Research · Sep 3, 2026
[NWG] NatWest Group Thesis 2026: Customer Growth and Evelyn Acquisition Drive Return Above Target
NatWest Group FY25 income £16.4B (+12%); op profit £7.7B (+24%); attributable profit £5.83B (+21%); EPS £2.70 (+27%). 1M new customers; lending +5.6% to £393B; AUM&A +20% to £58.5B. Cost/income 45% (-5pp); CET1 14%; capital gen 252bp; £600M cost savings. Total distributions £4.1B FY25. FY26 guide: income £17.2-17.6B; loan impairment <25bp; capital gen ~200bp; RoTE >17%. Evelyn Partners acquisition: +£69B AUMA + Day-1 fee income +20%.