Logo

NWG

NatWest Group plc

NWG

NatWest Group plc • NYSE
$16.73 ▲ 2.14% (+0.35)
Market Cap $33.84 B
52w High $16.82
52w Low $9.16
Dividend Yield 0.25%
P/E 9.84
Volume 2.59M
Outstanding Shares 2.02B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.546B ▲ $2.149B ▼ $1.68B ▲ 22.263% ▲ $0.8 ▲ $2.481B ▲
Q2-2025 $7.255B ▼ $2.218B ▲ $1.332B ▼ 18.36% ▼ $0.62 $2.064B ▼
Q1-2025 $7.269B ▲ $2.168B ▼ $1.342B ▲ 18.462% ▲ $0.62 ▲ $2.078B ▲
Q4-2024 $7.26B ▲ $2.283B ▲ $1.329B ▲ 18.306% ▼ $0.3 ▲ $1.796B ▼
Q3-2024 $3.499B $2.07B $1.245B 35.582% $0.28 $1.92B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $84.686B ▼ $725.635B ▼ $683.254B ▼ $42.362B ▲
Q2-2025 $90.706B ▼ $730.778B ▲ $688.802B ▲ $41.958B ▲
Q1-2025 $99.045B ▲ $710.032B ▲ $668.425B ▼ $41.591B ▲
Q4-2024 $93.053B ▼ $707.985B ▼ $668.607B ▼ $39.35B ▲
Q3-2024 $105.629B $711.897B $673.358B $38.498B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $1.332B ▼ $0 $0 $0 $0 $0
Q1-2025 $1.342B ▲ $0 $0 $0 $0 $0
Q4-2024 $1.329B ▲ $0 $0 $0 $0 $0
Q3-2024 $1.245B ▼ $0 $0 $0 $0 $0
Q2-2024 $1.25B $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement NatWest’s income statement shows a clear turnaround story. Over the last five years, revenue has grown strongly from a low base, and profits have moved from loss to solid, repeatable earnings. Profitability has improved step by step: each year since 2020, net income and earnings per share have generally moved higher. That suggests the bank has benefited from higher interest rates, better pricing on loans, and tighter control of costs. In the most recent year, revenue jumped again but operating profit did not rise as quickly, which hints at higher costs, credit charges, or other one‑off items. Even so, bottom‑line profit edged up, pointing to a business that is now firmly profitable, though still exposed to the usual banking cycle of credit losses and interest‑rate swings.

Balance Sheet

Balance Sheet The balance sheet is large and broadly stable. Total assets have drifted slightly lower from their post‑pandemic peak, suggesting some balance‑sheet cleanup and perhaps a more disciplined approach to lending and trading activities. Cash and liquid assets have come down from very elevated levels, which likely reflects a shift away from holding excess liquidity toward more normal deployment into loans and securities. At the same time, debt has risen compared with a few years ago, but remains small relative to total assets for a bank of this size. Equity has slipped a bit versus five years ago and then ticked back up, which is consistent with a bank that has been returning capital through dividends and buybacks while still generating profits. Overall, the balance sheet looks more optimized than in the past, but also somewhat leaner, leaving execution and credit quality as important watchpoints.

Cash Flow

Cash Flow Cash flow is highly volatile, which is typical for a bank. Operating cash swung from large inflows to sizeable outflows and then back to a modest inflow most recently. These swings usually reflect movements in customer deposits, loans, and trading portfolios rather than underlying profitability issues. Free cash flow follows the same pattern but remains positive in the latest year after a period of heavy outflows. Importantly, spending on property, technology, and other capital investment is modest and steady, which fits a bank that is becoming more digital and less reliant on physical branches. Overall, the cash‑flow picture says more about balance‑sheet reshaping and interest‑rate dynamics than about the health of the core franchise, which appears well supported by earnings.

Competitive Edge

Competitive Edge NatWest is one of the major banking groups in the UK, with well‑known brands and millions of customers. This scale gives it a large, relatively low‑cost base of deposits, a key advantage in banking because it reduces funding costs and supports lending margins. Independent research now views NatWest as having a modest but real economic moat, largely due to its strong deposit franchise and trusted brand names like NatWest, RBS, and Coutts. Its nationwide presence and long operating history create switching frictions for customers and raise the bar for digital challengers. On the other hand, the group still faces intense competition from UK incumbents and nimble fintechs, as well as regulatory and political scrutiny. Its competitive edge will depend on maintaining customer trust, keeping funding costs low, and continuing to modernize faster than peers.

Innovation and R&D

Innovation and R&D NatWest is pushing hard on digital, data, and sustainability, which are becoming the main battlegrounds in banking. On the technology side, it has rolled out AI tools at scale. The Cora chatbot already handles a large share of customer queries, and partnerships with Amazon Web Services, Accenture, and OpenAI are aimed at building an advanced data and AI platform. The goal is more personalized services, better fraud detection, and lower operating costs. The bank is also experimenting with fintech collaboration through programs that work with early‑stage payments startups, effectively using the ecosystem as an external R&D lab. Products like Mettle (for small businesses), Tyl (for payments), and Carbon Planner (for tracking emissions and savings) show how NatWest is using digital tools to defend share in SMEs and to lead in green finance. In sustainability, the group is positioning itself at the front of the UK market with green loans, sustainability‑linked products, and a sizeable overall commitment to climate and sustainable finance. This not only supports its reputation but could become a meaningful growth area if demand for ESG products continues to rise.

Summary

NatWest today looks like a reshaped UK banking group that has moved from restructuring and losses to more stable profitability. Earnings have improved steadily, the balance sheet is large but more streamlined, and capital is being returned while still supporting growth. Its core strengths are a broad, low‑cost deposit base, trusted brands, and deep relationships with retail customers and SMEs. These are being reinforced with a serious digital and AI push, plus a clear tilt toward sustainable finance, which together help build a more defensible position against both big‑bank peers and fintech challengers. Key uncertainties remain typical for a bank: credit quality in a weaker economy, the impact of changing interest rates on margins, regulatory developments, and the execution risk around ambitious technology and ESG plans. Overall, NatWest appears to be transitioning from recovery mode to a more offensive, innovation‑driven phase, with future outcomes heavily tied to how well it can deliver on its digital and green strategies while keeping risks under control.