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Mar 31, 2025
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NatWest Q1 2025 Earnings Report
NatWest delivered strong results with solid revenue growth, higher EPS, and robust net income supported by deposit margin expansion and stable credit performance.
Key Takeaways
NatWest Group posted a strong Q1 2025 with increased revenue and EPS. Operating income rose due to higher deposit margins and trading activity, while net income held steady despite an increased impairment charge. Liquidity and capital ratios remained robust.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
NatWest expects to meet or exceed the upper range of its income and return targets for 2025, maintaining capital discipline and strong liquidity.
Positive Outlook
- Return on tangible equity expected at upper end of 15-16% range.
- Income excluding notable items expected at upper end of £15.2-15.7B.
- Operating costs expected around £8.1B including integration costs.
- Loan impairment rate to remain below 20 basis points.
- Continued focus on capital returns and potential buybacks.
Challenges Ahead
- Ongoing global economic uncertainty may impact forecasts.
- Geopolitical risks require sustained credit vigilance.
- Stage 3 defaults increased in some customer segments.
- Private Banking deposits impacted by seasonal tax outflows.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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