Chief Executive, Paul Thwaite, commented:
“NatWest Group has delivered another strong performance in the third quarter of 2026, underpinned by the activity of more than 20 million customers and the significant role we play in supporting economic growth across the UK. As we help more customers to save and invest, buy a home or expand their businesses, we continue to see broad-based growth in our three customer franchises, with lending, deposits and assets under management all increasing during the quarter.
Our strategy is consistently delivering sector-leading growth and returns, with a Return on Tangible Equity of 20.2% for the year to date, supported by greater income diversification, disciplined cost management and strong capital generation. We are confident in the strengths we’ve created and in the opportunities we see ahead, as we continue to invest in our capabilities, deepen customer relationships and support growth across the UK.”
Strong financial performance
We delivered a strong financial performance in Q3 2026, with attributable profit of
£1.5 billion and Return on Tangible Equity (RoTE) of 21.6%. Capital generation pre-distributions was 71 basis points and earnings per share was 19.3 pence.
Deeper customer relationships are driving growth
We continue to grow each of our three customer businesses and are investing to serve customers better. That progress is reflected in strong returns, deeper relationships and sustained growth in customer assets and liabilities (CAL).
- CAL was £1,002.6 billion, up £15.7 billion, or 1.6%, in the quarter and £42.3 billion, or 4.4%, year to date (including Evelyn Partners)(1).
- In Retail Banking, CAL grew by £4.6 billion in the quarter, with mortgages up
£1.2 billion and deposits up £3.1 billion, while 36,000 customers have connected £6.2 billion of mortgage balances through our Mortgage Elsewhere Hub; our new insurance partnership has generated more than 10,000 policies to date; and we have launched Sainsbury’s-branded loans and savings. We have now exceeded our 2026 first-time buyer lending target, delivering more than £10 billion in lending.
- In Private Banking & Wealth Management, the integration of Evelyn Partners is progressing well, with both businesses growing. We delivered £1.0 billion of AUM net inflows in the quarter, equivalent to 3.4% of opening balances on an annualised basis, and a record Coutts mobile NPS of +57. We also launched investment-backed lending in our app for eligible clients, making it easier for them to meet more of their needs digitally.
- In Commercial & Institutional, net loans to customers grew by £6.7 billion and customer deposits by £3.0 billion in the quarter, primarily reflecting growth across Corporate & Institutions and Commercial Mid-market. We continued to support sectors fundamental to the UK economy, including more than £2.8 billion committed to social housing(2). By growing our start-up customer base with 8% higher customer account openings year on year and expanding our Accelerator network we continue to support entrepreneurs across the UK.
Simplifying the bank to serve customers better and drive efficiency
We are making NatWest Group simpler and more productive, while improving how we serve customers. The cost:income ratio (excl. litigation and conduct) was 45.7% for the year to date, 2.1 percentage points lower than last year supported by gross cost savings of around £420 million.
We are delivering this through structural simplification and sustained investment in our technology platforms, helping colleagues work more effectively and giving customers simpler, faster and better experiences. During the quarter, we launched our AI Spending Insights tool trial, making it easier for customers to understand and manage their spending. Our AI fraud-triage agent is now live for credit card customers, helping resolve fraud queries more quickly and efficiently.
Active balance sheet management to drive strong capital generation
Our loan portfolio remains resilient, with a loan impairment rate of 21 basis points for the year to date.
We are actively managing lower-returning capital to create capacity for growth and deliver attractive returns. RWA management actions generated £1.8 billion of benefits, supporting capital generation pre-distributions of 71 basis points. Our Common Equity Tier 1 (CET1) ratio increased by 30 basis points to 13.5%.
Our funding remains stable and diversified. The loan:deposit ratio (excl. repos and reverse repos), was unchanged from Q2 2026 at 90%, and we maintained a strong liquidity position, with an average Liquidity Coverage Ratio of 137%.
Outlook(3)
Based on our latest expectations for interest rates and economic conditions, we reaffirm the outlook provided in our H1 2026 results, with the enhancement that we now expect RWAs to be around £210 billion on 1 January 2027 including the impact of Basel 3.1.
(1) Including Evelyn Partners’ FY 2025 assets under management and administration within CAL.
(2) Social finance and facilitation represents only a relatively small proportion of our overall financing and facilitation activities.
(3) The guidance, targets, expectations and trends discussed in this section represent NatWest Group plc management’s current expectations and are subject to change, including as a result of the factors described in the NatWest Group plc Risk Factors in the 2025 Annual Report and Accounts and Form 20-F and the Summary Risk Factors in the NatWest Group plc 2026 Interim Results announcement. These statements constitute forward-looking statements. Refer to Forward-looking statements in this announcement.