NatWest publishes Q3 2026 sell-side roundtable transcript
NWG•NatWest expects income growth through 2028 and broadly stable net interest margins, with balance-sheet growth supporting higher net interest income in 2027. It expects risk-weighted assets of around £210 billion on January 1, 2027, and plans a year-end share buyback whose size is subject to board discussions.
1. Outlook and capital plans
CFO Katie Murray said NatWest expects income growth through 2028 and broadly stable net interest margins, with balance-sheet growth supporting higher net interest income in 2027. The bank now expects risk-weighted assets of around £210 billion on January 1, 2027; other full-year guidance remains unchanged. A year-end share buyback is planned, with its size subject to board discussions, and Murray indicated tolerance for a roughly 12.9% CET1 ratio.
2. Structural hedge rates
Structural hedge investment rates reached around 4.2%, compared with 3.6% anticipated earlier, supporting expected hedge tailwinds through 2030.
