Strong beat and guidance raise reinforce NatWest's momentum. Monitor for any macro headwinds from Middle East conflict and potential impact on loan impairment, but the bank's capital and liquidity position is robust. Consider adding longs on pullbacks.
Price Chart
Executive Summary
NatWest Group reported strong Q1 2026 results with total income of £4,358m (+9.5% YoY), operating profit before tax of £2,033m (+12.2% YoY), and EPS of 17.9p (+15.5% YoY). The company raised its full-year income guidance to the top end of £17.2-17.6bn range, reflecting robust performance and improved capital position.
Key Facts
- Total income Q1 2026: £4,358m vs £3,980m Q1 2025 (+9.5% YoY)
- Operating profit before tax: £2,033m vs £1,812m (+12.2% YoY)
- Profit attributable to ordinary shareholders: £1,432m vs £1,252m (+14.4% YoY)
- Basic EPS: 17.9p vs 15.5p (+15.5% YoY)
- Net interest margin: 2.47% vs 2.27% (+20bps YoY)
- CET1 ratio: 14.3% vs 13.8% a year ago
- Income guidance raised: expects to be at top end of £17.2-17.6bn range
Financial Impact
Revenue growth of £378m YoY, EPS growth of 2.4p, and raised guidance indicate strong financial trajectory.
Risk Factors
- Impairment losses increased 49.7% YoY to £283m due to worsening economic outlook
- Uncertainty from Middle East conflict and stagflation risk in UK economic scenarios
- Ongoing litigation (swaps antitrust, Oracle securities) with uncertain outcomes
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001654954-26-004255 |
| Document: 0001654954-26-004255-index-headers.html | 0001654954-26-004255 |
| Document: 0001654954-26-004255-index.html | 0001654954-26-004255 |
| Document: 0001654954-26-004255.txt | 0001654954-26-004255 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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%) |
US Market Status
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