NatWest Group plc
NWG · NYSE
Company research
NatWest Group plc (NYSE: NWG) is a leading UK-focused banking and financial services holding company headquartered in Edinburgh, Scotland, serving over 20 million customers across retail, commercial, private, and institutional segments under iconic brands including NatWest, Royal Bank of Scotland, and Coutts. The group generates revenue primarily through net interest income from its core mortgage, personal loan, and business lending operations, complemented by fee-based income from payment services, wealth management, and capital markets solutions provided through its NatWest Markets arm. Founded in 1968 and formerly known as The Royal Bank of Scotland Group plc until its rebranding in July 2020, the group reported revenues of approximately £16.6 billion in 2025 and a return on tangible equity of 18.1% in the first half of 2025, underscoring its recovery and transformation since its government rescue during the 2008 financial crisis. Under the leadership of CEO John-Paul Thwaite, NatWest continues to streamline its operations, invest in digital banking capabilities, and position itself as a key financier of the UK's transition to a lower-carbon economy.
Research reports
Ultra Stock Analysis Pro · May 1, 2026NatWest Group plc (NWG) – Analyst Report
Ultra Stock Analysis Pro assigns a HOLD rating to NatWest Group, citing discounted forward P/E, strong operating margin, double‑digit revenue and earnings growth, and roughly 25% upside to the $19.24 consensus target, but recommends waiting for a stronger technical confluence signal before entry and notes only moderate institutional ownership and mixed news sentiment.
Henry Fund – Tippie College Of Business, University Of Iowa · April 19, 2026NATWEST GROUP (NWG)The Henry Fund issues a BUY rating on NatWest Group, arguing that a repricing structural hedge, sector‑leading ROTCE, operating leverage, and the £2.7B Evelyn Partners acquisition support upside to a DCF/DDM‑derived intrinsic value range of £7.52–8.46 per share, while highlighting downside risks from faster‑than‑expected Bank of England rate cuts, integration challenges around Evelyn, and potential UK macro weakness impacting impairments and ROE trajectory.
Hargreaves Lansdown (Share Research) · February 13, 2026NatWest Group plc (NWG) Q1 Results 2025/26 – HL CommentHargreaves Lansdown describes NatWest’s 2025 results as reassuring, with income and operating profit ahead of expectations, strong capital ratios, improving cost‑income targeted below 45%, and mortgage growth positioning the bank well to benefit from sector tailwinds, while cautioning that loan default rates, competitive pressure on deposit pricing, potential rate‑cut‑driven income headwinds, and execution risk around the Evelyn Partners acquisition remain key issues to monitor.