EarningsQ2 2026 Earnings Report
DE:RYS Q2 2026 EPS Results
Actual EPS€0.48
Consensus EPS€0.41
Beat/MissBeat by +€0.07
One Year Ago EPS€0.37
DE:RYS Q2 2026 Revenue Results
Actual Revenue€9.36B
Expected Revenue€5.26B
Beat/MissBeat by +€4.11B
YoY Revenue Growth+5.51%
Earnings Announcement Details
QuarterQ2 2026
Date07/31/2026
TimeBefore Open
Conference CallFriday, July 31, 2026
DE:RYS Upcoming Earnings
NatWest Group's next earnings date is estimated for October 30, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:RYS Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a strongly positive operating and financial performance: robust income and customer growth, improving operating leverage, industry-leading returns, strong capital generation and healthy liquidity. Headwinds are manageable — primarily forthcoming regulatory changes (Basel 3.1 RWA uplift), remaining 2026 issuance/refinancing needs, near-term repayments under TFSME and continued macroeconomic uncertainty — but management has clear plans and headroom to address them. Overall, highlights substantially outweigh the lowlights.Company Guidance
Industry-leading returns
Return on tangible equity was 19.7% for the half, reached 21% in the quarter, and management upgraded 2026 returns guidance to >19% (and now targets >19% ROTCE for the year).
Strong customer assets & liabilities (CAL) growth
CAL grew 13.4% (including Evelyn Partners) and increased by GBP 86.8bn in the quarter (9.6% quarter-on-quarter) to GBP 986.9bn; AUM/A closed at GBP 130.6bn including GBP 71.7bn from Evelyn Partners.
Income growth and improved operating leverage
Income excluding notable items rose 8.9% year-to-date and 5.4% quarter-on-quarter to GBP 4.4bn; non-interest income increased 15% (GBP 124m). Income growth materially outpaced cost growth (income +8.9% vs costs +4.5% YTD).
Cost-to-income reduction
Cost-to-income ratio improved 2.8 percentage points to 46% for the half and improved 1 ppt quarter-on-quarter to 45.5% in Q2, moving close to the 2028 target (<45%). Other operating expenses are guided to ~GBP 8.5bn for 2026.
Strong profit and credit metrics
Operating profit grew 12.4% to GBP 2.3bn in Q2; profit attributable to ordinary shareholders was GBP 1.6bn in the quarter. Impairment charge was GBP 140m (13 basis points of loans); management expects loan impairment rate <25 bps for 2026.
High capital generation and robust capital ratios
CET1 generation of 197 bps in H1 (14.0% before distributions), reported CET1 13.2% after accruing 50% of profit for ordinary dividends; management now expects >240 bps of capital generation for 2026 before distributions and Evelyn impact. Total capital ratio 18.9%.
Strong liquidity and funding franchise
Average LCR 140%, NSFR 132%, primary liquidity GBP 152bn and total liquidity GBP 224.6bn. Loan-to-deposit ratio was 90% and customer deposits ~GBP 448bn across businesses; MREL at 30.6% (well above requirements).
Active and successful issuance programme
Benchmark issuance continued with GBP 2.7bn equivalent from NatWest Group (holdco senior, AT1, Tier 2) and GBP 3.7bn equivalent from NatWest Markets; returned to covered bond market with GBP 1bn issuance in June.
Strategic acquisition completed (Evelyn Partners)
Acquisition of Evelyn Partners completed, adding GBP ~71.7bn of AUM/A, accelerating wealth exposure and contributing materially to CAL and guidance adjustments.
Shareholder returns commitment
Management reiterated a ~50% dividend payout ratio and plans to announce the next buyback with full year results in February (surplus capital to be returned via buybacks).
DE:RYS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed