NatWest Group (NWG) Q2 2026 Fixed income earnings summary

Executive summary

• Achieved sector-leading return on tangible equity of 19.7% for H1 2026, with robust capital generation and growth across all business segments, supported by disciplined risk management.

• Completed acquisition of Evelyn Partners, significantly increasing exposure to the U.K. wealth market and contributing to customer asset and liability growth.

• Upgraded 2026 returns guidance to more than 19% return on tangible equity, reflecting confidence in sustainable growth and capital strength.

• Maintained operational leverage, supporting flexibility for investment and shareholder returns.

Financial highlights

• Income excluding notable items rose 8.9% year-over-year to £8.7bn, with non-interest income up 15% sequentially and net interest income up 12.6% year-over-year to £6.9bn.

• Operating profit before impairments up 19.5% year-over-year to £4.7bn; profit attributable to shareholders was £3.0bn.

• Cost:income ratio improved by 2.8 percentage points year-over-year to 46%.

• Customer loans grew 6.8% year-over-year to £410bn; customer deposits up 2.7% to £448bn.

• Assets under management and administration closed at £131bn, including £71.7bn from Evelyn Partners.

Outlook and guidance

• Full-year 2026 income (excluding notable items) expected at ~£17.9bn, including ~£275m from Evelyn Partners.

• Operating expenses forecast at ~£8.5bn, including ~£300m for Evelyn Partners.

• Capital generation before distributions and Evelyn Partners impact projected at over 240bps for 2026.

• Return on tangible equity guidance raised to more than 19% for 2026.

• Next share buyback announcement anticipated with full-year results in February; ordinary dividend payout ratio ~50%.