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NatWest Group PLC ADR NWG

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Morningstar’s Analysis

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Economic Moat

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Another Good Set of Cost Reductions Drives NatWest's Q2 Results; FVE Maintained

Niklas Kammer, CFA Equity Analyst

Analyst Note

| Niklas Kammer, CFA |

No-moat NatWest Group reported second-quarter operating profits before impairments of GBP 954 million, up 13% versus the first quarter this year. It achieved this healthy performance on good cost development while income generation was flat overall. We maintain our fair value estimate of GBX 230 per share.

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Company Profile

Business Description

NatWest Group is a universal bank headquartered in the United Kingdom, where it derives around 90% of its total income. The bank operates a retail, commercial, and private bank in the U.K., offering clients lending and payment services as well as asset management services. The three segments combined consume about 65% of the group’s risk-weighted assets. It also provides financing, risk management, and trading solutions around the world to global financial institutions and large corporates in its NatWest markets segment.

Contact
Gogarburn, P.O. Box 1000
Edinburgh, EH12 1HQ, United Kingdom
T +44 1316260000
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 59,600

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