𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

NatWest Group has said its profits soared by nearly a quarter last year, while pay for its boss jumped by a third, after landing new customers on the back of acquisitions.

The banking group, which also comprises Royal Bank of Scotland, Ulster Bank and Coutts, said it made an operating pre-tax profit of £7.7 billion for 2025.

This was up 24.4% on the year before, and higher than the £7.5 billion that some analysts had been expecting.

Income from its retail bank jumped by 15% year on year, with customer deposits growing as savings and current accounts increased, and it acquired a new set of balances after buying Sainsbury’s Bank.

NatWest said about one million Sainsbury’s Bank customers were switched over after the acquisition, which was first announced in 2024.

Mortgage balances also increased, while the bank gained a £2.3 billion mortgage portfolio from Metro Bank.

The full-year results announcement comes days after the bank said it had struck a deal to buy wealth management business Evelyn Partners for £2.7 billion, in a bid to tap further into the affluent market.

Meanwhile, chief executive Paul Thwaite saw his pay package soar by a third last year as he picked up more than £4 million in bonus and share awards.

The group’s annual report showed Mr Thwaite’s total pay jumped to £6.6 million in 2025, up from £4.9 million the previous year.

He landed a £1.5 million annual bonus, which will be paid in early 2026, and £2.5 million in long-term share awards.

The report also said that the bank hiked its bonus pool by 11% to £495 million for last year, which was distributed among eligible staff.

It said: “The uplift in the bonus pool for 2025 reflects the increase in profit since 2024 and the strong performance across the scorecard, particularly in relation to financial and customer targets, as well as changes in the underlying eligible population.”

Mr Thwaite said 2025 was “another strong year” for the banking group.

“We delivered broad-based growth across our three customer businesses, and our positive impact is clear to see; whether making home ownership a reality for more people, helping more customers to save and invest or supporting more businesses to scale and grow,” he said.

“We are raising our ambition and sharpening our strategic focus, with stretching new targets in place.”