Question · Q3 2025
Chris Kent of Autonomous questioned NatWest's outlook on loan growth for the next planning period, asking if a 4% or greater expectation is reasonable in absolute terms, given the bank's history of outperforming the market. He also sought clarification on the nature of the 2028 returns target, specifically if it would be a base case assumption rather than a through-the-cycle expectation.
Answer
CEO Paul Thwaite expressed confidence in NatWest's proven track record of growing above market year-on-year, but declined to declare new specific targets or deltas relative to market growth at this time. Regarding the 2028 returns target, Mr. Thwaite confirmed that the assumptions underpinning these targets would be laid out in February, acknowledging it's an active debate.