Natwest Group PLC
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Natwest Group PLC
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Natwest Group PLC
NatWest Group is a major UK bank that takes customer deposits, makes loans, and handles everyday banking. Its main businesses serve personal customers, small businesses, and larger companies through brands such as NatWest, Royal Bank of Scotland, Ulster Bank, and Coutts. It sells bank accounts, mortgages, credit cards, personal loans, business loans, and payment services, mostly in the UK and Ireland. The company makes money in the usual banking way: it pays interest on deposits, earns interest on loans, and collects fees for services like card payments, cash management, and wealth or private banking. Its customers include households looking for mortgages and savings accounts, as well as businesses that need working capital, payment processing, and financing. Because it sits between savers and borrowers, NatWest helps move money through the economy and also manages credit risk and customer money safely. What makes NatWest different is its role as a broad, relationship-based bank with a strong presence in UK retail and business banking. Unlike a manufacturer or a retailer, it sells financial trust, account access, and lending capacity. Its business model depends on attracting deposits, lending prudently, and serving customers through branches, call centers, and digital banking channels.
NatWest Group is a major UK bank that takes customer deposits, makes loans, and handles everyday banking. Its main businesses serve personal customers, small businesses, and larger companies through brands such as NatWest, Royal Bank of Scotland, Ulster Bank, and Coutts. It sells bank accounts, mortgages, credit cards, personal loans, business loans, and payment services, mostly in the UK and Ireland.
The company makes money in the usual banking way: it pays interest on deposits, earns interest on loans, and collects fees for services like card payments, cash management, and wealth or private banking. Its customers include households looking for mortgages and savings accounts, as well as businesses that need working capital, payment processing, and financing. Because it sits between savers and borrowers, NatWest helps move money through the economy and also manages credit risk and customer money safely.
What makes NatWest different is its role as a broad, relationship-based bank with a strong presence in UK retail and business banking. Unlike a manufacturer or a retailer, it sells financial trust, account access, and lending capacity. Its business model depends on attracting deposits, lending prudently, and serving customers through branches, call centers, and digital banking channels.
Strong quarter: NatWest said it started 2026 with strong momentum, with income up 6.9% to GBP 4.2 billion, EPS up 15.5% to 17.9p, and return on tangible equity at 18.2%.
Guidance lifted: Management now expects full-year income to land at the top end of its GBP 17.2 billion to GBP 17.6 billion range, helped by higher-for-longer rates and solid trading momentum.
Credit still solid: The bank took a GBP 140 million charge from updated macro assumptions, but management said underlying credit performance remains strong and kept 2026 impairment guidance below 25 basis points.
Loan growth broadens: Lending rose GBP 7.3 billion in the quarter, led by mortgages and Commercial & Institutional, with management saying demand and pipelines remain strong in both businesses.
Costs controlled: Costs rose 4.8% year on year to GBP 2 billion, but the bank still delivered a cost/income ratio of 46.5% and reaffirmed full-year cost guidance of around GBP 8.2 billion.
AI push: Management highlighted major productivity gains from artificial intelligence, saying over 40% of code is now written by AI and some customer propositions can be built far faster with smaller teams.
Capital and balance sheet strong: CET1 ended at 14.3%, capital generation was 65 basis points, and the bank continued to manage risk-weighted assets and liquidity to support further growth.
Management
Katie Murray is the Chief Financial Officer (CFO) of NatWest Group PLC. She was appointed to this position in January 2019, after serving as the interim CFO since 2018. Before becoming CFO, she joined the company in 2015 as the Director of Finance, where she made significant contributions to the bank's financial strategy and governance. Katie is a Chartered Accountant (CA) with a wealth of experience in finance and auditing, having previously worked at Ernst & Young where she served in various senior roles. In her role as CFO at NatWest, she is responsible for managing the financial operations and strategy of the group, playing a critical role in its financial planning and risk management. Katie's leadership within NatWest has been marked by her focus on financial resilience and helping steer the bank through significant economic changes. Her commitment is not only to financial health but also to ethical and sustainable banking practices.
Katie is a Chartered Accountant (CA) with a wealth of experience in finance and auditing, having previously worked at Ernst & Young where she served in various senior roles. In her role as CFO at NatWest, she is responsible for managing the financial operations and strategy of the group, playing a critical role in its financial planning and risk management. Katie's leadership within NatWest has been marked by her focus on financial resilience and helping steer the bank through significant economic changes. Her commitment is not only to financial health but also to ethical and sustainable banking practices.
Jennifer Louise Tippin is a prominent figure in the banking sector, currently serving as the Chief People & Transformation Officer at NatWest Group PLC. She plays a crucial role in leading the company's human resources, transformation strategies, and organizational development. Tippin joined NatWest in this role to drive forward the bank's people agenda, focusing on talent acquisition, employee engagement, and cultural transformation to align with the bank's strategic goals. Before joining NatWest Group, Jennifer Tippin held senior roles at Lloyds Banking Group, where she gathered extensive experience in operational leadership and human resources. Her background also includes leadership roles in telecommunications, particularly during her tenure with BT Group, where she honed her skills in managing large-scale transformations and operational efficiency. Tippin is known for her strategic vision in driving workforce transformation and her commitment to fostering an inclusive and dynamic workplace culture. Her multifaceted experience in both banking and telecommunications sectors has equipped her with the ability to implement impactful change within large organizations.
Before joining NatWest Group, Jennifer Tippin held senior roles at Lloyds Banking Group, where she gathered extensive experience in operational leadership and human resources. Her background also includes leadership roles in telecommunications, particularly during her tenure with BT Group, where she honed her skills in managing large-scale transformations and operational efficiency.
Tippin is known for her strategic vision in driving workforce transformation and her commitment to fostering an inclusive and dynamic workplace culture. Her multifaceted experience in both banking and telecommunications sectors has equipped her with the ability to implement impactful change within large organizations.
Richard John Fisher is a notable executive associated with NatWest Group PLC, a major UK-based banking and financial services company. Fisher has played a significant role within the organization, leveraging his extensive experience in the financial sector. His career at NatWest Group has involved various leadership positions, contributing to the bank's strategic direction and operations. Known for his expertise in financial management and corporate banking, Fisher has been instrumental in driving growth and innovation within the company. Apart from his executive responsibilities, Fisher is often recognized for his focus on enhancing customer experience and promoting sustainable banking practices. His efforts have been pivotal in aligning the company's operations with modern banking demands and regulatory expectations. Richard John Fisher's impact within NatWest Group PLC is marked by his commitment to fostering a culture of excellence and integrity, supporting both the institution's business objectives and its broader societal responsibilities.
His career at NatWest Group has involved various leadership positions, contributing to the bank's strategic direction and operations. Known for his expertise in financial management and corporate banking, Fisher has been instrumental in driving growth and innovation within the company.
Apart from his executive responsibilities, Fisher is often recognized for his focus on enhancing customer experience and promoting sustainable banking practices. His efforts have been pivotal in aligning the company's operations with modern banking demands and regulatory expectations.
Richard John Fisher's impact within NatWest Group PLC is marked by his commitment to fostering a culture of excellence and integrity, supporting both the institution's business objectives and its broader societal responsibilities.
Scott Marcar is a prominent executive within the banking and financial services sector, currently serving as the Group Chief Information Officer (CIO) at NatWest Group PLC. With extensive experience in IT and financial services, Marcar is responsible for overseeing the technology strategy and delivery at the bank. Before joining NatWest Group, he held significant roles at Deutsche Bank, including Chief Information Officer for Corporate & Investment Banking. He has been recognized for his expertise in technological transformation and innovation within the banking industry, helping to drive efficiency and modernization. Marcar's leadership at NatWest focuses on leveraging technology to enhance customer experience, deliver digital innovation, and maintain robust security and compliance frameworks.
Stephen Boyle is known for his role as the Chief Financial Officer (CFO) at NatWest Group PLC, a prominent British banking and financial services organization. Before becoming CFO, Stephen Boyle held the position of Director of Investor Relations at NatWest, where he played a vital role in managing communications and fostering relationships with the company’s investors and stakeholders. Boyle's career is marked by substantial experience within the banking sector. He has been integral to financial planning and management within the organization. His finance and banking expertise was cultivated through various roles at NatWest and other financial institutions over the years, enabling him to effectively contribute to the organization's strategic goals. In his capacity, Stephen Boyle focuses on overseeing financial operations, ensuring regulatory compliance, and supporting the company’s strategic initiatives through effective financial planning and analysis.
Boyle's career is marked by substantial experience within the banking sector. He has been integral to financial planning and management within the organization. His finance and banking expertise was cultivated through various roles at NatWest and other financial institutions over the years, enabling him to effectively contribute to the organization's strategic goals.
In his capacity, Stephen Boyle focuses on overseeing financial operations, ensuring regulatory compliance, and supporting the company’s strategic initiatives through effective financial planning and analysis.
Fiona Davis is recognized as the Chief Operating Officer (COO) of NatWest Group PLC, a major British banking and financial services company. As COO, she plays a pivotal role in overseeing the organization’s operations, ensuring efficiency, and implementing strategic initiatives that align with the company’s goals. Her responsibilities likely encompass managing day-to-day operations, streamlining processes, and harnessing technology to enhance service delivery and performance. Fiona Davis brings a wealth of experience in the financial sector, having previously held key positions where she honed her skills in operations, management, and leadership. Her expertise aids in driving transformational change across the organization, focusing on customer experience, innovation, and sustainability. Under her leadership, NatWest Group PLC continues to evolve, maintaining its commitment to providing excellent banking services while adapting to the challenges and opportunities in the financial landscape. Her role is critical in ensuring that the bank operates smoothly and effectively while pursuing growth and innovation.
Fiona Davis brings a wealth of experience in the financial sector, having previously held key positions where she honed her skills in operations, management, and leadership. Her expertise aids in driving transformational change across the organization, focusing on customer experience, innovation, and sustainability.
Under her leadership, NatWest Group PLC continues to evolve, maintaining its commitment to providing excellent banking services while adapting to the challenges and opportunities in the financial landscape. Her role is critical in ensuring that the bank operates smoothly and effectively while pursuing growth and innovation.
Robert Charles Waugh is a notable executive associated with NatWest Group PLC. He has garnered extensive experience in the banking sector throughout his career. At NatWest Group, Waugh has held significant leadership roles, including serving as the CEO of NatWest Markets, the investment banking arm of the group. In this role, he oversees the strategic direction and operations of NatWest Markets, playing a critical part in driving the group’s objectives within the investment banking sector. His expertise spans numerous aspects of banking and finance, including strategic risk management, capital markets, and leadership in complex financial environments. With a commitment to steering NatWest towards sustainable banking practices, Waugh has been instrumental in promoting the bank's shift towards more environmentally and socially responsible business models, in alignment with broader industry trends and consumer demands. Waugh's leadership style is characterized by a focus on innovation, customer-centric strategies, and fostering inclusive workplace cultures. His efforts have helped NatWest Group enhance its competitive edge and deliver greater value to its clients and shareholders.
His expertise spans numerous aspects of banking and finance, including strategic risk management, capital markets, and leadership in complex financial environments. With a commitment to steering NatWest towards sustainable banking practices, Waugh has been instrumental in promoting the bank's shift towards more environmentally and socially responsible business models, in alignment with broader industry trends and consumer demands.
Waugh's leadership style is characterized by a focus on innovation, customer-centric strategies, and fostering inclusive workplace cultures. His efforts have helped NatWest Group enhance its competitive edge and deliver greater value to its clients and shareholders.
