NatWest Group (GB:NWG)
LSE:NWG
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Earnings Data
Report Date
Jul 31, 2026TBA (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.18Last Year’s EPS
0.15Same Quarter Last Year
Moderate Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Q1 2026
Earnings Call Date:May 01, 2026|
% Change Since:
|
Earnings Call Sentiment|Positive
The call presented a broad set of positive operational and financial outcomes — robust lending and deposit growth, strong AUM inflows, improved efficiency, high RoTE, EPS and capital generation, and clearer medium-term income tailwinds from hedging — while acknowledging manageable near-term headwinds: a one-off macro-driven provision, mortgage margin re-pricing as COVID-era deals roll off, market-driven AUM volatility and some YoY cost increases tied to accelerated investment and restructuring. Management maintained full-year guidance (income now at the top end of the prior range), highlighted resilience in credit quality and strong stress-test performance, and signaled continued confidence despite geopolitical and competitive pressures.Company Guidance
Strong lending growth
Customer lending grew 6.6% year-on-year to GBP 400 billion with GBP 7.3 billion of lending growth in Q1 (including GBP 3.3 billion in mortgages and GBP 3.8 billion in Commercial & Institutional).
Deposit growth and mix
Customer deposits increased 2.6% year-on-year to GBP 445 billion, rising by GBP 3.1 billion in Q1 with Corporate & Institutional deposits up GBP 5.1 billion (Retail deposits down due to expected seasonal tax outflows of GBP 10.3 billion).
Client assets and AUM momentum
Client assets and liabilities (CAL) rose to just over GBP 900 billion, up 5.2% year-on-year and in line with the 2028 target (>4%). Assets under management and administration grew 16.9% year-on-year to GBP 56.7–57.0 billion with net inflows of GBP 900 million in the quarter (8.2% of opening AUM).
Income, profitability and returns
Group income grew 6.9% to GBP 4.2 billion; operating profit before impairment increased 11.6% QoQ to GBP 2.3 billion; return on tangible equity was 18.2%; earnings per share rose 15.5% YoY to 17.9p.
Improving efficiency and cost discipline
Delivered over GBP 100 million of additional cost savings in Q1; total operating costs were GBP 2.0 billion (up 4.8% YoY but down 9.2% vs Q4), and the cost/income ratio improved by 2.1 percentage points to 46.5%.
Strong capital generation and resilience
Generated 65 basis points of capital in Q1 (69 bps from earnings); CET1 ratio strengthened to 14.3% (up 30 bps since year-end); guidance for ~200 bps capital generation before distributions in 2026 remains in place and Bank of England stress-test performance was best among U.K. banks.
Structural hedge and future income visibility
Accelerated increase in product hedge in Q1; product hedge being reinvested at ~3.8–3.9% and equity hedge ~4.7%, supporting income growth in outer years and underpinning guidance for income at the top end of the GBP 17.2–17.6 billion range for 2026.
Digital / AI-driven productivity gains
Over 12,000 software engineers and >40% of code now generated by AI; examples cited of reducing typical new-proposition development from 12 engineers and 6 weeks to scenarios with 3 engineers + 7 agents delivering in ~6 hours, driving faster time-to-market and productivity.
Sustainable finance and strategic wins
Provided over GBP 10 billion of climate and transition finance in Q1 (GBP 29 billion total since last July), progressing toward a GBP 200 billion 2030 target; strategic wins include exclusive mortgage provider for Rightmove and onboarding 24,000 new start-ups (25% YoY uplift).
GB:NWG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
GB:NWG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 01, 2026 | 585.20 p | 565.60 p | -3.35% |
Feb 13, 2026 | 571.40 p | 557.19 p | -2.49% |
Oct 24, 2025 | 523.96 p | 549.70 p | +4.91% |
Jul 24, 2025 | 471.02 p | 473.00 p | +0.42% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does NatWest Group (GB:NWG) report earnings?
NatWest Group (GB:NWG) is schdueled to report earning on Jul 31, 2026, TBA (Confirmed).
What is NatWest Group (GB:NWG) earnings time?
NatWest Group (GB:NWG) earnings time is at Jul 31, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of NatWest Group stock?
The P/E ratio of NatWest Group is N/A.
What is GB:NWG EPS forecast?
GB:NWG EPS forecast for the fiscal quarter 2026 (Q2) is 0.18.