NatWest Group plc Q1 Results 2026

Summary by AI ^BETAClose X

NatWest Group reported a strong first quarter of 2026 with attributable profit of £1.4 billion and earnings per share of 17.9 pence, a 15.5% increase year-on-year, driven by total income of £4.36 billion. The bank achieved a Return on Tangible Equity of 18.2% and saw customer assets and liabilities grow by 0.9% to £900.1 billion. Net loans increased by £7.2 billion, and customer deposits rose by £3.1 billion, while the cost-to-income ratio improved to 46.5%. The Common Equity Tier 1 ratio stood at a robust 14.3%, and the bank expects income to be at the top end of its previously guided £17.2-£17.6 billion range.

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NATWEST GROUP (NWG)

UK 100

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Business performance summary
2		Q1 2026 performance summary
3		Performance key metrics and ratios
5		Chief Financial Officer's review
7		Retail Banking
8		Private Banking & Wealth Management
9		Commercial & Institutional
10		Central items & other
11		Segment performance

Capital and risk management
14		Capital, liquidity and funding risk
20		Credit risk
20		Economic drivers
24		Segment analysis - portfolio summary
25		Segment analysis - loans
25		Movement in ECL provision
26		ECL post model adjustments
27		Measurement uncertainty and ECL sensitivity analysis
28		Sector analysis - portfolio summary


Financial statements and notes
33	Condensed consolidated income statement
34	Condensed consolidated statement of comprehensive income
35	Condensed consolidated balance sheet
36	Condensed consolidated statement of changes in equity
37	Presentation of condensed consolidated financial statements
37	Litigation and regulatory matters
37	Post balance sheet events

Additional information
38	Presentation of information
38	Statutory accounts
38	Contacts
38	Forward-looking statements
40	Non-IFRS financial measures
45	Performance measures not defined under IFRS

	Quarter ended
	31 March	31 December		31 March
	2026	2025		2025
Summary consolidated income statement	£m	£m	Variance	£m	Variance
Net interest income	3,394	3,441	(1.4%)	3,026	12.2%
Non-interest income	964	883	9.2%	954	1.0%
Total income	4,358	4,324	0.8%	3,980	9.5%
Litigation and conduct costs	(15)	(37)	(59.5%)	(44)	(65.9%)
Other operating expenses	(2,027)	(2,211)	(8.3%)	(1,935)	4.8%
Operating expenses	(2,042)	(2,248)	(9.2%)	(1,979)	3.2%
Profit before impairment losses	2,316	2,076	11.6%	2,001	15.7%
Impairment losses	(283)	(136)	108.1%	(189)	49.7%
Operating profit before tax	2,033	1,940	4.8%	1,812	12.2%
Tax charge	(526)	(462)	13.9%	(471)	11.7%
Profit for the period	1,507	1,478	2.0%	1,341	12.4%

Performance key metrics and ratios
Notable items within total income (1)	£135m	£52m	159.6%	£28m	nm
Total income excluding notable items (1)	£4,223m	£4,272m	(1.1%)	£3,952m	6.9%
Net interest margin (NIM) (1)	2.47%	2.45%	2bps	2.27%	20bps
Average interest earning assets (1)	£556bn	£557bn	(0.2%)	£542bn	2.6%
Cost:income ratio (excl. litigation and conduct) (1)	46.5%	51.1%	(4.6%)	48.6%	(2.1%)
Loan impairment rate (1)	26bps	13bps	13bps	19bps	7bps
Profit attributable to ordinary shareholders	£1,432m	£1,393m	2.8%	£1,252m	14.4%
Total earnings per share attributable to ordinary shareholders - basic	17.9p	17.4p	0.5p	15.5p	2.4p
Return on Tangible Equity (RoTE) (1)	18.2%	18.3%	(0.1%)	18.5%	(0.3%)
Climate and transition finance (2)	£10,477m	£11,451m	na	-	na

	As at
	31 March	31 December		31 March
	2026	2025		2025
Balance sheet	£bn	£bn	Variance	£bn	Variance
Total assets	749.6	714.6	4.9%	710.0	5.6%
Loans to customers - amortised cost	431.6	418.9	3.0%	398.8	8.2%
Loans to customers excluding central items (1,3)	396.4	389.2	1.8%	371.9	6.6%
Loans to customers and banks - amortised cost and FVOCI	444.4	429.9	3.4%	409.5	8.5%
Total impairment provisions (4)	3.7	3.6	2.8%	3.5	5.7%
Expected credit loss (ECL) coverage ratio	0.84%	0.83%	1bps	0.86%	(2bps)
Customer deposits	445.5	443.0	0.6%	434.6	2.5%
Customer deposits excluding central items (1,3)	444.8	441.7	0.7%	433.4	2.6%
Assets under management and administration (AUMA) (1)	56.7	58.5	(3.1%)	48.5	16.9%
Customer assets and liabilities (CAL) (1)	900.1	891.7	0.9%	856.0	5.2%
Liquidity and funding
Average Liquidity Coverage Ratio (LCR) (5)	144%	147%	(3%)	151%	(7%)
Liquidity portfolio	233	238	(2%)	222	5%
Average Net Stable Funding Ratio (NSFR) (5)	134%	135%	(1%)	137%	(3%)
Loan:deposit ratio (excl. repos and reverse repos) (1)	89%	88%	1%	85%	4%
Total wholesale funding	92	88	5%	87	6%
Short-term wholesale funding	29	28	4%	33	(12%)
Capital and leverage
Common Equity Tier 1 (CET1) ratio (6)	14.3%	14.0%	30bps	13.8%	50bps
Total capital ratio (6)	19.8%	19.3%	50bps	20.6%	(80bps)
Pro forma CET1 ratio (excl. foreseeable items) (7)	15.9%	15.4%	50bps	14.8%	110bps
Risk-weighted assets (RWAs)	196.0	193.3	1.4%	187.0	4.8%
UK leverage ratio	4.8%	4.8%	-	5.2%	(0.4%)
Tangible net asset value (TNAV) per ordinary share (1,8)	400p	384p	16p	347p	53p
Number of ordinary shares in issue (millions) (8)	7,971	7,995	(0.3%)	8,067	(1.2%)

NatWest Group plc Q1 Results 2026

Summary by AI ^BETAClose X

1. Total income excluding notable items

2. Cost:income ratio (excl. litigation and conduct)

3. Tangible net asset value (TNAV) per ordinary share

4. Operating expenses excluding litigation and conduct

5. Loan:deposit ratio (excl. repos and reverse repos)

6. Total customer assets and liabilities (CAL)

7. NatWest Group Return on Tangible Equity

8. Segment return on equity

Loan impairment rate is the annualised loan impairment charge divided by gross customer loans. This measure is used to assess the credit quality of the loan book.

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	Quarter ended 31 March 2026
	Retail	Private Banking	Commercial	Central items	Total NatWest
	Banking	& Wealth Management	& Institutional	& other	Group
	£m	£m	£m	£m	£m
Income statement
Net interest income	1,562	196	1,642	(6)	3,394
Own credit adjustments	-	-	3	-	3
Other non-interest income	122	95	590	154	961
Total income	1,684	291	2,235	148	4,358
Direct expenses	(182)	(58)	(379)	(1,408)	(2,027)
Indirect expenses	(534)	(133)	(723)	1,390	-
Other operating expenses	(716)	(191)	(1,102)	(18)	(2,027)
Litigation and conduct costs	(3)	-	(9)	(3)	(15)
Operating expenses	(719)	(191)	(1,111)	(21)	(2,042)
Operating profit before impairment losses/releases	965	100	1,124	127	2,316
Impairment (losses)/releases	(184)	(6)	(94)	1	(283)
Operating profit	781	94	1,030	128	2,033

Total income excluding notable items (1)	1,684	291	2,232	16	4,223

Additional information
Return on Tangible Equity (1)	na	na	na	na	18.2%
Return on equity (1)	24.6%	21.1%	18.3%	nm	na
Cost:income ratio (excl. litigation and conduct) (1)	42.5%	65.6%	49.3%	nm	46.5%
Total assets (£bn)	243.4	29.5	430.2	46.5	749.6
Funded assets (£bn) (1)	243.4	29.5	364.0	46.3	683.2
Net loans to customers - amortised cost (£bn)	219.4	19.0	158.0	35.2	431.6
Loan impairment rate (1)	33bps	13bps	24bps	nm	26bps
Impairment provisions (£bn)	(1.9)	(0.1)	(1.7)	-	(3.7)
Impairment provisions - Stage 3 (£bn)	(1.2)	(0.1)	(1.0)	0.1	(2.2)
Customer deposits (£bn)	202.2	41.1	201.5	0.7	445.5
Risk-weighted assets (RWAs) (£bn)	70.2	11.4	113.0	1.4	196.0
Total customer assets and liabilities (CAL) (1)	423.5	115.5	361.1	na	900.1
RWA equivalent (RWAe) (£bn)	71.3	11.4	114.0	1.8	198.5
Employee numbers (FTEs - thousands)	12.3	2.1	12.9	31.4	58.7
Third party customer asset rate (1)	4.43%	4.54%	5.56%	nm	nm
Third party customer funding rate (1)	(1.60%)	(2.35%)	(1.36%)	nm	nm
Average interest earning assets (£bn) (1)	235.5	29.1	270.6	na	556.3
Net interest margin (1)	2.69%	2.73%	2.46%	na	2.47%

	Quarter ended 31 December 2025
	Retail	Private Banking	Commercial	Central items	Total NatWest
	Banking	& Wealth Management	& Institutional	& other	Group
	£m	£m	£m	£m	£m
Income statement
Net interest income	1,593	202	1,644	2	3,441
Own credit adjustments	-	-	(2)	-	(2)
Other non-interest income	106	106	670	3	885
Total income	1,699	308	2,312	5	4,324
Direct expenses	(231)	(67)	(441)	(1,472)	(2,211)
Indirect expenses	(568)	(128)	(784)	1,480	-
Other operating expenses	(799)	(195)	(1,225)	8	(2,211)
Litigation and conduct costs	-	-	(29)	(8)	(37)
Operating expenses	(799)	(195)	(1,254)	-	(2,248)
Operating profit before impairment losses/releases	900	113	1,058	5	2,076
Impairment (losses)/releases	(114)	(6)	(19)	3	(136)
Operating profit	786	107	1,039	8	1,940

Total income excluding notable items (1)	1,699	308	2,263	2	4,272

Additional information
Return on Tangible Equity (1)	na	na	na	na	18.3%
Return on equity (1)	24.6%	23.6%	19.4%	nm	na
Cost:income ratio (excl. litigation and conduct) (1)	47.0%	63.3%	53.0%	nm	51.1%
Total assets (£bn)	240.3	30.5	391.9	51.9	714.6
Funded assets (£bn) (1)	240.3	30.5	331.4	51.6	653.8
Net loans to customers - amortised cost (£bn)	216.1	18.9	154.2	29.7	418.9
Loan impairment rate (1)	21bps	13bps	5bps	nm	13bps
Impairment provisions (£bn)	(1.8)	(0.1)	(1.7)	-	(3.6)
Impairment provisions - Stage 3 (£bn)	(1.1)	(0.1)	(1.0)	-	(2.2)
Customer deposits (£bn)	202.6	42.7	196.4	1.3	443.0
Risk-weighted assets (RWAs) (£bn)	68.5	11.4	111.9	1.5	193.3
Total customer assets and liabilities (CAL) (1)	420.5	119.0	352.2	na	891.7
RWA equivalent (RWAe) (£bn)	69.7	11.4	112.9	1.7	195.7
Employee numbers (FTEs - thousands)	11.5	2.1	12.3	32.8	58.7
Third party customer asset rate (1)	4.42%	4.66%	5.69%	nm	nm
Third party customer funding rate (1)	(1.63%)	(2.47%)	(1.41%)	nm	nm
Average interest earning assets (£bn) (1)	234.1	29.5	266.4	na	557.2
Net interest margin (1)	2.70%	2.72%	2.45%	na	2.45%

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

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

Additional information
Return on Tangible Equity (1)	na	na	na	na	18.5%
Return on equity (1)	24.5%	17.1%	19.3%	nm	na
Cost:income ratio (excl. litigation and conduct) (1)	44.0%	70.6%	47.4%	nm	48.6%
Total assets (£bn)	234.3	28.9	397.9	48.9	710.0
Funded assets (£bn) (1)	234.3	28.9	336.1	47.9	647.2
Net loans to customers - amortised cost (£bn)	210.4	18.4	143.1	26.9	398.8
Loan impairment rate (1)	21bps	2bps	22bps	nm	19bps
Impairment provisions (£bn)	(1.9)	(0.1)	(1.5)	-	(3.5)
Impairment provisions - Stage 3 (£bn)	(1.1)	-	(1.0)	-	(2.1)
Customer deposits (£bn)	195.7	41.2	196.5	1.2	434.6
Risk-weighted assets (RWAs) (£bn)	66.8	11.3	107.3	1.6	187.0
Total customer assets and liabilities (CAL) (1)	407.9	107.0	341.1	na	856.0
RWA equivalent (RWAe) (£bn)	67.6	11.3	108.5	2.1	189.5
Employee numbers (FTEs - thousands)	11.9	2.2	12.8	32.5	59.4
Third party customer asset rate (1)	4.29%	4.83%	6.24%	nm	nm
Third party customer funding rate (1)	(1.87%)	(2.90%)	(1.71%)	nm	nm
Average interest earning assets (£bn) (1)	226.5	28.4	255.2	na	541.6
Net interest margin (1)	2.58%	2.59%	2.32%	na	2.27%

CET1 ratio 14.3% (2025 - 14.0%)		The CET1 ratio increased by 30 basis points to 14.3% due to a £0.9 billion increase in CET1 capital partially offset by a £2.7 billion increase in RWAs. The CET1 capital increase was mainly driven by an attributable profit to ordinary shareholders of £1.4 billion and other movements on reserves and regulatory adjustments of £0.2 billion partially offset by a foreseeable ordinary dividend accrual of £0.7 billion.

RWAs £196.0bn (2025 - £193.3bn)		Total RWAs increased by £2.7 billion to £196.0 billion reflecting: · a net increase in credit risk RWAs of £1.8 billion, mainly driven by franchise lending growth with a further increase driven by risk parameters and foreign exchange. These movements were partially offset by the benefit of RWA management actions; · an increase in market risk RWAs of £0.6 billion, chiefly driven by SVaR and the incremental risk charge; · an increase in counterparty credit risk RWAs of £0.3 billion, primarily due to updating illiquid collateral eligibility in securities financing transactions, partially offset by over-the-counter trades.

UK leverage ratio 4.8% (2025 - 4.8%)		The leverage ratio remained static at 4.8% due to a £0.9 billion increase in Tier 1 capital offset by an £18.7 billion increase in leverage exposure. The key drivers of the leverage exposure movement were an increase in trading assets and other financial assets partially offset by a decrease in other off balance sheet items.
MREL ratio 31.9% (2025 - 31.9%)	The Minimum Requirements of own funds and Eligible Liabilities (MREL) ratio remained static at 31.9% driven by a £0.9 billion increase in MREL partially offset by a £2.7 billion increase in RWAs. MREL increased to £62.5 billion driven by a £0.9 billion increase in CET1 capital, a £0.5 billion increase in Tier 2 capital, and a £0.6 billion decrease in senior unsecured debt. The Tier 2 movement includes an increase of £0.6 billion for a $0.8 billion 5.908% Fixed-to-Fixed Reset Rate Subordinated Tier 2 Note issued in March 2026. The senior unsecured debt movement includes the redemption of a $1.0 billion 5.847% Senior Callable Fixed-to-Fixed Reset Rate Note and £0.5 billion 3.125% Senior Callable Fixed-to-Fixed Reset Note in March 2026 offset by a €0.8 billion Fixed-to-Floating Senior Unsecured Note due 2037 issued in February 2026.

Liquidity portfolio £233.4bn (2025 - £237.9bn)	The liquidity portfolio decreased by £4.5 billion to £233.4 billion compared with Q4 2025. Primary liquidity decreased by £1.6 billion to £155.7 billion, driven by higher lending and Treasury maturities partly offset by issuance and increased deposits. Secondary liquidity decreased by £3.0 billion due to reduced pre-positioned collateral at the Bank of England.

LCR average 144% (2025 - 147%)	The average Liquidity Coverage Ratio (LCR) decreased by 3% to 144% during Q1 2026, due to higher lending offset by higher deposits and issuance, and changes in outflow assumptions.

NSFR average 134% (2025 - 135%)	The average Net Stable Funding Ratio (NSFR) decreased by 1% to 134% during Q1 2026 driven by increased lending partly offset by increased deposits.

Type	CET1	Total Tier 1	Total capital
Pillar 1 requirements	4.5%	6.0%	8.0%
Pillar 2A requirements	1.6%	2.2%	2.9%
Minimum Capital Requirements	6.1%	8.2%	10.9%
Capital conservation buffer	2.5%	2.5%	2.5%
Countercyclical capital buffer (1)	1.7%	1.7%	1.7%
MDA threshold (2)	10.3%	n/a	n/a
Overall capital requirement	10.3%	12.4%	15.1%
Capital ratios at 31 March 2026	14.3%	16.6%	19.8%
Headroom (3,4)	4.0%	4.2%	4.7%

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	1,432	-	-	1,432
Foreseeable ordinary dividends	(716)	-	-	(716)
Foreign exchange reserve	(87)	-	-	(87)
FVOCI reserve	28	-	-	28
Own credit	(14)	-	-	(14)
Share-based remuneration and shares vested under employee share schemes	102	-	-	102
Goodwill and intangibles deduction	66	-	-	66
Deferred tax assets	29	-	-	29
Prudential valuation adjustments	(18)	-	-	(18)
New issues of capital instruments	-	-	553	553
Other capital instrument movements (1)	-	16	(53)	(37)
Expected loss less impairment	89	-	-	89
Other movements	19	-	29	48
At 31 March 2026	27,996	4,571	6,283	38,850

		Counterparty		Operational
	Credit risk	credit risk	Market risk	risk	Total
	£bn	£bn	£bn	£bn	£bn
At 31 December 2025	155.6	7.6	4.5	25.6	193.3
Foreign exchange movement	0.2	-	-	-	0.2
Business movement	1.3	0.2	0.6	-	2.1
Risk parameter changes	0.3	-	-	-	0.3
Model updates	-	0.1	-	-	0.1
At 31 March 2026	157.4	7.9	5.1	25.6	196.0

	Liquidity value
	31 March 2026			31 December 2025
	NatWest	NWH	UK DoL	NatWest	NWH	UK DoL
	Group (1)	Group (2)	Sub	Group (1)	Group (2)	Sub
	£m	£m	£m	£m	£m	£m
Cash and balances at central banks	74,868	42,090	41,408	81,107	52,307	51,640
High quality government/MDB/PSE and GSE bonds (3)	67,464	49,714	49,714	61,438	42,214	42,214
Extremely high-quality covered bonds	4,404	4,404	4,404	4,415	4,414	4,414
LCR level 1 assets	146,736	96,208	95,526	146,960	98,935	98,268
LCR level 2 Eligible Assets (4)	8,991	8,168	8,168	10,325	9,466	9,466
Primary liquidity (HQLA) (5)	155,727	104,376	103,694	157,285	108,401	107,734
Secondary liquidity	77,647	77,647	77,647	80,647	80,647	80,647
Total liquidity value	233,374	182,023	181,341	237,932	189,048	188,381

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

	31 March	31 December
	2026	2025
Leverage	£m	£m
Cash and balances at central banks	78,966	85,182
Trading assets	56,817	46,537
Derivatives	66,408	60,789
Financial assets	523,567	505,609
Other assets	23,883	16,436
Total assets	749,641	714,553
Derivatives
- netting and variation margin	(63,035)	(58,769)
- potential future exposures	18,907	18,155
Securities financing transactions gross up	1,808	2,593
Other off balance sheet items	59,842	70,909
Regulatory deductions and other adjustments	(17,017)	(9,699)
Claims on central banks	(75,548)	(81,616)
Exclusion of bounce back loans	(925)	(1,172)
UK leverage exposure	673,673	654,954
UK leverage ratio (%)	4.8	4.8

	31 March	31 December
	2026	2025
	£m	£m
CET1	27,996	27,066
CET1 capital pre-distributions (1)	28,712	31,171
RWAs	196,010	193,288

CET1 ratio (%) - opening at 1 January	14.00	13.61
CET1 ratio pre-distributions (%) - closing	14.65	16.13
Capital generation pre-distributions (%) (1)	0.65	2.52

High-level narrative - potential developments, vulnerabilities and risks
Growth		Outperformance - above trend growth as government support helps in consumer sentiment recovery	Upside
		Modest - soft in 2026, close to trend pace afterwards	Base case
		Stalling - cautious consumer and policy uncertainty weighs on activity	Downside
		Extreme stress - extreme fall in GDP followed by a weak recovery	Extreme downside
Inflation		Sticky - strong growth and/or wage policies keep services inflation above target in medium term	Upside
		Reversal - ongoing progress against inflation halted, inflation rises to around 3.5%	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		Cautious - higher growth and inflation keep the Monetary Policy Committee cautious	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 - 4%		Extreme downside

	2026					2025
				Extreme	Weighted				Extreme	Weighted
	Upside	Base case	Downside	downside	average	Upside	Base case	Downside	downside	average
Five-year summary	%	%	%	%	%	%	%	%	%	%
GDP	2.1	1.1	0.3	(0.4)	1.0	2.1	1.4	0.5	0.1	1.2
Unemployment rate	4.3	5.4	6.0	7.3	5.5	4.3	5.1	5.6	7.0	5.3
House price index	6.0	1.2	(0.4)	(4.2)	1.4	5.7	3.3	0.6	(3.8)	2.6
Commercial real estate price	6.0	0.4	(1.6)	(5.3)	0.7	6.1	2.2	(0.3)	(5.0)	1.9
Consumer price index	2.2	2.3	1.7	4.3	2.5	2.6	2.4	2.4	1.8	2.3
Bank of England base rate	4.0	3.8	1.8	5.4	3.7	4.0	3.5	2.6	1.4	3.2
Stock price index	5.8	3.7	3.5	(0.3)	3.6	6.2	4.8	2.8	1.1	4.3
World GDP	3.7	3.0	2.5	1.6	2.9	3.7	3.1	2.5	2.2	3.0
Probability weight	22.5	45.0	18.3	14.2		22.4	45.0	19.5	13.1

	GDP - annual growth						Consumer price index - four quarter change
	Upside %	Base case %	Downside %	Extreme downside %	Weighted average %		Upside %	Base case %	Downside %	Extreme downside %	Weighted average %
2026	1.2	0.4	(0.4)	(1.0)	0.3	2026	2.6	3.5	1.3	9.0	3.7
2027	3.2	1.0	(1.6)	(3.5)	0.4	2027	2.4	2.1	1.4	4.7	2.4
2028	2.6	1.5	1.1	0.6	1.6	2028	2.1	2.0	1.9	3.7	2.2
2029	1.7	1.4	1.3	1.0	1.4	2029	1.9	2.0	2.0	2.2	2.0
2030	1.6	1.4	1.3	1.0	1.4	2030	2.0	2.0	2.0	2.0	2.0

	Unemployment rate - annual average						Bank of England base rate - annual average
	Upside %	Base case %	Downside %	Extreme downside %	Weighted average %		Upside %	Base case %	Downside %	Extreme downside %	Weighted average %
2026	5.1	5.5	5.5	5.7	5.4	2026	3.94	3.75	2.80	5.25	3.83
2027	4.2	5.7	6.2	7.2	5.6	2027	4.00	3.75	1.52	6.75	3.82
2028	4.1	5.4	6.4	8.4	5.7	2028	4.00	3.75	1.50	5.89	3.70
2029	4.1	5.3	6.1	8.0	5.5	2029	4.00	3.75	1.50	5.06	3.58
2030	4.0	5.1	5.7	7.4	5.3	2030	4.00	3.75	1.77	4.26	3.52

	House price index - four quarter change						Stock price index - four quarter change
	Upside %	Base case %	Downside %	Extreme downside %	Weighted average %		Upside %	Base case %	Downside %	Extreme downside %	Weighted average %
2026	6.4	0.7	(4.3)	(5.9)	0.1	2026	13.8	(2.5)	(20.9)	(39.0)	(7.4)
2027	7.6	(1.8)	(6.6)	(12.4)	(1.8)	2027	5.6	5.2	8.1	4.8	5.7
2028	5.3	(0.5)	(0.7)	(12.0)	(0.4)	2028	3.5	5.2	12.9	18.1	7.2
2029	5.3	3.9	4.9	4.7	4.5	2029	3.5	5.3	11.5	15.3	6.9
2030	5.6	4.0	5.2	6.3	4.9	2030	3.1	5.3	10.4	13.3	6.5

	Commercial real estate price - four quarter change
	Upside %	Base case %	Downside %	Extreme downside %	Weighted average %
2026	11.9	(2.6)	(9.4)	(15.0)	(2.3)
2027	4.9	(2.1)	(9.5)	(22.4)	(4.1)
2028	5.8	2.8	4.1	3.9	4.0
2029	4.3	2.0	4.1	5.8	3.4
2030	3.0	2.0	4.0	5.0	2.9

	ECL provision
	£m
At 1 January 2026	3,585
Changes in economic forecasts	140
Changes in risk metrics and exposure: Stage 1 and Stage 2	(16)
Changes in risk metrics and exposure: Stage 3	219
Judgemental changes: changes in post model adjustments for Stage 1,
Stage 2 and Stage 3	(34)
Write-offs and other	(151)
At 31 March 2026	3,743

			Private Banking
	Retail Banking		& Wealth	Commercial
	Mortgages	Other	Management	& Institutional	Total
31 March 2026	£m	£m	£m	£m	£m
Deferred model calibrations	-	-	1	12	13
Economic uncertainty	45	41	9	125	220
Other adjustments	-	20	-	9	29
Total	45	61	10	146	262
Of which:
- Stage 1	37	35	3	53	128
- Stage 2	8	22	7	93	130
- Stage 3	-	4	-	-	4

31 December 2025
Deferred model calibrations	-	-	1	14	15
Economic uncertainty	44	42	11	149	246
Other adjustments	-	19	-	16	35
Total	44	61	12	179	296
Of which:
- Stage 1	33	38	4	73	148
- Stage 2	11	20	8	106	145
- Stage 3	-	3	-	-	3

					Extreme
		Base	Upside	Downside	downside
31 March 2026	Actual	scenario	scenario	scenario	scenario
Total Stage 1 and Stage 2 ECL (£m)	1,499	1,400	1,155	1,598	3,177
Variance to actual total Stage 1 and
Stage 2 ECL (£m)	-	(99)	(344)	99	1,678

31 December 2025
Total Stage 1 and Stage 2 ECL (£m)	1,410	1,301	1,186	1,464	2,660
Variance to actual total Stage 1 and
Stage 2 ECL (£m)	-	(109)	(224)	54	1,250

	Personal				Non-Personal
		Credit	Other		Corporate and	Financial
	Mortgages (1)	cards	personal	Total	other	institutions (2)	Sovereign	Total	Total
31 March 2026	£m	£m	£m	£m	£m	£m	£m	£m	£m
Loans by geography	218,516	8,154	11,564	238,234	120,712	84,068	1,365	206,145	444,379
- UK	218,511	8,154	11,564	238,229	102,155	49,899	548	152,602	390,831
- Other Europe	5	-	-	5	7,184	19,384	354	26,922	26,927
- RoW	-	-	-	-	11,373	14,785	463	26,621	26,621
Loans by asset quality (3)	218,516	8,154	11,564	238,234	120,712	84,068	1,365	206,145	444,379
- AQ1-AQ4	121,924	109	884	122,917	48,796	77,775	937	127,508	250,425
- AQ5-AQ8	93,999	7,618	9,449	111,066	69,676	6,138	137	75,951	187,017
- AQ9	1,141	154	222	1,517	280	12	276	568	2,085
- AQ10	1,452	273	1,009	2,734	1,960	143	15	2,118	4,852
Loans by stage	218,516	8,154	11,564	238,234	120,712	84,068	1,365	206,145	444,379
- Stage 1	200,921	5,705	8,988	215,614	97,382	83,590	1,074	182,046	397,660
- Stage 2	16,141	2,176	1,567	19,884	21,370	335	276	21,981	41,865
- Stage 3	1,454	273	1,009	2,736	1,960	143	15	2,118	4,854
- Of which: individual	204	1	26	231	1,021	138	15	1,174	1,405
- Of which: collective	1,250	272	983	2,505	939	5	-	944	3,449
Loans - past due analysis	218,516	8,154	11,564	238,234	120,712	84,068	1,365	206,145	444,379
- Not past due	215,831	7,809	10,526	234,166	117,006	83,845	1,353	202,204	436,370
- Past due 1-30 days	1,413	74	94	1,581	2,347	173	-	2,520	4,101
- Past due 31-90 days	468	88	115	671	679	47	12	738	1,409
- Past due 91-180 days	298	71	104	473	52	-	-	52	525
- Past due >180 days	506	112	725	1,343	628	3	-	631	1,974
Loans - Stage 2	16,141	2,176	1,567	19,884	21,370	335	276	21,981	41,865
- Not past due	14,809	2,073	1,448	18,330	20,001	324	276	20,601	38,931
- Past due 1-30 days	1,077	44	49	1,170	1,052	3	-	1,055	2,225
- Past due 31-90 days	255	59	70	384	317	8	-	325	709
Weighted average life
- ECL measurement (years)	9	4	6	5	6	4	nm	6	6
ECL provisions by geography	281	564	1,149	1,994	1,581	149	19	1,749	3,743
- UK	280	564	1,149	1,993	1,394	100	6	1,500	3,493
- Other Europe	1	-	-	1	119	8	-	127	128
- RoW	-	-	-	-	68	41	13	122	122

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
31 March 2026	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Personal	215,614	19,884	2,736	238,234	46,837	35	338	468	1,188	1,994
Mortgages (1)	200,921	16,141	1,454	218,516	16,216	-	50	37	194	281
Credit cards	5,705	2,176	273	8,154	23,157	-	120	224	220	564
Other personal	8,988	1,567	1,009	11,564	7,464	35	168	207	774	1,149
Non-Personal	182,046	21,981	2,118	206,145	97,251	4,553	307	386	1,056	1,749
Financial institutions (2)	83,590	335	143	84,068	22,370	1,559	33	7	109	149
Sovereign	1,074	276	15	1,365	409	-	7	5	7	19
Corporate and other	97,382	21,370	1,960	120,712	74,472	2,994	267	374	940	1,581
Of which:
Commercial real estate	18,586	1,169	259	20,014	5,724	134	67	19	106	192
Mobility and logistics	12,864	4,713	84	17,661	10,472	548	25	48	40	113
Consumer industries	12,364	3,421	395	16,180	11,004	512	37	72	181	290
Total	397,660	41,865	4,854	444,379	144,088	4,588	645	854	2,244	3,743

31 December 2025
Personal	212,904	19,500	2,537	234,941	45,009	36	342	426	1,112	1,880
Mortgages (1)	197,939	15,951	1,339	215,229	14,799	-	45	36	191	272
Credit cards	5,988	2,081	242	8,311	22,696	-	125	205	190	520
Other personal	8,977	1,468	956	11,401	7,514	36	172	185	731	1,088
Non-Personal	173,747	19,082	2,146	194,975	97,779	4,357	272	370	1,063	1,705
Financial institutions (2)	73,959	356	141	74,456	21,555	1,476	37	5	113	155
Sovereign	2,009	266	15	2,290	501	-	7	5	6	18
Corporate and other	97,779	18,460	1,990	118,229	75,723	2,881	228	360	944	1,532
Of which:
Commercial real estate	17,838	1,272	294	19,404	6,646	162	55	22	120	197
Mobility and logistics	13,021	4,312	81	17,414	10,194	520	24	45	40	109
Consumer industries	12,875	2,912	389	16,176	11,149	496	33	68	199	300
Total	386,651	38,582	4,683	429,916	142,788	4,393	614	796	2,175	3,585

	Share		Other		Other reserves				Total	Non
	capital and	Paid-in	statutory	Retained		Cash flow	Foreign		owners'	controlling	Total
	share premium	equity	reserves (2)	earnings	Fair value	hedging (3,4)	exchange	Merger	equity	interests	equity
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
At 1 January 2026	10,021	4,571	2,613	14,419	13	(752)	833	10,881	42,599	14	42,613
Profit attributable to ordinary shareholders
and other equity owners				1,505					1,505	2	1,507

Other comprehensive income
Realised gains on FVOCI equity shares					(12)				(12)		(12)
Remeasurement of retirement benefit schemes				5					5		5
Changes in fair value of credit in financial liabilities
designated at FVTPL due to own credit risk				17					17		17
Unrealised gains					46				46		46
Amounts recognised in equity						(260)			(260)		(260)
Retranslation of net assets							3		3		3
Losses on hedges of net assets							3		3		3
Reclassification of OCI to Income statement						92	(93)		(1)		(1)
Tax				(2)	(6)	42	-		34		34
Total comprehensive income				1,525	28	(126)	(87)	-	1,340	2	1,342

Transactions with owners
Paid-in equity dividends paid				(73)					(73)		(73)
Shares repurchased (1)	(54)		54	(313)					(313)		(313)
Employee share schemes				17					17		17
Shares vested under employee share schemes			70						70		70
Share-based remuneration				15					15		15
At 31 March 2026	9,967	4,571	2,737	15,590	41	(878)	746	10,881	43,655	16	43,671

Measure	Description
AUMA	AUMA comprises client assets under management (AUM) and client assets under administration (AUA) serviced through the Private Banking & Wealth Management segment and not recognised on NatWest Group's balance sheet. AUM comprise assets where the investment management is undertaken by Private Banking & Wealth Management on behalf of customers of the Private Banking & Wealth Management, Retail Banking and Commercial & Institutional segments. AUA comprises i) third party assets held on an execution-only basis in custody by Private Banking & Wealth Management, Retail Banking and Commercial & Institutional for their customers, for which the execution services are supported by Private Banking & Wealth Management ii) AUA of Cushon, acquired on 1 June 2023, which are supported by Private Banking & Wealth Management and held and managed by third parties. This measure is tracked and reported as the amount of funds that we manage or administer, and directly impacts the level of investment income that we receive.
AUMA income	AUMA income includes investment income earned across NatWest Group (excluding Cushon). Investment income includes ongoing fees as a percentage of assets and fees, charged on a per transaction basis, for advice services, trading and exchange services, protection and alternative investing services. AUMA is a core driver of non-interest income, especially with respect to ongoing investment income and this measure provides a means of reporting the income earned on AUMA.
AUM net flows	AUM net flows refers to net client cash inflows and outflows relating to investment products, both discretionary and advisory mandates serviced through the Private Banking & Wealth Management segment. AUM comprises assets where the investment management is undertaken by Private Banking & Wealth Management on behalf of Private Banking & Wealth Management, Retail Banking and Commercial & Institutional customers.
Capital generation pre-distributions	Capital generation pre-distributions refers to the change in the CET1 ratio in the period, before distributions to ordinary shareholders. It reflects the capital generated through business activities and all other movements, including attributable profit for the period, impacts from acquisitions and disposals, and risk-weighted asset (RWA) changes, prior to the deduction of ordinary shareholder distributions such as ordinary dividends and share buybacks. It is used to show the capital generated in the period that is available for deployment in the business and distribution to shareholders.
Climate and transition finance	The climate and transition finance target enables NatWest Group to quantify the level of financing and facilitation provided by NatWest Group that could support customers in achieving their climate and/or transition ambitions, through lending and underwriting activities. The climate and transition finance framework, available on natwestgroup.com, underpins the target to provide £200 billion in climate and transition finance between 1 July 2025 and the end of 2030.
Loan impairment rate	Loan impairment rate is the annualised loan impairment charge divided by gross customer loans. This measure is used to assess the credit quality of the loan book.
Third party rates	Third party customer asset rate is calculated as annualised interest receivable on third-party loans to customers as a percentage of third-party loans to customers. This excludes assets of disposal groups, intragroup items, loans to banks and liquid asset portfolios. Third party customer funding rate reflects interest payable or receivable on third-party customer deposits, including interest bearing and non- interest bearing customer deposits. Intragroup items, bank deposits, debt securities in issue and subordinated liabilities are excluded for customer funding rate calculation.
Wholesale funding	Wholesale funding comprises deposits by banks (excluding repos), debt securities in issue and subordinated liabilities. Funding risk is the risk of not maintaining a diversified, stable and cost-effective funding base. The disclosure of wholesale funding highlights the extent of our diversification and how we mitigate funding risk.

NatWest Group plc Q1 Results 2026

Summary by AI BETAClose X

1. Total income excluding notable items

2. Cost:income ratio (excl. litigation and conduct)

3. Tangible net asset value (TNAV) per ordinary share

4. Operating expenses excluding litigation and conduct

5. Loan:deposit ratio (excl. repos and reverse repos)

6. Total customer assets and liabilities (CAL)

7. NatWest Group Return on Tangible Equity

8. Segment return on equity

Loan impairment rate is the annualised loan impairment charge divided by gross customer loans. This measure is used to assess the credit quality of the loan book.

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