NatWest Group PLC

NWG: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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NatWest Earnings: Another Improvement in Guidance for 2025; Upgrade Our Moat Rating to Narrow

Niklas Kammer

Oct 27, 2025

NatWest reported a good third quarter with operating profits growing 23%. For 2025, the bank now expects income excluding notable items at around GBP 16.3 billion (above GBP 16 billion before) and a return on tangible equity above 18% versus 16.5% previously.

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NatWest Group PLC

NatWest Earnings: Another Improvement in Guidance for 2025; Upgrade Our Moat Rating to Narrow

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