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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
NatWest Group
NatWest Group (NWG) investor relations material
NatWest Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary30 Oct, 2026
Executive summary
Q3 attributable profit was £1.532bn, operating profit £2.225bn and ROTE 21.6%; 9M ROTE reached 20.2%.
CAL reached £1,002.6bn, up £15.7bn QoQ, with lending, deposits and assets under management growing across the three businesses.
9M income excluding notable items rose 9.3%; capital generation was 208bps, and management cited a fourth consecutive year above 17% ROTE.
Financial highlights
Q3 total income was £4.640bn, up 3.0% QoQ; excluding notable items, income was £4.587bn, up 3.1%. 9M income excluding notable items was £13.259bn, up 9.3%.
Q3 operating profit was £2.225bn and attributable profit £1.532bn, down 2.6% and 4.4% QoQ, respectively; 9M attributable profit rose 11.8% to £4.567bn.
Q3 operating expenses were £2.138bn and impairment losses £277m; the 9M impairment charge was £700m versus £535m in 9M'25.
9M net interest income was £10.449bn, up 11.3%; non-interest income excluding notable items was £2.810bn, up 2.6%.
Q3 basic EPS was 19.3p versus 20.1p in Q2; 9M EPS was 57.4p, up 13.2% YoY.
Outlook and guidance
2026 income excluding notable items remains expected at ~£17.9bn, including ~£275m from Evelyn Partners; operating costs excluding litigation and conduct remain ~£8.5bn, including ~£300m from Evelyn Partners.
2026 loan impairment rate is expected below 25bps, ROTE above 19%, and capital generation pre-distributions above 240bps excluding Evelyn Partners' acquisition impact, or above 100bps reported.
2026 CET1 target remains ~13%; ordinary dividend payout is expected near 50% of attributable profit, with the next buyback announcement alongside FY'26 results.
2027 NIM is expected to be broadly stable; structural hedge income is expected to exceed 2026 by >£1bn, with bank rate and five-year swap assumptions of 4%.
By 2028, targets include CAL CAGR above 4% from end-2025, cost:income ratio below 45% excluding litigation and conduct, ROTE above 18% and capital generation above 200bps pre-distributions.
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Latest events from NatWest Group
- FY23 profit and returns strengthened, while 2024 income guidance reflects rate and deposit pressures.NWG
Q4 2023 - Sustained high returns, diversified growth, and strong capital generation drive future confidence.NWGBarclays 24th Annual Global Financial Services Conference
- H1 2026 profit up 22%, ROTE 19.7%, CET1 13.2%, and Evelyn Partners acquisition completed.NWGQ2 2026
- Sector-leading returns and upgraded 2026 guidance driven by strong growth and capital strength.NWGQ2 2026 Fixed income
- Strong lending, deposit, and AUM growth drive robust returns amid stable economic outlook.NWGJPMorgan UK Leaders Conference
- 19.2% ROTE, 12% income growth, CET1 at 14%, and strong 2026 capital targets.NWGQ4 2025 Fixed Income
- Disciplined growth and digital transformation drove a 17.2% ROE and strong 2024 results.NWGInvestor Update
- Strong Q3 profit, margin expansion, and upgraded guidance with robust capital ratios.NWGQ3 2024
- Strong profit growth, higher dividends, and reduced government stake mark 2024.NWGQ4 2024
Next NatWest Group earnings date
Investor update25 Nov, 2026
NatWest Group
Next NatWest Group earnings date
Investor update25 Nov, 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.