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NatWest Group (NWG) investor relations material
NatWest Group JPMorgan UK Leaders Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.JPMorgan UK Leaders Conference summary19 Nov, 2025
Economic and market environment
Current economic outlook is one of cautious optimism, with stable base rates and low unemployment despite some volatility in inflation and fiscal policy.
Retail depositors maintain high savings rates, and consumer confidence remains strong, supporting robust mortgage and lending activity.
Corporate clients are investing and growing, digesting regulatory and budget changes, with positive business sentiment reflected in financial results.
Inflation remains slightly above expectations but is trending downward, contributing to overall economic stability.
Guidance has been upgraded several times due to broad-based growth and strong customer activity.
Financial performance and guidance
Achieved strong income growth, with upgraded guidance to around £16.3 billion and ROTCE above 18% for the year.
Balance sheet growth, structural hedge performance, and cost management underpin confidence in maintaining >15% ROTCE guidance.
Non-interest income, especially from FX and capital markets, has been a significant contributor.
Rate cuts are expected to reduce income by about £300 million next year, but growth and hedge benefits will help offset this.
Further guidance for 2026 and 2028 will be provided in February.
Lending, mortgages, and unsecured credit
Mortgage market share has grown to 12.6%, with new products like Family Back Mortgage and shared ownership expanding reach.
Buy-to-let exposure increased through partnerships, and the mortgage market has grown from £240bn to £285bn year-on-year.
Unsecured lending has seen steady growth, boosted by the Sainsbury’s acquisition, reaching about 11% market share.
Margin compression is expected as older mortgages reprice, but retention rates in the high 70% help support margins.
Continued focus on risk appetite and product diversification to sustain growth.
Capital target range after FPC review
NII drivers beyond structural hedge
Mortgage margin outlook and diversification impact
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Next NatWest Group earnings date
Q4 202513 Feb, 2026
Next NatWest Group earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
A Pillar of British Banking
The National Westminster Bank, widely known as NatWest, is a significant name within the British banking sector and beyond. Founded in 1968 following the merger of National Provincial Bank and Westminster Bank, NatWest has grown to become a powerhouse in UK finance, offering a myriad of services and cultivating a strong reputation. The company is headquartered in the British capital and trades on the London Stock Exchange.
Pioneering Mergers in the British Banking Industry
NatWest's formation was a transformative moment in the British banking industry. The merger of National Provincial Bank and Westminster Bank, two institutions with histories dating back to the 19th century, created a banking behemoth, propelling the newly formed NatWest to the forefront of UK finance. The merger signaled the start of a new era in British banking, characterized by the consolidation of banking services under a single brand. Today, they’re still an important player in the country’s banking sector and some of their largest competitors include other large banks like Barclays and HSBC as well as several other institutions.
For Private Customers
NatWest offers a comprehensive suite of financial services for private individuals, aimed at meeting a broad spectrum of personal banking needs. Their offerings include a range of savings and checking, as well as other products and services expected from modern banks. For customers looking to buy a home or refinance an existing mortgage, NatWest provides an array of mortgage options with competitive rates. Credit card offerings from the bank are modern and meet various requirements common amongst customers with everything from rewards programs to balance transfers. The bank also offers personal loans and insurance products, investment services, retirement planning, and financial advice to help customers make decisions that are in tune with their goals. The bank operates robust online and mobile banking platforms that allow customers to manage their finances conveniently and securely from anywhere at any time.
Serving Institutional Clients
NatWest offers a comprehensive portfolio of financial products and services designed specifically to cater to the needs of institutional clients. Their Corporate & Institutional Banking division provides solutions in areas like debt financing and trade finance. The bank is experienced in providing syndicated loans, bond issuance, and structured finance, supporting clients in capital-raising activities.
In trade finance, they facilitate international business with letters of credit, guarantees, and import/export financing. NatWest Markets, the investment banking arm of the group, provides services such as currency trading, equities, fixed income, and derivatives to help institutions manage liquidity and investments. They also provide various solutions within risk management for their clients.
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