Aman Rakkar

Christopher Cant

Guy Stebbings

Alvaro de Tejada

Amit Goel

Andrew Coombs

Daniel David

Edward Hugo Firth

Jonathan Richard Pierce

Robert Smalley

Robin Down

Sheel Shah

Alvaro Serrano Saenz de Tejada

Benjamin Caven-Roberts

Benjamin Toms

Ed Firth

Fahed Kunwar

Jason Napier

Jonathan Pierce

Raul Sinha

- NatWest Group (NWG) holds a **cautiously optimistic** view of the UK economy, noting subdued GDP growth but positive trends in real wages, retail sales, and consumer sentiment.  **[844150_2145159_0]** 
- The company has achieved approximately **4% compound balance sheet growth** over the past six years and anticipates Net Interest Income (NII) growth through **2027**, driven by volume and recent acquisitions.  **[844150_2145159_1]** **[844150_2145159_2]** 
- Non-NII income showed strong performance, with customer business fee income growing by **9% in 2024** and **5% in the first half of 2025**.  **[844150_2145159_3]**  The wealth management business targets a Return on Equity (ROE) of over **20%** and a cost-income ratio in the **mid-60s by 2027**.  **[844150_2145159_3]** 
- NWG is comfortable operating at the lower end of its **13% to 14% CET1 target range**, generating **over 100 basis points of capital in H1 2025**, and reports a very low underlying cost of risk of **11 basis points in H1 2025**.  **[844150_2145159_5]** **[844150_2145159_8]** 
- Cost control remains a priority, with the H1 2025 run rate being encouraging, though the full-year 2025 guidance for costs is **£8 billion plus £100 million** for integration.  **[844150_2145159_4]**

NatWest Group Discusses UK Economic Outlook, Growth Strategy, and Capital at 30th Annual Financials Conference

- Standard & Poor's Global Ratings (S&P) upgraded NatWest Group plc's **long-term issuer credit rating to 'A-' from 'BBB+'** on **September 11, 2025**.  **[844150_0001654954-25-010637_a9610y.htm:0]** 
- S&P affirmed NatWest Group plc's **A-2 Short-Term Issuer Credit Rating**.  **[844150_0001654954-25-010637_a9610y.htm:0]** 
- All **senior unsecured debt and regulatory capital instruments** issued by NatWest Group plc were upgraded by one notch.  **[844150_0001654954-25-010637_a9610y.htm:0]** 
- The outlook for NatWest Group plc's ratings remains **Stable**.  **[844150_0001654954-25-010637_a9610y.htm:0]**

NatWest Group plc Notes S&P Rating Upgrade