Our investment case

Purpose: The bank that turns possibilities into progress Ambition: Succeeding with customers

Our strategic priorities drive sustainable shareholder value creation

Disciplined growth

Sustainably growing by building stronger and deeper relationships, whilst attracting new customers.

2025–2028 target:
Customer assets and liabilities (CAL)

>4% CAGR

Leveraging
simplification

Maximising our technology and capability to deliver customer growth more efficiently and effectively.

2028 target:
Cost:income ratio
(exc. litigation and conduct)

below 45%

Active balance sheet
and risk management

Actively managing our balance sheet and risk as a trusted partner to customers, delivering growth and sustainable returns.

2028 target:
Capital generation
pre-distributions

>200bps

2028 Return on Tangible Equity >18%

Delivering shareholder value

We have a strong track record of returning surplus capital to shareholders and remain committed to a ~50% payout ratio with capacity for buybacks whilst operating within our 13-14% CET1 ratio target range.

(1)	Total shareholder return includes the share price change between 31 December 2023 and 31 December 2025 plus dividends paid during the year, the 2023 and 2024 final dividend and the 2025 interim dividend, assuming reinvestment of the prevailing share price.
(2)	Paid and proposed.
(3)	As of 31 December.
(4)	The number of ordinary shares in issue excludes own shares held.

2025 Financial highlights

Return on Tangible Equity

19.2%

2023

17.8%

2024

17.5%

2025

19.2%

⁽¹⁾ Achieve a Return on Tangible Equity in the range of 15-16% in 2025.

Common Equity Tier 1 (CET1) ratio

14.0%

2023

13.4%

2024

13.6%

2025

14.0%

⁽¹⁾ Continue to target a CET1 ratio in the range of 13-14%.

Income
(excluding notable items)

£16400m

2023

£14,339m

2024

£14,648m

2025

£16,400m

⁽¹⁾ Income excluding notable items to be in the range of £15.2-15.7 billion in 2025.

Operating expenses
(excluding litigation and conduct)

£8095m

2023

£7,641m

2024

£7,854m

2025

£8,095m

⁽¹⁾ Operating costs, excluding litigation and conduct costs, to be around £8.1 billion of one-time integration costs in 2025.

(1) Performance against 2025 guidance given in our 2024 Annual Report and Accounts.

Visit results centre

Leading positions across our three businesses

Retail
Banking

Youth to affluent

Multi-channel brands serving over 20 million customers

19m⁽¹⁾

customers

Bank 1 in 3⁽⁴⁾

families in the UK

Strong market positions with extensive product and service offering

16.5%

share of current accounts⁽⁶⁾

12.5%

share of UK mortgages⁽⁷⁾

7.2%

share of unsecured lending⁽⁸⁾

Delivering attractive returns and generating capital

24.7%

FY'25 RoE

Private Banking &
Wealth Management

High-net-worth

Multi-channel brands serving over 20 million customers

0.1m⁽²⁾

customers

Award-winning

UK private bank

Strong market positions with extensive product and service offering

£58.5bn

AUMA

£42.7bn

deposits

£19.0bn

loans

Delivering attractive returns and generating capital

21.7%

FY'25 RoE

Commercial
& Institutional

Start-ups to large corporates
and financial institutions

Multi-channel brands serving over 20 million customers

1.5m⁽³⁾

customers

Leading share⁽⁵⁾

of UK start ups

Strong market positions with extensive product and service offering

~25%

share of deposits⁽⁹⁾

~20%

share of lending⁽¹⁰⁾

Best bank

corporate banking in the UK⁽¹¹⁾

Delivering attractive returns and generating capital

19.1%

FY'25 RoE

(1)	Retail, Premier, Sainsbury’s Bank, Rooster customers excluding secondary cardholders as at Dec’25.
(2)	Private customers excluding Evelyn Partners, RBS Collective Investment Funds Limited (CIFL) solo customers as at Dec’25.
(3)	Business Banking, SME & Mid Corporates, Large Corporates & Institutions customers including Western Europe, Specialised Businesses including Lombard, RBS International (RBSI), Tyl and Mettle as at Dec’25.
(4)	The share is defined as the proportion of NatWest customers within CACI family segments (constrained parents, families juggling finances, secure home owners, high income professionals, older working families) relative to the total UK population in those family segments. Family segments are chosen from Fresco segmentation using indicative criteria around number of household occupants and/or the presence of children.
(5)	19% of those operating for less than two years identified a NatWest Group brand as their main bank. Source: Savanta MVBB survey YE Q4 2025 based on 472 Start-Ups. The survey results have been weighted to reflect the regional distribution and turnover of businesses across Great Britain. NatWest Group is made up of multiple brands, including NatWest, Royal Bank of Scotland and Mettle.
(6)	Current account balances outstanding, based on Nov ’25 CACI data.
(7)	Stock share of Retail Banking and PBWM mortgages, calculated as a percentage of balances outstanding of total sterling net secured lending to individuals not seasonally adjusted as per Dec ’25 BoE data.
(8)	Based on Unsecured lending, including Cards, Loans, Overdrafts and central items, calculated as a percentage of balances outstanding of total (excluding the Student Loans Company) sterling net unsecured lending to individuals not seasonally adjusted based on Dec ’25 BoE data.
(9)	Based on Customer deposits (£bn) for Commercial & Institutional excluding NatWest Markets (NWM) and RBSI, calculated as a percentage of M4 liabilities for Private Non-Financial Corporates (PNFC’s) as per Dec ’25 BoE data.
(10)	Based on Gross Loans and Advances to Customers at amortised cost for Commercial & Institutional excluding NWM and RBSI, calculated as a percentage of monthly amounts outstanding of sterling and all foreign currency loans to SMEs and large businesses as per Dec ’25 BoE data.
(11)	NatWest was named as “Best Bank – Corporate Banking in the UK” as part of Coalition Greenwich 2026 Awards.

Useful links

Annual Report 2025

View all reports

Shareholder centre

View all Shareholder updates

H1 2025 Results Investor Factbook

View all result documents

This webpage contains guidance, targets, expectations and trends that represent NatWest Group management’s current expectations, which constitute forward looking statements, and are subject to the risks inherent in statements about the future and to change, including as a result of the factors discussed in NatWest Group plc's 2024 Annual Report and Accounts(including in the section “Risk Factors” included therein) and its other public filings. The actual outcomes may differ materially from those expressed or implied by such forward-looking statements. Accordingly, prospective investors are cautioned not to place undue reliance on such statements, which speak only as of the date made. NatWest Group is under no obligation to update such statements except to the extent legally required.

NatWest Group prepares its financial statements in accordance with UK-adopted International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)). This webpage may contain financial measures and ratios not specifically defined under GAAP or IFRS (‘Non-IFRS’) and/or alternative performance measures (‘APMs’) as defined in European Securities and Markets Authority (‘ESMA’) guidelines. Any Non-IFRS measures and/or APMs included in this webpage, are not measures within the scope of IFRS, are based on a number of assumptions that are subject to uncertainties and change, and are not a substitute for IFRS measures. See page 432 of NatWest Group plc's 2024 Annual Report and Accounts.

The information, statements and opinions contained in this webpage do not constitute a public offer under any applicable legislation or an offer to sell or a solicitation of an offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.

Our investment case