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Sep 30
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NatWest Q3 2025 Earnings Report
NatWest reported strong third-quarter results with rising net income, stable deposits, and expanding margins.
Key Takeaways
NatWest Group delivered a robust Q3 2025 performance, driven by higher net interest income, efficient cost control, and continued balance sheet strength. The group saw broad-based income growth across all business segments and improved profitability metrics.
Net income rose to £1.6 billion driven by lending growth and strong income performance.
Return on tangible equity (RoTE) increased to 22.3%, reflecting higher earnings and capital efficiency.
Deposits remained stable while loans to customers increased by £4.4 billion during the quarter.
Cost:income ratio improved due to simplification efforts and headcount reduction.
NatWest
NatWest
NatWest Revenue by Segment
NatWest Revenue by Geographic Location
Revenue by Segment
Retail Banking Revenue
CapyFin.comPrivate Banking & Wealth Revenue
CapyFin.comCommercial & Institutional Revenue
CapyFin.comCentral Items & Other Revenue
CapyFin.comRevenue by Geographic Location
United Kingdom Revenue
CapyFin.comOther Europe Revenue
CapyFin.comRest of World Revenue
CapyFin.com Forward Guidance
NatWest upgraded its 2025 income and RoTE guidance, with continued focus on capital generation, simplification, and strategic investments.
Positive Outlook
- Income excluding notable items forecast at ~£16.3B for FY 2025.
- RoTE expected to exceed 18.0% for FY 2025.
- Continued balance sheet growth, especially in Retail and C&I lending.
- Strong liquidity and capital metrics support future investment.
- Headcount reduction and digital initiatives to improve efficiency further.
Challenges Ahead
- Deposit growth remains flat, with outflows in some retail segments.
- Impairment provisions remain elevated in unsecured lending.
- CET1 ratio impacted by foreseeable dividend distributions.
- Market risk and FX volatility could affect central items segment.
- Macroeconomic uncertainty and regulatory changes still pose headwinds.