NatWest Group plc Annual Results 2025

About this update from Natwest Group Plc

[{"type":"text","content":"\n \n Inside this report \n   \n \n \n \n \n Business performance summary \n \n \n \n \n 2 \n \n \n 2025 performance summary \n \n \n \n \n 3 \n \n \n Group Chief Executive's review \n \n \n \n \n 7 \n \n \n Performance key metrics and ratios \n \n \n \n \n 9 \n \n \n Chief Financial Officer's review \n \n \n \n \n 11 \n \n \n Retail Banking \n \n \n \n \n 12 \n \n \n Private Banking & Wealth Management \n \n \n \n \n 13 \n \n \n Commercial & Institutional \n \n \n \n \n 14 \n \n \n Central items & other \n \n \n \n \n 15 \n \n \n Segment performance \n \n \n \n \n   \n \n \n   \n \n \n \n \n Risk and capital management \n \n \n \n \n 20 \n \n \n Capital, liquidity and funding risk \n \n \n \n \n 22 \n \n \n Credit risk \n \n \n \n \n 22 \n \n \n Main macroeconomic variables \n \n \n \n \n 23 \n \n \n ECL post model adjustments \n \n \n \n \n 24 \n \n \n Segment analysis - portfolio summary \n \n \n \n \n 26 \n \n \n Analysis of ECL provisions \n \n \n \n \n   \n \n \n \n \n \n \n \n Financial statements and notes \n \n \n \n \n 27 \n \n \n Condensed consolidated income statement \n \n \n \n \n 28 \n \n \n Condensed consolidated statement of \n   comprehensive income \n \n \n \n \n 29 \n \n \n Condensed consolidated balance sheet \n \n \n \n \n 30 \n \n \n Condensed consolidated statement of \n   changes in equity \n \n \n \n \n 32 \n \n \n Condensed consolidated cash flow \n   statement \n \n \n \n \n \n \n \n \n \n   \n \n   \n   \n \n \n \n \n Financial statements and notes continued \n \n \n   \n \n \n \n \n 33 \n \n \n Presentation of condensed consolidated \n   financial statements \n \n \n   \n \n \n \n \n 33 \n \n \n Tax \n \n \n   \n \n \n \n \n 34 \n \n \n Litigation and regulatory matters \n \n \n   \n \n \n \n \n 36 \n \n \n Related party transactions \n \n \n   \n \n \n \n \n 36 \n \n \n Dividends \n \n \n   \n \n \n \n \n 36 \n \n \n Post balance sheet events \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n Additional information \n \n \n \n \n 37 \n \n \n Statement of directors' responsibilities \n \n \n \n \n 38 \n \n \n Presentation of information \n \n \n \n \n 38 \n \n \n Statutory accounts \n \n \n \n \n 38 \n \n \n Contacts \n \n \n \n \n 38 \n \n \n Forward-looking statements \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n Appendix \n \n \n \n \n 40 \n \n \n Non-IFRS financial measures \n \n \n   \n \n \n \n \n 46 \n \n \n Performance measures not defined \n   under IFRS \n \n \n   \n \n \n \n \n   \n   \n \n \n   \n \n \n \n 2025 performance summary \n Chief Executive, Paul Thwaite, commented: \n \"2025 was another strong year for NatWest Group, rooted in the support we provide to people, families and businesses in every nation and region of the UK. We delivered broad-based growth across our three customer businesses, and our positive impact is clear to see; whether making home ownership a reality for   more people, helping more customers to save and invest or supporting more businesses to scale and grow. \n Our performance reflects the progress we have made against our strategic priorities. Income of £16.4 billion and a Return on Tangible Equity of 19.2% are significantly up on last year, and ahead of guidance, whilst   dividends per share increased by 51% compared to 2024. \n It is clear our strategy is working, and we are delivering consistently. We are raising our ambition and   sharpening our strategic focus, with stretching new targets in place. We must now make the most of the investment we've made to become even more productive, build deeper customer relationships and ensure we are the bank of choice in the areas we want to grow. \n Across NatWest Group, we are determined to succeed with our customers as a trusted partner to them and the UK, whilst delivering for our shareholders.\" \n \n \n \n Growth in all of our customer businesses \n We have delivered a strong financial performance in 2025 with income and balance sheet growth across all of our businesses. We have added around one million new customers in the year, both organically and through the Sainsbury's Bank transaction, demonstrating our broad-based support for our customers. \n ·     Total income excluding notable items (1) was up £1.8 billion to £16.4 billion in the year supported by deposit margin expansion, as a result of higher customer balances and strong hedge income, increased customer lending, strong AUMA growth and an increase in FX trading revenue. Attributable profit was £5.5 billion with earnings per share of 68.0 pence, up 27% on the prior year, and a Return on Tangible Equity (RoTE) of 19.2%. \n ·     We are growing in ways that build and strengthen customer relationships and improve the sustainability of our earnings. Net loans to customers excluding central items were up by £20.7 billion in the year as we grew our Retail Banking mortgage book and increased Commercial & Institutional balances. Customer deposits excluding central items increased by £10.4 billion with growth across each of the businesses, particularly in Retail Banking savings. \n ·     We continue to maintain a strong loan:deposit ratio, up 3 points in the year to 88%, and liquidity position, with an average Liquidity Coverage Ratio (LCR) of 147%. \n ·     Assets under management and administration (AUMA) grew by 19.6% to £58.5 billion, assisted by strong client net inflows including more than 50,000 new to invest clients. \n \n Simplification continues to drive efficiency \n We continued to make good progress on becoming a simpler, more agile and technology driven bank by delivering efficiencies from our investment programmes and digitising more to deliver faster, simpler, and safer customer journeys. We have accelerated AI and data transformation with partnerships with Open AI, AWS and Accenture. Our stable cost base has resulted in a cost:income ratio (excl. litigation and conduct) improvement of 4.8%, to 48.6%, when compared with 2024 and an FTE reduction of c.0.5k in the year. \n Active balance sheet management creates capacity for growth \n We continued to actively manage our balance sheet and risk, delivering £10.9 billion benefits from RWA management actions as we created capacity for growth. \n Capital generation pre-distributions was 252 basis points in the year as we increased our capital velocity. \n Our Common Equity Tier 1 (CET1) ratio of 14.0% was up c.40 basis points in the year. TNAV per share increased by 55 pence in the year to 384 pence. \n A final dividend of 23.0 pence per share is proposed, bringing the total for the year to 32.5 pence, up 51% compared to 2024. \n   \n   \n (1)     Refer to the Non-IFRS financial measures appendix for details of notable items. \n \n \n   \n Group Chief Executive's review \n \n \n \n Accelerating from a position of strength   \n NatWest Group delivered another strong year in 2025, rooted in our support for people, families and businesses in every nation and region of the UK. \n We increased our customer base by around a million customers, grew our profit before tax to £7.7 billion, and delivered a return on tangible equity (RoTE) of 19.2%, while strong capital generation and distributions came from increased profitability and disciplined balance sheet and risk management. What matters most, however, is what sits behind these results: the trust our customers place in us every day; the commitment of our colleagues; and our responsibility to create sustainable value for our shareholders. \n 2025 also marked a symbolic milestone as we returned to full private ownership, offering an opportunity to reflect on how far the bank has come. Looking ahead, we have renewed confidence in what we can achieve for NatWest Group, our shareholders, and as a trusted partner to our customers and the wider UK economy. \n I'm proud to have led this bank over the past two years. In this time, we've moved decisively: we've sharpened our customer focus; simplified the organisation; accelerated our technology strategy; and invested with intent in our future. These choices are now translating into robust performance and clear momentum across NatWest Group. \n We start 2026 from a position of strength. That strength gives us the confidence to raise our ambition and accelerate our progress - so we can go further to win together with our customers, colleagues, shareholders and the communities we are proud to serve across the UK. \n   \n Succeeding with our customers   \n Disciplined growth \n All three of our customer businesses - Retail Banking, Private Banking & Wealth Management, and Corporate & Institutional - delivered broad-based growth in 2025, with more customers choosing to bank with us. We now serve over 20 million people, families and businesses across the UK - acting as a trusted partner to help meet their ambitions. \n We supported more customers to manage their money with confidence, with deposit growth in all three business segments totalling £10.4 billion across NatWest Group in 2025. And, with saving and investing increasingly part of the national conversation, more than 50,000 customers invested with us for the first time, benefiting from the expert advice of our wealth management teams and ease of our digital offer. This helped us to grow assets under management and administration by 20%. \n We also supported customers through key life events, such as helping more than 200,000 new customers to buy or remortgage a home in 2025 - up 18% on 2024 - and empowered more families to build healthy financial habits through our youth proposition, Rooster Money, which now serves 15 times more customers than when we acquired it in 2021. \n Our success reflects our ability to anticipate and respond to changing customer needs, with the right services and innovative propositions. For personal customers, our Family-Backed Mortgage addresses the real challenge of affordability for many people and allows family members to help first-time buyers while preserving independent ownership. This contributed to our increased support for first-time buyers, helping over 50,000 customers get onto the housing ladder in 2025. \n Strong organic growth was complemented by the successful integration of around one million Sainsbury's Bank customers and the £2.3 billion Metro Bank mortgage portfolio - demonstrating our integration capability and, most importantly, creating the opportunity to deepen relationships with new customers. \n As the UK's biggest bank for business, we support 1.5 million companies, from sole-traders to multinational corporates. With a leading share of UK start-ups, and the largest presence in the mid-market sector, we're uniquely positioned to partner businesses at every stage of their growth. \n We helped more of our business customers to scale and grow, with lending across Commercial & Institutional up around 10% in 2025, compared with 2024. By supporting UK businesses, we're also helping to deliver key economic priorities for the UK. In 2025, we were the leading lender to UK infrastructure, and we expanded our support to social housing and sustainable finance - helping to strengthen communities and underpin long-term growth. \n In an increasingly volatile market, we've helped more businesses manage their risk effectively by making it easier to access our foreign exchange (FX) and international payment services through faster onboarding and a simpler digital experience, with over 130 currencies now supported. Improvements in our offer meant around 700 mid-market businesses used the service for the first time in 2025. \n We also helped more high-potential firms to grow with access to our innovative intellectual property-backed lending. Around 50% of the completed IP-backed loans were with customers new to NatWest Group, demonstrating the opportunity open to us when we pair our expertise with a distinctive customer proposition. \n \n \n   \n A Simpler Bank \n Today, NatWest Group is a simpler bank. It is less complex, with transformed capabilities and the right building blocks to scale and adapt efficiently as customer expectations evolve. \n The technology foundations across our estate have effectively been rebuilt and this investment has increased our agility and strengthened resilience. We have decommissioned legacy platforms and advanced our data transformation at pace. In Private Banking & Wealth Management, we have migrated our engineering operations from Switzerland to the UK and India, creating the capacity to scale. For our Commercial & Institutional customers, the re-platforming of Bankline (our digital channel for mid-market and corporate customers) has created a more connected experience and allows us to provide more services digitally in one place. Building a single trusted view of our customers, is enabling us to offer a more personalised service, faster decision-making and more intelligent risk management across the bank. \n To drive delivery across the bank, we have rapidly scaled our in-house engineering team and opened a new hub in Bengaluru, India. We are now innovating faster and have almost halved the time it takes to deploy new features, compared with 2024 - making banking quicker, easier and safer for customers. \n Strategic partnerships with global technology leaders, including AWS, OpenAI and Google, have helped us to accelerate and scale our technology strategy, and in turn, increase productivity. In addition, our newly established AI Research Office is at the forefront of cutting-edge research, leading responsible innovation and building further AI capabilities for the bank. Our investment in our FinTech Growth Programme has also significantly strengthened our innovation pipeline. These initiatives give us early access to new and emerging technologies. \n By providing all colleagues with AI tools to support their daily work, we have freed up capacity to better meet customers' immediate needs and understand their future requirements. \n A trusted partner for UK growth   \n 2025 was a year of macroeconomic uncertainty, with international and domestic events affecting customers in different ways. Despite the volatility, we remained cautiously optimistic about the outlook with several factors reinforcing this measured optimism: the UK economy has continued to grow; unemployment remains low by historical standards; inflation is moving in broadly the right direction; and, on aggregate, households and businesses continue to hold relatively robust savings buffers. \n \n   \n This economic resilience was reflected in the healthy levels of customer activity during 2025. Housing market activity remained robust, with mortgage volume growth across the sector supported by temporary changes to stamp duty thresholds in the first half of the year. Retail sales volumes returned to positive \n year-over-year growth after a challenging few years and discretionary spending picked up in areas such as travel and hospitality. Businesses continued to invest for the future, and UK exports increased despite headwinds. Taken together, these are encouraging signals that the underlying conditions for growth remain \n in place. \n We strongly believe in the UK's long-term potential. The UK Government has positioned the financial services sector as central to its growth strategy and to the UK's strength on the global stage. The UK has world-class universities and innovation clusters, leading scientific research, deep capital markets and highly skilled people - the potential of which can be unlocked through an internationally competitive banking sector. \n Strong economies need strong banks. But our role goes well beyond lending: it demands our deep expertise; our convening power across sectors and regions; and our ability to connect capital with opportunity. I have seen the impact we can deliver for our customers and communities across the UK. For example, start-ups participating in our free Accelerator community grow their turnover 35% more on average than peers; and the expertise of our colleagues is building financial confidence at scale - our NatWest Thrive and Financial Foundations programmes reached more than one million people in 2025, providing financial education in the places where people live, learn and work. \n In March 2025, we brought together our first Mid-Market Growth Council to provide a unified voice and to advocate for the often- overlooked mid-sized business sector, helping to unlock their significant growth potential. \n Our research found that just 1% growth in this segment could add £35 billion to the UK economy, with £24 billion of that outside the south-east of England. \n Our commitment to sustainable growth is rooted in our purpose, with the aim of delivering positive impact through our core activity as a bank. By turning our customers' possibilities into progress we can help build better, more resilient businesses, and support people and families to manage their money, save and invest for the future. \n The conditions for growth will be built further by a stable and proportionate regulatory and policy environment. The UK Government's focus on balanced regulation which promotes competition and growth, as well as managing risk and consumer protection, is a welcome step forward. We have already seen tangible change in targeted areas. For example, the adjustment to mortgage rules enabled us to lend more to first-time buyers, and we have committed to grow our support in 2026, with a further £10 billion of lending. \n \n As we look ahead to 2026, further regulatory review could unlock additional customer benefits and UK growth opportunities; for example, the ongoing Advice Guidance Boundary Review should help to make financial advice more accessible, and the Prudential Regulation Authority's review of its rules on ring-fencing has the potential to create greater capital capacity for the banking sector to support growth. \n Raising our ambition   \n Our progress has been significant, and it is clear our strategy is working for both our customers and our shareholders. But success today does not guarantee success tomorrow. \n Our sector is evolving at pace, with customer expectations increasing, technology redefining what 'best in class' looks like, and competition more intense than ever. Against this backdrop, we are sharpening our strategic focus around disciplined growth, leveraging simplification, and active balance sheet and risk management to drive sustainable value creation. \n It is our consistent delivery and the inherent strengths of this bank that give us confidence we can go further and faster in this next phase. Our conviction stems from the enduring strength of our customer relationships and is built on our key differentiators. Deep community roots, expert colleagues, and a UK-wide relationship manager network mean we are connected to our customers in their communities. These strengths, underpinned by leading technology and the scale of our customer insight, give us real competitive advantage. \n Customer growth comes from being first choice in the moments that matter: helping families with everyday banking and home ownership; supporting affluent and high-net worth customers to manage and grow their wealth; and backing high-growth businesses, whether they are start-ups or those with global ambitions. \n Our recently announced acquisition of Evelyn Partners will create the UK's leading private bank and wealth management business. Not only does this build scale and strength in our third customer business, but it will transform the services our customers across NatWest Group can expect from us. Evelyn Partners brings leading investment capabilities, a quality direct-to-customer investment platform in Bestinvest - and the biggest in-house team of financial planners in the UK, as well as a strong regional footprint - helping us to better support and serve customers through each stage of their financial lives. \n We're also building and deepening our customer relationships with more personalised, relevant experiences, propositions and partnerships. For example, our specialist Venture Banking support has been carefully designed to help boost the UK's innovation economy and our newly announced strategic partnership with Rightmove will help ensure we're there at the right time, as a trusted partner when customers are making key financial decisions. \n \n Leveraging Simplification \n The next phase of our simplification sees us move from 'build' to 'benefits', leveraging the investment we've made in our infrastructure and capabilities to deliver customer growth and even greater productivity. \n In a highly competitive environment, future strength will be decided by how seamlessly a bank operates in service of its customers. Harnessed correctly, technological advancement and AI can be a game-changing accelerant, reducing complexity and removing bureaucracy to help make decisions faster, deepen relationships and deliver transformed customer experiences. \n Trust, however, remains the keystone of banking. As technology accelerates, we are focused on keeping customers safe, protecting them from new and emerging risks, and leading in the responsible and ethical use of data and AI. \n To realise our ambition, it's essential we drive active balance sheet and risk management. We are bringing more dynamism to how we manage pricing, capital and risk, ensuring we remain resilient through cycles - a safe, secure and dependable partner for customers, while sustaining attractive returns. \n Customer success \n We want to be known not only for the quality of our service and the strength of our technology platforms, but also for the depth of our relationships and expertise of our people. As trusted partners, we are empowering our front-line colleagues to use their insights to make the right decisions for customers and orientating the whole organisation around our customers' needs: measuring all colleagues' success by the quality of our customers' experiences. \n The stretching targets we have set for growth, productivity and returns reflect our belief that in pursuing these priorities we will create sustainable shareholder value. For customers, the prize is a bank that feels effortless, with connected, intelligent and personalised services available whenever and however they choose. \n Looking ahead \n Our progress and strengthened position are thanks to the hard work and dedication of our colleagues across the UK and internationally. \n While we have momentum across NatWest Group, there is no room for complacency. Banking moves quickly, and customer expectations move faster still. \n We've built the foundations and capabilities to both anticipate change and respond at pace. All this is done in service of our customers, deepening trust and relationships. We can further accelerate our growth potential using the full strength of NatWest Group - using the expertise and connections across our three businesses to build even stronger customer relationships, deliver sustainable returns and make a meaningful contribution to the UK economy. \n \n \n \n Outlook (1) \n Based on our current macroeconomic assumptions, \n In 2026 (2) we expect: \n ·      Total income excluding notable items in the range of £17.2-17.6 billion. \n ·      Operating expenses, excluding litigation and conduct costs, around £8.2 billion. \n ·      Loan impairment rate below 25 basis points. \n ·      Return on Tangible Equity greater than 17%. \n ·      Capital generation pre-distributions around 200 basis points. \n   \n In 2028 we expect: \n ·      Customer assets and liabilities (3) to grow at a compound annual rate of greater than 4% from the end 2025 to end 2028. \n ·      Cost:income ratio, excluding litigation and conduct costs, below 45%. \n ·      Return on Tangible Equity greater than 18%. \n ·      Capital generation pre-distributions of greater than 200 basis points. \n   \n Capital: \n ·      We now target a CET1 ratio of around 13.0%. \n ·      We continue to expect to pay ordinary dividends of around 50% of attributable profit and will consider buybacks as appropriate. \n ·      We expect Basel 3.1 to increase RWAs by around £10 billion on 1 January 2027. \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n (1)     The guidance, targets, expectations, and trends discussed in this section represent NatWest Group plc management's current expectations and are subject to change, including as a result of the factors described in the NatWest Group plc Risk Factors section in the 2025 Annual Report and Accounts and Form 20-F. These statements constitute forward-looking statements. Refer to Forward-looking statements in this announcement. \n (2)     Excludes the impact of the Evelyn Partners acquisition. \n (3)     Customer assets and liabilities (CAL) includes customer deposits, gross loans to customers and AUMA across three businesses Retail Banking, Private Banking & Wealth Management, and Commercial & Institutional. Investment cash is deducted as it is reported within customer deposits and AUMA. \n   \n \n   \n \n \n   \n \n \n \n Business performance summary \n   \n \n \n \n \n \n \n \n Year ended \n \n \n   \n \n \n Quarter ended \n \n \n \n \n \n \n \n 31 December \n \n \n 31 December \n \n \n \n \n \n \n \n \n 31 December \n \n \n 30 September \n \n \n \n \n \n 31 December \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n \n \n \n 2025 \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n Summary consolidated income statement \n \n \n £m \n \n \n £m \n \n \n Variance \n \n \n \n \n \n £m \n \n \n £m \n \n \n Variance \n \n \n £m \n \n \n Variance \n \n \n \n \n Net interest income \n \n \n 12,829 \n \n \n 11,275 \n \n \n 13.8% \n \n \n \n \n \n 3,441 \n \n \n 3,268 \n \n \n 5.3% \n \n \n 2,968 \n \n \n 15.9% \n \n \n \n \n Non-interest income \n \n \n 3,812 \n \n \n 3,428 \n \n \n 11.2% \n \n \n \n \n \n 883 \n \n \n 1,064 \n \n \n (17.0%) \n \n \n 857 \n \n \n 3.0% \n \n \n \n \n Total income \n \n \n 16,641 \n \n \n 14,703 \n \n \n 13.2% \n \n \n \n \n \n 4,324 \n \n \n 4,332 \n \n \n (0.2%) \n \n \n 3,825 \n \n \n 13.0% \n \n \n \n \n Litigation and conduct costs \n \n \n (167) \n \n \n (295) \n \n \n (43.4%) \n \n \n \n \n \n (37) \n \n \n (12) \n \n \n nm \n \n \n (153) \n \n \n (75.8%) \n \n \n \n \n Other operating expenses \n \n \n (8,095) \n \n \n (7,854) \n \n \n 3.1% \n \n \n \n \n \n (2,211) \n \n \n (1,984) \n \n \n 11.4% \n \n \n (2,114) \n \n \n 4.6% \n \n \n \n \n Operating expenses \n \n \n (8,262) \n \n \n (8,149) \n \n \n 1.4% \n \n \n \n \n \n (2,248) \n \n \n (1,996) \n \n \n 12.6% \n \n \n (2,267) \n \n \n (0.8%) \n \n \n \n \n Profit before impairment losses \n \n \n 8,379 \n \n \n 6,554 \n \n \n 27.8% \n \n \n \n \n \n 2,076 \n \n \n 2,336 \n \n \n (11.1%) \n \n \n 1,558 \n \n \n 33.2% \n \n \n \n \n Impairment losses \n \n \n (671) \n \n \n (359) \n \n \n 86.9% \n \n \n \n \n \n (136) \n \n \n (153) \n \n \n (11.1%) \n \n \n (66) \n \n \n 106.1% \n \n \n \n \n Operating profit before tax \n \n \n 7,708 \n \n \n 6,195 \n \n \n 24.4% \n \n \n \n \n \n 1,940 \n \n \n 2,183 \n \n \n (11.1%) \n \n \n 1,492 \n \n \n 30.0% \n \n \n \n \n Tax charge \n \n \n (1,874) \n \n \n (1,465) \n \n \n 27.9% \n \n \n \n \n \n (462) \n \n \n (502) \n \n \n (8.0%) \n \n \n (233) \n \n \n 98.3% \n \n \n \n \n Profit from continuing operations \n \n \n 5,834 \n \n \n 4,730 \n \n \n 23.3% \n \n \n \n \n \n 1,478 \n \n \n 1,681 \n \n \n (12.1%) \n \n \n 1,259 \n \n \n 17.4% \n \n \n \n \n Profit from discontinued operations, net of tax \n \n \n - \n \n \n 81 \n \n \n (100.0%) \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 69 \n \n \n (100.0%) \n \n \n \n \n Profit for the period \n \n \n 5,834 \n \n \n 4,811 \n \n \n 21.3% \n \n \n \n \n \n 1,478 \n \n \n 1,681 \n \n \n (12.1%) \n \n \n 1,328 \n \n \n 11.3% \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Performance key metrics and ratios \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Notable items within total income   (1) \n \n \n £241m \n \n \n £55m \n \n \n nm \n \n \n \n \n \n £52m \n \n \n £166m \n \n \n (68.7%) \n \n \n (£47m) \n \n \n nm \n \n \n \n \n Total income excluding notable items   (1) \n \n \n £16,400m \n \n \n £14,648m \n \n \n 12.0% \n \n \n \n \n \n £4,272m \n \n \n £4,166m \n \n \n 2.5% \n \n \n £3,872m \n \n \n 10.3% \n \n \n \n \n Net interest margin   (1) \n \n \n 2.34% \n \n \n 2.13% \n \n \n 21bps \n \n \n \n \n \n 2.45% \n \n \n 2.37% \n \n \n 8bps \n \n \n 2.19% \n \n \n 26bps \n \n \n \n \n Average interest earning assets   (1) \n \n \n £547bn \n \n \n £529bn \n \n \n 3.4% \n \n \n \n \n \n £557bn \n \n \n £548bn \n \n \n 1.6% \n \n \n £539bn \n \n \n 3.3% \n \n \n \n \n Cost:income ratio (excl. litigation and conduct)   (1) \n \n \n 48.6% \n \n \n 53.4% \n \n \n (4.8%) \n \n \n \n \n \n 51.1% \n \n \n 45.8% \n \n \n 5.3% \n \n \n 55.3% \n \n \n (4.2%) \n \n \n \n \n Loan impairment rate   (1) \n \n \n 16bps \n \n \n 9bps \n \n \n 7bps \n \n \n \n \n \n 13bps \n \n \n 15bps \n \n \n (2bps) \n \n \n 7bps \n \n \n 6bps \n \n \n \n \n Profit attributable to ordinary shareholders \n \n \n £5,479m \n \n \n £4,519m \n \n \n 21.2% \n \n \n \n \n \n £1,393m \n \n \n £1,598m \n \n \n (12.8%) \n \n \n £1,248m \n \n \n 11.6% \n \n \n \n \n Total earnings per share attributable to ordinary shareholders - basic   \n \n \n 68.0p \n \n \n 53.5p \n \n \n 14.5p \n \n \n \n \n \n 17.4p \n \n \n 19.8p \n \n \n (2.4p) \n \n \n 15.3p \n \n \n 2.1p \n \n \n \n \n Return on Tangible Equity (RoTE)   (1) \n \n \n 19.2% \n \n \n 17.5% \n \n \n 1.7% \n \n \n \n \n \n 18.3% \n \n \n 22.3% \n \n \n (4.0%) \n \n \n 19.0% \n \n \n (0.7%) \n \n \n \n \n Climate and transition finance   (2) \n \n \n £19,026m \n \n \n na \n \n \n na \n \n \n \n \n \n £11,451m \n \n \n £7,569m \n \n \n 51.3% \n \n \n na \n \n \n na \n \n \n \n \n   \n nm = not meaningful, na = not applicable. \n For the footnotes to this table refer to the following page. \n \n \n   \n Business performance summary continued \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n As at \n \n \n \n \n \n \n \n 31 December \n \n \n 30 September \n \n \n \n \n \n 31 December \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n 2025 \n \n \n \n \n \n 2024 \n \n \n \n \n \n \n \n Balance sheet \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n £bn \n \n \n £bn \n \n \n Variance \n \n \n £bn \n \n \n Variance \n \n \n \n \n Total assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 714.6 \n \n \n 725.6 \n \n \n (1.5%) \n \n \n 708.0 \n \n \n 0.9% \n \n \n \n \n Loans to customers - amortised cost \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 418.9 \n \n \n 415.3 \n \n \n 0.9% \n \n \n 400.3 \n \n \n 4.6% \n \n \n \n \n Loans to customers excluding central items   (1,3) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 389.2 \n \n \n 384.5 \n \n \n 1.2% \n \n \n 368.5 \n \n \n 5.6% \n \n \n \n \n Loans to customers and banks - amortised cost and FVOCI   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 429.9 \n \n \n 427.3 \n \n \n 0.6% \n \n \n 410.2 \n \n \n 4.8% \n \n \n \n \n Total impairment provisions   (4) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 3.6 \n \n \n 3.7 \n \n \n (2.7%) \n \n \n 3.4 \n \n \n 5.9% \n \n \n \n \n Expected credit loss (ECL) coverage ratio   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 0.83% \n \n \n 0.87% \n \n \n (4bps) \n \n \n 0.83% \n \n \n - \n \n \n \n \n Assets under management and administration (AUMA)   (1) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 58.5 \n \n \n 56.0 \n \n \n 4.5% \n \n \n 48.9 \n \n \n 19.6% \n \n \n \n \n Customer deposits \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 443.0 \n \n \n 435.5 \n \n \n 1.7% \n \n \n 433.5 \n \n \n 2.2% \n \n \n \n \n Customer deposits excluding central items   (1,3) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 441.7 \n \n \n 434.7 \n \n \n 1.6% \n \n \n 431.3 \n \n \n 2.4% \n \n \n \n \n Customer assets and liabilities (CAL)   (1) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 891.7 \n \n \n 877.6 \n \n \n 1.6% \n \n \n 850.9 \n \n \n 4.8% \n \n \n \n \n Liquidity and funding \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Average Liquidity Coverage Ratio (LCR)   (5) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 147% \n \n \n 148% \n \n \n (1%) \n \n \n 151% \n \n \n (4%) \n \n \n \n \n Liquidity portfolio \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 238 \n \n \n 239 \n \n \n (0.4%) \n \n \n 222 \n \n \n 7.2% \n \n \n \n \n Average Net Stable Funding Ratio (NSFR)   (5) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 135% \n \n \n 135% \n \n \n - \n \n \n 137% \n \n \n (2%) \n \n \n \n \n Loan:deposit ratio (excl. repos and reverse repos)   (1) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 88% \n \n \n 88% \n \n \n - \n \n \n 85% \n \n \n 3% \n \n \n \n \n Total wholesale funding \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 88 \n \n \n 93 \n \n \n (5.4%) \n \n \n 86 \n \n \n 2.3% \n \n \n \n \n Short-term wholesale funding \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 28 \n \n \n 37 \n \n \n (24.3%) \n \n \n 33 \n \n \n (15.2%) \n \n \n \n \n Capital and leverage \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Common Equity Tier 1 (CET1) ratio   (6) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 14.0% \n \n \n 14.2% \n \n \n (20bps) \n \n \n 13.6% \n \n \n 40bps \n \n \n \n \n Total capital ratio   (5) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 19.3% \n \n \n 20.2% \n \n \n (90bps) \n \n \n 19.7% \n \n \n (40bps) \n \n \n \n \n Pro forma CET1 ratio (excl. foreseeable items)   (7) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 15.4% \n \n \n 15.1% \n \n \n 30bps \n \n \n 14.3% \n \n \n 110bps \n \n \n \n \n Risk-weighted assets (RWAs) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 193.3 \n \n \n 189.1 \n \n \n 2.2% \n \n \n 183.2 \n \n \n 5.5% \n \n \n \n \n UK leverage ratio \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 4.8% \n \n \n 5.0% \n \n \n (0.2%) \n \n \n 5.0% \n \n \n (0.2%) \n \n \n \n \n Tangible net asset value (TNAV) per ordinary share   (1,8) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 384p \n \n \n 362p \n \n \n 22p \n \n \n 329p \n \n \n 55p \n \n \n \n \n Number of ordinary shares in issue (millions)   (8) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n 7,995 \n \n \n 8,031 \n \n \n (0.4%) \n \n \n 8,043 \n \n \n (0.6%) \n \n \n \n \n (1)     Refer to the Non-IFRS financial measures appendix for details of the basis of preparation and reconciliation of non-IFRS financial measures and performance metrics. \n (2)     Climate and transition finance represents only a relatively small proportion of our overall financing and facilitation activities. For further details refer to the NatWest Group plc 2025 Climate Transition Plan Report. \n (3)     Central items includes treasury repo activity. \n (4)     Includes £0.1 billion relating to off-balance sheet exposures (30 September 2025 - £0.1 billion; 31 December 2024 - £0.1 billion). \n (5)     Reported on an average basis in line with supervisory guidelines. The LCR is calculated as the average of the preceding 12 months. The NSFR is calculated as the average of the preceding four quarters. \n (6)     Refer to the Capital, liquidity and funding risk section for details of the basis of preparation. \n (7)     The pro forma CET1 ratio at 31 December 2025 excludes foreseeable items of £2,758 million: £1,837 million for ordinary dividends and £921 million foreseeable charges (30 September 2025 excludes foreseeable items of £1,721 million: £1,275 million for ordinary dividends and £446 million foreseeable charges; 31 December 2024 excludes foreseeable items of £1,249 million for ordinary dividends). \n (8)     The number of ordinary shares in issue excludes own shares held. \n   \n   \n \n \n \n Chief Financial Officer's review \n We delivered a strong performance in 2025 with total income excluding notable items of £16.4 billion exceeding our strengthened Q3 2025 guidance. We remained focussed on cost discipline, achieving our cost target of around £8.1 billion with further progress made on simplification, resulting in a cost:income ratio (excl. litigation and conduct) of 48.6% for 2025 compared with 53.4% in the prior year. As a result, we achieved a RoTE of 19.2%. \n The balance sheet has continued to grow over 2025, with lending growth of £20.7 billion excluding central items and growth of £10.4 billion in customer deposits excluding central items. Our liquidity position remains robust with an average LCR of 147%. \n Our CET1 ratio for 2025 was 14.0% as we actively managed the balance sheet, delivering RWA management actions of £10.9 billion over the year which created continued capacity for growth. RWAs ended the year within our guided range at £193.3 billion. A final dividend of 23.0 pence per share is proposed, bringing the total for the year to 32.5 pence, up 51% compared to 2024, and we intend to commence a share buyback programme of £750 million in the first half of 2026, taking total distributions deducted from capital in the year to £4.1 billion. \n \n \n \n Strong 2025 financial performance across growth and simplification \n We are growing in ways that build and strengthen customer relationships and improve the sustainability of our earnings \n ·     Total income of £16.6 billion increased by 13.2% compared with 2024. Total income excluding notable items was £1.8 billion higher than 2024 reflecting deposit margin expansion, as a result of higher customer balances and strong hedge income, increased customer lending, strong AUMA growth and an increase in FX trading revenue. Full year 2025 net interest margin (NIM) increased by 21 basis points in the year to 2.34% and Q4 2025 NIM of 2.45% was 8 basis points higher in the quarter. We would expect total structural hedge income to increase by around £1.5 billion in 2026 compared with 2025 and by a further £1 billion in 2027. (1) \n ·     We continued to support our customers as net loans to customers excluding central items increased by £20.7 billion in the year. Retail Banking mortgage balances increased by £5.1 billion and Commercial & Institutional balances were up by £12.3 billion due to growth in Corporate & Institutions and Commercial Mid-market. In the quarter, net loans to customers excluding central items increased by £4.7 billion principally driven by growth in Corporate & Institutions and broad-based growth across Commercial Mid-market. \n ·     Customer deposits excluding central items increased £10.4 billion during 2025 to £441.7 billion primarily reflecting £7.8 billion growth in Retail Banking, across Savings and Current accounts, and Commercial & Institutional increased by £2.3 billion largely due to higher balances within Corporate & Institutions and Business Banking. Customer deposits excluding central items increased £7.0 billion in Q4 2025 primarily due to growth in savings balances across Retail Banking and Private Banking & Wealth Management. Total business term balances increased to 17% in Q4 2025 compared to 16% of the book at the end of 2024. \n ·     AUMA of £58.5 billion increased by £9.6 billion in 2025, reflecting AUM net flows of £3.1 billion, AUA net flows of £0.9 billion, Cushon net flows of £0.6 billion and positive market movements of £5.0 billion. \n We continued to make good progress on becoming a simpler, more agile and technology driven bank by delivering efficiencies from our investment programmes, digitising more to deliver faster, simpler, and safer customer journeys and accelerating AI and data transformation \n ·     Total operating expenses were £113 million higher than 2024. Other operating expenses were £241 million, or 3.1%, higher and in line with our guidance, which included c.£0.1 billion for integration costs following the acquisition of balances from Sainsbury's Bank. In the year we recognised higher costs of transformation, investment in our people resulted in increased reward through pay and bonus while we also combatted other inflationary pressures. Partially offsetting this we have continued to drive underlying cost savings (delivered through branch transformation and digitisation), further cost reductions as a result of the phased withdrawal from the Republic of Ireland, lower restructuring costs and reduced Bank levies. In the quarter, a £227 million increase, compared with Q3 2025, largely reflects higher property exit costs, other seasonal costs and the annual Bank levy. \n We continue to proactively manage risk \n ·     A net impairment charge of £671 million, or 16 basis points of gross customer loans, included a charge on the acquisition of balances from Sainsbury's Bank, higher Stage 3 charges and lower good book releases than the prior year. \n ·     Compared with 2024, our ECL provision increased £0.2 billion to £3.6 billion and our ECL coverage ratio remained stable at 0.83%. We retain post model adjustments of £296 million and remain comfortable with the strong credit performance of our diversified prime loan book. \n \n \n   \n (1)     The guidance, targets, expectations, and trends discussed in this section represent NatWest Group plc management's current expectations and are subject to change, including as a result of the factors described in the NatWest Group plc Risk Factors section in the 2025 Annual Report and Accounts and Form 20-F. These statements constitute forward-looking statements. Refer to Forward-looking statements in this announcement. \n Chief Financial Officer's review continued \n Active balance sheet management supporting robust liquidity levels \n ·     RWAs increased by £10.1 billion during 2025 to £193.3 billion principally reflecting franchise lending growth of £10.9 billion, operational risk of £3.8 billion, including an acceleration of c.£1.6 billion from Q1 2026 to align with market practice, £1.3 billion in relation to the balances acquired from Sainsbury's Bank and an increase of £7.3 billion relating to CRD IV models partially offset by a further £10.9 billion benefit from RWA management actions as we continued to actively manage our balance sheet and create capacity for lending growth. \n ·     The average LCR of 147%, representing £50.5 billion headroom above 100% minimum requirement, decreased by 4 percentage points during the year, primarily driven by increased lending partially offset by deposit growth. Our primary liquidity decreased by £3.8 billion to £157.3 billion, of which £81.1 billion, or 52% was cash and balances at central banks. Total wholesale funding increased by £2.7 billion in the year to £88.3 billion. \n   \n Shareholder return supported strong capital generation \n ·     An attributable profit of £5,479 million, with 27% growth in our earnings per share to 68.0 pence and RoTE of 19.2%. Q4 2025 RoTE was 18.3%. \n ·     The CET1 ratio of 14.0% increased c.40 basis points in 2025 and included capital generation pre-distributions of 252 basis points, comprising c.300 basis points of profit and c.40 basis points of other capital movements partially offset by the increase in RWAs, c.90 basis points. In Q4 2025 CET1 reduced by c.20 basis points as capital generation of 52 basis points was more than offset by the proposed share buybacks, c.40 basis points, and ordinary dividend accrual, c.30 basis points. \n ·     TNAV per share increased by 22 pence in the quarter to 384 pence primarily reflecting the attributable profit for the period. \n   \n   \n   \n   \n   \n   \n   \n   \n \n \n   \n \n \n \n Business performance summary \n Retail Banking \n \n \n \n \n \n \n \n Year ended \n \n \n   \n \n \n Quarter ended or as at \n \n \n \n \n \n \n \n 31 December \n \n \n 31 December \n \n \n \n \n \n 31 December \n \n \n 30 September \n \n \n 31 December \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n 2025 \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Total income \n \n \n 6,495 \n \n \n 5,650 \n \n \n \n \n \n 1,699 \n \n \n 1,662 \n \n \n 1,501 \n \n \n \n \n Operating expenses \n \n \n (2,937) \n \n \n (2,937) \n \n \n \n \n \n (799) \n \n \n (715) \n \n \n (808) \n \n \n \n \n    of which: Other operating expenses \n \n \n (2,922) \n \n \n (2,827) \n \n \n \n \n \n (799) \n \n \n (712) \n \n \n (714) \n \n \n \n \n Impairment losses \n \n \n (437) \n \n \n (282) \n \n \n \n \n \n (114) \n \n \n (97) \n \n \n (16) \n \n \n \n \n Operating profit \n \n \n 3,121 \n \n \n 2,431 \n \n \n \n \n \n 786 \n \n \n 850 \n \n \n 677 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Return on equity   (1) \n \n \n 24.7% \n \n \n 19.9% \n \n \n \n \n \n 24.6% \n \n \n 26.4% \n \n \n 21.4% \n \n \n \n \n Net interest margin   (1) \n \n \n 2.63% \n \n \n 2.36% \n \n \n \n \n \n 2.70% \n \n \n 2.64% \n \n \n 2.47% \n \n \n \n \n Cost:income ratio (excl. litigation \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n    and conduct)   (1) \n \n \n 45.0% \n \n \n 50.0% \n \n \n \n \n \n 47.0% \n \n \n 42.8% \n \n \n 47.6% \n \n \n \n \n Loan impairment rate   (1) \n \n \n 20bps \n \n \n 13bps \n \n \n \n \n \n 21bps \n \n \n 18bps \n \n \n 3bps \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n £bn \n \n \n £bn \n \n \n £bn \n \n \n \n \n Net loans to customers (amortised cost) \n \n \n \n \n \n 216.1 \n \n \n 216.0 \n \n \n 208.4 \n \n \n \n \n Customer deposits \n \n \n   \n \n \n \n \n \n \n \n \n 202.6 \n \n \n 195.8 \n \n \n 194.8 \n \n \n \n \n Customer assets and liabilities (CAL)   (1) \n \n \n \n \n \n 420.5 \n \n \n 413.7 \n \n \n 404.9 \n \n \n \n \n RWAs \n \n \n   \n \n \n \n \n \n \n \n \n 68.5 \n \n \n 69.1 \n \n \n 65.5 \n \n \n \n \n   \n (1)     Refer to the Non-IFRS financial measures appendix for details of the basis of preparation and reconciliation of non-IFRS financial measures and performance metrics. \n (2)     Climate and transition finance represents only a relatively small proportion of our overall financing and facilitation activities. \n   \n In 2025, Retail Banking delivered an operating profit of £3.1 billion and a return on equity of 24.7%, with positive income and net interest margin momentum. We support 19 million customers, including 2.4 million youth customers, along with 529,000 customers within our Premier segment where we have an NPS of 44. We helped more customers achieve their home ownership goals with around 30% of 2025 gross mortgage lending supporting first-time buyers and around £300 million of lending through our Family-Backed Mortgage proposition. We continue to simplify the business and improve customer and colleague experiences. New AI capabilities enabled quicker responses to customer complaints, saving around 90,000 hours per annum through automated summarisation and AI-generated complaint responses. \n Retail Banking provided £2.6 billion of climate and transition finance (2) in 2025 from lending on properties with an EPC rating of A or B. \n Full year 2025 performance \n ·     Total income was £845 million, or 15.0%, higher than 2024 reflecting strong deposit growth and margin expansion as a result of increased hedge income, lending growth and the impact of balances acquired from Sainsbury's Bank. \n ·     Net interest margin was 27 basis points higher than 2024 largely reflecting the factors noted above. \n ·     Non-interest income of £431 million was £14 million, or 3.4%, higher than 2024 including the impact of balances acquired from Sainsbury's Bank. \n ·     Other operating expenses were £95 million, or 3.4%, higher than 2024 reflecting costs associated with balances acquired from Sainsbury's Bank, partially offset by a 4.2% reduction in headcount. \n ·     An impairment charge of £437 million, compared with a £282 million charge in 2024, largely driven by charges associated with balances acquired from Sainsbury's Bank along with increased charges driven by growth in our unsecured book. The rate of Stage 3 default flow remains broadly stable. \n ·     Net loans to customers increased by £7.7 billion, or 3.7%, in 2025 driven by £5.1 billion, or 2.6%, higher mortgage balances. Cards balances increased by £1.4 billion, or 20.0%, and personal advances increased by £1.3 billion, or 16.0%, supported by balances acquired from Sainsbury's Bank. \n ·     Customer deposits increased by £7.8 billion, or 4.0%, in 2025 reflecting growth in savings and current account balances, supported by balances acquired from Sainsbury's Bank. \n ·     RWAs increased by £3.0 billion, or 4.6%, in 2025 primarily due to book movements including the impact of unsecured balances acquired from Sainsbury's Bank. \n   \n Q4 2025 performance \n ·     Total income was £37 million, or 2.2%, higher than Q3 2025 largely reflecting deposit margin expansion as a result of increased hedge income. \n ·     Net interest margin was 6 basis points higher than Q3 2025 largely reflecting the factors noted above. \n ·     Other operating expenses were £87 million, or 12.2%, higher than Q3 2025 reflecting the inclusion of the annual Bank Levy, higher property exit costs and higher investment spend, partially offset by a 0.9% reduction in headcount. \n ·     An impairment charge of £114 million, compared with a £97 million charge in Q3 2025, largely reflecting the non-repeat of Q3 2025 credit card good book model release. Stage 3 default driven charge remains broadly stable in line with portfolio growth and the modest ECL uplift from the Q4 2025 MES economic scenario update was more than offset by mortgage securitisation benefit. \n ·     Net loans to customers increased £0.1 billion in the quarter. Mortgage balances are flat in the quarter driven by underlying balance growth of £2.1 billion, offset by a mortgage securitisation impact of £2.1 billion. \n ·     Customer deposits increased by £6.8 billion, or 3.5%, in the quarter reflecting £6.4 billion higher savings balances and £0.4 billion higher current account balances. \n ·     RWAs decreased by £0.6 billion, or 0.9%, in the quarter due to RWA management activity including mortgage securitisation impact offset by operational risk increases and book movements. \n \n \n \n Business performance summary continued \n   \n Private Banking & Wealth Management \n \n \n \n \n \n \n \n Year ended \n \n \n \n \n \n Quarter ended or as at \n \n \n \n \n \n \n \n 31 December \n \n \n 31 December \n \n \n \n \n \n 31 December \n \n \n 30 September \n \n \n 31 December \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n 2025 \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Total income \n \n \n 1,131 \n \n \n 969 \n \n \n \n \n \n 308 \n \n \n 284 \n \n \n 272 \n \n \n \n \n   of which: AUMA income   (1) \n \n \n 300 \n \n \n 270 \n \n \n   \n \n \n 81 \n \n \n 75 \n \n \n 72 \n \n \n \n \n Operating expenses \n \n \n (727) \n \n \n (716) \n \n \n \n \n \n (195) \n \n \n (173) \n \n \n (194) \n \n \n \n \n    of which: Other operating expenses \n \n \n (725) \n \n \n (713) \n \n \n   \n \n \n (195) \n \n \n (172) \n \n \n (192) \n \n \n \n \n Impairment (losses)/releases \n \n \n (10) \n \n \n 11 \n \n \n \n \n \n (6) \n \n \n (3) \n \n \n (3) \n \n \n \n \n Operating profit \n \n \n 394 \n \n \n 264 \n \n \n \n \n \n 107 \n \n \n 108 \n \n \n 75 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Return on equity   (1) \n \n \n 21.7% \n \n \n 14.2% \n \n \n \n \n \n 23.6% \n \n \n 23.4% \n \n \n 16.3% \n \n \n \n \n Net interest margin   (1) \n \n \n 2.63% \n \n \n 2.40% \n \n \n \n \n \n 2.72% \n \n \n 2.66% \n \n \n 2.72% \n \n \n \n \n Cost:income ratio (excl. litigation \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n    and conduct)   (1) \n \n \n 64.1% \n \n \n 73.6% \n \n \n \n \n \n 63.3% \n \n \n 60.6% \n \n \n 70.6% \n \n \n \n \n Loan impairment rate   (1) \n \n \n 5bps \n \n \n (6bps) \n \n \n \n \n \n 13bps \n \n \n 6bps \n \n \n 7bps \n \n \n \n \n AUMA net flows (£bn)   (1) \n \n \n 4.6 \n \n \n 3.2 \n \n \n \n \n \n 1.3 \n \n \n 1.2 \n \n \n 1.0 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n £bn \n \n \n £bn \n \n \n £bn \n \n \n \n \n Net loans to customers (amortised cost) \n \n \n \n \n \n 18.9 \n \n \n 18.8 \n \n \n 18.2 \n \n \n \n \n Customer deposits \n \n \n   \n \n \n \n \n \n \n \n \n 42.7 \n \n \n 40.6 \n \n \n 42.4 \n \n \n \n \n Assets under management (AUM)   (1) \n \n \n   \n \n \n \n \n \n \n \n \n 43.7 \n \n \n 41.9 \n \n \n 37.0 \n \n \n \n \n Assets under administration (AUA)   (1) \n \n \n   \n \n \n \n \n \n \n \n \n 14.8 \n \n \n 14.1 \n \n \n 11.9 \n \n \n \n \n Total assets under management and administration (AUMA)   (1) \n \n \n \n \n \n 58.5 \n \n \n 56.0 \n \n \n 48.9 \n \n \n \n \n Customer assets and liabilities (CAL)   (1,2) \n \n \n \n \n \n 119.0 \n \n \n 114.3 \n \n \n 108.5 \n \n \n \n \n RWAs \n \n \n   \n \n \n \n \n \n \n \n \n 11.4 \n \n \n 11.4 \n \n \n 11.0 \n \n \n \n \n   \n (1)     Refer to the Non-IFRS financial measures appendix for details of basis of preparation and reconciliation of non-IFRS financial measures and performance metrics. \n (2)     CAL refers to customer deposits, gross loans to customers - amortised cost and AUMA. To avoid double counting, investment cash is deducted as it is reported within customer deposits and AUMA. \n (3)     Climate and transition finance represents only a relatively small proportion of our overall financing and facilitation activities. \n In 2025, Private Banking & Wealth Management delivered an operating profit of £394 million and return on equity of 21.7%. As part of our strategy to deepen focus on high net worth and ultra-high net worth segments, we refreshed our visual identity and enhanced our investment insight, including a new Coutts website which delivers a faster and more responsive experience. AI tooling has reduced call summarisation time by more than 70% and we have continued to see strong customer engagement across our propositions, resulting in an increase in CAL of 9.7% in the year with growth in deposits, lending and AUMA. \n   \n Private Banking provided £0.2 billion of climate and transition finance (3) in 2025, principally in relation to mortgages on residential properties with an EPC rating of A or B and wholesale transactions. \n   \n   \n Full year 2025 performance \n ·     Total income was £162 million, or 16.7%, higher than 2024 primarily reflecting deposit margin expansion as a result of strong hedge income, balance growth across deposits and AUMA, and higher transactional fees including some non-repeatable adjustments. \n ·     Net interest margin was 23 basis points higher than 2024 largely reflecting the factors noted above. \n ·     Non-interest income of £374 million was £50 million, or 15.4%, higher than 2024 principally due to higher AUMA balances and higher transactional fees including some non-repeatable adjustments. \n ·     Other operating expenses were £12 million, or 1.7%, higher reflecting continuing investment in the business and higher pay awards to support our colleagues, partly offset by lower severance costs. \n ·     An impairment charge of £10 million, compared with an £11 million release in 2024, largely reflecting the non-repeat of 2024 good book releases, and an increase in Stage 3 charges relating to existing exposures. \n ·     Net loans to customers increased £0.7 billion, or 3.8%, in 2025 largely driven by higher personal lending balances and higher commercial lending balances. \n ·     Customer deposits increased by £0.3 billion, or 0.7%, in 2025 reflecting growth in current account and savings balances, with progress driven by both deeper engagement with existing customers and new customer acquisition \n ·     AUMA of £58.5 billion increased by £9.6 billion in 2025, reflecting AUM net flows of £3.1 billion, AUA net flows of £0.9 billion, Cushon net flows of £0.6 billion and positive market movements of £5.0 billion. AUM net flows as a percentage of opening balances are 8.4% \n   \n Q4 2025 performance \n ·     Total income was £24 million, or 8.5%, higher than Q3 2025 primarily reflecting deposit margin expansion as a result of strong hedge income, balance growth across deposits and AUMA, and some non-repeatable adjustments in transactional fees. \n ·     Net interest margin was 6 basis points higher than Q3 2025 largely reflecting deposit margin expansion. \n ·     Other operating expenses were £23 million, or 13.4%, higher than Q3 2025 reflecting the inclusion of the annual Bank Levy. \n ·     An impairment charge of £6 million, compared with a £3 million charge in Q3 2025, reflecting an increase in Stage 3 charges relating to existing exposures. New charges on inflows to default remain low.  \n ·     Net loans to customers increased by £0.1 billion, or 0.5%, in Q4 2025 driven by higher personal lending balances. \n ·     Customer deposits increased by £2.1 billion, or 5.2%, in Q4 2025 reflecting growth in savings and current account balances, supported by new customer acquisition \n ·     AUMA increased £2.5 billion in Q4 2025 driven by AUM net flows of £0.9 billion, AUA net flows of £0.3 billion, Cushon net flows of £0.2 billion, and positive market movements of £1.1 billion. AUM net flows as a percentage of opening balances are 8.6% on an annualised basis. \n \n \n \n Business performance summary continued \n Commercial & Institutional \n \n \n \n \n \n \n \n Year ended \n \n \n   \n \n \n Quarter ended or as at \n \n \n \n \n \n \n \n 31 December \n \n \n 31 December \n \n \n \n \n \n 31 December \n \n \n 30 September \n \n \n 31 December \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n 2025 \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Net interest income \n \n \n 6,149 \n \n \n 5,339 \n \n \n \n \n \n 1,644 \n \n \n 1,550 \n \n \n 1,404 \n \n \n \n \n Non-interest income \n \n \n 2,660 \n \n \n 2,618 \n \n \n \n \n \n 668 \n \n \n 658 \n \n \n 682 \n \n \n \n \n Total income \n \n \n 8,809 \n \n \n 7,957 \n \n \n \n \n \n 2,312 \n \n \n 2,208 \n \n \n 2,086 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Operating expenses \n \n \n (4,520) \n \n \n (4,274) \n \n \n \n \n \n (1,254) \n \n \n (1,115) \n \n \n (1,179) \n \n \n \n \n    of which: Other operating expenses \n \n \n (4,347) \n \n \n (4,118) \n \n \n   \n \n \n (1,225) \n \n \n (1,060) \n \n \n (1,134) \n \n \n \n \n Impairment losses \n \n \n (225) \n \n \n (98) \n \n \n \n \n \n (19) \n \n \n (52) \n \n \n (46) \n \n \n \n \n Operating profit \n \n \n 4,064 \n \n \n 3,585 \n \n \n \n \n \n 1,039 \n \n \n 1,041 \n \n \n 861 \n \n \n \n \n Return on equity   (1) \n \n \n 19.1% \n \n \n 17.2% \n \n \n \n \n \n 19.4% \n \n \n 19.7% \n \n \n 16.6% \n \n \n \n \n Net interest margin   (1) \n \n \n 2.37% \n \n \n 2.16% \n \n \n \n \n \n 2.45% \n \n \n 2.36% \n \n \n 2.21% \n \n \n \n \n Cost:income ratio (excl. litigation \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n    and conduct)   (1) \n \n \n 49.3% \n \n \n 51.8% \n \n \n \n \n \n 53.0% \n \n \n 48.0% \n \n \n 54.4% \n \n \n \n \n Loan impairment rate   (1) \n \n \n 14bps \n \n \n 7bps \n \n \n \n \n \n 5bps \n \n \n 14bps \n \n \n 13bps \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n £bn \n \n \n £bn \n \n \n £bn \n \n \n \n \n Net loans to customers \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n    (amortised cost) \n \n \n \n \n \n \n \n \n 154.2 \n \n \n 149.7 \n \n \n 141.9 \n \n \n \n \n Customer deposits   (2) \n \n \n \n \n \n \n \n \n 196.4 \n \n \n 198.3 \n \n \n 194.1 \n \n \n \n \n Funded assets   (1) \n \n \n \n \n \n \n \n \n 331.4 \n \n \n 348.2 \n \n \n 321.6 \n \n \n \n \n Customer assets and liabilities (CAL)   (1) \n \n \n \n \n \n \n \n \n 352.2 \n \n \n 349.6 \n \n \n 337.5 \n \n \n \n \n RWAs \n \n \n \n \n \n \n \n \n 111.9 \n \n \n 107.0 \n \n \n 104.7 \n \n \n \n \n (1)     Refer to the Non-IFRS financial measures appendix for details of the basis of preparation and reconciliation of non-IFRS financial measures and performance metrics. \n (2)     Client transfers from Commercial Mid-market to Corporate & Institutions in Q1 2025 of £4.9 billion. Balance at the end of 31 December 2025 was £2.7 billion (31 December 2024 - £3.3 billion). \n (3)     Social finance represents only a relatively small proportion of our overall financing activities. \n (4)     Climate and transition finance represents only a relatively small proportion of our overall financing and facilitation activities. \n   \n During 2025, Commercial & Institutional continued to support customers with an increase in lending of 8.7% and delivered a strong performance in income and operating profit supporting a return on equity of 19.1%, an increase from 17.2% in 2024. We worked with our customers to unlock growth for key structural and policy priorities in the UK, particularly social housing and infrastructure investment. In 2025, we committed over £4.6 billion of lending into the UK social housing sector, surpassing our upgraded target of £7.5 billion by the end of 2026, with total commitments of £8.7 billion. (3) We prioritised the use of generative AI through AI-driven transcription and summarisation of complaints and complex business banking calls, increasing our relationship managers' capacity to focus on personalised AI-guided interactions. \n Commercial & Institutional provided £16.2 billion of climate and transition finance (4) in 2025 to support customers investing in the transition to net zero. \n Full year 2025 performance \n ·     Total income was £852 million, or 10.7%, higher than 2024 principally reflecting deposit margin expansion as a result of higher customer balances and strong hedge income, increased FX trading revenues and lending growth across Corporate & Institutions and Commercial Mid-market. \n ·     Net interest margin was 21 basis points higher than 2024 largely reflecting deposit margin expansion. \n ·     Non-interest income was £42 million, or 1.6%, higher than 2024 principally driven by customer activity in markets trading and a dividend received on restructuring of a strategic investment in Corporate & Institutions. \n ·     Other operating expenses were £229 million, or 5.6%, higher than 2024 reflecting the impact of inflationary increases in staff costs and continued business investment spend, partially offset by a 3.9 % reduction in headcount. \n ·     An impairment charge of £225 million in 2025, compared with a £98 million charge in 2024, reflecting lower good book releases. Stage 3 charge remains broadly stable. \n ·     Net loans to customers increased by £12.3 billion, or 8.7%, in 2025 principally due to growth in Corporate & Institutions and Commercial Mid-market, partly offset by UK Government scheme repayments of £1.6 billion. \n ·     Customer deposits increased by £2.3 billion, or 1.2%, in 2025 reflecting growth within Corporate & Institutions and Business Banking. Excluding client transfers, deposit balances in all customer groups grew in the year. (2) \n ·     RWAs increased by £7.2 billion, or 6.9%, compared with 2024 primarily due to CRD IV, other regulatory increases and increased operational risk, with book growth offset by continued RWA management activity. \n Q4 2025 performance \n ·     Total income was £104 million, or 4.7%, higher than Q3 2025 principally reflecting deposit margin expansion from hedge income and a dividend received on restructuring of a strategic investment in Corporate & Institutions.    \n ·     Net interest margin was 9 basis points higher than Q3 2025 largely reflecting deposit structural hedge benefits. \n ·     Other operating expenses were £165 million, or 15.6%, higher than Q3 2025 reflecting the annual Bank Levy and continued business investment spend. \n ·     An impairment charge of £19 million in Q4 2025 compared with a £52 million charge in Q3 2025 reflecting lower Stage 3 charges. \n ·     Net loans to customers increased by £4.5 billion, or 3.0%, in Q4 2025 principally due to broad based growth particularly within Housing and Asset Finance sectors in Commercial Mid-market and from Funds lending, Infrastructure and Project Finance growth within Corporate & Institutions, partly offset by UK Government scheme repayments of £0.3 billion. \n ·     Customer deposits decreased by £1.9 billion, or 1.0%, in Q4 2025 reflecting expected lower balances in Corporate & Institutions and lower balances in Commercial Mid-market, partly offset by higher Business Banking balances. \n ·     RWAs increased by £4.9 billion, or 4.6%, compared with Q3 2025 primarily due to an increase for CRD IV models, operational risk increases and book movements, partly offset by continued RWA management activity. \n \n \n   \n Business performance summary continued \n Central items & other \n \n \n \n \n \n \n \n Year ended \n \n \n   \n \n \n Quarter ended or as at \n \n \n \n \n \n \n \n 31 December \n \n \n 31 December \n \n \n \n \n \n 31 December \n \n \n 30 September \n \n \n 31 December \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n 2025 \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Continuing operations \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Total income \n \n \n 206 \n \n \n 127 \n \n \n \n \n \n 5 \n \n \n 178 \n \n \n (34) \n \n \n \n \n Operating expenses   \n \n \n (78) \n \n \n (222) \n \n \n \n \n \n - \n \n \n 7 \n \n \n (86) \n \n \n \n \n    of which: Other operating   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n      expenses \n \n \n (101) \n \n \n (196) \n \n \n   \n \n \n 8 \n \n \n (40) \n \n \n (74) \n \n \n \n \n Impairment releases/(losses) \n \n \n 1 \n \n \n 10 \n \n \n \n \n \n 3 \n \n \n (1) \n \n \n (1) \n \n \n \n \n Operating profit/(loss) \n \n \n 129 \n \n \n (85) \n \n \n \n \n \n 8 \n \n \n 184 \n \n \n (121) \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n £bn \n \n \n £bn \n \n \n £bn \n \n \n \n \n Net loans to customers \n \n \n \n \n \n \n \n \n \n \n \n \n \n    (amortised cost) \n \n \n \n \n \n 29.7 \n \n \n 30.8 \n \n \n 31.8 \n \n \n \n \n Customer deposits \n \n \n \n \n \n 1.3 \n \n \n 0.8 \n \n \n 2.2 \n \n \n \n \n RWAs \n \n \n \n \n \n 1.5 \n \n \n 1.6 \n \n \n 2.0 \n \n \n \n \n   \n \n Full year 2025 performance \n ·     Total income was £79 million higher than 2024 primarily reflecting higher gains on interest and FX risk management derivatives not in accounting hedge relationships, higher Business Growth Fund profits and lower foreign exchange recycling losses. \n ·     Other operating expenses were £95 million lower than 2024 primarily due to lower costs in relation to our withdrawal from our operations in the Republic of Ireland. \n ·     Net loans to customers decreased by £2.1 billion in 2025 driven by reverse repo activity in Treasury \n ·     Customer deposits decreased by £0.9 billion compared with 2024 reflecting repo activity in Treasury. \n Q4 2025 performance \n ·     Total income was £173 million lower than Q3 2025 primarily reflecting lower gains on interest and FX risk management derivatives not in accounting hedge relationships, lower Business Growth Fund profits and a loss on reclassification to disposal groups. \n ·     Other operating expenses were £48 million lower than Q3 2025 primarily due to indirect cost allocation phasing across the year and the non-repeat of Q3 2025 Bank of England levy. \n ·     Net loans to customers decreased by £1.1 billion in Q4 2025 driven by reverse repo activity in Treasury \n ·     Customer deposits increased by £0.5 billion in Q4 2025 reflecting repo activity in Treasury. \n \n \n   \n \n \n \n Segment performance \n \n \n \n \n   \n \n \n Year ended 31 December 2025 \n \n \n \n \n   \n \n \n   \n \n \n Private Banking \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Retail \n \n \n & Wealth \n \n \n Commercial   \n \n \n Central items \n \n \n Total NatWest \n \n \n \n \n \n \n \n Banking \n \n \n Management \n \n \n & Institutional \n \n \n   & other \n \n \n Group \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Continuing operations \n \n \n \n \n \n \n \n Income statement   \n \n \n \n \n \n \n \n Net interest income \n \n \n 6,064 \n \n \n 757 \n \n \n 6,149 \n \n \n (141) \n \n \n 12,829 \n \n \n \n \n Own credit adjustments \n \n \n - \n \n \n - \n \n \n 1 \n \n \n - \n \n \n 1 \n \n \n \n \n Other non-interest income \n \n \n 431 \n \n \n 374 \n \n \n 2,659 \n \n \n 347 \n \n \n 3,811 \n \n \n \n \n Total income   \n \n \n 6,495 \n \n \n 1,131 \n \n \n 8,809 \n \n \n 206 \n \n \n 16,641 \n \n \n \n \n Direct expenses \n \n \n (835) \n \n \n (250) \n \n \n (1,633) \n \n \n (5,377) \n \n \n (8,095) \n \n \n \n \n Indirect expenses \n \n \n (2,087) \n \n \n (475) \n \n \n (2,714) \n \n \n 5,276 \n \n \n - \n \n \n \n \n Other operating expenses \n \n \n (2,922) \n \n \n (725) \n \n \n (4,347) \n \n \n (101) \n \n \n (8,095) \n \n \n \n \n Litigation and conduct costs \n \n \n (15) \n \n \n (2) \n \n \n (173) \n \n \n 23 \n \n \n (167) \n \n \n \n \n Operating expenses \n \n \n (2,937) \n \n \n (727) \n \n \n (4,520) \n \n \n (78) \n \n \n (8,262) \n \n \n \n \n Operating profit before impairment losses/releases \n \n \n 3,558 \n \n \n 404 \n \n \n 4,289 \n \n \n 128 \n \n \n 8,379 \n \n \n \n \n Impairment (losses)/releases \n \n \n (437) \n \n \n (10) \n \n \n (225) \n \n \n 1 \n \n \n (671) \n \n \n \n \n Operating profit \n \n \n 3,121 \n \n \n 394 \n \n \n 4,064 \n \n \n 129 \n \n \n 7,708 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Income excluding notable items   (1) \n \n \n 6,495 \n \n \n 1,131 \n \n \n 8,757 \n \n \n 17 \n \n \n 16,400 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Additional information \n \n \n   \n \n \n \n \n Return on Tangible Equity   (1) \n \n \n na \n \n \n na \n \n \n na \n \n \n na \n \n \n 19.2% \n \n \n \n \n Return on equity   (1) \n \n \n 24.7% \n \n \n 21.7% \n \n \n 19.1% \n \n \n nm \n \n \n na \n \n \n \n \n Cost:income ratio (excl. litigation and conduct)   (1) \n \n \n 45.0% \n \n \n 64.1% \n \n \n 49.3% \n \n \n nm \n \n \n 48.6% \n \n \n \n \n Total assets (£bn) \n \n \n 240.3 \n \n \n 30.5 \n \n \n 391.9 \n \n \n 51.9 \n \n \n 714.6 \n \n \n \n \n Funded assets (£bn)   (1) \n \n \n 240.3 \n \n \n 30.5 \n \n \n 331.4 \n \n \n 51.6 \n \n \n 653.8 \n \n \n \n \n Net loans to customers - amortised cost (£bn) \n \n \n 216.1 \n \n \n 18.9 \n \n \n 154.2 \n \n \n 29.7 \n \n \n 418.9 \n \n \n \n \n Loan impairment rate   (1) \n \n \n 20bps \n \n \n 5bps \n \n \n 14bps \n \n \n nm \n \n \n 16bps \n \n \n \n \n Impairment provisions (£bn) \n \n \n (1.8) \n \n \n (0.1) \n \n \n (1.7) \n \n \n - \n \n \n (3.6) \n \n \n \n \n Impairment provisions - Stage 3 (£bn) \n \n \n (1.1) \n \n \n (0.1) \n \n \n (1.0) \n \n \n - \n \n \n (2.2) \n \n \n \n \n Customer deposits (£bn) \n \n \n 202.6 \n \n \n 42.7 \n \n \n 196.4 \n \n \n 1.3 \n \n \n 443.0 \n \n \n \n \n Risk-weighted assets (RWAs) (£bn) \n \n \n 68.5 \n \n \n 11.4 \n \n \n 111.9 \n \n \n 1.5 \n \n \n 193.3 \n \n \n \n \n RWA equivalent (RWAe) (£bn) \n \n \n 69.7 \n \n \n 11.4 \n \n \n 112.9 \n \n \n 1.7 \n \n \n 195.7 \n \n \n \n \n Customer assets and liabilities (CAL) (£bn)   (1) \n \n \n 420.5 \n \n \n 119.0 \n \n \n 352.2 \n \n \n na \n \n \n 891.7 \n \n \n \n \n Employee numbers (FTEs - thousands) \n \n \n 11.5 \n \n \n 2.1 \n \n \n 12.3 \n \n \n 32.8 \n \n \n 58.7 \n \n \n \n \n Third party customer asset rate   (1) \n \n \n 4.36% \n \n \n 4.72% \n \n \n 5.94% \n \n \n nm \n \n \n nm \n \n \n \n \n Third party customer funding rate   (1) \n \n \n (1.74%) \n \n \n (2.68%) \n \n \n (1.55%) \n \n \n nm \n \n \n nm \n \n \n \n \n Average interest earning assets (£bn)   (1) \n \n \n 230.9 \n \n \n 28.8 \n \n \n 259.4 \n \n \n na \n \n \n 547.4 \n \n \n \n \n Net interest margin   (1) \n \n \n 2.63% \n \n \n 2.63% \n \n \n 2.37% \n \n \n na \n \n \n 2.34% \n \n \n \n \n nm = not meaningful, na = not applicable. \n \n \n \n \n (1) \n \n \n Refer to the Non-IFRS financial measures appendix for details of the basis of preparation and reconciliation of non-IFRS financial measures and performance metrics. \n \n \n \n \n   \n \n \n \n Segment performance continued \n \n \n \n \n   \n \n \n Year ended 31 December 2024 \n \n \n \n \n   \n \n \n Private Banking \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Retail \n \n \n & Wealth \n \n \n Commercial   \n \n \n Central items \n \n \n Total NatWest \n \n \n \n \n \n \n \n Banking \n \n \n Management \n \n \n & Institutional \n \n \n   & other \n \n \n Group \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Continuing operations \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income statement   \n \n \n \n \n \n \n \n Net interest income \n \n \n 5,233 \n \n \n 645 \n \n \n 5,339 \n \n \n 58 \n \n \n 11,275 \n \n \n \n \n Own credit adjustments \n \n \n - \n \n \n - \n \n \n (9) \n \n \n - \n \n \n (9) \n \n \n \n \n Other non-interest income \n \n \n 417 \n \n \n 324 \n \n \n 2,627 \n \n \n 69 \n \n \n 3,437 \n \n \n \n \n Total income   \n \n \n 5,650 \n \n \n 969 \n \n \n 7,957 \n \n \n 127 \n \n \n 14,703 \n \n \n \n \n Direct expenses \n \n \n (777) \n \n \n (255) \n \n \n (1,537) \n \n \n (5,285) \n \n \n (7,854) \n \n \n \n \n Indirect expenses \n \n \n (2,050) \n \n \n (458) \n \n \n (2,581) \n \n \n 5,089 \n \n \n - \n \n \n \n \n Other operating expenses \n \n \n (2,827) \n \n \n (713) \n \n \n (4,118) \n \n \n (196) \n \n \n (7,854) \n \n \n \n \n Litigation and conduct costs \n \n \n (110) \n \n \n (3) \n \n \n (156) \n \n \n (26) \n \n \n (295) \n \n \n \n \n Operating expenses \n \n \n (2,937) \n \n \n (716) \n \n \n (4,274) \n \n \n (222) \n \n \n (8,149) \n \n \n \n \n Operating profit/(loss) before impairment losses/releases \n \n \n 2,713 \n \n \n 253 \n \n \n 3,683 \n \n \n (95) \n \n \n 6,554 \n \n \n \n \n Impairment (losses)/releases \n \n \n (282) \n \n \n 11 \n \n \n (98) \n \n \n 10 \n \n \n (359) \n \n \n \n \n Operating profit/(loss) \n \n \n 2,431 \n \n \n 264 \n \n \n 3,585 \n \n \n (85) \n \n \n 6,195 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income excluding notable items   (1) \n \n \n 5,650 \n \n \n 969 \n \n \n 7,966 \n \n \n 63 \n \n \n 14,648 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Additional information \n \n \n \n \n \n \n \n Return on Tangible Equity   (1) \n \n \n na \n \n \n na \n \n \n na \n \n \n na \n \n \n 17.5% \n \n \n \n \n Return on equity   (1) \n \n \n 19.9% \n \n \n 14.2% \n \n \n 17.2% \n \n \n nm \n \n \n na \n \n \n \n \n Cost:income ratio (excl. litigation and conduct)   (1) \n \n \n 50.0% \n \n \n 73.6% \n \n \n 51.8% \n \n \n nm \n \n \n 53.4% \n \n \n \n \n Total assets (£bn) \n \n \n 232.8 \n \n \n 28.6 \n \n \n 398.7 \n \n \n 47.9 \n \n \n 708.0 \n \n \n \n \n Funded assets (£bn)   (1) \n \n \n 232.8 \n \n \n 28.6 \n \n \n 321.6 \n \n \n 46.6 \n \n \n 629.6 \n \n \n \n \n Net loans to customers - amortised cost (£bn) \n \n \n 208.4 \n \n \n 18.2 \n \n \n 141.9 \n \n \n 31.8 \n \n \n 400.3 \n \n \n \n \n Loan impairment rate   (1) \n \n \n 13bps \n \n \n (6bps) \n \n \n 7bps \n \n \n nm \n \n \n 9bps \n \n \n \n \n Impairment provisions (£bn) \n \n \n (1.8) \n \n \n (0.1) \n \n \n (1.5) \n \n \n - \n \n \n (3.4) \n \n \n \n \n Impairment provisions - Stage 3 (£bn) \n \n \n (1.1) \n \n \n - \n \n \n (0.9) \n \n \n - \n \n \n (2.0) \n \n \n \n \n Customer deposits (£bn) \n \n \n 194.8 \n \n \n 42.4 \n \n \n 194.1 \n \n \n 2.2 \n \n \n 433.5 \n \n \n \n \n Risk-weighted assets (RWAs) (£bn) \n \n \n 65.5 \n \n \n 11.0 \n \n \n 104.7 \n \n \n 2.0 \n \n \n 183.2 \n \n \n \n \n RWA equivalent (RWAe) (£bn) \n \n \n 66.5 \n \n \n 11.0 \n \n \n 105.9 \n \n \n 2.5 \n \n \n 185.9 \n \n \n \n \n Customer assets and liabilities (CAL) (£bn)   (1) \n \n \n 404.9 \n \n \n 108.5 \n \n \n 337.5 \n \n \n na \n \n \n 850.9 \n \n \n \n \n Employee numbers (FTEs - thousands) \n \n \n 12.0 \n \n \n 2.1 \n \n \n 12.8 \n \n \n 32.3 \n \n \n 59.2 \n \n \n \n \n Third party customer asset rate   (1) \n \n \n 4.02% \n \n \n 5.05% \n \n \n 6.64% \n \n \n nm \n \n \n nm \n \n \n \n \n Third party customer funding rate   (1) \n \n \n (2.05%) \n \n \n (3.13%) \n \n \n (1.90%) \n \n \n nm \n \n \n nm \n \n \n \n \n Average interest earning assets (£bn)   (1) \n \n \n 222.0 \n \n \n 26.9 \n \n \n 246.8 \n \n \n na \n \n \n 529.3 \n \n \n \n \n Net interest margin   (1) \n \n \n 2.36% \n \n \n 2.40% \n \n \n 2.16% \n \n \n na \n \n \n 2.13% \n \n \n \n \n nm = not meaningful, na = not applicable. \n (1)     Refer to the Non-IFRS financial measures appendix for details of the basis of preparation and reconciliation of non-IFRS financial measures and performance metrics. \n \n \n   \n Segment performance continued \n \n \n \n \n   \n \n \n Quarter ended 31 December 2025 \n \n \n \n \n   \n \n \n   \n \n \n Private Banking \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Retail \n \n \n & Wealth \n \n \n Commercial   \n \n \n Central items \n \n \n Total NatWest \n \n \n \n \n \n \n \n Banking \n \n \n Management \n \n \n & Institutional \n \n \n   & other \n \n \n Group \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Continuing operations \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Income statement   \n \n \n \n \n \n \n \n Net interest income \n \n \n 1,593 \n \n \n 202 \n \n \n 1,644 \n \n \n 2 \n \n \n 3,441 \n \n \n \n \n Own credit adjustments \n \n \n - \n \n \n - \n \n \n (2) \n \n \n - \n \n \n (2) \n \n \n \n \n Other non-interest income \n \n \n 106 \n \n \n 106 \n \n \n 670 \n \n \n 3 \n \n \n 885 \n \n \n \n \n Total income   \n \n \n 1,699 \n \n \n 308 \n \n \n 2,312 \n \n \n 5 \n \n \n 4,324 \n \n \n \n \n Direct expenses \n \n \n (231) \n \n \n (67) \n \n \n (441) \n \n \n (1,472) \n \n \n (2,211) \n \n \n \n \n Indirect expenses \n \n \n (568) \n \n \n (128) \n \n \n (784) \n \n \n 1,480 \n \n \n - \n \n \n \n \n Other operating expenses \n \n \n (799) \n \n \n (195) \n \n \n (1,225) \n \n \n 8 \n \n \n (2,211) \n \n \n \n \n Litigation and conduct costs \n \n \n - \n \n \n - \n \n \n (29) \n \n \n (8) \n \n \n (37) \n \n \n \n \n Operating expenses \n \n \n (799) \n \n \n (195) \n \n \n (1,254) \n \n \n - \n \n \n (2,248) \n \n \n \n \n Operating profit before impairment losses/releases \n \n \n 900 \n \n \n 113 \n \n \n 1,058 \n \n \n 5 \n \n \n 2,076 \n \n \n \n \n Impairment (losses)/releases \n \n \n (114) \n \n \n (6) \n \n \n (19) \n \n \n 3 \n \n \n (136) \n \n \n \n \n Operating profit \n \n \n 786 \n \n \n 107 \n \n \n 1,039 \n \n \n 8 \n \n \n 1,940 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Income excluding notable items   (1) \n \n \n 1,699 \n \n \n 308 \n \n \n 2,263 \n \n \n 2 \n \n \n 4,272 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Additional information \n \n \n   \n \n \n \n \n Return on Tangible Equity   (1) \n \n \n na \n \n \n na \n \n \n na \n \n \n na \n \n \n 18.3% \n \n \n \n \n Return on equity   (1) \n \n \n 24.6% \n \n \n 23.6% \n \n \n 19.4% \n \n \n nm \n \n \n na \n \n \n \n \n Cost:income ratio (excl. litigation and conduct)   (1) \n \n \n 47.0% \n \n \n 63.3% \n \n \n 53.0% \n \n \n nm \n \n \n 51.1% \n \n \n \n \n Total assets (£bn) \n \n \n 240.3 \n \n \n 30.5 \n \n \n 391.9 \n \n \n 51.9 \n \n \n 714.6 \n \n \n \n \n Funded assets (£bn)   (1) \n \n \n 240.3 \n \n \n 30.5 \n \n \n 331.4 \n \n \n 51.6 \n \n \n 653.8 \n \n \n \n \n Net loans to customers - amortised cost (£bn) \n \n \n 216.1 \n \n \n 18.9 \n \n \n 154.2 \n \n \n 29.7 \n \n \n 418.9 \n \n \n \n \n Loan impairment rate   (1) \n \n \n 21bps \n \n \n 13bps \n \n \n 5bps \n \n \n nm \n \n \n 13bps \n \n \n \n \n Impairment provisions (£bn) \n \n \n (1.8) \n \n \n (0.1) \n \n \n (1.7) \n \n \n - \n \n \n (3.6) \n \n \n \n \n Impairment provisions - Stage 3 (£bn) \n \n \n (1.1) \n \n \n (0.1) \n \n \n (1.0) \n \n \n - \n \n \n (2.2) \n \n \n \n \n Customer deposits (£bn) \n \n \n 202.6 \n \n \n 42.7 \n \n \n 196.4 \n \n \n 1.3 \n \n \n 443.0 \n \n \n \n \n Risk-weighted assets (RWAs) (£bn) \n \n \n 68.5 \n \n \n 11.4 \n \n \n 111.9 \n \n \n 1.5 \n \n \n 193.3 \n \n \n \n \n RWA equivalent (RWAe) (£bn) \n \n \n 69.7 \n \n \n 11.4 \n \n \n 112.9 \n \n \n 1.7 \n \n \n 195.7 \n \n \n \n \n Customer assets and liabilities (CAL) (£bn)   (1) \n \n \n 420.5 \n \n \n 119.0 \n \n \n 352.2 \n \n \n na \n \n \n 891.7 \n \n \n \n \n Employee numbers (FTEs - thousands) \n \n \n 11.5 \n \n \n 2.1 \n \n \n 12.3 \n \n \n 32.8 \n \n \n 58.7 \n \n \n \n \n Third party customer asset rate   (1) \n \n \n 4.42% \n \n \n 4.66% \n \n \n 5.69% \n \n \n nm \n \n \n nm \n \n \n \n \n Third party customer funding rate   (1) \n \n \n (1.63%) \n \n \n (2.47%) \n \n \n (1.41%) \n \n \n nm \n \n \n nm \n \n \n \n \n Average interest earning assets (£bn)   (1) \n \n \n 234.1 \n \n \n 29.5 \n \n \n 266.4 \n \n \n na \n \n \n 557.2 \n \n \n \n \n Net interest margin   (1) \n \n \n 2.70% \n \n \n 2.72% \n \n \n 2.45% \n \n \n na \n \n \n 2.45% \n \n \n \n \n nm = not meaningful, na = not applicable. \n (1)     Refer to the Non-IFRS financial measures appendix for details of the basis of preparation and reconciliation of non-IFRS financial measures and performance metrics. \n   \n Segment performance continued \n \n \n \n \n   \n \n \n Quarter ended 30 September 2025 \n \n \n \n \n   \n \n \n Private Banking \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Retail \n \n \n & Wealth \n \n \n Commercial   \n \n \n Central items \n \n \n Total NatWest \n \n \n \n \n \n \n \n Banking \n \n \n Management \n \n \n & Institutional \n \n \n   & other \n \n \n Group \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Continuing operations \n \n \n \n \n \n \n \n Income statement   \n \n \n \n \n \n \n \n Net interest income \n \n \n 1,549 \n \n \n 192 \n \n \n 1,550 \n \n \n (23) \n \n \n 3,268 \n \n \n \n \n Own credit adjustments \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Other non-interest income \n \n \n 113 \n \n \n 92 \n \n \n 658 \n \n \n 201 \n \n \n 1,064 \n \n \n \n \n Total income   \n \n \n 1,662 \n \n \n 284 \n \n \n 2,208 \n \n \n 178 \n \n \n 4,332 \n \n \n \n \n Direct expenses \n \n \n (208) \n \n \n (61) \n \n \n (410) \n \n \n (1,305) \n \n \n (1,984) \n \n \n \n \n Indirect expenses \n \n \n (504) \n \n \n (111) \n \n \n (650) \n \n \n 1,265 \n \n \n - \n \n \n \n \n Other operating expenses \n \n \n (712) \n \n \n (172) \n \n \n (1,060) \n \n \n (40) \n \n \n (1,984) \n \n \n \n \n Litigation and conduct costs \n \n \n (3) \n \n \n (1) \n \n \n (55) \n \n \n 47 \n \n \n (12) \n \n \n \n \n Operating expenses \n \n \n (715) \n \n \n (173) \n \n \n (1,115) \n \n \n 7 \n \n \n (1,996) \n \n \n \n \n Operating profit before impairment losses \n \n \n 947 \n \n \n 111 \n \n \n 1,093 \n \n \n 185 \n \n \n 2,336 \n \n \n \n \n Impairment losses \n \n \n (97) \n \n \n (3) \n \n \n (52) \n \n \n (1) \n \n \n (153) \n \n \n \n \n Operating profit \n \n \n 850 \n \n \n 108 \n \n \n 1,041 \n \n \n 184 \n \n \n 2,183 \n \n \n \n \n \n \n \n \n \n \n \n \n Income excluding notable items   (1) \n \n \n 1,662 \n \n \n 284 \n \n \n 2,208 \n \n \n 12 \n \n \n 4,166 \n \n \n \n \n \n \n \n \n \n \n \n \n Additional information \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Return on Tangible Equity   (1) \n \n \n na \n \n \n na \n \n \n na \n \n \n na \n \n \n 22.3% \n \n \n \n \n Return on equity   (1) \n \n \n 26.4% \n \n \n 23.4% \n \n \n 19.7% \n \n \n nm \n \n \n na \n \n \n \n \n Cost:income ratio (excl. litigation and conduct)   (1) \n \n \n 42.8% \n \n \n 60.6% \n \n \n 48.0% \n \n \n nm \n \n \n 45.8% \n \n \n \n \n Total assets (£bn) \n \n \n 240.6 \n \n \n 29.1 \n \n \n 408.9 \n \n \n 47.0 \n \n \n 725.6 \n \n \n \n \n Funded assets (£bn)   (1) \n \n \n 240.6 \n \n \n 29.1 \n \n \n 348.2 \n \n \n 46.6 \n \n \n 664.5 \n \n \n \n \n Net loans to customers - amortised cost (£bn) \n \n \n 216.0 \n \n \n 18.8 \n \n \n 149.7 \n \n \n 30.8 \n \n \n 415.3 \n \n \n \n \n Loan impairment rate   (1) \n \n \n 18bps \n \n \n 6bps \n \n \n 14bps \n \n \n nm \n \n \n 15bps \n \n \n \n \n Impairment provisions (£bn) \n \n \n (1.9) \n \n \n (0.1) \n \n \n (1.7) \n \n \n - \n \n \n (3.7) \n \n \n \n \n Impairment provisions - Stage 3 (£bn) \n \n \n (1.2) \n \n \n - \n \n \n (1.1) \n \n \n - \n \n \n (2.3) \n \n \n \n \n Customer deposits (£bn) \n \n \n 195.8 \n \n \n 40.6 \n \n \n 198.3 \n \n \n 0.8 \n \n \n 435.5 \n \n \n \n \n Risk-weighted assets (RWAs) (£bn) \n \n \n 69.1 \n \n \n 11.4 \n \n \n 107.0 \n \n \n 1.6 \n \n \n 189.1 \n \n \n \n \n RWA equivalent (RWAe) (£bn) \n \n \n 69.9 \n \n \n 11.4 \n \n \n 108.0 \n \n \n 1.9 \n \n \n 191.2 \n \n \n \n \n Customer assets and liabilities (CAL) (£bn)   (1) \n \n \n 413.7 \n \n \n 114.3 \n \n \n 349.6 \n \n \n na \n \n \n 877.6 \n \n \n \n \n Employee numbers (FTEs - thousands) \n \n \n 11.6 \n \n \n 2.1 \n \n \n 12.6 \n \n \n 32.8 \n \n \n 59.1 \n \n \n \n \n Third party customer asset rate   (1) \n \n \n 4.40% \n \n \n 4.66% \n \n \n 5.88% \n \n \n nm \n \n \n nm \n \n \n \n \n Third party customer funding rate   (1) \n \n \n (1.69%) \n \n \n (2.61%) \n \n \n (1.49%) \n \n \n nm \n \n \n nm \n \n \n \n \n Average interest earning assets (£bn)   (1) \n \n \n 233.0 \n \n \n 28.6 \n \n \n 260.5 \n \n \n na \n \n \n 548.1 \n \n \n \n \n Net interest margin   (1) \n \n \n 2.64% \n \n \n 2.66% \n \n \n 2.36% \n \n \n na \n \n \n 2.37% \n \n \n \n \n nm = not meaningful, na = not applicable. \n (1)     Refer to the Non-IFRS financial measures appendix for details of the basis of preparation and reconciliation of non-IFRS financial measures and performance metrics. \n \n \n   \n Segment performance continued \n \n \n \n \n   \n \n \n Quarter ended 31 December 2024 \n \n \n \n \n   \n \n \n Private Banking \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Retail \n \n \n & Wealth \n \n \n Commercial   \n \n \n Central items \n \n \n Total NatWest \n \n \n \n \n \n \n \n Banking \n \n \n Management \n \n \n & Institutional \n \n \n   & other \n \n \n Group \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Continuing operations \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income statement   \n \n \n \n \n \n \n \n Net interest income \n \n \n 1,408 \n \n \n 190 \n \n \n 1,404 \n \n \n (34) \n \n \n 2,968 \n \n \n \n \n Own credit adjustments \n \n \n - \n \n \n - \n \n \n (4) \n \n \n - \n \n \n (4) \n \n \n \n \n Other non-interest income \n \n \n 93 \n \n \n 82 \n \n \n 686 \n \n \n - \n \n \n 861 \n \n \n \n \n Total income   \n \n \n 1,501 \n \n \n 272 \n \n \n 2,086 \n \n \n (34) \n \n \n 3,825 \n \n \n \n \n Direct expenses \n \n \n (191) \n \n \n (65) \n \n \n (417) \n \n \n (1,441) \n \n \n (2,114) \n \n \n \n \n Indirect expenses \n \n \n (523) \n \n \n (127) \n \n \n (717) \n \n \n 1,367 \n \n \n - \n \n \n \n \n Other operating expenses \n \n \n (714) \n \n \n (192) \n \n \n (1,134) \n \n \n (74) \n \n \n (2,114) \n \n \n \n \n Litigation and conduct costs \n \n \n (94) \n \n \n (2) \n \n \n (45) \n \n \n (12) \n \n \n (153) \n \n \n \n \n Operating expenses \n \n \n (808) \n \n \n (194) \n \n \n (1,179) \n \n \n (86) \n \n \n (2,267) \n \n \n \n \n Operating profit/(loss) before impairment losses \n \n \n 693 \n \n \n 78 \n \n \n 907 \n \n \n (120) \n \n \n 1,558 \n \n \n \n \n Impairment losses \n \n \n (16) \n \n \n (3) \n \n \n (46) \n \n \n (1) \n \n \n (66) \n \n \n \n \n Operating profit/(loss) \n \n \n 677 \n \n \n 75 \n \n \n 861 \n \n \n (121) \n \n \n 1,492 \n \n \n \n \n \n \n \n \n \n \n \n \n Income excluding notable items   (1) \n \n \n 1,501 \n \n \n 272 \n \n \n 2,090 \n \n \n 9 \n \n \n 3,872 \n \n \n \n \n \n \n \n \n \n \n \n \n Additional information \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Return on Tangible Equity   (1) \n \n \n na \n \n \n na \n \n \n na \n \n \n na \n \n \n 19.0% \n \n \n \n \n Return on equity   (1) \n \n \n 21.4% \n \n \n 16.3% \n \n \n 16.6% \n \n \n nm \n \n \n na \n \n \n \n \n Cost:income ratio (excl. litigation and conduct)   (1) \n \n \n 47.6% \n \n \n 70.6% \n \n \n 54.4% \n \n \n nm \n \n \n 55.3% \n \n \n \n \n Total assets (£bn) \n \n \n 232.8 \n \n \n 28.6 \n \n \n 398.7 \n \n \n 47.9 \n \n \n 708.0 \n \n \n \n \n Funded assets (£bn)   (1) \n \n \n 232.8 \n \n \n 28.6 \n \n \n 321.6 \n \n \n 46.6 \n \n \n 629.6 \n \n \n \n \n Net loans to customers - amortised cost (£bn) \n \n \n 208.4 \n \n \n 18.2 \n \n \n 141.9 \n \n \n 31.8 \n \n \n 400.3 \n \n \n \n \n Loan impairment rate   (1) \n \n \n 3bps \n \n \n 7bps \n \n \n 13bps \n \n \n nm \n \n \n 7bps \n \n \n \n \n Impairment provisions (£bn) \n \n \n (1.8) \n \n \n (0.1) \n \n \n (1.5) \n \n \n - \n \n \n (3.4) \n \n \n \n \n Impairment provisions - Stage 3 (£bn) \n \n \n (1.1) \n \n \n - \n \n \n (0.9) \n \n \n - \n \n \n (2.0) \n \n \n \n \n Customer deposits (£bn) \n \n \n 194.8 \n \n \n 42.4 \n \n \n 194.1 \n \n \n 2.2 \n \n \n 433.5 \n \n \n \n \n Risk-weighted assets (RWAs) (£bn) \n \n \n 65.5 \n \n \n 11.0 \n \n \n 104.7 \n \n \n 2.0 \n \n \n 183.2 \n \n \n \n \n RWA equivalent (RWAe) (£bn) \n \n \n 66.5 \n \n \n 11.0 \n \n \n 105.9 \n \n \n 2.5 \n \n \n 185.9 \n \n \n \n \n Customer assets and liabilities (CAL) (£bn)   (1) \n \n \n 404.9 \n \n \n 108.5 \n \n \n 337.5 \n \n \n na \n \n \n 850.9 \n \n \n \n \n Employee numbers (FTEs - thousands) \n \n \n 12.0 \n \n \n 2.1 \n \n \n 12.8 \n \n \n 32.3 \n \n \n 59.2 \n \n \n \n \n Third party customer asset rate   (1) \n \n \n 4.21% \n \n \n 5.22% \n \n \n 6.36% \n \n \n nm \n \n \n nm \n \n \n \n \n Third party customer funding rate   (1) \n \n \n (1.97%) \n \n \n (3.06%) \n \n \n (1.83%) \n \n \n nm \n \n \n nm \n \n \n \n \n Average interest earning assets (£bn)   (1) \n \n \n 226.3 \n \n \n 27.8 \n \n \n 252.2 \n \n \n na \n \n \n 538.8 \n \n \n \n \n Net interest margin   (1) \n \n \n 2.47% \n \n \n 2.72% \n \n \n 2.21% \n \n \n na \n \n \n 2.19% \n \n \n \n \n nm - not meaningful, na - not applicable \n (1)     Refer to the Non-IFRS financial measures appendix for details of the basis of preparation and reconciliation of non-IFRS financial measures and performance metrics. \n \n \n \n Risk and capital management \n Capital, liquidity and funding risk  \n Capital and leverage ratios \n The tables below show key prudential metrics calculated in accordance with current PRA rules. \n \n \n \n \n \n \n \n 31 December \n \n \n 30 September \n \n \n 31 December \n \n \n \n \n \n \n \n 2025 \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Capital adequacy ratios   (1) \n \n \n % \n \n \n % \n \n \n % \n \n \n \n \n CET1 \n \n \n 14.0 \n \n \n 14.2 \n \n \n 13.6 \n \n \n \n \n Tier 1 \n \n \n 16.4 \n \n \n 17.2 \n \n \n 16.5 \n \n \n \n \n Total \n \n \n 19.3 \n \n \n 20.2 \n \n \n 19.7 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Capital \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Tangible equity \n \n \n 30,736 \n \n \n 29,093 \n \n \n 26,482 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Expected loss less impairment \n \n \n (89) \n \n \n (35) \n \n \n (27) \n \n \n \n \n Prudential valuation adjustment \n \n \n (167) \n \n \n (172) \n \n \n (230) \n \n \n \n \n Deferred tax assets \n \n \n (804) \n \n \n (834) \n \n \n (1,084) \n \n \n \n \n Own credit adjustments \n \n \n 42 \n \n \n 34 \n \n \n 28 \n \n \n \n \n Pension fund assets \n \n \n (187) \n \n \n (163) \n \n \n (147) \n \n \n \n \n Cash flow hedging reserve \n \n \n 752 \n \n \n 886 \n \n \n 1,443 \n \n \n \n \n Foreseeable ordinary dividends \n \n \n (1,837) \n \n \n (1,275) \n \n \n (1,249) \n \n \n \n \n Adjustment for trust assets   (2) \n \n \n (365) \n \n \n (365) \n \n \n (365) \n \n \n \n \n Foreseeable charges   (3) \n \n \n (921) \n \n \n (446) \n \n \n - \n \n \n \n \n Adjustments under IFRS 9 transitional arrangements \n \n \n - \n \n \n - \n \n \n 33 \n \n \n \n \n Other adjustments for regulatory purposes \n \n \n (94) \n \n \n 46 \n \n \n 44 \n \n \n \n \n Total regulatory adjustments \n \n \n (3,670) \n \n \n (2,324) \n \n \n (1,554) \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n CET1 capital \n \n \n 27,066 \n \n \n 26,769 \n \n \n 24,928 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Additional AT1 capital \n \n \n 4,555 \n \n \n 5,771 \n \n \n 5,259 \n \n \n \n \n Tier 1 capital \n \n \n 31,621 \n \n \n 32,540 \n \n \n 30,187 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Tier 2 capital \n \n \n 5,754 \n \n \n 5,752 \n \n \n 5,918 \n \n \n \n \n Total regulatory capital \n \n \n 37,375 \n \n \n 38,292 \n \n \n 36,105 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Risk-weighted assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Credit risk \n \n \n 155,610 \n \n \n 151,945 \n \n \n 148,078 \n \n \n \n \n Counterparty credit risk \n \n \n 7,609 \n \n \n 7,397 \n \n \n 7,103 \n \n \n \n \n Market risk \n \n \n 4,474 \n \n \n 5,825 \n \n \n 6,219 \n \n \n \n \n Operational risk \n \n \n 25,595 \n \n \n 23,959 \n \n \n 21,821 \n \n \n \n \n Total RWAs \n \n \n 193,288 \n \n \n 189,126 \n \n \n 183,221 \n \n \n \n \n (1)     The IFRS 9 transitional capital rules in respect of ECL provisions ceased to apply as of 1 January 2025. (The impact of the IFRS 9 transitional adjustments at 31 December 2024 was £33 million for CET1 capital, £33 million for total capital and £3 million RWAs. Excluding this adjustment at 31 December 2024, the CET1 ratio was 13.6%, Tier 1 capital ratio was 16.5% and the Total capital ratio was 19.7%). \n (2)     Prudent deduction in respect of agreement with the pension fund. \n (3)     For December 2025, the foreseeable charge relates to share buybacks (£750 million relating to FY 2025, £171 million relating to H1 2025). \n \n   \n Risk and capital management continued \n Capital, liquidity and funding risk continued \n \n \n \n Capital and leverage ratios continued \n \n \n \n \n   \n \n \n 31 December \n \n \n 30 September \n \n \n 31 December \n \n \n \n \n   \n \n \n 2025 \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Leverage \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n Cash and balances at central banks \n \n \n 85,182 \n \n \n 84,686 \n \n \n 92,994 \n \n \n \n \n Trading assets \n \n \n 46,537 \n \n \n 56,856 \n \n \n 48,917 \n \n \n \n \n Derivatives \n \n \n 60,789 \n \n \n 61,119 \n \n \n 78,406 \n \n \n \n \n Financial assets \n \n \n 505,609 \n \n \n 494,874 \n \n \n 469,599 \n \n \n \n \n Other assets \n \n \n 16,436 \n \n \n 28,100 \n \n \n 18,0...

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