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NatWest Group (NWG) investor relations material
NatWest Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Oct, 2025
Executive summary
Delivered strong Q3 2025 results with broad-based lending and income growth, supported by healthy customer activity and stable deposits.
Lending grew 4.4% year-to-date to £388bn, with 70,000 new customers added in the quarter.
Mortgage lending increased by over £5bn in nine months; unsecured lending up £2.9bn (17.3%).
Deposits rose 0.8% to £435bn; assets under management and administration up 14.5% to £56bn.
Attributable profit for 9M'25 reached £4.1bn, up 24.9% year-over-year; ROTE for Q3 was 22.3%, year-to-date 19.5%.
Financial highlights
Q3 income (excluding notable items) up 3.9% sequentially to £4.2bn; total income for 9M'25 was £12.1bn, up 12.5% year-over-year.
Net interest income for 9M'25 was £9.4bn, up 13% year-over-year; net interest margin up 9bps to 2.37%.
Operating expenses down 2.1% to £2bn; cost:income ratio improved to 45.8% in Q3'25.
Operating profit before tax for Q3 was £2.2bn; attributable profit £1.6bn.
EPS up 32.4% year-over-year; TNAV per share up 14.6% to 362p.
Outlook and guidance
Upgraded full-year 2025 guidance: total income (excluding notable items) expected around £16.3bn; ROTE greater than 18%.
Group operating costs (ex litigation and conduct) expected to be ~£8.1bn, including ~£0.1bn one-time integration costs.
Loan impairment rate for FY'25 expected below 20bps; RWAs targeted at £190–195bn by year-end.
CET1 ratio expected to remain strong; further guidance for 2026 and new 2028 targets to be provided at full-year results.
What drove the reduction in ECL post model adjustments?
How did RWA management actions support growth?
What drove the increase in other operating expenses?
Lending growth sustainability beyond 2023
Cost management levers beyond 2023
Future capital target and deployment strategy
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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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