NatWest earnings date and guidance
NatWest's next results are expected on October 30, 2026. Watch whether Evelyn's contribution is matched by growth in the existing bank.
What has NatWest guided for 2026 and 2028?
Management raised its 2026 target for income excluding notable items to around £17.9 billion, including around £275 million from Evelyn, and expects return on tangible equity, or RoTE, above 19%. Income is revenue before expenses and loan losses. RoTE measures profit against shareholders’ tangible backing, after removing goodwill and similar assets.
The Evelyn contribution makes the target harder to interpret. A shop that buys another shop reports both shops’ sales, but that does not prove the first shop improved. Analysts must therefore separate acquired income from growth in NatWest’s existing businesses. NatWest also expects expenses of around £8.5 billion, including around £300 million from Evelyn, and a loan impairment rate below 25 basis points. That means loan losses below roughly £2.50 for every £1,000 of average loans.
| Period it covers | Target in the bank’s words | Date it was given | |
|---|---|---|---|
| Total income excluding notable items | 2026 | around £17.9 billion, including around £275 million relating to Evelyn Partners | Jul 31, 2026 |
| Operating expenses, excluding litigation and conduct costs | 2026 | around £8.5 billion, including around £300 million relating to Evelyn Partners | Jul 31, 2026 |
| Loan impairment rate | 2026 | below 25 basis points | Jul 31, 2026 |
| Return on Tangible Equity (2026) | 2026 | greater than 19% | Jul 31, 2026 |
| Capital generation pre-distributions (2026) | 2026 | greater than 240 basis points, excluding the impact of the Evelyn Partners acquisition on 30 June 2026, equivalent to greater than 100 basis points on a reported basis | Jul 31, 2026 |
| Return on Tangible Equity (2028) | 2028 | greater than 18% | Jul 31, 2026 |
Did NatWest keep its past promises?
The financial promise was exceeded. Management guided to RoTE of 15–16% for 2025 and delivered 19.2%. Shareholders approved the annual remuneration report with 98.11% of votes cast at the April 2026 meeting. Those results support management, but they do not end scrutiny of future awards. Malus can reduce unvested awards, and clawback can recover vested awards after misconduct, errors or risk-management failure.
What do NatWest's last eight quarters show?
Revenue and net interest income both grew year on year, so interest remained the main engine rather than fees suddenly taking over. The eight-quarter sequence also shows improvement, although quarterly results remain uneven.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,504 | 4,358 | 4,324 | 4,332 | 4,005 | 3,980 | 3,825 | 3,744 |
| Net interest income | 3,496 | 3,394 | 3,441 | 3,268 | 3,094 | 3,026 | 2,968 | 2,899 |
| Profit after tax | 1,673 | 1,507 | 1,478 | 1,681 | 1,334 | 1,341 | 1,259 | 1,243 |
| EPS, diluted | 20.10 | 17.80 | 17.20 | 19.60 | 15.10 | 15.40 | 14.40 | 14.00 |
| Net interest margin | 2.5% | 2.5% | 2.5% | 2.4% | 2.3% | 2.3% | 2.2% | 2.2% |
| CET1 capital ratio | 13.2% | 14.3% | 14.0% | 14.2% | 13.6% | 13.8% | 13.6% | 13.9% |
What should you watch in NatWest's next results?
The 30 October 2026 third-quarter results will provide the first full quarter with Evelyn consolidated. Investors should compare Evelyn’s contribution with growth in the existing bank, while watching expenses, loan losses and capital generation. The 25 November Private Banking & Wealth Management presentation should reveal more about client flows, integration and referrals.