NatWest reported first-quarter income of £4.4bn (£4.3bn expected), up 10% year-on-year. Net interest margin rose from 2.27% to 2.47%.
Operating profit rose 12% to £2.0bn (£1.9bn expected), supported by strong top-line growth and good cost discipline. Impairments were higher, driven by weakening economic assumptions, but in line with expectations, and default levels remain low.
The group’s CET1 ratio, a key measure of financial strength, was 14.3% at the period end (target = around 13%).
2026 guidance now points to total income at the top end of the previous £17.2-17.6bn range (£17.7bn expected), excluding any benefits from the upcoming Evelyn Partners acquisition.
The shares rose 2.9% in early trading.
Our view
HL view to follow.
NatWest key facts
All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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