NatWest Group plc (NWG) Earnings Call Transcripts
NatWest Group plc's Latest Earnings Call - June 4, 2026
In the Q1 2026 earnings call for NatWest Group plc, the bank reported a revenue of GBP 17.6 billion, up from GBP 17.2 billion, reflecting strong performance driven by higher interest rates and robust customer lending. Earnings guidance was upgraded, indicating confidence in continued growth, particularly in mortgages and asset management. Management highlighted a strong mortgage book and customer resilience amid a challenging macroeconomic environment, suggesting a positive outlook for the remainder of the fiscal year.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | GBP 17.6 billion (beat) |
| Earnings Guidance | GBP 17.6 billion (beat) |
| Mortgage Growth | 4% YoY (beat) |
| Deposits Growth | 3.5% YoY (beat) |
| Assets Under Management (AUM) | 10% YoY (beat) |
| Cost Base | GBP 8.2 billion (inline) |
Guidance from management
Management upgraded their income guidance to GBP 17.6 billion for the year, reflecting confidence in net interest income and growth in customer lending. They expect to maintain a cost base of GBP 8.2 billion and a CET1 ratio around 13%.
What analysts pressed on
Analysts expressed concerns about the impact of rising interest rates on customer borrowing behavior and the potential for increased competition in the commercial sector. There were also questions regarding the sustainability of noninterest income growth amidst market volatility.
Main topics on the call
- Mortgage Growth and Customer Behavior — NatWest reported a strong mortgage book with over 60% of customers already paying over 4%. Management noted, "we saw a pull forward because people... want to kind of make sure I lock in my mortgage rate today," indicatin...
- Commercial and Institutional Growth — The bank continues to grow above nominal GDP, with management stating, "we have consistently grown above nominal GDP... and for me, it's about pulling on all of those different levers that we have." This indicates a soli...
- Noninterest Income Outlook — Management expressed confidence in noninterest income growth, stating, "we're kind of comfortable with that," and highlighted the expected boost from the Evelyn acquisition, which will add 20% to fee income. This indicat...
- Cost Management and Efficiency — NatWest is targeting a cost base of GBP 8.2 billion for the year, with a commitment to reducing costs while investing in technology. CFO Katie Murray noted, "my cost base has actually gone down by 4.5%... compared to a 4...
Read the full NatWest Group plc transcript (June 4, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About NatWest Group plc
NatWest Group plc (NWG) is a publicly listed company in the Banks industry, within the Financials sector. It trades on LSE and is based in GB. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 99 calls on record spanning February 6, 2020 to July 31, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 99 NatWest Group plc earnings call transcripts on record, spanning February 6, 2020 to July 31, 2026. Based on this history, NatWest Group plc reports quarterly. The most recent call on file is dated July 31, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- NWG
- Exchange
- LSE
- Country
- GB
- Sector
- Financials
- Industry
- Banks
- Calls on record
- 99
- First call
- February 6, 2020
- Most recent
- July 31, 2026
- Reporting cadence
- quarterly