NatWest dividend
NatWest pays ordinary dividends targeted at around half of attributable profit, with its base forecast dividend path at £0.40 in 2027, £0.43 in 2028 and £0.46 in 2029. NatWest's dividend coverage is better read through profit, capital and regulation than conventional free cash flow, because deposits and loans dominate cash movements.
How much does NatWest pay in dividends?
The base dividend path is £0.40 in 2027 and £0.43 in 2028. It reaches £0.46 in 2029. Bear gives £0.30 in 2027 and £0.28 in 2028, recovering to £0.30. Bull gives £0.44, £0.48 and £0.52. The 50% payout policy and £0.83759 next-12-month EPS estimate support the base path, while the uneven dividend history supports caution.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 67.40 | 52.10 | 48.90 | 36.20 | 22.90 |
| − Dividends, per share | 32.06 | 20.51 | 16.31 | 31.03 | 10.99 |
| − Share buybacks, per share | 7.13 | 31.89 | 26.21 | 20.69 | 16.67 |
| = Kept, per share | 28.24 | 6.36 |
Is NatWest's dividend covered by its cash?
A multiple compares price with the earnings being counted; it does not show whether those earnings are normal or durable. Net margins also need care because provisions, tax and market movements affect them. Earnings per share can rise after a buyback even when total profit does not, because the profit is divided among fewer shares. Free cash flow is similarly unhelpful for a bank, where deposits and loans dominate cash movements.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Dividends declared on common shares | 2,605 | 1,747 | 1,504 | 3,081 | 1,191.3 |
| − Share buybacks | 579 | 2,716 | 2,416 | 2,054 | 1,806 |
| = Kept to grow and build capital | 2,295 | 586 | |||
| = Paid out more than it earned | 25 | 1,533 | 511.3 |
What could change NatWest's dividend?
The ordinary-dividend policy is around half of attributable profit, but that is not an automatic entitlement. Lending growth consumes capital, acquisitions can create deductions and higher risk weights can increase the required buffer.
Stress testing provides a broader test. In the Bank of England’s 2025 exercise, NatWest’s CET1 and leverage ratios fell but remained resilient under the scenario, and no revised capital plan was required. That result supports confidence under the tested assumptions, but it is not a forecast and does not guarantee unchanged dividends in a crisis.
What is NatWest's dividend yield against its share price?
NatWest Group’s share price is not simply cheap: it is a bet that the bank can keep earning strongly on its capital. At 653.60p on 13 October 2026, investors paid 8.7 times its last twelve months of earnings and 7.8 times expected earnings over the next twelve months.
| Today (Oct 13, 2026) | |
|---|---|
| Share price | 653.60 |
| P/E, last 12 months (calculated) | 8.7x |
| P/E, next 12 months (calculated) | 7.8x |
| Dividend yield (calculated) | 5.0% |