The strong Q1 beat and raised guidance are positive catalysts. Monitor upcoming macroeconomic data for UK interest rate trajectory, as NatWest's net interest margin is sensitive to rate expectations. The elevated impairment charge (£283m vs £189m) due to economic scenario updates warrants watching, but overall capital generation supports continued shareholder distributions.
Price Chart
Executive Summary
NatWest Group reported strong Q1 2026 results with attributable profit of £1.4bn, EPS of 17.9p (+15.5% YoY), and raised full-year income guidance to the top end of £17.2-17.6bn. Operating profit grew 12.2% YoY to £2.0bn, supported by deposit margin expansion and lending growth across all segments, while the CET1 ratio improved to 14.3%.
Key Facts
- Q1 2026 attributable profit £1,432m vs £1,252m in Q1 2025 (+14.4%)
- EPS 17.9p vs 15.5p in Q1 2025
- Total income £4,358m vs £3,980m (+9.5%); income excl. notable items £4,223m (+6.9% YoY)
- Operating profit before tax £2,033m vs £1,812m (+12.2%)
- Net interest margin 2.47% vs 2.27% in Q1 2025
- CET1 ratio 14.3% vs 14.0% at Q4 2025; capital generation pre-distributions 65bps
- Raised FY2026 income guidance to top end of £17.2-17.6bn range
- Net loans to customers increased £12.7bn to £431.6bn in Q1 2026
- Customer deposits up £2.5bn to £445.5bn
Financial Impact
Profit growth of 14.4% YoY on attributable basis; income guidance raised to top end of £17.2-17.6bn range for FY2026
Risk Factors
- Impairment losses increased to £283m from £189m in Q1 2025, driven by economic uncertainty and Middle East conflict scenarios
- UK macroeconomic headwinds (inflation, unemployment) could pressure credit quality
- Ongoing litigation (swaps antitrust, Oracle securities) and regulatory matters present tail risk
- Competition in mortgage and deposit markets may compress margins
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-053629 |
| Document: 0001104659-26-053629-index-headers.html | 0001104659-26-053629 |
| Document: 0001104659-26-053629-index.html | 0001104659-26-053629 |
| Document: 0001104659-26-053629.txt | 0001104659-26-053629 |
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Jun 10, 2026 16w ago | 6-K | $7.85 $9.24 | ▲ +17.71% | ▲ +10.85% | $8.65 (+10.19%) |
Jun 5, 2026 17w ago | 6-K | $7.87 $8.70 | ▲ +10.55% | ▲ +6.28% | $8.65 (+9.91%) |
May 29, 2026 18w ago | 6-K | $8.11 $9.25 | ▲ +14.06% | ▲ +12.87% | $8.65 (+6.66%) |
May 29, 2026 18w ago | 6-K | $8.11 $9.25 | ▲ +14.06% | ▲ +12.87% | $8.65 (+6.66%) |
May 29, 2026 18w ago | 6-K | $8.11 $9.25 | ▲ +14.06% | ▲ +12.87% | $8.65 (+6.66%) |
May 22, 2026 19w ago | 6-K | $7.92 $9.60 | ▲ +21.21% | ▲ +18.02% | $8.65 (+9.22%) |
May 15, 2026 20w ago | 6-K | $7.46 $9.41 | ▲ +26.14% | ▲ +21.62% | $8.65 (+15.95%) |
May 14, 2026 20w ago | 6-K | $7.66 $9.65 | ▲ +25.98% | ▲ +22.39% | $8.65 (+12.92%) |
May 13, 2026 20w ago | 6-K | $7.63 $9.54 | ▲ +25.03% | ▲ +20.59% | $8.65 (+13.37%) |
May 13, 2026 20w ago | 6-K | $7.63 $9.54 | ▲ +25.03% | ▲ +20.59% | $8.65 (+13.37%) |
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