London, January 29, 2026, 08:54 GMT — Regular session.
- NatWest NWG.L down 0.3% at 655.2 pence by 0839 GMT in early London dealing
- Bank disclosed it repurchased 810,744 shares on Jan. 28 at an average 661.96 pence, to be cancelled
- UK bank earnings season begins with Lloyds; NatWest annual results due Feb. 13
NatWest Group NWG.L fell 0.3% to 655.2 pence by 0839 GMT on Thursday, easing after opening at 661.8 pence. The stock traded between 654.4 and 662.4 pence and ended Wednesday at 657.2 pence, data showed.
The move comes as investors pivot into UK bank results and test how much earnings power is left as rates drift lower. Lloyds Banking Group said annual profit rose 12% and raised its profitability target, with CEO Charlie Nunn saying “our continued business momentum and strategic delivery enable us to upgrade guidance.” Lloyds shares were up 0.3% at 104.85 pence by 0845 GMT. Reuters
Banks have been jumpy around the Fed decision and a rotation in equity markets. London’s FTSE 100 closed down 0.5% on Wednesday and the banks sector fell 1.3%, with Barclays down 2% and HSBC off 1.5%, after “a rotation out of European and U.K. stocks,” IG analyst Axel Rudolph said. Reuters
Overnight, the U.S. Federal Reserve held its benchmark rate in the 3.50%-3.75% range and kept language that inflation was “somewhat elevated”. Fed chair Jerome Powell said “the economy has once again surprised us with its strength,” after policymakers voted 10-2 to stand pat. Reuters
NatWest late Wednesday said it bought 810,744 ordinary shares at an average price of 661.96 pence as part of its existing share buyback programme, with the highest price paid at 667.2 pence. It said it intends to cancel the repurchased shares and will have 7.99 billion shares in issue excluding treasury stock after settlement.
The next clear catalyst is NatWest’s annual results on Feb. 13. The bank’s results calendar shows it plans to publish at 7 a.m. GMT, followed by a management presentation at 9 a.m. and a fixed income presentation at 1:30 p.m.
Traders will be listening for any change in guidance on costs, loan losses and capital returns, with buybacks now a big part of the UK bank equity story. Small tweaks there can move the shares more than the headline profit.
But there are risks. Faster rate cuts would squeeze lending margins, and any broader hit from remediation and conduct issues in consumer finance could keep a lid on valuations even if earnings hold up.
