EarningsQ2 2026 Earnings Report
MX:NWGN Q2 2026 EPS Results
Actual EPS$4.83
Consensus EPS$4.13
Beat/MissBeat by +$0.70
One Year Ago EPS$3.68
MX:NWGN Q2 2026 Revenue Results
Actual Revenue$188.03B
Expected Revenue$105.63B
Beat/MissBeat by +$82.40B
YoY Revenue Growth+4.94%
Earnings Announcement Details
QuarterQ2 2026
Date07/31/2026
TimeBefore Open
Conference CallFriday, July 31, 2026
MX:NWGN Upcoming Earnings
NatWest Group's next earnings date is estimated for October 30, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive operating performance: robust profitability and ROtE, broad-based CAL and loan growth, improved efficiency and solid capital and liquidity metrics. Management upgraded guidance for 2026 and highlighted successful strategic execution including the Evelyn Partners acquisition and return to covered bonds. Near-term negatives are manageable: provisioning for uncertainty, a projected Basel 3.1 RWA uplift (EUR ~10bn) as a future headwind, some reduction in primary liquidity tied to lending and the acquisition, and the need to complete remaining H2 issuance. Overall, highlights significantly outweigh the lowlights.Company Guidance
Strong profitability and ROTE
Return on tangible equity was industry-leading at 19.7% for the period with quarterly ROtE of 21%; profit attributable to ordinary shareholders was GBP 1.6bn and operating profit grew 12.4% to GBP 2.3bn.
Income growth and improved operating leverage
Income excluding notable items rose 8.9% year-on-year overall and was up 5.4% in Q2 to GBP 4.4bn; non-interest income increased 15% (GBP 124m). Income growth materially outpaced cost growth (income +8.9% vs costs +4.5%), driving operating leverage.
Cost efficiency progress
Cost-to-income ratio improved by 2.8 percentage points to 46% for H1 and improved 1.0ppt in Q2 to 45.5%, moving close to the 2028 target of below 45%.
Strong customer assets & lending growth (CAL)
Customer assets and liabilities (CAL) increased 13.4% (including Evelyn Partners) and rose GBP 86.8bn (9.6%) in the quarter to GBP 986.9bn; gross loans to customers increased GBP 9.7bn in the quarter with commercial & institutional lending up GBP 5.7bn (3.6%) and retail/private/wealth lending up GBP 4.0bn (1.7%). Mortgage stock share increased to 12.7% with record applications.
Wealth expansion via Evelyn Partners and AUM growth
Assets under management and administration closed the quarter at GBP 130.6bn, including an addition of GBP 71.7bn from the completed Evelyn Partners acquisition, materially expanding the Group's wealth franchise.
Robust capital and upgraded guidance
CET1 ratio was 13.2% after the Evelyn Partners acquisition (14.0% before distributions); the Group reported strong capital generation (197bps of CET1 generation cited) and upgraded 2026 guidance: income (ex-notable) ~GBP 17.9bn, other operating expenses ~GBP 8.5bn, capital generation before distributions (and excluding Evelyn impact) >240bps, and ROtE >19%.
Strong liquidity, funding diversity and positive market access
Average LCR was 140%, NSFR 132%, primary liquidity GBP 152bn and total liquidity GBP 224.6bn; loan-to-deposit ratio was 90%; total MREL 30.6%; active issuance in H1 (GBP 2.7bn equivalent from NatWest Group, GBP 3.7bn from NatWest Markets) and successful return to covered bonds (GBP 1bn). Fitch upgraded several rated subsidiaries.
MX:NWGN 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