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2023 Annual Report and Accounts

Serving our customers every day

2023 Annual Report and Accounts

Our strategic approach​

Clip of CEO

We’re dedicated to serving our customers. By being there throughout their lives, we can build long-term value, invest for growth and drive attractive returns for shareholders.

Strong capital generation

Common Equity Tier 1 (CET1) ratio

13.4%
(2022: 14.2%)

Risk-weighted assets (RWAs)

£183.0bn
(2022: £176.1bn)

Total capital returned to shareholders(1)

£3.6bn
(2022: £5.1bn)

Return on tangible equity (RoTE)

17.8%
(2022: 12.3%)

(1) Distributions paid and proposed. We paid a special dividend of £1.7 billion in 2022 as we returned surplus capital to shareholders. For full details of our distributions over the last five years refer to page 11 of the 2023 Annual Report and Accounts.

Chairman’s statement

“At NatWest Group, we have built a robust balance sheet with strong capital and liquidity, a largely secured retail loan book and well-diversified commercial lending.”

Howard Davies
Chairman

Group Chief Executive’s review

“Our leading positions across our three customer businesses, and 19 million customer base provide strong foundations on which to create further long-term value for shareholders and make a meaningful contribution to the UK economy.”

Paul Thwaite
Group Chief Executive Officer

Our focus is on creating sustainable
long-term value

Strong financial performance

Income

£14752m
(2022: £13,156m)

Profit before tax

£6178m
(2022: £5,132m)

Operating expenses

£7996m
(2022: £7,687m)

Profit attributable to shareholders

£4394m
(2022: £3,340m)

Robust balance sheet underpinning growth

Loans to customers
(amortised cost)

£381.4bn
(2022: £366.3bn)

Loan:deposit ratio (LDR)
(excl. repos and reverse repos)

84%
(2022: 79%)

Customer deposits

£431.4bn
(2022: £450.3bn)

Liquidity coverage ratio (LCR)

144%
(2022: 145%)

Case study

Building financial resilience​

Laura McWhinnie, a Royal Bank of Scotland Personal Banker, explains how we’re continuing to help customers deal with financial pressures…

We’re working to build financial resilience and offer personalised support to the people who need it most. In 2023, NatWest Group announced new support focused on financial wellbeing for both our customers and people who don’t bank with us.

Helping UK businesses to grow

For Mikael Rosen, Relationship Director in Corporate & Commercial Banking, great service is about understanding our customers’ needs…

Businesses come in all shapes and sizes. They face different challenges as they evolve and need different support as they grow.

Keeping our customers digitally secure

Lead Product Owner in our Digital Channels team, Sue Duka, explains how she’s helping mobile banking customers take control of their digital security…

Mobile apps have become fundamental to many people’s lives. They’re now an essential offering of banking services, giving customers control of their finances and the freedom to bank where and when they want to.

Key 2023 disclosures​

Enterprise

2023 Annual Report and Accounts

Supporting the potential of UK business

Understanding ambition and helping to remove the barriers to enterprise

Enterprise

2023 Climate-related Disclosures Report

Supporting the potential of UK business

Understanding ambition and helping to remove the barriers to enterprise

Climate

2023 ESG Disclosures Report

Funding the drive to clean transport

Finance enabling the transition to net zero

Learning

Annual results for the year ended 31 December 2023

Helping young people to thrive

How the NatWest Thrive programme helps young people grow in confidence

Learning

Q4 2023 Financial Supplement

Helping young people to thrive

How the NatWest Thrive programme helps young people grow in confidence

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View all of our company announcements, management presentations and Excel financial downloads

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