Our investment case

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Our investment case

Why invest in NatWest Group

2023 Annual Report and Accounts

Our investment case

(1) Stock share of Retail Banking and Private Banking mortgages, calculated as a percentage of balances outstanding of total sterling net secured lending to individuals not seasonally adjusted as per December 2024 BoE data.

(2) 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 December 2024 BoE data.

(3) 19.4% of those operating for less than two years identified NatWest Group as their main bank. Source: MarketVue Business Banking from Savanta Q4 2024 based on 566 start-ups interviewed in the 12 months up to that date. The survey results have been weighted to reflect the regional distribution and turnover of businesses across Great Britain.

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

2024 Financial highlights

Strong businesses with capacity for growth ​


(1) Current account balances outstanding. Full year 2024 share based on November 2024 CACI data.
(2) Stock share of Retail Banking and Private Banking mortgages, calculated as a percentage of balances outstanding of total sterling net secured lending to individuals not seasonally adjusted as per December 2024 BoE data.
(3) 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 December 2024 BoE data.
(4) Based on customer deposits (£bn) for Commercial & Institutional excluding NatWest Markets and RBSI, calculated as a percentage of M4 liabilities for Private Non-financial Businesses (PNFC’s) as per December 2024 BoE data.
(5) Based on gross loans and advances to customers at amortised cost for Commercial & Institutional excluding NatWest Markets and RBSI, calculated as a percentage of monthly amounts outstanding of sterling and all foreign currency loans to SMEs and large businesses as per December 2024 BoE data.
(6) 19.4% of those operating for less than two years identified NatWest Group as their main bank. Source: MarketVue Business Banking from Savanta Q4 2024 based on 566 start ups interviewed in the 12 months up to that date. The survey results have been weighted to reflect the regional distribution and turnover of businesses across Great Britain.

Useful links

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.