Natwest Group Stock Earnings Reports

NatWest Group reported a strong start to 2026 with broad-based lending growth, ongoing deposit momentum in corporate & institutional (C&I), and asset-gathering in wealth management. Customer lending rose 6.6% year‑on‑year to £400bn (Q1 lending +£7.3bn) while deposits grew 2.6% to £445bn (+£3.1bn in the quarter). Assets under management and administration increased ~17% y/y to £57bn with net AUM inflows of £0.9bn. Income (ex-notables) was £4.2bn for the quarter and NatWest now expects 2026 income to be at the top end of its prior £17.2–17.6bn range (ex-Evelyn Partners) due to a higher-for-longer rates view. Costs were well controlled: operating costs were down sequentially and the cost/income ratio improved to 46.5%; full-year cost guidance remains ~£8.2bn (ex-Evelyn). The impairment charge was £283m (26bps), which includes a £140m addition reflecting revised macro scenarios; underlying credit performance remains strong and management still expects full-year loan impairment below 25bps. Capital generation was robust (65bps in Q1) and CET1 was 14.3%; management expects ~200bps of capital generation before distributions this year while operating around a ~13% CET1 target. Strategic highlights: market-share gains in mortgages (exclusive Rightmove mortgage partnership), acquisition of Evelyn Partners progressing toward Q2 completion, active balance-sheet and RWA management, delivery of >£100m of cost savings in Q1, and increased deployment of AI in software development (management cites productivity gains). Management notes elevated geopolitical uncertainty (Middle East) and has assumed higher inflation and no further BoE rate cuts in 2026 when setting guidance. Overall message: resilient, diversified, capital-generative franchise with disciplined, returns-led growth and modest additional provisioning to reflect macro uncertainty.