NatWest Group Q1: Earnings Resilient Despite Rising Credit Costs
NatWest Group reported double-digit earnings growth in Q1 despite higher credit provisions. The increase in credit charges was driven by a more cautious outlook on UK macroeconomic conditions, though actual loan impairments remained low. Revenue performance and cost management supported the bank's resilient profitability.
- ▪NatWest Group posted double-digit earnings growth in the first quarter of 2026.
- ▪Provisions for credit losses rose 50% year-on-year due to a more downbeat assessment of UK macro indicators.
- ▪Despite rising provisions, actual impairments remained modest during the quarter.
- ▪Revenue performance and disciplined cost control contributed to the bank's strong financial results.
- ▪NatWest Group trades at approximately 1.4 times tangible book value.
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