NatWest Group posted operating profit before tax of £7.7bn in 2025, up 24.4% from 2024, driven by 13.2% income growth and a higher net interest margin of 2.34%. 2025 marked a symbolic milestone as the bank returned to full private ownership, positioning it for accelerated shareholder returns and strategic initiatives.
Cyborg Score Rationale
The bank achieved attributable profit of £5.5 billion with a return on tangible equity of 19.2%, demonstrating strong profitability. The company aims for significant financial growth by 2028, projecting a cost-to-income ratio below 45% and a return on tangible equity exceeding 18%. The combination of recent strong earnings, robust capital position, and clear strategic momentum supports a strong outlook.
Top Insights
CET1 ratio increased to 14.0% with capital generation supporting a 51% higher total dividend of 32.5p per share and a planned £750m share buyback in H1 2026
The £2.7 billion Evelyn Partners acquisition will more than double NatWest's AUMA while diversifying revenue away from net interest income
NatWest's structural hedge continues to boost net interest income, with management guiding for growing hedge income through 2030
The bank added around one million new customers in 2025, both organically and through the Sainsbury's Bank transaction
Named Competitors
Lloyds Banking Group — Major UK retail and commercial banking
Barclays — Global investment and retail banking
HSBC — International banking and wealth management
Recent Developments
(February 2026) Commenced £750 million share buyback programme announced on February 9, 2026
(February 2026) Ramped up 2025 dividend alongside announcing new buyback
(February 2026) Reported net income of $1.85 billion in Q4 2025
(February 2026) Announced £2.7 billion Evelyn Partners acquisition
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