NatWest Group plc Revenue in 2025

NatWest Group plc reported $16.6B in revenue for fiscal year 2025. This represents a growth of 13.2% compared to the 2024 figure of $14.7B.

NatWest's attributable profit of $5.7 billion in FY2024 was 27.3% higher than in FY2023 — not because the bank grew aggressively, but because rising interest rates structurally improved net interest income across a balance sheet that was already well-positioned. Total income grew from $13.7 billion in FY2023 to $14.7 billion in FY2024, with the net interest margin expanding to 2.34% from 2.13% the prior year. The structural hedge is the financial mechanism that makes this more than just a rate-cycle benefit. NatWest holds a $694.7 billion interest-rate derivatives portfolio that was specifically constructed to extend the benefit of higher rates beyond the period when the Bank of England might cut them. The hedge's income contribution is expected to increase by $1.9 billion in 2026 compared with 2025, and by a further $1 billion in 2027. Even as the Bank of England cut rates from 5.25% to 4.5% in 2024, NatWest's net interest margin continued to expand — because the hedge was doing exactly what it was designed to do. Non-interest income of $4.4 billion, representing 23.3% of total income, comes primarily from fees and commissions. This is a lower percentage than UK peers, which means NatWest's revenue is more sensitive to rate movements and less diversified by trading income. That concentration is the primary reason analysts have historically applied a discount to NatWest's valuation relative to Lloyds or Barclays. The return on tangible equity of 17.5% in FY2024 represents a substantial improvement from 14.3% in FY2023 and compares favorably against NatWest's own target range. The market capitalization of $65.96 billion at fiscal year-end reflected improved investor sentiment following the government's exit from its ownership stake — an overhang that had suppressed the share price for years by creating the persistent risk of large secondary market share sales.