v3.26.1
Condensed consolidated statement of changes in equity - GBP (£)
£ in Millions
Total owners' equity
Share capital and share premium
Paid-in equity
Other statutory reserves
 [1]
Retained earnings
Fair value
Cash flow hedging
 [2],[3]
Foreign exchange
Merger
Non controlling interests
Total
Equity at beginning of period at Dec. 31, 2024 £ 39,350 £ 10,133 £ 5,280 £ 2,350 £ 11,426 £ (103) £ (1,443) £ 826 £ 10,881 £ 28 £ 39,378
Profit attributable to ordinary shareholders and other equity owners 2,674       2,674         1 2,675
Other comprehensive income                      
Realised losses in period on FVOCI equity shares         (2) 2          
Remeasurement of retirement benefit schemes 9       9           9
Changes in fair value of credit in financial liabilities designated at FVTPL due to own credit risk (1)       (1)           (1)
Unrealised gains 116         116         116
Amounts recognised in equity 102           102       102
Retranslation of net assets (55)             (55)     (55)
Losses/gains on hedges of net assets (40)             (40)     (40)
Amount transferred from equity to earnings 552         (4) 556       552
Tax (194)       (2) (19) (186) 13     (194)
Total comprehensive income for the period 3,163       2,678 95 472 (82)   1 3,164
Transactions with owners                      
Ordinary share dividends paid (1,250)       (1,250)           (1,250)
Paid in equity dividends (186)       (186)           (186)
Paid-in equity issued [4] 749   749               749
Purchase of non-controlling interest (10)       (10)         (11) (21)
Employee share schemes 32       32           32
Shares vested under employee share schemes 121     121             121
Share-based remuneration (11)       (11)           (11)
Equity at end of period at Jun. 30, 2025 41,958 10,133 6,029 2,471 12,679 (8) (971) 744 10,881 18 41,976
Equity at beginning of period at Dec. 31, 2025 42,599 10,021 4,571 2,613 14,419 13 (752) 833 [5] 10,881 14 42,613
Profit attributable to ordinary shareholders and other equity owners 3,184       3,184         (4) 3,180
Other comprehensive income                      
Remeasurement of retirement benefit schemes 7       7           7
Changes in fair value of credit in financial liabilities designated at FVTPL due to own credit risk 6       6           6
Unrealised gains 91         91         91
Amounts recognised in equity (201)           (201)       (201)
Retranslation of net assets (58)             (58) [5]     (58)
Losses/gains on hedges of net assets 36             36 [5]     36
Amount transferred from equity to earnings 8         (26) 165 (131) [5]     8
Tax (13)       (2) (14) 8 (5) [5]     (13)
Total comprehensive income for the period 3,060       3,195 51 (28) (158) [5]   (4) 3,056
Transactions with owners                      
Ordinary share dividends paid (1,835)       (1,835)           (1,835)
Paid in equity dividends (149)       (149)           (149)
Paid-in equity issued [4] 499   499               499
Shares repurchased [6] (479) (85)   85 (479)           (479)
Sharing in success (27)       (27)           (27)
Employee share schemes 45       45           45
Shares vested under employee share schemes 114     114             114
Share-based remuneration (9)       (9)           (9)
Equity at end of period at Jun. 30, 2026 £ 43,818 £ 9,936 £ 5,070 £ 2,812 £ 15,160 £ 64 £ (780) £ 675 [5] £ 10,881 £ 10 £ 43,828
[1] Other statutory reserves consist of Capital redemption reserves of £3,415 million (2025 - £3,218 million) and Own shares held reserves of £603 million (2025 - £747 million).
[2] The amount transferred from equity to the income statement is mostly recorded within net interest income mainly within loans to banks and customers – amortised cost, balances at central banks, bank deposits and customer deposits
[3] The change in the cash flow hedging reserve is driven by realised accrued interest transferred to the income statement and an increase in swap rates in the period, where the portfolio of swaps are net receive fixed from an interest rate risk perspective.
[4] The issuance above is after netting of issuance fees of £1.5 million (2025 - £1.6 million), and the associated tax credit of £0.4 million (2025 - £0.4 million)
[5] Includes foreign exchange reserves recycling arising from the wind-down of Ulydien Designated Activity Company (£92 million) and capital repatriation from NatWest Markets Group Holdings Corporation (£38 million)
[6] As part of the On Market Share Buyback Programmes NatWest Group plc repurchased and cancelled 78.5 million shares in 2026. The total consideration of these shares excluding fees was £474.3 million. The nominal value of the share cancellations was transferred to the capital redemption reserve. There were no outstanding share repurchases in June that settled in July 26.