NYSE : NWG
NatWest Group plc — Financial statements
Financials · Banks - Regional · United Kingdom
Last price 15.47 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 61.40B
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Financial statements
Income statement
Fiscal year January - December; amounts in GBP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 26.46B | 25.70B | 25.19B | 21.03B | 12.64B | 9.23B |
| Interest Paid on Deposits | 12.57B | 12.87B | 13.91B | 9.98B | 2.79B | 1.70B |
| Net Interest Income | 13.89B | 12.83B | 11.28B | 11.05B | 9.84B | 7.54B |
| Income From Trading Activities | 664.00M | 1.11B | 825.00M | 794.00M | 1.13B | 323.00M |
| Gain (Loss) on Sale of Assets | -36.00M | -36.00M | 31.00M | -23.00M | -5.00M | 18.00M |
| Gain (Loss) on Sale of Investments | -8.00M | -8.00M | -19.00M | -43.00M | -168.00M | 117.00M |
| Gain (Loss) on Sale of Equity Investments | 68.00M | 68.00M | 19.00M | -9.00M | -30.00M | 216.00M |
| Other Non-Interest Income | 3.25B | 2.68B | 2.57B | 2.98B | 2.54B | 2.37B |
| Total Non-Interest Income | 3.94B | 3.81B | 3.43B | 3.70B | 3.48B | 3.04B |
| Revenues Before Loan Losses | 17.83B | 16.64B | 14.70B | 14.75B | 13.32B | 10.57B |
| Provision for Loan Losses | 836.00M | 671.00M | 359.00M | 578.00M | 337.00M | -1.17B |
| Revenue | 16.99B | 15.97B | 14.34B | 14.17B | 12.98B | 11.75B |
| Salaries and Employee Benefits | 4.10B | 4.05B | 3.94B | 3.84B | 3.67B | 3.68B |
| Occupancy Expenses | 2.58B | 2.44B | 2.27B | 2.09B | 1.95B | 1.97B |
| Selling, General & Administrative | 1.71B | 1.60B | 1.65B | 1.72B | 1.69B | 2.03B |
| Total Non-Interest Expense | 8.38B | 8.10B | 7.85B | 7.64B | 7.30B | 7.67B |
| EBT Excluding Unusual Items | 8.61B | 7.87B | 6.49B | 6.53B | 5.68B | 4.07B |
| Other Unusual Items | -123.00M | -161.00M | -295.00M | -355.00M | -546.00M | -145.00M |
| Pretax Income | 8.48B | 7.71B | 6.20B | 6.18B | 5.13B | 3.84B |
| Income Tax Expense | 2.21B | 1.87B | 1.47B | 1.43B | 1.27B | 996.00M |
| Earnings From Continuing Operations | 6.27B | 5.83B | 4.73B | 4.74B | 3.86B | 2.85B |
| Earnings From Discontinued Operations | 81.00M | -112.00M | -262.00M | 464.00M | ||
| Minority Interest in Earnings | 2.00M | -3.00M | -9.00M | 4.00M | -6.00M | -44.00M |
| Net Income | 6.28B | 5.83B | 4.80B | 4.64B | 3.59B | 3.27B |
| Preferred Dividends & Other Adjustments | 278.00M | 352.00M | 283.00M | 242.00M | 249.00M | 318.00M |
| Net Income to Common | 6.00B | 5.48B | 4.52B | 4.39B | 3.34B | 2.95B |
| Basic Shares Outstanding | 8.07B | 8.05B | 8.45B | 9.16B | 9.87B | 10.79B |
| Diluted Shares Outstanding | 8.14B | 8.13B | 8.52B | 9.22B | 9.93B | 10.84B |
| EPS (Basic) | 0.74 | 0.68 | 0.53 | 0.48 | 0.34 | 0.27 |
| EPS (Diluted) | 0.74 | 0.67 | 0.53 | 0.48 | 0.34 | 0.27 |
| Dividend Per Share | 0.35 | 0.33 | 0.21 | 0.17 | 0.14 | 0.11 |
| Effective Tax Rate | 26.05% | 24.31% | 23.65% | 23.21% | 24.84% | 25.91% |
Balance sheet
Fiscal year January - December; amounts in GBP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 81.01B | 92.69B | 101.09B | 114.26B | 153.49B | 186.35B |
| Investment Securities | 129.45B | 140.37B | 125.91B | 102.44B | 72.85B | 93.74B |
| Trading Asset Securities | 112.27B | 74.97B | 93.31B | 91.91B | 115.03B | 137.42B |
| Total Investments | 241.73B | 215.33B | 219.22B | 194.35B | 187.88B | 231.16B |
| Gross Loans | 413.01B | 392.58B | 370.97B | 360.33B | 353.01B | 339.42B |
| Allowance for Loan Losses | -3.60B | -3.58B | -3.42B | -3.65B | -3.43B | -3.81B |
| Other Adjustments to Gross Loans | -895.00M | -1.00B | -1.02B | -889.00M | -891.00M | |
| Net Loans | 409.41B | 388.11B | 366.55B | 355.66B | 348.68B | 334.73B |
| Property, Plant & Equipment | 4.28B | 3.97B | 4.23B | 4.24B | 4.23B | |
| Goodwill | 5.52B | 5.67B | 5.68B | 5.52B | 5.52B | |
| Other Intangible Assets | 1.77B | 1.91B | 1.93B | 1.59B | 1.20B | |
| Accrued Interest Receivable | 327.00M | 248.00M | ||||
| Other Receivables | 71.00M | 7.00M | 49.00M | 279.00M | 190.00M | |
| Restricted Cash | 2.75B | 3.75B | 4.57B | 4.96B | 4.35B | |
| Other Current Assets | 229.00M | 64.00M | 7.44B | 9.60B | ||
| Long-Term Deferred Tax Assets | 1.25B | 1.88B | 1.89B | 2.18B | 1.20B | |
| Other Long-Term Assets | 26.56B | 2.56B | 3.88B | 10.05B | 3.46B | 3.22B |
| Total Assets | 758.70B | 714.55B | 707.99B | 692.67B | 720.05B | 781.99B |
| Accrued Expenses | 1.35B | 1.35B | 1.41B | 1.41B | 1.51B | |
| Interest Bearing Deposits | 508.22B | 459.79B | 453.42B | 440.88B | 460.53B | 484.20B |
| Total Deposits | 508.22B | 459.79B | 453.42B | 440.88B | 460.53B | 484.20B |
| Short-Term Borrowings | 60.81B | 92.99B | 96.68B | 97.68B | 110.99B | 132.44B |
| Current Portion of Long-Term Debt | 12.55B | 12.46B | 10.05B | 8.71B | 7.83B | |
| Current Portion of Leases | 85.00M | 94.00M | 102.00M | 137.00M | 238.00M | |
| Current Income Taxes Payable | 76.00M | 263.00M | 332.00M | 55.00M | 12.00M | |
| Other Current Liabilities | 61.56B | 44.02B | 49.73B | 55.23B | 48.23B | 47.00B |
| Long-Term Debt | 80.35B | 49.46B | 41.68B | 38.16B | 39.93B | 40.20B |
| Long-Term Leases | 450.00M | 536.00M | 568.00M | 981.00M | 1.02B | |
| Long-Term Unearned Revenue | 422.00M | 394.00M | 402.00M | 355.00M | 319.00M | |
| Pension & Post-Retirement Benefits | 78.00M | 80.00M | 99.00M | 98.00M | 114.00M | |
| Long-Term Deferred Tax Liabilities | 104.00M | 99.00M | 141.00M | 227.00M | 359.00M | |
| Other Long-Term Liabilities | 4.12B | 10.56B | 11.81B | 10.43B | 11.90B | 24.93B |
| Total Liabilities | 715.05B | 671.94B | 668.61B | 655.49B | 683.56B | 740.19B |
| Preferred Stock, Non-Redeemable | 500.00K | 500.00K | 500.00K | 500.00K | 500.00K | |
| Preferred Stock, Other | 493.50M | |||||
| Total Preferred Equity | 500.00K | 500.00K | 500.00K | 500.00K | 494.00M | |
| Common Stock | 9.91B | 8.86B | 8.97B | 9.68B | 10.54B | 11.47B |
| Additional Paid-In Capital | 1.16B | 1.16B | 1.16B | 1.16B | 667.00M | |
| Retained Earnings | 18.42B | 14.42B | 11.43B | 10.64B | 10.02B | 12.97B |
| Treasury Stock | -717.00M | -868.00M | -503.00M | -258.00M | -371.00M | |
| Comprehensive Income & Other | 15.31B | 18.88B | 18.66B | 16.17B | 15.03B | 16.57B |
| Total Common Equity | 43.64B | 42.60B | 39.35B | 37.16B | 36.49B | 41.30B |
| Minority Interest | 11.00M | 14.00M | 28.00M | 31.00M | 8.00M | 7.00M |
| Shareholders' Equity | 43.65B | 42.61B | 39.38B | 37.19B | 36.50B | 41.80B |
| Total Liabilities & Equity | 758.70B | 714.55B | 707.99B | 692.67B | 720.05B | 781.99B |
| Total Debt | 141.15B | 155.53B | 151.45B | 146.55B | 160.76B | 181.74B |
| Net Cash (Debt) | 91.72B | 72.59B | 104.92B | 110.43B | 149.05B | 188.93B |
| Net Cash Per Share | 11.27 | 8.93 | 12.32 | 11.98 | 15.01 | 17.43 |
| Filing Date Shares Outstanding | 7.93B | 8.00B | 8.04B | 8.79B | 9.66B | 10.47B |
| Total Common Shares Outstanding | 7.93B | 8.00B | 8.04B | 8.79B | 9.66B | 10.47B |
| Book Value Per Share | 4.86 | 4.76 | 4.24 | 3.78 | 3.37 | 3.57 |
| Tangible Book Value | 43.64B | 35.31B | 31.76B | 29.54B | 29.37B | 34.58B |
| Tangible Book Value Per Share | 4.86 | 3.84 | 3.29 | 2.92 | 2.64 | 2.93 |
Cash flow statement
Fiscal year January - December; amounts in GBP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 5.83B | 4.80B | 4.64B | 3.59B | 3.27B | |
| Depreciation & Amortization | 465.00M | 497.00M | 934.00M | 833.00M | 838.00M | |
| Other Amortization | 689.00M | 561.00M | ||||
| Gain (Loss) on Sale of Assets | -7.00M | -23.00M | 125.00M | 154.00M | -25.00M | |
| Gain (Loss) on Sale of Investments | 41.00M | 295.00M | -540.00M | 1.44B | 1.65B | |
| Total Asset Writedown | 85.00M | |||||
| Provision for Credit Losses | 671.00M | 359.00M | 572.00M | 266.00M | -1.17B | |
| Change in Trading Asset Securities | 17.88B | -5.70B | 21.15B | 18.61B | 67.45B | |
| Change in Other Net Operating Assets | -36.40B | -12.94B | -29.62B | -31.73B | -74.59B | |
| Other Operating Activities | -1.52B | 2.49B | 2.62B | -1.20B | 2.34B | |
| Net Cash from Discontinued Operations | 81.00M | -112.00M | -262.00M | 305.00M | ||
| Operating Cash Flow | -12.42B | -9.60B | -223.00M | -8.27B | -60.00M | |
| Capital Expenditures | -665.00M | -464.00M | -811.00M | -639.00M | -901.00M | |
| Sale of Property, Plant and Equipment | 60.00M | 198.00M | 128.00M | 154.00M | 165.00M | |
| Cash Acquisitions | 230.00M | -2.30B | -144.00M | -1.00M | -3.13B | |
| Investment in Securities | -15.26B | -12.34B | -19.70B | 13.46B | 6.66B | |
| Income (Loss) Equity Investments | -68.00M | -19.00M | 9.00M | 30.00M | -216.00M | |
| Divestitures | 995.00M | 5.47B | 6.16B | 114.00M | ||
| Purchase / Sale of Intangibles | -617.00M | -614.00M | -744.00M | -743.00M | -479.00M | |
| Other Investing Activities | 2.49B | 1.83B | 1.10B | 659.00M | 636.00M | |
| Investing Cash Flow | -13.77B | -12.70B | -14.69B | 19.06B | 3.06B | |
| Long-Term Debt Issued | 5.69B | 6.44B | 4.58B | 4.37B | 5.02B | |
| Long-Term Debt Repaid | -4.18B | -3.85B | -5.49B | -8.69B | -4.76B | |
| Net Debt Issued (Repaid) | 1.51B | 2.58B | -902.00M | -4.32B | 252.00M | |
| Issuance of Common Stock | 1.25B | 1.39B | 937.00M | |||
| Repurchase of Common Stock | -579.00M | -2.72B | -2.42B | -2.05B | -1.81B | |
| Common Dividends Paid | -2.37B | -1.79B | -1.70B | -1.45B | -992.00M | |
| Preferred Dividends Paid | -19.00M | |||||
| Total Dividends Paid | -2.37B | -1.79B | -1.70B | -1.45B | -1.01B | |
| Net Increase (Decrease) in Deposit Accounts | 19.49B | 11.38B | -17.21B | -35.33B | 53.74B | |
| Other Financing Activities | -3.31B | -1.36B | -1.29B | -1.08B | -973.00M | |
| Financing Cash Flow | 15.99B | 9.49B | -23.52B | -45.98B | 51.14B | |
| Foreign Exchange Rate Adjustments | 775.00M | -1.17B | -1.19B | 2.93B | -2.64B | |
| Net Cash Flow | -9.41B | -13.98B | -39.62B | -32.26B | 51.51B | |
| Free Cash Flow | -13.08B | -10.07B | -1.03B | -8.91B | -961.00M | |
| Free Cash Flow Margin | -81.91% | -70.18% | -7.29% | -68.61% | -8.18% | |
| Free Cash Flow Per Share | -1.61 | -1.18 | -0.11 | -0.90 | -0.09 | |
| Cash Interest Paid | 14.33B | 15.03B | 10.15B | 3.43B | 2.64B | |
| Cash Income Tax Paid | 1.79B | 1.60B | 1.03B | 1.22B | 856.00M |
Ratios
Fiscal year January - December; amounts in GBP.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 61.40B | 70.13B | 40.49B | 24.57B | 30.86B | 34.44B |
| Last Close Price | 15.47 | 16.52 | 9.12 | 4.75 | 4.99 | 4.53 |
| PE Ratio | 7.82 | 9.51 | 7.16 | 4.39 | 7.67 | 8.62 |
| PS Ratio | 2.72 | 3.26 | 2.25 | 1.36 | 1.97 | 2.17 |
| PB Ratio | 1.06 | 1.22 | 0.82 | 0.52 | 0.70 | 0.61 |
| Debt / Equity Ratio | 3.23 | 3.65 | 3.85 | 3.94 | 4.41 | 4.35 |
| Net Debt / Equity Ratio | -2.10 | -1.70 | -2.66 | -2.97 | -4.08 | -4.52 |
| Net Debt / FCF Ratio | 5.55 | 10.42 | 106.80 | 16.74 | 196.59 | |
| Return on Equity (ROE) | 14.58% | 14.23% | 12.35% | 12.88% | 9.85% | 6.65% |
| Return on Assets (ROA) | 0.84% | 0.82% | 0.68% | 0.67% | 0.51% | 0.36% |
| Earnings Yield | 12.78% | 11.19% | 14.85% | 24.04% | 14.01% | 12.85% |
| FCF Yield | -28.42% | -25.11% | -31.13% | -5.36% | -34.77% | -3.78% |
| Dividend Yield | 5.95% | 4.99% | 5.35% | 7.75% | 5.09% | 4.66% |
| Payout Ratio | 46.69% | 40.64% | 37.23% | 36.63% | 40.51% | 30.94% |
| Buyback Yield / Dilution | -4.80% | 4.58% | 7.63% | 7.15% | 8.38% | 3.51% |
| Total Shareholder Return | 1.15% | 9.57% | 12.97% | 14.90% | 13.47% | 8.16% |