London, Jan 6, 2026, 09:04 GMT — Regular session
NatWest Group NWG.L shares hit a fresh 52-week high on Tuesday and were up about 0.6% at 669.6 pence in London trade, after touching 674.2 pence earlier in the session. The stock traded between 665.2 pence and 674.2 pence, versus a prior close of 665.6 pence.
The move keeps the focus on shareholder returns and on how UK-focused lenders are holding up as investors parse domestic credit demand. A run of small, steady repurchases can help underpin the share price by reducing the share count, even when the daily volumes look modest.
NatWest has set its full-year 2025 results for Feb. 13, when it plans to introduce guidance for 2026 and new targets for 2028. That makes the next few weeks a reset point for expectations on margins, costs and capital returns.
The bank said it bought back 806,867 ordinary shares on Jan. 5 at a volume-weighted average price of 664.25 pence, with purchases ranging from 654.80 pence to 668.40 pence. The shares will be cancelled, NatWest said, and it will hold 220,742,145 shares in treasury after settlement.
Macro data also stayed in the spotlight for UK lenders. Bank of England figures showed net consumer borrowing rose by 2.08 billion pounds in November, the biggest increase since November 2023, while mortgage approvals dipped to 64,530; “This also suggests there isn’t much scope for a pick-up in consumer spending in 2026,” Alex Kerr, UK economist at Capital Economics, said. Reuters
For NatWest, which has a large UK retail footprint, the mix of borrowing, mortgage activity and household spending matters on two fronts: loan growth and credit quality. Investors also watch net interest margin — the gap between what a bank earns on loans and pays on deposits — because it drives a large share of earnings.
Broader sector calls added a tailwind. Goldman Sachs on Tuesday lifted its 12-month target for Europe’s STOXX 600 and upgraded the financial services sector to “overweight”, meaning it expects the group to outperform the wider market. Reuters
Technicians are watching whether NatWest can hold above the mid-660s after the latest push to new highs. The buyback’s average purchase price sits just below current levels, offering a nearby reference point for traders looking for support.
The risk is that tougher competition in mortgages and deposits compresses pricing, or that a softer consumer backdrop turns the recent rise in borrowing into higher impairments. Either would blunt the earnings uplift investors typically expect from buybacks.
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