Aman Rakkar's questions to NatWest Group PLC (NWG) leadership • Q2 2025
Question
Aman Rakkar from Barclays Investment Bank asked for the key drivers behind the upgraded revenue guidance, questioned what performed better than initial expectations, and followed up on why the strong Return on Tangible Equity (RoTE) should decline significantly in 2026.
Answer
CFO Katie Murray attributed the upgraded guidance to strong volume growth, the Sainsbury's acquisition, and higher structural hedge income. CEO Paul Thwaite added that better-than-expected non-interest income and strong volumes gave them confidence. For 2026, Murray outlined continued momentum from growth and a larger hedge tailwind, which would be partially offset by the impact of rate cuts, while noting TNAV would also grow.