)
Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
NatWest Group
NatWest Group (NWG) investor relations material
NatWest Group Q4 2025 Fixed Income earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 Fixed Income earnings summary13 Feb, 2026
Executive summary
Achieved 19.2% Return on Tangible Equity (ROTE) in FY 2025, with strong compounding growth across all business segments, over 20 million customers served, and 1 million new customers added; customer loans up 5.6%, deposits up 2.4%, and AUMA up 20%.
Total income excluding notable items rose 12% year-over-year to GBP 16.4 billion, with net interest income up 13.5% and non-interest income up 1.3%.
Operating profit before tax was GBP 7.7 billion, profit attributable to ordinary shareholders was GBP 5.5 billion, and operating profit before impairments increased 27.8% to GBP 8.4 billion.
EPS up 27% to 68p, dividends per share up 51% to 32.5p year-over-year.
Tangible net asset value per share increased 17% to GBP 3.84 (384p).
Financial highlights
Cost/income ratio improved to 48.6%, with positive jaws of 10ppt and operational leverage.
Net interest margin increased 21bps to 234bps, driven by deposit growth and margin expansion.
Total operating expenses were up 1.4% to GBP 8.3 billion; one-time integration costs of GBP 0.1 billion included.
Loan impairment charge was GBP 671 million, or 16bps of loans; ECL coverage stable at 0.83%.
CET1 ratio at 14%, capital generation of 252bps before distributions.
Outlook and guidance
2026 income (excluding notable items) expected between GBP 17.2–17.6 billion; operating expenses around GBP 8.2 billion.
Loan impairment rate for 2026 guided to below 25bps, reflecting normalization and loan book growth.
Capital generation before distributions targeted at 200bps; ROTE expected above 17%.
CET1 ratio target set at around 13% reflecting regulatory changes and capital generation.
Basel 3.1 implementation in 2027 expected to increase RWAs by GBP 10 billion.
Basel 3.1 RWA impact mitigation plan
Structural hedge's role in NIM compression?
Path to <45% CIR by 2028 with investments?
Clarify Basel 3.1 RWA impact and CET1 target
Structural hedge income growth expectations
Rationale for 2026 loan impairment rate guidance
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next NatWest Group earnings date
Q1 20261 May, 2026
NatWest Group
Next NatWest Group earnings date
Q1 20261 May, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage