London, Feb 13, 2026, 08:17 GMT
- NatWest reported a 24% jump in 2025 pretax operating profit to £7.7 billion. The bank also bumped up its return target for 2028.
- The bank put forward a £750 million share buyback set for the first half of 2026, and on top of that, proposed to increase its dividend payout.
- NatWest’s deal to acquire wealth manager Evelyn Partners for £2.7 billion set off a volatile stretch for the stock this week.
NatWest posted a 24% jump in annual profit for 2025 and raised its 2028 return target on Friday, stepping up its move into wealth management following the Evelyn Partners deal. The British bank rolled out plans for a £750 million share buyback in the first half of 2026. Assets under management and administration climbed 20% to £58.5 billion, not counting the Evelyn acquisition. “We are raising our ambition and sharpening our strategic focus, with stretching new targets in place,” said chief executive Paul Thwaite. Reuters
The update offers investors a clearer view of NatWest’s capacity for capital returns, even as it sinks cash into tech and looks to stretch its earnings beyond just standard loans. With interest rates drifting lower, UK banks have been chasing after fee revenue from investment products and advisory services.
NatWest hovered around the 600p mark all week ahead of its results, with a market commentary site pinpointing 598p as a potential “support” level—traders’ lingo for a possible floor. The shares dipped to exactly 598p just after London opened on Feb 11, pulling back from their initial move. Swikblog
NatWest reported its total income, excluding notable items, climbed by £1.8 billion to £16.4 billion for 2025. Return on tangible equity hit 19.2%. Earnings per share increased 27% to 68.0p. The board put forward a 23.0 pence final dividend, lifting the full-year payout to 32.5p—a 51% jump compared to 2024. The bank plans a £750 million buyback in the first half of 2026. On the Evelyn front, NatWest expects the deal to close by summer 2026, pending regulatory sign-off. Evelyn manages about £69 billion in client assets.
Return on tangible equity, or RoTE, leaves out intangible assets, highlighting how efficiently a bank puts its capital to use. Investors use this metric to stack up lenders with hefty goodwill from previous acquisitions.
NatWest shares closed Thursday at 595p, slipping 2.55% for the session and sitting nearly 15.7% under their 52-week peak of £7.05 from Feb 4. Volume came in just under the 50-day average, according to MarketWatch data.
Volatility kicked off Monday after NatWest said it would buy wealth manager Evelyn for £2.7 billion, Reuters reported, edging out rivals Barclays and Lloyds for the deal. Jefferies called the move strategically sound, but flagged the steep price tag—EPS could take about a 2% hit through 2028. NatWest shares dropped 4.5% following the news. “Although we consider this to be a bolt on transaction, it would be transformational, filling the gap NWG has in its affluent wealth offering,” RBC Capital Markets’ Benjamin Toms noted. Reuters
UBS pointed to political jitters as the main reason for this week’s price shifts across UK domestic banks, but flagged NatWest’s sharper drop as excessive. The Swiss bank drew a parallel to Lloyds, which fell to around 103p on Feb 11, down from 106.75p the Friday before.
NatWest shares trading in New York dropped sharply as markets opened on Feb 9, with the price kicking off at $16.74 after closing at $18.11 the previous session, according to MarketBeat. By mid-session, the stock hovered near $16.78, the report noted.
NWG hovered near 600p in London early Friday, shifting between about 597p and 609p, Investing.com data show. The previous close pegged by the site stood at 595p.
Volatility lingered. The FTSE 100 ended Thursday off 0.7%, retreating from a record high. Investors reacted to weak UK growth figures and broad risk-off sentiment, fueling expectations for another Bank of England rate cut in March.
