(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒

Form 40-F ☐

 

 

 

The following information was issued as Company announcements in London, England and is furnished pursuant to General Instruction B to the General Instructions to Form 6-K:

 

 

 

 

 

Business performance summary
2	Q3 2025 performance summary
3	Performance key metrics and ratios
5	Chief Financial Officer's review
6	Retail Banking
7	Private Banking & Wealth Management
8	Commercial & Institutional
9	Central items & other
10	Segment performance
Risk and capital management
15	Credit risk
15	Segment analysis - portfolio summary
16	Segment analysis - loans
16	Movement in ECL provision
17	ECL post model adjustments
18	Sector analysis - portfolio summary
23	Capital, liquidity and funding risk
29	Pension risk

 

Financial statements and notes
30		Condensed consolidated income statement
31		Condensed consolidated statement of comprehensive income
32		Condensed consolidated balance sheet
33		Condensed consolidated statement of changes in equity
35		Presentation of condensed consolidated financial statements
35		Litigation and regulatory matters
36		Post balance sheet events

 

 

Additional information
37	Presentation of information
37	Statutory accounts
37	Contacts
37	Forward-looking statements
38	Non-IFRS financial measures
43	Performance measures not defined under IFRS

 

 

"NatWest Group delivered another strong performance in the third quarter of 2025, underpinned by healthy levels of customer activity and the continued support we provide to them. This is driving positive momentum across our three businesses, with continued lending growth and deposits remaining stable.  

 

With our strategic focus on growth, NatWest Group's impact can be felt right across the economy, as we help people get on the housing ladder, save and invest for the future and grow their businesses - from innovative start-ups and vital mid-market firms to the largest multinationals responsible for critical infrastructure projects. We are also becoming a much simpler bank, with tight control of costs supporting our digital transformation that is enabling us to anticipate and meet the changing needs of customers at pace.

 

As a result of our consistent delivery and capital generation, we have upgraded our income and returns guidance for 2025 and are well placed to support our customers, invest for the future and deliver returns to our shareholders."

 

 

We have delivered a strong financial performance in the quarter, with income and lending growth across all of our businesses demonstrating our broad-based support for our customers. 

 

−       Total income excluding notable items was up £0.2 billion to £4.2 billion in the quarter, driving an attributable profit of £1.6 billion and a Return on Tangible Equity (RoTE) of 22.3%.

 

−       In the third quarter net loans to customers excluding central items were up by £4.4 billion as we met customer needs while deploying capital where returns were attractive.

 

−       Deposits remained broadly stable across each of the businesses, with a small overall decrease in the quarter of £1.1 billion in customer deposits excluding central items. We continue to maintain a strong loan:deposit ratio (excl. repos and reverse repos) up 2% in the quarter to 88%, and a strong liquidity position with an average Liquidity      Coverage Ratio (LCR) of 148%.

 

−       Assets under management and administration (AUMA) grew strongly in the quarter, up by 8.1% to £56.0 billion assisted by strong client net inflows.

 

 

We continued to make good progress on becoming a simpler bank, delivering efficiencies from our investment programmes and driving efficiency in the business which resulted in a 5% improvement in our year to date cost:income (excl. litigation and conduct) ratio of 47.8%, compared with 52.8% in the same period of 2024.

 

We are pleased with progress towards our objective of simplifying the way we operate, becoming a more agile and technology driven bank.

 

 

We continued to actively manage our balance sheet and risk, delivering a £2.2 billion benefit from RWA management actions as we created capacity for growth.

 

Capital generation pre-distributions was 101 basis points in the quarter.

 

Our Common Equity Tier 1 (CET1) ratio of 14.2% was up c.60 basis points compared with Q4 2024 and c.60 basis points higher than Q2 2025. TNAV per share in Q3 2025 increased by 11 pence to 362 pence.

 

 

Outlook(1)

We will introduce guidance for 2026 and new targets for 2028 with our Full Year 2025 results on 13 February 2026.

 

The following statements are based on our current expectations for interest rates and economic conditions. We will monitor and react to market conditions and refine our internal forecasts as the economic position evolves.

 

We now expect income excluding notable items to be around £16.3 billion for 2025 and to achieve a Return on Tangible Equity of greater than 18.0%.

 

Except for this strengthened guidance, we reaffirm the outlook provided in our H1 2025 Interim Results.

 

(1)   The guidance, targets, expectations and trends discussed in this section represent NatWest Group plc management's current expectations and are subject to change, including as a result of the factors described in the NatWest Group plc Risk Factors in the 2024 Annual Report and Accounts and Form 20-F and the Summary Risk Factors in the NatWest Group plc 2025 Interim Results announcement. These statements constitute forward-looking statements. Refer to Forward-looking statements in this announcement.

 

 

 

 

 

	Nine months ended					Quarter ended
	30 September	30 September				30 September	30 June		30 September
	2025	2024				2025	2025		2024
Summary consolidated income statement	£m	£m	Variance			£m	£m	Variance	£m	Variance
Net interest income	9,388	8,307	13.0%			3,268	3,094	5.6%	2,899	12.7%
Non-interest income	2,929	2,571	13.9%			1,064	911	16.8%	845	25.9%
Total income	12,317	10,878	13.2%			4,332	4,005	8.2%	3,744	15.7%
Litigation and conduct costs	(130)	(142)	(8.5%)			(12)	(74)	(83.8%)	(41)	(70.7%)
Other operating expenses	(5,884)	(5,740)	2.5%			(1,984)	(1,965)	1.0%	(1,784)	11.2%
Operating expenses	(6,014)	(5,882)	2.2%			(1,996)	(2,039)	(2.1%)	(1,825)	9.4%
Profit before impairment losses	6,303	4,996	26.2%			2,336	1,966	18.8%	1,919	21.7%
Impairment losses	(535)	(293)	82.6%			(153)	(193)	(20.7%)	(245)	(37.6%)
Operating profit before tax	5,768	4,703	22.6%			2,183	1,773	23.1%	1,674	30.4%
Tax charge	(1,412)	(1,232)	14.6%			(502)	(439)	14.4%	(431)	16.5%
Profit from continuing operations	4,356	3,471	25.5%			1,681	1,334	26.0%	1,243	35.2%
Profit from discontinued operations, net of tax	-	12	(100.0%)			-	-	-	1	(100.0%)
Profit for the period	4,356	3,483	25.1%			1,681	1,334	26.0%	1,244	35.1%
Performance key metrics and ratios
Notable items within total income (1)	£189m	£102m	85.3%			£166m	(£5m)	nm	(£28m)	nm
Total income excluding notable items (1)	£12,128m	£10,776m	12.5%			£4,166m	£4,010m	3.9%	£3,772m	10.4%
Net interest margin (1)	2.31%	2.11%	20bps			2.37%	2.28%	9bps	2.18%	19bps
Average interest earning assets (1)	£544bn	£526bn	3.4%			£548bn	£543bn	0.9%	£530bn	3.4%
Cost:income ratio (excl. litigation and conduct) (1)	47.8%	52.8%	(5.0%)			45.8%	49.1%	(3.3%)	47.6%	(1.8%)
Loan impairment rate (1)	17bps	10bps	7bps			15bps	19bps	(4bps)	25bps	(10bps)
Profit attributable to ordinary shareholders	£4,086m	£3,271m	24.9%			£1,598m	£1,236m	29.3%	£1,172m	36.3%
Total earnings per share attributable to ordinary shareholders - basic	50.7p	38.3p	12.4p			19.8p	15.3p	4.5p	14.1p	5.7p
Return on Tangible Equity (RoTE) (1)	19.5%	17.0%	2.5%			22.3%	17.7%	4.6%	18.3%	4.0%
Climate and transition finance (2)	£7,569m	na	na			£7,569m	na	na	na	na

 

 

For the footnotes to this table refer to the following page.

 

 

 

					As at
					30 September	30 June		31 December
					2025	2025		2024
Balance sheet					£bn	£bn	Variance	£bn	Variance
Total assets					725.6	730.8	(0.7%)	708.0	2.5%
Loans to customers - amortised cost					415.3	407.1	2.0%	400.3	3.7%
Loans to customers excluding central items (1,3)					384.5	380.1	1.2%	368.5	4.3%
Loans to customers and banks - amortised cost and FVOCI					427.3	417.9	2.2%	410.2	4.2%
Total impairment provisions (4)					3.7	3.7	-	3.4	8.8%
Expected credit loss (ECL) coverage ratio					0.87%	0.87%	-	0.83%	4bps
Assets under management and administration (AUMA) (1)					56.0	51.8	8.1%	48.9	14.5%
Customer deposits					435.5	436.8	(0.3%)	433.5	0.5%
Customer deposits excluding central items (1,3)					434.7	435.8	(0.3%)	431.3	0.8%
Liquidity and funding
Average Liquidity Coverage Ratio (LCR) (5)					148%	150%	(2.0%)	151%	(3.0%)
Liquidity portfolio					239	217	10.1%	222	7.7%
Average Net Stable Funding Ratio (NSFR) (5)					135%	136%	(1.0%)	137%	(2.0%)
Loan:deposit ratio (excl. repos and reverse repos) (1)					88%	86%	2%	85%	3%
Total wholesale funding					93	91	2.2%	86	8.1%
Short-term wholesale funding					37	35	5.7%	33	12.1%
Capital and leverage
Common Equity Tier 1 (CET1) ratio (6)					14.2%	13.6%	60bps	13.6%	60bps
Total capital ratio (6)					20.2%	19.7%	50bps	19.7%	50bps
Pro forma CET1 ratio (excl. foreseeable items) (7)					15.1%	14.6%	50bps	14.3%	80bps
Risk-weighted assets (RWAs)					189.1	190.1	(0.5%)	183.2	3.2%
UK leverage ratio					5.0%	5.0%	-	5.0%	-
Tangible net asset value (TNAV) per ordinary share (1,8)					362p	351p	11p	329p	33p
Number of ordinary shares in issue (millions) (8)					8,031	8,088	(0.7%)	8,043	(0.1%)

 

(2)     NatWest Group uses its climate and transition finance framework to determine the assets, activities, acquisition targets and companies that are eligible to be included within its target to provide £200 billion in climate and transition finance between 1 July 2025 and the end of 2030. This included both provision of committed (on and off-        balance      sheet) financing and facilitation. The climate and transition finance framework is available on natwestgroup.com.

(3)     Central items includes Treasury repo activity.

(4)     Includes £0.1 billion relating to off-balance sheet exposures (30 June 2025 - £0.1 billion; 31 December 2024 - £0.1 billion).

(5)     Reported on an average basis in line with supervisory guidelines. The LCR is calculated as the average of the preceding 12 months. The NSFR is calculated as the average of the preceding four quarters.

(6)     Refer to the Capital, liquidity and funding risk section for details of the basis of preparation.

(7)     The pro forma CET1 ratio at 30 September 2025 excludes foreseeable items of £1,721 million: £1,275 million for ordinary dividends and £446 million foreseeable charges (30 June 2025 excludes foreseeable items of £1,994 million: £1,244 million for ordinary dividends and £750 million foreseeable charges; 31 December 2024 excludes                 foreseeable items of £1,249 million for ordinary dividends).

(8)     The number of ordinary shares in issue excludes own shares held.

 

  

 

We delivered another strong performance in the third quarter with total income excluding notable items up by 3.9% on Q2 2025 and 10.4% on Q3 2024. We made further progress on simplification and as a result our cost:income ratio (excl. litigation and conduct) was 47.8% in the year to date compared with 52.8% in the prior year. As a result, we achieved RoTE of 22.3%, including more than 2 percentage points from one-off items in the quarter.

 

The balance sheet continues to grow, with another quarter of strong lending growth of £4.4 billion excluding central items while customer deposits excluding central items remained broadly stable with a small decrease overall of £1.1 billion in the quarter. Liquidity position remains robust with an average LCR of 148%.

 

Our CET1 ratio came in just above the top end of our target range at 14.2% as we actively managed the balance sheet, delivering RWA management actions of £2.2 billion in Q3 2025 which created continued capacity for growth.

 

 

−       Total income increased by 8.2% in Q3 2025 compared with Q2 2025 and was 15.7% higher than Q3 2024. Total income excluding notable items was £156 million higher than Q2 2025 reflecting deposit margin expansion alongside the benefit of one additional day in the quarter. As a result, NIM increased by 9 basis points in the quarter to 2.37%.

 

−       Total operating expenses were £43 million lower than Q2 2025 and £171 million higher than Q3 2024. Other operating expenses were £19 million higher than Q2 2025 primarily reflecting integration costs following the acquisition of balances from Sainsbury's Bank and higher restructuring costs as we continue to develop core skills for the future,        including increasing the number of software engineering roles. Our focus remains on driving cost savings to create capacity for further investment to accelerate our bank-wide simplification. Headcount reduced by around 600 FTE compared with Q3 2024 and was 100 FTE lower than Q2 2025.

 

 

−       The net impairment charge of £153 million, or 15 basis points of gross customer loans, was £40 million lower than Q2 2025 as Stage 3 charges were lower in Commercial & Institutional and the prior quarter included an £81 million charge on the acquisition of balances from Sainsbury's Bank, offset by lower post model adjustment releases.

 

−       Compared with Q2 2025, our ECL provision and our ECL coverage ratio remained stable at £3.7 billion and 0.87% respectively. We retain post model adjustments of £265 million and remain comfortable with the strong credit performance of our diversified prime loan book.

 

 

−       During Q3 2025 we provided £7.6 billion in climate and transition finance against our target to provide £200 billion between 1 July 2025 and the end of 2030, which is underpinned by our climate and transition finance framework. We also achieved our aim to provide £10 billion in lending for EPC A and B rated residential properties between 1           January 2023 and the end of 2025, with £10.8 billion lending up to 30 September 2025.

 

 

−       We continued to support our customers as net loans to customers excluding central items increased £4.4 billion in Q3 2025. Retail Banking mortgage balances increased by £1.7 billion and Commercial & Institutional balances were up by £2.5 billion, largely within Corporate & Institutions and Commercial Mid-market.

 

−       Customer deposits excluding central items reduced £1.1 billion in the quarter to £434.7 billion primarily reflecting a reduction in savings balances in Retail Banking and Private Banking & Wealth Management. Commercial & Institutional increased by £0.4 billion largely due to higher balances within Commercial Mid-market and Business Banking.    Total business term balances reduced to 16% of the book, down from 17% at Q2 2025.

 

−       We continue to actively manage our balance sheet as RWAs decreased by £1.0 billion in the quarter to £189.1 billion, including a further £2.2 billion benefit from RWA management actions as we created capacity for lending growth.

 

−       The average LCR of 148% (spot LCR: 141%) representing £51.6 billion headroom above 100% minimum requirement, decreased by 2 percentage points compared with Q2 2025 primarily due to higher lending. Our primary liquidity at Q3 2025 was £159 billion, of which £80.5 billion, or 51% was cash and balances at central banks. Total wholesale    funding increased by £2.1 billion in the quarter to £92.9 billion.

 

Shareholder return supported by strong capital generation −       An attributable profit of £1,598 million and RoTE of 22.3% included more than 2 percentage points from one-off items in the quarter, including a £147 million gain from the release of a funding valuation adjustment applied to a portfolio of derivatives.      −       The CET1 ratio of 14.2% was c.60 basis points higher than Q2 2025 principally reflecting the attributable profit for the quarter, c.85 basis points, and the reduction in RWAs, c.10 basis points, partially offset by the foreseeable ordinary dividend, c.40 basis points.

−       TNAV per share increased by 11 pence in the quarter to 362 pence primarily reflecting the profit for the period partially offset by the interim dividend payment.

 

 

Retail Banking

 

	Quarter ended
	30 September	30 June	30 September
	2025	2025	2024
	£m	£m	£m
Total income	1,662	1,594	1,459
Operating expenses	(715)	(742)	(659)
of which: Other operating expenses	(712)	(734)	(656)
Impairment losses	(97)	(117)	(144)
Operating profit	850	735	656
Return on equity (1)	26.4%	23.2%	21.4%
Net interest margin (1)	2.64%	2.59%	2.43%
Cost:income ratio (excl. litigation and conduct) (1)	42.8%	46.0%	45.0%
Loan impairment rate (1)	18bps	22bps	28bps
	As at
	30 September	30 June	31 December
	2025	2025	2024
	£bn	£bn	£bn
Net loans to customers (amortised cost)	216.0	214.3	208.4
Customer deposits	195.8	196.6	194.8
RWAs	69.1	69.4	65.5

 

 

 

During Q3 2025, Retail Banking delivered a return on equity of 26.4% and an operating profit of £850 million, with continued positive income and net interest margin momentum. We have increased net mortgage lending by £1.7 billion and, as we widen our customer proposition, we have announced our partnership with Landbay to support more buy-to-let property investors. In addition, we have continued to progress the integration of our recently acquired Sainsbury's customers, with credit card customers now able to view their credit card, link their Sainsbury's Nectar card and view their Nectar points from credit card spending in our app.

 

Retail Banking provided £1.2 billion of climate and transition financing in Q3 2025 from lending on EPC A and B rated residential properties.

 

 

−       Total income was £68 million, or 4.3%, higher than Q2 2025 reflecting deposit margin expansion, full quarter impact of balances acquired from Sainsbury's Bank and the benefit of one additional day in the quarter. Q3 2025 total income was £203 million, or 13.9%, higher than Q3 2024 reflecting deposit margin expansion, lending growth   and the impact of balances acquired from Sainsbury's Bank.

 

−       Net interest margin was 5 basis points higher than Q2 2025 largely reflecting deposit margin expansion and full quarter impact of balances acquired from Sainsbury's Bank.

 

−       Other operating expenses were £22 million, or 3.0%, lower than Q2 2025 reflecting non-repeat of Q2 2025 FCA regulatory fees and property exit costs. Other operating expenses were £56 million, or 8.5%, higher than Q3 2024 reflecting higher investment spend, partly offset by a 4.9% reduction in headcount.

 

−       An impairment charge of £97 million, compared with a £117 million charge in Q2 2025, largely driven by good book model releases. Stage 3 default driven charge remains stable.

 

−       Net loans to customers increased by £1.7 billion, or 0.8%, in Q3 2025 driven by higher mortgage balances of £1.7 billion, or 0.9%, higher cards balances of £0.1 billion, or 1.2%, partly offset by lower personal advances of £0.1 billion, or 1.1%.

 

−       Customer deposits decreased by £0.8 billion, or 0.4%, in Q3 2025 reflecting lower savings balances of £1.4 billion, partly offset by increased current account balances of £0.6 billion.

 

−       RWAs decreased by £0.3 billion, or 0.4%, in Q3 2025 primarily due to RWA management actions, largely offset by book movements.

 

 

 

Private Banking & Wealth Management

 

	Quarter ended
	30 September	30 June	30 September
	2025	2025	2024
	£m	£m	£m
Total income	284	274	253
of which: AUMA income (1)	75	72	68
Operating expenses	(173)	(172)	(166)
of which: Other operating expenses	(172)	(171)	(166)
Impairment (losses)/releases	(3)	-	3
Operating profit	108	102	90
Return on equity (1)	23.4%	22.5%	19.7%
Net interest margin (1)	2.66%	2.56%	2.50%
Cost:income ratio (excl. litigation and conduct) (1)	60.6%	62.4%	65.6%
Loan impairment rate (1)	6bps	-	(7bps)
AUMA net flows (£bn) (1)	1.2	1.3	0.9
	As at
	30 September	30 June	31 December
	2025	2025	2024
	£bn	£bn	£bn
Net loans to customers (amortised cost)	18.8	18.6	18.2
Customer deposits	40.6	41.3	42.4
Assets under management (AUM) (1)	41.9	39.0	37.0
Assets under administration (AUA) (1)	14.1	12.8	11.9
Assets under management and administration (AUMA) (1)	56.0	51.8	48.9
Total combined assets and liabilities (CAL) (1,2)	114.2	110.4	108.4
RWAs	11.4	11.5	11.0

 

 

(1)     Refer to the Non-IFRS financial measures appendix for details of basis of preparation and reconciliation of non-IFRS financial measures and performance metrics.

 

(2)     CAL refers to customer deposits, net loans to customers and AUMA. To avoid double counting, investment cash is deducted as it is reported within customer deposits and AUMA.

 

During Q3 2025, Private Banking & Wealth Management continued to deliver a strong performance with an operating profit of £108 million, return on equity of 23.4% and cost:income ratio (excl. litigation and conduct) of 60.6%. We have continued to progress our simplification agenda, including the rollout of a new workflow tool for investment advice, which has reduced the time to deliver simple investment advice. Our digital experience also continues to improve, with mobile NPS rising to 54, reflecting the ongoing enhancements to our mobile app.

 

Private Banking & Wealth Management provided £0.1 billion of climate and transition financing in Q3 2025, principally in relation to mortgages on residential properties with an EPC rating of A or B and wholesale transactions.

 

 

 

−       Total income was £10 million, or 3.6%, higher than Q2 2025 primarily reflecting balance growth across lending and AUMA and deposit margin expansion. Q3 2025 total income was £31 million, or 12.3%, higher than Q3 2024 primarily reflecting balance growth across deposits, lending and AUMA, and deposit margin expansion.

 

−       Net interest margin was 10 basis points higher than Q2 2025 largely reflecting deposit margin expansion.

 

−       Other operating expenses were £1 million, or 0.6%, higher than Q2 2025 primarily reflecting timing of non-staff costs. Other operating expenses were £6 million, or 3.6%, higher than Q3 2024 primarily reflecting higher back office costs, partly offset by a 4.5% reduction in headcount.

 

−       An impairment charge of £3 million in Q3 2025, compared with no impairment charge in Q2 2025. Stage 3 charges remain at low levels.

 

−       CAL increased by £3.8 billion, or 3.4%, in Q3 2025, supported by growth in AUMA and lending balances.

 

−       Net loans to customers increased by £0.2 billion, or 1.1%, in Q3 2025 driven by higher personal lending balances.

 

−       Customer deposits decreased by £0.7 billion, or 1.7%, in Q3 2025 driven by seasonal tax outflows and continued flows to AUMAs.

 

−       AUMA balances increased by £4.2 billion, in Q3 2025, driven by positive market movements of £3.0 billion, AUM net inflows of £0.6 billion, AUA net inflows of £0.4 billion and Cushon net inflows of £0.2 billion. AUM net flows as a percentage of opening balances are 6.2% on an annualised basis.

 

 

 

Commercial & Institutional

 

	Quarter ended
	30 September	30 June	30 September
	2025	2025	2024
	£m	£m	£m
Net interest income	1,550	1,496	1,392
Non-interest income	658	651	679
Total income	2,208	2,147	2,071
Operating expenses	(1,115)	(1,107)	(945)
of which: Other operating expenses	(1,060)	(1,047)	(911)
Impairment losses	(52)	(76)	(109)
Operating profit	1,041	964	1,017
Return on equity (1)	19.7%	17.9%	19.9%
Net interest margin (1)	2.36%	2.35%	2.24%
Cost:income ratio (excl. litigation and conduct) (1)	48.0%	48.8%	44.0%
Loan impairment rate (1)	14bps	20bps	31bps
	As at
	30 September	30 June	31 December
	2025	2025	2024
	£bn	£bn	£bn
Net loans to customers (amortised cost)	149.7	147.2	141.9
Customer deposits	198.3	197.9	194.1
Funded assets (1)	348.2	343.1	321.6
RWAs	107.0	107.8	104.7

 

 

During Q3 2025, Commercial & Institutional continued to deliver a strong performance in income and operating profit, supporting a return on equity of 19.7%, an increase from 17.9% in Q2 2025. We have supported sectors that are vital to the health and success of the UK economy including continued support for UK Infrastructure and Housing Associations, reaching £7.4 billion of lending to Social Housing against our target of £7.5 billion. We saw another quarter of continued strong demand for FX risk management against a backdrop of volatile markets, supporting income. We have improved customer experience through our Bankline transformation and modernised digital platforms, driving deeper customer engagement.

 

Commercial & Institutional provided £6.3 billion of climate and transition funding in Q3 2025 to support customers investing in the transition to net zero.

 

 

 

−       Total income was £61 million, or 2.8%, higher than Q2 2025 primarily reflecting deposit margin expansion, lending growth as well as the impact of an additional day in the quarter. Q3 2025 total income was £137 million, or 6.6%, higher than Q3 2024 primarily reflecting deposit margin expansion and customer lending growth.

 

−       Net interest margin was 1 basis point higher than Q2 2025 reflecting deposit margin expansion.

 

−       Other operating expenses were £13 million, or 1.2%, higher than Q2 2025 largely reflecting increased investment spend partially offset by non-repeat of Q2 2025 FCA regulatory fees and one-off VAT recovery in the quarter. Other operating expenses were £149 million, or 16.4%, higher than Q3 2024 reflecting inflationary increases on staff costs        and increased investment spend.

 

−       An impairment charge of £52 million in Q3 2025 compared with a £76 million charge in Q2 2025 reflecting lower levels of Stage 3 impairments.

 

−       Net loans to customers increased by £2.5 billion, or 1.7%, in Q3 2025 principally due to Funds lending and Large Corporate growth within Corporate & Institutions and Regional and Commercial Real Estate growth within Commercial Mid-market, partly offset by UK Government scheme repayments of £0.5 billion.

 

−       Customer deposits increased by £0.4 billion, or 0.2%, in Q3 2025 largely reflecting higher balances within Commercial Mid-market and Business Banking.

 

−       RWAs decreased by £0.8 billion, or 0.7%, in Q3 2025 primarily reflecting continued RWA management actions, partially offset by book movements and currency impacts.

 

 

 

Central items & other

 

	Quarter ended
	30 September	30 June	30 September
	2025	2025	2024
	£m	£m	£m
Continuing operations
Total income	178	(10)	(39)
Operating expenses	7	(18)	(55)
of which: Other operating expenses	(40)	(13)	(51)
Impairment (losses)/releases	(1)	-	5
Operating profit/(loss)	184	(28)	(89)
		As at
	30 September	30 June	31 December
	2025	2025	2024
	£bn	£bn	£bn
Net loans to customers (amortised cost)	30.8	27.0	31.8
Customer deposits	0.8	1.0	2.2
RWAs	1.6	1.4	2.0

 

 

 

−       Total income was £188 million higher than Q2 2025 primarily reflecting higher gains on interest and FX risk management derivatives not in accounting hedge relationships and Business Growth Fund profits partially offset with foreign exchange recycling losses.

 

−       Other operating expenses were £27 million higher than Q2 2025 primarily due to one-off items including an HMRC tax credit in Q2 2025, timing of spend, as well as higher staff restructuring costs in the quarter as we pivot support towards developing critical core skills for the future.

 

−       Net loans to customers increased by £3.8 billion in Q3 2025 driven by reverse repo activity in Treasury.

 

−       Customer deposits decreased by £0.2 billion in Q3 2025 reflecting repo activity in Treasury.

 

 

 

	Nine months ended 30 September 2025
		Private Banking
	Retail	& Wealth	Commercial	Central items	Total NatWest
	Banking	Management	& Institutional	& other	Group
	£m	£m	£m	£m	£m
Continuing operations
Income statement
Net interest income	4,471	555	4,505	(143)	9,388
Own credit adjustments	-	-	3	-	3
Other non-interest income	325	268	1,989	344	2,926
Total income	4,796	823	6,497	201	12,317
Direct expenses	(604)	(183)	(1,192)	(3,905)	(5,884)
Indirect expenses	(1,519)	(347)	(1,930)	3,796	-
Other operating expenses	(2,123)	(530)	(3,122)	(109)	(5,884)
Litigation and conduct costs	(15)	(2)	(144)	31	(130)
Operating expenses	(2,138)	(532)	(3,266)	(78)	(6,014)
Operating profit before impairment losses	2,658	291	3,231	123	6,303
Impairment losses	(323)	(4)	(206)	(2)	(535)
Operating profit	2,335	287	3,025	121	5,768
Total income excluding notable items (1)	4,796	823	6,494	15	12,128
Additional information
Return on Tangible Equity (1)	na	na	na	na	19.5%
Return on equity (1)	24.7%	21.0%	19.0%	nm	na
Cost:income ratio (excl. litigation and conduct) (1)	44.3%	64.4%	48.1%	nm	47.8%
Total assets (£bn)	240.6	29.1	408.9	47.0	725.6
Funded assets (£bn) (1)	240.6	29.1	348.2	46.6	664.5
Net loans to customers - amortised cost (£bn)	216.0	18.8	149.7	30.8	415.3
Loan impairment rate (1)	20bps	3bps	18bps	nm	17bps
Impairment provisions (£bn)	(1.9)	(0.1)	(1.7)	-	(3.7)
Impairment provisions - Stage 3 (£bn)	(1.2)	-	(1.1)	-	(2.3)
Customer deposits (£bn)	195.8	40.6	198.3	0.8	435.5
Risk-weighted assets (RWAs) (£bn)	69.1	11.4	107.0	1.6	189.1
RWA equivalent (RWAe) (£bn)	69.9	11.4	108.0	1.9	191.2
Employee numbers (FTEs - thousands)	11.6	2.1	12.6	32.8	59.1
Third party customer asset rate (1)	4.34%	4.74%	6.04%	nm	nm
Third party customer funding rate (1)	(1.78%)	(2.75%)	(1.60%)	nm	nm
Average interest earning assets (£bn) (1)	229.8	28.5	257.1	na	544.3
Net interest margin (1)	2.60%	2.60%	2.34%	na	2.31%

 

 

 

 

 

	Nine months ended 30 September 2024
		Private Banking
	Retail	& Wealth	Commercial	Central items	Total NatWest
	Banking	Management	& Institutional	& other	Group
	£m	£m	£m	£m	£m
Continuing operations
Income statement
Net interest income	3,825	455	3,935	92	8,307
Own credit adjustments	-	-	(5)	-	(5)
Other non-interest income	324	242	1,941	69	2,576
Total income	4,149	697	5,871	161	10,878
Direct expenses	(586)	(190)	(1,120)	(3,844)	(5,740)
Indirect expenses	(1,527)	(331)	(1,864)	3,722	-
Other operating expenses	(2,113)	(521)	(2,984)	(122)	(5,740)
Litigation and conduct costs	(16)	(1)	(111)	(14)	(142)
Operating expenses	(2,129)	(522)	(3,095)	(136)	(5,882)
Operating profit before impairment losses/releases	2,020	175	2,776	25	4,996
Impairment (losses)/releases	(266)	14	(52)	11	(293)
Operating profit	1,754	189	2,724	36	4,703
Total income excluding notable items (1)	4,149	697	5,876	54	10,776
Additional information
Return on Tangible Equity (1)	na	na	na	na	17.0%
Return on equity (1)	19.4%	13.6%	17.4%	nm	na
Cost:income ratio (excl. litigation and conduct) (1)	50.9%	74.7%	50.8%	nm	52.8%
Total assets (£bn)	231.1	27.3	398.7	54.8	711.9
Funded assets (£bn) (1)	231.1	27.3	331.1	53.7	643.2
Net loans to customers - amortised cost (£bn)	207.4	18.2	138.1	23.0	386.7
Loan impairment rate (1)	17bps	(10bps)	5bps	nm	10bps
Impairment provisions (£bn)	(1.9)	(0.1)	(1.6)	-	(3.6)
Impairment provisions - Stage 3 (£bn)	(1.1)	-	(1.0)	-	(2.1)
Customer deposits (£bn)	192.0	39.7	195.7	3.7	431.1
Risk-weighted assets (RWAs) (£bn)	64.8	11.0	104.0	1.9	181.7
RWA equivalent (RWAe) (£bn)	65.3	11.0	105.3	2.4	184.0
Employee numbers (FTEs - thousands)	12.2	2.2	12.8	32.5	59.7
Third party customer asset rate (1)	3.95%	4.99%	6.74%	nm	nm
Third party customer funding rate (1)	(2.08%)	(3.15%)	(1.92%)	nm	nm
Average interest earning assets (£bn) (1)	220.5	26.6	244.9	na	526.2
Net interest margin (1)	2.32%	2.29%	2.15%	na	2.11%

 

 

 

 

 

	Quarter ended 30 September 2025
		Private Banking
	Retail	& Wealth	Commercial	Central items	Total NatWest
	Banking	Management	& Institutional	& other	Group
	£m	£m	£m	£m	£m
Continuing operations
Income statement
Net interest income	1,549	192	1,550	(23)	3,268
Own credit adjustments	-	-	-	-	-
Other non-interest income	113	92	658	201	1,064
Total income	1,662	284	2,208	178	4,332
Direct expenses	(208)	(61)	(410)	(1,305)	(1,984)
Indirect expenses	(504)	(111)	(650)	1,265	-
Other operating expenses	(712)	(172)	(1,060)	(40)	(1,984)
Litigation and conduct costs	(3)	(1)	(55)	47	(12)
Operating expenses	(715)	(173)	(1,115)	7	(1,996)
Operating profit before impairment losses	947	111	1,093	185	2,336
Impairment losses	(97)	(3)	(52)	(1)	(153)
Operating profit	850	108	1,041	184	2,183
Total income excluding notable items (1)	1,662	284	2,208	12	4,166
Additional information
Return on Tangible Equity (1)	na	na	na	na	22.3%
Return on equity (1)	26.4%	23.4%	19.7%	nm	na
Cost:income ratio (excl. litigation and conduct) (1)	42.8%	60.6%	48.0%	nm	45.8%
Total assets (£bn)	240.6	29.1	408.9	47.0	725.6
Funded assets (£bn) (1)	240.6	29.1	348.2	46.6	664.5
Net loans to customers - amortised cost (£bn)	216.0	18.8	149.7	30.8	415.3
Loan impairment rate (1)	18bps	6bps	14bps	nm	15bps
Impairment provisions (£bn)	(1.9)	(0.1)	(1.7)	-	(3.7)
Impairment provisions - Stage 3 (£bn)	(1.2)	-	(1.1)	-	(2.3)
Customer deposits (£bn)	195.8	40.6	198.3	0.8	435.5
Risk-weighted assets (RWAs) (£bn)	69.1	11.4	107.0	1.6	189.1
RWA equivalent (RWAe) (£bn)	69.9	11.4	108.0	1.9	191.2
Employee numbers (FTEs - thousands)	11.6	2.1	12.6	32.8	59.1
Third party customer asset rate (1)	4.40%	4.66%	5.88%	nm	nm
Third party customer funding rate (1)	(1.69%)	(2.61%)	(1.49%)	nm	nm
Average interest earning assets (£bn) (1)	233.0	28.6	260.5	na	548.1
Net interest margin (1)	2.64%	2.66%	2.36%	na	2.37%

 

 

 

 

 

	Quarter ended 30 June 2025
		Private Banking
	Retail	& Wealth	Commercial	Central items	Total NatWest
	Banking	Management	& Institutional	& other	Group
	£m	£m	£m	£m	£m
Continuing operations
Income statement
Net interest income	1,484	182	1,496	(68)	3,094
Own credit adjustments	-	-	(3)	-	(3)
Other non-interest income	110	92	654	58	914
Total income	1,594	274	2,147	(10)	4,005
Direct expenses	(230)	(63)	(403)	(1,269)	(1,965)
Indirect expenses	(504)	(108)	(644)	1,256	-
Other operating expenses	(734)	(171)	(1,047)	(13)	(1,965)
Litigation and conduct costs	(8)	(1)	(60)	(5)	(74)
Operating expenses	(742)	(172)	(1,107)	(18)	(2,039)
Operating profit/(loss) before impairment losses	852	102	1,040	(28)	1,966
Impairment losses	(117)	-	(76)	-	(193)
Operating profit/(loss)	735	102	964	(28)	1,773
Total income excluding notable items (1)	1,594	274	2,150	(8)	4,010
Additional information
Return on Tangible Equity (1)	na	na	na	na	17.7%
Return on equity (1)	23.2%	22.5%	17.9%	nm	na
Cost:income ratio (excl. litigation and conduct) (1)	46.0%	62.4%	48.8%	nm	49.1%
Total assets (£bn)	238.6	29.1	414.9	48.2	730.8
Funded assets (£bn) (1)	238.6	29.1	343.1	47.0	657.8
Net loans to customers - amortised cost (£bn)	214.3	18.6	147.2	27.0	407.1
Loan impairment rate (1)	22bps	-	20bps	nm	19bps
Impairment provisions (£bn)	(1.9)	(0.1)	(1.7)	-	(3.7)
Impairment provisions - Stage 3 (£bn)	(1.1)	-	(1.1)	-	(2.2)
Customer deposits (£bn)	196.6	41.3	197.9	1.0	436.8
Risk-weighted assets (RWAs) (£bn)	69.4	11.5	107.8	1.4	190.1
RWA equivalent (RWAe) (£bn)	70.0	11.5	108.8	2.0	192.3
Employee numbers (FTEs - thousands)	11.8	2.1	12.8	32.5	59.2
Third party customer asset rate (1)	4.32%	4.74%	6.00%	nm	nm
Third party customer funding rate (1)	(1.79%)	(2.74%)	(1.60%)	nm	nm
Average interest earning assets (£bn) (1)	230.0	28.5	255.6	na	543.2
Net interest margin (1)	2.59%	2.56%	2.35%	na	2.28%

 

 

 

 

 

	Quarter ended 30 September 2024
		Private Banking
	Retail	& Wealth	Commercial	Central items	Total NatWest
	Banking	Management	& Institutional	& other	Group
	£m	£m	£m	£m	£m
Continuing operations
Income statement
Net interest income	1,350	170	1,392	(13)	2,899
Own credit adjustments	-	-	2	-	2
Other non-interest income	109	83	677	(26)	843
Total income	1,459	253	2,071	(39)	3,744
Direct expenses	(205)	(64)	(356)	(1,159)	(1,784)
Indirect expenses	(451)	(102)	(555)	1,108	-
Other operating expenses	(656)	(166)	(911)	(51)	(1,784)
Litigation and conduct costs	(3)	-	(34)	(4)	(41)
Operating expenses	(659)	(166)	(945)	(55)	(1,825)
Operating profit/(loss) before impairment losses/releases	800	87	1,126	(94)	1,919
Impairment (losses)/releases	(144)	3	(109)	5	(245)
Operating profit /(loss)	656	90	1,017	(89)	1,674
Total income excluding notable items (1)	1,459	253	2,069	(9)	3,772
Additional information
Return on Tangible Equity (1)	na	na	na	na	18.3%
Return on equity (1)	21.4%	19.7%	19.9%	nm	na
Cost:income ratio (excl. litigation and conduct) (1)	45.0%	65.6%	44.0%	nm	47.6%
Total assets (£bn)	231.1	27.3	398.7	54.8	711.9
Funded assets (£bn) (1)	231.1	27.3	331.1	53.7	643.2
Net loans to customers - amortised cost (£bn)	207.4	18.2	138.1	23.0	386.7
Loan impairment rate (1)	28bps	(7bps)	31bps	nm	25bps
Impairment provisions (£bn)	(1.9)	(0.1)	(1.6)	-	(3.6)
Impairment provisions - Stage 3 (£bn)	(1.1)	-	(1.0)	-	(2.1)
Customer deposits (£bn)	192.0	39.7	195.7	3.7	431.1
Risk-weighted assets (RWAs) (£bn)	64.8	11.0	104.0	1.9	181.7
RWA equivalent (RWAe) (£bn)	65.3	11.0	105.3	2.4	184.0
Employee numbers (FTEs - thousands)	12.2	2.2	12.8	32.5	59.7
Third party customer asset rate (1)	4.09%	5.01%	6.67%	nm	nm
Third party customer funding rate (1)	(2.10%)	(3.16%)	(1.91%)	nm	nm
Average interest earning assets (£bn) (1)	221.4	27.0	246.8	na	529.8
Net interest margin (1)	2.43%	2.50%	2.24%	na	2.18%

 

nm - not meaningful, na - not applicable

 

 

 

Credit risk

The table below shows gross loans and ECL, by segment and stage, within the scope of the IFRS 9 ECL framework.

 

	30 September 2025						31 December 2024
		Private Banking						Private Banking
	Retail	& Wealth	Commercial	Central items			Retail	& Wealth	Commercial	Central items
	Banking	Management	& Institutional	& other	Total		Banking	Management	& Institutional	& other	Total
	£m	£m	£m	£m	£m		£m	£m	£m	£m	£m
Loans - amortised cost and FVOCI (1,2)
Stage 1	189,140	17,619	138,333	35,504	380,596		182,366	17,155	128,988	35,312	363,821
Stage 2	25,529	891	14,510	56	40,986		24,242	844	15,339	49	40,474
Stage 3	3,068	372	2,286	2	5,728		3,268	322	2,340	-	5,930
Of which: individual	-	272	1,290	-	1,562		-	233	1,052	-	1,285
Of which: collective	3,068	100	996	2	4,166		3,268	89	1,288	-	4,645
Total	217,737	18,882	155,129	35,562	427,310		209,876	18,321	146,667	35,361	410,225
ECL provisions (3)
Stage 1	346	14	263	14	637		279	16	289	14	598
Stage 2	413	10	331	1	755		428	12	346	1	787
Stage 3	1,179	45	1,100	1	2,325		1,063	36	941	-	2,040
Of which: individual	-	45	599	-	644		-	36	415	-	451
Of which: collective	1,179	-	501	1	1,681		1,063	-	526	-	1,589
Total	1,938	69	1,694	16	3,717		1,770	64	1,576	15	3,425
ECL provisions coverage (4)
Stage 1 (%)	0.18	0.08	0.19	0.04	0.17		0.15	0.09	0.22	0.04	0.16
Stage 2 (%)	1.62	1.12	2.28	1.79	1.84		1.77	1.42	2.26	2.04	1.94
Stage 3 (%)	38.43	12.10	48.12	50.00	40.59		32.53	11.18	40.21	-	34.40
Total	0.89	0.37	1.09	0.04	0.87		0.84	0.35	1.07	0.04	0.83

 

(1)     The table shows gross loans only and excludes amounts that were outside the scope of the ECL framework. Other financial assets within the scope of the IFRS 9 ECL framework were cash and balances at central banks totalling £83.5 billion (31 December 2024 - £91.8 billion) and debt securities of £70.7 billion (31 December 2024 - £62.4 billion).

(2)     Fair value through other comprehensive income (FVOCI). Includes loans to customers and banks.

(3)     Includes £4 million (31 December 2024 - £4 million) related to assets classified as FVOCI and £0.1 billion (31 December 2024 - £0.1 billion) related to off-balance sheet exposures.

(4)     ECL provisions coverage is calculated as ECL provisions, including ECL for other non-loan assets and unutilised exposure, divided by loans - amortised cost and FVOCI. Some segments with a high proportion of debt securities or unutilised exposure may result in a not meaningful (nm) coverage ratio.

 

 

 

 

●     Retail Banking - Asset quality and arrears rates remained stable and within expectations during the year. The overall 2025 increase in good book and total ECL coverage was largely driven by the acquisition of the Sainsbury's Bank portfolio earlier this year which, in conjunction with continued organic growth on cards and personal loan portfolios, increased the unsecured portfolio mix. Good book coverage for Retail Banking remained stable, reflecting portfolio arrears trends and no change to economic scenarios The good book ECL on credit cards reduced due to a decrease in exposure at default on inaccessible limits. The reduction in the proportion of Stage 3 loans this year was influenced by both the acquisition of the Sainsbury's Bank portfolio on unsecured and an enhancement to the application of the definition of default used on mortgages. The latter resulted in a £0.4 billion migration of loans from Stage 3 back to the good book.

 

Commercial & Institutional - Increased coverage in the portfolio primarily reflected the impact of defaulted charges in the first half of the year, driven by a small number of individual charges. Underlying default rates and total number of defaults remained subdued, reflecting overall stable portfolio performance. Performing book ECL reduced in the year, in line with economic improvements and reductions in post model adjustments, even as total performing book exposure increased.

 

 

The table below shows the main ECL provision movements during the year.

 

	ECL provision
	£m
At 1 January 2025	3,425
Acquisitions	81
Changes in economic forecasts	10
Changes in risk metrics and exposure: Stage 1 and Stage 2	(20)
Changes in risk metrics and exposure: Stage 3	564
Judgemental changes: changes in post model adjustments for Stage 1,
Stage 2 and Stage 3	(71)
Write-offs and other	(272)
At 30 September 2025	3,717

 

−       For the nine months to 30 September 2025, overall ECL increased following Non-Personal Stage 3 charges and an increase in good book ECL in the Personal portfolio, driven by the Sainsbury's Bank portfolio acquisition.

 

−       For the Non-Personal portfolio, ECL increased this year from Stage 3 charges, driven by a small number of individual charges in the Commercial & Institutional portfolio. This was partially offset by post model adjustment releases in the good book. 

 

−       In the Personal portfolios, default inflows were broadly stable for the nine months to 30 September 2025. However, Stage 3 ECL increased year-to-date on all unsecured portfolios, with reduced debt sale activity. In 2025, there was a reduction of Stage 3 ECL on mortgages related to an enhancement to the application of the definition of default,   resulting in a £0.4 billion migration of loans from Stage 3 to the good book.

 

−       Judgemental ECL post model adjustments decreased this year to £265 million (31 December 2024 - £336 million) representing 7.1% of total ECL (31 December 2024 - 9.8%). This reflected revisions to the Retail Banking cost of living post model adjustment after regular back-testing, and Non-Personal portfolio improvements in underlying risk   profile. 

 

 

 

The table below shows ECL post model adjustments.

 

				Private Banking
	Retail Banking			& Wealth	Commercial
	Mortgages	Other		Management	& Institutional	Total
30 September 2025	£m	£m		£m	£m	£m
Deferred model
calibrations	-	-		1	13	14
Economic uncertainty	55	31		8	139	233
Other adjustments	-	-		-	18	18
Total	55	31		9	170	265
Of which:
- Stage 1	40	13		4	73	130
- Stage 2	15	18		5	97	135
- Stage 3	-	-		-	-	-
31 December 2024
Deferred model
calibrations	-	-		1	18	19
Economic uncertainty	90	22		8	179	299
Other adjustments	-	-		-	18	18
Total	90	22		9	215	336
Of which:
- Stage 1	58	9		5	94	166
- Stage 2	26	13		4	119	162
- Stage 3	6	-		-	2	8

 

 

Post model adjustments reduced since 31 December 2024, reflecting updates to post model adjustment parameters.

 

−      Retail Banking - As at 30 September 2025, the post model adjustment for economic uncertainty decreased to £86 million (31 December 2024 - £112 million). This reduction was driven by a revision to the cost of living post model adjustment, which now stands at £86 million (31 December 2024 - £105 million), and is the sole remaining economic uncertainty post model adjustment. This change was based on a review of back-testing. Despite ongoing economic and geopolitical uncertainty, the Retail Banking portfolios demonstrated resilience, supported by a robust risk appetite. The cost of living post model adjustment continued to address the risk in segments of the Retail Banking portfolio that were more susceptible to affordability challenges. It focused on key affordability factors, including lower income customers in fuel poverty, over-indebted borrowers, and customers vulnerable to higher mortgage rates.

 

−     Commercial & Institutional - As at 30 September 2025, the post model adjustment for economic uncertainty decreased to £139 million (31 December 2024 - £179 million). The inflation, supply chain and liquidity post model adjustment of £123 million (31 December 2024 - £150 million) for lending prior to 1 January 2024, remained the largest component of this adjustment. Downgrades to risk profiles were applied to the sectors that were considered most at risk from the current economic and geopolitical headwinds, with the level of downgrade reviewed to ensure the latest risks were appropriately captured. The £27 million decrease reflected improved risk metrics along with reduced exposure in the portfolio subject to the adjustment, through either repayment or default.

 

 

 

 

The table below shows financial assets and off-balance sheet exposures gross of ECL and related ECL provisions, impairment and past due by sector, asset quality and geographical region.

 

	Personal					Non-Personal
		Credit	Other			Corporate and	Financial
	Mortgages (1)	cards	personal	Total		other	institutions	Sovereign	Total		Total
30 September 2025	£m	£m	£m	£m		£m	£m	£m	£m		£m
Loans by geography	215,140	8,275	11,447	234,862		115,024	76,100	1,324	192,448		427,310
- UK	215,128	8,275	11,447	234,850		99,727	48,581	491	148,799		383,649
- Other Europe	12	-	-	12		6,694	13,989	369	21,052		21,064
- RoW	-	-	-	-		8,603	13,530	464	22,597		22,597
Loans by asset quality (2)	215,140	8,275	11,447	234,862		115,024	76,100	1,324	192,448		427,310
- AQ1-AQ4	118,453	124	887	119,464		44,200	70,744	913	115,857		235,321
- AQ5-AQ8	93,366	7,796	9,353	110,515		68,382	5,217	129	73,728		184,243
- AQ9	1,163	130	204	1,497		251	3	265	519		2,016
- AQ10	2,158	225	1,003	3,386		2,191	136	17	2,344		5,730
Loans by stage	215,140	8,275	11,447	234,862		115,024	76,100	1,324	192,448		427,310
- Stage 1	190,571	6,046	8,966	205,583		98,545	75,427	1,041	175,013		380,596
- Stage 2	22,408	2,004	1,478	25,890		14,293	537	266	15,096		40,986
- Stage 3	2,161	225	1,003	3,389		2,186	136	17	2,339		5,728
- Of which: individual	154	1	26	181		1,241	123	17	1,381		1,562
- Of which: collective	2,007	224	977	3,208		945	13	-	958		4,166
Loans - past due analysis	215,140	8,275	11,447	234,862		115,024	76,100	1,324	192,448		427,310
- Not past due	211,764	7,987	10,421	230,172		111,908	75,826	1,307	189,041		419,213
- Past due 1-30 days	1,614	64	76	1,754		1,869	150	-	2,019		3,773
- Past due 31-90 days	581	74	108	763		380	9	17	406		1,169
- Past due 91-180 days	409	55	104	568		105	65	-	170		738
- Past due >180 days	772	95	738	1,605		762	50	-	812		2,417
Loans - Stage 2	22,408	2,004	1,478	25,890		14,293	537	266	15,096		40,986
- Not past due	20,992	1,915	1,368	24,275		13,449	532	266	14,247		38,522
- Past due 1-30 days	1,142	37	39	1,218		579	3	-	582		1,800
- Past due 31-90 days	274	52	71	397		265	2	-	267		664
Weighted average life
- ECL measurement (years)	9	4	6	5		7	4	nm	7		6
Weighted average 12 months PDs
- IFRS 9 (%)	0.44	3.46	4.68	0.70		1.13	0.16	9.34	0.80		0.75
- Basel (%)	0.66	3.87	3.35	0.87		1.06	0.15	9.34	0.75		0.82
ECL provisions by geography	377	469	1,134	1,980		1,564	149	24	1,737		3,717
- UK	376	469	1,134	1,979		1,389	99	12	1,500		3,479
- Other Europe	1	-	-	1		115	9	-	124		125
- RoW	-	-	-	-		60	41	12	113		113

 

 

 

 

 

	Personal					Non-Personal
		Credit	Other			Corporate and	Financial
	Mortgages (1)	cards	personal	Total		other	institutions	Sovereign	Total		Total
30 September 2025	£m	£m	£m	£m		£m	£m	£m	£m		£m
ECL provisions by stage	377	469	1,134	1,980		1,564	149	24	1,737		3,717
- Stage 1	55	121	175	351		235	38	13	286		637
- Stage 2	46	185	184	415		326	9	5	340		755
- Stage 3	276	163	775	1,214		1,003	102	6	1,111		2,325
- Of which: individual	14	1	13	28		511	99	6	616		644
- Of which: collective	262	162	762	1,186		492	3	-	495		1,681
ECL provisions coverage (%)	0.18	5.67	9.91	0.84		1.36	0.20	1.81	0.90		0.87
- Stage 1 (%)	0.03	2.00	1.95	0.17		0.24	0.05	1.25	0.16		0.17
- Stage 2 (%)	0.21	9.23	12.45	1.60		2.28	1.68	1.88	2.25		1.84
- Stage 3 (%)	12.77	72.44	77.27	35.82		45.88	75.00	35.29	47.50		40.59
Loans by residual maturity	215,140	8,275	11,447	234,862		115,024	76,100	1,324	192,448		427,310
- ≤1 year	2,115	2,515	2,969	7,599		32,738	55,837	362	88,937		96,536
- >1 and ≤5 year	8,555	5,760	6,800	21,115		50,610	15,618	516	66,744		87,859
- >5 and ≤15 year	42,899	-	1,674	44,573		23,154	4,510	288	27,952		72,525
- >15 year	161,571	-	4	161,575		8,522	135	158	8,815		170,390
Other financial assets by asset quality (2)	-	-	-	-		4,440	25,091	124,670	154,201		154,201
- AQ1-AQ4	-	-	-	-		4,386	24,996	124,670	154,052		154,052
- AQ5-AQ8	-	-	-	-		54	95	-	149		149
Off-balance sheet	15,073	23,265	7,666	46,004		76,836	21,560	491	98,887		144,891
- Loan commitments	15,073	23,265	7,629	45,967		73,984	20,073	491	94,548		140,515
- Financial guarantees	-	-	37	37		2,852	1,487	-	4,339		4,376
Off-balance sheet by asset quality (2)	15,073	23,265	7,666	46,004		76,836	21,560	491	98,887		144,891
- AQ1-AQ4	14,212	471	6,222	20,905		48,850	19,679	100	68,629		89,534
- AQ5-AQ8	850	22,701	1,401	24,952		27,599	1,837	15	29,451		54,403
- AQ9	-	12	14	26		17	-	376	393		419
- AQ10	11	81	29	121		370	44	-	414		535

 

 

 

Credit risk continue

 

	Personal					Non-Personal
		Credit	Other			Corporate and	Financial
	Mortgages (1)	cards	personal	Total		other	institutions	Sovereign	Total		Total
31 December 2024	£m	£m	£m	£m		£m	£m	£m	£m		£m
Loans by geography	209,846	6,930	9,749	226,525		111,734	70,321	1,645	183,700		410,225
- UK	209,846	6,930	9,749	226,525		97,409	43,412	562	141,383		367,908
- Other Europe	-	-	-	-		6,311	14,747	766	21,824		21,824
- RoW	-	-	-	-		8,014	12,162	317	20,493		20,493
Loans by asset quality (2)	209,846	6,930	9,749	226,525		111,734	70,321	1,645	183,700		410,225
- AQ1-AQ4	113,209	128	818	114,155		43,918	65,078	1,365	110,361		224,516
- AQ5-AQ8	92,946	6,516	7,880	107,342		65,231	5,172	127	70,530		177,872
- AQ9	1,156	110	191	1,457		306	12	132	450		1,907
- AQ10	2,535	176	860	3,571		2,279	59	21	2,359		5,930
Loans by stage	209,846	6,930	9,749	226,525		111,734	70,321	1,645	183,700		410,225
- Stage 1	186,250	4,801	7,267	198,318		94,991	69,021	1,491	165,503		363,821
- Stage 2	21,061	1,953	1,622	24,636		14,464	1,241	133	15,838		40,474
- Stage 3	2,535	176	860	3,571		2,279	59	21	2,359		5,930
- Of which: individual	141	-	26	167		1,046	51	21	1,118		1,285
- Of which: collective	2,394	176	834	3,404		1,233	8	-	1,241		4,645
Loans - past due analysis	209,846	6,930	9,749	226,525		111,734	70,321	1,645	183,700		410,225
- Not past due	206,739	6,721	8,865	222,325		107,855	70,055	1,627	179,537		401,862
- Past due 1-30 days	1,404	50	70	1,524		2,530	211	-	2,741		4,265
- Past due 31-90 days	580	51	99	730		398	2	18	418		1,148
- Past due 91-180 days	408	41	96	545		139	49	-	188		733
- Past due >180 days	715	67	619	1,401		812	4	-	816		2,217
Loans - Stage 2	21,061	1,953	1,622	24,636		14,464	1,241	133	15,838		40,474
- Not past due	19,939	1,889	1,521	23,349		13,485	1,228	133	14,846		38,195
- Past due 1-30 days	853	31	37	921		640	11	-	651		1,572
- Past due 31-90 days	269	33	64	366		339	2	-	341		707
Weighted average life
- ECL measurement (years)	8	4	6	6		6	2	nm	6		6
Weighted average 12 months PDs
- IFRS 9 (%)	0.51	3.23	4.59	0.76		1.24	0.16	5.51	0.86		0.80
- Basel (%)	0.68	3.65	3.18	0.87		1.11	0.15	4.16	0.76		0.82
ECL provisions by geography	462	381	969	1,812		1,504	90	19	1,613		3,425
- UK	462	381	969	1,812		1,335	37	12	1,384		3,196
- Other Europe	-	-	-	-		109	9	-	118		118
- RoW	-	-	-	-		60	44	7	111		111