NatWest publishes transcript of Q1 2026 results call

• NatWest hosted Q1 2026 results call on May 1 with CEO Paul Thwaite, CFO Katie Murray.
• Income guidance lifted to top end of GBP 17.2 billion-17.6 billion range after NatWest assumed Bank of England base rate stays at 3.75% through 2026; other targets unchanged, including >17% return on tangible equity.
• Group posted Q1 return on tangible equity 18.2% with CET1 ratio 14.3%; impairment charge GBP 283 million included GBP 140 million tied to revised macro scenarios, despite management citing no new signs of stress.
• Customer lending rose 6.6% year-on-year to GBP 400 billion with GBP 7.3 billion Q1 growth led by mortgages and Commercial & Institutional; deposits rose 2.6% year-on-year to GBP 445 billion despite GBP 10.3 billion seasonal retail tax outflows.
• Management flagged structural hedge actions as key medium-term tailwind, including GBP 5 billion accelerated product-hedge add in Q1 with expected 2026 reinvestment rates of about 3.9% on product hedge, 4.7% on equity hedge; Evelyn Partners deal still expected to close in Q2 subject to regulatory approval.

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