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NatWest Group ( (GB:NWG) ) has issued an update.
NatWest Group reported a strong start to 2026, with Q1 operating profit rising to £2.0 billion and attributable profit reaching £1.4 billion, driven by total income excluding notable items of £4.2 billion and an 18.2% return on tangible equity. Earnings per share climbed 15.5% year-on-year to 17.9 pence, while tangible net asset value per share increased to 400 pence, underpinned by a CET1 ratio of 14.3% and an average liquidity coverage ratio of 144%.
Customer assets and liabilities grew £8.4 billion in the quarter, with net loans up £7.2 billion on stronger retail mortgages and commercial balances, and deposits up £3.1 billion outside central items despite seasonal tax-related outflows. The bank continued to cut costs, improving its cost:income ratio to 46.5% through restructuring and expanded use of AI, and now expects 2026 income excluding notable items to be at the top end of its £17.2–£17.6 billion guidance range, while cautioning that macroeconomic uncertainty could affect outcomes.
NatWest also highlighted solid franchise momentum, onboarding 24,000 new start-ups in Commercial & Institutional, 25% more than a year earlier, aided by AI-enhanced onboarding. Asset management was hit by adverse markets, with £1.8 billion of AUMA outflows despite £0.9 billion of net inflows and around 23,000 first-time investors, but active risk-weighted asset management freed £2.2 billion of capital benefits, supporting growth and attractive returns for shareholders and customers.
The most recent analyst rating on (GB:NWG) stock is a Hold with a £7.20 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.
Spark’s Take on NWG Stock
According to Spark, TipRanks’ AI Analyst, NWG is a Neutral.
The score is driven primarily by solid profitability and upbeat guidance/capital returns, reinforced by attractive valuation. These positives are tempered by weak and volatile cash flow (including the most recent year), and softer near-term technical momentum.
To see Spark’s full report on NWG stock, click here.
More about NatWest Group
NatWest Group is a major UK-based banking and financial services provider, operating across retail banking, private banking and wealth management, and commercial and institutional banking. Serving around 20 million customers, it focuses on lending, deposits, and investment services, leveraging digital platforms and AI to improve productivity and customer experience while maintaining strong capital and liquidity positions.
Average Trading Volume: 19,231,851
Technical Sentiment Signal: Buy
Current Market Cap: £45.32B
For detailed information about NWG stock, go to TipRanks’ Stock Analysis page.