Annual Report

NatWest Group – Annual Report

Who we are
Who we are
- About NatWest Group
  About NatWest Group
  
  NatWest Group is a UK-focused banking organisation, serving over 19 million customers, with business operations stretching across retail, commercial and private banking markets.
  
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  Our strategy
  
  Our businesses
  
  Our values
  
  Our history
  
  Where we do business
- Contact us
  Contact us
  
  It’s easy to get in touch with us. If you’re a customer, media, or an investor, use these details to contact us directly.
  
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  Contact us
  
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- Leadership & governance
  Leadership & governance
  
  Find out more about our Board of Directors and Executive management team, and view key governance documents.
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  Leadership
  
  Board of Directors
  
  Executive management team
  
  Governance
  
  Our Board Committees
  
  Our Subsidiaries
  
  Boardroom inclusion policy
  
  Compliance statement and remuneration policy
  
  Auditor independence
  
  Review into customer account closures
- Our brands
  Our brands
  
  How do we drive growth and support the financial lives of our personal, business and corporate customers? Through our brilliant banking brands. Check out the wide range of financial products and services we offer.
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  Our brands
  
  NatWest
  
  Royal Bank of Scotland
  
  Ulster Bank
  
  Coutts
  
  Holt's
  
  Lombard
  
  RBS International
  
  FreeAgent
- Working at NatWest Group
  Working at NatWest Group
  
  Strong relationships with millions of customers are at the heart of our workforce. We are committed to having a motivated and inclusive workforce who are engaged and passionate about serving customers.
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  Working at NatWest Group
  
  Diversity, equity & inclusion
  
  Employee Led Networks
  
  Health and Safety
  
  Our Fair Pay Charter
  
  Family-focused Leave Policies
Sustainability
Sustainability
- Our Purpose in Action
  Our Purpose in Action
  
  We’re dedicated to serving our customers. By being there throughout their lives, we can build long-term value, invest for growth, make a positive contribution to our communities and drive attractive returns for shareholders. Our focus is to continue building a great bank, powered by great people and delivering fantastic service to our 19 million customers.
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  Overview
  
  Message from our Director of Sustainable Banking
  
  Stakeholder engagement
  
  Our materiality assessment
  
  ESG ratings and benchmarks
  
  Awards and recognition
  
  External assurance
- Climate and Environment
  Climate and Environment
  
  As a leading UK bank with 19 million customers, we are well-placed to support them to make sustainable choices, while driving value and growth from the commercial opportunities of the transition to a net-zero economy.
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  Managing climate change
  
  Our approach to climate change
  
  Climate and sustainable funding and financing
  
  Managing our environmental impact
  
  Own operational footprint
  
  Nature and climate change
- Society
  Society
  
  As a leading financial firm in the UK, we believe we can make a real and positive difference to people’s lives.
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  Supporting customers
  
  Accessible banking
  
  Innovation and digitisation
  
  Supporting customers in vulnerable situations
  
  Consumer protection
  
  Customer complaints
  
  Customer advocacy
  
  Consumer Duty
  
  Supporting communities
  
  Enterprise
  
  Financial capability
  
  Giving & volunteering
  
  Mortgage lending
- Governance and Responsible Business
  Governance and Responsible Business
  
  We follow the highest standards of corporate governance, business integrity, and professionalism in all our activities. Our corporate governance framework helps support the effective implementation of our strategy and decision-making, and promotes long-term sustainable success.
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  How we do business
  
  Compliance and conduct
  
  Human Rights and Modern Slavery
  
  Tax responsibilities and payments
  
  ESE and reputational risk management
  
  Equator Principles
  
  Detecting and preventing financial crime
  
  Protecting privacy and customer confidentiality
  
  Collaborating with our stakeholders
  
  Supply chain
  
  Working at NatWest Group
  
  United Nations Sustainable Development Goals
  
  External commitments and reporting standards
- ESG Policies and Downloads Repository
  ESG Policies and Downloads Repository
  
  We’ve got information on topics such as employing staff and business planning. Take a look at our reports and policies.
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Investors
Investors
- Investing in NatWest Group
  Investing in NatWest Group
  
  We are building a simple, safe & more customer focused bank.
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  Investment case
  
  Recent financial results
  
  Legal structure
  
  Credit ratings
  
  Investor contacts
  
  View our latest financial results
- Annual Report
  Latest Annual Report & Accounts
  
  View highlights from our latest Annual Report & Accounts and download the full reports.
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- Results & Events
  Results & Events
  
  View the financial results of NatWest Group and our subsidiaries alongside other presentations to investors.
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  Results centre
  
  Reports archive
  
  Events & presentations
  
  Events calendar
  
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- Regulatory News
  Regulatory News
  
  Read our recent company announcements and search the archive for historic filings.
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  Company Announcements
  
  SEC Filings
  
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- Shareholder Centre
  Shareholder Centre
  
  Manage your shareholding online or view information on shareholder meetings, the share price and dividends declared.
  Explore this section
  
  Share data
  
  Share tools
  
  Share price calculator
  
  Dividends
  
  Equity ownership statistics
  
  Corporate actions
  
  Manage your shareholding
  
  Access your shareholding online
  
  Shareholder meetings
  
  Shareholder events
  
  Shareholder FAQ's
  
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  Shareholder updates
- Fixed income
  Fixed income
  
  Find out more about our credit ratings and issuance across the group including Green, Social and Sustainable bonds.
  
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  Company legal structure
  
  Credit ratings
  
  Fixed income presentations
  
  Unsecured securities documentation
  
  Green, Social & Sustainability (GSS) bonds
  
  Issuance plan
  
  Securitisations
  
  Covered bonds
  
  Our Readiness for Resolution
- ESG Disclosures
  Environmental, Social and Governance Disclosures
  
  Read about our purpose in action and view our recent disclosures on environmental, social and governance issues.
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News & Insights
News & Insights
- Latest Stories
  Latest Stories
  
  Take a look at our recent stories and insights.
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- News Room
  News Room
  
  Find all media contacts and resources from NatWest Group.
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  Press releases
  
  Media contacts
  
  Photo library
Careers

Our strategic approach

We’re dedicated to serving our customers. By being there throughout their lives, we can build long-term value, invest for growth and drive attractive returns for shareholders.

Full transcript

Strong capital generation

Common Equity Tier 1 (CET1) ratio

13.4%

(2022: 14.2%)

Risk-weighted assets (RWAs)

£183.0bn

(2022: £176.1bn)

Total capital returned to shareholders⁽¹⁾

£3.6bn

(2022: £5.1bn)

Return on tangible equity (RoTE)

17.8%

(2022: 12.3%)

(1) Distributions paid and proposed. We paid a special dividend of £1.7 billion in 2022 as we returned surplus capital to shareholders. For full details of our distributions over the last five years refer to page 11 of the 2023 Annual Report and Accounts.

Chairman’s statement

“At NatWest Group, we have built a robust balance sheet with strong capital and liquidity, a largely secured retail loan book and well-diversified commercial lending.”

Howard Davies
Chairman

Download full statement

Group Chief Executive’s review

“Our leading positions across our three customer businesses, and 19 million customer base provide strong foundations on which to create further long-term value for shareholders and make a meaningful contribution to the UK economy.”

Paul Thwaite
Group Chief Executive Officer

Download full statement

Our leadership

Our focus is on creating sustainable
long-term value

Strong financial performance

Income

£14752m

(2022: £13,156m)

Profit before tax

£6178m

(2022: £5,132m)

Operating expenses

£7996m

(2022: £7,687m)

Profit attributable to shareholders

£4394m

(2022: £3,340m)

Robust balance sheet underpinning growth

Loans to customers
(amortised cost)

£381.4bn

(2022: £366.3bn)

Loan:deposit ratio (LDR)
(excl. repos and reverse repos)

84%

(2022: 79%)

Customer deposits

£431.4bn

(2022: £450.3bn)

Liquidity coverage ratio (LCR)

144%

(2022: 145%)

Visit results centre

Building financial resilience

Laura McWhinnie, a Royal Bank of Scotland Personal Banker, explains how we’re continuing to help customers deal with financial pressures…

We’re working to build financial resilience and offer personalised support to the people who need it most. In 2023, NatWest Group announced new support focused on financial wellbeing for both our customers and people who don’t bank with us.

View case study

Helping UK businesses to grow

For Mikael Rosen, Relationship Director in Corporate & Commercial Banking, great service is about understanding our customers’ needs…

Businesses come in all shapes and sizes. They face different challenges as they evolve and need different support as they grow.

View case study

Keeping our customers digitally secure

Lead Product Owner in our Digital Channels team, Sue Duka, explains how she’s helping mobile banking customers take control of their digital security…

Mobile apps have become fundamental to many people’s lives. They’re now an essential offering of banking services, giving customers control of their finances and the freedom to bank where and when they want to.

View case study

Key 2023 disclosures

Enterprise

Supporting the potential of UK business

Understanding ambition and helping to remove the barriers to enterprise

2023 Annual Report and Accounts

Enterprise

Supporting the potential of UK business

Understanding ambition and helping to remove the barriers to enterprise

2023 Climate-related Disclosure Report

Climate

Funding the drive to clean transport

Finance enabling the transition to net zero

2023 ESG Disclosures Report

Learning

Annual results for the year ended 31 December 2023

Helping young people to thrive

How the NatWest Thrive programme helps young people grow in confidence

Annual results for the year ended 31 December 2023

Learning

Helping young people to thrive

How the NatWest Thrive programme helps young people grow in confidence

Q4 2023 Financial Supplement

Explore sustainability at NatWest Group Explore our ESG-related policies and downloads

Downloads

Full Annual Report

Risk and capital management

Strategic report

Financial statements

Financial review

Additional information

Governance and remuneration

Annual Report

2023 Annual Report and Accounts

Serving our customers every day

Our strategic approach

Strong capital generation

Chairman’s statement

Group Chief Executive’s review

Our focus is on creating sustainable
long-term value

Strong financial performance

Robust balance sheet underpinning growth

Case study

Building financial resilience

Laura McWhinnie, a Royal Bank of Scotland Personal Banker, explains how we’re continuing to help customers deal with financial pressures…

Helping UK businesses to grow

For Mikael Rosen, Relationship Director in Corporate & Commercial Banking, great service is about understanding our customers’ needs…

Keeping our customers digitally secure

Lead Product Owner in our Digital Channels team, Sue Duka, explains how she’s helping mobile banking customers take control of their digital security…

Key 2023 disclosures

Enterprise

Supporting the potential of UK business

Enterprise

Supporting the potential of UK business

Climate

Funding the drive to clean transport

Learning

Helping young people to thrive

Learning

Helping young people to thrive

Downloads

You might also be interested in

Results centre

ESG

Investor Factbook

Annual Report

2023 Annual Report and Accounts

Serving our customers every day

Our strategic approach​

Strong capital generation

Chairman’s statement

Group Chief Executive’s review

Our focus is on creating sustainable long-term value

Strong financial performance

Robust balance sheet underpinning growth

Case study

Building financial resilience​

Laura McWhinnie, a Royal Bank of Scotland Personal Banker, explains how we’re continuing to help customers deal with financial pressures…

Helping UK businesses to grow

For Mikael Rosen, Relationship Director in Corporate & Commercial Banking, great service is about understanding our customers’ needs…

Keeping our customers digitally secure

Lead Product Owner in our Digital Channels team, Sue Duka, explains how she’s helping mobile banking customers take control of their digital security…

Key 2023 disclosures​

Enterprise

Supporting the potential of UK business

Enterprise

Supporting the potential of UK business

Climate

Funding the drive to clean transport

Learning

Helping young people to thrive

Learning

Helping young people to thrive

Downloads

You might also be interested in

Results centre

ESG

Investor Factbook

Our strategic approach

Our focus is on creating sustainable
long-term value

Building financial resilience

Key 2023 disclosures