1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
No-moat NatWest Group reported second-quarter operating profits before impairments of GBP 954 million, up 13% versus the first quarter this year. It achieved this healthy performance on good cost development while income generation was flat overall. We maintain our fair value estimate of GBX 230 per share.
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.
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