NatWest reports £2.225 billion quarterly profit and further staff reductions

The facts

1. Attributable quarterly profit was £1.532 billion, down 4.1% from £1.598 billion a year earlier. Basic earnings per ordinary share were 19.3 pence, versus 19.8 pence. These are distinct from the operating pre-tax profit in the headline. ^[1]

2. Quarterly net interest income rose 8.9% year on year to £3.559 billion. Impairment charges were £277 million, compared with £153 million a year earlier; that provision measure is not a count of defaulted customers. ^[1]

3. Headcount fell by about 1,000 full-time-equivalent roles in the quarter but was up about 800 over the year to date, including approximately 2,200 staff added with Evelyn Partners. The bank reports an underlying transformation-related reduction of about 1,400 roles for the year to date. ^[1][3]

4. The bank maintained its half-year outlook, while updating expected risk-weighted assets to about £210 billion on 1 January 2027 including Basel 3.1. Reuters reports that management's indication of a broadly stable 2.5% interest margin into 2027 disappointed analysts expecting growth. ^[1][2]