Sheel Shah's questions to NatWest Group PLC (NWG) leadership • Q2 2025
Question
Sheel Shah from J.P. Morgan asked about the sustainability of the strong underlying lending growth given the UK economic outlook, and sought clarity on capital allocation, including any buffers for M&A and the definition of surplus capital.
Answer
CEO Paul Thwaite expressed confidence in the bank's ability to continue its broad-based lending growth, pointing to a track record of outperforming the market. He emphasized that strong capital generation supports shareholder returns and organic growth, explicitly stating that NatWest is not building a capital buffer for M&A and remains focused on its balanced capital approach within the 13-14% CET1 target range.