0.15	0.16	0.02	0.04	-	0.31	0.19	0.02
Stage 2 (%)	2.27	1.25	1.69	2.22	1.94	2.27	0.36	-	-	1.54	1.69	2.22
Stage 3 (%)	44.05	13.87	50.45	-	44.21	44.05	9.03	34.29	-	27.55	50.76	-
Total	0.82	0.41	0.96	0.02	0.80	0.82	0.20	0.54	-	1.13	0.97	0.02
Impairment (releases)/losses
ECL charge/(release) (5)	280	6	137	-	423	280	2	3	-	4	134	-
Stage 1	(60)	1	(18)	-	(77)	(60)	-	(2)	-	1	(16)	-
Stage 2	192	3	88	-	283	192	1	-	-	2	88	-
Stage 3	148	2	67	-	217	148	1	5	-	1	62	-
Of which: individual	-	2	46	-	48	-	1	-	-	1	46	-
Of which: collective	148	-	21	-	169	148	-	5	-	-	16	-
Total	280	6	137	-	423	280	2	3	-	4	134	-
Amounts written-off	260	4	222	1	487	260	4	-	1	-	222	-
Of which: individual	-	4	164	-	168	-	4	-	-	-	164	-
Of which: collective	260	-	58	1	319	260	-	-	1	-	58	-

NatWest Group plc Interim Results 2026 - Part 1

Summary by AI BETAClose X

Companies

UK 100

Latest directors dealings

Summary by AI ^BETAClose X

	Personal				Non-Personal
		Credit	Other		Corporate	Financial
	Mortgages (1)	cards	personal	Total	and other	institutions (2)	Sovereign	Total	Total
30 June 2026	£m	£m	£m	£m	£m	£m	£m	£m	£m
Loans by geography	222,388	8,358	11,571	242,317	122,311	81,908	1,166	205,385	447,702
- UK	222,388	8,358	11,571	242,317	103,054	51,794	519	155,367	397,684
- Other Europe	-	-	-	-	7,171	14,710	144	22,025	22,025
- RoW	-	-	-	-	12,086	15,404	503	27,993	27,993
Loans by stage	222,388	8,358	11,571	242,317	122,311	81,908	1,166	205,385	447,702
- Stage 1	204,278	5,799	9,087	219,164	96,742	81,342	848	178,932	398,096
- Stage 2	16,537	2,263	1,614	20,414	23,769	428	304	24,501	44,915
- Stage 3	1,573	296	870	2,739	1,800	138	14	1,952	4,691
- Of which: individual	194	-	28	222	808	132	14	954	1,176
- Of which: collective	1,379	296	842	2,517	992	6	-	998	3,515
Loans - past due analysis	222,388	8,358	11,571	242,317	122,311	81,908	1,166	205,385	447,702
- Not past due	219,455	8,000	10,638	238,093	118,114	81,611	1,153	200,878	438,971
- Past due 1-30 days	1,566	71	79	1,716	2,976	187	-	3,163	4,879
- Past due 31-90 days	517	88	123	728	431	4	-	435	1,163
- Past due 90-180 days	322	76	118	516	197	103	-	300	816
- Past due >180 days	528	123	613	1,264	593	3	13	609	1,873
Loans - Stage 2	16,537	2,263	1,614	20,414	23,769	428	304	24,501	44,915
- Not past due	15,090	2,163	1,499	18,752	22,466	420	304	23,190	41,942
- Past due 1-30 days	1,179	43	34	1,256	951	4	-	955	2,211
- Past due 31-90 days	268	57	81	406	352	4	-	356	762
Weighted average life
- ECL measurement (years)	9	4	6	5	6	4	nm	6	6
Weighted average 12 months PDs
- IFRS 9 (%)	0.45	3.62	5.34	0.77	1.11	0.17	6.61	0.76	0.77
- Basel (%)	0.64	3.96	3.94	0.88	1.01	0.17	6.68	0.70	0.80
ECL provisions by geography	269	583	1,040	1,892	1,506	147	17	1,670	3,562
- UK	269	583	1,035	1,887	1,331	100	5	1,436	3,323
- Other Europe	-	-	5	5	112	8	-	120	125
- RoW	-	-	-	-	63	39	12	114	114
ECL provisions by stage	269	583	1,040	1,892	1,506	147	17	1,670	3,562
- Stage 1	42	120	166	328	252	29	7	288	616
- Stage 2	33	227	198	458	402	9	3	414	872
- Stage 3	194	236	676	1,106	852	109	7	968	2,074
- Of which: individual	12	-	18	30	349	106	7	462	492
- Of which: collective	182	236	658	1,076	503	3	-	506	1,582

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 2026	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Personal	219,164	20,414	2,739	242,317	46,517	35	328	458	1,106	1,892
Mortgages (1)	204,278	16,537	1,573	222,388	16,006	-	42	33	194	269
Credit cards	5,799	2,263	296	8,358	23,233	-	120	227	236	583
Other personal	9,087	1,614	870	11,571	7,278	35	166	198	676	1,040
Non-Personal	178,932	24,501	1,952	205,385	101,276	4,409	288	414	968	1,670
Financial institutions (2)	81,342	428	138	81,908	23,026	1,487	29	9	109	147
Sovereigns	848	304	14	1,166	510	-	7	3	7	17
Corporate and other	96,742	23,769	1,800	122,311	77,740	2,922	252	402	852	1,506
Of which:
Commercial real estate	18,851	1,084	315	20,250	6,330	139	57	20	116	193
Mobility and logistics	11,491	6,105	85	17,681	11,085	387	27	57	41	125
Consumer industries	11,340	3,861	367	15,568	12,244	545	34	90	199	323
Total	398,096	44,915	4,691	447,702	147,793	4,444	616	872	2,074	3,562

	Corporate and	Financial
	other	institutions	Sovereign	Total
30 June 2026	£m	£m	£m	£m
Forbearance (flow)	2,319	77	-	2,396
Forbearance (stock)	4,453	85	10	4,548
Heightened Monitoring and Risk of Credit Loss	5,981	242	1	6,224

31 December 2025
Forbearance (flow)	3,495	43	12	3,550
Forbearance (stock)	4,167	122	12	4,301
Heightened Monitoring and Risk of Credit Loss	6,115	103	2	6,220

	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 2026	£m	£m	£m	£m	£m	£m	£m	£m	%	%	%	%
≤50%	63,778	6,929	648	71,355	8	7	91	106	-	0.1	14.0	0.1
>50% and ≤70%	62,736	5,944	432	69,112	13	11	53	77	-	0.2	12.3	0.1
>70% and ≤80%	29,912	2,039	124	32,075	7	7	15	29	-	0.3	12.1	0.1
>80% and ≤90%	23,697	1,082	64	24,843	7	6	8	21	-	0.6	12.5	0.1
>90% and ≤100%	9,206	260	18	9,484	2	2	4	8	-	0.8	22.2	0.1
>100%	8	3	7	18	-	-	3	3	-	-	42.9	16.7
Total with LTVs	189,337	16,257	1,293	206,887	37	33	174	244	-	0.2	13.5	0.1
Other	267	1	3	271	4	-	3	7	1.5	-	100.0	2.6
Total	189,604	16,258	1,296	207,158	41	33	177	251	-	0.2	13.7	0.1

31 December 2025
≤50%	66,203	7,099	597	73,899	10	10	94	114	-	0.1	15.7	0.2
>50% and ≤70%	63,802	5,948	338	70,088	16	15	50	81	-	0.3	14.8	0.1
>70% and ≤80%	27,658	1,745	73	29,476	8	6	12	26	-	0.3	16.4	0.1
>80% and ≤90%	20,777	744	39	21,560	7	4	6	17	-	0.5	15.4	0.1
>90% and ≤100%	4,438	76	7	4,521	1	1	2	4	-	1.3	28.6	0.1
>100%	9	1	7	17	-	-	3	3	-	-	42.9	17.6
Total with LTVs	182,887	15,613	1,061	199,561	42	36	167	245	-	0.2	15.7	0.1
Other	406	1	4	411	2	-	1	3	0.5	-	25.0	0.7
Total	183,293	15,614	1,065	199,972	44	36	168	248	-	0.2	15.8	0.1
· Mortgage balances increased during 2026 with continuing organic growth.
· Unsecured lending was stable overall, with growth in prime quality whole of market lending and balance transfer credit card segments offset by the run-off of the recently acquired Sainsbury's Bank lending portfolio, in line with expectations.
· Portfolios and new business were closely monitored against agreed operating limits. These included loan-to-value ratios, buy-to-let concentrations, new-build concentrations and credit quality. Lending criteria, affordability calculations and assumptions for new lending were adjusted during the year, to maintain credit quality in line with appetite and to ensure customers are assessed fairly as economic conditions change.
· Mortgage portfolio LTVs increased overall, partly driven by house price indexation as well as higher new business volumes, including support for first time buyers which have led to an increase in balances in higher LTV bands.
· Mortgage forbearance levels were broadly consistent with 2025, with flows to collections in line with expectations.

	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 2026	£m	£m	£m	£m	£m	£m	£m	£m	%	%	%	%
≤50%	7,584	247	25	7,856	19	5	8	32	0.3	2.0	32.0	0.4
>50% and ≤60%	4,583	62	35	4,680	15	2	3	20	0.3	3.2	8.6	0.4
>60% and ≤70%	893	51	34	978	4	1	16	21	0.4	2.0	47.1	2.1
>70% and ≤100%	340	75	94	509	1	2	26	29	0.3	2.7	27.7	5.7
>100%	168	1	43	212	1	-	20	21	0.6	-	46.5	9.9
Total with LTVs	13,568	436	231	14,235	40	10	73	123	0.3	2.3	31.6	0.9
Total portfolio average LTV	48%	56%	79%	49%
Other investment (1)	2,807	199	38	3,044	5	3	13	21	0.2	1.5	34.2	0.7
Investment	16,375	635	269	17,279	45	13	86	144	0.3	2.0	32.0	0.8
Development and other (2)	2,476	449	46	2,971	12	7	30	49	0.5	1.6	65.2	1.6
Total	18,851	1,084	315	20,250	57	20	116	193	0.3	1.8	36.8	1.0

31 December 2025
≤50%	7,324	222	26	7,572	20	5	6	31	0.3	2.3	23.1	0.4
>50% and ≤60%	4,417	144	40	4,601	15	2	6	23	0.3	1.4	15.0	0.5
>60% and ≤70%	881	21	27	929	4	1	10	15	0.5	4.8	37.0	1.6
>70% and ≤100%	270	146	35	451	1	4	19	24	0.4	2.7	54.3	5.3
>100%	183	2	83	268	2	-	39	41	1.1	-	47.0	15.3
Total with LTVs	13,075	535	211	13,821	42	12	80	134	0.3	2.2	37.9	1.0
Total portfolio average LTV	48%	58%	115%	49%
Other investment (1)	2,745	331	36	3,112	5	4	11	20	0.2	1.2	30.6	0.6
Investment	15,820	866	247	16,933	47	16	91	154	0.3	1.8	36.8	0.9
Development and other (2)	2,018	406	47	2,471	8	6	29	43	0.4	1.5	61.7	1.7
Total	17,838	1,272	294	19,404	55	22	120	197	0.3	1.7	40.8	1.0

	Mortgages		Credit cards		Other		Total
30 June 2026	£m	%	£m	%	£m	%	£m	%
Personal trigger (1)
PD movement	10,905	65.9	1,669	73.7	750	46.5	13,324	65.2
PD persistence	1,995	12.1	438	19.4	304	18.8	2,737	13.4
Adverse credit bureau recorded with credit reference agency	1,978	12.0	93	4.1	137	8.5	2,208	10.8
Forbearance support provided	152	0.9	1	-	6	0.4	159	0.8
Customers in collections	209	1.3	6	0.3	5	0.3	220	1.1
Collective SICR and other reasons (2)	1,181	7.1	56	2.5	410	25.4	1,647	8.1
Days past due >30	117	0.7	-	-	2	0.1	119	0.6
	16,537	100.0	2,263	100.0	1,614	100.0	20,414	100.0

31 December 2025
Personal trigger (1)
PD movement	10,305	64.6	1,544	74.1	790	53.7	12,639	64.8
PD persistence	1,960	12.3	380	18.3	283	19.3	2,623	13.5
Adverse credit bureau recorded with credit reference agency	1,876	11.8	89	4.3	129	8.8	2,094	10.7
Forbearance support provided	178	1.1	2	0.1	7	0.5	187	1.0
Customers in collections	210	1.3	22	1.1	20	1.4	252	1.3
Collective SICR and other reasons (2)	1,287	8.1	44	2.1	232	15.8	1,563	8.0
Days past due >30	135	0.8	-	-	7	0.5	142	0.7
	15,951	100.0	2,081	100.0	1,468	100.0	19,500	100.0

	Corporate and other		Financial institutions		Sovereign		Total
30 June 2026	£m	%	£m	%	£m	%	£m	%
Non-Personal trigger (1)
PD movement	19,244	81.0	174	40.6	156	51.3	19,574	79.8
PD persistence	221	0.9	2	0.5	-	-	223	0.9
Heightened Monitoring and Risk of Credit Loss	2,785	11.7	61	14.3	147	48.4	2,993	12.2
Forbearance support provided	287	1.2	-	-	-	-	287	1.2
Customers in collections	13	0.1	-	-	-	-	13	0.1
Collective SICR and other reasons (2)	832	3.5	190	44.4	1	0.3	1,023	4.2
Days past due >30	387	1.6	1	0.2	-	-	388	1.6
	23,769	100.0	428	100.0	304	100.0	24,501	100.0

31 December 2025
Non-Personal trigger (1)
PD movement	16,238	87.9	148	41.5	141	53	16,527	86.6
PD persistence	214	1.2	2	0.6	-	-	216	1.1
Heightened Monitoring and Risk of Credit Loss	1,106	6.0	74	20.8	124	46.6	1,304	6.8
Forbearance support provided	185	1.0	-	-	-	-	185	1.0
Customers in collections	21	0.1	-	-	-	-	21	0.1
Collective SICR and other reasons (2)	571	3.1	130	36.5	1	0.4	702	3.7
Days past due >30	125	0.7	2	0.6	-	-	127	0.7
	18,460	100.0	356	100.0	266	100.0	19,082	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 2026	£m	£m	£m	£m	£m	£m
Gross	94,499	94,455	44	97,218	93,747	3,471
IFRS offset	(34,419)	(34,419)	-	(34,419)	(34,419)	-
Carrying value	60,080	60,036	44	62,799	59,328	3,471
Master netting arrangements	(458)	(458)	-	(458)	(458)	-
Securities collateral	(59,361)	(59,361)	-	(58,870)	(58,870)	-
Potential for offset not recognised under IFRS	(59,819)	(59,819)	-	(59,328)	(59,328)	-
Net	261	217	44	3,471	-	3,471

31 December 2025
Gross	95,674	95,618	56	89,789	87,730	2,059
IFRS offset	(31,599)	(31,599)	-	(31,599)	(31,599)	-
Carrying value	64,075	64,019	56	58,190	56,131	2,059
Master netting arrangements	(474)	(474)	-	(474)	(474)	-
Securities collateral	(63,292)	(63,292)	-	(55,657)	(55,657)	-
Potential for offset not recognised under IFRS	(63,766)	(63,766)	-	(56,131)	(56,131)	-
Net	309	253	56	2,059	-	2,059

	30 June 2026							31 December 2025
	Notional
	GBP	USD	EUR	Other	Total	Assets	Liabilities	Notional	Assets	Liabilities
	£bn	£bn	£bn	£bn	£bn	£m	£m	£bn	£m	£m
Gross exposure						80,906	74,371		77,796	71,925
IFRS offset						(17,749)	(18,115)		(17,007)	(17,951)
Carrying value	3,175	3,799	6,369	1,404	14,747	63,157	56,256	14,519	60,789	53,974
Of which:
Interest rate (1)	2,852	2,138	5,640	216	10,846	31,156	25,465	11,088	32,742	26,758
Exchange rate	322	1,652	722	1,188	3,884	31,940	30,663	3,414	27,981	27,042
Credit	1	9	7	-	17	61	128	15	66	174
Equity and commodity	-	-	-	-	-	-	-	2	-	-
Carrying value						63,157	56,256	14,519	60,789	53,974
Counterparty mark-to-market netting						(48,233)	(48,233)		(45,928)	(45,928)
Cash collateral						(9,419)	(4,640)		(9,275)	(4,281)
Securities collateral						(3,461)	(837)		(3,283)	(1,256)
Net exposure						2,044	2,546		2,303	2,509
Banks (2)						157	191		89	217
Other financial institutions (3)						1,349	1,153		1,508	1,160
Corporate (4)						508	1,188		673	1,110
Government (5)						30	14		33	22
Net exposure						2,044	2,546		2,303	2,509
UK						1,127	1,371		1,098	1,548
Europe						561	600		693	589
US						285	446		437	283
RoW						71	129		75	89
Net exposure						2,044	2,546		2,303	2,509

Asset quality of uncollateralised derivative assets
AQ1-AQ4						1,725			1,865
AQ5-AQ8						316			435
AQ9-AQ10						3			3
Net exposure						2,044			2,303
(1) The notional amount of interest rate derivatives included £9,109 billion (31 December 2025 - £8,768 billion) in respect of contracts cleared through central clearing counterparties.
(2) Transactions with certain counterparties with whom NatWest Group has netting arrangements but collateral is not posted on a daily basis; certain transactions with specific terms that may not fall within netting and collateral arrangements; derivative positions in certain jurisdictions where the collateral agreements are not deemed to be legally enforceable.
(3) Includes transactions with securitisation vehicles and funds where collateral posting is contingent on NatWest Group's external rating.
(4) Mainly large corporates with whom NatWest Group may have netting arrangements in place, but operational capability does not support collateral posting.
(5) Sovereigns and supranational entities with no collateral arrangements, collateral arrangements that are not considered enforceable, or one-way collateral agreements in their favour.