\u00a0<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
UNITED STATES<\/p>\n
SECURITIES AND EXCHANGE COMMISSION<\/p>\n
WASHINGTON, D.C. 20549<\/p>\n
\n\u00a0<\/p>\n
FORM 6-K<\/p>\n
\n\u00a0<\/p>\n
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
\n15d-16<\/p>\n
UNDER THE SECURITIES EXCHANGE ACT OF 1934<\/p>\n
\n\u00a0<\/p>\n
July, 2026<\/p>\n
\n\u00a0<\/p>\n
Commission File Number 001-10306<\/p>\n
\n\u00a0<\/p>\n
NatWest Group plc<\/p>\n
\n\u00a0<\/p>\n
250 Bishopsgate,<\/p>\n
London, EC2M 4AA<\/p>\n
United Kingdom<\/p>\n
\n(Address
\nof principal executive offices)<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
\nIndicate
\nby check mark whether the registrant files or will file annual
\nreports under cover of Form 20-F or Form 40-F.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Form 20-F \u2612<\/p>\n
\u00a0<\/p>\n
Form 40-F \u2610<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
\nThe
\nfollowing information was issued as Company announcements in
\nLondon, England and is furnished pursuant to General Instruction B
\nto the General Instructions to Form 6-K:<\/p>\n
\n\u00a0<\/p>\n
Condensed consolidated income statement<\/p>\n
for the period ended 30 June 2026 (unaudited)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0Half
\nyear ended\u00a0<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
30 June<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a3m\u00a0<\/p>\n
\u00a0\u00a3m\u00a0<\/p>\n
Interest receivable<\/p>\n
13,043<\/p>\n
12,673<\/p>\n
Interest payable<\/p>\n
(6,153)<\/p>\n
(6,553)<\/p>\n
Net interest income<\/p>\n
6,890<\/p>\n
6,120<\/p>\n
Fees and commissions receivable<\/p>\n
1,710<\/p>\n
1,608<\/p>\n
Fees and commissions payable<\/p>\n
(393)<\/p>\n
(368)<\/p>\n
Trading income<\/p>\n
386<\/p>\n
575<\/p>\n
Other operating income<\/p>\n
269<\/p>\n
50<\/p>\n
Non-interest income<\/p>\n
1,972<\/p>\n
1,865<\/p>\n
Total income<\/p>\n
8,862<\/p>\n
7,985<\/p>\n
Staff costs<\/p>\n
(2,134)<\/p>\n
(2,129)<\/p>\n
Premises and equipment<\/p>\n
(628)<\/p>\n
(587)<\/p>\n
Other administrative expenses<\/p>\n
(794)<\/p>\n
(745)<\/p>\n
Depreciation and amortisation<\/p>\n
(565)<\/p>\n
(557)<\/p>\n
Operating expenses<\/p>\n
(4,121)<\/p>\n
(4,018)<\/p>\n
Profit before impairment losses<\/p>\n
4,741<\/p>\n
3,967<\/p>\n
Impairment losses<\/p>\n
(423)<\/p>\n
(382)<\/p>\n
Operating profit before tax<\/p>\n
4,318<\/p>\n
\u00a03,585\u00a0<\/p>\n
Tax charge<\/p>\n
(1,138)<\/p>\n
\u00a0(910)<\/p>\n
Profit for the period<\/p>\n
3,180<\/p>\n
\u00a02,675\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Attributable to:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Ordinary shareholders<\/p>\n
3,035<\/p>\n
2,488<\/p>\n
Paid-in equity holders<\/p>\n
149<\/p>\n
186<\/p>\n
Non-controlling interests<\/p>\n
(4)<\/p>\n
1<\/p>\n
\u00a0<\/p>\n
3,180<\/p>\n
2,675<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Earnings per share attributable to ordinary shareholders –
\nbasic\u00a0<\/p>\n
38.1p<\/p>\n
30.9p<\/p>\n
Earnings per share attributable to ordinary shareholders –
\ndiluted<\/p>\n
37.7p<\/p>\n
30.5p<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Condensed consolidated statement of comprehensive
\nincome<\/p>\n
for the period ended 30 June 2026 (unaudited)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Half year ended<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
30 June<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
\u00a3m\u00a0<\/p>\n
\u00a3m\u00a0<\/p>\n
Profit for the period<\/p>\n
3,180<\/p>\n
2,675<\/p>\n
Items that do not qualify for
\nreclassification\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Remeasurement of retirement benefit schemes<\/p>\n
7<\/p>\n
9<\/p>\n
Changes in fair value of financial liabilities designated at fair
\nvalue through profit or loss (FVTPL) due to changes in credit
\nrisk<\/p>\n
6<\/p>\n
(1)<\/p>\n
FVOCI financial assets<\/p>\n
2<\/p>\n
49<\/p>\n
Tax<\/p>\n
1<\/p>\n
(2)<\/p>\n
\u00a0<\/p>\n
16<\/p>\n
55<\/p>\n
Items that do qualify for
\nreclassification\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
FVOCI financial assets<\/p>\n
63<\/p>\n
63<\/p>\n
Cash flow hedges\u00a0(1)<\/p>\n
(36)<\/p>\n
658<\/p>\n
Currency translation<\/p>\n
(153)<\/p>\n
(95)<\/p>\n
Tax<\/p>\n
(14)<\/p>\n
(192)<\/p>\n
\u00a0<\/p>\n
(140)<\/p>\n
434<\/p>\n
Other comprehensive (losses)\/income after tax<\/p>\n
(124)<\/p>\n
489<\/p>\n
Total comprehensive income for the period<\/p>\n
3,056<\/p>\n
3,164<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Attributable to:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Ordinary shareholders<\/p>\n
2,911<\/p>\n
2,977<\/p>\n
Paid-in equity holders<\/p>\n
149<\/p>\n
186<\/p>\n
Non-controlling interests<\/p>\n
(4)<\/p>\n
1<\/p>\n
\u00a0<\/p>\n
3,056<\/p>\n
3,164<\/p>\n
\u00a0<\/p>\n
\n(1)\u00a0\u00a0\u00a0\u00a0
\nRefer to footnote 4 and 5 of the condensed consolidated statement
\nof changes in equity.<\/p>\n
\u00a0<\/p>\n
Condensed consolidated balance sheet<\/p>\n
\n\u00a0<\/p>\n
as at 30 June 2026 (unaudited)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
31 December<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
\u00a3m\u00a0<\/p>\n
\u00a3m\u00a0<\/p>\n
Assets<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Cash and balances at central banks<\/p>\n
76,743<\/p>\n
\u00a085,182\u00a0<\/p>\n
Trading assets<\/p>\n
47,366<\/p>\n
\u00a046,537\u00a0<\/p>\n
Derivatives<\/p>\n
63,157<\/p>\n
\u00a060,789\u00a0<\/p>\n
Settlement balances<\/p>\n
10,015<\/p>\n
\u00a0645\u00a0<\/p>\n
Loans to banks – amortised cost<\/p>\n
7,342<\/p>\n
\u00a06,958\u00a0<\/p>\n
Loans to customers – amortised cost<\/p>\n
435,908<\/p>\n
\u00a0418,881\u00a0<\/p>\n
Other financial assets<\/p>\n
86,552<\/p>\n
\u00a079,770\u00a0<\/p>\n
Other assets (including intangible assets)<\/p>\n
18,284<\/p>\n
\u00a015,791\u00a0<\/p>\n
Total assets<\/p>\n
745,367<\/p>\n
\u00a0714,553\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Liabilities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Bank deposits<\/p>\n
50,002<\/p>\n
\u00a044,092\u00a0<\/p>\n
Customer deposits<\/p>\n
448,605<\/p>\n
\u00a0442,998\u00a0<\/p>\n
Settlement balances<\/p>\n
9,995<\/p>\n
\u00a0942\u00a0<\/p>\n
Trading liabilities<\/p>\n
50,637<\/p>\n
\u00a049,022\u00a0<\/p>\n
Derivatives<\/p>\n
56,256<\/p>\n
\u00a053,974\u00a0<\/p>\n
Other financial liabilities<\/p>\n
72,034<\/p>\n
\u00a067,599\u00a0<\/p>\n
Subordinated liabilities<\/p>\n
6,606<\/p>\n
\u00a06,123\u00a0<\/p>\n
Notes in circulation<\/p>\n
3,110<\/p>\n
\u00a03,164\u00a0<\/p>\n
Other liabilities<\/p>\n
4,294<\/p>\n
\u00a04,026\u00a0<\/p>\n
Total liabilities<\/p>\n
701,539<\/p>\n
\u00a0671,940\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Equity<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Ordinary shareholders’ interests<\/p>\n
38,748<\/p>\n
\u00a038,028\u00a0<\/p>\n
Other owners’ interests<\/p>\n
5,070<\/p>\n
\u00a04,571\u00a0<\/p>\n
Owners’ equity<\/p>\n
43,818<\/p>\n
\u00a042,599\u00a0<\/p>\n
Non-controlling interests<\/p>\n
10<\/p>\n
\u00a014\u00a0<\/p>\n
Total equity<\/p>\n
43,828<\/p>\n
\u00a042,613\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Total liabilities and equity<\/p>\n
745,367<\/p>\n
\u00a0714,553\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Condensed consolidated statement of changes in equity<\/p>\n
\u00a0<\/p>\n
for the period ended 30 June 2026 (unaudited)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Share\u00a0<\/p>\n
\u00a0<\/p>\n
Other<\/p>\n
\u00a0<\/p>\n
Other reserves<\/p>\n
Total<\/p>\n
Non<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
capital and<\/p>\n
Paid-in<\/p>\n
statutory<\/p>\n
Retained<\/p>\n
Fair<\/p>\n
Cash flow<\/p>\n
Foreign<\/p>\n
\u00a0<\/p>\n
owners’<\/p>\n
controlling<\/p>\n
Total\u00a0<\/p>\n
\u00a0<\/p>\n
share premium<\/p>\n
equity<\/p>\n
reserves (3)<\/p>\n
earnings<\/p>\n
\u00a0value<\/p>\n
hedging (4,5)<\/p>\n
exchange (6)<\/p>\n
Merger<\/p>\n
equity<\/p>\n
\u00a0interests<\/p>\n
equity<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
At 1 January 2026<\/p>\n
10,021<\/p>\n
4,571<\/p>\n
2,613<\/p>\n
14,419<\/p>\n
13<\/p>\n
(752)<\/p>\n
833<\/p>\n
10,881<\/p>\n
42,599<\/p>\n
14<\/p>\n
42,613<\/p>\n
Profit attributable to ordinary shareholders<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0\u00a0and other equity
\nowners<\/p>\n
\u00a0<\/p>\n
3,184<\/p>\n
\u00a0<\/p>\n
3,184<\/p>\n
(4)<\/p>\n
3,180<\/p>\n
Other comprehensive income<\/p>\n
\u00a0<\/p>\n
Remeasurement of retirement benefit schemes<\/p>\n
\u00a0<\/p>\n
7<\/p>\n
\u00a0<\/p>\n
7<\/p>\n
\u00a0<\/p>\n
7<\/p>\n
Changes in fair value of credit in financial
\nliabilities<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0\u00a0designated at FVTPL due to own
\ncredit risk<\/p>\n
\u00a0<\/p>\n
6<\/p>\n
\u00a0<\/p>\n
6<\/p>\n
\u00a0<\/p>\n
6<\/p>\n
Unrealised gains<\/p>\n
\u00a0<\/p>\n
91<\/p>\n
\u00a0<\/p>\n
91<\/p>\n
\u00a0<\/p>\n
91<\/p>\n
Amounts recognised in equity<\/p>\n
\u00a0<\/p>\n
(201)<\/p>\n
\u00a0<\/p>\n
(201)<\/p>\n
\u00a0<\/p>\n
(201)<\/p>\n
Retranslation of net assets<\/p>\n
\u00a0<\/p>\n
(58)<\/p>\n
\u00a0<\/p>\n
(58)<\/p>\n
\u00a0<\/p>\n
(58)<\/p>\n
Gains on hedges of net assets<\/p>\n
\u00a0<\/p>\n
36<\/p>\n
\u00a0<\/p>\n
36<\/p>\n
\u00a0<\/p>\n
36<\/p>\n
Reclassification of OCI to Income statement<\/p>\n
\u00a0<\/p>\n
(26)<\/p>\n
165<\/p>\n
(131)<\/p>\n
\u00a0<\/p>\n
8<\/p>\n
\u00a0<\/p>\n
8<\/p>\n
Tax<\/p>\n
\u00a0<\/p>\n
(2)<\/p>\n
(14)<\/p>\n
8<\/p>\n
(5)<\/p>\n
\u00a0<\/p>\n
(13)<\/p>\n
\u00a0<\/p>\n
(13)<\/p>\n
Total comprehensive income\/(losses)<\/p>\n
\u00a0<\/p>\n
3,195<\/p>\n
51<\/p>\n
(28)<\/p>\n
(158)<\/p>\n
–<\/p>\n
3,060<\/p>\n
(4)<\/p>\n
3,056<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Transactions with owners<\/p>\n
\u00a0<\/p>\n
Ordinary share dividends paid<\/p>\n
\u00a0<\/p>\n
(1,835)<\/p>\n
\u00a0<\/p>\n
(1,835)<\/p>\n
–<\/p>\n
(1,835)<\/p>\n
Paid in equity dividends paid<\/p>\n
\u00a0<\/p>\n
(149)<\/p>\n
\u00a0<\/p>\n
(149)<\/p>\n
\u00a0<\/p>\n
(149)<\/p>\n
Paid-in equity issued\u00a0(1)<\/p>\n
\u00a0<\/p>\n
499<\/p>\n
\u00a0<\/p>\n
499<\/p>\n
\u00a0<\/p>\n
499<\/p>\n
Shares repurchased\u00a0(2)<\/p>\n
(85)<\/p>\n
\u00a0<\/p>\n
85<\/p>\n
(479)<\/p>\n
\u00a0<\/p>\n
(479)<\/p>\n
\u00a0<\/p>\n
(479)<\/p>\n
Sharing in success<\/p>\n
\u00a0<\/p>\n
(27)<\/p>\n
\u00a0<\/p>\n
(27)<\/p>\n
\u00a0<\/p>\n
(27)<\/p>\n
Employee share schemes<\/p>\n
\u00a0<\/p>\n
45<\/p>\n
\u00a0<\/p>\n
45<\/p>\n
\u00a0<\/p>\n
45<\/p>\n
Shares vested under employee share schemes<\/p>\n
\u00a0<\/p>\n
114<\/p>\n
\u00a0<\/p>\n
114<\/p>\n
\u00a0<\/p>\n
114<\/p>\n
Share-based remuneration<\/p>\n
\u00a0<\/p>\n
(9)<\/p>\n
\u00a0<\/p>\n
(9)<\/p>\n
\u00a0<\/p>\n
(9)<\/p>\n
At 30 June 2026<\/p>\n
9,936<\/p>\n
5,070<\/p>\n
2,812<\/p>\n
15,160<\/p>\n
64<\/p>\n
(780)<\/p>\n
675<\/p>\n
10,881<\/p>\n
43,818<\/p>\n
10<\/p>\n
43,828<\/p>\n
\u00a0<\/p>\n
For the notes to this table, refer to the following
\npage.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Condensed consolidated statement of changes in equity for the
\nperiod ended 30 June 2026 (unaudited) continued<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Share\u00a0<\/p>\n
\u00a0<\/p>\n
Other<\/p>\n
\u00a0<\/p>\n
Other reserves<\/p>\n
Total<\/p>\n
Non<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
capital and<\/p>\n
Paid-in<\/p>\n
statutory<\/p>\n
Retained<\/p>\n
Fair<\/p>\n
Cash flow<\/p>\n
Foreign<\/p>\n
\u00a0<\/p>\n
owners’<\/p>\n
controlling<\/p>\n
Total\u00a0<\/p>\n
\u00a0<\/p>\n
share premium<\/p>\n
equity<\/p>\n
reserves (3)<\/p>\n
earnings<\/p>\n
\u00a0value<\/p>\n
hedging (4,5)<\/p>\n
exchange<\/p>\n
Merger<\/p>\n
equity<\/p>\n
\u00a0interests<\/p>\n
equity<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
At 1 January 2025<\/p>\n
10,133<\/p>\n
5,280<\/p>\n
2,350<\/p>\n
11,426<\/p>\n
(103)<\/p>\n
(1,443)<\/p>\n
826<\/p>\n
10,881<\/p>\n
39,350<\/p>\n
28<\/p>\n
39,378<\/p>\n
Profit attributable to ordinary shareholders<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0\u00a0and other equity
\nowners<\/p>\n
\u00a0<\/p>\n
2,674<\/p>\n
\u00a0<\/p>\n
2,674<\/p>\n
1<\/p>\n
2,675<\/p>\n
Other comprehensive income<\/p>\n
\u00a0<\/p>\n
Realised losses in period on FVOCI equity shares<\/p>\n
\u00a0<\/p>\n
(2)<\/p>\n
2<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
Remeasurement of retirement benefit schemes<\/p>\n
\u00a0<\/p>\n
9<\/p>\n
\u00a0<\/p>\n
9<\/p>\n
\u00a0<\/p>\n
9<\/p>\n
Changes in fair value of credit in financial
\nliabilities<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0\u00a0designated at FVTPL due to own
\ncredit risk<\/p>\n
\u00a0<\/p>\n
(1)<\/p>\n
\u00a0<\/p>\n
(1)<\/p>\n
\u00a0<\/p>\n
(1)<\/p>\n
Unrealised gains<\/p>\n
\u00a0<\/p>\n
116<\/p>\n
\u00a0<\/p>\n
116<\/p>\n
\u00a0<\/p>\n
116<\/p>\n
Amounts recognised in equity<\/p>\n
\u00a0<\/p>\n
102<\/p>\n
\u00a0<\/p>\n
102<\/p>\n
\u00a0<\/p>\n
102<\/p>\n
Retranslation of net assets<\/p>\n
\u00a0<\/p>\n
(55)<\/p>\n
\u00a0<\/p>\n
(55)<\/p>\n
\u00a0<\/p>\n
(55)<\/p>\n
Losses on hedges of net assets<\/p>\n
\u00a0<\/p>\n
(40)<\/p>\n
\u00a0<\/p>\n
(40)<\/p>\n
\u00a0<\/p>\n
(40)<\/p>\n
Amount transferred from equity to earnings<\/p>\n
\u00a0<\/p>\n
(4)<\/p>\n
556<\/p>\n
–<\/p>\n
\u00a0<\/p>\n
552<\/p>\n
\u00a0<\/p>\n
552<\/p>\n
Tax<\/p>\n
\u00a0<\/p>\n
(2)<\/p>\n
(19)<\/p>\n
(186)<\/p>\n
13<\/p>\n
\u00a0<\/p>\n
(194)<\/p>\n
\u00a0<\/p>\n
(194)<\/p>\n
Total comprehensive income\/(losses)<\/p>\n
\u00a0<\/p>\n
2,678<\/p>\n
95<\/p>\n
472<\/p>\n
(82)<\/p>\n
–<\/p>\n
3,163<\/p>\n
1<\/p>\n
3,164<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Transactions with owners<\/p>\n
\u00a0<\/p>\n
Ordinary share dividends paid<\/p>\n
\u00a0<\/p>\n
(1,250)<\/p>\n
\u00a0<\/p>\n
(1,250)<\/p>\n
–<\/p>\n
(1,250)<\/p>\n
Paid in equity dividends<\/p>\n
\u00a0<\/p>\n
(186)<\/p>\n
\u00a0<\/p>\n
(186)<\/p>\n
\u00a0<\/p>\n
(186)<\/p>\n
Paid-in equity issued\u00a0(1)<\/p>\n
\u00a0<\/p>\n
749<\/p>\n
\u00a0<\/p>\n
749<\/p>\n
\u00a0<\/p>\n
749<\/p>\n
Purchase of non-controlling interest<\/p>\n
\u00a0<\/p>\n
(10)<\/p>\n
\u00a0<\/p>\n
(10)<\/p>\n
(11)<\/p>\n
(21)<\/p>\n
Employee share schemes<\/p>\n
\u00a0<\/p>\n
32<\/p>\n
\u00a0<\/p>\n
32<\/p>\n
\u00a0<\/p>\n
32<\/p>\n
Shares vested under employee share schemes<\/p>\n
\u00a0<\/p>\n
121<\/p>\n
\u00a0<\/p>\n
121<\/p>\n
\u00a0<\/p>\n
121<\/p>\n
Share-based remuneration<\/p>\n
\u00a0<\/p>\n
(11)<\/p>\n
\u00a0<\/p>\n
(11)<\/p>\n
\u00a0<\/p>\n
(11)<\/p>\n
At 30 June 2025<\/p>\n
10,133<\/p>\n
6,029<\/p>\n
2,471<\/p>\n
12,679<\/p>\n
(8)<\/p>\n
(971)<\/p>\n
744<\/p>\n
10,881<\/p>\n
41,958<\/p>\n
18<\/p>\n
41,976<\/p>\n
\n(1)\u00a0\u00a0\u00a0\u00a0
\nThe issuance above is after netting of issuance fees of \u00a31.5
\nmillion (2025 – \u00a31.6 million), and the associated tax credit
\nof \u00a30.4 million (2025 – \u00a30.4 million).<\/p>\n
\u00a0<\/p>\n
\n(2)\u00a0\u00a0\u00a0\u00a0
\nAs part of the On Market Share Buyback Programmes NatWest Group plc
\nrepurchased and cancelled 78.5 million shares in 2026. The total
\nconsideration of these shares excluding fees was \u00a3474.3
\nmillion. The nominal value of the share cancellations was
\ntransferred\u00a0 \u00a0 \u00a0to the capital redemption reserve.
\nThere were no outstanding share repurchases in<\/p>\n
\n\u00a0
\n\u00a0 \u00a0 \u00a0 \u00a0 June that settled in July 26.
\n\u00a0<\/p>\n
\n(3)\u00a0\u00a0\u00a0\u00a0
\nOther statutory reserves consist of Capital redemption reserves of
\n\u00a33,415 million (2025 – \u00a33,218 million) and Own shares
\nheld reserves of \u00a3603 million (2025 – \u00a3747
\nmillion).<\/p>\n
\u00a0<\/p>\n
\n(4)\u00a0\u00a0\u00a0\u00a0
\nThe change in the cash flow hedging reserve is driven by realised
\naccrued interest transferred to the income statement and an
\nincrease in swap rates in the period, where the portfolio of swaps
\nare net receive fixed from an interest rate risk
\nperspective.<\/p>\n
\u00a0<\/p>\n
\n(5)\u00a0\u00a0\u00a0\u00a0
\nThe amount transferred from equity to the income statement is
\nmostly recorded within net interest income mainly within loans to
\nbanks and customers – amortised cost, balances at central banks,
\nbank deposits and customer deposits.<\/p>\n
\n(6)\u00a0\u00a0\u00a0\u00a0
\nIncludes foreign exchange reserves recycling arising from the
\nwind-down of Ulydien Designated Activity Company (\u00a392 million)
\nand capital repatriation from NatWest Markets Group Holdings
\nCorporation (\u00a338 million).<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Condensed consolidated cash flow statement<\/p>\n
\u00a0<\/p>\n
for the period ended 30 June 2026 (unaudited)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Half year ended<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
30 June<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Cash flows from operating activities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Operating profit before tax\u00a0<\/p>\n
4,318<\/p>\n
3,585<\/p>\n
Adjustments for non-cash and other items<\/p>\n
774<\/p>\n
350<\/p>\n
Net cash flows from trading activities<\/p>\n
5,092<\/p>\n
3,935<\/p>\n
Changes in operating assets and liabilities<\/p>\n
1,163<\/p>\n
2,088<\/p>\n
Net cash flows from operating activities before tax<\/p>\n
6,255<\/p>\n
6,023<\/p>\n
Income taxes paid<\/p>\n
(1,057)<\/p>\n
(906)<\/p>\n
Net cash flows from operating activities<\/p>\n
5,198<\/p>\n
5,117<\/p>\n
Net cash flows from investing activities<\/p>\n
(7,375)<\/p>\n
(7,896)<\/p>\n
Net cash flows from financing activities<\/p>\n
(4,026)<\/p>\n
418<\/p>\n
Effects of exchange rate changes on cash and cash
\nequivalents<\/p>\n
(244)<\/p>\n
391<\/p>\n
Net decrease in cash and cash equivalents<\/p>\n
(6,447)<\/p>\n
(1,970)<\/p>\n
Cash and cash equivalents at beginning of period<\/p>\n
95,433<\/p>\n
104,845<\/p>\n
Cash and cash equivalents at end of period<\/p>\n
88,986<\/p>\n
102,875<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Notes<\/p>\n
\u00a0<\/p>\n
1. Presentation of condensed consolidated financial
\nstatements<\/p>\n
\n\u00a0<\/p>\n
The condensed consolidated financial statements should be read in
\nconjunction with the NatWest Group plc 2025 Annual Report and
\nAccounts. The accounting policies are the same as those applied in
\nthe consolidated financial statements except for the addition of
\nBusiness combinations, noted below, resulting from the acquisition
\nof Evelyn Partners on 30 June 2026. The Group has not early adopted
\nany standard, interpretation or amendment that has been issued but
\nis not yet effective.<\/p>\n
\n\u00a0<\/p>\n
The condensed consolidated financial statements include the related
\nnotes, as well as the information marked as ‘reviewed’ within pages
\n21 to 68.<\/p>\n
\n\u00a0<\/p>\n
The Amendments to the Classification and Measurement of Financial
\nInstruments (Amendments to IFRS 9 and IFRS 7 – issued May 2024)
\nwere adopted on 1 January 2026. NatWest Group has made an
\naccounting policy election to derecognise financial liabilities
\nbefore the settlement date where they are settled using electronic
\npayment systems that satisfy the specified conditions in IFRS 9.
\nThe amendments had no material impact on the financial performance
\nor position of NatWest Group.<\/p>\n
\n\u00a0<\/p>\n
The directors have prepared the condensed consolidated financial
\nstatements on a going concern basis after assessing the principal
\nrisks, forecasts, projections and other relevant evidence over the
\ntwelve months from the date they are approved and in accordance
\nwith IAS 34 Interim Financial Reporting, as adopted by the UK and
\nas issued by the International Accounting Standards Board
\n(IASB).<\/p>\n
\u00a0<\/p>\n
Business combinations<\/p>\n
Acquisitions of businesses are accounted for using the acquisition
\nmethod. The consideration transferred in a business combination is
\nmeasured at fair value. Acquisition-related costs are recognised in
\nprofit or loss as incurred.<\/p>\n
\n\u00a0<\/p>\n
At the acquisition date, the identifiable assets acquired and the
\nliabilities assumed are recognised at their fair value at the
\nacquisition date, except that:<\/p>\n
\n\u00a0<\/p>\n
\n\u25cf\u00a0 \u00a0
\n\u00a0deferred
\ntax assets or liabilities and assets or liabilities related to
\nemployee benefit arrangements are recognised and measured in
\naccordance with IAS 12\u00a0Income
\nTaxes\u00a0and
\nIAS 19\u00a0Employee
\nBenefits\u00a0respectively;
\nand<\/p>\n
\n\u25cf\u00a0 \u00a0
\n\u00a0liabilities or equity instruments
\nrelated to share-based payment arrangements of the acquiree or
\nshare-based payment arrangements of the group entered into to
\nreplace share-based payment arrangements of the acquiree are
\nmeasured in accordance with IFRS 2\u00a0Share-based
\nPayment\u00a0at
\nthe acquisition date.<\/p>\n
\n\u00a0<\/p>\n
The excess of the sum of the consideration transferred over the
\nfair value of the identifiable assets acquired and the liabilities
\nassumed is recognised as goodwill.<\/p>\n
\n\u00a0<\/p>\n
The fair value measurement of identifiable assets acquired and
\nliabilities assumed may be adjusted if additional information is
\nobtained during the\u00a0measurement
\nperiod (which cannot exceed one year from the acquisition date)
\nabout facts and circumstances that existed at the acquisition
\ndate.<\/p>\n
\n\u00a0<\/p>\n
In relation to the acquisition of Evelyn Partners, NatWest Group
\nmade significant judgements in respect of valuation techniques and
\nmodelling assumptions used to determine the fair value of
\nidentifiable assets acquired and liabilities assumed.<\/p>\n
\n\u00a0<\/p>\n
NatWest Group has applied judgement in determining the allocation
\nof acquired goodwill to the group of cash-generating units expected
\nto benefit from the acquisition.<\/p>\n
\n\u00a0<\/p>\n
Further information on the acquisition of Evelyn Partners during
\nthe current period is included in Note 2.<\/p>\n
\n\u00a0<\/p>\n
The estimated useful economic lives set out in the intangible
\nassets accounting policy, would be expanded to
\ninclude:<\/p>\n
\n\u00a0<\/p>\n
Customer relationships
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n13 to 14 years<\/p>\n
Brand\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n10 years<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
2. Acquisition of Evelyn Partners<\/p>\n
\n\u00a0<\/p>\n
Acquisition overview<\/p>\n
On 30 June 2026, NatWest Group acquired 100% of the issued share
\ncapital of Evelyn Partners Group Limited (Evelyn Partners) for
\ntotal consideration of \u00a32.2 billion, determined by adjusting
\nthe enterprise value of \u00a32.7 billion to reflect the cash, debt
\nand working capital position of Evelyn Partners on acquisition
\ndate.<\/p>\n
\u00a0<\/p>\n
Evelyn Partners is a UK-based wealth management and professional
\nservices business providing investment management, financial
\nplanning and advisory services to retail, mass affluent and
\nhigh-net-worth clients.<\/p>\n
\u00a0<\/p>\n
The acquisition accelerates NatWest Group’s strategy, increasing
\nthe proportion of earnings generated from capital-light, fee-based
\nincome streams.<\/p>\n
\u00a0<\/p>\n
The acquisition has been accounted for as a business combination
\nusing the acquisition method in accordance with IFRS 3 Business
\nCombinations.<\/p>\n
\u00a0<\/p>\n
Consideration transferred<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
Cash consideration<\/p>\n
\u00a02,187\u00a0<\/p>\n
Share based payment awards attributable to pre-combination
\nservices<\/p>\n
\u00a020\u00a0<\/p>\n
Total consideration transferred<\/p>\n
\u00a02,207\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Provisional fair values of identifiable net assets
\nacquired<\/p>\n
\u00a0<\/p>\n
The fair values assigned to the identifiable assets acquired and
\nliabilities assumed at the acquisition date are provisional and may
\nbe adjusted during the measurement period of up to 12 months from
\nthe acquisition date as permitted by IFRS 3.<\/p>\n
\n\u00a0<\/p>\n
A summary of the provisional fair values recognised is set out
\nbelow:<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
Cash<\/p>\n
172<\/p>\n
Right of use assets<\/p>\n
43<\/p>\n
Property, plant and equipment<\/p>\n
29<\/p>\n
Identifiable intangible assets<\/p>\n
1,260<\/p>\n
Other assets<\/p>\n
157<\/p>\n
Borrowings<\/p>\n
(674)<\/p>\n
Deferred tax liabilities<\/p>\n
(299)<\/p>\n
Lease liabilities<\/p>\n
(57)<\/p>\n
Other liabilities<\/p>\n
(147)<\/p>\n
Net identifiable assets acquired<\/p>\n
484<\/p>\n
Goodwill recognised<\/p>\n
1,723<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
The principal identifiable intangible assets recognised
\ncomprise:<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0customer
\nrelationships;<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0brand-related
\nintangible assets; and<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0technology
\nand software assets.<\/p>\n
The goodwill recognised is principally attributable
\nto:<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0expected
\nrevenue synergies from combining NatWest Group’s customer base with
\nEvelyn Partners’ wealth management and advice
\ncapabilities;<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0the
\nvalue of the assembled workforce and management expertise of the
\nacquired business; and<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0future
\ngrowth opportunities and strategic benefits that do not meet the
\ncriteria for separate recognition as identifiable intangible
\nassets.<\/p>\n
None of the goodwill recognised is expected to be deductible for
\ntax purposes.<\/p>\n
\u00a0<\/p>\n
Measurement period adjustments<\/p>\n
The purchase price allocation remains subject to refinement as
\nNatWest Group finalises the valuation of acquired intangible assets
\nand certain provisions and tax balances.<\/p>\n
The valuation of customer relationships and investment management
\ncontracts is sensitive to assumptions relating to:<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0expected
\nfuture assets under management;<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0client
\nretention;<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0fee
\nmargins;<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0discount
\nrates; and<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0EBITDA
\nmargin.<\/p>\n
Any adjustments identified during the measurement period will be
\nrecognised retrospectively in accordance with IFRS 3.<\/p>\n
\u00a0<\/p>\n
Transactions accounted for separately<\/p>\n
On acquisition date, the following transactions have been accounted
\nfor separately to the acquisition:<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0external
\ndebt held by Evelyn Partners amounting to \u00a3674 million was
\nrepaid, resulting in an outflow of cash and reduction in borrowings
\nby \u00a3674 million;<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0management
\nloans held by previous investors in Evelyn Partners amounting to
\n\u00a311 million were settled, resulting in a cash inflow of
\n\u00a311 million.<\/p>\n
\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
2. Acquisition of Evelyn Partners continued<\/p>\n
\u00a0<\/p>\n
Impact on the consolidated income statement<\/p>\n
Evelyn Partners was acquired on 30 June 2026, therefore had no
\ncontribution to the income statement of NatWest Group as at 30 June
\n2026.<\/p>\n
\n\u00a0<\/p>\n
During the period, NatWest Group recognised \u00a328 million of
\nacquisition-related costs within Operating expenses.<\/p>\n
\n\u00a0<\/p>\n
Impact on the consolidated balance sheet<\/p>\n
As at the 30 June 2026, the acquisition resulted in an increase in
\nNatWest Group’s:<\/p>\n
\n\u00a0<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0goodwill;<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0other
\nintangible assets; and<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0other
\nassets and liabilities associated with the acquired
\nbusiness.<\/p>\n
\u00a0<\/p>\n
Impact on the cash flow statement<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
Cash consideration paid<\/p>\n
2,187<\/p>\n
Less: cash and cash equivalents acquired<\/p>\n
172<\/p>\n
Net cash outflow on acquisition<\/p>\n
2,015<\/p>\n
\u00a0<\/p>\n
The net cash outflow on acquisition is presented within investing
\nactivities in the condensed consolidated cash flow
\nstatement.<\/p>\n
\u00a0<\/p>\n
Illustrative pro forma information<\/p>\n
Had the acquisition occurred on 1 January 2026, management
\nestimates that NatWest Group would have reported:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
Total income<\/p>\n
9,139<\/p>\n
Profit after tax<\/p>\n
3,162<\/p>\n
\u00a0<\/p>\n
The pro forma information is presented for illustrative purposes
\nonly and is not necessarily indicative of the results of operations
\nthat would have been achieved had the acquisition been completed on
\nthat date, nor is it intended to be a projection of future
\nresults.<\/p>\n
\u00a0<\/p>\n
In determining these amounts, management has assumed that the fair
\nvalue adjustments that arose on acquisition as part of the purchase
\nprice allocation would have been the same and that the external
\ndebt would have still have been paid off immediately if the
\nacquisition had occurred on 1 January 2026, resulting in an
\nadditional amortisation charge relating to the additional
\nidentifiable intangible assets\u00a0recognised
\nand a decrease in the interest expense recognised in relation to
\nthe external debt.<\/p>\n
\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
3. Net interest income<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Half year ended<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
30 June<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a3m\u00a0<\/p>\n
\u00a0\u00a3m\u00a0<\/p>\n
Balances at central banks and loans to banks – amortised
\ncost<\/p>\n
1,443<\/p>\n
1,769<\/p>\n
Loans to customers – amortised cost<\/p>\n
9,960<\/p>\n
9,412<\/p>\n
Other financial assets<\/p>\n
1,640<\/p>\n
1,492<\/p>\n
Interest receivable<\/p>\n
13,043<\/p>\n
12,673<\/p>\n
Bank deposits<\/p>\n
974<\/p>\n
854<\/p>\n
Customer deposits<\/p>\n
3,524<\/p>\n
3,918<\/p>\n
Other financial liabilities<\/p>\n
1,485<\/p>\n
1,579<\/p>\n
Subordinated liabilities<\/p>\n
170<\/p>\n
202<\/p>\n
Interest payable<\/p>\n
6,153<\/p>\n
6,553<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Net interest income<\/p>\n
6,890<\/p>\n
6,120<\/p>\n
\u00a0<\/p>\n
4. Non-interest income<\/p>\n
\u00a0<\/p>\n
Half year ended<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
30 June<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Net fees and commissions\u00a0(1)<\/p>\n
1,317<\/p>\n
1,240<\/p>\n
Foreign exchange<\/p>\n
219<\/p>\n
232<\/p>\n
Interest rate\u00a0(2)<\/p>\n
153<\/p>\n
281<\/p>\n
Credit<\/p>\n
12<\/p>\n
57<\/p>\n
Changes in fair value of own debt and derivative liabilities
\nattributable to own credit risk – debt securities in
\nissue<\/p>\n
1<\/p>\n
3<\/p>\n
Equities, commodities and other<\/p>\n
1<\/p>\n
2<\/p>\n
Income from trading activities<\/p>\n
386<\/p>\n
575<\/p>\n
Rental income on operating lease assets and investment
\nproperty<\/p>\n
115<\/p>\n
108<\/p>\n
Changes in fair value of financial assets and liabilities
\ndesignated at FVTPL\u00a0(3)<\/p>\n
(63)<\/p>\n
(85)<\/p>\n
Changes in fair value of other financial assets and liabilities
\ndesignated at FVTPL\u00a0(4)<\/p>\n
17<\/p>\n
22<\/p>\n
Hedge ineffectiveness<\/p>\n
15<\/p>\n
(13)<\/p>\n
Profit on disposal of fair value through other comprehensive income
\nasset<\/p>\n
26<\/p>\n
4<\/p>\n
Loss on disposal of subsidiaries and associates<\/p>\n
(15)<\/p>\n
–<\/p>\n
Share of profit of associated entities<\/p>\n
18<\/p>\n
14<\/p>\n
Foreign exchange recycling profit\u00a0(5)<\/p>\n
133<\/p>\n
1<\/p>\n
Other income<\/p>\n
23<\/p>\n
(1)<\/p>\n
Other operating income<\/p>\n
269<\/p>\n
50<\/p>\n
Non-interest income<\/p>\n
1,972<\/p>\n
1,865<\/p>\n
\u00a0<\/p>\n
\n(1)\u00a0\u00a0\u00a0\u00a0
\nRefer to Note 6 for further analysis.<\/p>\n
\n(2)\u00a0\u00a0\u00a0\u00a0
\nIncludes fair value changes on derivatives not designated in a
\nhedge accounting relationship, and gains and losses from structural
\nhedges.<\/p>\n
\n(3)\u00a0\u00a0\u00a0\u00a0
\nIncludes related derivatives.<\/p>\n
\n(4)\u00a0\u00a0\u00a0\u00a0
\nIncludes instruments that have failed solely payments of principal
\nand interest testing under IFRS 9.<\/p>\n
\n(5)\u00a0\u00a0\u00a0\u00a0
\nRefer to footnote 6 of the Condensed consolidated statement of
\nchanges in equity.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
5. Operating expenses<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Half year ended<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
30 June<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Salaries<\/p>\n
1,209<\/p>\n
1,237<\/p>\n
Bonus awards<\/p>\n
296<\/p>\n
271<\/p>\n
Temporary and contract costs<\/p>\n
74<\/p>\n
79<\/p>\n
Social security costs<\/p>\n
227<\/p>\n
207<\/p>\n
Pension costs<\/p>\n
164<\/p>\n
173<\/p>\n
\u00a0– defined benefit
\nschemes<\/p>\n
35<\/p>\n
52<\/p>\n
\u00a0– defined contribution
\nschemes<\/p>\n
129<\/p>\n
121<\/p>\n
Other<\/p>\n
164<\/p>\n
162<\/p>\n
Staff costs<\/p>\n
2,134<\/p>\n
2,129<\/p>\n
Premises and equipment<\/p>\n
628<\/p>\n
587<\/p>\n
Depreciation and amortisation\u00a0(1)<\/p>\n
565<\/p>\n
557<\/p>\n
Other administrative expenses<\/p>\n
794<\/p>\n
745<\/p>\n
Administrative expenses<\/p>\n
1,987<\/p>\n
1,889<\/p>\n
Operating expenses<\/p>\n
4,121<\/p>\n
4,018<\/p>\n
\n(1)\u00a0\u00a0\u00a0\u00a0
\nIncludes depreciation of right of use assets of \u00a343 million
\n(30 June 2025 – \u00a347 million).<\/p>\n
\u00a0<\/p>\n
6. Segmental analysis<\/p>\n
\u00a0<\/p>\n
The business is organised into the following reportable segments:
\nRetail\u00a0Banking,
\nPrivate Banking & Wealth Management, Commercial &
\nInstitutional and Central items & other.<\/p>\n
\u00a0<\/p>\n
Analysis of operating profit\/(loss) before tax<\/p>\n
The following tables provide a segmental analysis of operating
\nprofit\/(loss) before tax by the main income statement
\ncaptions.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Private Banking &<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Retail<\/p>\n
Wealth<\/p>\n
Commercial &<\/p>\n
Central items &<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Banking<\/p>\n
\u00a0Management<\/p>\n
Institutional<\/p>\n
\u00a0other<\/p>\n
Total<\/p>\n
Half year ended 30 June 2026<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Net interest income<\/p>\n
3,165<\/p>\n
398<\/p>\n
3,367<\/p>\n
(40)<\/p>\n
6,890<\/p>\n
Net fees and commissions<\/p>\n
265<\/p>\n
178<\/p>\n
871<\/p>\n
3<\/p>\n
1,317<\/p>\n
Other non-interest income\u00a0<\/p>\n
8<\/p>\n
19<\/p>\n
391<\/p>\n
237<\/p>\n
655<\/p>\n
Total income<\/p>\n
3,438<\/p>\n
595<\/p>\n
4,629<\/p>\n
200<\/p>\n
8,862<\/p>\n
Depreciation and amortisation<\/p>\n
(13)<\/p>\n
(1)<\/p>\n
(62)<\/p>\n
(489)<\/p>\n
(565)<\/p>\n
Other operating expenses\u00a0<\/p>\n
(1,416)<\/p>\n
(376)<\/p>\n
(2,146)<\/p>\n
382<\/p>\n
(3,556)<\/p>\n
Impairment losses<\/p>\n
(280)<\/p>\n
(6)<\/p>\n
(137)<\/p>\n
–<\/p>\n
(423)<\/p>\n
Operating profit<\/p>\n
1,729<\/p>\n
212<\/p>\n
2,284<\/p>\n
93<\/p>\n
4,318<\/p>\n
\n\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
6. Segmental analysis continued<\/p>\n
\u00a0<\/p>\n
Analysis of operating profit\/(loss) before tax<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Private Banking &<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Retail<\/p>\n
Wealth<\/p>\n
Commercial &<\/p>\n
Central items &<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Banking<\/p>\n
\u00a0Management<\/p>\n
Institutional<\/p>\n
\u00a0other<\/p>\n
Total<\/p>\n
Half year ended 30 June 2025<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Net interest income<\/p>\n
2,922<\/p>\n
363<\/p>\n
2,955<\/p>\n
(120)<\/p>\n
6,120<\/p>\n
Net fees and commissions<\/p>\n
213<\/p>\n
159<\/p>\n
865<\/p>\n
3<\/p>\n
1,240<\/p>\n
Other non-interest income\u00a0<\/p>\n
(1)<\/p>\n
17<\/p>\n
469<\/p>\n
140<\/p>\n
625<\/p>\n
Total income<\/p>\n
3,134<\/p>\n
539<\/p>\n
4,289<\/p>\n
23<\/p>\n
7,985<\/p>\n
Depreciation and amortisation<\/p>\n
–<\/p>\n
–<\/p>\n
(71)<\/p>\n
(486)<\/p>\n
(557)<\/p>\n
Other operating expenses\u00a0<\/p>\n
(1,423)<\/p>\n
(359)<\/p>\n
(2,080)<\/p>\n
401<\/p>\n
(3,461)<\/p>\n
Impairment losses<\/p>\n
(226)<\/p>\n
(1)<\/p>\n
(154)<\/p>\n
(1)<\/p>\n
(382)<\/p>\n
Operating profit\/(loss)<\/p>\n
1,485<\/p>\n
179<\/p>\n
1,984<\/p>\n
(63)<\/p>\n
3,585<\/p>\n
\u00a0<\/p>\n
Total revenue\u00a0(1)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Private Banking &<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Retail<\/p>\n
Wealth<\/p>\n
Commercial &<\/p>\n
Central items &<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Banking<\/p>\n
\u00a0Management<\/p>\n
Institutional<\/p>\n
\u00a0other<\/p>\n
Total<\/p>\n
Half year ended 30 June 2026<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
External<\/p>\n
5,312<\/p>\n
634<\/p>\n
6,631<\/p>\n
2,831<\/p>\n
15,408<\/p>\n
Inter-segmental<\/p>\n
7<\/p>\n
691<\/p>\n
(665)<\/p>\n
(33)<\/p>\n
–<\/p>\n
Total<\/p>\n
5,319<\/p>\n
1,325<\/p>\n
5,966<\/p>\n
2,798<\/p>\n
15,408<\/p>\n
\u00a0<\/p>\n
Half year ended 30 June 2025<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
External<\/p>\n
4,916<\/p>\n
617<\/p>\n
6,729<\/p>\n
2,644<\/p>\n
14,906<\/p>\n
Inter-segmental<\/p>\n
6<\/p>\n
774<\/p>\n
(794)<\/p>\n
14<\/p>\n
–<\/p>\n
Total<\/p>\n
4,922<\/p>\n
1,391<\/p>\n
5,935<\/p>\n
2,658<\/p>\n
14,906<\/p>\n
\u00a0<\/p>\n
\n(1)\u00a0\u00a0\u00a0\u00a0\u00a0Total
\nrevenue comprises interest receivable, fees and commissions
\nreceivable, income from trading activities and other operating
\nincome.<\/p>\n
\u00a0<\/p>\n
Total assets and liabilities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Private Banking &<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Retail<\/p>\n
Wealth\u00a0<\/p>\n
Commercial &<\/p>\n
Central items &<\/p>\n
\u00a0<\/p>\n
Banking<\/p>\n
Management<\/p>\n
Institutional<\/p>\n
\u00a0other<\/p>\n
Total<\/p>\n
30 June 2026<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Assets<\/p>\n
247,472<\/p>\n
32,899<\/p>\n
422,116<\/p>\n
42,880<\/p>\n
745,367<\/p>\n
Liabilities<\/p>\n
205,933<\/p>\n
42,139<\/p>\n
377,800<\/p>\n
75,667<\/p>\n
701,539<\/p>\n
\u00a0<\/p>\n
31 December 2025<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Assets<\/p>\n
\u00a0240,259\u00a0<\/p>\n
\u00a030,457\u00a0<\/p>\n
\u00a0391,869\u00a0<\/p>\n
\u00a051,968\u00a0<\/p>\n
\u00a0714,553\u00a0<\/p>\n
Liabilities<\/p>\n
\u00a0206,398\u00a0<\/p>\n
\u00a042,895\u00a0<\/p>\n
\u00a0354,499\u00a0<\/p>\n
\u00a068,148\u00a0<\/p>\n
\u00a0671,940\u00a0<\/p>\n
\n\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
6. Segmental analysis continued<\/p>\n
Analysis of net fees and commissions<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Private Banking<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Retail<\/p>\n
& Wealth\u00a0<\/p>\n
Commercial<\/p>\n
Central items<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Banking<\/p>\n
Management<\/p>\n
& Institutional<\/p>\n
& other<\/p>\n
Total<\/p>\n
Half year ended 30 June 2026<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Fees and commissions receivable<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0– Payment
\nservices<\/p>\n
191<\/p>\n
19<\/p>\n
358<\/p>\n
–<\/p>\n
568<\/p>\n
\u00a0\u00a0– Credit and debit card
\nfees<\/p>\n
207<\/p>\n
10<\/p>\n
133<\/p>\n
–<\/p>\n
350<\/p>\n
\u00a0\u00a0– Lending and
\nfinancing<\/p>\n
8<\/p>\n
4<\/p>\n
385<\/p>\n
–<\/p>\n
397<\/p>\n
\u00a0\u00a0– Brokerage<\/p>\n
68<\/p>\n
6<\/p>\n
25<\/p>\n
–<\/p>\n
99<\/p>\n
\u00a0\u00a0– Investment management, trustee
\nand fiduciary services\u00a0<\/p>\n
2<\/p>\n
148<\/p>\n
27<\/p>\n
8<\/p>\n
185<\/p>\n
\u00a0\u00a0– Underwriting
\nfees<\/p>\n
–<\/p>\n
–<\/p>\n
93<\/p>\n
–<\/p>\n
93<\/p>\n
\u00a0\u00a0– Other<\/p>\n
10<\/p>\n
3<\/p>\n
19<\/p>\n
(14)<\/p>\n
18<\/p>\n
Total<\/p>\n
486<\/p>\n
190<\/p>\n
1,040<\/p>\n
(6)<\/p>\n
1,710<\/p>\n
Fees and commissions payable<\/p>\n
(221)<\/p>\n
(12)<\/p>\n
(169)<\/p>\n
9<\/p>\n
(393)<\/p>\n
Net fees and commissions<\/p>\n
265<\/p>\n
178<\/p>\n
871<\/p>\n
3<\/p>\n
1,317<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Half year ended 30 June 2025<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Fees and commissions receivable<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0– Payment
\nservices<\/p>\n
176<\/p>\n
20<\/p>\n
355<\/p>\n
–<\/p>\n
551<\/p>\n
\u00a0\u00a0– Credit and debit card
\nfees<\/p>\n
203<\/p>\n
10<\/p>\n
133<\/p>\n
–<\/p>\n
346<\/p>\n
\u00a0\u00a0– Lending and
\nfinancing<\/p>\n
8<\/p>\n
4<\/p>\n
370<\/p>\n
–<\/p>\n
382<\/p>\n
\u00a0\u00a0– Brokerage<\/p>\n
19<\/p>\n
5<\/p>\n
28<\/p>\n
–<\/p>\n
52<\/p>\n
\u00a0\u00a0– Investment management, trustee
\nand fiduciary services\u00a0<\/p>\n
1<\/p>\n
126<\/p>\n
25<\/p>\n
10<\/p>\n
162<\/p>\n
\u00a0\u00a0– Underwriting
\nfees<\/p>\n
–<\/p>\n
–<\/p>\n
88<\/p>\n
–<\/p>\n
88<\/p>\n
\u00a0\u00a0– Other<\/p>\n
5<\/p>\n
2<\/p>\n
28<\/p>\n
(8)<\/p>\n
27<\/p>\n
Total<\/p>\n
412<\/p>\n
167<\/p>\n
1,027<\/p>\n
2<\/p>\n
1,608<\/p>\n
Fees and commissions payable<\/p>\n
(199)<\/p>\n
(8)<\/p>\n
(162)<\/p>\n
1<\/p>\n
(368)<\/p>\n
Net fees and commissions<\/p>\n
213<\/p>\n
159<\/p>\n
865<\/p>\n
3<\/p>\n
1,240<\/p>\n
\u00a0<\/p>\n
Notes
\ncontinued<\/p>\n
\u00a0<\/p>\n
7. Tax<\/p>\n
The actual tax charge differs from the expected tax charge computed
\nby applying the standard UK corporation tax rate of 25% (2025 –
\n25%), as analysed below:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Half year ended<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
30 June<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Profit before tax<\/p>\n
4,318<\/p>\n
3,585<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Expected tax charge<\/p>\n
(1,080)<\/p>\n
(896)<\/p>\n
Losses and temporary differences in period where no deferred tax
\nassets recognised<\/p>\n
(3)<\/p>\n
(4)<\/p>\n
Foreign profits taxed at other rates<\/p>\n
4<\/p>\n
21<\/p>\n
Items not allowed for tax:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0– losses on disposals and
\nwrite-downs<\/p>\n
(6)<\/p>\n
5<\/p>\n
\u00a0\u00a0– UK bank
\nlevy<\/p>\n
(17)<\/p>\n
(17)<\/p>\n
\u00a0\u00a0– regulatory and legal
\nactions<\/p>\n
(3)<\/p>\n
(16)<\/p>\n
\u00a0\u00a0– other disallowable
\nitems<\/p>\n
(24)<\/p>\n
(14)<\/p>\n
Non-taxable items:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0– FX recycling on Ulydien capital
\nreduction<\/p>\n
22<\/p>\n
–<\/p>\n
\u00a0\u00a0– RPI-related uplift on
\nindex-linked gilts<\/p>\n
17<\/p>\n
9<\/p>\n
\u00a0\u00a0– other non-taxable
\nitems<\/p>\n
5<\/p>\n
15<\/p>\n
Taxable foreign exchange movements<\/p>\n
1<\/p>\n
(3)<\/p>\n
Unrecognised losses bought forward and utilised<\/p>\n
23<\/p>\n
18<\/p>\n
Net increase in the carrying value of deferred tax assets in
\nrespect of UK losses<\/p>\n
–<\/p>\n
26<\/p>\n
Banking surcharge<\/p>\n
(110)<\/p>\n
(95)<\/p>\n
Tax on paid-in equity dividends<\/p>\n
37<\/p>\n
40<\/p>\n
Adjustments in respect of prior years<\/p>\n
(4)<\/p>\n
1<\/p>\n
Actual tax charge<\/p>\n
(1,138)<\/p>\n
(910)<\/p>\n
\u00a0<\/p>\n
At 30 June 2026, NatWest Group has recognised a deferred tax asset
\nof \u00a31,149 million (31 December 2025 – \u00a31,252 million) and
\na deferred tax liability of \u00a3376 million (31 December 2025 –
\n\u00a3104 million).\u00a0These
\namounts include deferred tax assets recognised in respect of
\ntrading losses of \u00a3741 million (31 December 2025 – \u00a3814
\nmillion).\u00a0NatWest
\nGroup\u00a0has
\nconsidered the carrying value of these assets as at 30 June 2026
\nand concluded that they are recoverable.<\/p>\n
\u00a0<\/p>\n
Deferred tax liabilities of \u00a3299 million relate to the net
\nidentifiable assets acquired as part of the Evelyn Partners
\nacquisition (refer to Note 2 for further information).<\/p>\n
\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
8. Financial instruments – classification<\/p>\n
\u00a0<\/p>\n
The following tables analyse financial assets and liabilities in
\naccordance with the categories of financial instruments in IFRS
\n9.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Amortisedcost<\/p>\n
Otherassets<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
MFVTPL<\/p>\n
DFV<\/p>\n
FVOCI<\/p>\n
Total<\/p>\n
Assets<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Cash and balances at central banks<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
76,743<\/p>\n
\u00a0<\/p>\n
76,743<\/p>\n
Trading assets<\/p>\n
47,366<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
47,366<\/p>\n
Derivatives\u00a0(1)<\/p>\n
63,157<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
63,157<\/p>\n
Settlement balances<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
10,015<\/p>\n
\u00a0<\/p>\n
10,015<\/p>\n
Loans to banks – amortised cost\u00a0(2)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
7,342<\/p>\n
\u00a0<\/p>\n
7,342<\/p>\n
Loans to customers – amortised cost\u00a0(3)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
435,908<\/p>\n
\u00a0<\/p>\n
435,908<\/p>\n
Other financial assets<\/p>\n
810<\/p>\n
7<\/p>\n
50,647<\/p>\n
35,088<\/p>\n
\u00a0<\/p>\n
86,552<\/p>\n
Intangible assets<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
10,205<\/p>\n
10,205<\/p>\n
Other assets<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
8,079<\/p>\n
8,079<\/p>\n
30 June 2026<\/p>\n
111,333<\/p>\n
7<\/p>\n
50,647<\/p>\n
565,096<\/p>\n
18,284<\/p>\n
745,367<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Cash and balances at central banks<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
85,182<\/p>\n
\u00a0<\/p>\n
85,182<\/p>\n
Trading assets<\/p>\n
46,537<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
46,537<\/p>\n
Derivatives\u00a0(1)<\/p>\n
60,789<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
60,789<\/p>\n
Settlement balances<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
645<\/p>\n
\u00a0<\/p>\n
645<\/p>\n
Loans to banks – amortised cost\u00a0(2)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
6,958<\/p>\n
\u00a0<\/p>\n
6,958<\/p>\n
Loans to customers – amortised cost\u00a0(3)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
418,881<\/p>\n
\u00a0<\/p>\n
418,881<\/p>\n
Other financial assets\u00a0<\/p>\n
1,041<\/p>\n
3<\/p>\n
42,168<\/p>\n
36,558<\/p>\n
\u00a0<\/p>\n
79,770<\/p>\n
Intangible assets<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
7,292<\/p>\n
7,292<\/p>\n
Other assets<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
8,499<\/p>\n
8,499<\/p>\n
31 December 2025<\/p>\n
108,367<\/p>\n
3<\/p>\n
42,168<\/p>\n
548,224<\/p>\n
15,791<\/p>\n
714,553<\/p>\n
\u00a0<\/p>\n
For the notes to this table refer to the following
\npage.<\/p>\n
\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
8. Financial instruments – classification continued<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Held-for-trading<\/p>\n
\u00a0<\/p>\n
Amortisedcost<\/p>\n
Otherliabilities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
DFV<\/p>\n
Total<\/p>\n
Liabilities<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Bank deposits\u00a0(4)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
50,002<\/p>\n
\u00a0<\/p>\n
50,002<\/p>\n
Customer deposits<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
448,605<\/p>\n
\u00a0<\/p>\n
448,605<\/p>\n
Settlement balances<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
9,995<\/p>\n
\u00a0<\/p>\n
9,995<\/p>\n
Trading liabilities<\/p>\n
50,637<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
50,637<\/p>\n
Derivatives\u00a0(1)<\/p>\n
56,256<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
56,256<\/p>\n
Other financial liabilities\u00a0(5,7)<\/p>\n
\u00a0<\/p>\n
4,790<\/p>\n
67,244<\/p>\n
\u00a0<\/p>\n
72,034<\/p>\n
Subordinated liabilities<\/p>\n
\u00a0<\/p>\n
230<\/p>\n
6,376<\/p>\n
\u00a0<\/p>\n
6,606<\/p>\n
Notes in circulation<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
3,110<\/p>\n
\u00a0<\/p>\n
3,110<\/p>\n
Other liabilities\u00a0(6)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
600<\/p>\n
3,694<\/p>\n
4,294<\/p>\n
30 June 2026<\/p>\n
106,893<\/p>\n
5,020<\/p>\n
585,932<\/p>\n
3,694<\/p>\n
701,539<\/p>\n
\u00a0<\/p>\n
Bank deposits\u00a0(4)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
44,092<\/p>\n
\u00a0<\/p>\n
44,092<\/p>\n
Customer deposits<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
442,998<\/p>\n
\u00a0<\/p>\n
442,998<\/p>\n
Settlement balances<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
942<\/p>\n
\u00a0<\/p>\n
942<\/p>\n
Trading liabilities<\/p>\n
49,022<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
49,022<\/p>\n
Derivatives\u00a0(1)<\/p>\n
53,974<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
53,974<\/p>\n
Other financial liabilities\u00a0(5,7)<\/p>\n
\u00a0<\/p>\n
4,617<\/p>\n
62,982<\/p>\n
\u00a0<\/p>\n
67,599<\/p>\n
Subordinated liabilities<\/p>\n
\u00a0<\/p>\n
237<\/p>\n
5,886<\/p>\n
\u00a0<\/p>\n
6,123<\/p>\n
Notes in circulation<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
3,164<\/p>\n
\u00a0<\/p>\n
3,164<\/p>\n
Other liabilities\u00a0(6)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
594<\/p>\n
3,432<\/p>\n
4,026<\/p>\n
31 December 2025<\/p>\n
102,996<\/p>\n
4,854<\/p>\n
560,658<\/p>\n
3,432<\/p>\n
671,940<\/p>\n
\u00a0<\/p>\n
\n(1)
\n\u00a0 \u00a0 Includes net hedging derivative assets of \u00a3395
\nmillion (31 December 2025 – \u00a3535 million) and net hedging
\nderivative liabilities of \u00a3319 million (31 December 2025 –
\n\u00a3356 million).<\/p>\n
\n(2)
\n\u00a0 \u00a0 Includes items in the course of collection from other
\nbanks of \u00a3364 million (31 December 2025 – \u00a3166
\nmillion).<\/p>\n
\n(3)
\n\u00a0 \u00a0 Includes finance lease receivables of \u00a39,206
\nmillion (31 December 2025 – \u00a38,971 million).<\/p>\n
\n(4)
\n\u00a0 \u00a0 Includes items in the course of transmission to other
\nbanks of \u00a3200 million (31 December 2025 – \u00a3192
\nmillion).<\/p>\n
\n(5)
\n\u00a0 \u00a0 The carrying amount of other customer accounts
\ndesignated at fair value through profit or loss is the same as the
\nprincipal amount for both periods. No amounts have been recognised
\nin the profit or loss for changes in credit risk associated with
\nthese liabilities as the changes are immaterial both during the
\nperiod and cumulatively.<\/p>\n
\n(6)
\n\u00a0 \u00a0 Includes lease liabilities of \u00a3538 million (31
\nDecember 2025 – \u00a3535 million), held at amortised
\ncost.<\/p>\n
\n(7)
\n\u00a0 \u00a0 During the period ended 30 June 2026, there were debt
\nissuances of \u00a37.7 billion and debt repayments of \u00a38.4
\nbillion. Funding was also raised in other formats including
\ncommercial paper and certificates of deposit.<\/p>\n
\n\u00a0<\/p>\n
Notes continued<\/p>\n
9. Financial instruments – valuation<\/p>\n
Disclosures relating to the control environment, valuation
\ntechniques and related aspects pertaining to financial instruments
\nmeasured at fair value are included in the NatWest Group plc 2025
\nAnnual Report and Accounts.\u00a0Valuation,
\nsensitivity methodologies and inputs at 30 June 2026 are consistent
\nwith those described in Note 10 to the financial statements in the
\nNatWest Group plc 2025 Annual Report and
\nAccounts.<\/p>\n
\u00a0<\/p>\n
Fair value hierarchy<\/p>\n
The table below shows the assets and liabilities held by NatWest
\nGroup split by fair value hierarchy level. Level 1 are considered
\nthe most liquid instruments, and level 3 the most illiquid, valued
\nusing expert judgment and hence carry the most significant price
\nuncertainty.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
30 June 2026<\/p>\n
\u00a0<\/p>\n
31 December 2025<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Level 1<\/p>\n
Level 2<\/p>\n
Level 3<\/p>\n
Total<\/p>\n
\u00a0<\/p>\n
Level 1<\/p>\n
Level 2<\/p>\n
Level 3<\/p>\n
Total<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a0<\/p>\n
Assets<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Trading assets<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Loans<\/p>\n
–<\/p>\n
29,022<\/p>\n
256<\/p>\n
29,278<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
33,556<\/p>\n
96<\/p>\n
33,652<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Securities<\/p>\n
13,811<\/p>\n
4,277<\/p>\n
–<\/p>\n
18,088<\/p>\n
\u00a0<\/p>\n
9,586<\/p>\n
3,299<\/p>\n
–<\/p>\n
12,885<\/p>\n
\u00a0<\/p>\n
Derivatives<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Interest rate<\/p>\n
–<\/p>\n
30,819<\/p>\n
337<\/p>\n
31,156<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
32,382<\/p>\n
360<\/p>\n
32,742<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Foreign
\nexchange<\/p>\n
–<\/p>\n
31,850<\/p>\n
90<\/p>\n
31,940<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
27,878<\/p>\n
103<\/p>\n
27,981<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Other<\/p>\n
–<\/p>\n
49<\/p>\n
12<\/p>\n
61<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
57<\/p>\n
9<\/p>\n
66<\/p>\n
\u00a0<\/p>\n
Other financial assets<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Loans<\/p>\n
–<\/p>\n
24<\/p>\n
829<\/p>\n
853<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
35<\/p>\n
533<\/p>\n
568<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Securities<\/p>\n
29,888<\/p>\n
20,606<\/p>\n
117<\/p>\n
50,611<\/p>\n
\u00a0<\/p>\n
25,528<\/p>\n
16,964<\/p>\n
152<\/p>\n
42,644<\/p>\n
\u00a0<\/p>\n
Total financial assets held at fair value<\/p>\n
43,699<\/p>\n
116,647<\/p>\n
1,641<\/p>\n
161,987<\/p>\n
\u00a0<\/p>\n
35,114<\/p>\n
114,171<\/p>\n
1,253<\/p>\n
150,538<\/p>\n
\u00a0<\/p>\n
As a % of total fair value assets<\/p>\n
27%<\/p>\n
72%<\/p>\n
1%<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
23%<\/p>\n
76%<\/p>\n
1%<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Liabilities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Trading liabilities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Deposits<\/p>\n
–<\/p>\n
40,399<\/p>\n
–<\/p>\n
40,399<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
41,284<\/p>\n
–<\/p>\n
41,284<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Debt securities in
\nissue<\/p>\n
–<\/p>\n
215<\/p>\n
–<\/p>\n
215<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
234<\/p>\n
–<\/p>\n
234<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Short
\npositions<\/p>\n
8,174<\/p>\n
1,848<\/p>\n
1<\/p>\n
10,023<\/p>\n
\u00a0<\/p>\n
6,172<\/p>\n
1,331<\/p>\n
1<\/p>\n
7,504<\/p>\n
\u00a0<\/p>\n
Derivatives<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Interest rate<\/p>\n
–<\/p>\n
25,284<\/p>\n
181<\/p>\n
25,465<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
26,589<\/p>\n
169<\/p>\n
26,758<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Foreign
\nexchange<\/p>\n
–<\/p>\n
30,611<\/p>\n
52<\/p>\n
30,663<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
26,988<\/p>\n
54<\/p>\n
27,042<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Other<\/p>\n
–<\/p>\n
100<\/p>\n
28<\/p>\n
128<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
119<\/p>\n
55<\/p>\n
174<\/p>\n
\u00a0<\/p>\n
Other financial liabilities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Debt securities in
\nissue<\/p>\n
–<\/p>\n
2,338<\/p>\n
3<\/p>\n
2,341<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
2,302<\/p>\n
3<\/p>\n
2,305<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Other
\ndeposits<\/p>\n
–<\/p>\n
2,423<\/p>\n
26<\/p>\n
2,449<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
2,285<\/p>\n
27<\/p>\n
2,312<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Subordinated
\nliabilities<\/p>\n
–<\/p>\n
230<\/p>\n
–<\/p>\n
230<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
237<\/p>\n
–<\/p>\n
237<\/p>\n
\u00a0<\/p>\n
Total financial liabilities held at fair value<\/p>\n
8,174<\/p>\n
103,448<\/p>\n
291<\/p>\n
111,913<\/p>\n
\u00a0<\/p>\n
6,172<\/p>\n
101,369<\/p>\n
309<\/p>\n
107,850<\/p>\n
\u00a0<\/p>\n
As a % of total fair value liabilities<\/p>\n
7%<\/p>\n
93%<\/p>\n
0%<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
6%<\/p>\n
94%<\/p>\n
0%<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(1)
\n\u00a0 \u00a0 Level 1 – Instruments valued using unadjusted quoted
\nprices in active and liquid markets, for identical financial
\ninstruments. Examples include government bonds, listed equity
\nshares and certain exchange-traded derivatives.<\/p>\n
\n\u00a0
\n\u00a0 \u00a0 Level 2 – Instruments valued using valuation
\ntechniques that have observable inputs. Observable inputs are those
\nthat are readily available with limited adjustments required.
\nExamples include most government agency<\/p>\n
\n\u00a0
\nsecurities, investment-grade corporate bonds, certain mortgage
\nproducts – including CLOs, most bank loans, repos and reverse
\nrepos, state and municipal obligations, most notes issued, certain
\nmoney market securities, loan<\/p>\n
\n\u00a0
\ncommitments and most OTC derivatives.<\/p>\n
\n\u00a0
\n\u00a0 \u00a0Level 3 – Instruments valued using a valuation
\ntechnique where at least one input which could have a significant
\neffect on the instrument’s valuation, is not based on observable
\nmarket data. Examples include non-derivative<\/p>\n
\n\u00a0
\n\u00a0 \u00a0instruments which trade infrequently, certain
\nsyndicated and commercial mortgage loans, private equity, and
\nderivatives with unobservable model inputs.<\/p>\n
\n(2) \u00a0
\n\u00a0Transfers between levels
\nare deemed to have occurred at the beginning of the quarter in
\nwhich the instrument was transferred.<\/p>\n
\n(3) \u00a0
\n\u00a0For an analysis of debt
\nsecurities held at mandatory fair value through profit or loss by
\nissuer as well as ratings and derivatives, by type and contract,
\nrefer to Capital and risk management – Credit
\nrisk.<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
9. Financial instruments – valuation continued<\/p>\n
Valuation adjustments<\/p>\n
NatWest Group manages some portfolios of financial assets and
\nfinancial liabilities based on its net exposure to either market or
\ncredit risk. In these cases, the fair value is derived from the net
\nrisk exposure of that portfolio with portfolio level adjustments
\napplied to incorporate bid-offer spreads, counterparty credit risk,
\nand funding costs.<\/p>\n
When valuing financial instruments in the trading book, adjustments
\nare made to mid-market valuations to cover bid-offer spread,
\nfunding and credit risk. These adjustments are presented in the
\ntable below. For further information refer to the descriptions of
\nvaluation adjustments within ‘Financial instruments – valuation’ on
\npage 334 of the NatWest Group plc 2025 Annual Report and
\nAccounts.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
31 December<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Funding – FVA<\/p>\n
(16)<\/p>\n
(11)<\/p>\n
Credit – CVA<\/p>\n
174<\/p>\n
179<\/p>\n
Bid – Offer<\/p>\n
61<\/p>\n
60<\/p>\n
Product and deal specific<\/p>\n
96<\/p>\n
124<\/p>\n
Total<\/p>\n
315<\/p>\n
352<\/p>\n
\u00a0<\/p>\n
The decrease in FVA and CVA was driven by exposure changes arising
\nfrom the increase in interest rates. The decrease in product and
\ndeal specific was driven by the amortisation of deferred trade
\ninception profits.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
9. Financial instruments – valuation continued<\/p>\n
Level 3 sensitivities<\/p>\n
The table below shows the favourable and unfavourable range of fair
\nvalue of the level 3 assets and liabilities.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
30 June 2026<\/p>\n
\u00a0<\/p>\n
31 December 2025<\/p>\n
\u00a0<\/p>\n
Level 3<\/p>\n
Favourable<\/p>\n
Unfavourable<\/p>\n
\u00a0<\/p>\n
Level 3<\/p>\n
Favourable<\/p>\n
Unfavourable<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Assets<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Trading assets<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Loans<\/p>\n
256<\/p>\n
–<\/p>\n
–<\/p>\n
\u00a0<\/p>\n
96<\/p>\n
–<\/p>\n
–<\/p>\n
Derivatives<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Interest rate<\/p>\n
337<\/p>\n
10<\/p>\n
(10)<\/p>\n
\u00a0<\/p>\n
360<\/p>\n
20<\/p>\n
(10)<\/p>\n
\u00a0\u00a0Foreign
\nexchange<\/p>\n
90<\/p>\n
–<\/p>\n
–<\/p>\n
\u00a0<\/p>\n
103<\/p>\n
10<\/p>\n
(10)<\/p>\n
\u00a0\u00a0Other<\/p>\n
12<\/p>\n
–<\/p>\n
–<\/p>\n
\u00a0<\/p>\n
9<\/p>\n
–<\/p>\n
–<\/p>\n
Other financial assets<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Loans<\/p>\n
829<\/p>\n
10<\/p>\n
(10)<\/p>\n
\u00a0<\/p>\n
533<\/p>\n
–<\/p>\n
(10)<\/p>\n
\u00a0\u00a0Securities<\/p>\n
117<\/p>\n
10<\/p>\n
(20)<\/p>\n
\u00a0<\/p>\n
152<\/p>\n
10<\/p>\n
(20)<\/p>\n
Total financial assets held at fair value<\/p>\n
1,641<\/p>\n
30<\/p>\n
(40)<\/p>\n
\u00a0<\/p>\n
1,253<\/p>\n
40<\/p>\n
(50)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Liabilities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Trading liabilities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Short
\npositions<\/p>\n
1<\/p>\n
–<\/p>\n
–<\/p>\n
\u00a0<\/p>\n
1<\/p>\n
–<\/p>\n
–<\/p>\n
Derivatives<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Interest rate<\/p>\n
181<\/p>\n
10<\/p>\n
(10)<\/p>\n
\u00a0<\/p>\n
169<\/p>\n
10<\/p>\n
(10)<\/p>\n
\u00a0\u00a0Foreign
\nexchange<\/p>\n
52<\/p>\n
–<\/p>\n
–<\/p>\n
\u00a0<\/p>\n
54<\/p>\n
–<\/p>\n
–<\/p>\n
\u00a0\u00a0Other<\/p>\n
28<\/p>\n
–<\/p>\n
–<\/p>\n
\u00a0<\/p>\n
55<\/p>\n
–<\/p>\n
–<\/p>\n
Other financial liabilities\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0Debt securities in
\nissue<\/p>\n
3<\/p>\n
–<\/p>\n
–<\/p>\n
\u00a0<\/p>\n
3<\/p>\n
–<\/p>\n
–<\/p>\n
\u00a0\u00a0Other
\ndeposits<\/p>\n
26<\/p>\n
–<\/p>\n
–<\/p>\n
\u00a0<\/p>\n
27<\/p>\n
–<\/p>\n
(20)<\/p>\n
Total financial liabilities held at fair value<\/p>\n
291<\/p>\n
10<\/p>\n
(10)<\/p>\n
\u00a0<\/p>\n
309<\/p>\n
10<\/p>\n
(30)<\/p>\n
\u00a0<\/p>\n
Alternative assumptions<\/p>\n
Reasonably plausible alternative assumptions of unobservable inputs
\nare determined based on a specified target level of certainty of
\n90%. Alternative assumptions are determined with reference to all
\navailable evidence including consideration of the following:
\nquality of independent pricing information considering consistency
\nbetween different sources, variation over time, perceived
\ntradability or otherwise of available quotes; consensus service
\ndispersion ranges; volume of trading activity and market bias (e.g.
\none-way inventory); day 1 profit or loss arising on new trades;
\nnumber and nature of market participants; market conditions;
\nmodelling consistency in the market; size and nature of risk;
\nlength of holding of position; and market
\nintelligence.<\/p>\n
\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
9. Financial instruments – valuation continued<\/p>\n
Movement in level 3 assets and liabilities<\/p>\n
The following table shows the movement in level 3 assets and
\nliabilities.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Other<\/p>\n
Other<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Other<\/p>\n
Other<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Derivatives<\/p>\n
trading<\/p>\n
financial<\/p>\n
Total<\/p>\n
Derivatives<\/p>\n
trading<\/p>\n
financial<\/p>\n
Total<\/p>\n
\u00a0<\/p>\n
assets<\/p>\n
assets (2)<\/p>\n
assets (3)<\/p>\n
assets<\/p>\n
liabilities<\/p>\n
liabilities (2)<\/p>\n
liabilities<\/p>\n
liabilities<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
At 1 January 2026<\/p>\n
472<\/p>\n
96<\/p>\n
685<\/p>\n
1,253<\/p>\n
278<\/p>\n
1<\/p>\n
30<\/p>\n
309<\/p>\n
Amounts recorded in the income statement\u00a0(1)<\/p>\n
(30)<\/p>\n
13<\/p>\n
1<\/p>\n
(16)<\/p>\n
(26)<\/p>\n
–<\/p>\n
(1)<\/p>\n
(27)<\/p>\n
Amount recorded in the statement of comprehensive
\nincome<\/p>\n
–<\/p>\n
–<\/p>\n
2<\/p>\n
2<\/p>\n
–<\/p>\n
–<\/p>\n
–<\/p>\n
–<\/p>\n
Level 3 transfers in<\/p>\n
41<\/p>\n
–<\/p>\n
45<\/p>\n
86<\/p>\n
20<\/p>\n
–<\/p>\n
–<\/p>\n
20<\/p>\n
Level 3 transfers out<\/p>\n
(50)<\/p>\n
–<\/p>\n
(41)<\/p>\n
(91)<\/p>\n
(1)<\/p>\n
–<\/p>\n
–<\/p>\n
(1)<\/p>\n
Purchases\/originations<\/p>\n
39<\/p>\n
157<\/p>\n
336<\/p>\n
532<\/p>\n
22<\/p>\n
–<\/p>\n
–<\/p>\n
22<\/p>\n
Settlements\/other decreases<\/p>\n
–<\/p>\n
(10)<\/p>\n
(1)<\/p>\n
(11)<\/p>\n
(14)<\/p>\n
–<\/p>\n
–<\/p>\n
(14)<\/p>\n
Sales<\/p>\n
(33)<\/p>\n
–<\/p>\n
(81)<\/p>\n
(114)<\/p>\n
(17)<\/p>\n
–<\/p>\n
–<\/p>\n
(17)<\/p>\n
Foreign exchange and other adjustments<\/p>\n
–<\/p>\n
–<\/p>\n
–<\/p>\n
–<\/p>\n
(1)<\/p>\n
–<\/p>\n
–<\/p>\n
(1)<\/p>\n
At 30 June 2026<\/p>\n
439<\/p>\n
256<\/p>\n
946<\/p>\n
1,641<\/p>\n
261<\/p>\n
1<\/p>\n
29<\/p>\n
291<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Amounts recorded in the income statement in respect of balances
\nheld\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0at period end –
\nunrealised<\/p>\n
66<\/p>\n
13<\/p>\n
3<\/p>\n
82<\/p>\n
18<\/p>\n
(1)<\/p>\n
(0)<\/p>\n
17<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
At 1 January 2025<\/p>\n
630<\/p>\n
278<\/p>\n
774<\/p>\n
1,682<\/p>\n
465<\/p>\n
1<\/p>\n
28<\/p>\n
494<\/p>\n
Amounts recorded in the income statement\u00a0(1)<\/p>\n
(65)<\/p>\n
2<\/p>\n
(1)<\/p>\n
(64)<\/p>\n
(94)<\/p>\n
–<\/p>\n
1<\/p>\n
(93)<\/p>\n
Amount recorded in the statement of comprehensive
\nincome<\/p>\n
–<\/p>\n
–<\/p>\n
11<\/p>\n
11<\/p>\n
–<\/p>\n
–<\/p>\n
–<\/p>\n
–<\/p>\n
Level 3 transfers in<\/p>\n
40<\/p>\n
–<\/p>\n
–<\/p>\n
40<\/p>\n
7<\/p>\n
–<\/p>\n
25<\/p>\n
32<\/p>\n
Level 3 transfers out<\/p>\n
(6)<\/p>\n
–<\/p>\n
(16)<\/p>\n
(22)<\/p>\n
(11)<\/p>\n
–<\/p>\n
–<\/p>\n
(11)<\/p>\n
Purchases\/originations<\/p>\n
70<\/p>\n
89<\/p>\n
59<\/p>\n
218<\/p>\n
47<\/p>\n
–<\/p>\n
–<\/p>\n
47<\/p>\n
Settlements\/other decreases<\/p>\n
(2)<\/p>\n
(31)<\/p>\n
–<\/p>\n
(33)<\/p>\n
(34)<\/p>\n
–<\/p>\n
–<\/p>\n
(34)<\/p>\n
Sales<\/p>\n
(31)<\/p>\n
(97)<\/p>\n
(125)<\/p>\n
(253)<\/p>\n
(40)<\/p>\n
–<\/p>\n
–<\/p>\n
(40)<\/p>\n
Foreign exchange and other adjustments<\/p>\n
1<\/p>\n
2<\/p>\n
1<\/p>\n
4<\/p>\n
2<\/p>\n
–<\/p>\n
1<\/p>\n
3<\/p>\n
At 30 June 2025<\/p>\n
637<\/p>\n
243<\/p>\n
703<\/p>\n
1,583<\/p>\n
342<\/p>\n
1<\/p>\n
55<\/p>\n
398<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Amounts recorded in the income statement in respect of balances
\nheld\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0at period end –
\nunrealised<\/p>\n
57<\/p>\n
1<\/p>\n
(3)<\/p>\n
55<\/p>\n
(10)<\/p>\n
–<\/p>\n
–<\/p>\n
(10)<\/p>\n
\n(1) \u00a0
\n\u00a0\u00a0There were \u00a39 million net gains on trading
\nassets and liabilities (30 June 2025 – \u00a331 million net gains)
\nrecorded in income from trading activities. Net gains on other
\ninstruments of \u00a32 million (30 June 2025 – \u00a32 million net
\nlosses) were recorded in other operating income and interest income
\nas appropriate.<\/p>\n
\u00a0<\/p>\n
\n(2) \u00a0
\n\u00a0\u00a0Other trading assets and other trading
\nliabilities comprise assets and liabilities held at fair value in
\ntrading portfolios.<\/p>\n
\u00a0<\/p>\n
\n(3) \u00a0
\n\u00a0\u00a0Other financial assets comprise fair value
\nthrough other comprehensive income, designated as at fair value
\nthrough profit or loss and other fair value through profit or
\nloss.<\/p>\n
\u00a0<\/p>\n
\n(4) \u00a0
\n\u00a0\u00a0During the period ended 30 June 2026, \u00a361
\nmillion of assets and liabilities transferred into Level 3 driven
\nby decrease in observability of swaps and increase in the
\nproportion of trades with unobservable inputs in structured
\nnetting. \u00a351 million of assets and liabilities transferred out
\nof Level 3 driven by decrease in observability of
\ninputs.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
9. Financial instruments – valuation continued<\/p>\n
Fair value of financial instruments measured at amortised cost on
\nthe balance sheet<\/p>\n
\nThe
\nfollowing table shows the carrying value and fair value of
\nfinancial instruments carried at amortised cost on the balance
\nsheet.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Carrying<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
value<\/p>\n
Fair value<\/p>\n
30 June 2026<\/p>\n
\u00a3bn<\/p>\n
\u00a3bn<\/p>\n
Financial assets<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Loans to banks<\/p>\n
7.3<\/p>\n
7.4<\/p>\n
Loans to customers<\/p>\n
435.9<\/p>\n
430.7<\/p>\n
Other financial assets – securities<\/p>\n
35.1<\/p>\n
35.0<\/p>\n
\u00a0<\/p>\n
31 December 2025<\/p>\n
\u00a0<\/p>\n
Financial assets<\/p>\n
\u00a0<\/p>\n
Loans to banks<\/p>\n
7.0<\/p>\n
6.9<\/p>\n
Loans to customers<\/p>\n
418.9<\/p>\n
414.5<\/p>\n
Other financial assets – securities<\/p>\n
36.6<\/p>\n
36.6<\/p>\n
\u00a0<\/p>\n
30 June 2026<\/p>\n
\u00a0<\/p>\n
Financial liabilities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Bank deposits<\/p>\n
50.0<\/p>\n
50.0<\/p>\n
Customer deposits<\/p>\n
448.6<\/p>\n
448.6<\/p>\n
Other financial liabilities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0\u00a0– debt securities in
\nissue<\/p>\n
67.2<\/p>\n
67.7<\/p>\n
Subordinated liabilities<\/p>\n
6.4<\/p>\n
6.5<\/p>\n
\u00a0<\/p>\n
31 December 2025<\/p>\n
\u00a0<\/p>\n
Financial liabilities<\/p>\n
\u00a0<\/p>\n
Bank deposits<\/p>\n
44.1<\/p>\n
44.1<\/p>\n
Customer deposits<\/p>\n
443.0<\/p>\n
424.4<\/p>\n
Other financial liabilities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0\u00a0– debt securities in
\nissue<\/p>\n
63.0<\/p>\n
63.6<\/p>\n
Subordinated liabilities<\/p>\n
5.9<\/p>\n
6.1<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
The assumptions and methodologies underlying the calculation of
\nfair values of financial instruments at the balance sheet date are
\nas follows:<\/p>\n
\u00a0<\/p>\n
Loans to banks and customers<\/p>\n
In estimating the fair value of net loans to customers and banks
\nmeasured at amortised cost, NatWest Group’s loans are segregated
\ninto appropriate portfolios reflecting the characteristics of the
\nconstituent loans. Two principal methods are used to estimate fair
\nvalue: contractual cash flows and expected cash flows.<\/p>\n
\u00a0<\/p>\n
Debt securities and subordinated liabilities<\/p>\n
Most debt securities are valued using quoted prices in active
\nmarkets or from quoted prices of similar financial instruments in
\nactive markets. For the remaining population, fair values are
\ndetermined using market standard valuation techniques, such as
\ndiscounted cash flows.<\/p>\n
\u00a0<\/p>\n
Bank and customer deposits<\/p>\n
\nFair
\nvalue of deposits is estimated using discounted cash flow valuation
\ntechniques.<\/p>\n
\u00a0<\/p>\n
Other financial instruments<\/p>\n
For certain short-term financial instruments: cash and balances at
\ncentral banks, items in the course of collection from other banks,
\nitems in the course of transmission to other banks, customer demand
\ndeposits and notes in circulation, carrying value is deemed a
\nreasonable approximation of fair value.<\/p>\n
\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
10. Trading assets and liabilities<\/p>\n
\u00a0<\/p>\n
Trading assets and liabilities comprise assets and liabilities held
\nat fair value in trading portfolios.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
31 December<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2025<\/p>\n
Assets<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Loans<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0\u00a0Reverse repos<\/p>\n
22,704<\/p>\n
27,656<\/p>\n
\u00a0\u00a0\u00a0Cash Collateral
\ngiven<\/p>\n
6,048<\/p>\n
5,701<\/p>\n
\u00a0\u00a0\u00a0Other loans<\/p>\n
526<\/p>\n
295<\/p>\n
Total loans<\/p>\n
29,278<\/p>\n
33,652<\/p>\n
Securities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0\u00a0Central and local
\ngovernment<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0 \u00a0\u00a0\u00a0–
\nUK<\/p>\n
2,508<\/p>\n
2,120<\/p>\n
\u00a0 \u00a0\u00a0\u00a0–
\nUS<\/p>\n
4,129<\/p>\n
4,153<\/p>\n
\u00a0 \u00a0\u00a0\u00a0– Other<\/p>\n
8,380<\/p>\n
4,135<\/p>\n
\u00a0\u00a0\u00a0Financial institutions and
\nCorporate<\/p>\n
3,071<\/p>\n
2,477<\/p>\n
Total securities<\/p>\n
18,088<\/p>\n
12,885<\/p>\n
Total<\/p>\n
47,366<\/p>\n
46,537<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Liabilities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Deposits<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0\u00a0Repos<\/p>\n
27,626<\/p>\n
28,578<\/p>\n
\u00a0\u00a0\u00a0Cash Collateral
\nreceived<\/p>\n
11,889<\/p>\n
11,966<\/p>\n
\u00a0\u00a0\u00a0Other
\ndeposits<\/p>\n
884<\/p>\n
740<\/p>\n
Total deposits<\/p>\n
40,399<\/p>\n
41,284<\/p>\n
Debt securities in issue<\/p>\n
215<\/p>\n
234<\/p>\n
Short positions<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0 \u00a0\u00a0Central and local
\ngovernment<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0 \u00a0 \u00a0\u00a0–
\nUK<\/p>\n
2,411<\/p>\n
1,504<\/p>\n
\u00a0 \u00a0 \u00a0\u00a0–
\nUS<\/p>\n
2,100<\/p>\n
1,161<\/p>\n
\u00a0 \u00a0 \u00a0\u00a0– Other<\/p>\n
4,954<\/p>\n
4,137<\/p>\n
\u00a0 \u00a0\u00a0Financial institutions and
\nCorporate<\/p>\n
558<\/p>\n
702<\/p>\n
Total short positions<\/p>\n
10,023<\/p>\n
7,504<\/p>\n
Total<\/p>\n
50,637<\/p>\n
49,022<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
11. Loan impairment provisions<\/p>\n
Loan exposure and impairment metrics<\/p>\n
The table below summarises loans and related credit impairment
\nmeasures on an IFRS 9 basis.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
31 December<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Loans – amortised cost and
\nFVOCI\u00a0(1,2)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Stage 1<\/p>\n
398,096<\/p>\n
386,651<\/p>\n
Stage 2<\/p>\n
44,915<\/p>\n
38,582<\/p>\n
Stage 3<\/p>\n
4,691<\/p>\n
4,683<\/p>\n
Of which: individual<\/p>\n
1,176<\/p>\n
1,456<\/p>\n
Of which: collective<\/p>\n
3,515<\/p>\n
3,227<\/p>\n
\u00a0<\/p>\n
447,702<\/p>\n
429,916<\/p>\n
ECL provisions\u00a0(3)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Stage 1<\/p>\n
616<\/p>\n
614<\/p>\n
Stage 2<\/p>\n
872<\/p>\n
796<\/p>\n
Stage 3<\/p>\n
2,074<\/p>\n
2,175<\/p>\n
Of which: individual<\/p>\n
492<\/p>\n
598<\/p>\n
Of which: collective<\/p>\n
1,582<\/p>\n
1,577<\/p>\n
\u00a0<\/p>\n
3,562<\/p>\n
3,585<\/p>\n
ECL provisions
\ncoverage\u00a0(4)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Stage 1 (%)<\/p>\n
0.15<\/p>\n
0.16<\/p>\n
Stage 2 (%)<\/p>\n
1.94<\/p>\n
2.06<\/p>\n
Stage 3 (%)<\/p>\n
44.21<\/p>\n
46.44<\/p>\n
\u00a0<\/p>\n
0.80<\/p>\n
0.83<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Half year ended<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
30 June<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Impairment losses\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
ECL charge\/(release)\u00a0(5)<\/p>\n
423<\/p>\n
382<\/p>\n
Stage 1<\/p>\n
(77)<\/p>\n
(67)<\/p>\n
Stage 2<\/p>\n
283<\/p>\n
165<\/p>\n
Stage 3<\/p>\n
217<\/p>\n
284<\/p>\n
Of which: individual<\/p>\n
48<\/p>\n
194<\/p>\n
Of which: collective<\/p>\n
169<\/p>\n
90<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Amounts written off<\/p>\n
487<\/p>\n
192<\/p>\n
Of which: individual<\/p>\n
168<\/p>\n
61<\/p>\n
Of which: collective<\/p>\n
319<\/p>\n
131<\/p>\n
(1) \u00a0 \u00a0 \u00a0 The table shows gross loans only and
\nexcludes amounts that were outside the scope of the ECL framework.
\nOther financial assets within the scope of the IFRS 9 ECL framework
\nwere cash and balances at central banks totalling \u00a375.9
\nbillion (31 December 2025 – \u00a384.1 billion) and debt securities
\nof \u00a385.2 billion (31 December 2025 – \u00a378.4
\nbillion).<\/p>\n
\u00a0<\/p>\n
(2) \u00a0 \u00a0 \u00a0 Fair value through other comprehensive
\nincome (FVOCI). Includes loans to customers and banks.<\/p>\n
\u00a0<\/p>\n
(3) \u00a0 \u00a0 \u00a0\u00a0Includes
\n\u00a310 million (31 December 2025 – \u00a36 million) related to
\nassets classified as FVOCI and \u00a30.1 billion (31 December 2025
\n– \u00a30.1 billion) related to off-balance sheet
\nexposures.<\/p>\n
\u00a0<\/p>\n
(4) \u00a0 \u00a0 \u00a0 ECL provisions coverage is calculated as
\nECL provisions divided by loans – amortised cost and FVOCI. It is
\ncalculated on loans and total ECL provisions, including ECL for
\nother (non-loan) assets and unutilised exposure.<\/p>\n
\u00a0<\/p>\n
(5) \u00a0 \u00a0 \u00a0\u00a0Includes
\na \u00a32 million release (June 2025 – \u00a31 million release)
\nrelated to other financial assets, of which \u00a32 million charges
\n(June 2025 – \u00a30 million release) related to assets classified
\nas FVOCI and includes a \u00a30 million charge (June 2025 –
\n\u00a310 million charge) related to contingent
\nliabilities.<\/p>\n
\u00a0<\/p>\n
\nNotes
\ncontinued<\/p>\n
\n12.\u00a0Provisions
\nfor liabilities and charges<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Financial<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Customer<\/p>\n
Litigation and<\/p>\n
\u00a0<\/p>\n
commitments<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
redress<\/p>\n
other regulatory<\/p>\n
Property<\/p>\n
and guarantees<\/p>\n
Other (1)<\/p>\n
Total<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
At 1 January 2026<\/p>\n
282<\/p>\n
64<\/p>\n
73<\/p>\n
58<\/p>\n
142<\/p>\n
619<\/p>\n
Expected credit losses impairment charge<\/p>\n
–<\/p>\n
–<\/p>\n
–<\/p>\n
5<\/p>\n
–<\/p>\n
5<\/p>\n
Currency translation and other movements<\/p>\n
–<\/p>\n
1<\/p>\n
–<\/p>\n
–<\/p>\n
(1)<\/p>\n
–<\/p>\n
Acquisition of companies and businesses<\/p>\n
8<\/p>\n
–<\/p>\n
7<\/p>\n
–<\/p>\n
4<\/p>\n
19<\/p>\n
Charge to income statement<\/p>\n
6<\/p>\n
12<\/p>\n
5<\/p>\n
–<\/p>\n
244<\/p>\n
267<\/p>\n
Release to income statement<\/p>\n
(23)<\/p>\n
(3)<\/p>\n
(7)<\/p>\n
–<\/p>\n
(44)<\/p>\n
(77)<\/p>\n
Provisions utilised<\/p>\n
(92)<\/p>\n
(1)<\/p>\n
(7)<\/p>\n
(1)<\/p>\n
(60)<\/p>\n
(161)<\/p>\n
At 30 June 2026<\/p>\n
181<\/p>\n
73<\/p>\n
71<\/p>\n
62<\/p>\n
285<\/p>\n
672<\/p>\n
\u00a0<\/p>\n
\n(1)\u00a0\u00a0\u00a0\u00a0\u00a0Other
\nmaterially comprises of provisions relating to restructuring costs,
\nhistorical VAT matters and Bank of England
\nlevy.<\/p>\n
\u00a0<\/p>\n
Provisions are liabilities of uncertain timing or amount and are
\nrecognised when there is a present obligation as a result of a past
\nevent, the outflow of economic benefit is probable and the outflow
\ncan be estimated reliably. Any difference between the final outcome
\nand the amounts provided will affect the reported results in the
\nperiod when the matter is resolved.<\/p>\n
\u00a0<\/p>\n
13. Dividends<\/p>\n
The 2025 final dividend was approved by shareholders at the Annual
\nGeneral Meeting on 28 April 2026 and the payment made on 5 May 2026
\nto shareholders on the register at the close of business on 20
\nMarch 2026.<\/p>\n
NatWest Group plc announces an interim dividend for 2026 of
\n\u00a3955 million or 12.0 pence per ordinary share. The interim
\ndividend will be paid on 18 September 2026 to shareholders on the
\nregister at close of business on 14 August 2026. The ex-dividend
\ndate will be 13 August 2026.<\/p>\n
\u00a0<\/p>\n
14. Contingent liabilities and commitments<\/p>\n
The amounts shown in the table below are intended only to provide
\nan indication of the volume of business outstanding at 30 June
\n2026. Although NatWest Group is exposed to credit risk in the event
\nof a customer’s failure to meet its obligations, the amounts shown
\ndo not, and are not intended to, provide any indication of NatWest
\nGroup’s expectation of future losses.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
31 December<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Contingent liabilities and commitments<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Guarantees<\/p>\n
2,790<\/p>\n
2,810<\/p>\n
Other contingent liabilities<\/p>\n
1,559<\/p>\n
1,548<\/p>\n
Standby facilities, credit lines and other commitments<\/p>\n
147,827<\/p>\n
142,765<\/p>\n
Total<\/p>\n
152,176<\/p>\n
147,123<\/p>\n
\u00a0<\/p>\n
Commitments and contingent obligations are subject to NatWest
\nGroup’s normal credit approval processes.<\/p>\n
\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
15. Litigation and regulatory matters<\/p>\n
\u00a0<\/p>\n
NatWest Group plc and certain members of NatWest Group are party to
\nvarious legal proceedings and are involved in, or subject to,
\nvarious regulatory matters, including as the subject of
\ninvestigations and other regulatory and governmental action
\n(Matters) in the United Kingdom (UK), the United States (US), the
\nEuropean Union (EU) and other jurisdictions.<\/p>\n
\n\u00a0<\/p>\n
NatWest Group recognises a provision for a liability in relation to
\nthese Matters when it is probable that an outflow of economic
\nbenefits will be required to settle an obligation resulting from
\npast events, and a reliable estimate can be made of the amount of
\nthe obligation.<\/p>\n
\n\u00a0<\/p>\n
In many of the Matters, it is not possible to determine whether any
\nloss is probable, or to estimate reliably the amount of any loss,
\neither as a direct consequence of the relevant proceedings and
\nregulatory matters or as a result of adverse impacts or
\nrestrictions on NatWest Group’s reputation, businesses and
\noperations. Numerous legal and factual issues may need to be
\nresolved, including through potentially lengthy discovery and
\ndocument production exercises and determination of important
\nfactual matters, and by addressing novel or unsettled legal
\nquestions relevant to the proceedings in question, before the
\nprobability of a liability, if any, arising can reasonably be
\nestimated in respect of any Matter. NatWest Group cannot predict
\nif, how, or when such claims will be resolved or what the eventual
\nsettlement, damages, fine, penalty or other relief, if any, may be,
\nparticularly for Matters that are at an early stage in their
\ndevelopment or where claimants seek substantial or indeterminate
\ndamages.<\/p>\n
\n\u00a0<\/p>\n
There are situations where NatWest Group may pursue an approach
\nthat in some instances leads to a settlement agreement. This may
\noccur in order to avoid the expense, management distraction or
\nreputational implications of continuing to contest liability, or in
\norder to take account of the risks inherent in defending or
\ncontesting Matters, even for those for which NatWest Group believes
\nit has credible defences and should prevail on the merits. The
\nuncertainties inherent in all Matters affect the amount and timing
\nof any potential economic outflows both for Matters with respect to
\nwhich provisions have been established and other contingent
\nliabilities in respect of any such Matter.<\/p>\n
\n\u00a0<\/p>\n
It is not practicable to provide an aggregate estimate of potential
\nliability for our Matters as a class of contingent
\nliabilities.<\/p>\n
\n\u00a0<\/p>\n
The future economic outflow in respect of any Matter may ultimately
\nprove to be substantially greater than, or less than, the aggregate
\nprovision, if any, that NatWest Group has recognised in respect of
\nsuch Matter. Where a reliable estimate of the economic outflow
\ncannot be reasonably made, no provision has been recognised.
\nNatWest Group expects that in future periods, additional provisions
\nand economic outflows relating to Matters that may or may not be
\ncurrently known by NatWest<\/p>\n
\n\u00a0<\/p>\n
Group will be necessary, in amounts that are expected to be
\nsubstantial in some instances. Refer to Note 12 for information on
\nmaterial provisions.<\/p>\n
\n\u00a0<\/p>\n
Matters which are, or could be, material, either individually or in
\naggregate, having regard to NatWest Group, considered as a whole,
\nin which NatWest Group is currently involved are set out below. We
\nhave provided information on the procedural history of certain
\nMatters, where we believe appropriate, to aid the understanding of
\nthe Matter.<\/p>\n
\n\u00a0<\/p>\n
For a discussion of certain risks associated with NatWest Group’s
\nlitigation and regulatory matters (including the Matters), refer to
\nthe Risk Factor relating to legal, regulatory and governmental
\nactions and investigations set out on pages 417 to 419 of the
\nNatWest Group plc 2025 Annual Report and Accounts.<\/p>\n
\u00a0<\/p>\n
London Interbank Offered Rate (LIBOR) and other rates
\nlitigation<\/p>\n
NatWest Group plc and certain other members of NatWest Group,
\nincluding NWM Plc, are defendants in a number of claims pending in
\nthe United States District Court for the Southern District of New
\nYork (SDNY) with respect to the setting of USD LIBOR. The
\ncomplainants allege that certain members of NatWest Group and other
\npanel banks violated various federal laws, including the US
\ncommodities and antitrust laws, and state statutory and common law,
\nas well as contracts, by manipulating LIBOR and prices of
\nLIBOR-based derivatives in various markets through various
\nmeans.<\/p>\n
\n\u00a0<\/p>\n
The co-ordinated proceeding in the SDNY relating to USD LIBOR now
\nincludes one remaining class action, which is on behalf of persons
\nwho purchased LIBOR-linked instruments from defendants and bonds
\nissued by defendants, as well as two non-class
\nactions.<\/p>\n
\n\u00a0<\/p>\n
On 25 September 2025, the SDNY granted summary judgment to the
\ndefendants on the issue of liability and dismissed all claims in
\nboth the class action and the non-class actions. The decision is
\nbeing appealed in the United States Court of Appeals for the Second
\nCircuit (US Court of Appeals).<\/p>\n
\n\u00a0<\/p>\n
In addition to the USD LIBOR cases described above, there are two
\nother IBOR-related class actions involving NWM Plc. First, there is
\na class action relating to derivatives allegedly tied to JPY LIBOR
\nand Euroyen TIBOR, which was dismissed by the SDNY in relation to
\nNWM Plc and other NatWest Group companies in September 2021. That
\ndismissal is now the subject of an appeal to the US Court of
\nAppeals.<\/p>\n
\u00a0<\/p>\n
Second, there is a class action concerning alleged manipulation of
\nEuribor. On 22 August 2025, the US Court of Appeals reversed the
\nSDNY’s decision in the Euribor case, reinstating claims against NWM
\nplc. That case has therefore returned to the SDNY for further
\nproceedings.<\/p>\n
\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
15. Litigation and regulatory matters continued<\/p>\n
Foreign exchange litigation<\/p>\n
\n\u00a0<\/p>\n
NatWest Group plc, NWM Plc and\/or NWMSI are defendants in several
\ncases relating to NWM Plc’s foreign exchange (FX)
\nbusiness.<\/p>\n
\n\u00a0<\/p>\n
In May 2019, a cartel class action was filed in the Federal Court
\nof Australia against NWM Plc and four other banks on behalf of
\npersons who bought or sold currency through FX spots or forwards
\nbetween 1 January 2008 and 15 October 2013 with a total transaction
\nvalue exceeding AUD 0.5 million.<\/p>\n
\n\u00a0<\/p>\n
In May 2025, NWM Plc executed an agreement to settle the claim in
\nthe Federal Court of Australia, which the court approved in August
\n2025. The settlement amount is covered in full by an existing
\nprovision. In July 2026, the court formally dismissed the
\nclaim.<\/p>\n
\n\u00a0<\/p>\n
In July and December 2019, two separate applications seeking
\nopt-out collective proceedings orders were filed in the UK
\nCompetition Appeal Tribunal (CAT) against NatWest Group plc, NWM
\nPlc and other banks. Both applications were brought on behalf of
\npersons who, between 18 December 2007 and 31 January 2013, entered
\ninto a relevant FX spot or outright forward transaction in the
\nEuropean Economic Area with a relevant financial institution or on
\nan electronic communications network.<\/p>\n
\n\u00a0<\/p>\n
In March 2022, the CAT declined to certify either application as
\ncollective proceedings on an opt-out basis. This decision was
\nappealed by the applicants and was the subject of an application
\nfor judicial review. The CAT, in its judgment, allowed the
\napplicants three months in which to reformulate their claims as
\nopt-in claims.<\/p>\n
\n\u00a0<\/p>\n
In its amended judgment in November 2023, the Court of Appeal
\nallowed the appeal and decided that the claims should proceed on an
\nopt-out basis. Separately, the court determined which of the two
\ncompeting applicants can proceed as class representative and
\ndismissed the application for judicial review of the CAT’s
\ndecision. The other applicant has discontinued its claim and
\nwithdrawn from the proceedings. The banks sought permission to
\nappeal the Court of Appeal decision directly to the UK Supreme
\nCourt, which was granted in April 2024. The appeal was heard in
\nApril 2025.<\/p>\n
\n\u00a0<\/p>\n
In December 2025, the UK Supreme Court reinstated the CAT’s
\ndecision to refuse the application for a collective proceedings
\norder on an opt-out basis. The applicant is seeking permission from
\nthe CAT to file a revised application for a collective proceedings
\norder. NatWest Group Plc and NWM Plc have made an application to
\nthe CAT for dismissal of the application for a collective
\nproceedings order in its entirety.<\/p>\n
\n\u00a0<\/p>\n
Two motions to certify FX-related class actions were filed in the
\nTel Aviv District Court in Israel in September and October 2018 and
\nwere subsequently consolidated into one motion. The consolidated
\nmotion to certify, which names The Royal Bank of Scotland plc (now
\nNWM Plc) and several other banks as defendants, was served on NWM
\nPlc in May 2020.<\/p>\n
\n\u00a0<\/p>\n
The applicants sought the court’s permission to amend their motions
\nto certify the class actions. NWM Plc filed a motion challenging
\nthe permission granted by the court for the applicants to serve the
\nconsolidated motion outside the Israeli jurisdiction. That NWM Plc
\nmotion remains pending. In February 2024, NWM Plc executed an
\nagreement to settle the claim, subject to court approval. The
\nsettlement amount is covered in full by an existing
\nprovision.<\/p>\n
\n\u00a0<\/p>\n
In December 2021, a summons was served in the Netherlands against
\nNatWest Group plc, NWM Plc and NWM N.V. by Stichting FX Claims on
\nbehalf of a number of parties, seeking declarations from the court
\nconcerning liability for anti-competitive FX market conduct
\ndescribed in decisions of the European Commission (EC) of 16 May
\n2019, along with unspecified damages. The claimant amended its
\nclaim to also refer to a 2 December 2021 decision by the EC, which
\ndescribed anti-competitive FX market conduct. NatWest Group plc,
\nNWM Plc and other defendants contested the jurisdiction of the
\nDutch court.<\/p>\n
\n\u00a0<\/p>\n
In March 2023, the district court in Amsterdam accepted that it has
\njurisdiction to hear claims against NWM N.V. but refused
\njurisdiction to hear any claims against the other defendant banks
\n(including NatWest Group plc and NWM Plc) brought on behalf of the
\nparties represented by the claimant that are domiciled outside of
\nthe Netherlands. The claimant is appealing that
\ndecision.<\/p>\n
\n\u00a0<\/p>\n
The defendant banks have brought cross-appeals which seek a ruling
\nthat the Dutch court has no jurisdiction to hear any claims against
\nthe defendant banks domiciled outside of the Netherlands,
\nirrespective of whether the claim has been brought on behalf of a
\nparty represented by the claimant that is domiciled within or
\noutside of the Netherlands. The Amsterdam Court of Appeal has
\nstayed these appeal proceedings until the Court of Justice of the
\nEuropean Union has answered preliminary questions that have been
\nreferred to it in another matter.<\/p>\n
\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
15. Litigation and regulatory matters continued<\/p>\n
In September 2023, a second summons was served by Stichting FX
\nClaims on NatWest Group plc, NWM Plc and NWM N.V., on behalf of a
\nnew group of parties. The claimant seeks declarations from the
\ndistrict court in Amsterdam concerning liability for
\nanti-competitive FX market conduct described in the above
\nreferenced decisions of the EC of 16 May 2019 and 2 December 2021,
\nalong with unspecified damages. NatWest Group plc, NWM Plc and
\nother defendants are contesting the Dutch court’s jurisdiction. The
\ndistrict court has stayed the proceedings pending judgment in the
\nabove-mentioned appeals.<\/p>\n
\n\u00a0<\/p>\n
In January 2025, a third summons was served by Stichting FX Claims
\non NatWest Group plc, NWM Plc and NWM N.V., on behalf of another
\nnew group of parties.<\/p>\n
\n\u00a0<\/p>\n
The claimant seeks similar declarations from the district court in
\nAmsterdam to those being sought in the above-mentioned claims,
\nalong with unspecified damages.<\/p>\n
\n\u00a0<\/p>\n
NatWest Group plc, NWM Plc and other defendants are contesting the
\nDutch court’s jurisdiction. The district court has stayed the
\nproceedings pending judgment in the above-mentioned
\nappeals.<\/p>\n
\n\u00a0<\/p>\n
Certain other foreign exchange transaction related claims have been
\nor may be threatened. NatWest Group cannot predict whether all or
\nany of these claims will be pursued.<\/p>\n
\u00a0<\/p>\n
Swaps antitrust litigation<\/p>\n
NWM Plc and other members of NatWest Group, including NatWest Group
\nplc, as well as a number of other interest rate swap dealers, are
\ndefendants in several cases pending in the SDNY alleging violations
\nof the US antitrust laws in the market for interest rate swaps.
\nThree swap execution facilities (TeraExchange, Javelin, and trueEx)
\nallege that they would have successfully established exchange-like
\ntrading of interest rate swaps if the defendants had not unlawfully
\nconspired to prevent that from happening through boycotts and other
\nmeans. Discovery is complete though expert discovery is ongoing
\nand, in March 2026, defendants filed a motion for summary judgment
\nseeking dismissal of the claims, which is pending.<\/p>\n
\u00a0<\/p>\n
In June 2021, a class action antitrust complaint was filed against
\na number of credit default swap dealers in New Mexico federal court
\non behalf of persons who, from 2005 onwards, settled credit default
\nswaps in the United States by reference to the ISDA credit default
\nswap auction protocol. The complaint alleges that the defendants
\nconspired to manipulate that benchmark through various means in
\nviolation of the antitrust laws and the Commodity Exchange
\nAct.<\/p>\n
\u00a0<\/p>\n
In May 2025, the US Court of Appeals affirmed a January 2024
\ndecision by the SDNY which barred the plaintiffs in the New Mexico
\ncase from pursuing claims based on conduct occurring before 30 June
\n2014 on the ground that such claims were extinguished by a 2015
\nsettlement agreement that resolved a prior class action relating to
\ncredit default swaps.<\/p>\n
\u00a0<\/p>\n
The case in New Mexico (which had been stayed pending the appeal of
\nthe SDNY’s decision) has now resumed. The defendants have filed a
\nmotion to dismiss, which is\u00a0pending.<\/p>\n
\u00a0<\/p>\n
Spoofing litigation<\/p>\n
In December 2021, three substantially similar class actions
\ncomplaints were filed in federal court in the United States against
\nNWM Plc and NWMSI alleging Commodity Exchange Act and common law
\nunjust enrichment claims arising from manipulative trading known as
\nspoofing. The complaints refer to NWM Plc’s December 2021
\nspoofing-related guilty plea (described below under “US
\ninvestigations relating to fixed-income securities”) and purport to
\nassert claims on behalf of those who transacted in US Treasury
\nsecurities and futures and options on US Treasury securities
\nbetween 2008 and 2018.<\/p>\n
\u00a0<\/p>\n
In July 2022, the defendants filed a motion to dismiss these
\nclaims, which have been consolidated into one matter in the United
\nStates District Court for the Northern District of Illinois. The
\nmotion to dismiss remains pending.<\/p>\n
\u00a0<\/p>\n
Madoff<\/p>\n
NWM N.V. was named as a defendant in two actions filed by the
\ntrustee for the bankrupt estates of Bernard L. Madoff and Bernard
\nL. Madoff Investment Securities LLC, in bankruptcy court in New
\nYork, which together seek to clawback more than US$300 million
\n(plus pre-judgment interest) that NWM N.V. allegedly received from
\ncertain Madoff feeder funds and certain swap
\ncounterparties.<\/p>\n
\u00a0<\/p>\n
The claims were previously dismissed, but as a result of an August
\n2021 decision by the US Court of Appeals, they are now proceeding
\nin the discovery phase in the bankruptcy court, where they have
\nbeen consolidated into one action.<\/p>\n
\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
15. Litigation and regulatory matters continued<\/p>\n
Offshoring VAT assessments<\/p>\n
HMRC, as part of an industry-wide review, issued protective tax
\nassessments in 2018 against NatWest Group plc totalling \u00a3143
\nmillion relating to unpaid VAT in respect of the UK branches of two
\nNatWest Group companies registered in India for the period from 1
\nJanuary 2014 until 31 December 2017 inclusive. NatWest Group
\nformally requested reconsideration by HMRC of their assessments,
\nand this process was completed in November 2020. HMRC upheld their
\noriginal decision and, as a result, NatWest Group plc lodged an
\nappeal with the Tax Tribunal and an application for judicial review
\nwith the High Court of Justice of England and Wales, both in
\nDecember 2020.<\/p>\n
\u00a0<\/p>\n
In order to lodge the appeal with the Tax Tribunal, NatWest Group
\nplc was required to pay amounts totalling \u00a3153 million
\n(including statutory interest) to HMRC in December 2020 and May
\n2022. The appeal and the application for judicial review were
\npreviously stayed behind a separate case involving another
\nbank.\u00a0<\/p>\n
\u00a0<\/p>\n
NatWest Group plc was informed in late 2024 that the other bank had
\nsettled its case with HMRC by agreement. NatWest Group plc is
\nprogressing its appeal before the Tax Tribunal in its own name.
\nNatWest Group plc will also continue to review next steps relevant
\nto the judicial review.<\/p>\n
\u00a0<\/p>\n
The amount of \u00a3153 million continues to be recognised as an
\nasset that NatWest Group plc expects to recover. Since 1 January
\n2018, NatWest Group plc has paid VAT on
\nintra-group\u00a0supplies
\nfrom the India-registered NatWest Group
\ncompanies.<\/p>\n
\u00a0<\/p>\n
US Anti-Terrorism Act litigation\u00a0<\/p>\n
NWM N.V. and certain other financial institutions are defendants in
\nseveral actions filed by a number of US nationals (or their
\nestates, survivors, or heirs), most of whom are, or were, US
\nmilitary personnel who were killed or injured in attacks in Iraq
\nbetween 2003 and 2011.<\/p>\n
\n\u00a0<\/p>\n
NWM Plc is also a defendant in some of these cases.<\/p>\n
\n\u00a0<\/p>\n
According to the plaintiffs’ allegations, the defendants are liable
\nfor damages arising from the attacks because they allegedly
\nconspired with and\/or aided and abetted Iran and certain Iranian
\nbanks to assist Iran in transferring money to Hezbollah and the
\nIraqi terror cells that committed the attacks, in violation of the
\nUS Anti-Terrorism Act, by agreeing to engage in ‘stripping’ of
\ntransactions initiated by the Iranian banks so that the Iranian
\nnexus to the transactions would not be detected.<\/p>\n
\u00a0<\/p>\n
In the lead matters, filed in the United States District Court for
\nthe Eastern District of New York (‘EDNY’) the district court has
\ndismissed both conspiracy and aiding abetting claims finding that
\nthe claims were deficient for several reasons, including lack of
\nsufficient allegations as to the alleged conspiracy and causation.
\nIn January 2023, the US Court of Appeals affirmed the district
\ncourt’s dismissal of conspiracy-based claims.\u00a0\u00a0The
\ndistrict court’s dismissal of aiding and abetting claims is subject
\nto a potential future appeal to the US Court of
\nAppeals.\u00a0<\/p>\n
\n\u00a0<\/p>\n
On 30 September 2025, the district court denied a motion by the
\nplaintiffs to re-open the case to assert aiding and abetting claims
\nthat they previously did not assert. Another action, filed in the
\nSDNY in 2017, which asserted both conspiracy and aiding and
\nabetting claims, was dismissed by the SDNY in March 2019 on similar
\ngrounds as the EDNY cases, but remains subject to appeal to the US
\nCourt of Appeals.<\/p>\n
\n\u00a0<\/p>\n
Other follow-on actions that are substantially similar to the lead
\ncases described above are pending in the same courts.<\/p>\n
\u00a0<\/p>\n
Tandanor Litigation in Argentina<\/p>\n
In October 2012, a claim was filed in the District Court of Buenos
\nAires by ‘Argentina Talleres Navales D\u00e1rsena Norte Sociedad
\nAn\u00f3nima Comercial, Industrial y Naviera’ (“Tandanor”) (a naval
\nrepair business) against what is now the Representative Office of
\nThe Royal Bank of Scotland NV, Argentine Branch (in liquidation)
\n(the “Representative Office”) and eleven private individuals. (The
\nRepresentative Office inherited the claim from Banco Holand\u00e9s
\nUnido, Argentine Branch.)\u00a0\u00a0The
\nclaim, which was unquantified, sought damages for alleged
\nfraudulent conduct during Tandanor’s privatisation, which concluded
\nin 1993. The Representative Office’s participation in the
\nprivatisation was 2.9%. The Argentine Ministry of Defence joined
\nTandanor as a plaintiff in 2014.<\/p>\n
\n\u00a0<\/p>\n
The claim was dismissed on limitation grounds in 2018, and the
\nplaintiffs were unsuccessful in subsequent appeals. In November
\n2024, however, the Argentine Supreme Court set the appealed
\njudgments aside and, in June 2025, the Argentine Federal Court of
\nAppeal returned the case to the Argentine Federal District Court
\nfor further consideration. In December 2025, the plaintiffs filed
\nan update quantifying damages at USD1.1 billion.
\nThe\u00a0Representative
\nOffice continues to defend the claim and has requested a
\nhearing.<\/p>\n
\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
15. Litigation and regulatory matters continued<\/p>\n
\u00a0<\/p>\n
Oracle Securities Litigation<\/p>\n
In January and February 2026, two substantially similar class
\naction complaints were filed in New York state court against Oracle
\nCorporation and the underwriters of a September 2025 bond offering
\nby Oracle, including NWMSI. On 4 March 2026, an amended complaint
\nconsolidated both actions. The consolidated amended complaint
\nalleges that the offering documents for the September 2025 bonds
\nwere materially misleading because they failed to disclose that, at
\nthe time of the bond offering, Oracle was already planning to
\nfurther increase its debt to fund its Artificial Intelligence (AI)
\ninfrastructure expansion. Defendants (including NWMSI) have filed a
\nmotion to dismiss the consolidated amended complaint, which is
\npending.<\/p>\n
\u00a0<\/p>\n
Separately, in July 2026, two class action complaints were filed in
\nTennessee state court against Oracle and the underwriters,
\nincluding NWMSI, one relating to the September 2025 bond offering
\nand the other relating to a February 2026 bond offering by Oracle.
\nThe complaints allege that the offering documents for the September
\n2025 and February 2026 bonds were materially misleading because
\nOracle’s stated revenue expectations allegedly failed to disclose
\nthat OpenAI had missed internal revenue and user-growth targets in
\n2025 and early 2026, raising concerns about OpenAI’s ability to
\nmeet its payment obligations and, in turn, Oracle’s ability to
\nrealise expected returns on its AI-related investment and to
\nservice its debt (including the September 2025 and February 2026
\nbonds).<\/p>\n
\u00a0<\/p>\n
In both the New York matter and the Tennessee matters, the
\nplaintiffs seek damages under the U.S. Securities Act of 1933 as
\namended, (the ‘Securities Act’) on behalf of those who purchased
\nOracle’s bonds. In connection with both the September 2025 bond
\noffering and the February 2026 bond offering, Oracle agreed to
\nindemnify the underwriters against certain potential liabilities,
\nincluding disclosure-based liability under the Securities
\nAct.\u00a0<\/p>\n
\u00a0<\/p>\n
Rockfire litigation<\/p>\n
In March 2025, a claim was filed in the High Court of Justice of
\nEngland & Wales against The Royal Bank of Scotland plc (‘RBS
\nplc’) by the liquidators of Rockfire Investment Finance Plc
\n(‘RIF’). In January 2026, a second claim was filed in the High
\nCourt of Justice of England & Wales against RBS plc by the
\nliquidators of Rockfire Capital Limited (‘RCL’).<\/p>\n
Both claimants allege that, during the period between January 2017
\nand February 2021, RBS plc followed unauthorised payment
\ninstructions. The claimants allege that these payment instructions
\nwere not made in good faith or the best interests of RIF and RCL,
\nand therefore were not authorised. The claimants allege the
\npayments were made in breach of mandate or in breach of RBS plc’s
\nduty of care to RIF and RCL<\/p>\n
The claimants claim a debt or damages equivalent to the total of
\nthe payments in dispute: In the case of RIF, an amount of
\n\u00a3179.2 million plus interest, and in the case of RCL, an
\namount of \u00a373.1 million plus interest. RBS plc is defending
\nboth claims.<\/p>\n
\u00a0<\/p>\n
Regulatory matters (including
\ninvestigations and customer redress programmes)<\/p>\n
NatWest Group’s businesses and financial condition can be affected
\nby the actions of various governmental and regulatory authorities
\nin the UK, the US, the EU and elsewhere. NatWest Group has engaged,
\nand will continue to engage, in discussions with relevant
\ngovernmental and regulatory authorities, including in the UK, the
\nUS, the EU and elsewhere, on an ongoing and regular basis, and in
\nresponse to informal and formal inquiries or investigations,
\nregarding operational, systems and control evaluations and issues
\nincluding those related to compliance with applicable laws and
\nregulations, including consumer protection, investment advice,
\nbusiness conduct, competition\/anti-trust, VAT recovery,
\nanti-bribery, anti-money laundering and sanctions regimes. NatWest
\nGroup expects government and regulatory intervention in financial
\nservices to be high for the foreseeable future, including increased
\nscrutiny from competition and other regulators in the retail and
\nSME business sectors.<\/p>\n
\n\u00a0<\/p>\n
Any matters discussed or identified during such discussions and
\ninquiries may result in, among other things, further inquiry or
\ninvestigation, other action being taken by governmental and
\nregulatory authorities, increased costs being incurred by NatWest
\nGroup, remediation of systems and controls, public or private
\ncensure, restriction of NatWest Group’s business activities and\/or
\nfines. Any of the events or circumstances mentioned in this
\nparagraph or below could have a material adverse effect on NatWest
\nGroup, its business, authorisations and licences, reputation,
\nresults of operations or the price of securities issued by it, or
\nlead to material additional provisions being taken.<\/p>\n
NatWest Group is co-operating fully with the matters described
\nbelow.<\/p>\n
\u00a0<\/p>\n
US investigations relating to fixed-income securities<\/p>\n
In December 2021, NWM Plc pled guilty in the United States District
\nCourt for the District of Connecticut to one count of wire fraud
\nand one count of securities fraud in connection with historical
\nspoofing conduct by former employees in US Treasuries markets
\nbetween January 2008 and May 2014 and, separately, during
\napproximately three months in 2018. The 2018 trading occurred
\nduring the term of a non-prosecution agreement (NPA) between NWMSI
\nand the United States Attorney’s Office for the District of
\nConnecticut\u00a0(USAO
\nCT), under which non-prosecution was conditioned on NWMSI and
\naffiliated companies not engaging in criminal conduct during the
\nterm of the NPA. The relevant trading in 2018 was conducted by two
\nNWM Plc traders in Singapore and breached that NPA. The plea
\nagreement reached with the US Department of Justice (DOJ) and the
\nUSAO CT resolved both the spoofing conduct and the breach of the
\nNPA.<\/p>\n
\u00a0<\/p>\n
Notes continued<\/p>\n
\u00a0<\/p>\n
15. Litigation and regulatory matters continued<\/p>\n
The DOJ and USAO CT paused the monitorship in May 2025 and,
\nfollowing a review, determined that a monitorship was no longer
\nnecessary as a result of NWM Plc’s notable progress in
\nstrengthening its compliance programme, certain of NWM Plc s
\nremedial improvements, internal controls, and the status of
\nimplementation of Monitor recommendations, and that reporting by
\nNWM Plc to the DOJ and USAO CT on its continued compliance
\nprogramme progress provided an appropriate degree of
\noversight.\u00a0The
\ncourt approved the agreement and extended NWM Plc’s obligations
\nunder the plea agreement and probation until December
\n2026.\u00a0<\/p>\n
\n\u00a0<\/p>\n
In the event that NWM Plc does not meet its obligations to the DOJ,
\nthis may lead to adverse consequences such as increased costs,
\nfindings that NWM Plc violated its probation term, amongst other
\nconsequences. Other material adverse collateral consequences may
\noccur as a result of this matter, as further described in the Risk
\nFactor relating to legal, regulatory and governmental actions and
\ninvestigations set out on pages 417 to 419 of the NatWest Group plc
\n2025 Annual Report and Accounts.<\/p>\n
\u00a0<\/p>\n
Investment advice review<\/p>\n
In October 2019, the FCA notified NatWest Group of its intention to
\nappoint a Skilled Person under section 166 of the Financial
\nServices and Markets Act 2000 to conduct a review of whether
\nNatWest Group’s past business review of investment advice provided
\nduring 2010 to 2015 was subject to appropriate governance and
\naccountability and led to appropriate customer
\noutcomes.<\/p>\n
\n\u00a0<\/p>\n
The Skilled Person’s review concluded in 2021 and, after discussion
\nwith the FCA, NatWest Group is undertaking additional
\nreview\/remediation work which is expected to be fully complete by
\nthe end of July 2026.<\/p>\n
\n\u00a0<\/p>\n
Review and investigation of treatment of tracker mortgage customers
\nin Ulster Bank Ireland DAC<\/p>\n
In December 2015, correspondence was received from the Central Bank
\nof Ireland setting out an industry examination framework in respect
\nof the sale of tracker mortgages from approximately 2001 until the
\nend of 2015.\u00a0<\/p>\n
\n\u00a0<\/p>\n
The redress and compensation process has now largely concluded,
\nalthough a small number of cases remain outstanding relating to
\nuncontactable customers.<\/p>\n
\n\u00a0<\/p>\n
Ulydien (formerly UBIDAC) customers have lodged tracker mortgage
\ncomplaints with the Financial Services and Pensions Ombudsman
\n(FSPO). UBIDAC challenged three FSPO adjudications in the Irish
\nHigh Court. In June 2023, the High Court found in favour of the
\nFSPO in all matters. UBIDAC appealed that decision to the Court of
\nAppeal.<\/p>\n
In September 2024, the Court of Appeal allowed UBIDAC’s appeal and
\nset aside certain findings of the FSPO. The Court of Appeal
\ndirected one aspect of the FSPO decisions to be remitted to the
\nFSPO for its consideration following an oral hearing.<\/p>\n
\n\u00a0<\/p>\n
Decisions are awaited from the FSPO in respect of these
\ncases.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Notes continued<\/p>\n
16. Related party transactions<\/p>\n
Related parties<\/p>\n
\u00a0<\/p>\n
(a) In their roles as providers of finance, NatWest Group companies
\nprovide development and other types of capital support to
\nbusinesses. These investments are made in the normal course of
\nbusiness.<\/p>\n
\n\u00a0<\/p>\n
(b) To further strategic partnerships, NatWest Group may
\nseek\u00a0to
\ninvest in third parties or allow third parties to hold a minority
\ninterest in a subsidiary of NatWest Group. We disclose as related
\nparties for associates and joint ventures and where equity
\ninterests are over 10%. Ongoing business transactions with these
\nentities are on normal commercial terms.<\/p>\n
\n\u00a0<\/p>\n
(c) NatWest Group recharges the NatWest Group Pension Fund with the
\ncost of pension management services incurred by it.<\/p>\n
\n\u00a0<\/p>\n
(d) In accordance with IAS 24, transactions or balances between
\nNatWest Group entities that have been eliminated on consolidation
\nare not reported.<\/p>\n
\n\u00a0<\/p>\n
The nature of related party transactions in H1 2026 was similar to
\nthose disclosed in the NatWest Group plc 2025 Annual Report and
\nAccounts.<\/p>\n
\u00a0<\/p>\n
17. Post balance sheet events<\/p>\n
\nAs part
\nof the ongoing on-market share buyback programme, NatWest Group plc
\nhas repurchased and cancelled a further 9.02 million shares since
\n30 June 2026 for a total consideration (excluding fees) of
\n\u00a359.64 million.<\/p>\n
\n\u00a0<\/p>\n
\nOther
\nthan as disclosed in this document, there have been no significant
\nevents between 30 June 2026 and the date of approval of this
\nannouncement which would require a change to, or additional
\ndisclosure, in the announcement.<\/p>\n
\u00a0<\/p>\n
18. Date of approval<\/p>\n
This announcement was approved by the Board of Directors on 30 July
\n2026.<\/p>\n
\n\u00a0<\/p>\n
Independent review report to NatWest Group plc<\/p>\n
\n\u00a0<\/p>\n
Report on the condensed consolidated interim financial
\nstatements<\/p>\n
Our conclusion<\/p>\n
We have reviewed NatWest Group plc’s condensed consolidated interim
\nfinancial statements (the “interim financial statements”) in the
\nNatWest Group Interim Results 2026 of NatWest Group plc for the
\n6-month period ended 30 June 2026 (the “period”).<\/p>\n
\n\u00a0<\/p>\n
Based on our review, nothing has come to our attention that causes
\nus to believe that the interim financial statements are not
\nprepared, in all material respects, in accordance with UK adopted
\nInternational Accounting Standard 34, ‘Interim Financial
\nReporting’, International Accounting Standard 34, ‘Interim
\nFinancial Reporting’ as issued by the International Accounting
\nStandards Board (‘IASB’) and the Disclosure Guidance and
\nTransparency Rules sourcebook of the United Kingdom’s Financial
\nConduct Authority.<\/p>\n
The interim financial statements comprise:<\/p>\n
\u00a0<\/p>\n
\n\u25cf\u00a0 \u00a0
\n\u00a0 \u00a0the
\nCondensed consolidated balance sheet as at 30 June
\n2026;<\/p>\n
\n\u25cf\u00a0 \u00a0
\n\u00a0 \u00a0the
\nCondensed consolidated income statement for the period then
\nended;<\/p>\n
\n\u25cf\u00a0 \u00a0
\n\u00a0 \u00a0the
\nCondensed consolidated statement of comprehensive income for the
\nperiod then ended;<\/p>\n
\n\u25cf\u00a0 \u00a0
\n\u00a0 \u00a0the
\nCondensed consolidated statement of changes in equity for the
\nperiod then ended;<\/p>\n
\n\u25cf\u00a0 \u00a0
\n\u00a0 \u00a0the
\nCondensed consolidated cash flow statement for the period then
\nended; and<\/p>\n
\n\u25cf\u00a0 \u00a0
\n\u00a0 \u00a0the
\nexplanatory notes to the interim financial
\nstatements.<\/p>\n
The interim financial statements included in the NatWest Group
\nInterim Results 2026 of NatWest Group plc have been prepared in
\naccordance with UK adopted International Accounting Standard 34,
\n‘Interim Financial Reporting’, International Accounting Standard
\n34, ‘Interim Financial Reporting’ as issued by the IASB and the
\nDisclosure Guidance and Transparency Rules sourcebook of the United
\nKingdom’s Financial Conduct Authority.<\/p>\n
\u00a0<\/p>\n
Basis for conclusion<\/p>\n
We conducted our review in accordance with International Standard
\non Review Engagements (UK) 2410, ‘Review of Interim Financial
\nInformation Performed by the Independent Auditor of the Entity’
\nissued by the Financial Reporting Council for use in the United
\nKingdom (“ISRE (UK) 2410”). A review of interim financial
\ninformation consists of making enquiries, primarily of persons
\nresponsible for financial and accounting matters, and applying
\nanalytical and other review procedures.<\/p>\n
\n\u00a0<\/p>\n
A review is substantially less in scope than an audit conducted in
\naccordance with International Standards on Auditing (UK) and,
\nconsequently, does not enable us to obtain assurance that we would
\nbecome aware of all significant matters that might be identified in
\nan audit. Accordingly, we do not express an audit
\nopinion.<\/p>\n
\n\u00a0<\/p>\n
We have read the other information contained in the NatWest Group
\nInterim Results 2026 and considered whether it contains any
\napparent misstatements or material inconsistencies with the
\ninformation in the interim financial statements.<\/p>\n
Conclusions relating to going concern<\/p>\n
Based on our review procedures, which are less extensive than those
\nperformed in an audit as described in the Basis for conclusion
\nsection of this report, nothing has come to our attention to
\nsuggest that the directors have inappropriately adopted the going
\nconcern basis of accounting or that the directors have identified
\nmaterial uncertainties relating to going concern that are not
\nappropriately disclosed. This conclusion is based on the review
\nprocedures performed in accordance with ISRE (UK) 2410. However,
\nfuture events or conditions may cause the group to cease to
\ncontinue as a going concern.<\/p>\n
\n\u00a0<\/p>\n
Responsibilities for the interim financial statements and the
\nreview<\/p>\n
Our responsibilities and those of the directors<\/p>\n
The NatWest Group Interim Results 2026, including the interim
\nfinancial statements, is the responsibility of, and has been
\napproved by the directors. The directors are responsible for
\npreparing the NatWest Group Interim Results 2026 in accordance with
\nthe Disclosure Guidance and Transparency Rules sourcebook of the
\nUnited Kingdom’s Financial Conduct Authority. In preparing the
\nNatWest Group Interim Results 2026, including the interim financial
\nstatements, the directors are responsible for assessing the group’s
\nability to continue as a going concern, disclosing, as applicable,
\nmatters related to going concern and using the going concern basis
\nof accounting unless the directors either intend to liquidate the
\ngroup or to cease operations, or have no realistic alternative but
\nto do so.<\/p>\n
\n\u00a0<\/p>\n
Our responsibility is to express a conclusion on the interim
\nfinancial statements in the NatWest Group Interim Results 2026
\nbased on our review. Our conclusion, including our Conclusions
\nrelating to going concern, is based on procedures that are less
\nextensive than audit procedures, as described in the Basis for
\nconclusion paragraph of this report.<\/p>\n
\u00a0<\/p>\n
Use of this report<\/p>\n
This report, including the conclusion, has been prepared for and
\nonly for the company for the purpose of complying with the
\nDisclosure Guidance and Transparency Rules sourcebook of the United
\nKingdom’s Financial Conduct Authority and for no other purpose. We
\ndo not, in giving this conclusion, accept or assume responsibility
\nfor any other purpose or to any other person to whom this report is
\nshown or into whose hands it may come save where expressly agreed
\nby our prior consent in writing.<\/p>\n
\u00a0<\/p>\n
PricewaterhouseCoopers LLP<\/p>\n
Chartered Accountants<\/p>\n
Edinburgh<\/p>\n
30\u00a0July\u00a02026<\/p>\n
\u00a0<\/p>\n
NatWest Group plc Summary Risk Factors<\/p>\n
\u00a0<\/p>\n
Summary of Principal Risks and Uncertainties<\/p>\n
Set out below is a summary of the principal risks and uncertainties
\nfor the remaining six months of the financial year which could
\nadversely affect NatWest Group.<\/p>\n
\n\u00a0<\/p>\n
This summary should not be regarded as a complete and comprehensive
\nstatement of all potential risks and uncertainties; a fuller
\ndescription of these and other risk factors is included on pages
\n403 to 422 of the NatWest Group plc 2025 Annual Report and Accounts
\nand pages 269 to 289 of NatWest Group plc’s 2025 Form 20-F. Any of
\nthe risks identified may have a material adverse effect on NatWest
\nGroup’s business, operations, financial condition or
\nprospects.<\/p>\n
\u00a0<\/p>\n
Economic and political risk<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0
\n\u00a0NatWest
\nGroup, its customers and its counterparties face continued economic
\nand political risks and uncertainties in the UK and global markets,
\nincluding as a result of inflation and interest rates, supply chain
\ndisruption, protectionist policies, and geopolitical
\ndevelopments<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0
\n\u00a0Changes
\nin interest rates will continue to affect NatWest Group’s business
\nand results.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0Fluctuations
\nin currency exchange rates may adversely affect NatWest Group’s
\nresults and financial condition.<\/p>\n
\u00a0<\/p>\n
Business change and execution risk<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0The
\nimplementation and execution of NatWest Group’s strategy carries
\nexecution and operational risks and it may not achieve its stated
\naims and targeted outcomes.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0Acquisitions,
\ndivestments, or other transactions by NatWest Group may not be
\nsuccessful.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup operates in markets that are highly competitive, with
\nevolving competitive pressures and technology
\ndisruption.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0The
\ntransfer of NatWest Group’s EU corporate portfolio involves certain
\nrisks.<\/p>\n
\n\u00a0<\/p>\n
Financial resilience risk<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup may not achieve its ambitions or targets, meet its guidance,
\nor be in a position to continue to make discretionary capital
\ndistributions (including dividends to
\nshareholders).<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup has significant exposure to counterparty and borrower risk
\nincluding credit losses, which may have an adverse effect on
\nNatWest Group.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup may not meet the prudential regulatory requirements for
\nliquidity and funding or may not be able to adequately access
\nsources of liquidity and funding, which could trigger the execution
\nof certain management actions or recovery
\noptions.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup may not meet the prudential regulatory requirements for
\nregulatory capital and MREL, or manage its capital effectively,
\nwhich could trigger the execution of certain management actions or
\nrecovery options.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0Any
\nreduction in the credit rating and\/or outlooks assigned to NatWest
\nGroup plc, any of its subsidiaries or any of their respective debt
\nsecurities could adversely affect the availability of funding for
\nNatWest Group, reduce NatWest Group’s liquidity and funding
\nposition and increase the cost of funding.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup could incur losses or be required to maintain higher levels
\nof capital as a result of limitations or failure of various
\nmodels.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup’s financial statements are sensitive to underlying accounting
\npolicies, judgements, estimates and
\nassumptions.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0Changes
\nin accounting standards may materially impact NatWest Group’s
\nfinancial results.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0The
\nvalue or effectiveness of any credit protection that NatWest Group
\nhas acquired depends on the value of the underlying assets and the
\nfinancial condition of the insurers and
\ncounterparties.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup could be adversely affected if it fails to meet the
\nrequirements of regulatory stress tests, or if NatWest Group’s
\nresolution preparations are deemed inadequate.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup may become subject to the application of UK statutory
\nstabilisation or resolution powers which may result in, for
\nexample, the cancellation, transfer or dilution of ordinary shares,
\nor the write-down or conversion of certain other of NatWest Group’s
\nsecurities.<\/p>\n
\u00a0<\/p>\n
NatWest Group plc summary risk factors continued<\/p>\n
\u00a0<\/p>\n
Summary of Principal Risks and Uncertainties continued<\/p>\n
Operational and IT resilience risk<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0Operational
\nrisks (including reliance on third party suppliers and outsourcing
\nof certain activities) are inherent in NatWest Group’s
\nbusinesses.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup is subject to sophisticated and frequent cyberattacks, and
\ncompliance with cybersecurity and data protection regulations is
\nbecoming increasingly complex.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup’s operations and strategy are highly dependent on the
\naccuracy and effective use of data.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup’s operations are highly dependent on its complex IT systems
\nand any IT failure could adversely affect NatWest
\nGroup.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup relies on attracting, retaining and developing diverse senior
\nmanagement and skilled personnel, and is required to maintain good
\nemployee relations.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0A
\nfailure in NatWest Group’s risk management framework could
\nadversely affect NatWest Group, including its ability to achieve
\nits strategic objectives.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup’s operations are subject to inherent reputational
\nrisk.<\/p>\n
\u00a0<\/p>\n
Legal and regulatory risk<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup’s businesses are subject to substantial regulation and
\noversight, which are constantly evolving and may adversely affect
\nNatWest Group.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup is exposed to the risks of various litigation matters,
\nregulatory and governmental actions and investigations as well as
\nremedial undertakings, the outcomes of which are inherently
\ndifficult to predict, and which could have an adverse effect on
\nNatWest Group.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0Changes
\nin tax legislation (or application thereof) or failure to generate
\nfuture taxable profits may impact the recoverability of certain
\ndeferred tax assets recognised by NatWest
\nGroup.<\/p>\n
\u00a0<\/p>\n
Climate and sustainability-related risks<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup and its Value Chain face climate and sustainability-related
\nrisks that may adversely affect NatWest Group.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup’s strategy relating to climate and sustainability is subject
\nto execution and reputational risks.\u00a0NatWest
\nGroup’s climate and sustainability-related ambitions, targets and
\ncommitments may not be achieved, and its climate transition plan
\nmay not be implemented, without timely and appropriate government
\npolicy, technology<\/p>\n
\n\u00a0 \u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0developments, and suppliers, customers and
\nsociety supporting the transition.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0\u00a0\u00a0There are significant limitations
\nrelated to accessing accurate, reliable, verifiable, auditable,
\nconsistent and comparable climate and sustainability-related data
\nthat contribute to substantial uncertainties in accurately
\nassessing, managing and reporting on climate and sustainability –
\nrelated information and risks, as well as making informed
\ndecisions.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0NatWest
\nGroup is subject to an increasingly complex and evolving landscape
\nof climate and sustainability-related legal, regulatory, and
\nsupervisory expectations and there is an increasing risk of
\nregulatory non-compliance, investigations, litigation, and
\nenforcement actions.<\/p>\n
\u00a0<\/p>\n
Statement of directors’ responsibilities<\/p>\n
We, the directors listed below, confirm that to the best of our
\nknowledge:<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0\u00a0\u00a0the condensed financial
\nstatements have been prepared in accordance with IAS 34 ‘Interim
\nFinancial Reporting’, as adopted by the UK and as issued by the
\nInternational Accounting Standards Board (IASB) and the Disclosure
\nGuidance and Transparency Rules sourcebook of the United Kingdom’s
\nFinancial Conduct Authority;<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0\u00a0\u00a0the
\ninterim management report includes a fair review of the information
\nrequired by DTR 4.2.7R (indication of important events during the
\nfirst six months and description of principal risks and
\nuncertainties for the remaining six months of the year);
\nand<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0\u00a0 the interim management report
\nincludes a fair review of the information required by DTR 4.2.8R
\n(disclosure of related parties’ transactions and changes
\ntherein).<\/p>\n
\u00a0<\/p>\n
By order of the Board<\/p>\n
\u00a0<\/p>\n
\nRichard
\nHaythornthwaite<\/p>\n
\nJohn-Paul
\nThwaite<\/p>\n
\nKatie
\nMurray<\/p>\n
\nChair<\/p>\n
\nGroup
\nChief Executive Officer<\/p>\n
\nGroup
\nChief Financial Officer<\/p>\n
\u00a0<\/p>\n
30 July 2026<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Board of directors<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Chair<\/p>\n
Executive directors<\/p>\n
Non-executive directors<\/p>\n
\nRichard
\nHaythornthwaite<\/p>\n
\nJohn-Paul
\nThwaite<\/p>\n
\nKatie
\nMurray<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
\nJoshua
\nCritchley<\/p>\n
\nRoisin
\nDonnelly<\/p>\n
\nPatrick
\nFlynn<\/p>\n
\nGeeta
\nGopalan<\/p>\n
\nAlbert
\nHitchcock<\/p>\n
\nErminia
\nJohannson<\/p>\n
\nStuart
\nLewis<\/p>\n
\nGillian
\nWhitehead<\/p>\n
\nLena
\nWilson<\/p>\n
\u00a0<\/p>\n
Erminia Johannson was appointed as non-executive director on 1 July
\n2026.<\/p>\n
\u00a0<\/p>\n
Additional information<\/p>\n
\u00a0<\/p>\n
Presentation of information<\/p>\n
NatWest Group plc (the ‘parent company’) together with its
\nsubsidiaries forms ‘NatWest Group’. The term ‘NatWest Group’,
\n‘Group’ or ‘we’ refers to NatWest Group plc and its subsidiaries.
\nThe term ‘NWH Group’ refers to NatWest Holdings Limited (‘NWH
\nLimited’) and its subsidiary and associated undertakings. The term
\n‘NWM Group’ refers to NatWest Markets Plc (‘NWM Plc’) and its
\nsubsidiary and associated undertakings. The term NWM N.V. Group
\nrefers to NatWest Markets N.V. and its subsidiary and associated
\nundertakings. The term ‘NWMSI’ refers to NatWest Markets
\nSecurities, Inc. The term ‘RBS plc’ refers to The Royal Bank of
\nScotland plc. The term ‘NWB Plc’ refers to National Westminster
\nBank Plc. The term RBSI Ltd refers to The Royal Bank of Scotland
\nInternational Limited. The term Evelyn Partners refers to Evelyn
\nPartners Group Limited.<\/p>\n
\u00a0<\/p>\n
NatWest Group publishes its financial statements in pounds sterling
\n(‘\u00a3’ or ‘sterling’). The abbreviations ‘\u00a3m’ and
\n‘\u00a3bn’ represent millions and thousands of millions of pounds
\nsterling, respectively, and references to ‘pence’ or ‘p’ represent
\npence where the amounts are denominated in pounds sterling (‘GBP’).
\nReference to ‘dollars’ or ‘$’ are to United States of America
\n(‘US’) dollars. The abbreviations ‘$m’ and ‘$bn’ represent millions
\nand thousands of millions of dollars, respectively. The
\nabbreviation ‘\u20ac’ represents the ‘euro’, and the abbreviations
\n‘\u20acm’ and ‘\u20acbn’ represent millions and thousands of
\nmillions of euros, respectively.<\/p>\n
\u00a0<\/p>\n
Statutory accounts<\/p>\n
Financial information contained in this document does not
\nconstitute statutory accounts within the meaning of section 434 of
\nthe Companies Act 2006 (‘the Act’). The statutory accounts for the
\nyear ended 31 December 2025 have been filed with the Registrar of
\nCompanies. The report of the auditor on those statutory accounts
\nwas unqualified, did not draw attention to any matters by way of
\nemphasis and did not contain a statement under section 498(2) or
\n(3) of the Act.<\/p>\n
Share information<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
30 June\u00a0<\/p>\n
2026\u00a0<\/p>\n
\n31
\nMarch\u00a0<\/p>\n
\n2026\u00a0<\/p>\n
\n31
\nDecember\u00a0<\/p>\n
\n2025\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nOrdinary
\nshare price
\n(pence)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n
667.00<\/p>\n
\n553.20<\/p>\n
\n651.80<\/p>\n
\nNumber
\nof ordinary shares in issue (millions)<\/p>\n
8,148<\/p>\n
\n8,177<\/p>\n
\n8,227<\/p>\n
\u00a0<\/p>\n
Financial calendar<\/p>\n
\n2026
\nthird quarter interim management statement<\/p>\n
\n30
\nOctober 2026<\/p>\n
\u00a0<\/p>\n
Contacts<\/p>\n
\nAnalyst
\nenquiries:<\/p>\n
\nClaire
\nKane, Investor Relations<\/p>\n
\n+44 (0)
\n20 7672 1758<\/p>\n
\nMedia
\nenquiries:<\/p>\n
\nNatWest
\nGroup Financial Media Desk<\/p>\n
\n+44 (0)
\n7557 316 540<\/p>\n
\u00a0<\/p>\n
Registered office<\/p>\n
\n36 St
\nAndrew Square, Edinburgh EH2 2YB.<\/p>\n
\nRegistered
\nin Scotland No. SC045551<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Management presentation<\/p>\n
Fixed income call<\/p>\n
Date:<\/p>\n
\n31 July
\n2026<\/p>\n
\n31 July
\n2026<\/p>\n
Time:<\/p>\n
\n9:00am<\/p>\n
\n1:00pm<\/p>\n
Zoom ID:<\/p>\n
\n910
\n4885 9347<\/p>\n
\n926
\n1181 7724<\/p>\n
\u00a0<\/p>\n
Further information available on\u00a0natwestgroup.com\/results<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0Interim Results 2026 and presentation
\nslides.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0A financial supplement containing income
\nstatement, balance sheet and segment performance information for
\nthe five quarters ended 30 June 2026.<\/p>\n
\n\u25cf\u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0NatWest Group Pillar 3 at 30 June
\n2026.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Additional information continued<\/p>\n
\u00a0<\/p>\n
Forward-looking statements<\/p>\n
This document may include forward-looking statements within the
\nmeaning of the United States Private Securities Litigation Reform
\nAct of 1995, such as statements with respect to NatWest Group’s
\nfinancial condition, results of operations and business, including
\nits strategic priorities, financial, investment and capital
\ntargets, and climate and sustainability-related ambitions, targets
\nand commitments described herein. Statements that are not
\nhistorical facts, including statements about NatWest Group’s
\nbeliefs and expectations, are forward-looking statements. Words,
\nsuch as ‘expect’, ‘estimate’, ‘project’, ‘anticipate’, ‘commit’,
\n‘believe’, ‘should’, ‘intend’, ‘will’, ‘plan’, ‘could’, ‘target’,
\n‘goal’, ‘objective’, ‘may’, ‘outlook’, ‘prospects’ and similar
\nexpressions or variations on these expressions are intended to
\nidentify forward-looking statements. In particular, this document
\nmay include forward-looking statements relating, but not limited
\nto: NatWest Group’s outlook, guidance and targets (including in
\nrelation to RoTE, total income, other operating expenses, loan
\nimpairment rate, CET1 ratio, RWA levels, payment of dividends and
\nparticipation in directed buybacks), its financial position,
\nprofitability and financial performance, the implementation of its
\nstrategy, its access to adequate sources of liquidity and funding,
\nits regulatory capital position and related requirements, its
\nimpairment losses and credit exposures under certain specified
\nscenarios, substantial regulation and oversight, ongoing legal,
\nregulatory and governmental actions and
\ninvestigations.\u00a0Forward-looking
\nstatements are subject to a number of risks and uncertainties that
\nmight cause actual results and performance to differ materially
\nfrom any expected future results or performance expressed or
\nimplied by the forward-looking statements. Factors that could cause
\nor contribute to differences in current expectations include, but
\nare not limited to, future growth initiatives (including
\nacquisitions, joint ventures and strategic partnerships), the
\noutcome of legal, regulatory and governmental actions and
\ninvestigations, the level and extent of future impairments and
\nwrite-downs, legislative, political, fiscal and regulatory
\ndevelopments, accounting standards, competitive conditions,
\ntechnological developments, interest and exchange rate
\nfluctuations, general economic and political conditions and
\nuncertainties, exposure to third party risk, operational risk,
\nconduct risk, cyber, data and IT risk, financial crime risk, key
\nperson risk and credit rating risk and the impact of climate and
\nsustainability related risks and the transitioning to a net zero
\neconomy. These and other factors, risks and uncertainties that may
\nimpact any forward-looking statement or NatWest Group plc’s actual
\nresults are discussed in NatWest Group plc’s 2025 Annual Report and
\nAccounts on Form 20-F,\u00a0NatWest
\nGroup’s\u00a0Interim
\nManagement Statement\u00a0for
\nQ1 and H1 2026 on Form 6-K,\u00a0and
\nits other public filings. The forward-looking statements contained
\nin this document speak only as of the date of this document and
\nNatWest Group plc does not assume or undertake any obligation or
\nresponsibility to update any of the forward-looking statements
\ncontained in this document, whether as a result of new information,
\nfuture events or otherwise, except to the extent legally
\nrequired.<\/p>\n
\u00a0<\/p>\n
Caution on non-financial reporting<\/p>\n
The processes we have adopted to define, collect and report data on
\nour climate and sustainability-related performance, as well as the
\nassociated metrics and disclosures in this document, are not
\nsubject to the same formal processes adopted for financial
\nreporting in accordance with established reporting standards. They
\ninvolve a higher degree of judgement, assumptions and estimates,
\nincluding in relation to the classification of climate and
\nsustainability-related (including social, sustainability,
\nsustainability-linked, green, climate and transition) funding,
\nfinancing and facilitation activities, than what is required for
\nreporting of historical financial information prepared in
\naccordance with established reporting standards. As a result,
\nclimate and sustainability-related disclosures may be amended,
\nupdated or restated over time. However, NatWest Group does not
\nundertake to restate prior disclosures except where required by
\napplicable law or regulation, even if subsequently available data
\nor methodologies differ from those used at the time of the original
\ndisclosure. In addition, non-financial reporting systems are less
\ndeveloped than financial reporting systems, often involving manual
\nprocesses and less robust controls, which may affect data quality
\nand consistency. Refer also to the ‘Climate and
\nsustainability-related risk factors’ on pages 420 to 422 of the
\nNatWest Group plc 2025 Annual Report and Accounts, the ‘Additional
\ncautionary statement regarding climate and sustainability-related
\ndata, metrics and forward-looking statements’ on pages 429 to 431
\nof the NatWest Group plc 2025 Annual Report and Accounts, and the
\ncautionary statement in the section entitled ‘Caution about
\nclimate-related metrics and data required for climate reporting’ on
\npages 70 to 72 of the NatWest Group plc 2025 Climate Transition
\nPlan Report.<\/p>\n
\u00a0<\/p>\n
Caution about sustainability-related funding, financing and
\nfacilitation<\/p>\n
Sustainability-related (including social, sustainability,
\nsustainability-linked, green, climate, transition) funding,
\nfinancing and facilitation currently represents only a relatively
\nsmall proportion of NatWest Group’s overall funding, financing and
\nfacilitation activities. Accordingly, disclosures relating to
\nsustainability-related funding, financing and facilitation should
\nbe read in the context of NatWest Group’s broader balance sheet,
\nrisk profile and funding, financing and facilitation activities,
\nand should not be interpreted as indicative of NatWest Group’s
\noverall funding, financing or facilitation strategy.<\/p>\n
\u00a0<\/p>\n
Non-IFRS financial measures<\/p>\n
NatWest Group prepares its financial statements in accordance with
\nUK-adopted International Accounting Standards (IAS) and
\nInternational Financial Reporting Standards (IFRS), as issued by
\nthe International Accounting Standards Board (IASB). This document
\ncontains a number of non-IFRS measures, or alternative performance
\nmeasures, defined under the European Securities and Markets
\nAuthority (ESMA) guidance, or non-Generally Accepted Accounting
\nPrinciples (GAAP) financial measures in accordance with the
\nSecurities and Exchange Commission (SEC) regulations. These
\nmeasures are adjusted for notable and other defined items which
\nmanagement believes are not representative of the underlying
\nperformance of the business and which distort period-on-period
\ncomparison.<\/p>\n
\n\u00a0<\/p>\n
The non-IFRS measures provide users of the financial statements
\nwith a consistent basis for comparing business performance between
\nfinancial periods and information on elements of performance that
\nare one-off in nature. The non-IFRS measures also include the basis
\nof calculation for metrics that are used throughout the banking
\nindustry.<\/p>\n
\n\u00a0<\/p>\n
These non-IFRS measures are not a substitute for IFRS measures and
\na reconciliation to the closest IFRS measure is presented where
\nappropriate.<\/p>\n
\u00a0<\/p>\n
\nMeasure<\/p>\n
\n\u00a0<\/p>\n
\nDescription<\/p>\n
\n\u00a0<\/p>\n
Cost:income ratio (excl. litigation and conduct)<\/p>\n
\nRefer
\nto table 2. Cost:income ratio (excl. litigation and conduct) on
\npage 108.<\/p>\n
\n\u00a0<\/p>\n
\nThe
\ncost:income ratio (excl. litigation and conduct) is calculated as
\nother operating expenses (operating expenses less litigation and
\nconduct costs) divided by total income. Litigation and conduct
\ncosts are excluded as they are one-off in nature, difficult to
\nforecast for Outlook purposes and distort period-on-period
\ncomparisons.<\/p>\n
\n\u00a0<\/p>\n
Customer deposits excluding central items<\/p>\n
\nRefer
\nto Segment performance on pages 12-16 for components of
\ncalculation.<\/p>\n
\n\u00a0<\/p>\n
\nCustomer
\ndeposits excluding central items is calculated as total NatWest
\nGroup customer deposits excluding Central items & other
\ncustomer deposits. Central items & other includes Treasury repo
\nactivity. The\u00a0exclusion of
\nCentral items & other removes the volatility relating to
\nTreasury repo activity and the reduction of deposits as part of our
\nwithdrawal from the Republic of Ireland.<\/p>\n
These items may distort period-on-period comparisons and their
\nremoval gives the user of the financial statements a better
\nunderstanding of the movements in customer
\ndeposits.\u00a0\u00a0<\/p>\n
\n\u00a0<\/p>\n
Funded assets<\/p>\n
\nRefer
\nto Condensed consolidated balance sheet on page 71 for components
\nof calculation.<\/p>\n
Funded assets is calculated as total assets less derivative assets.
\nThis measure allows review of balance sheet trends exclusive of the
\nvolatility associated with derivative fair
\nvalues.\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Loan:deposit ratio (excl. repos and reverse repos)<\/p>\n
\nRefer
\nto table 5. Loan:deposit ratio (excl. repos and reverse repos) on
\npage 109.<\/p>\n
\n\u00a0<\/p>\n
\nLoan:deposit
\nratio (excl. repos and reverse repos) is calculated as net customer
\nloans – amortised cost excluding reverse repos divided by total
\ncustomer deposits excluding repos. This metric is used to assess
\nliquidity.<\/p>\n
\nThe
\nremoval of repos and reverse repos reduces volatility and presents
\nthe ratio on a basis that is comparable to UK peers. The nearest
\nratio using IFRS measures is loan:deposit ratio – this is
\ncalculated as net loans to customers – amortised cost divided by
\ncustomer deposits.<\/p>\n
\n\u00a0<\/p>\n
NatWest Group Return on Tangible Equity<\/p>\n
\nRefer
\nto table 7. NatWest Group Return on Tangible Equity on page
\n110.<\/p>\n
\n\u00a0<\/p>\n
\nNatWest
\nGroup Return on Tangible Equity comprises annualised profit or loss
\nfor the period attributable to ordinary shareholders divided by
\naverage tangible equity. Average tangible equity is average total
\nequity excluding average non-controlling interests, average other
\nowners’ equity and average intangible assets. This measure shows
\nthe return NatWest Group generates on tangible equity deployed. It
\nis used to determine relative performance of banks and used widely
\nacross the sector, although different banks may calculate the rate
\ndifferently. The nearest ratio using IFRS measures is return on
\nequity, calculated as profit attributable to ordinary shareholders
\ndivided by average total equity.<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Non-IFRS financial measures continued<\/p>\n
\u00a0<\/p>\n
\nMeasure<\/p>\n
\n\u00a0<\/p>\n
\nDescription<\/p>\n
\n\u00a0<\/p>\n
Net interest margin and average interest earning
\nassets<\/p>\n
\nRefer
\nto Segment performance on pages 12-16 for components of
\ncalculation.<\/p>\n
\n\u00a0<\/p>\n
\nNet
\ninterest margin is net interest income as a percentage of average
\ninterest earning assets (IEA).<\/p>\n
\nAverage
\nIEA are average IEA of the banking business of NatWest Group and
\nprimarily consists of cash and balances at central banks, loans to
\nbanks – amortised cost, loans to customers – amortised cost and
\nother financial assets. It excludes trading balances and assets in
\ntreasury repurchase agreements that have not been derecognised.
\nAverage IEA shows the average asset base generating interest over
\nthe period.<\/p>\n
\n\u00a0<\/p>\n
Net loans to customers excluding central items<\/p>\n
\nRefer
\nto Segment performance on pages 12-16 for components of
\ncalculation.<\/p>\n
\n\u00a0<\/p>\n
\nNet
\nloans to customers excluding central items is calculated as total
\nNatWest Group net loans to customers excluding Central items &
\nother net loans to customers. Central items & other includes
\nTreasury reverse repo activity. The exclusion of Central items
\n& other removes the volatility relating to Treasury reverse
\nrepo activity and the reduction of loans to customers as part of
\nour withdrawal from the Republic of Ireland.<\/p>\n
\nThis
\nallows for better period-on-period comparisons and gives the user
\nof the financial statements a better understanding of the movements
\nin net loans to customers.<\/p>\n
\n\u00a0<\/p>\n
Operating expenses excluding litigation and conduct<\/p>\n
\nRefer
\nto table 4. Operating expenses excluding litigation and conduct on
\npage 109.<\/p>\n
\n\u00a0<\/p>\n
\nThe
\nmanagement analysis of operating expenses shows litigation and
\nconduct costs separately. These amounts are included within staff
\ncosts and other administrative expenses in the statutory analysis.
\nOther operating expenses excludes litigation and conduct costs,
\nwhich are more volatile and may distort period-on-period
\ncomparisons.<\/p>\n
\n\u00a0<\/p>\n
Segment return on equity<\/p>\n
\nRefer
\nto table 8. Segment return on equity on page 110.<\/p>\n
\n\u00a0<\/p>\n
\nSegment
\nreturn on equity comprises segmental operating profit or loss,
\nadjusted for paid-in equity and tax, divided by average notional
\nequity. Average RWAe is defined as average segmental RWAs
\nincorporating the effect of capital deductions. This is multiplied
\nby an allocated equity factor for each segment to calculate the
\naverage notional equity. This measure shows the return generated by
\noperating segments on equity deployed.<\/p>\n
\n\u00a0<\/p>\n
Tangible net asset value (TNAV) per ordinary share<\/p>\n
\nRefer
\nto table 3. Tangible net asset value (TNAV) per ordinary share on
\npage 108.<\/p>\n
\n\u00a0<\/p>\n
\nTNAV
\nper ordinary share is calculated as tangible equity divided by the
\nnumber of ordinary shares in issue. This is a measure used by
\nexternal analysts in valuing the bank and allows for comparison
\nwith other per ordinary share metrics including the share price.
\nThe nearest ratio using IFRS measures is net asset value (NAV) per
\nordinary share – this comprises ordinary shareholders’ interests
\ndivided by the number of ordinary shares in issue.<\/p>\n
\n\u00a0<\/p>\n
Total customer assets and liabilities (CAL)<\/p>\n
\nRefer
\nto table 6. Total customer assets and liabilities (CAL) on page
\n109.<\/p>\n
\n\u00a0<\/p>\n
\nCAL
\ncomprises customer deposits and gross loans to customers (amortised
\ncost), across the Retail Banking, Private Banking & Wealth
\nManagement and Commercial & Institutional segments. For the
\nPrivate Banking & Wealth Management segment, CAL also includes
\nAUMA, with an adjustment to deduct investment cash to avoid double
\ncounting, as investment cash is recognised within both customer
\ndeposits and AUMA.<\/p>\n
\nThe
\ncomponents of CAL are key drivers of income and provide a measure
\nof growth and strength of the business on a comparable
\nbasis.<\/p>\n
\n\u00a0<\/p>\n
Total income excluding notable items<\/p>\n
\nRefer
\nto table 1. Total income excluding notable items on page
\n108.<\/p>\n
\n\u00a0<\/p>\n
\nTotal
\nincome excluding notable items is calculated as total income less
\nnotable items. The exclusion of notable items aims to remove the
\nimpact of one-offs and other items which may distort
\nperiod-on-period comparisons.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Non-IFRS financial measures continued<\/p>\n
1. Total income excluding notable items<\/p>\n
\u00a0<\/p>\n
Half year ended<\/p>\n
\u00a0<\/p>\n
Quarter ended<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
30 June<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
31 March<\/p>\n
30 June<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Total income<\/p>\n
8,862<\/p>\n
7,985<\/p>\n
\u00a0<\/p>\n
4,504<\/p>\n
4,358<\/p>\n
4,005<\/p>\n
Less notable items:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Commercial & Institutional<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0\u00a0Own credit
\nadjustments<\/p>\n
2<\/p>\n
3<\/p>\n
\u00a0<\/p>\n
(1)<\/p>\n
3<\/p>\n
(3)<\/p>\n
Central items & other<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0\u00a0Share of gains\/(losses) of
\nassociate – Business Growth Fund<\/p>\n
19<\/p>\n
14<\/p>\n
\u00a0<\/p>\n
20<\/p>\n
(1)<\/p>\n
(1)<\/p>\n
\u00a0\u00a0\u00a0Interest and foreign exchange
\nmanagement derivatives not in hedge\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0accounting
\nrelationships<\/p>\n
36<\/p>\n
6<\/p>\n
\u00a0<\/p>\n
(2)<\/p>\n
38<\/p>\n
(1)<\/p>\n
\u00a0\u00a0\u00a0Foreign exchange recycling
\ngains<\/p>\n
133<\/p>\n
–<\/p>\n
\u00a0<\/p>\n
38<\/p>\n
95<\/p>\n
–<\/p>\n
\u00a0<\/p>\n
190<\/p>\n
23<\/p>\n
\u00a0<\/p>\n
55<\/p>\n
135<\/p>\n
(5)<\/p>\n
Total income excluding notable items<\/p>\n
8,672<\/p>\n
7,962<\/p>\n
\u00a0<\/p>\n
4,449<\/p>\n
4,223<\/p>\n
4,010<\/p>\n
\u00a0<\/p>\n
2. Cost:income ratio (excl. litigation and conduct)<\/p>\n
\u00a0<\/p>\n
Half year ended<\/p>\n
\u00a0<\/p>\n
Quarter ended<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
30 June<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
31 March<\/p>\n
30 June<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Operating expenses<\/p>\n
4,121<\/p>\n
4,018<\/p>\n
\u00a0<\/p>\n
2,079<\/p>\n
2,042<\/p>\n
2,039<\/p>\n
Less litigation and conduct costs<\/p>\n
(45)<\/p>\n
(118)<\/p>\n
\u00a0<\/p>\n
(30)<\/p>\n
(15)<\/p>\n
(74)<\/p>\n
Other operating expenses<\/p>\n
4,076<\/p>\n
3,900<\/p>\n
\u00a0<\/p>\n
2,049<\/p>\n
2,027<\/p>\n
1,965<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Total income<\/p>\n
8,862<\/p>\n
7,985<\/p>\n
\u00a0<\/p>\n
4,504<\/p>\n
4,358<\/p>\n
4,005<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Cost:income ratio<\/p>\n
46.5%<\/p>\n
50.3%<\/p>\n
\u00a0<\/p>\n
46.2%<\/p>\n
46.9%<\/p>\n
50.9%<\/p>\n
Cost:income ratio (excl. litigation and conduct)<\/p>\n
46.0%<\/p>\n
48.8%<\/p>\n
\u00a0<\/p>\n
45.5%<\/p>\n
46.5%<\/p>\n
49.1%<\/p>\n
\u00a0<\/p>\n
3. Tangible net asset value (TNAV) per ordinary share<\/p>\n
\u00a0<\/p>\n
As at<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
31 March<\/p>\n
31 December<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
Ordinary shareholders’ interests (\u00a3m)<\/p>\n
38,748<\/p>\n
39,084<\/p>\n
38,028<\/p>\n
\u00a0<\/p>\n
Less intangible assets (\u00a3m)<\/p>\n
(10,205)<\/p>\n
(7,224)<\/p>\n
(7,292)<\/p>\n
\u00a0<\/p>\n
Tangible equity (\u00a3m)<\/p>\n
28,543<\/p>\n
31,860<\/p>\n
30,736<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Ordinary shares in issue (millions)\u00a0(1)<\/p>\n
7,959<\/p>\n
7,971<\/p>\n
7,995<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
NAV per ordinary share (pence)<\/p>\n
487p<\/p>\n
490p<\/p>\n
476p<\/p>\n
\u00a0<\/p>\n
TNAV per ordinary share (pence)<\/p>\n
359p<\/p>\n
400p<\/p>\n
384p<\/p>\n
\u00a0<\/p>\n
\n(1)\u00a0\u00a0\u00a0\u00a0\u00a0The number of ordinary shares in issue excludes
\nown shares held.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Non-IFRS financial measures continued<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
4. Operating expenses excluding litigation and conduct<\/p>\n
\u00a0<\/p>\n
Half year ended<\/p>\n
\u00a0<\/p>\n
Quarter ended<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
30 June<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
31 March<\/p>\n
30 June<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Other operating expenses<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Staff expenses<\/p>\n
2,104<\/p>\n
2,099<\/p>\n
\u00a0<\/p>\n
1,034<\/p>\n
1,070<\/p>\n
1,044<\/p>\n
Premises and equipment<\/p>\n
623<\/p>\n
587<\/p>\n
\u00a0<\/p>\n
314<\/p>\n
309<\/p>\n
293<\/p>\n
Other administrative expenses<\/p>\n
784<\/p>\n
657<\/p>\n
\u00a0<\/p>\n
416<\/p>\n
368<\/p>\n
337<\/p>\n
Depreciation and amortisation<\/p>\n
565<\/p>\n
557<\/p>\n
\u00a0<\/p>\n
285<\/p>\n
280<\/p>\n
291<\/p>\n
Total other operating expenses<\/p>\n
4,076<\/p>\n
3,900<\/p>\n
\u00a0<\/p>\n
2,049<\/p>\n
2,027<\/p>\n
1,965<\/p>\n
Litigation and conduct costs<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Staff expenses<\/p>\n
30<\/p>\n
30<\/p>\n
\u00a0<\/p>\n
14<\/p>\n
16<\/p>\n
16<\/p>\n
Premises and equipment<\/p>\n
5<\/p>\n
–<\/p>\n
\u00a0<\/p>\n
2<\/p>\n
3<\/p>\n
–<\/p>\n
Other administrative expenses<\/p>\n
10<\/p>\n
88<\/p>\n
\u00a0<\/p>\n
14<\/p>\n
(4)<\/p>\n
58<\/p>\n
Total litigation and conduct costs<\/p>\n
45<\/p>\n
118<\/p>\n
\u00a0<\/p>\n
30<\/p>\n
15<\/p>\n
74<\/p>\n
Total operating expenses<\/p>\n
4,121<\/p>\n
4,018<\/p>\n
\u00a0<\/p>\n
2,079<\/p>\n
2,042<\/p>\n
2,039<\/p>\n
Operating expenses excluding litigation and conduct<\/p>\n
4,076<\/p>\n
3,900<\/p>\n
\u00a0<\/p>\n
2,049<\/p>\n
2,027<\/p>\n
1,965<\/p>\n
\u00a0<\/p>\n
5. Loan:deposit ratio (excl. repos and reverse repos)<\/p>\n
\u00a0<\/p>\n
As at<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
31 March<\/p>\n
31 December<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Loans to customers – amortised cost<\/p>\n
435,908<\/p>\n
431,563<\/p>\n
418,881<\/p>\n
Less reverse repos<\/p>\n
(33,381)<\/p>\n
(37,784)<\/p>\n
(32,817)<\/p>\n
Loans to customers – amortised cost (excl. reverse
\nrepos)<\/p>\n
402,527<\/p>\n
393,779<\/p>\n
386,064<\/p>\n
Customer deposits<\/p>\n
448,605<\/p>\n
445,461<\/p>\n
442,998<\/p>\n
Less repos<\/p>\n
(1,632)<\/p>\n
(1,474)<\/p>\n
(1,796)<\/p>\n
Customer deposits (excl. repos)<\/p>\n
446,973<\/p>\n
443,987<\/p>\n
441,202<\/p>\n
Loan:deposit ratio<\/p>\n
97%<\/p>\n
97%<\/p>\n
95%<\/p>\n
Loan:deposit ratio (excl. repos and reverse repos)<\/p>\n
90%<\/p>\n
89%<\/p>\n
88%<\/p>\n
\u00a0<\/p>\n
6. Total customer assets and liabilities (CAL)<\/p>\n
\u00a0<\/p>\n
As at<\/p>\n
\u00a0<\/p>\n
30 June 2026<\/p>\n
\u00a0<\/p>\n
\u00a031 March
\n2026<\/p>\n
\u00a0<\/p>\n
\u00a031 December
\n2025<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Private Banking<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Private Banking<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Private Banking<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Retail<\/p>\n
& Wealth<\/p>\n
Commercial<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Retail<\/p>\n
& Wealth<\/p>\n
Commercial<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Retail<\/p>\n
& Wealth<\/p>\n
Commercial\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Banking<\/p>\n
Management<\/p>\n
& Institutional<\/p>\n
Total<\/p>\n
\u00a0<\/p>\n
Banking<\/p>\n
Management<\/p>\n
& Institutional<\/p>\n
Total<\/p>\n
\u00a0<\/p>\n
Banking<\/p>\n
Management<\/p>\n
& Institutional<\/p>\n
Total<\/p>\n
\u00a0<\/p>\n
\u00a3bn<\/p>\n
\u00a3bn<\/p>\n
\u00a3bn<\/p>\n
\u00a3bn<\/p>\n
\u00a0<\/p>\n
\u00a3bn<\/p>\n
\u00a3bn<\/p>\n
\u00a3bn<\/p>\n
\u00a3bn<\/p>\n
\u00a0<\/p>\n
\u00a3bn<\/p>\n
\u00a3bn<\/p>\n
\u00a3bn<\/p>\n
\u00a3bn<\/p>\n
Gross loans and advances to customers<\/p>\n
225.3<\/p>\n
19.1<\/p>\n
165.3<\/p>\n
409.7<\/p>\n
\u00a0<\/p>\n
221.3<\/p>\n
19.1<\/p>\n
159.6<\/p>\n
400.0<\/p>\n
\u00a0<\/p>\n
217.9<\/p>\n
19.0<\/p>\n
155.8<\/p>\n
392.7<\/p>\n
Customer deposits<\/p>\n
202.2<\/p>\n
41.4<\/p>\n
204.0<\/p>\n
447.6<\/p>\n
\u00a0<\/p>\n
202.2<\/p>\n
41.1<\/p>\n
201.5<\/p>\n
444.8<\/p>\n
\u00a0<\/p>\n
202.6<\/p>\n
42.7<\/p>\n
196.4<\/p>\n
441.7<\/p>\n
Assets under management and\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0\u00a0administration
\n(AUMA)<\/p>\n
–<\/p>\n
130.6<\/p>\n
–<\/p>\n
130.6<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
56.7<\/p>\n
–<\/p>\n
56.7<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
58.5<\/p>\n
–<\/p>\n
58.5<\/p>\n
Less investment cash included in both\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0\u00a0\u00a0customer deposits and
\nAUMA<\/p>\n
–<\/p>\n
(1.0)<\/p>\n
–<\/p>\n
(1.0)<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
(1.4)<\/p>\n
–<\/p>\n
(1.4)<\/p>\n
\u00a0<\/p>\n
–<\/p>\n
(1.2)<\/p>\n
–<\/p>\n
(1.2)<\/p>\n
CAL<\/p>\n
427.5<\/p>\n
190.1<\/p>\n
369.3<\/p>\n
986.9<\/p>\n
\u00a0<\/p>\n
423.5<\/p>\n
115.5<\/p>\n
361.1<\/p>\n
900.1<\/p>\n
\u00a0<\/p>\n
420.5<\/p>\n
119.0<\/p>\n
352.2<\/p>\n
891.7<\/p>\n
Non-IFRS financial measures continued<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
7. NatWest Group Return on Tangible Equity<\/p>\n
\u00a0<\/p>\n
\u00a0Half
\nyear ended and as at<\/p>\n
\u00a0<\/p>\n
Quarter ended and as at<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
30 June<\/p>\n
\u00a0<\/p>\n
30 June<\/p>\n
31 March<\/p>\n
30 June<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
2026<\/p>\n
2026<\/p>\n
2025<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
Profit attributable to ordinary shareholders<\/p>\n
3,035<\/p>\n
2,488<\/p>\n
\u00a0<\/p>\n
1,603<\/p>\n
1,432<\/p>\n
1,236<\/p>\n
Annualised profit attributable to ordinary
\nshareholders\u00a0<\/p>\n
6,070<\/p>\n
4,976<\/p>\n
\u00a0<\/p>\n
6,412<\/p>\n
5,728<\/p>\n
4,944<\/p>\n
Average total equity\u00a0<\/p>\n
43,092<\/p>\n
40,817<\/p>\n
\u00a0<\/p>\n
43,108<\/p>\n
43,216<\/p>\n
41,474<\/p>\n
Adjustment for average other owners’ equity and intangible
\nassets\u00a0<\/p>\n
(12,243)<\/p>\n
(13,336)<\/p>\n
\u00a0<\/p>\n
(12,607)<\/p>\n
(11,760)<\/p>\n
(13,529)<\/p>\n
Adjusted total tangible equity<\/p>\n
30,849<\/p>\n
27,481<\/p>\n
\u00a0<\/p>\n
30,501<\/p>\n
31,456<\/p>\n
27,945<\/p>\n
Return on equity<\/p>\n
14.1%<\/p>\n
12.2%<\/p>\n
\u00a0<\/p>\n
14.9%<\/p>\n
13.3%<\/p>\n
11.9%<\/p>\n
Return on Tangible Equity\u00a0<\/p>\n
19.7%<\/p>\n
18.1%<\/p>\n
\u00a0<\/p>\n
21.0%<\/p>\n
18.2%<\/p>\n
17.7%<\/p>\n
\u00a0<\/p>\n
8. Segment return on equity<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Half year ended 30 June 2026<\/p>\n
\u00a0<\/p>\n
Half year ended 30 June 2025<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Private Banking<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Private Banking<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Retail<\/p>\n
& Wealth<\/p>\n
Commercial<\/p>\n
\u00a0<\/p>\n
Retail<\/p>\n
& Wealth<\/p>\n
Commercial<\/p>\n
\u00a0<\/p>\n
Banking<\/p>\n
Management<\/p>\n
& Institutional<\/p>\n
\u00a0<\/p>\n
Banking<\/p>\n
Management<\/p>\n
& Institutional<\/p>\n
Operating profit (\u00a3m)<\/p>\n
\u00a0<\/p>\n
1,729<\/p>\n
212<\/p>\n
2,284<\/p>\n
\u00a0<\/p>\n
1,485<\/p>\n
179<\/p>\n
1,984<\/p>\n
Paid-in equity cost allocation (\u00a3m)<\/p>\n
\u00a0<\/p>\n
(38)<\/p>\n
(6)<\/p>\n
(104)<\/p>\n
\u00a0<\/p>\n
(49)<\/p>\n
(8)<\/p>\n
(129)<\/p>\n
Adjustment for tax (\u00a3m)<\/p>\n
\u00a0<\/p>\n
(473)<\/p>\n
(58)<\/p>\n
(545)<\/p>\n
\u00a0<\/p>\n
(402)<\/p>\n
(48)<\/p>\n
(464)<\/p>\n
Adjusted attributable profit (\u00a3m)<\/p>\n
\u00a0<\/p>\n
1,218<\/p>\n
148<\/p>\n
1,635<\/p>\n
\u00a0<\/p>\n
1,034<\/p>\n
123<\/p>\n
1,391<\/p>\n
Annualised adjusted attributable profit (\u00a3m)<\/p>\n
\u00a0<\/p>\n
2,435<\/p>\n
297<\/p>\n
3,270<\/p>\n
\u00a0<\/p>\n
2,068<\/p>\n
246<\/p>\n
2,783<\/p>\n
Average RWAe (\u00a3bn)<\/p>\n
\u00a0<\/p>\n
70.7<\/p>\n
11.4<\/p>\n
114.0<\/p>\n
\u00a0<\/p>\n
67.9<\/p>\n
11.2<\/p>\n
107.5<\/p>\n
Equity factor\u00a0<\/p>\n
\u00a0<\/p>\n
12.7%<\/p>\n
10.9%<\/p>\n
14.1%<\/p>\n
\u00a0<\/p>\n
12.8%<\/p>\n
11.1%<\/p>\n
13.9%<\/p>\n
Average notional equity (\u00a3bn)<\/p>\n
\u00a0<\/p>\n
9.0<\/p>\n
1.2<\/p>\n
16.1<\/p>\n
\u00a0<\/p>\n
8.7<\/p>\n
1.2<\/p>\n
14.9<\/p>\n
Return on equity<\/p>\n
\u00a0<\/p>\n
27.1%<\/p>\n
23.8%<\/p>\n
20.3%<\/p>\n
\u00a0<\/p>\n
23.8%<\/p>\n
19.8%<\/p>\n
18.6%<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Quarter ended 30 June 2026<\/p>\n
\u00a0<\/p>\n
Quarter ended 31 March 2026<\/p>\n
\u00a0<\/p>\n
Quarter ended 30 June 2025<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Private Banking<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Private Banking<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Private Banking<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Retail<\/p>\n
& Wealth<\/p>\n
Commercial<\/p>\n
\u00a0<\/p>\n
Retail<\/p>\n
& Wealth<\/p>\n
Commercial<\/p>\n
\u00a0<\/p>\n
Retail<\/p>\n
& Wealth<\/p>\n
Commercial<\/p>\n
\u00a0<\/p>\n
Banking<\/p>\n
Management<\/p>\n
& Institutional<\/p>\n
\u00a0<\/p>\n
Banking<\/p>\n
Management<\/p>\n
& Institutional<\/p>\n
\u00a0<\/p>\n
Banking<\/p>\n
Management<\/p>\n
& Institutional<\/p>\n
Operating profit (\u00a3m)<\/p>\n
948<\/p>\n
118<\/p>\n
1,254<\/p>\n
\u00a0<\/p>\n
781<\/p>\n
94<\/p>\n
1,030<\/p>\n
\u00a0<\/p>\n
735<\/p>\n
102<\/p>\n
964<\/p>\n
Paid-in equity cost allocation (\u00a3m)<\/p>\n
(20)<\/p>\n
(3)<\/p>\n
(53)<\/p>\n
\u00a0<\/p>\n
(18)<\/p>\n
(3)<\/p>\n
(51)<\/p>\n
\u00a0<\/p>\n
(26)<\/p>\n
(4)<\/p>\n
(66)<\/p>\n
Adjustment for tax (\u00a3m)<\/p>\n
(260)<\/p>\n
(32)<\/p>\n
(300)<\/p>\n
\u00a0<\/p>\n
(214)<\/p>\n
(25)<\/p>\n
(245)<\/p>\n
\u00a0<\/p>\n
(199)<\/p>\n
(27)<\/p>\n
(225)<\/p>\n
Adjusted attributable profit (\u00a3m)<\/p>\n
668<\/p>\n
83<\/p>\n
901<\/p>\n
\u00a0<\/p>\n
549<\/p>\n
66<\/p>\n
734<\/p>\n
\u00a0<\/p>\n
510<\/p>\n
71<\/p>\n
673<\/p>\n
Annualised adjusted attributable profit (\u00a3m)<\/p>\n
2,673<\/p>\n
331<\/p>\n
3,603<\/p>\n
\u00a0<\/p>\n
2,197<\/p>\n
262<\/p>\n
2,937<\/p>\n
\u00a0<\/p>\n
2,042<\/p>\n
282<\/p>\n
2,694<\/p>\n
Average RWAe (\u00a3bn)<\/p>\n
71.0<\/p>\n
11.5<\/p>\n
114.1<\/p>\n
\u00a0<\/p>\n
70.4<\/p>\n
11.4<\/p>\n
113.8<\/p>\n
\u00a0<\/p>\n
68.9<\/p>\n
11.3<\/p>\n
108.3<\/p>\n
Equity factor\u00a0<\/p>\n
12.7%<\/p>\n
10.9%<\/p>\n
14.1%<\/p>\n
\u00a0<\/p>\n
12.7%<\/p>\n
10.9%<\/p>\n
14.1%<\/p>\n
\u00a0<\/p>\n
12.8%<\/p>\n
11.1%<\/p>\n
13.9%<\/p>\n
Average notional equity (\u00a3bn)<\/p>\n
9.0<\/p>\n
1.3<\/p>\n
16.1<\/p>\n
\u00a0<\/p>\n
8.9<\/p>\n
1.2<\/p>\n
16.0<\/p>\n
\u00a0<\/p>\n
8.8<\/p>\n
1.3<\/p>\n
15.1<\/p>\n
Return on equity<\/p>\n
29.7%<\/p>\n
26.5%<\/p>\n
22.4%<\/p>\n
\u00a0<\/p>\n
24.6%<\/p>\n
21.1%<\/p>\n
18.3%<\/p>\n
\u00a0<\/p>\n
23.2%<\/p>\n
22.5%<\/p>\n
17.9%<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Performance measures not defined under IFRS<\/p>\n
\u00a0<\/p>\n
The table below summarises other performance measures used by
\nNatWest Group, not defined under IFRS, and therefore a
\nreconciliation to the nearest IFRS measure is not
\napplicable.<\/p>\n
\nMeasure<\/p>\n
\nDescription<\/p>\n
\nAUMA<\/p>\n
\n\u00a0<\/p>\n
\nAUMA
\ncomprises both assets under management (AUM) and client assets
\nunder administration (AUA) serviced through the Private Banking
\n& Wealth Management segment and not recognised on NatWest
\nGroup’s balance sheet. AUM comprise assets where the investment
\nmanagement is undertaken by Private Banking & Wealth Management
\non behalf of customers of the Private Banking & Wealth
\nManagement, Retail Banking and Commercial & Institutional
\nsegments. AUA comprises i) third party assets held on an
\nexecution-only basis in custody by Private Banking & Wealth
\nManagement, Retail Banking and Commercial & Institutional for
\ntheir customers, for which the execution services are supported by
\nPrivate Banking & Wealth Management ii) AUA of Cushon, the sale
\nof which completed in the quarter, which were previously supported
\nby Private Banking & Wealth Management and held and managed by
\nthird parties. This measure is tracked and reported as the amount
\nof funds that we manage or administer, and directly impacts the
\nlevel of investment income that we receive.<\/p>\n
\n\u00a0<\/p>\n
\nAUMA
\nincome<\/p>\n
\n\u00a0<\/p>\n
\nAUMA
\nincome includes investment income earned across NatWest Group
\n(excluding Cushon). Investment income includes ongoing fees as a
\npercentage of assets and fees, charged on a per transaction basis,
\nfor advice services, trading and exchange services, protection and
\nalternative investing services. AUMA is a core driver of
\nnon-interest income, especially with respect to ongoing investment
\nincome and this measure provides a means of reporting the income
\nearned on AUMA.<\/p>\n
\n\u00a0<\/p>\n
\nAUM net
\nflows<\/p>\n
\n\u00a0<\/p>\n
\nAUM net
\nflows refers to net client cash inflows and outflows relating to
\ninvestment products, both discretionary and advisory mandates
\nserviced through the Private Banking & Wealth Management
\nsegment. AUM comprises assets where the investment management is
\nundertaken by Private Banking & Wealth Management on behalf of
\nPrivate Banking & Wealth Management, Retail Banking and
\nCommercial & Institutional customers.<\/p>\n
\n\u00a0<\/p>\n
\nCapital
\ngeneration pre-distributions<\/p>\n
\n\u00a0<\/p>\n
\nCapital
\ngeneration pre-distributions refers to the change in the CET1 ratio
\nin the period, before distributions to ordinary shareholders. It
\nreflects the capital generated through business activities and all
\nother movements, including attributable profit for the period,
\nimpacts from acquisitions and disposals, and risk-weighted asset
\n(RWA) changes, prior to the deduction of ordinary shareholder
\ndistributions such as ordinary dividends and share buybacks. It is
\nused to show the capital generated in the period that is available
\nfor deployment in the business and distribution to
\nshareholders.<\/p>\n
\n\u00a0<\/p>\n
\nClimate
\nand transition finance<\/p>\n
\n\u00a0<\/p>\n
\nThe
\nclimate and transition finance target enables NatWest Group to
\nquantify the level of financing and facilitation provided by
\nNatWest Group that could support customers in achieving their
\nclimate and\/or transition ambitions, through lending and
\nunderwriting activities. The climate and transition finance
\nframework, available on natwestgroup.com, underpins the target to
\nprovide \u00a3200 billion in climate and transition finance between
\n1 July 2025 and the end of 2030.<\/p>\n
\n\u00a0<\/p>\n
\nECL
\nprovision coverage ratio<\/p>\n
\n\u00a0<\/p>\n
\nECL
\nprovision coverage ratio is total ECL provisions as a percentage of
\nloans measured at amortised cost and FVOCI. Total ECL provisions
\ninclude allowances relating to loans, non-loan financial assets and
\nundrawn commitments. The ratio is used as an indicator of reserve
\nadequacy against potential future credit losses and supports
\ncomparison of provisioning levels across segments and
\nsectors.<\/p>\n
\n\u00a0<\/p>\n
\nLoan
\nimpairment rate<\/p>\n
\n\u00a0<\/p>\n
\nLoan
\nimpairment rate is the annualised loan impairment charge divided by
\ngross customer loans. This measure is used to assess the credit
\nquality of the loan book.<\/p>\n
\n\u00a0<\/p>\n
\nThird
\nparty rates<\/p>\n
\n\u00a0<\/p>\n
Third party customer asset rate is calculated as annualised
\ninterest receivable on third-party loans to customers as a
\npercentage of third-party loans to customers. This excludes assets
\nof disposal groups, intragroup items, loans to banks and liquid
\nasset portfolios. Third party customer funding rate reflects
\ninterest payable or receivable on third-party customer deposits,
\nincluding interest bearing and non- interest bearing customer
\ndeposits. Intragroup items, bank deposits, debt securities in issue
\nand subordinated liabilities are excluded for customer funding rate
\ncalculation.<\/p>\n
\n\u00a0<\/p>\n
\nWholesale
\nfunding<\/p>\n
\n\u00a0<\/p>\n
Wholesale funding comprises deposits by banks (excluding repos),
\ndebt securities in issue and subordinated liabilities. Funding risk
\nis the risk of not maintaining a diversified, stable and
\ncost-effective funding base. The disclosure of wholesale funding
\nhighlights the extent of our diversification and how we mitigate
\nfunding risk. Short-term wholesale funding comprises wholesale
\nfunding with less than one year to maturity.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Legal Entity Identifier: 2138005O9XJIJN4JPN90<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
SIGNATURE<\/p>\n
\n\u00a0<\/p>\n
\nPursuant
\nto the requirements of the Securities Exchange Act of 1934, the
\nregistrant has duly caused this report to be signed on its behalf
\nby the undersigned, thereunto duly authorized.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
NatWest Group plc<\/p>\n
\n(Registrant)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nDate:<\/p>\n
\n31 July
\n2026<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nBy:<\/p>\n
\n\/s\/
\nMark Stevens<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nName:<\/p>\n
\nMark
\nStevens<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
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