Key numbers

The strength and resilience of our business is evident in the results we have announced today. Our operating profit for 2022 of £5.1bn increased from £3.8bn the year before. Income was up around 30%*, costs were down nearly 3% for the Go-forward group** and we retain a strong capital position. In a difficult macro-economic environment, our strong customer franchise, disciplined risk management and robust balance sheet mean we are well positioned to support our customers. And our continued delivery on our strategic priorities will help enable us to build long term value and deliver sustainable growth and returns.

Supporting our customers and colleagues

Last year, as the country emerged from the COVID-19 pandemic, we witnessed economic conditions not seen in generations. The highest inflation rate in decades, rising interest rates, a steep increase in energy costs and supply chain disruption had a huge impact on people’s lives.

We responded quickly and meaningfully, proactively contacting our customers to offer support and information on the cost of living.

Delivering on our strategy 

Of course, these actions – driven by our purpose – are not just the right thing to do, they are key to building a long-term, profitable organisation, underpinned by the strong foundations of our strategy.

And our purpose, to champion potential, helping people, families and businesses to thrive, which has guided us through the last few years, is here to stay. Through our three areas of focus - climate, enterprise, and learning - we believe we can make a meaningful contribution to our customers and society and create long-term value for all our stakeholders.

Our strong capital position and continued capital generation means that we are well placed to invest for growth, to provide the support our customers need as the economy recovers and to drive sustainable returns to shareholders, with £5.1bn shareholder distributions paid and proposed for 2022 through dividends and buybacks. Against this backdrop, we also returned to majority private ownership during the year with the UK Government’s stake falling below 50%, which was a symbolic milestone for our bank.

It is from this basis of progress and profitability that we are building a platform for growth across the Group, accelerating what we’re doing but also being mindful of new opportunities and challenges that we and our customers face. 

To respond to new and emerging trends, and ensure that we continue to support our customers now and into the future, we have identified three distinct areas to drive growth:

1.       Personalisation: Accelerating our personalised engagement with customers at every stage of their lives.

2.       Embedded finance: Further embedding our services into our customers’ digital lives.

3.       Supporting the transition to net zero: Building on our position as the leading provider of renewable financing in the UK to support customers in their transition to a net zero economy.

Making a difference through our values

Our values are at the heart of how we deliver our purpose-led strategy. We are inclusive, curious, robust, sustainable and ambitious.

Indeed, these values are evident in the contributions we have been making to communities and wider society during 2022. It has been incredibly humbling to witness the collective response for those affected by the tragic events stemming from Russia’s invasion of Ukraine. Donations from NatWest Group colleagues and customers to the DEC Ukraine Humanitarian Appeal exceeded £10 million. We also made Gogarburn House, in the grounds of our head office in Edinburgh, available to the Scottish Government and Edinburgh City Council as a welcome centre for people displaced from Ukraine and offered assistance to refugees wishing to open bank accounts.

I was also immensely proud of the announcement of our new partner leave policy, which supports all eligible colleagues with significantly more time away from work to look after their new child, whether the child has arrived through birth, adoption or surrogacy.

A relationship bank for a digital world

2022 has shown us the importance of being a purpose-led bank. Against a challenging economic backdrop, we continue to demonstrate the strength and resilience of our business, delivering a strong financial performance while putting in place proactive support to help those who are most vulnerable.

To continue to do this, we are evolving our capabilities. Underpinned by the strong foundations of our strategy, we are investing in our technology and colleagues so we can serve our customers in new ways that make their lives easier.

Sustainable growth will come from building closer relationships that better serve our customers at every stage of their lives. These relationships will be based on insight, understanding, and shared goals, powered by data-driven innovation. This will enable us to make a real difference to our customers’ lives by providing the right advice, products and support to unlock potential. We will also strengthen our relationships by working with strategic partners to ensure we deliver the services and products customers expect, when they want them, tailored to fit their lives.

We’ve always known relationships matter, and now we are doing more than ever before to harness them. By providing the support and security our customers, colleagues, economy and society need, together we can help build a more sustainable future for people, families, businesses and the planet.

Alison Rose

Group Chief Executive Officer

* Other operating cost defined as operating expenses less litigation and conduct costs.

**Go-forward group excludes Ulster Bank RoI and discontinued operations.


Our purpose – 2022 highlights

Expand the sections below to hear highlights from Alison on our three areas of focus:

5 minutes with Alison

Hear from Alison on how we’re driven by our purpose

Annual Report & Accounts 2022

We champion potential, helping people, families and businesses to thrive.

Learn more about how we're driven by our purpose in our Annual Report

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