NatWest Group (NWGN) Q3 2026 Earnings Report
MX:NWGN Q3 2026 EPS Results
- Actual EPS
- MXN 4.81
- Consensus EPS
- MXN 4.83
- Beat/Miss
- Missed by -MXN 0.03
- One Year Ago EPS
- MXN 4.98
MX:NWGN Q3 2026 Revenue Results
- Actual Revenue
- MXN 205.19B
- Expected Revenue
- MXN 117.08B
- Beat/Miss
- Beat by +MXN 88.12B
- YoY Revenue Growth
- +5.47%
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
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. NatWest reported broad-based balance-sheet growth, improving operating leverage, strong earnings and returns, resilient credit performance, high capital generation, and a robust capital and liquidity position. The main challenges were broadly stable margins, higher quarterly impairments, deposit growth lagging lending growth, mortgage-margin pressure, and a planned Q4 cost step-up, but management maintained its guidance and expressed confidence in continued growth and returns.
2026 guidance remains unchanged, with one enhancement: full-year income, excluding notable items, of around GBP 17.9 billion; other operating expenses of around GBP 8.5 billion, including around GBP 300 million of costs from the Evelyn Partners acquisition; impairment below 25 basis points, with 20-30 basis points through the cycle; capital generation before distributions and the impact of Evelyn Partners of more than 240 basis points in 2026; a CET1 ratio of around 13%; and risk-weighted assets of around GBP 210 billion as at January 1, 2027. The group expects customer balance growth in line with greater than 4% CAL growth, NIM to be flatter in H2 and broadly stable through 2027, Bank of England bank rates to remain at 4% throughout 2027, the five-year swap rate to moderate to a 4% average for 2027, structural hedge income to be more than GBP 1 billion higher in 2027 versus 2026 and contribute over GBP 7 billion into the income line, and the mortgage book margin to settle around 60 basis points for the year.
- Strong Customer Balance GrowthCustomer assets and liabilities grew 14.2% in Q3, well above the target of more than 4%, while customer lending increased 7.7% and deposits grew 4.3%. Management said growth was disciplined and broad-based across all three businesses.
- Broad-Based Corporate and Institutional Lending GrowthCommercial & Institutional lending grew 4%, or GBP 6.6 billion in the quarter, supported by infrastructure, renewables, digitization, decarbonization, housing, technology, commercial real estate, manufacturing, and social housing. Corporate and Institutional balances were up GBP 12 billion year-to-date, while commercial mid-market balances increased by nearly GBP 5 billion.
- Continued Mortgage Growth and Market-Share GainsMortgage balances increased GBP 8.3 billion, or 4%, during the first nine months, including GBP 1.1 billion of growth in Q3. Mortgage stock share increased from 12.5% to 12.7% over the first nine months, and management reported a ninth consecutive quarter of net mortgage growth.
- Expansion of Wealth Management AssetsAssets under management and administration more than doubled to GBP 132 billion following the acquisition of Evelyn Partners. Q3 AUMA increased GBP 1.8 billion to GBP 132.4 billion, including GBP 1 billion of net AUM inflows, GBP 0.4 billion of administration net flows, and GBP 0.4 billion of positive market performance. Integration of Evelyn Partners was reported to be on track.
- Improved Operating LeverageIncome growth of 9.3% exceeded cost growth of 4.8%, reducing the cost-income ratio by 2.1 percentage points to 45.7%. In Q3, income excluding notable items rose 3.1% to GBP 4.6 billion, while total operating costs increased 2.8% to GBP 2.1 billion and the quarterly cost-income ratio improved to 45.1%.
- Strong Earnings and ReturnsQ3 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%. For the period highlighted by management, earnings per share reached 57.4 pence, up 13.2%, return on tangible equity was 20.2%, and TNAV per share increased 9.4% excluding Evelyn Partners.
- High Capital Generation and Strong Capital PositionThe group generated 208 basis points of capital in the quarter and ended Q3 with a CET1 ratio of 13.5% after accruing 50% of attributable profit toward the final ordinary dividend. Before distributions, the CET1 ratio was 14.7%; strong earnings generated 288 basis points, including a 47-basis-point benefit from RWA management. Management continues to expect capital generation before distributions and the impact of Evelyn Partners of more than 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 of the requirement will decline by 43 basis points, reducing the supervisory minimum from 11.6% to 11.1%. Management said total capital and CET1 ratios remain comfortably above minimum requirements.
- Cost Savings Funding Continued InvestmentThe group delivered GBP 420 million of gross year-on-year cost savings during the first nine months. Management said these savings provided capacity to continue investing in the business, while the full-year other operating expense outlook remained around GBP 8.5 billion.
- Positive Non-Interest Income MomentumNon-interest income grew 7.9%, or GBP 75 million, supported by the inclusion of Evelyn Partners and a gain on the sale of the Mentor SME consultancy business. The Mentor gain was described as being in the tens of millions.
- Maintained Full-Year Income GuidanceManagement maintained its expectation for 2026 income excluding notable items of around GBP 17.9 billion, representing an increase of more than 9% year-on-year.
- Structural Hedge Supports Future IncomeManagement expects income from the structural hedge to be more than GBP 1 billion higher in 2027 versus 2026 and said the hedge will contribute over GBP 7 billion to the income line. The group reported that three quarters of the hedge was already locked in and that higher reinvestment yields in 2026 supported confidence in the outlook.
- Resilient Asset QualityManagement said customers continue to demonstrate resilience and that credit performance remains strong across the diversified prime loan book, with no significant areas of stress identified across the three businesses. The nine-month impairment charge was 21 basis points, in line with full-year guidance of below 25 basis points, and the through-cycle guidance remains 20-30 basis points.
- Strong Liquidity and Funding FlexibilityThe group reported a liquidity coverage ratio of 137%, remained comfortably above the 100% minimum requirement, and said it had a broad range of deposit and wholesale funding options. Management also reported only about GBP 2 billion of covered-bond issuance during the year, leaving capacity to support future loan growth.
- Savings and Deposit-Growth InitiativesRetail deposits grew GBP 3.1 billion in Q3, supported by new savings products and channels. Management said ISA savings were growing at twice the normal savings rate and represented about 25% of retail savings deposits, while current accounts continued to show modest sequential growth.
- Confidence in Continued Lending GrowthManagement expressed confidence in continued lending growth, citing strong corporate pipelines, structural demand in infrastructure and decarbonization-related sectors, and the ability to take mortgage market share while maintaining appropriate returns. Average interest-earning assets are expected to grow more closely in line with loan growth going forward.
MX:NWGN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 12, 2027 | 2026 (Q4) | 4.48- | 4.38 | ― | ― |
| Oct 30, 2026 | 2026 (Q3) | 4.834.81 | 4.98 | -3.54% (-0.18) | |
| Jul 31, 2026 | 2026 (Q2) | 4.335.06 | 3.85 | 31.37% (+1.21) | |
| May 01, 2026 | 2026 (Q1) | 4.104.48 | 3.9 | 14.84% (+0.58) | |
| Feb 13, 2026 | 2025 (Q4) | 3.454.38 | 3.83 | 14.47% (+0.55) | |
| Oct 24, 2025 | 2025 (Q3) | 3.904.98 | 3.55 | 40.43% (+1.43) | |
| Jul 24, 2025 | 2025 (Q2) | 3.373.85 | 3.45 | 11.68% (+0.40) | |
| May 02, 2025 | 2025 (Q1) | 3.303.90 | 2.62 | 49.04% (+1.28) | |
| Feb 14, 2025 | 2024 (Q4) | 2.673.83 | 3.5 | 9.35% (+0.33) | |
| Oct 25, 2024 | 2024 (Q3) | 2.973.55 | 2.47 | 43.88% (+1.08) |
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.