NatWest Group (NWG) Q2 2026 earnings summary

Executive summary

• Achieved sector-leading return on tangible equity (ROTE) of 19.7% for H1 2026, with strong, broad-based growth across all business segments and completion of the Evelyn Partners acquisition, significantly expanding wealth management capabilities.

• Integration of Evelyn Partners accelerated Private Banking & Wealth Management, creating the UK's #1 wealth manager and enhancing fee income and cost synergies.

• Maintained robust capital generation and flexibility, supporting disciplined investment, growth, and attractive shareholder returns.

• Announced an interim dividend of 12.0p per share and advanced share buyback plans to FY 2026.

Financial highlights

• H1 2026 total income up 11.0% year-over-year to £8.86bn; net interest income up 12.6% to £6.89bn.

• Operating profit before tax increased 20.4% to £4.32bn; EPS rose 23.3% to 38.1p.

• Cost:income ratio improved to 46.0% (down 2.8ppt year-over-year); interim dividend per share 12.0p.

• CET1 ratio at 13.2% post-Evelyn acquisition; capital generation of 137bps in H1.

• Customer assets and liabilities (CAL) grew 13.4% year-over-year, reaching £986.9bn including Evelyn Partners.

Outlook and guidance

• Upgraded 2026 guidance: total income (excluding notable items) ~£17.9bn, operating expenses ~£8.5bn, capital generation before distributions and Evelyn impact >240bps, ROTE >19%.

• Loan impairment rate expected to remain below 25bps for 2026.

• Customer assets and liabilities expected to grow >4% CAGR through 2028; cost:income ratio below 45% by 2028.

• Next share buyback announcement expected with full-year results in February 2027.