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NatWest Group PLC ADR NWG Stock Quote

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NatWest Reports Higher Loan Losses and Cost Guidance Disappoints in Q3

Niklas Kammer, CFA Equity Analyst

Analyst Note

| Niklas Kammer, CFA |

No-moat NatWest reported third-quarter operating profit before tax of GBP 1,242 million versus consensus estimates of GBP 1,403 million. Although income generation was roughly in line with expectations, higher operating expenses, and litigation and conduct costs as well as higher impairment losses came as a surprise. That said, higher base interest rates are a stronger tailwind to NatWest’s underlying business than any concerns over headwinds from the slowing economy. We maintain our fair value estimate of GBX 300 per share.

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Key Statistics NWG

Company Profile NWG

Business Description

NatWest Group is a universal bank headquartered in the United Kingdom, where it derives around 90% of its total income. The bank operates a retail, commercial, and private bank in the U.K., offering clients lending and payment services as well as asset management services. The three segments combined consume about 65% of the group’s risk-weighted assets. It also provides financing, risk management, and trading solutions around the world to global financial institutions and large corporates in its NatWest markets segment.

Gogarburn, P.O. Box 1000
Edinburgh, EH12 1HQ, United Kingdom
T +44 1315568555
Industry Banks - Diversified
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 60,000

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