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NatWest Group plc

NatWest Group plc

NYSE•NWG
CEO: Mr. John-Paul Thwaite
Sector: Financial Services
Industry: Banks - Diversified
Listing Date: 2007-10-18
NatWest Group plc, together with its subsidiaries, provides banking and financial products and services to personal, commercial, corporate, and institutional customers in the United Kingdom and internationally. It operates through Retail Banking, Private Banking, and Commercial & Institutional segments. The Retail Banking segment offers a range of banking products and related financial services, such as current accounts, mortgages, personal unsecured lending, and personal deposits, as well as mobile and online banking services. The Private Banking segment provides private banking and wealth management products for high-net-worth individuals and their business interests. The Commercial & Institutional segment offers banking and financial solutions to large corporate organisations, multi-nationals, and financial institutions. The company was formerly known as The Royal Bank of Scotland Group plc and changed its name to NatWest Group plc in July 2020. NatWest Group plc was founded in 1727 and is headquartered in Edinburgh, the United Kingdom.
Contact Information
Gogarburn, 175 Glasgow Road PO Box 1000, Edinburgh, EH12 1HQ, United Kingdom
44-13-1556-8555
www.natwestgroup.com
Market Cap
$33.38B
P/E (TTM)
9.4
15.3
Dividend Yield
4.1%
52W High
$16.94
52W Low
$9.16
52W Range
94%
Rank48Top 50.7%
3.7
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.7 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$10.17B+115.66%
4-Quarter Trend

EPS

$1.08+185.71%
4-Quarter Trend

FCF

$0.00+0.00%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Strong Income Growth Excluding Items Total income excluding notable items rose 2.2% to £14.648B, supported by NIM expansion to 2.13%. Attributable profit grew 2.8% to £4.519B.
CET1 Ratio Increased to 13.6% CET1 ratio rose 20 basis points to 13.6%, reflecting attributable profit offset by capital distributions. RWAs increased slightly to £183.2B.
Cost Discipline and FTE Reduction FTE reduced 3% to c.59,200, reflecting ongoing simplification efforts. Cost:income ratio (excl. litigation) was 53.4%, slightly higher than prior year.
Lower Impairment Charge Net impairment charge decreased to £359M, with the loan impairment rate falling 6 basis points to 9bps. ECL coverage ratio decreased to 0.83%.

Risk Factors

UK Economic Uncertainty Risks Continued exposure to UK economic/political risks, inflation, and interest rate uncertainty, which could impact asset values and customer creditworthiness.
Prudential Regulation Implementation Ongoing Basel 3.1 changes are expected to increase capital requirements, potentially raising funding costs and reducing return on equity.
Operational and Cyber Resilience High dependency on complex IT systems and increasing sophistication of cyberattacks pose material operational and reputational risks.
Intensifying Market Competition Competition from incumbents, fintechs, and BigTechs pressures margins, especially in digital sales and customer engagement across all business lines.

Outlook

Interest Rate Sensitivity Outlook Performance sensitive to interest rate changes; structural hedges aim to manage volatility, but expected rate cuts could compress NIM further.
Maturing Climate Risk Integration Continued enhancement of climate risk modelling, scenario analysis, and integration into ICAAP/IFRS 9 processes, with expanded scope to include nature-related risks.
Strategy Execution and Growth Focus remains on disciplined growth, simplification, and achieving targets like £100B climate and sustainable funding by end of 2025.
Evolving Regulatory Landscape Continued adaptation to evolving regulatory requirements, including Consumer Duty implementation and ongoing scrutiny across compliance and conduct.

Peer Comparison

Revenue (TTM)

Morgan StanleyMS
$112.10B
+25.7%
Banco Bradesco S.A.BBD
$51.50B
+44.5%
NatWest Group plcNWG
$38.38B
+109.6%

Gross Margin (Latest Quarter)

KB Financial Group Inc.KB
100.0%
+51.9pp
M&T Bank CorporationMTB
95.0%
+29.8pp
Synchrony FinancialSYF
83.2%
+30.2pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
MS$283.58B17.315.1%30.4%
TFC$64.82B12.77.8%13.1%
BBD$36.63B9.312.4%33.9%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
3.0%
Moderate Growth
4Q Net Income CAGR
10.0%
Profitability Improving
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Next earnings:Feb 13, 2026
|
EPS:$0.35
|
Revenue:-
Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 21, 2025|
    Revenue: $36.50B+101.6%
    |
    EPS: $1.35+8.2%
    Beat

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 23, 2024|
    Revenue: $17.62B+9.2%
    |
    EPS: $1.22+44.1%
    Beat

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Feb 24, 2023|
    Revenue: $15.99B+10.5%
    |
    EPS: $0.84+25.9%
    Beat

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Mar 4, 2022|
    Revenue: $16.16B-10.2%
    |
    EPS: $0.74+420.7%
    Beat

  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Mar 5, 2021|
    Revenue: $9.86B-13.1%
    |
    EPS: $-0.22-130.1%
    Miss