Natwest Group Plc · LSE:NWG
Natwest — Investor Presentation (November 2025)
48 slides from Natwest's investor presentation, Nov 25, 2025
Slide 1: Investor Spotlight | Retail Banking
NatWest Groi Investor Spotlight | Retail Banking 25 November 2025
Slide 2: Introduction
1 Introduction Paul Thwaite Chief Executive Officer, NatWest Group
Slide 3: Your presenters and Agenda
Your presenters Agenda 1 Introduction CEO, NatWest Group 2 Strategic Overview 3 Disciplined Growth, incl. Mortgage Spotlight CEO, Retail Banking 4 Simplification and Active Balance Sheet & Risk Management 5 MD, Home Ownership Key takeaways and Q&A NatWest Group Investor Spotlight Retail Banking 3 No
Slide 4: NatWest Group's three customer businesses
Private Banking & Wealth Commercial & Institutional Retail Banking Youth to mass affluent Management Start-ups to large corporates Affluent to high net-worth and financial institutions Multi-channel 19.0m customers1 0.1m customers2 1.5m customers3 brands serving >20 million +23% Award-winning #1 cus
Slide 5: Group strategic priorities
• Grow our three customer • Accelerate digitisation of customer • Leverage our strong capital, liquidity businesses journeys and funding positions as a key source of competitive advantage • Improve share in target segments, • Streamline and modernise our subject to returns technology estate includin
Slide 6: Strategic Overview
., Strategic Overview i), Solange Chamberlain | Chief Executive Officer, Retail Banking
Slide 7: Who we are and our contribution
Who we are Our contribution FY’21 FY’22 FY’23 FY’24 9M’25 % of Group Trusted national and local Customers1 16.7m 17.2m 17.6m 18.1m 19.0m financial partner for 19 million customers NPS2 +13 +22 +21 +23 +25 CAGR +10%3 Strong track record of growth and returns Income, £bn 5.6 5.9 5.7 4.4 4.8 39% CAGR +
Slide 8: Customer reach and local banking
Customer Reach Chart Title Digital (Mobile & Online) Local Banking Variable Column Region (% of customers) 81% 26% >1,000 % of UK population Customers banking Senior Personal Bankers and Scotland (12%) entirely 15% digitally1 Premier Relationship Managers 8% (2021 : 60%) 3% Northern Ireland (5%) Nor
Slide 9: Driving deep engagement with digital customers
Driving deep engagement Supporting customers’ financial wellbeing >60% 11.3m Active mobile customers (+36% vs Dec’21) 1 Customers have used Know Your Credit Score5 3.5m Monthly uses of new Spending Insight features6 +50 A leading Mobile NPS2 Virtual Cards Manage Bills stored in Subscription ~30 Aver
Slide 10: NatWest Group Investor Spotlight Retail Banking November 2025
NatWest Group Investor Spotlight Retail Banking 10 November 2025
Slide 11: Disciplined growth, simplification, active balance sheet
Disciplined Bank-wide Active balance sheet growth simplification and risk management • Increase share and deepen • Deliver seamless, smarter and digitally • Build on competitive funding position relationships across key segments: connected customer experiences and maintaining a strong deposit Youth,
Slide 12: Disciplined Growth
NatWest Group Disciplined Growth Solange Chamberlain Chief Executive Officer, Retail Banking
Slide 13: Disciplined growth: Youth, Families, Affluent
Disciplined growth Youth1 Families2 Affluent3 Affluent Family Backed Adapt Revolve Mortgage Joint Accounts Premier A leading share of the Youth Market We bank 1 in 3 Families4 in the UK Significant value opportunity Youth and student pipeline Joint account holders ~£1.2tn Inter-generational wealth t
Slide 14: NatWest Group Investor Spotlight Retail Banking November 2025
NatWest Group Investor Spotlight Retail Banking 14 November 2025
Slide 15: Deposits, investments and lending market share
Disciplined growth Market Market Share Balances, £bn FY’21 CAGR Q3’25 Size Current Market Share1 Growth (vs FY21) Market Rank2 Deposits & Investments Current 75.9 64.8 Accounts -4% 16.4% Stable #4 113.0 131.0 £1.9tn 10.1% Savings +4% Overall BoE deposit share 5.8 AUMA 2.5 +25% +24% 8.4 Credit Cards
Slide 16: Strong share of current accounts
Disciplined growth Strong >16% share of current accounts Future priorities ~70% 1/3 of current account Current accounts are stable % of total Broaden proposition with more flexible savings holders hold 2 or offers and preferential Premier rates more products ~30% 85% Fee based Customers engage Exten
Slide 17: Investments: competitive advantage and priorities
Disciplined growth Our competitive advantage Future priorities 1 Premier Increase investment functionality Private Banking & Wealth Management and visibility in the app provides Investment Product & Solutions expertise for the Group IMAGE TO BE UPDATED, Readymade digital investment proposition reque
Slide 18: NatWest Group Investor Spotlight Retail Banking November 2025
NatWest Group Investor Spotlight Retail Banking 18 November 2025
Slide 19: A growing digital prime unsecured lending book
Disciplined growth A growing digital prime unsecured lending book Future priorities 4x market ~19% Growth in credit #1 Personal loan card balances vs market share2 Expand aggregator coverage, leveraging Open FY’211 with share Banking to improve personalisation now 11% >700k +12% New credit card Pers
Slide 20: Barry Connolly, Managing Director Home Ownership
Barry Connolly Managing Director Home Ownership
Slide 21: Mortgages: well positioned in the market
Disciplined growth - Mortgages Well positioned in the market Disciplined growth, steady returns and low cost of risk Mortgage book growth (£bn) #3 11.9% Market Share 12.6% Group +16% Mortgage ~4% CAGR 200 173 lender Retail Banking since 2021 £200bn Balances FY’21 Q3’25 Strong and £185bn Owner occupi
Slide 22: Strength in intermediary and own channels
Disciplined growth - Mortgages Strength in intermediary channel Strength in own channel Valuable inorganic growth Seamless digital journeys and Speed and certainty through Successfully acquiring and engagement features digital and human support integrating 2024 New digital platform launched 2016 Fir
Slide 23: Expanding addressable market
Disciplined growth - Mortgages Expanding To meet more customer needs and grow our share 1 addressable market New propositions serving valuable First Time Buyers and Buy to Let customers Increasing lead flow To drive higher organic and digital-only new business 2 from digital Exploring strategic part
Slide 24: First Time Buyers, Buy to Let, borrowing potential
HBOgrowth - Mortgages Disciplined 1 First Time Buyers Buy to Let Borrowing Potential Market +13% year-on-year +15% year-on-year Risk policy review post FCA Growing share through extension of Accessing limited company BTL for Capturing opportunities on FTB policy and proposition Retail customers via
Slide 25: NatWest Group Investor Spotlight Retail Banking November 2025
NatWest Group Investor Spotlight Retail Banking 25 November 2025
Slide 26: Aggregator integration and digital platform experience
Disciplined growth - Mortgages 2 Seamless integration with the key Improving our digital platform experience market aggregators for the customer New ‘Livechat’ proposition Connecting digital customers to additional support in a seamless way Expected to further improve conversion #1 UK mortgage lende
Slide 27: Regulatory change, industry digitisation, supply chain
Disciplined growth - Mortgages 3 Supportive regulatory change Industry digitisation Digitising supply chain Helping customers to get relevant, Increasing ease and access to data Driving speed and certainty timely and targeted support in the sale journey through to completion Brokers Law Firms Estate
Slide 28: NatWest Group Investor Spotlight Retail Banking November 2025
NatWest Group Investor Spotlight Retail Banking 28 November 2025
Slide 29: Disciplined Growth
NatWest Group Disciplined Growth Solange Chamberlain Chief Executive Officer, Retail Banking
Slide 30: Partnerships and acquisitions to complement organic growth
Disciplined Growth Innovative pathways to both complement and drive organic growth Future priorities Partnering to grow Mortgages Valuable Deepen engagement with Strategic newly acquired customers Partnerships & Collaborations Limited company Access to ~14m Access to ~10m Buy to Let customers custom
Slide 31: Simplification
aes Simplification Solange Chamberlain Chief Executive Officer, Retail Banking
Slide 32: Strong efficiency progress since 2021
Simplification - Overview Strong efficiency progress since 2021 Continue to drive efficiencies Low marginal cost of growth Scalable service model Cost : Income ratio Cost per Customer (£) FTE per 1,000 customers -9ppt Stable despite cumulative CPI +21% 0.9 0.6 53% 44% 146 147 FY’21 Q3’25 FTE >20% 14
Slide 33: 81% of customers bank entirely digitally
Simplification - Customers 1 81% of customers bank entirely digitally Future priorities Engagement: Digital >100x non-digital Digital Non-Digital >325 million monthly interactions1 ~3 million monthly interactions Further digitise and transform customer journeys Digital ~325m 32% monthly Telephony re
Slide 34: Modernising our technology estate
Simplification – Data and Technology 2 We have made significant progress to modernise our technology estate Future priorities 2021 Sep ‘25 4 systems 1 system Single online banking platform On-prem Cloud based Further modernise our data platform to deliver connected customer experiences 20 systems 2
Slide 35: Scaled and embedded AI in business processes
Simplification – AI 3 Scaled and embedded AI in business processes Future priorities AI contact summarisation 60,000 (webchat and call) Transform, innovate and simplify hours saved annually customer experience through use of AI AI-generated complaint final 17,500 response letters hours saved annuall
Slide 36: AI highlights: fraud self-serve
Simplification – AI Highlights Fraud real-time in-app self-serve launched in Q4 2025 #1 UK Bank in PSR League Tables1 +60 Fraud NPS ~60% Self-service 50% Reduction in Calls:Cases ratio2 NatWest Group Investor Spotlight Retail Banking 36 November 2025
Slide 37: Active balance sheet & risk management
& NatWest Group Active balance sheet & risk management Solange Chamberlain Chief Executive Officer, Retail Banking
Slide 38: Active balance sheet management
Active B/S Management Optimising risk Ensuring attractive returns Driving capital efficiency Improving capital generation Retail Banking risk density has increased… Completed first mortgage securitisation in 14 years £60bn 28% ~£2bn Credit Risk Weighted Assets Credit Risk RWA density Mortgage balanc
Slide 39: Loan quality and deposit mix
Active B/S Management 4% 92% of loans are Mortgages 4% 8% of loans are Unsecured 92% Fixed rates 4% New to arrears (Stage 3)1 Retail Loans: flows in 2025; 56% Loan-to-value £217.9bn Reduced annually since 2022 Mortgages Personal Advances <0bps Average loan impairment Cards 2% Average loan impairment
Slide 40: NatWest Group Investor Spotlight Retail Banking November 2025
NatWest Group Investor Spotlight Retail Banking 40 November 2025
Slide 41: Q&A
Slide 42: Presenter biographies
Paul Thwaite, Chief Executive Officer – NatWest Group • Paul was appointed Chief Executive Officer in July 2023. Prior to becoming Group Chief Executive, he was Chief Executive of the bank’s Commercial & Institutional (C&I) business, bringing together the teams that support NatWest’s business custom
Slide 43: Presenter biographies
Scott Marcar, Chief Information Officer – NatWest Group • Scott was appointed Group Chief Information Officer in 2022. • Prior to joining the Group Scott spent eight years at Deutsche Bank where he held a number of roles including CIO for the Corporate and Investment Bank, Head of Technology for Fin
Slide 44: Appendix
Appendix
Slide 45: Income statement
2021 2022 2023 2024 2025 Full year Full year Full year Full year YTD Income statement £m £m £m £m £m Net interest income 4,074 5,224 5,496 5,233 4,471 Non-interest income 371 422 435 417 325 Total income 4,445 5,646 5,931 5,650 4,796 Direct expenses (805) (709) (815) (777) (604) Indirect expenses (1
Slide 46: Balance sheet
2021 2022 2023 2024 2025 31 December 31 December 31 December 31 December 30 September Balance sheet £bn £bn £bn £bn £bn Loans to customers (amortised cost) - personal advances 7.1 7.6 8.1 8.1 9.4 - mortgages 172.8 187.2 193.1 195.0 200.1 - cards 3.8 4.4 5.9 7.0 8.4 Total loans to customers (amortise
Slide 47: Footnotes
Slide 4: 1. Retail, Premier, Sainsbury’s Bank, Rooster customers excluding secondary cardholders as at Oct’25. 2. Private customers excluding RBS Collective Investment Funds Limited (CIFL) solo customers as at Q3’25. 3. Business Banking, SME & Mid Corporates, Large Corporates & Institutions customer
Slide 48: Forward-looking statements
Forward-looking statements The guidance, targets, expectations and trends discussed in this presentation represent NatWest Group management’s current expectations and are subject to change, including as a result of the factors described in the “Risk Factors” in the NatWest Group plc 2024 Annual Repo
NatWest Group — Investor Presentation (November 2025) on 6ix