NatWest Group (RYS) Q3 2026 Earnings Report
DE:RYS Q3 2026 EPS Results
- Actual EPS
- EUR 0.46
- Consensus EPS
- EUR 0.46
- Beat/Miss
- Beat by +EUR 0.00
- One Year Ago EPS
- EUR 0.47
DE:RYS Q3 2026 Revenue Results
- Actual Revenue
- EUR 9.81B
- Expected Revenue
- EUR 5.53B
- Beat/Miss
- Beat by +EUR 4.28B
- YoY Revenue Growth
- +5.11%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/30/2026
- Time
- Before Open
- Conference Call
- Friday, October 30, 2026
NatWest Group's next earnings date is estimated for February 12, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Management reported broad-based balance-sheet growth, rising income and earnings, improving operating leverage, high returns, strong capital generation, resilient credit performance, and maintained guidance. The main challenges were stable rather than expanding net interest margin, mortgage repricing, competitive deposit and funding dynamics, higher fourth-quarter costs, and regulatory and interest-rate uncertainties.
2026 guidance remains unchanged, with full-year income, excluding notable items, of around GBP 17.9 billion, other operating expenses of around GBP 8.5 billion, an impairment rate of below 25 basis points, and capital generation before distributions and the impact of Evelyn Partners of more than 240 basis points in 2026; the group expects risk-weighted assets of around GBP 210 billion as at January 1, 2027, will continue to operate with a CET1 ratio of around 13%, and expects customer balance growth in line with greater than 4% CAL growth. For 2027, income from the structural hedge is expected to be more than GBP 1 billion higher versus 2026 and contribute over GBP 7 billion into the income line, margin is expected to be broadly stable, bank rate is expected to remain at 4% throughout 2027, and the five-year swap rate is expected to moderate to a 4% average for 2027; mortgage book margin is expected to settle around 60 basis points for the year, and impairment guidance remains 20-30 basis points on impairment through the cycle.
- Broad-Based Customer Balance GrowthCustomer assets and liabilities grew 14.2%, well above the target of more than 4%, marking the eighth consecutive year in which the group expects to deliver growth above 4%. Customer lending grew 7.7%, supported by disciplined, broad-based growth across all three businesses.
- Strong Commercial and Institutional LendingCommercial and Institutional balances grew 4%, or GBP 6.6 billion, in the quarter. Growth was supported by infrastructure, renewables, digitization, decarbonization, commercial real estate, manufacturing, and social housing. Year to date, mid-market lending was nearly GBP 5 billion higher and large CIB lending was GBP 12 billion higher.
- Mortgage Growth and Market Share GainsMortgage balances increased GBP 1.1 billion, or 0.5%, in the third quarter and GBP 8.3 billion, or 3.9%, in the first nine months. Mortgage stock share rose from 12.5% at the start of the year to 12.7%, and the group delivered its ninth consecutive quarter of net mortgage growth.
- Deposit Growth and Savings MomentumCustomer deposits increased GBP 5.8 billion in the quarter, with balanced growth across personal and corporate customers. Retail deposits grew GBP 3.1 billion, supported by new savings products and channels, while Commercial and Institutional deposits increased GBP 3 billion. Retail ISA deposits grew at twice the normal savings rate and represented about 25% of retail savings deposits.
- Rapid Expansion in Wealth ManagementAssets under management and administration more than doubled to GBP 132 billion, supported by the acquisition of Evelyn Partners. Third-quarter AUMA increased GBP 1.8 billion to GBP 132.4 billion, including GBP 1 billion of net AUM inflows, GBP 0.4 billion of net administration inflows, and GBP 0.4 billion of positive market performance. Integration of Evelyn Partners is on track.
- Income Growth and Operating LeverageIncome increased 9.3%, ahead of 4.8% cost growth, while third-quarter income excluding notable items rose 3.1% to GBP 4.6 billion. Total operating costs increased 2.8% to GBP 2.1 billion, and the cost-income ratio improved to 45.1% in the quarter and 45.7% for the period, down 2.1 percentage points.
- Strong ProfitabilityThird-quarter operating profit was GBP 2.2 billion, profit attributable to ordinary shareholders was GBP 1.5 billion, and return on tangible equity was 21.6%. Reported return on tangible equity remained industry-leading at 20.2%, while earnings per share increased 13.2% to 57.4 pence.
- Cost Savings Supporting Continued InvestmentThe group delivered GBP 420 million of gross cost savings year over year, creating capacity to continue investing in the business. Management said it remains confident in efficiency and productivity opportunities and in progressing toward its 2028 cost targets.
- Strong Capital Generation and Balance SheetThe group generated high levels of capital, including 208 basis points highlighted by Paul Thwaite and 288 basis points generated through strong earnings in the capital bridge, with 47 basis points boosted by risk-weighted asset management. The reported CET1 ratio was 13.5% after accruing 50% of attributable profit toward the final ordinary dividend, and capital generation before distributions and the impact of Evelyn Partners is expected to exceed 240 basis points in 2026.
- Lower Capital RequirementPillar 2A requirements will be reduced by 76 basis points from January 1, including Basel 3.1 offsets. The CET1 component is being reduced by 43 basis points, taking the supervisory minimum from 11.6% to 11.1%. Management said total capital and CET1 ratios remain strong and comfortably above minimum requirements.
- Low Credit Impairment Rate and Resilient CustomersCustomers were described as resilient, with no significant areas of stress across the diversified prime loan book. The third-quarter impairment charge was GBP 277 million, or 24 basis points of loans on an annualized basis, while the nine-month charge was 21 basis points, in line with full-year guidance of below 25 basis points and within the 20-30 basis points through-the-cycle range.
- Positive 2027 Structural Hedge and Growth OutlookManagement expects structural hedge income to be more than GBP 1 billion higher in 2027 versus 2026, contributing over GBP 7 billion to the income line. Management also expressed confidence in continued customer balance growth above 4%, broadly stable margin through 2027, and average interest-earning asset growth moving more in line with loan growth.
- Liquidity and Funding FlexibilityThe group reported an LCR of 137%, remained comfortably above the 100% minimum requirement, and said it has a broad range of funding options. It had issued about GBP 2 billion of covered bonds during the year and stated that it has significant capacity to access secured wholesale funding markets to support future loan growth.
- 2026 Guidance MaintainedThe group maintained its 2026 guidance, including income excluding notable items of around GBP 17.9 billion, other operating expenses of around GBP 8.5 billion, and a CET1 ratio of around 13%. It expects risk-weighted assets of around GBP 210 billion as of January 1, 2027, and plans to announce its next buyback with full-year results in February.
DE:RYS Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 12, 2027 | 2026 (Q4) | 0.41- | 0.42 | ― | ― |
| Oct 30, 2026 | 2026 (Q3) | 0.460.46 | 0.47 | -2.85% (-0.01) | |
| Jul 31, 2026 | 2026 (Q2) | 0.410.48 | 0.37 | 31.63% (+0.12) | |
| May 01, 2026 | 2026 (Q1) | 0.390.43 | 0.37 | 16.59% (+0.06) | |
| Feb 13, 2026 | 2025 (Q4) | 0.330.42 | 0.34 | 23.44% (+0.08) | |
| Oct 24, 2025 | 2025 (Q3) | 0.370.47 | 0.33 | 43.99% (+0.14) | |
| Jul 25, 2025 | 2025 (Q2) | 0.330.37 | 0.32 | 16.76% (+0.05) | |
| May 02, 2025 | 2025 (Q1) | 0.310.37 | 0.23 | 60.62% (+0.14) | |
| Feb 14, 2025 | 2024 (Q4) | 0.230.34 | 0.31 | 9.71% (+0.03) | |
| Oct 25, 2024 | 2024 (Q3) | 0.270.33 | 0.21 | 53.78% (+0.11) |
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.
