The private banking and wealth management business of business – has reported a 12 per cent year-over-year rise in income to £284 million ($378.6 million) for the third quarter of 2025, it said today.
Operating profit rose 20 per cent on a year earlier, to £108 million. The cost/income ratio of the business narrowed to around 60 per cent at the end of September from 65.6 per cent a year before.
Assets under management and administration stood at £56 billion, a rise of 20 per cent over the year, NatWest Group said in a statement.
Return on equity was 23.4 per cent, rising 3.7 percentage points year-on-year.
“At our Investor Spotlight, we set out details of how we are intensifying our focus on the ultra and high net worth segments in the UK and broadening and enhancing our investment management proposition right across the NatWest Group. These results show the progress we are making and reflect how we are delivering for our clients,” Emma Crystal (pictured below), CEO, PBWM, NatWest Group, said.
Emma Crystal
Shares rise, group results impress
Shares in NatWest Group rose 3.37 per cent to 564 pence per share around 09:20 am Friday morning. Since the start of 2025, they've risen 40.3 per cent.
Across the NatWest group as a whole, pre-tax operating profit rose 30.4 per cent to £2.183 billion. Litigation and conduct costs slid 70 per cent to £12 million; total income rose 15.7 per cent; operating costs rose by 9.4 per cent. Return on tangible equity was 22.3 per cent, up 4 per cent.
“NatWest delivered a strong set of results, comfortably beating expectations with profits about 10% ahead of consensus. The good news was broad-based: revenues were higher, costs were lower, and even loan impairments came in better than feared," Matt Britzman, senior equity analyst, Hargraves Lansdown, said in a note. "Net interest margins – a key measure of how much banks earn on lending – held up well, and management has enough confidence to nudge full-year guidance higher once more. Even so, that upgrade still feels a touch cautious given the margin strength, leaving room for more upside if trends continue."
"This is another reminder that UK-focused banks are quietly performing better than many give them credit for. Lloyds showed similar resilience recently, though its motor finance charge muddied the picture. Strip out the noise, and both lenders are proving they fully deserve their improving valuations. For investors, these results reinforce the idea that the domestic banking story still has more room to run," he added.
"NatWest has joined Barclays in upgrading guidance, a sign that things really are looking up for the UK banking sector," om Chris Beauchamp, Chief Market Analyst UK at investment and trading platform IG, said in a note. "It has been a good 24 hours for UK news, providing hope that the economy is moving out of the doldrums. NatWest's performance means that speculation that it is poised to go hunting for more acquisitions can only increase from here, now that the turnaround efforts have borne fruit."