NatWest Group plc · NWG · FY2026 Q2 · Calendar Q3 2026

NatWest raises return outlook as H1 profitability and capital strengthen

The current analysis supports a constructive but qualified view: strong profitability, customer balance-sheet growth, capital generation and the Evelyn Partners acquisition improve NatWest's earnings and wealth-management trajectory. The main counterweights are regulatory changes, funding execution and the possibility of slower demand or higher impairments.

Reported Before market openNYSEFinancial Services $30.58B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.54 Consensus $0.45
EPS surprise +20.0% Reported versus consensus
Reported revenue $6.06B Consensus $5.90B
Revenue surprise +2.8% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +2.2% Event window
SPY move +0.7% Same window
Abnormal move +1.5% Stock minus SPY
Volume 1.5× Versus trailing sessions
Subsequent drift -3.0% Up to 20 sessions
NWGSPY benchmark

Ask FN2 about NWG FY2026 Q2

Transcript, numbers and history already loaded

Free account. Your question opens in FN2 with this report's transcript and numbers attached.

Transcript intelligence

What changed

Compared with the prior analysis, Evelyn Partners is now completed rather than pending, adding GBP 71.7 billion to assets under management. The current analysis also reports stronger H1 profitability, 13.4% customer-asset growth, upgraded 2026 return guidance above 19%, and a return to the covered-bond market with a GBP 1 billion issuance.

Guidance delta

Current analysis says 2026 return guidance was upgraded to above 19%, alongside a planned dividend payout ratio of around 50% and continued share buybacks. The prior analysis had focused on full-year income guidance at the top of its stated range.

Key takeaways

  • H1 return on tangible equity reached 21%, while cost-to-income improved to 45.5%.
  • Customer assets and liabilities grew 13.4% year on year, supported by loan and deposit growth.
  • The Evelyn Partners acquisition added GBP 71.7 billion to assets under management.
  • Capital generation exceeded 240 basis points before distributions, and the CET1 ratio stood at 13.2%.
  • Management highlighted a GBP 1 billion return to the covered-bond market and plans for further issuance.

Management priorities

  • Deliver sustainable growth targets for 2028, including customer assets and liabilities growth above 4% and a cost-to-income ratio below 45%.
  • Continue expanding wealth management following completion of the Evelyn Partners acquisition.
  • Maintain diversified funding through covered bonds, AT1, Tier 2 and MREL issuance as needed.
  • Continue share buybacks and maintain a dividend payout ratio of around 50%.
  • Pursue selective acquisitions that add scale or capability.

Follow NWG with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

Earnings History

Estimate Beat Miss Match
NWG REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 actual $7B, None Q1 '24 actual $7B, None Q2 '24 actual $5B, None Q2 '25 estimate $5B Q2 '25 actual $4B, miss Q3 '25 estimate $6B Q3 '25 actual $4B, miss Q4 '25 estimate $6B Q4 '25 actual $6B, beat Q1 '26 estimate $6B Q1 '26 actual $6B, beat Q2 '26 estimate $6B Q2 '26 actual $6B, beat Q3 '26 estimate $6B Q3 '26 actual $6B, beat Q4 '26 estimate $6B Q1 '27 estimate $6B Q2 '27 estimate $7B
Show less

Analyst Consensus ?

ConsensusBuy6 ratings
Bullish466.7%
Neutral116.7%
Bearish116.6%

Analyst 52W Price Targets

$15.47Current
$18.2Low
$18.2Average
$18.2High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 31, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Barclays Overweight Equal WeightUpgradeOct 13, 2026
Exane BNP Paribas Underperform NeutralDowngradeJun 21, 2023
HSBC Buy HoldUpgradeApr 22, 2022
Jefferies Hold BuyDowngradeJan 11, 2022
RBC Capital Outperform Sector PerformUpgradeMay 20, 2021
Show 1 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $15.47. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BNP ParibasGuy Stebbings$18.2$15.83 +17.6%May 11, 2026

Track every rating change on NWG the moment it posts. Free to start.

Start free

Company context

Snapshot as of publication

NatWest Group plc is a leading financial institution that delivers a broad spectrum of banking and financial services to individual customers, businesses, corporations, and institutional clients across the United Kingdom and globally. The company's operations are divided into several key divisions: Retail Banking addresses consumer needs by providing essential banking products like current accounts, home mortgages, unsecured personal loans, and savings options, alongside extensive mobile and online banking capabilities. Commercial Banking offers bespoke banking and financing solutions, supporting entities ranging from new start-ups and small-to-medium-sized enterprises (SMEs) to larger commercial and corporate organizations.…

Historical context

All NWG earnings

Financial Services peers this season

Latest reports in the same sector

Latest beats and misses

Who reports next

Get the NWG recap when the next report posts

One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.

Sources

  1. Earnings call transcript and parsed analysis · 2026-08-04T21:13:53.790167+00:00
  2. FN2 earnings calendar · 2026-09-05T01:23:14.965082+00:00
  3. Polygon adjusted daily market bars · 2026-10-31T07:00:42.920518+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-31T07:00:42.917651+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-31. For educational purposes only; not investment advice.