Alvaro Serrano Saenz de Tejada's questions to NatWest Group PLC (NWG) leadership • Q2 2025
Question
Alvaro Serrano Saenz de Tejada of Morgan Stanley inquired about NatWest's deposit flows, specifically the reduction in current accounts, and the drivers behind the bank's strong cost performance despite upcoming restructuring charges.
Answer
CEO Paul Thwaite acknowledged a competitive ISA season but noted that overall deposit share and mix remained stable due to disciplined pricing. CFO Katie Murray confirmed the structural hedge notional is stable and not impacted by deposit flows. On costs, Murray reiterated the full-year guidance, explaining that cost savings in H1 create capacity for planned investments in H2, leading to some expected lumpiness.