NatWest (NWG) 20-F 23 Feb 24 2023 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2023 shares
Document Information [Line Items]
Entity Registrant Name	NatWest Group plc
Entity Central Index Key	0000844150
Document Type	20-F
Document Period End Date	Dec. 31, 2023
Amendment Flag	false
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Incorporation, State or Country Code	X0
Entity File Number	001-10306
Entity Address, Address Line One	Gogarburn
Entity Address, Address Line Two	PO Box 1000
Entity Address, City or Town	Edinburgh
Entity Address, Country	GB
Entity Address, Postal Zip Code	EH12 1HQ
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	No
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
ICFR Auditor Attestation Flag	true
Auditor Name	Ernst & Young LLP
Auditor Firm ID	1438
Auditor Location	London, United Kingdom
Document Financial Statement Error Correction [Flag]	false
Chief Governance Officer and Company Secretary
Document Information [Line Items]
Entity Address, Address Line One	Gogarburn
Entity Address, Address Line Two	PO Box 1000
Entity Address, City or Town	Edinburgh
Entity Address, Country	GB
Entity Address, Postal Zip Code	EH12 1HQ
Contact Personnel Name	Jan Cargill
City Area Code	+44 (0)
Local Phone Number	370 702 0135
American Depositary Shares, each representing 2 ordinary shares, nominal value £1 per share
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing 2 ordinary shares, nominal value £1.0769 per share
Trading Symbol	NWG
Security Exchange Name	NYSE
Ordinary shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary shares, nominal value £1.0769 per share*
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	8,991,736,976
No Trading Symbol Flag	true
4.269% Fixed Rate / Floating Rate Senior Notes due 2025
Document Information [Line Items]
Title of 12(b) Security	4.269% Fixed Rate / Floating Rate Senior Notes due 2025
Trading Symbol	NWG25
Security Exchange Name	NYSE
1.642% Senior Callable Fixed-to-Fixed Reset Rate Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	1.642% Senior Callable Fixed-to-fixed Reset Rate Notes due 2027
Trading Symbol	NWG27
Security Exchange Name	NYSE
5.516% Senior Callable Fixed-to-fixed Reset Rate Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	5.516% Senior Callable Fixed-to-fixed Reset Rate Notes due 2028
Trading Symbol	NWG/28A
Security Exchange Name	NYSE
7.472% Callable Fixed-to-fixed Reset Rate Senior Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	7.472% Callable Fixed-to-fixed Reset Rate Senior Notes due 2026
Trading Symbol	NWG26A
Security Exchange Name	NYSE
5.808% Senior Callable Fixed-to-fixed Reset Rate Notes due 2029
Document Information [Line Items]
Title of 12(b) Security	5.808% Senior Callable Fixed-to-fixed Reset Rate Notes due 2029
Trading Symbol	NWG29B
Security Exchange Name	NYSE
6.016% Senior Callable Fixed-to-fixed Reset Rate Notes due 2034
Document Information [Line Items]
Title of 12(b) Security	6.016% Senior Callable Fixed-to-fixed Reset Rate Notes due 2034
Trading Symbol	NWG34
Security Exchange Name	NYSE
5.847% Senior Callable Fixed-to-fixed Reset Rate Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	5.847% Senior Callable Fixed-to-fixed Reset Rate Notes due 2027
Trading Symbol	NWG27A
Security Exchange Name	NYSE
3.073% Callable Fixed-to-fixed Reset Rate Senior Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	3.073% Callable Fixed-to-fixed Reset Rate Senior Notes due 2028
Trading Symbol	NWG28
Security Exchange Name	NYSE
4.892% Fixed Rate / Floating Rate Senior Notes due 2029
Document Information [Line Items]
Title of 12(b) Security	4.892% Fixed Rate / Floating Rate Senior Notes due 2029
Trading Symbol	NWG29
Security Exchange Name	NYSE
5.076% Fixed Rate / Floating Rate Senior Notes due 2030
Document Information [Line Items]
Title of 12(b) Security	5.076% Fixed Rate / Floating Rate Senior Notes due 2030
Trading Symbol	NWG30
Security Exchange Name	NYSE
4.445% Fixed Rate / Floating Rate Senior Notes due 2030
Document Information [Line Items]
Title of 12(b) Security	4.445% Fixed Rate / Floating Rate Senior Notes due 2030
Trading Symbol	NWG30A
Security Exchange Name	NYSE
5.125% Subordinated Tier 2 Notes due 2024
Document Information [Line Items]
Title of 12(b) Security	5.125% Subordinated Tier 2 Notes due 2024
Trading Symbol	NWG24
Security Exchange Name	NYSE
3.754% Fixed-to-fixed Reset Rate Subordinated Tier 2 Notes due 2029
Document Information [Line Items]
Title of 12(b) Security	3.754% Fixed-to-fixed Reset Rate Subordinated Tier 2 Notes due 2029
Trading Symbol	NWG29A
Security Exchange Name	NYSE
3.032% Fixed-to-fixed Reset Rate Subordinated Tier 2 Notes due 2035
Document Information [Line Items]
Title of 12(b) Security	3.032% Fixed-to-fixed Reset Rate Subordinated Tier 2 Notes due 2035
Trading Symbol	NWG35
Security Exchange Name	NYSE
11% Cumulative Preference Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	240,686
5 1/2% Cumulative Preference Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	242,454

Consolidated income statement

Consolidated income statement - GBP (£) £ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated income statement
Interest receivable		£ 21,026	£ 12,637	£ 9,234	[1],[2]
Interest payable		(9,977)	(2,795)	(1,699)	[1],[2]
Net interest income		11,049	9,842	7,535	[1],[2]
Fees and commissions receivable		2,983	2,915	2,694	[1]
Fees and commissions payable		(653)	(623)	(574)	[1]
Trading income		794	1,133	323	[1],[3]
Other operating income		579	(111)	451	[1],[3]
Non-interest income		3,703	3,314	2,894	[1],[3]
Total income		14,752	13,156	10,429	[1]
Staff costs		(3,901)	(3,716)	(3,676)	[1]
Premises and equipment		(1,153)	(1,112)	(1,133)	[1]
Other administrative expenses		(2,008)	(2,026)	(2,026)	[1]
Depreciation and amortisation		(934)	(833)	(923)	[1]
Operating expenses		(7,996)	(7,687)	(7,758)	[1]
Profit before impairment losses/releases		6,756	5,469	2,671	[1]
Impairment (losses)/releases		(578)	(337)	1,173	[1]
Operating profit before tax	[4]	6,178	5,132	3,844	[1]
Tax charge		(1,434)	(1,275)	(996)	[1]
Profit from continuing operations		4,744	3,857	2,848	[1]
(Loss)/profit from discontinued operations, net of tax	[5]	(112)	(262)	464	[1]
Profit for the year		4,632	3,595	3,312	[1]
Attributable to:
Ordinary shareholders		4,394	3,340	2,950	[1]
Preference shareholders	[1]			19
Paid-in equity holders		242	249	299	[1]
Non-controlling interests		(4)	6	44	[1]
Profit for the year		£ 4,632	£ 3,595	£ 3,312	[1]
Per ordinary share
Earnings per ordinary share - continuing operations		£ 0.49170	£ 0.365	£ 0.230	[1]
Earnings per ordinary share - discontinued operations		(0.01222)	(0.027)	0.043	[1]
Total earnings per share attributable to ordinary shareholders - basic	[6]	0.47948	0.338	0.273	[1]
Earnings per ordinary share - fully diluted continuing operations		0.489	0.362	0.229	[1]
Earnings per ordinary share - fully diluted discontinued operations		(0.012)	(0.026)	0.043	[1]
Total earnings per share attributable to ordinary shareholders - fully diluted		£ 0.477	£ 0.336	£ 0.272	[1]
[1] Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements. Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements . Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements. Comparative results have been re-presented from those previously published to reclassify certain operations as discontinued operations as described in Note 8 to the consolidated financial statements. The results of discontinued operations, comprising the post-tax profit, is shown as a single amount on the face of the income statement. An analysis of this amount is presented in Note 8 to the consolidated financial statements In 2023, the unrounded Total earnings per share attributable to ordinary shareholders – basic is 47.948 p. The unrounded Earnings per ordinary share – continuing operations was 49.170 p. The unrounded Earnings per ordinary share – discontinued operations was ( 1.222 p) .

Consolidated income statement (

Consolidated income statement (Parenthetical)			12 Months Ended
		Aug. 30, 2022	Dec. 31, 2023 £ / shares	Dec. 31, 2022 £ / shares	Dec. 31, 2021 £ / shares	[2]
Consolidated income statement
Share consolidation ratio		0.9286
Earnings per ordinary share	[1]		£ 0.47948	£ 0.338	£ 0.273
Earnings per ordinary share - continuing operations			0.49170	0.365	0.230
Earnings per ordinary share - discontinued operations			£ (0.01222)	£ (0.027)	£ 0.043
[1] In 2023, the unrounded Total earnings per share attributable to ordinary shareholders – basic is 47.948 p. The unrounded Earnings per ordinary share – continuing operations was 49.170 p. The unrounded Earnings per ordinary share – discontinued operations was ( 1.222 p) . Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements.

Consolidated statement of compr

Consolidated statement of comprehensive income - GBP (£) £ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated statement of comprehensive income
Profit for the year		£ 4,632	£ 3,595	£ 3,312	[1]
Items that do not qualify for reclassification
Remeasurement of retirement benefit schemes		(280)	(840)	(669)
Changes in fair value of credit in financial liabilities designated at FVTPL		(39)	50	(29)
FVOCI financial assets		17	59	13
Tax		79	187	164
Total - Items that do not qualify for reclassification		(223)	(544)	(521)
Items that do qualify for reclassification
FVOCI financial assets		49	(457)	(100)
Cash flow hedges	[2]	1,208	(3,277)	(848)
Currency translation		(619)	241	(382)
Tax		(361)	1,067	213
Total - Items that do qualify for reclassification		277	(2,426)	(1,117)
Other comprehensive income/(losses) after tax		54	(2,970)	(1,638)
Total comprehensive income for the year		4,686	625	1,674
Attributable to:
Ordinary shareholders		4,448	370	1,308
Preference shareholders				19
Paid-in equity holders		242	249	299
Non-controlling interests		(4)	6	48
Total comprehensive income for the year		£ 4,686	£ 625	£ 1,674
[1] Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements. Refer to footnotes 6 and 7 of the Consolidated statement of changes in equity

Consolidated balance sheet

Consolidated balance sheet - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and balances at central banks	£ 104,262	£ 144,832
Trading assets	45,551	45,577
Derivatives	78,904	99,545
Settlement balances	7,231	2,572
Loans to banks - amortised cost	6,914	7,139
Loans to customers - amortised cost	381,433	366,340
Securities subject to repurchase agreements	8,764	2,901
Other financial assets excluding securities subject to repurchase agreements	42,338	27,994
Other financial assets	51,102	30,895
Intangible assets	7,614	7,116
Other assets	8,760	9,176
Assets of disposal groups	902	6,861
Total assets	692,673	720,053
Liabilities
Bank deposits	22,190	20,441
Customer deposits	431,377	450,318
Settlement balances	6,645	2,012
Trading liabilities	53,636	52,808
Derivatives	72,395	94,047
Other financial liabilities	55,089	49,107
Subordinated liabilities	5,714	6,260
Notes in circulation	3,237	3,218
Other liabilities	5,202	5,346
Total liabilities	655,485	683,557
Equity
Ordinary shareholders' interests	33,267	32,598
Other owners' interests	3,890	3,890
Owners' equity	37,157	36,488
Non-controlling interests	31	8
Total equity	37,188	36,496
Total liabilities and equity	£ 692,673	£ 720,053

Consolidated statement of chang

Consolidated statement of changes in equity - GBP (£) £ in Millions		Total owners' equity	Share capital and share premium	Paid-in equity	Other statutory	[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, 2020		£ 43,860	£ 13,240	£ 4,999	£ (24)		£ 12,567	£ 360	£ 229		£ 1,608	£ 10,881	£ (36)	£ 43,824
Profit attributable to ordinary shareholders and other equity owners
Profit from continuing operations		2,804					2,804						44	2,848	[4]
Profit (loss) from discontinued operations		464					464							464	[4],[5]
Other comprehensive income
Realised gains/(losses) in period on FVOCI equity shares							3	(3)
Remeasurement of retirement benefit schemes		(669)					(669)							(669)
Changes in fair value of credit in financial liabilities designated at FVTPL		(29)					(29)							(29)
Unrealised losses		32						32						32
Amounts recognised in equity		(687)							(687)					(687)
Retranslation of net assets		(484)									(484)		4	(480)
Gains/(losses) on hedges of net assets		88									88			88
Amount transferred from equity to earnings	[6]	270						119	161		(10)			270
Tax		377					171	(1)	224		(17)			377
Total comprehensive income for the year		1,626					2,744	(91)	(624)		(403)		48	1,674
Transactions with owners
Ordinary share dividends paid		(693)					(693)						(5)	(698)
Equity preference dividends paid		(19)					(19)							(19)
Paid-in equity dividends paid		(299)					(299)							(299)
Shares repurchased during the period	[7],[8]	(1,423)	(698)		698		(1,423)							(1,423)
Redemption of preference shares					24		(24)
Shares and securities issued during the period	[9]	1,024	87	937										1,024
Reclassification of paid-in equity	[10]	(1,896)		(2,046)			150							(1,896)
Employee share scheme		8					8							8
Shares vested under employee share schemes		36			36									36
Share based payments		(45)					(45)							(45)
Own shares acquired	[7]	(383)			(383)									(383)
Equity at end of period at Dec. 31, 2021	[11]	41,796	12,629	3,890	351		12,966	269	(395)		1,205	10,881	7	41,803
Profit attributable to ordinary shareholders and other equity owners
Profit from continuing operations		3,851					3,851						6	3,857
Profit (loss) from discontinued operations		(262)					(262)							(262)	[5]
Other comprehensive income
Realised gains/(losses) in period on FVOCI equity shares							113	(113)
Remeasurement of retirement benefit schemes		(840)					(840)							(840)
Changes in fair value of credit in financial liabilities designated at FVTPL		50					50							50
Unrealised losses		(570)						(570)						(570)
Amounts recognised in equity		(2,973)							(2,973)					(2,973)
Retranslation of net assets		512									512			512
Gains/(losses) on hedges of net assets		(266)									(266)			(266)
Amount transferred from equity to earnings	[6]	137						(172)	304		5			137
Tax		1,254					181	140	901		32			1,254
Total comprehensive income for the year		619					3,093	(371)	(2,376)		273		6	625
Transactions with owners
Ordinary share dividends paid		(1,205)					(1,205)						(5)	(1,210)
Special dividends paid		(1,746)					(1,746)							(1,746)
Paid-in equity dividends paid		(249)					(249)							(249)
Shares repurchased during the period	[7],[8]	(2,054)	(929)		929		(2,054)							(2,054)
Redemption of preference shares	[12]	(750)					(750)							(750)
Tax on redemption of paid-in equity		(36)					(36)							(36)
Employee share scheme		6					6							6
Shares vested under employee share schemes		113			113									113
Share based payments		(6)					(6)							(6)
Equity at end of period at Dec. 31, 2022		36,488	11,700	3,890	1,393		10,019	(102)	(2,771)		1,478	10,881	8	36,496
Profit attributable to ordinary shareholders and other equity owners
Profit from continuing operations		4,748					4,748						(4)	4,744
Profit (loss) from discontinued operations		(112)					(112)							(112)	[5]
Other comprehensive income
Realised gains/(losses) in period on FVOCI equity shares							1	(1)
Remeasurement of retirement benefit schemes		(280)					(280)							(280)
Changes in fair value of credit in financial liabilities designated at FVTPL		(39)					(39)							(39)
Unrealised losses		22						22						22
Amounts recognised in equity		187							187					187
Retranslation of net assets		(239)									(239)			(239)
Gains/(losses) on hedges of net assets		107									107			107
Amount transferred from equity to earnings	[6]	(578)						(44)	(1,021)		487			(578)
Tax		(282)					84	(12)	(336)		(18)			(282)
Total comprehensive income for the year		4,690					4,402	53	872		(637)		(4)	4,686
Transactions with owners
Ordinary share dividends paid		(1,456)					(1,456)						(5)	(1,461)
Paid-in equity dividends paid		(242)					(242)							(242)
Shares repurchased during the period	[7],[8]	(2,057)	(856)		856		(2,057)							(2,057)
Employee share scheme		14					14							14
Shares vested under employee share schemes		114			114									114
Share based payments		(35)					(35)							(35)
Own shares acquired	[7]	(359)			(359)									(359)
Acquisition of subsidiary													32	32
Equity at end of period at Dec. 31, 2023		£ 37,157	£ 10,844	£ 3,890	£ 2,004		£ 10,645	£ (49)	£ (1,899)		£ 841	£ 10,881	£ 31	£ 37,188
[1] Other statutory reserves consist of Capital redemption reserves of £2,507 million (2022 - £1,651 million, 2021 - £722 million) and Own shares held reserves of £503 million (2022 - £258 million, 2021 - £371 million) As referred in Note 14, the amount transferred from equity to the income statement is mostly recorded within net interest income mainly in loans to customers, balances at central banks and customer deposits as per Note 1 . The change in the cash flow hedging reserve is driven by realised accrued interest transferred into the income statement and a decrease in swap rates compared to previous periods where they rose. The portfolio of hedging instruments is predominantly receive fixed swaps. Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements. The results of discontinued operations, comprising the post-tax profit, is shown as a single amount on the face of the income statement. An analysis of this amount is presented in Note 8 to the consolidated financial statements Includes £ 460 million foreign exchange recycled to profit or loss upon completion of a capital repayment by UBIDAC. In May 2023, there was an agreement to buy 469.2 million (March 2022 – 549.9 million, March 2021 - 591.0 million) ordinary shares of the Company from UK Government Investments Ltd (UKGI) at 268.4 pence per share (March 2022 - 220.5 pence per share, March 2021 - 190.5 pence per share) for the total consideration of £1.3 billion (2022 - £1.2 billion, 2021 - £1.1 billion). NatWest Group cancelled 336.2 million of the purchased ordinary shares, amounting to £906.9 million excluding fees and held the remaining 133.0 million shares as Own Shares Held, amounting to £358.8 million excluding fees. The nominal value of the share cancellation has been transferred to the capital redemption reserve. NatWest Group plc repurchased and cancelled 460.3 million (2022 – 379.3 million, 2021 - 310.8 million) shares, of which 2.3 million were settled in January 2024. The total consideration of these shares excluding fees was £ 1,151.7 million (2022 - £829.3 million, 2021 £676.2 million), of which £4.9 million were settled in January 2024, as part of the On Market Share Buyback Programmes. The nominal value of the share cancellations has been transferred to the capital redemption reserve. There was an issue of shares in 2021. This is split between Ordinary share capital of £37 million and Share premium of £50 million. In July 2021, paid-in equity was reclassified to liabilities as the result of a call in August 2021 of US $2.65 billion AT1 capital notes. In 2021, the Total equity balance of £ 41,803 million includes £494 million attributable to Preference shareholders. Following an announcement of a Regulatory Call in February 2022, the Series U preference shares were reclassified to liabilities. A £254 million loss was recognised in retained earnings as a result of foreign exchange unlocking.

Consolidated statement of cha_2

Consolidated statement of changes in equity (Parenthetical) - GBP (£) £ in Millions, shares in Millions		1 Months Ended					12 Months Ended
		Jan. 31, 2024	May 31, 2023	Mar. 31, 2022	Feb. 28, 2022	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021		Aug. 31, 2021
Own shares acquired/Shares repurchased	[1],[2]						£ 2,057	£ 2,054	£ 1,423
Consideration for shares repurchased							2,416	2,054	1,806
Net (loss) gain as a result of significant movements in underlying actuarial assumptions							(776)
Loss recognised on reclassification between equity and liabilities					£ 254
Notional amount of paid in equity notes reclassified to liabilities											£ 2,650
Issue of equity	[3]								1,024
Equity							37,188	36,496	41,803	[4]
Equity attributable to preference shareholders									494
Main Pension Scheme
Net (loss) gain as a result of significant movements in underlying actuarial assumptions							(585)
Paid-in equity
Issue of equity	[3]								937
Equity							3,890	3,890	3,890	[4]
Retained earnings
Own shares acquired/Shares repurchased	[1],[2]						2,057	2,054	1,423
Equity							10,645	10,019	12,966	[4]
Ordinary share capital
Issue of equity									37
Share premium
Issue of equity									50
Other statutory
Own shares acquired/Shares repurchased	[1],[2],[5]						(856)	(929)	(698)
Capital redemption reserve							2,507	1,651	722
Value of own shares held							503	258	371
Equity	[5]						£ 2,004	1,393	351	[4]
UK Government Investments Ltd (UKGI)
Purchase price per share			£ 2.684	£ 2.205		£ 1.905
Consideration for shares repurchased			£ 1,300	£ 1,200		£ 1,100
Number of treasury stock, shares cancelled							336.2
Value of treasury shares cancelled							£ 906.9
Number of shares repurchased			469.2	549.9		591
Own shares held							133
Value of own shares held							£ 358.8
On Market Share Buyback Programme
Consideration for shares repurchased							£ 1,151.7	£ 829.3	£ 676.2
Number of shares repurchased and cancelled							460.3	379.3	310.8
On Market Share Buyback Programme | Settlement and cancellation of own shares
Consideration for shares repurchased		£ 4.9
Number of shares repurchased and cancelled		2.3
[1] In May 2023, there was an agreement to buy 469.2 million (March 2022 – 549.9 million, March 2021 - 591.0 million) ordinary shares of the Company from UK Government Investments Ltd (UKGI) at 268.4 pence per share (March 2022 - 220.5 pence per share, March 2021 - 190.5 pence per share) for the total consideration of £1.3 billion (2022 - £1.2 billion, 2021 - £1.1 billion). NatWest Group cancelled 336.2 million of the purchased ordinary shares, amounting to £906.9 million excluding fees and held the remaining 133.0 million shares as Own Shares Held, amounting to £358.8 million excluding fees. The nominal value of the share cancellation has been transferred to the capital redemption reserve. NatWest Group plc repurchased and cancelled 460.3 million (2022 – 379.3 million, 2021 - 310.8 million) shares, of which 2.3 million were settled in January 2024. The total consideration of these shares excluding fees was £ 1,151.7 million (2022 - £829.3 million, 2021 £676.2 million), of which £4.9 million were settled in January 2024, as part of the On Market Share Buyback Programmes. The nominal value of the share cancellations has been transferred to the capital redemption reserve. There was an issue of shares in 2021. This is split between Ordinary share capital of £37 million and Share premium of £50 million. In 2021, the Total equity balance of £ 41,803 million includes £494 million attributable to Preference shareholders. Other statutory reserves consist of Capital redemption reserves of £2,507 million (2022 - £1,651 million, 2021 - £722 million) and Own shares held reserves of £503 million (2022 - £258 million, 2021 - £371 million)

Consolidated cash flow statemen

Consolidated cash flow statement - GBP (£) £ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Operating profit before tax from continuing operations	[1]	£ 6,178	£ 5,132	£ 3,844	[2]
Operating (loss)/profit before tax from discontinued operations	[1]	(112)	(262)	467
Adjustments for:
Non-cash and other items		3,208	1,203	3,623
Change in operating assets and liabilities		(25,679)	(48,447)	46,606
Income taxes paid		(1,033)	(1,223)	(856)
Net cash flows from operating activities	[3],[4]	(17,438)	(43,597)	53,684
Cash flows from investing activities
Sale and maturity of other financial assets		25,195	36,975	16,859
Purchase of other financial assets		(44,906)	(23,510)	(10,150)
Income received on other financial assets		1,099	659	581
Net movement in business interests and intangible assets		4,601	5,420	(3,489)
Sale of property, plant and equipment		128	154	165
Purchase of property, plant and equipment		(811)	(639)	(901)
Net cash flows from investing activities		(14,694)	19,059	3,065
Cash flows from financing activities
Issue of paid-in equity				937
Issue of subordinated liabilities		611	648	1,634
Redemption of subordinated liabilities		(1,250)	(3,693)	(4,765)
Interest paid on subordinated liabilities		(439)	(374)	(321)
Issue of MRELs		3,973	3,721	3,383
Maturity and redemption MRELs		(4,236)	(4,992)
Interest paid on MRELs		(844)	(703)	(647)
Shares repurchased		(2,416)	(2,054)	(1,806)
Dividends paid		(1,703)	(3,205)	(1,016)
Net cash flows from financing activities		(6,304)	(10,652)	(2,601)
Effects of exchange rate changes on cash and cash equivalents		(1,189)	2,933	(2,641)
Net (decrease)/increase in cash and cash equivalents		(39,625)	(32,257)	51,507
Cash and cash equivalents at 1 January		158,449	190,706	139,199
Cash and cash equivalents at 31 December		£ 118,824	£ 158,449	£ 190,706
[1] Comparative results have been re-presented from those previously published to reclassify certain operations as discontinued operations as described in Note 8 to the consolidated financial statements. Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements. Includes interest received of £ 20,345 million (2022 - £12,638 million, 2021 - £9,696 million) and interest paid of £ 8,871 million (2022 - £2,357 million, 2021 - £1,668 million). The total cash outflow for leases is £ 122 million (2022 - £170 million; 2021 - £195 million), including payment of principal amount of £ 102 million (2022 - £145 million, 2021 - £164 million) which are included in the operating activities.

Consolidated cash flow statem_2

Consolidated cash flow statement (Parenthetical) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated cash flow statement
Interest received	£ 20,345	£ 12,638	£ 9,696
Interest paid	8,871	2,357	1,668
Cash outflow for leases	122	170	195
Payments of principal amount, lease liabilities	£ 102	£ 145	£ 164

Accounting policies

Accounting policies	12 Months Ended
	Dec. 31, 2023
Accounting policies
Accounting policies	​ This section includes the basis of preparation, critical and material accounting policies used to prepare the financial statements. Our accounting policies are the specific principles, bases, conventions, rules, and practices we apply in preparing and presenting the financial statements. Further information is provided where judgement and estimation is applied to critical accounting policies and key sources of estimation uncertainty. Future accounting developments details new, or amendments to existing, accounting standards, when they are effective from and where we are assessing their impact on future financial statements. ​ 1. Presentation of financial statements NatWest Group plc is incorporated in the UK and registered in Scotland. The financial statements are presented in the functional currency, pounds sterling. The audited financial statements include audited sections of the Risk and capital management section. The directors have prepared the financial statements on a going concern basis after assessing the principal risks, forecasts, projections and other relevant evidence over the twelve months from the date the financial statements are approved (refer to the Report of the directors) and in accordance with UK adopted International Accounting Standards (IAS), and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The critical and material accounting policies and related judgements are set out below. The financial statements are presented on a historical cost basis except for certain financial instruments which are stated at fair value. The effect of the amendments to IFRS effective from 1 January 2023 on our financial statements was immaterial. We have applied the exception issued by the IASB in May 2023 from the accounting requirements for deferred taxes in IAS 12 Income taxes in respect of Pillar Two income taxes. Accordingly, we have not recognised or disclosed information about deferred tax assets and liabilities related to Pillar Two income taxes. Our consolidated financial statements incorporate the results of NatWest Group plc and the entities it controls. Control arises when we have the power to direct the activities of an entity so as to affect the return from the entity. Control is assessed by reference to our ability to enforce our will on the other entity, typically through voting rights. The consolidated financial statements are prepared under consistent accounting policies. A subsidiary is included in the consolidated financial statements at fair value on acquisition from the date it is controlled by us until the date we cease to control it through a sale or a significant change in circumstances. Changes in our interest in a subsidiary that do not result in us ceasing to control that subsidiary are accounted for as equity transactions. We apply accounting for associates and joint arrangements to entities where we have significant influence, but not control, over the operating and financial policies. We assess significant influence by reference to a presumption of voting rights of more than 20%, but less than 50%, supplemented by a qualitative assessment of substantive rights which include representation at the Board of Directors, significant exchange of managerial personnel or technology amongst others. Investments in associates and joint ventures are recorded upon initial recognition at cost, increased or decreased each period by the share of the subsequent levels of profit or loss, and other changes in equity are considered in line with their nature. The judgements and assumptions involved in our accounting policies that are considered by the Board to be the most important to the portrayal of its financial condition are noted below. The use of estimates, assumptions or models that differ from those adopted by us would affect our reported results. ​ How Climate risk affects our accounting judgements and estimates Business planning Key financial estimates are based on management's latest five-year revenue and cost forecasts. The outputs from this forecast affect forward-looking accounting estimates. Measurement of deferred tax and expected credit losses are highly sensitive to reasonably possible changes in those anticipated conditions. In 2023, our scenario planning was enhanced by the further integration of NatWest Group’s climate transition plan, including the assessment of climate-related risks and opportunities. - Our Climate transition plan includes an assessment of: - changes in products, services and business operations to support customer transition towards net zero; - financial impacts of supporting customer transition, including investment required. The linkage between our financial plan and our Climate transition plan will continue to be developed and refreshed annually as part of the financial planning cycle; - the climate impact of policies, using the UK Climate Change Committee (UK CCC) Balanced Net Zero (BNZ) pathway scenario, aligned with the UK’s Sixth Carbon Budget. In addition, we have used the credibility ratings for sectoral policies provided by the UK CCC 2023 Progress Report, published in June, to the Parliament to develop a BNZ adjusted pathway to reflect estimated time delays of these policies. - There remains considerable uncertainty regarding this policy response, including the effect of wider geo-political uncertainty on governmental ambitions regarding climate transition and the effect of decarbonisation on wider economic growth, technology development and customer behaviours. ​ Information used in other accounting estimates We make use of reasonable and supportable information to make accounting judgements and estimates. This includes information about the observable effects of the physical and transition risks of climate change on the current creditworthiness of borrowers, asset values and market indicators. It also includes the effect on our competitiveness and profitability. Many of the effects arising from climate change will be longer term in nature, with an inherent level of uncertainty, and have limited effect on accounting judgements and estimates for the current period. Some physical and transition risks can manifest in the shorter term. The following items represent the most significant effects: ​ - The classification of financial instruments linked to climate, or other sustainability indicators: consideration is given to whether the effect of climate related terms prevent the instrument cashflows being solely payments of principal and interest. - The use of market indicators as inputs to fair value is assumed to include current information and knowledge regarding the effect of climate risk. ​ Effect of climate change in the estimation of expected credit loss We are monitoring the effect of the physical and transition consequences of climate change on our experience of loan loss. We use available information regarding the effect of climate transition policy largely driven by carbon prices as an adjustment to macroeconomic factors that are used as inputs to the models that generate PD and LGD outcomes, which are key inputs to the ECL calculation. The determination of whether specific loss drivers and climate events generate specific losses is ongoing and is necessary to determine how sensitive changes in ECL could be to climate inputs. Future cashflows are discounted, so long dated cashflows are less likely to affect current expectations on credit loss. Our assessment of sector specific risks, and whether additional adjustments are required, include expectations of the ability of those sectors to meet their financing needs in the market. Changes in credit stewardship and credit risk appetite that stem from climate considerations, such as oil and gas, will directly affect our positions. ​ 2. Critical accounting policies The judgements and assumptions involved in our accounting policies that are considered by the Board to be the most important to the portrayal of our financial condition are noted below. The use of estimates, assumptions or models that differ from those adopted by us would affect our reported results. Management’s consideration of uncertainty is outlined in the relevant sections, including the ECL estimate in the Risk and capital management section. ​ Information used for significant estimate ​ Policy Judgement Estimate Further information Deferred tax ​ Determination of whether sufficient sustainable taxable profits will be generated in future years to recover the deferred tax asset. ​ Our estimates are based on the five year revenue and cost forecasts (which include inherent uncertainties). ​ Note 7 Fair value – financial instruments ​ Classification of a fair value instrument as level 3, where the valuation is driven by unobservable inputs. ​ Estimation of the fair value, where it is reasonably possible to have alternative assumptions in determining the FV. ​ Note 11 Loan impairment provisions ​ Definition of default against which to apply PD, LGD and EAD models. Selection of multiple economic scenarios.Criteria for a significant increase in credit risk. Identification of risks not captured by the models. ​ ECL estimates contain a number of measurement uncertainties (such as the weighting of multiple economic scenarios) and disclosures include sensitivities to show impact on other reasonably possible scenarios. ​ Note 15 Provisions for liabilities and charges ​ Determination of whether a present obligation exists in respect of customer redress, litigation and other regulatory, property and other provisions. Legal proceedings often require a high degree of judgement and these are likely to change as the matter progresses. ​ Provisions remain sensitive to the assumptions used in the estimate. We consider a wide range of possible outcomes. It is often not practical to meaningfully quantify ranges of possible outcomes, given the uncertainties involved. ​ Note 21 ​ Changes in judgements and assumptions could result in a material adjustment to those estimates in future reporting periods. ​ 2.1. Deferred tax Deferred tax is the estimated tax expected to be payable or recoverable in respect of temporary differences between the carrying amount of an asset or liability for accounting purposes and the carrying amount for tax purposes in the future. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent their recovery is probable. ​ Deferred tax is calculated using tax rates expected to apply in the periods when the assets will be realised or the liabilities settled, based on tax rates and laws enacted, or substantively enacted, at the balance sheet date. ​ Deferred tax asset recoverability is based on the level of supporting offsetable deferred tax liabilities we have and of our future taxable profits. These future taxable profits are based on our five-year revenue and cost forecasts and the expectation of long term economic growth beyond this period. The five-year forecast takes account of management’s current expectations on competitiveness and profitability. The long term growth rate reflects external indicators which will include market expectations on climate risk. We do not consider any additional adjustments to this indicator. ​ 2.2. Fair value – financial instruments We measure financial instruments at fair value when they are classified as mandatory fair value through profit or loss; held-for-trading; designated fair value through profit or loss and fair value through other comprehensive income and they are recognised in the financial statements at fair value. All derivatives are measured at fair value. ​ We manage some portfolios of financial assets and financial liabilities based on our net exposure to either market or credit risk. In these cases, the fair value is derived from the net risk exposure of that portfolio with portfolio level adjustments applied to incorporate bid-offer spreads, counterparty credit risk, and funding costs (refer to ‘Valuation Adjustments’). ​ Where the market for a financial instrument is not active, fair value is established using a valuation technique. These valuation techniques involve a degree of estimation, the extent of which depends on the instrument’s complexity and the availability of market-based data. The complexity and uncertainty in the financial instrument’s fair value is categorised using the fair value hierarchy. ​ The use of market indicators as inputs to fair value is assumed to include current information and knowledge regarding the effect of climate risk. 2.3. Loan impairment provisions: expected credit losses (ECL) At each balance sheet date each financial asset or portfolio of financial assets measured at amortised cost or at fair value through other comprehensive income, issued financial guarantee and loan commitment (other than those classified as held for trading) is assessed for impairment. Any change in impairment is reported in the income statement. ​ Loss allowances are forward-looking, based on 12-month ECL where there has not been a significant increase in credit risk rating, otherwise allowances are based on lifetime expected losses. ​ ECL are a probability-weighted estimate of credit losses. The probability is determined by the risk of default which is applied to the cash flow estimates. In the absence of a change in credit rating, allowances are recognised when there is a reduction in the net present value of expected cash flows. Following a significant increase in credit risk, ECL are adjusted from 12 months to lifetime. This will lead to a higher impairment charge. ​ The measurement of expected credit loss considers the ability of borrowers to make payments as they fall due. Future cashflows are discounted, so long-dated cashflows are less likely to affect current expectations on credit loss. Our assessment of sector specific risks, and whether additional adjustments are required, include expectations of the ability of those sectors to meet their financing needs in the market. Changes in credit risk appetite and how we manage credit positions that stem from climate considerations, such as oil and gas, will directly affect our positions. ​ Judgement is exercised as follows: ​ - Models – in certain low default portfolios, Basel parameter estimates are also applied for IFRS 9. - Non-modelled portfolios – use a standardised capital requirement under Basel II. Under IFRS 9, they have bespoke treatments for the identification of significant increase in credit risk. Benchmark PDs, EADs and LGDs are reviewed annually for appropriateness. The ECL calculation is based on expected future cash flows, which is typically applied at a portfolio level. - Multiple economic scenarios (MES) – the central, or base, scenario is most critical to the ECL calculation, independent of the method used to generate a range of alternative outcomes and their probabilities. - Significant increase in credit risk - IFRS 9 requires that at each reporting date, an entity shall assess whether the credit risk on an account has increased significantly since initial recognition. Part of this assessment requires a comparison to be made between the current lifetime PD (i.e. the current probability of default over the remaining lifetime) with the equivalent lifetime PD as determined at the date of initial recognition. ​ On restructuring where a financial asset is not derecognised, the revised cash flows are used in re-estimating the credit loss. Where restructuring causes derecognition of the original financial asset, the fair value of the replacement asset is used as the closing cash flow of the original asset. ​ Where in the course of the orderly realisation of a loan, it is exchanged for equity shares or property, the exchange is accounted for as the sale of the loan and the acquisition of equity securities or investment property. Where our acquired interest is in equity shares, relevant policies for control, associates and joint ventures apply. ​ Impaired financial assets are written off and therefore derecognised from the balance sheet when we conclude that there is no longer any realistic prospect of recovery of part, or all, of the loan. For financial assets that are individually assessed for impairment, the timing of the write-off is determined on a case-by-case basis. Such financial assets are reviewed regularly and write-off will be prompted by bankruptcy, insolvency, re-negotiation, and similar events ​ The typical time frames from initial impairment to write-off for our collectively assessed portfolios are: ​ - Retail mortgages: write-off usually occurs within five years , or earlier, when an account is closed, but can be longer where the customer engages constructively; - Credit cards: the irrecoverable amount is typically written off after twelve arrears cycles or at four years post default any remaining amounts outstanding are written off; - Overdrafts and other unsecured loans: write-off occurs within six years ; - Commercial loans: write-offs are determined in the light of individual circumstances; and Business loans are generally written off within five years . ​ 2.4. Provisions We recognise a provision for a present obligation resulting from a past event when it is more likely than not that we will be required to pay to settle the obligation and the amount of the obligation can be estimated reliably. Provision is made for restructuring costs, including the costs of redundancy, when we have a constructive obligation. An obligation exists when we have a detailed formal plan for the restructuring and have raised a valid expectation in those affected either by starting to implement the plan or by announcing its main features. We recognise any onerous cost of the present obligation under a contract as a provision. An onerous cost is the unavoidable cost of meeting our contractual obligations that exceed the expected economic benefits. When we intend to vacate a leasehold property or right of use asset, the asset would be tested for impairment and a provision may be recognised for the ancillary contractual occupancy costs. 3. Material accounting policies 3.1. Revenue recognition Interest receivable and payable are recognised in the income statement using the effective interest rate method for: all financial instruments measured at amortised cost; debt instruments measured as fair value through other comprehensive income; and the effective part of any related accounting hedging instruments. Finance lease income is recognised at a constant periodic rate of return before tax on the net investment on the lease. Other interest relating to financial instruments measured at fair value is recognised as part of the movement in fair value and is reported in income from trading activities or other operating income as relevant. Fees in respect of services are recognised as the right to consideration accrues through the performance of each distinct service obligation to the customer. The arrangements are generally contractual and the cost of providing the service is incurred as the service is rendered. The price is usually fixed and always determinable. 3.2. Discontinued operations, Held for sale and Disposal group The results of discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit/(loss) from discontinued operations, net of tax in the income statement. Comparatives are represented for the income statement, cash flow statement, statement of changes in equity and related notes. An asset or disposal group (assets and liabilities) is classified as held for sale if we will recover its carrying amount principally through a sale transaction rather than through continuing use. These are measured at the lower of its carrying amount or fair value less cost to sell unless the existing measurement provisions of IFRS apply. These are presented as single amounts; comparatives are not represented. 3.3. Staff costs Employee costs, such as salaries, paid absences, and other benefits are recognised over the period in which the employees provide the related services to us. Employees may receive variable compensation in cash, in deferred cash or debt instruments of NatWest Group or in ordinary shares of NatWest Group plc subject to deferral, clawback and forfeiture criteria. We operate a number of share-based compensation schemes under which we grant awards of NatWest Group plc shares and share options to our employees. Such awards are subject to vesting conditions. Variable compensation that is settled in cash or debt instruments is charged to the income statement on a straight-line basis over the period during which services are provided, taking account of forfeiture and clawback criteria. The value of employee services received in exchange for NatWest Group plc shares and share options is recognised as an expense over the vesting period, subject to deferral, clawback, cancelation and forfeiture criteria with a corresponding increase in equity. The fair value of shares granted is the market price adjusted for the expected effect of dividends as employees are not entitled to dividends until shares are vested. The fair value of options granted is determined using option pricing models to estimate the numbers of shares likely to vest. These consider the exercise price of the option, the current share price, the risk-free interest rate, the expected volatility of the share price over the life of the option and other relevant factors such as the dividend yield. Defined contribution pension scheme A scheme where we pay fixed contributions and there is no legal or constructive obligation to pay further contributions or benefits. Contributions are recognised in the income statement as employee service costs accrue. Defined benefit pension scheme A scheme that defines the benefit an employee will receive on retirement and is dependent on one or more factors such as age, salary, and years of service. The net of the recognisable scheme assets and obligations is reported on the balance sheet in other assets or other liabilities. The defined benefit obligation is measured on an actuarial basis. The charge to the income statement for pension costs (mainly the service cost and the net interest on the net defined benefit asset or liability) is recognised in operating expenses. Actuarial gains and losses (i.e. gains and/or losses on re-measuring the net defined benefit asset or liability due to changes in actuarial measurement assumptions) are recognised in other comprehensive income in full in the period in which they arise, and not subject to recycling to the income statement. The difference between scheme assets and scheme liabilities, the net defined benefit asset or liability, is recognised on the balance sheet if the criteria of the asset ceiling test are met. This requires the net defined benefit surplus to be limited to the present value of any economic benefits available to us in the form of refunds from the plan or reduced contributions to it. We will recognise a liability where a minimum funding requirement exists for any of our defined benefit pension schemes. This reflects agreed minimum funding and the availability of a net surplus as determined as described above. When estimating the liability for minimum funding requirements we only include contributions that are substantively or contractually agreed and do not include contingent and discretionary features, including dividend-linked contributions or contributions subject to contingent events requiring future verification. We will recognise a net defined benefit asset when the net defined benefit surplus can generate a benefit in the form of a refund or reduction in future contributions to the plan. The net benefit pension asset is recognised at the present value of the benefits that will be available to us excluding interest and the effect of the asset ceiling (if any, excluding interest). Changes in the present value of the net benefit pension asset are recognised immediately in other comprehensive income. In instances where Trustees have the ability to declare augmented benefits to participants, we do not recognise a defined benefit pension asset and write-off the surplus immediately in other comprehensive income. 3.4. Intangible assets and goodwill Intangible assets are identifiable non-monetary assets without physical substance acquired or developed by us, and are stated at cost less accumulated amortisation and impairment losses. Amortisation is a method to spread the cost of such assets over time in the income statement. ​ This is charged to the income statement over the assets' estimated useful economic lives using methods that best reflect the pattern of economic benefits. ​ The estimated useful economic lives are: ​ Computer software 3 to 10 years Other acquired intangibles 3 to 5 years ​ Direct costs relating to the development of internal-use computer software are reported on the balance sheet after technical feasibility and economic viability have been established. These direct costs include payroll, the costs of materials and services, and directly attributable overheads. Capitalisation of costs ceases when the software can operate as intended. During and after development, accumulated costs are reviewed for impairment against the benefits that the software is expected to generate. Costs incurred prior to the establishment of technical feasibility and economic viability are expensed to the income statement as incurred, as are all training costs and general overheads. The costs of licences to use computer software that are expected to generate economic benefits beyond three years are also reported on the balance sheet. Goodwill on the acquisition of a subsidiary is the excess of the fair value of the consideration paid, the fair value of any existing interest in the subsidiary and the amount of any non-controlling interest measured either at fair value or at its share of the subsidiary’s net assets over the net fair value of the subsidiary’s identifiable assets, liabilities, and contingent liabilities. Goodwill is measured at initial cost less any subsequent impairment losses. The gain or loss on the disposal of a subsidiary includes the carrying value of any related goodwill when such transactions occur. 3.5. Impairment of non-financial assets Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. ​ At each balance sheet date, we assess whether there is any indication that other intangible assets or property, plant and equipment are impaired. If any such indication exists, we estimate the recoverable amount of the asset and compare it to its balance sheet value to calculate if an impairment loss should be recognised in the income statement. A reversal of an impairment loss on other intangible assets or property, plant and equipment is recognised in the income statement provided the increased carrying value is not greater than it would have been had no impairment loss been recognised. The recoverable amount of an asset that does not generate cash flows that are independent from those of other assets or groups of assets, is determined as part of the cash-generating unit to which the asset belongs. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For the purposes of impairment testing, goodwill acquired in a business combination is allocated to our cash-generating units or groups of cash-generating units expected to benefit from the combination. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less cost to sell or its value in use. Value in use is the present value of future cash flows from the asset or cash-generating unit discounted at a rate that reflects market interest rates adjusted for risks specific to the asset or cash-generating unit that have not been considered in estimating future cash flows. The assessment of asset impairment is based upon value in use. This represents the value of future cashflows and uses our five-year revenue and cost forecasts and the expectation of long term economic growth beyond this period. The five-year forecast takes account of management’s current expectations on competitiveness and profitability, including near term effects of climate transition risk. The long term growth rate reflects external indicators which will include market expectations on climate risk. We do not consider any additional adjustments to this indicator. ​ 3.6. Foreign currencies Foreign exchange differences arising on the settlement of foreign currency transactions and from the translation of monetary assets and liabilities are reported in income from trading activities except for differences arising on cash flow hedges and hedges of net investments in foreign operations. Non-monetary items denominated in foreign currencies that are stated at fair value are translated into the functional currency at the foreign exchange rates ruling at the dates the values are determined. Translation differences are recognised in the income statement except for differences arising on non-monetary financial assets classified as fair value through other comprehensive income. Income and expenses of foreign subsidiaries and branches are translated into sterling at average exchange rates unless these do not approximate the foreign exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on the translation of a foreign operation are recognised in other comprehensive income. The amount accumulated in equity is reclassified from equity to the income statement on disposal of a foreign operation. 3.7. Tax Tax encompassing current tax and deferred tax is recognised in the income statement except when taxable items are recognised in other comprehensive income or equity. Tax consequences arising from servicing financial instruments classified as equity are recognised in the income statement. Accounting for taxes is judgemental and carries a degree of uncertainty because tax law is subject to interpretation, which might be questioned by the relevant tax authority. We recognise the most likely current and deferred tax liability or asset, assessed for uncertainty using consistent judgements and estimates. Current and deferred tax assets are only recognised where their recovery is deemed probable, and current and deferred tax liabilities are recognised at the amount that represents the best estimate of the probable outcome having regard to their acceptance by the tax authorities. 3.8. Financial instruments Financial instruments are measured at fair value on initial recognition on the balance sheet. Monetary financial assets are classified into one of the following subsequent measurement categories (subject to business model assessment and review of contractual cash flow for the purposes of sole payments of principal and interest where applicable): - amortised cost measured at cost using the effective interest rate method, less any impairment allowance; - fair value through other comprehensive income (FVOCI) measured at fair value, using the effective interest rate method and changes in fair value through other comprehensive income; - mandatory fair value through profit or loss (MFVTPL) measured at fair value and changes in fair value reported in the income statement; or - designated at fair value through profit or loss (DFV) measured at fair value and changes in fair value reported in the income statement. Classification by business model reflects how we manage our financial assets to generate cash flows. A business model assessment helps to ascertain the measurement approach depending on whether cash flows result from holding financial assets to collect the contractual cash flows, from selling those financial assets, or both. Business model assessment of assets is made at portfolio level, being the level at which they are managed to achieve a predefined business objective. This is expected to result in the most consistent classification of assets because it aligns with the stated objectives for the portfolio, its risk management, manager’s remuneration and the ability to monitor sales of assets from a portfolio. When a significant change to our business is communicated to external parties, we reassess our business model for managing those financial assets. We reclassify financial assets if we have

Net interest income

Net interest income	12 Months Ended
	Dec. 31, 2023
Net interest income
Net interest income	1 Net interest income Net interest income is the difference between the interest NatWest Group earns from its interest-bearing assets, such as loans, balances with central banks and other financial assets, and the interest paid on its interest-bearing liabilities, such as deposits and subordinated liabilities. ​ Interest receivable on financial instruments classified as amortised cost, debt instruments classified as FVOCI and the interest element of the effective portion of any designated hedging relationships are measured using the effective interest rate, which allocates the interest receivable or interest payable over the expected life of the financial instrument at the rate that exactly discounts all estimated future cash flows to equal the financial instrument's initial carrying amount. Calculation of the effective interest rate takes into account fees payable or receivable that are an integral part of the financial instrument’s yield, premiums or discounts on acquisition or issue, early redemption fees and transaction costs. All contractual terms of a financial instrument are considered when estimating future cash flows. Negative interest on financial assets is presented in interest payable and negative interest on financial liabilities is presented in interest receivable. Included in interest receivable is finance lease income of £484 million (2022 - £314 million; 2021 - £298 million) which is recognised at a constant periodic rate of return before tax on the net investment. For accounting policy information refer to Accounting policy 3.1. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 (1) Continuing operations £m £m £m Balances at central banks and loans to banks - amortised cost 3,737 1,987 445 Loans to customers - amortised cost 15,553 10,085 8,536 Other financial assets 1,736 565 253 Interest receivable ​ 21,026 ​ 12,637 ​ 9,234 ​ ​ ​ ​ Balances with banks 1,039 379 204 Customer deposits 5,276 785 556 Other financial liabilities 2,977 1,196 670 Subordinated liabilities 464 370 267 Internal funding of trading businesses 221 65 2 Interest payable ​ 9,977 ​ 2,795 ​ 1,699 Net interest income 11,049 9,842 7,535 ​ (1) Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements .

Non-interest income

Non-interest income	12 Months Ended
	Dec. 31, 2023
Non-interest income
Non-interest income	2 Non-interest income There are three main categories of non-interest income: net fees and commissions, trading income, and other operating income. Net fees and commissions is the difference between fees received from customers for services provided by NatWest Group, such as credit card annual fees, underwriting fees, payment services, brokerage fees, trade finance, investment management fees, trustee and fiduciary services, and fees incurred in the provision of those services, such as credit card interchange fees, customer incentives, loan administration, foreign currency transaction charges, and brokerage fees. Trading income is earned from short-term financial assets and financial liabilities to either make a spread between purchase and sale price or held to take advantage of movements in prices and yields. Other operating income includes revenue from other operating activities which are not related to the principal activities of the company, such as: share of profit or loss from associates; operating lease income; the profit or loss on the sale of a subsidiary; or property, plant and equipment; profit or loss on own debt; and changes in the fair value of financial assets and liabilities designated at fair value through profit or loss. For accounting policy information refer to Accounting policies 3.1 and 3.6. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 (1) Continuing operations ​ £m ​ £m ​ £m Net fees and commissions (2) 2,330 2,292 2,120 Trading income ​ ​ ​ ​ ​ ​ Foreign exchange 270 ​ 305 ​ 364 Interest rate (3) 595 ​ 752 ​ (130) Credit (72) ​ 17 ​ 83 Changes in fair value of own debt and derivative liabilities attributable to own credit risk ​ ​ ​ ​ ​ ​ - debt securities in issue (2) ​ 42 ​ 6 Equities, commodities and other 3 ​ 17 ​ — ​ 794 ​ 1,133 ​ 323 Other operating income ​ ​ ​ ​ ​ ​ Gain/(loss) on redemption of own debt ​ 3 ​ (161) ​ (145) Rental income on operating lease assets and investment property 234 230 225 Changes in fair value of financial assets and liabilities designated at fair value through profit or loss (4) ​ (150) ​ 17 ​ (8) Changes in fair value of other financial assets at fair value through profit or loss (5) ​ 50 ​ (45) ​ 5 Hedge ineffectiveness 52 (20) 25 Loss on disposal of amortised cost assets and liabilities (5) (15) (15) (Loss)/profit on disposal of fair value through other comprehensive income assets (43) (168) 117 Loss on sale of property, plant and equipment (21) (5) (30) Share of (losses)/profits of associated entities (9) (30) 216 Profit on disposal of subsidiaries and associates ​ — ​ — ​ 48 Foreign exchange recycling gains/(losses) ​ 484 ​ 5 ​ (10) Other income (6) (16) 81 23 ​ ​ 579 ​ (111) ​ 451 ​ ​ 3,703 ​ 3,314 ​ 2,894 ​ (1) Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements. (2) Refer to Note 4 for further analysis . (3) Includes fair value changes on derivatives which have not been designated in a hedge accounting relationship and gains and losses from the management of the NatWest Group’s funding requirements involving the use of derivatives including foreign exchange. These are aimed at managing the interest rate and foreign exchange risk that NatWest Group is exposed to. (4) Includes related derivatives. (5) Includes instruments that have failed solely payments of principal and interest testing under IFRS 9. (6) 2022 includes £92 million profit from insurance liabilities.

Operating expenses

Operating expenses	12 Months Ended
	Dec. 31, 2023
Operating expenses
Operating expenses	3 Operating expenses ​ Operating expenses are expenses NatWest Group incurs in the running of its business such as all staff costs (for example salaries, bonus awards, pension costs and social security costs), premises and equipment costs that arise from the occupation of premises and the use of equipment, depreciation and amortisation and other administrative expenses. For accounting policy information refer to Accounting policies 3.3, 3.4 and 3.5. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Continuing operations ​ £m ​ £m ​ £m Salaries 2,483 2,250 2,295 Bonus awards 353 334 267 Temporary and contract costs ​ 199 ​ 234 ​ 240 Social security costs 352 328 300 Pension costs ​ 313 ​ 363 ​ 354 - defined benefit schemes (Note 5) 122 205 215 - defined contribution schemes 191 158 139 Other 201 207 220 Staff costs 3,901 3,716 3,676 ​ ​ ​ ​ ​ ​ ​ Premises and equipment 1,153 1,112 1,133 UK bank levy 109 101 99 Depreciation and amortisation (1,2) 934 833 923 Other administrative expenses (3) 1,899 1,925 1,927 Administrative expenses 4,095 3,971 4,082 ​ ​ 7,996 ​ 7,687 ​ 7,758 ​ (1) (2) (3) 3 Operating expenses continued The average number of persons employed, rounded to the nearest hundred, during the year, excluding temporary staff,was 61,500 (2022 - 60,000; 2021- 59,200). The average number of temporary employees during 2023 was 2,100 (2022 - 2,500; 2021 - 2,500). The number of persons employed at 31 December, excluding temporary staff, by reportable segment, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations 2023 2022 (1) 2021 (1) Retail Banking 14,300 15,100 16,000 Private Banking 2,400 2,300 2,000 Commercial & Institutional 12,400 12,200 11,700 Central items & other (2) 32,500 31,400 28,100 Total 61,600 61,000 57,800 ​ ​ ​ ​ ​ ​ ​ UK 41,500 41,200 40,600 USA 300 300 300 India 16,900 15,700 13,500 Poland ​ 1,500 ​ 1,500 ​ 1,400 Republic of Ireland ​ 400 ​ 1,400 ​ 1,200 Rest of the World 1,000 900 800 Total 61,600 61,000 57,800 ​ (1) Comparatives have been re-presented to reflect the movement of headcount across segments due to segment reorganisation. (2) Central items & other includes Ulster Bank RoI. The total number of persons employed in Ulster Bank RoI of 500 (2022 – 2,200 ; 2021 – 2,400 ) includes nil people employed in discontinued operations at 31 December 2023 (2022 – 400 ; 2021 – 700 ). ​ 3 Operating expenses continued Share-based payments ​ ​ ​ ​ ​ ​ ​ ​ ​ Award plan Eligible employees Nature of award Vesting conditions (1) Settlement Sharesave ​ UK, Channel Islands, Gibraltar, Isle of Man, Poland and India. ​ Option to buy shares under employee savings plan ​ Continuing employment or leavers in certain circumstances ​ 2024 to 2028 Deferred performance awards ​ All ​ Awards of ordinary shares and conditional shares ​ Continuing employment or leavers in certain circumstances ​ 2024 to 2031 Long-term incentives (2,3) ​ Senior employees ​ Awards of ordinary shares and conditional shares ​ Continuing employment or leavers in certain circumstances and/or satisfaction of the pre-vesting assessment and underpins ​ 2024 to 2030 ​ (1) All awards have vesting conditions which may not be met. (2) Long-term incentives include buy-out awards offered to compensate certain new hires for the loss of forfeited awards from their previous employment. All awards are granted under the Employee Share Plan. (3) The existing Long-term incentive scheme has been closed for new awards and members as at 31 December 2022. The scheme has been replaced by a new Restricted share plan scheme with similar granting and vesting conditions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sharesave ​ 2023 ​ 2022 ​ 2021 ​ Average Shares Average Shares Average Shares ​ ​ exercise price ​ under option ​ exercise price ​ under option ​ exercise price ​ under option ​ ​ £ ​ (million) ​ £ ​ (million) ​ £ ​ (million) At 1 January 1.63 99 1.61 95 1.64 96 Granted 1.42 43 1.86 25 1.80 24 Exercised 1.44 (23) 1.88 (15) 1.76 (10) Cancelled 1.72 (5) 1.60 (6) 2.02 (15) At 31 December 1.59 114 1.63 99 1.61 95 ​ The fair value of Sharesave options granted in 2023 was determined using a pricing model that included: expected volatility of share price determined at the grant date based on historical share price volatility over a period of up to five years; expected option lives that equal the vesting period; estimated dividend yield on equity shares; and risk-free interest rates determined from UK gilts with terms matching the expected lives of the options. The exercise price of options and the fair value on granting awards of fully paid shares is the average market price over the five three ​ Options are exercisable within six months of vesting; 19.0 million options were exercisable at 31 December 2023 (2022 – 5.1 million; 2021 – 6.0 million). The weighted average share price at the date of exercise of options was £2.20 (2022 - £2.59; 2021 - £2.19). At 31 December 2023, exercise prices ranged from £1.12 to £1.89 (2022 - £1.12 to £2.27; 2021 - £1.12 to £2.27) and the remaining average contractual life was 2.25 years (2022 – 2 years; 2021 – 2.1 years). The fair value of options granted in 2023 was £27.3 million (2022 - £22.1 million; 2021 - £17 million). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred performance awards ​ 2023 ​ 2022 ​ 2021 ​ Value at Shares Value at Shares Value at Shares ​ ​ grant ​ awarded ​ grant ​ awarded ​ grant ​ awarded ​ ​ £m ​ (million) ​ £m ​ (million) ​ £m ​ (million) At 1 January 93 46 132 65 169 77 Granted 52 20 46 20 61 32 Forfeited (2) (1) (4) (2) (10) (5) Vested (67) (30) (81) (37) (88) (39) At 31 December 76 35 93 46 132 65 ​ ​ 3 Operating expenses continued The awards granted in 2023 vest in equal tranches on the anniversary of the award, predominantly over three years. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term incentives ​ 2023 ​ 2022 ​ 2021 ​ Value at Shares Value at Shares Value at Shares ​ ​ grant ​ awarded ​ grant ​ awarded ​ grant ​ awarded ​ ​ £m ​ (million) ​ £m ​ (million) ​ £m ​ (million) At 1 January 49 23 44 21 50 24 Granted 11 5 16 7 6 3 Vested/exercised (10) (4) (10) (4) (12) (6) Lapsed (1) (1) (1) (1) — — At 31 December 49 23 49 23 44 21 ​ The market value of awards vested/exercised in 2023 was £9.5 million (2022 - £11.7 million; 2021 - £13 million). ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonus awards ​ 2023 ​ 2022 ​ Change ​ £m £m % Non-deferred cash awards (1) ​ 43 ​ 40 ​ 8 % Deferred cash awards 262 270 (3) % Deferred share awards 51 60 (15) % Total deferred bonus awards 313 330 (5) % Total bonus awards (2) 356 370 (4) % Bonus awards as a % of operating profit before tax (3) 5 % 7 % ​ ​ Proportion of bonus awards that are deferred 88 % 89 % ​ ​ - deferred cash awards 84 % 82 % ​ ​ - deferred share awards 16 % 18 % ​ ​ ​ (1) Non-deferred cash awards are limited to £2,000 for all employees. (2) Excludes other performance-related compensation. (3) Operating profit before tax and income statement charge for bonus awards. ​ Reconciliation of bonus awards to income statement charge ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ £m ​ £m ​ £m Bonus awarded 356 370 301 Less: deferral of charge for amounts awarded for current year (114) (127) (99) Income statement charge for amounts awarded in current year 242 243 202 ​ ​ ​ ​ ​ ​ ​ Add: current year charge for amounts deferred from prior years 115 94 80 Less: forfeiture of amounts deferred from prior years (4) (3) (15) Income statement charge for amounts deferred from prior years 111 91 65 Income statement charge for bonus awards 353 334 267 ​ ​ 3 Operating expenses continued Year in which income statement charge is expected to be taken for deferred bonus awards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual ​ Expected ​ ​ ​ ​ ​ 2025 ​ ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ and beyond ​ ​ £m ​ £m ​ £m ​ £m ​ £m Bonus awards deferred from 2021 and earlier 80 94 16 ​ 7 ​ 5 Bonus awards deferred from 2022 ​ — ​ — ​ 99 ​ 9 ​ 9 Less: forfeiture of amounts deferred from prior years (15) (3) (4) ​ — ​ — Bonus awards for 2023 deferred — — — ​ 98 ​ 16 ​ 65 91 111 ​ 114 ​ 30 ​

Segmental analysis

Segmental analysis	12 Months Ended
	Dec. 31, 2023
Segmental analysis
Segmental analysis	4 Segmental analysis NatWest Group analyses its performance between the different operating segments of the Group as required by IFRS 8, Operating segments. The presentation is consistent with internal financial reporting and how senior management assesses the performance of each operating segment ​ Reportable operating segments: The business is organised into the following reportable segments: Retail Banking, Private Banking, Commercial & Institutional, and Central items & other. Retail Banking Private Banking Commercial & Institutional Central items & other ​ 4 Segmental analysis continued Allocation of central balance sheet items NatWest Group allocates all central costs relating to central functions to the business using appropriate drivers; these are reported as indirect costs in the segmental income statements. Assets and risk-weighted assets held centrally, mainly relating to NatWest Group Treasury, are allocated to the business using appropriate drivers. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Central ​ ​ ​ ​ Retail ​ Private ​ Commercial & ​ items ​ ​ ​ Banking Banking Institutional & other Total 2023 £m £m £m £m £m Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net interest income 5,496 710 5,044 (201) 11,049 Net fees and commissions 427 249 1,654 — 2,330 Other non-interest income 8 31 723 611 1,373 Total income 5,931 990 7,421 410 14,752 Depreciation and amortisation (1) (1) (154) (778) (934) Other operating expenses (2,827) (684) (3,937) 386 (7,062) Impairment losses (465) (14) (94) (5) (578) Operating profit 2,638 291 3,236 13 6,178 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net interest income 5,224 777 4,171 (330) 9,842 Net fees and commissions 422 250 1,580 40 2,292 Other non-interest income — 29 662 331 1,022 Total income 5,646 1,056 6,413 41 13,156 Depreciation and amortisation — — (161) (672) (833) Other operating expenses (2,593) (622) (3,583) (56) (6,854) Impairment (losses)/releases (229) 2 (122) 12 (337) Operating profit/(loss) 2,824 436 2,547 (675) 5,132 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net interest income ​ 4,074 ​ 480 ​ 2,974 ​ 7 ​ 7,535 Net fees and commissions ​ 377 ​ 258 ​ 1,440 ​ 45 ​ 2,120 Other non-interest income ​ (6) ​ 78 ​ 424 ​ 278 ​ 774 Total income ​ 4,445 ​ 816 ​ 4,838 ​ 330 ​ 10,429 Depreciation and amortisation ​ (85) ​ - ​ (173) ​ (665) ​ (923) Other operating expenses ​ (2,428) ​ (520) ​ (3,584) ​ (303) ​ (6,835) Impairment releases/(losses) ​ 36 ​ 54 ​ 1,160 ​ (77) ​ 1,173 Operating profit/(loss) ​ 1,968 ​ 350 ​ 2,241 ​ (715) ​ 3,844 ​ ​ 4 Segmental analysis continued ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Central ​ ​ ​ ​ Retail ​ Private ​ Commercial & ​ items & ​ ​ ​ Banking Banking Institutional other Total 2023 £m £m £m £m £m Continuing operations ​ ​ ​ ​ ​ External 7,366 1,157 12,519 4,340 25,382 Inter-segmental (4) 5 1,000 (1,602) 597 — Total 7,371 2,157 10,917 4,937 25,382 ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ 5,773 ​ 874 ​ 7,258 ​ 2,669 ​ 16,574 Inter-segmental (4) — 389 (395) 6 — Total 5,773 1,263 6,863 2,675 16,574 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ 5,415 ​ 792 ​ 5,189 ​ 1,306 ​ 12,702 Inter-segmental (4) ​ 18 ​ 127 ​ 102 ​ (247) ​ — Total ​ 5,433 ​ 919 ​ 5,291 ​ 1,059 ​ 12,702 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Central ​ ​ ​ ​ Retail ​ Private ​ Commercial & ​ items & ​ ​ ​ Banking Banking Institutional other Total 2023 £m £m £m £m £m Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External 4,170 ​ 327 7,730 2,525 ​ 14,752 Inter-segmental (4) 1,761 ​ 663 (309) (2,115) ​ — Total 5,931 ​ 990 7,421 410 ​ 14,752 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External 4,956 ​ 778 5,920 1,502 ​ 13,156 Inter-segmental (4) ​ 690 ​ 278 ​ 493 ​ (1,461) ​ — Total ​ 5,646 ​ 1,056 ​ 6,413 ​ 41 ​ 13,156 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ 4,933 ​ 801 ​ 4,634 ​ 61 ​ 10,429 Inter-segmental (4) ​ (488) ​ 15 ​ 204 ​ 269 ​ — Total ​ 4,445 ​ 816 ​ 4,838 ​ 330 ​ 10,429 ​ For the notes to this table refer to page 64. ​ 4 Segmental analysis continued Analysis of net fees and commissions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Central ​ ​ ​ Retail ​ Private ​ Commercial & ​ items ​ ​ ​ Banking ​ Banking ​ Institutional ​ & other ​ Total 2023 £m ​ £m ​ £m ​ £m ​ £m Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fees and commissions receivable ​ ​ - Payment services 324 32 ​ 671 3 1,030 - Credit and debit card fees 400 13 ​ 260 3 676 - Lending and financing ​ 14 ​ 5 ​ 709 ​ 1 ​ 729 - Brokerage 35 6 ​ 42 — 83 - Investment management, trustee and fiduciary services (2) ​ 2 209 ​ 45 10 266 - Underwriting fees — — ​ 123 — 123 - Other 4 5 ​ 73 (6) 76 Total 779 270 ​ 1,923 11 2,983 Fees and commissions payable (352) (21) ​ (269) (11) (653) Net fees and commissions 427 249 ​ 1,654 — 2,330 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fees and commissions receivable ​ ​ - Payment services 314 25 ​ 642 43 1,024 - Credit and debit card fees 401 15 ​ 227 18 661 - Lending and financing 17 8 ​ 673 3 701 - Brokerage 43 ​ 6 ​ 44 — 93 - Investment management, trustee and fiduciary services (2) 4 219 ​ 46 — 269 - Underwriting fees — ​ — ​ 120 ​ — ​ 120 - Other — 3 ​ 88 (44) 47 Total 779 276 ​ 1,840 20 2,915 Fees and commissions payable (357) (26) ​ (260) 20 (623) Net fees and commissions 422 250 ​ 1,580 40 2,292 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fees and commissions receivable ​ ​ - Payment services 306 35 ​ 577 49 967 - Credit and debit card fees 344 10 ​ 149 19 522 - Lending and financing 13 10 ​ 643 4 670 - Brokerage 48 6 ​ 42 — 96 - Investment management, trustee and fiduciary services (2) 3 230 ​ 45 2 280 - Underwriting fees — — ​ 127 — 127 - Other — 35 ​ 109 (112) 32 Total 714 326 ​ 1,692 (38) 2,694 Fees and commissions payable (337) (68) ​ (252) 83 (574) Net fees and commissions 377 258 ​ 1,440 45 2,120 ​ For the notes to this table refer to page 64. 4 Segmental analysis continued ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ Assets ​ Liabilities ​ Assets ​ Liabilities ​ Assets ​ Liabilities ​ £m £m £m £m £m £m Retail Banking 228,684 ​ 191,936 ​ 226,375 192,282 ​ 209,973 192,715 Private Banking 26,894 ​ 37,806 ​ 29,867 41,491 ​ 29,854 39,388 Commercial & Institutional 384,958 ​ 359,766 ​ 404,817 383,768 ​ 425,718 411,757 Central items & other 52,137 ​ 65,977 ​ 58,994 66,016 ​ 116,447 96,329 Total 692,673 ​ 655,485 ​ 720,053 683,557 ​ 781,992 740,189 ​ Segmental analysis of goodwill ​ The total carrying value of goodwill at 31 December 2023 was £5,680 million (2022 - £5,522 million) comprising: Retail Banking £2,607 million (2022 - £2,607 million); Commercial & Institutional £2,905 million (2022 - £2,906 million); Private Banking £9 million (2022 - £9 million) and Central items & other £159 million (2022 - nil). 4 Segmental analysis continued Geographical segments ​ The geographical analysis in the tables below has been compiled on the basis of location of office where the transactions are recorded. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UK USA Europe RoW Total 2023 £m £m £m £m £m Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue 24,096 167 ​ 1,016 ​ 103 ​ 25,382 Interest receivable 20,192 39 ​ 774 ​ 21 ​ 21,026 Interest payable ​ (9,500) ​ (1) ​ (472) ​ (4) ​ (9,977) Net fees and commissions 2,052 49 ​ 172 ​ 57 ​ 2,330 Trading income 704 66 ​ 1 ​ 23 ​ 794 Other operating income 556 (10) ​ 30 ​ 3 ​ 579 Total income (3) 14,004 143 ​ 505 ​ 100 ​ 14,752 Operating profit/(loss) before tax 6,196 45 ​ (149) ​ 86 ​ 6,178 Total assets 610,831 23,725 ​ 56,001 ​ 2,116 ​ 692,673 Total liabilities 594,250 22,106 ​ 37,506 ​ 1,623 ​ 655,485 Contingent liabilities and commitments 112,199 — ​ 7,411 ​ 21 ​ 119,631 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue 15,795 117 558 104 16,574 Interest receivable 12,242 37 344 14 12,637 Interest payable ​ (2,567) ​ (2) ​ (221) ​ (5) ​ (2,795) Net fees and commissions 1,983 44 207 58 2,292 Trading income 1,208 1 (104) 28 1,133 Other operating income (140) 14 12 3 (111) Total income (3) 12,726 94 238 98 13,156 Operating profit/(loss) before tax 5,716 (46) (620) 82 5,132 Total assets 589,758 25,979 101,164 3,152 720,053 Total liabilities 579,476 27,039 75,092 1,950 683,557 Contingent liabilities and commitments 117,915 — 8,649 17 126,581 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue 12,100 87 482 33 12,702 Interest receivable 8,949 20 257 8 9,234 Interest payable ​ (1,483) ​ (2) ​ (211) ​ (3) ​ (1,699) Net fees and commissions 1,820 27 231 42 2,120 Trading income 247 53 (1) 24 323 Other operating income 387 2 62 — 451 Total income (3) 9,920 100 338 71 10,429 Operating (loss)/profit before tax 4,143 48 (387) 40 3,844 Total assets 693,221 21,776 64,415 2,580 781,992 Total liabilities 676,684 23,286 38,835 1,384 740,189 Contingent liabilities and commitments 117,225 1 8,114 27 125,367 ​ (1) Total revenue comprises interest receivable, fees and commissions receivable, income from trading activities and other operating income. (2) Comparisons with prior periods are affected by the transfer of the Private Client Advice business to Private Banking from 1 January 2021. (3) Total income excludes internal service fee income which has been calculated on a cost plus mark-up basis. (4) Revenue and income from transactions between segments of the group are now reported as inter-segment in both the current and comparative information.

Pensions

Pensions	12 Months Ended
	Dec. 31, 2023
Pensions
Pensions	5 Pensions ​ NatWest Group operates two types of pension scheme: defined benefit and defined contribution. The defined contribution schemes invest contributions in a choice of funds and the accumulated contributions and investment returns are used by the employee to provide benefits on retirement. There is no legal or constructive obligation for NatWest Group to pay any further contributions or benefits. The defined benefit schemes provide pensions in retirement based on employees’ pensionable salary and service. ​ NatWest Group’s balance sheet includes any defined benefit pension scheme surplus or deficit as a retirement benefit asset or liability reported in other assets and other liabilities. The surplus or deficit is the difference between the liabilities to be paid from the defined benefit scheme and the assets held by the scheme to meet these liabilities. The liabilities are calculated by external actuaries using a number of financial and demographic assumptions. For some NatWest Group defined benefit schemes where there is a net defined benefit surplus in excess of the present value of any economic benefits that can be obtained from that surplus, the application of accounting standards means we do not recognise that surplus on the balance sheet. For accounting policy information refer to Accounting policy 3.3. Defined contribution schemes NatWest Group sponsors several defined contribution schemes in different territories, which new employees are entitled to join. NatWest Group pays specific contributions into individual investment funds on employees’ behalf. Once those contributions are paid, there is no further liability on the NatWest Group balance sheet relating to the defined contribution schemes. Defined benefit schemes NatWest Group sponsors a number of pension schemes in the UK and overseas, including the Main section of the NatWest Group Pension Fund (the Main section) which operates under UK trust law and is managed and administered on behalf of its members in accordance with the terms of the trust deed, the scheme rules and UK legislation. Pension fund trustees are appointed to operate each fund and ensure benefits are paid in accordance with the scheme rules and national law. The trustees are the legal owner of a scheme’s assets, and have a duty to act in the best interests of all scheme members. The schemes generally provide a pension of one The Main section corporate trustee is NatWest Pension Trustee Limited (the Trustee), a wholly owned subsidiary of NWB Plc, Principal Employer of the Main section. The Board of the Trustee includes member trustee directors selected from eligible active staff, deferred and pensioner members who apply and trustee directors appointed by NatWest Group. Under UK legislation, a defined benefit pension scheme is required to meet the statutory funding objective of having sufficient and appropriate assets to cover its liabilities (the pensions that have been promised to members). Similar governance principles apply to NatWest Group’s other defined benefit pension schemes. Investment strategy The assets of the Main section, which is typical of other group schemes (aside from AA section), represent 91% of all plan assets at 31 December 2023 (2022 - 91%) and are invested as shown below. The Main section employs physical, derivative and non-derivative instruments to achieve a desired asset class exposure and to reduce the section’s interest rate, inflation, and currency risk. This means that the net funding position is considerably less sensitive to changes in market conditions than the value of the assets or liabilities in isolation. In particular, movements in interest rate and inflation are substantially hedged by the Trustee. 5 Pensions continued During 2023, the Trustee completed a buy-in transaction for the AA section of the Group Pension Fund, passing all material longevity and investment risk for the section to an insurer. At 31 December 2023, the assets of this section comprised mainly of the buy-in asset (a bulk annuity policy valued at £546 million under IAS 19, covering 99% of the defined benefit obligation attributable to this section), together with residual assets of c. £145 million. In exchange for an upfront premium paid to the insurer, the buy-in asset provides a stream of cashflows to the Trustee replicating payments due to members. The premium was determined by the insurer using its pricing basis. Under IAS 19, the value placed on this asset mirrors the valuation of the defined benefit obligations covered, incorporating an assessment of credit risk. Since the insurer’s pricing basis is more conservative than the best-estimate valuation under IAS 19, an asset loss arises at the outset, which is recognised through OCI along with the impact of other movements in asset values over the year. In future, the buy-in asset value will move in line with movements in the defined benefit obligations covered, meaning that the scheme is protected against longevity and market risk. ​ Major classes of plan assets as a percentage of total plan assets of the Main section ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ Quoted Unquoted Total Quoted Unquoted Total ​ ​ % ​ % ​ % ​ % ​ % ​ % Equities ​ 0.1 ​ 6.7 ​ 6.8 ​ 0.1 ​ 7.7 ​ 7.8 Index linked bonds 36.7 ​ — ​ 36.7 ​ 37.7 ​ — ​ 37.7 Government bonds 13.3 ​ — ​ 13.3 ​ 18.4 ​ — ​ 18.4 Corporate and other bonds 19.2 ​ 6.4 ​ 25.6 ​ 15.3 ​ 6.7 ​ 22.0 Real estate — 4.5 ​ 4.5 ​ — 6.0 ​ 6.0 Derivatives — 2.7 ​ 2.7 ​ — 8.2 ​ 8.2 Cash and other assets ​ — ​ 10.4 ​ 10.4 ​ — ​ (0.1) ​ (0.1) ​ 69.3 ​ 30.7 ​ 100.0 ​ 71.5 ​ 28.5 ​ 100.0 ​ The Main section’s holdings of derivative instruments are summarised in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Notional ​ Fair value ​ Notional ​ Fair value ​ amounts Assets Liabilities amounts Assets Liabilities ​ ​ £bn ​ £m ​ £m ​ £bn ​ £m ​ £m Inflation rate swaps 29 1,929 940 21 1,873 990 Interest rate swaps 52 3,121 3,394 103 14,317 12,546 Currency forwards 13 235 34 12 310 113 Equity and bond call options — — — — — — Equity and bond put options — — 4 — 2 70 Other 1 8 20 1 14 19 ​ Swaps have been executed at prevailing market rates and within standard market bid/offer spreads with a number of counterparties, including NWB Plc. At 31 December 2023, the gross notional value of the swaps was £81 billion (2022 - £124 billion) and had a net positive fair value of £714 million (2022 - £2,642 million) against which the counterparties had posted approximately 128% collateral. 5 Pensions continued The schemes do not invest directly in NatWest Group but may have exposure to NatWest Group through indirect holdings. The trustees of the respective UK schemes are responsible for ensuring that indirect investments in NatWest Group do not exceed the regulatory limit of 5% of plan assets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Main section ​ All schemes ​ Present value Asset Net ​ Asset ​ ​ ​ Fair ​ of defined ​ ceiling/ ​ pension ​ Fair ​ Present value ​ ceiling/ ​ Net ​ ​ value of ​ benefit ​ minimum ​ assets/ ​ value of ​ of defined ​ minimum ​ pension ​ ​ plan assets ​ obligation (1) ​ funding ​ liability ​ plan assets ​ benefit (2) ​ funding ​ assets (2) Changes in value of net pension assets/(liability) ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m At 1 January 2022 52,021 (42,020) (10,001) — 57,787 (46,808) (10,491) 488 Currency translation and other adjustments ​ — ​ — ​ — ​ — ​ 78 ​ (65) ​ (11) ​ 2 Income statement - operating expenses ​ 932 ​ (892) ​ (180) ​ (140) ​ 1,041 ​ (1,055) ​ (191) ​ (205) Other comprehensive income ​ (18,180) ​ 16,714 ​ 898 ​ (568) ​ (20,326) ​ 18,570 ​ 916 ​ (840) Contributions by employer ​ 708 ​ — ​ — ​ 708 ​ 775 ​ — ​ — ​ 775 Contributions by plan participants and other scheme members ​ 7 ​ (7) ​ — ​ — ​ 13 ​ (13) ​ — ​ — Assets/liabilities extinguished upon settlement ​ — ​ — ​ — ​ — ​ (113) ​ 113 ​ — ​ — Benefits paid ​ (1,472) ​ 1,472 ​ — ​ — ​ (1,657) ​ 1,657 ​ — ​ — At 1 January 2023 ​ 34,016 ​ (24,733) ​ (9,283) ​ — ​ 37,598 ​ (27,601) ​ (9,777) ​ 220 Currency translation and other adjustments ​ — ​ — ​ — ​ — ​ (21) ​ 21 ​ 4 ​ 4 Income statement - operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net interest expense ​ 1,677 ​ (1,208) ​ (464) ​ 5 ​ 1,841 ​ (1,341) ​ (485) ​ 15 Current service cost ​ — ​ (76) ​ — ​ (76) ​ — ​ (105) ​ — ​ (105) Past service cost ​ — ​ (2) ​ — ​ (2) ​ — ​ (8) ​ — ​ (8) Loss on curtailments and settlements ​ — ​ — ​ — ​ — ​ — ​ (24) ​ — ​ (24) ​ ​ 1,677 ​ (1,286) ​ (464) ​ (73) ​ 1,841 ​ (1,478) ​ (485) ​ (122) Other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Return on plan assets excluding recognised interest income ​ (1,042) ​ — ​ — ​ (1,042) ​ (1,182) ​ — ​ — ​ (1,182) Experience gains and losses ​ — ​ (1,531) ​ — ​ (1,531) ​ — ​ (1,599) ​ — ​ (1,599) Effect of changes in actuarial financial assumptions ​ — ​ (585) ​ — ​ (585) ​ — ​ (776) ​ — ​ (776) Effect of changes in actuarial demographic assumptions ​ — ​ 379 ​ — ​ 379 ​ — ​ 436 ​ — ​ 436 Asset ceiling adjustments ​ — ​ — ​ 2,643 ​ 2,643 ​ — ​ — ​ 2,841 ​ 2,841 ​ ​ (1,042) ​ (1,737) ​ 2,643 ​ (136) ​ (1,182) ​ (1,939) ​ 2,841 ​ (280) Contributions by employer (3) ​ 209 ​ — ​ — ​ 209 ​ 278 ​ 2 ​ — ​ 280 Contributions by plan participants and other scheme members ​ 7 ​ (7) ​ — ​ — ​ 12 ​ (12) ​ — ​ — Assets/liabilities extinguished upon settlement ​ — ​ — ​ — ​ — ​ (50) ​ 50 ​ — ​ — Benefits paid ​ (1,229) ​ 1,229 ​ — ​ — ​ (1,365) ​ 1,365 ​ — ​ — At 31 December 2023 (4) ​ 33,638 ​ (26,534) ​ (7,104) ​ — ​ 37,111 ​ (29,592) ​ (7,417) ​ 102 ​ (1) Defined benefit obligations are subject to annual valuation by independent actuaries. (2) NatWest Group recognises the net pension scheme surplus or deficit as a net asset or liability. In doing so, the funded status is adjusted to reflect any schemes with a surplus that NatWest Group may not be able to access, as well as any minimum funding requirement to pay in additional contributions. This is most relevant to the Main section, where the surplus is not recognised as the trustees may have control over the use of the surplus. Other NatWest Group schemes that this applies to include the Ulster Bank Pension Scheme (NI) and the NatWest Markets section. (3) NatWest Group expects to make contributions to the Main section of £207 million in 2024. (4) On 16 June 2023 the High Court issued a ruling in respect of Virgin Media v NTL Pension Trustees II Limited (and others), which has the potential to affect the defined benefit obligation (DBO) values. Reasonable due diligence has concluded that DBO values above require no adjustment for the impact of this case. ​ 5 Pensions continued ​ ​ ​ ​ ​ ​ ​ ​ All schemes ​ 2023 2022 Amounts recognised on the balance sheet ​ £m ​ £m Fund asset at fair value 37,111 37,598 Present value of fund liabilities (29,592) (27,601) Funded status 7,519 9,997 Assets ceiling/minimum funding (7,417) (9,777) ​ 102 220 ​ ​ ​ ​ ​ ​ ​ 2023 2022 Net pension asset/(liability) comprises ​ £m ​ £m Net assets of schemes in surplus (refer to Note 18) 201 318 Net liabilities of schemes in deficit (refer to Note 21) (99) (98) ​ 102 220 ​ Funding and contributions by NatWest Group In the UK, the trustees of defined benefit pension schemes are required to perform funding valuations every three years. The trustees and the sponsor, with the support of the Scheme Actuary, agree the assumptions used to value the liabilities and to determine future contribution requirements. The funding assumptions incorporate a margin for prudence over and above the expected cost of providing the benefits promised to members, taking into account the sponsor’s covenant and the investment strategy of the scheme. Similar arrangements apply in the other territories where NatWest Group sponsors defined benefit pension schemes. A full triennial funding valuation of the Main section, effective 31 December 2020, was completed during financial year 2021. This triennial funding valuation determined the funding level to be 104%, pension liabilities to be £49 billion and the surplus to be £2 billion, all assessed on the agreed funding basis. The average cost of the future service of current members is 49% of salary before contributions from those members. In addition, the sponsor has agreed to meet administrative expenses. Following the ring-fencing agreement with the Trustee reached in 2018, additional contributions of up to £500 million p.a. were payable to the Main section should the Group make distributions to shareholders of an equal amount. These contributions were capped at £1.5 billion in total, of which £1.0 billion was paid over 2021 and 2022. During 2023, NatWest Bank entered a new contractual agreement with the Trustee, such that assets to the value of the remaining contributions falling due under the previous agreement would instead be paid to a Reservoir Trust. These assets have been restricted and are reserved to ensure they are available should they be needed by the Trustee in the future, according to agreed criteria. They are included in the encumbered balance sheet in the Risk section of this report. The assets under this arrangement will be available to the Group in future, to the extent that they are not needed under the defined trigger events. The key assumptions used to determine the funding liabilities were the discount rate, which is determined based on fixed interest swap and gilt yields plus 0.64% per annum, and mortality assumptions, which result in life expectancies of 27.7 / 29.4 years for males/females who are currently age 60 and 28.9 / 30.7 years from age 60 for males/females who are currently aged 40. Accounting Assumptions Placing a value on NatWest Group’s defined benefit pension schemes’ liabilities requires NatWest Group’s management to make a number of assumptions, with the support of independent actuaries. The ultimate cost of the defined benefit obligations depends upon actual future events and the assumptions made are unlikely to be exactly borne out in practice, meaning the final cost may be higher or lower than expected. 5 Pensions continued The most significant assumptions used for the Main section are shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal IAS 19 actuarial assumptions (1) ​ ​ 2023 2022 ​ ​ % ​ % ​ Discount rate 4.8 5.0 Inflation assumption (RPI) 3.1 3.2 Rate of increase in salaries 1.8 1.8 Rate of increase in deferred pensions 3.2 3.2 Rate of increase in pensions in payment 2.4 2.5 Lump sum conversion rate at retirement 18 18 Longevity at age 60: years years Current pensioners ​ ​ ​ ​ ​ Males 26.8 27.3 Females 28.6 29.1 Future pensioners, currently aged 40 ​ ​ Males 27.7 28.3 Females 29.5 30.1 ​ (1) The above financial assumptions are long-term assumptions set with reference to the period over which the obligations are expected to be settled. Discount rate The IAS 19 valuation uses a single discount rate set by reference to the yield on a basket of ‘high quality’ sterling corporate bonds. Significant judgement is required when setting the criteria for bonds to be included in the basket of bonds that is used to determine the discount rate used in the IAS 19 valuations. The criteria include issue size, quality of pricing and the exclusion of outliers. Judgement is also required in determining the shape of the yield curve at long durations; a constant credit spread relative to gilts is assumed. Sensitivity to the main assumptions is presented below. 5 Pensions continued The weighted average duration of the Main section's defined benefit obligation at 31 December 2023 is 14.0 years (2022 – 15.3 years). The chart below shows the projected benefit payment pattern for the Main section in nominal terms. These cashflows are based on the most recent formal actuarial valuation, effective 31 December 2020. ​ ​ 5 Pensions continued The table below shows how the net pension asset of the Main section would change if the key assumptions used were changed independently. In practice the variables have a degree of correlation and do not move completely in isolation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Decrease)/ ​ (Decrease)/ ​ Increase in ​ ​ increase in ​ increase in ​ net pension ​ ​ value of ​ value of ​ (obligations)/ ​ assets liabilities assets 2023 ​ £m ​ £m ​ £m 0.5% increase in interest rates/discount rate ​ (2,292) ​ (1,746) ​ (546) 0.25% increase in inflation ​ 811 ​ 578 ​ 233 0.5% increase in credit spreads ​ (12) ​ (1,746) ​ 1,734 Longevity increase of one year ​ — ​ 902 ​ (902) 0.25% additional rate of increase in pensions in payment ​ — ​ 706 ​ (706) Increase in equity values of 10% (1) ​ 229 ​ — ​ 229 ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ 0.5% increase in interest rates/discount rate (2,689) ​ (1,766) ​ (923) 0.25% increase in inflation 963 ​ 632 ​ 331 0.5% increase in credit spreads (6) ​ (1,766) ​ 1,760 Longevity increase of one year ​ — ​ 767 ​ (767) 0.25% additional rate of increase in pensions in payment ​ — ​ 679 ​ (679) Increase in equity values of 10% (1) 267 ​ — ​ 267 ​ (1) Includes both quoted and private equity. ​ The table below shows the combined change in defined benefit obligation from larger movements in these assumptions, assuming no changes in other assumptions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in life expectancies ​ ​ ​ -2 years -1 year No change + 1 year + 2 years 2023 £bn £bn £bn £bn £bn Change in credit spreads +50 bps (3.5) (2.6) (1.7) (0.9) (0.1) ​ No change (1.9) (0.9) — 0.9 1.8 ​ -50 bps — 1.0 2.0 2.9 3.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ Change in credit spreads +50 bps (3.7) (2.8) (1.8) (0.8) 0.2 ​ No change (2.1) (1.1) — 1.1 2.1 ​ -50 bps (0.3) 0.9 2.0 3.2 4.3 ​ ​ 5 Pensions continued The defined benefit obligation of the Main section is attributable to the different classes of scheme members in the following proportions: ​ ​ ​ ​ ​ ​ ​ 2023 2022 Membership category ​ % ​ % Active members 7.5 8.4 Deferred members 41.9 41.0 Pensioners and dependants 50.6 50.6 ​ 100.0 100.0 ​ The experience history of NatWest Group schemes is shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Main section ​ All schemes ​ 2023 2022 2021 2020 2019 2023 2022 2021 2020 2019 History of defined benefit schemes ​ £m £m £m £m £m £m £m £m £m £m Fair value of plan assets ​ 33,638 34,016 52,021 51,323 46,555 37,111 37,598 57,787 57,249 51,925 Present value of plan obligations ​ (26,534) (24,733) (42,020) (43,870) (39,669) (29,592) (27,601) (46,808) (48,864) (44,115) Net surplus ​ 7,104 9,283 10,001 7,453 6,886 7,519 9,997 10,979 8,385 7,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Experience (losses)/gains on plan liabilities ​ (1,531) (2,053) 241 427 275 (1,599) (2,137) 237 455 279 Experience (losses)/gains on plan assets ​ (1,042) (18,180) 841 5,486 3,021 (1,182) (20,326) 872 6,027 3,556 Actual return on plan assets ​ 634 (17,248) 1,554 6,422 4,266 659 (19,285) 1,667 7,064 4,930 Actual return on plan assets ​ 1.9 % (33.2) % 3.0 % 13.8 % 9.7 % 1.8 % (33.4) % 2.9 % 13.6 % 10.1 % ​

Auditor's remuneration

Auditor's remuneration	12 Months Ended
	Dec. 31, 2023
Auditor's remuneration
Auditor's remuneration	6 Auditor’s remuneration Amounts payable to NatWest Group's auditors for statutory audit and other services are set out below. ​ All audit-related and other services are approved by the Group Audit Committee and are subject to strict controls to ensure the external auditor’s independence is unaffected by the provision of other services. The Group Audit Committee recognises that for certain assignments, the auditors are best placed to perform the work economically; for other work, NatWest Group selects the supplier best placed to meet its requirements. NatWest Group’s auditors are permitted to tender for such work in competition with other firms where the work is permissible under audit independence rules. ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ £m ​ £m £m Fees payable for : ​ ​ ​ ​ ​ ​ - the audit of NatWest Group’s annual accounts (1) 4.9 4.7 4.4 - the audit of NatWest Group plc’s subsidiaries (1) 32.3 31.9 29.6 - audit-related assurance services (1,2) 4.5 3.9 5.3 Total audit and audit-related assurance services fees 41.7 40.5 39.3 ​ ​ ​ ​ ​ ​ ​ Other assurance services 0.7 1.2 0.4 Corporate finance services (3) 0.7 0.5 0.5 Total other services 1.4 1.7 0.9 ​ (1) The 2023 audit fee was approved by the Group Audit Committee. At 31 December 2023, £16 million has been billed and paid in respect of the 2023 NatWest Group audit fees. (2) Comprises fees of £1.4 million (2022 - £1.1 million) for reviews of interim financial information, £ 2.8 million (2022 - £2.3 million) for reports to NatWest Group’s regulators in the UK and overseas, and £0.3 million (2022 - £0.4 million) for non-statutory audit opinions. (3) Comprises fees of £0.7 million (2022 - £0.5 million) for work performed by the auditors as reporting accountants on debt and equity issuances undertaken by NatWest Group .

Tax

Tax	12 Months Ended
	Dec. 31, 2023
Tax
Tax	7 Tax NatWest Group’s corporate income tax charge for the period is set out below, together with a reconciliation to the expected tax charge calculated using the UK standard corporation tax rate and details of the NatWest Group’s deferred tax balances. For accounting policy information refer to Accounting policies 2.1 and 3.7. Analysis of the tax charge for the year The tax charge comprises current and deferred tax in respect of profits and losses recognised or originating in the income statement. Tax on items originating outside the income statement is charged to other comprehensive income or direct to equity (as appropriate) and is therefore not reflected in the table below. ​ Current tax is tax payable or recoverable in respect of the taxable profit or loss for the year and any adjustments to tax payable in prior years. Deferred tax is explained on page 75 . ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 Continuing operations £m £m £m Current tax ​ ​ Charge for the year (1,373) ​ (1,611) ​ (1,036) (Under)/over provision in respect of prior years (123) ​ 100 ​ 31 ​ (1,496) ​ (1,511) ​ (1,005) Deferred tax ​ ​ ​ ​ ​ (Charge)/credit for the year (281) ​ 47 ​ (185) UK tax rate change impact — ​ (10) ​ 165 Net increase in the carrying value of deferred tax assets in respect of UK, RoI and Netherlands losses ​ 385 ​ 267 ​ 12 (Under)/over provision in respect of prior years (42) ​ (68) ​ 17 Tax charge for the year (1,434) ​ (1,275) ​ (996) ​ ​ 7 Tax continued Factors affecting the tax charge for the year Taxable profits differ from profits reported in the income statement as certain amounts of income and expense may not be taxable or deductible. In addition, taxable profits may reflect items that have been included outside the income statement (for instance, in other comprehensive income) or adjustments that are made for tax purposes only. Current tax for the year ended 31 December 2023 is based on blended rates of 23.5% for the standard rate of UK corporation tax and 4.25% for the UK banking surcharge. The expected tax charge for the year is calculated by applying the standard UK corporation tax rate of 23.5% (2022 and 2021 – 19%) to the Operating profit or loss before tax in the income statement. The actual tax charge differs from the expected tax charge as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Continuing operations ​ £m ​ £m ​ £m Expected tax charge (1,452) ​ (975) ​ (766) Losses and temporary differences in year where no deferred tax asset recognised (56) ​ (118) ​ (51) Foreign profits taxed at other rates 10 ​ (62) ​ (11) Non deductible goodwill impairment — ​ — ​ (16) Items not allowed for tax: ​ ​ ​ ​ ​ ​ - losses on disposals and write-downs (63) ​ (10) ​ (55) - UK bank levy (27) ​ (20) ​ (18) - regulatory and legal actions (1) ​ (7) ​ (74) - other disallowable items (57) ​ (51) ​ (28) Non-taxable items: ​ ​ ​ ​ ​ - Foreign exchange recycling on UBIDAC capital reduction ​ 114 ​ — ​ — - RPI-related uplift on index linked gilts ​ 6 ​ 67 ​ — - other non-taxable items ​ 20 ​ 29 ​ 73 Taxable foreign exchange movements 9 ​ (19) ​ 8 Unrecognised losses brought forward and utilised 27 ​ 6 ​ 10 Net increase/(decrease) in the carrying value of deferred tax assets in respect of: ​ ​ ​ ​ ​ - UK losses (2) ​ 371 ​ 272 ​ (9) - RoI losses ​ (1) ​ (5) ​ (27) - Netherlands losses ​ 15 ​ — ​ 48 Banking surcharge (236) ​ (447) ​ (341) Tax on paid-in equity dividends ​ 52 ​ 43 ​ 48 UK tax rate change impact — ​ (10) ​ 165 Adjustments in respect of prior years (1, 2) ​ (165) ​ 32 ​ 48 Actual tax charge (1,434) ​ (1,275) ​ (996) ​ (1) (2) On 11 July 2023, the UK government enacted the Pillar 2 income taxes legislation effective for the financial year beginning 1 January 2024. Under the legislation, NatWest Group plc will be required to pay, in the UK, top-up tax on profits of its subsidiaries and permanent establishments that are taxed at a Pillar 2 effective tax rate of less than 15%. The assessment of the potential exposure to Pillar 2 income taxes is based on the most recent tax filings, country-by-country reporting, and financial statements for the constituent entities in the NatWest Group. The main jurisdictions in which exposure to this top-up tax may exist include Jersey, Guernsey, Isle of Man and Gibraltar. This legislation is expected to have no material impact for NatWest Group plc. In future periods, part of this top-up tax may be payable instead in the relevant jurisdiction, if that jurisdiction implements a Qualifying Domestic Minimum Top Up Tax (QDMTT). This is expected in most jurisdictions in which we operate. 7 Tax continued Judgement: tax contingencies NatWest Group’s corporate income tax charge and its provisions for corporate income taxes necessarily involve a degree of estimation and judgement. The tax treatment of some transactions is uncertain and tax computations are yet to be agreed with the relevant tax authorities. NatWest Group recognises anticipated tax liabilities based on all available evidence and, where appropriate, in the light of external advice. Any difference between the final outcome and the amounts provided will affect current and deferred income tax charges in the period when the matter is resolved. Deferred tax Deferred tax is the tax expected to be payable or recoverable in respect of temporary differences where the carrying amount of an asset or liability differs for accounting and tax purposes. Deferred tax liabilities reflect the expected amount of tax payable in the future on these temporary differences. Deferred tax assets reflect the expected amount of tax recoverable in the future on these differences. The net deferred tax asset recognised by the NatWest Group is shown below, together with details of the accounting judgements and tax rates that have been used to calculate the deferred tax. Details are also provided of any deferred tax assets or liabilities that have not been recognised on the balance sheet. ​ Analysis of deferred tax ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ £m £m Deferred tax asset (1,894) (2,178) Deferred tax liability 141 227 Net deferred tax asset (1,753) (1,951) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accelerated ​ ​ ​ ​ ​ Tax losses ​ ​ ​ ​ ​ ​ ​ ​ capital ​ Expense ​ Financial ​ carried ​ ​ ​ ​ ​ ​ Pension ​ allowances ​ provisions ​ instruments (1) ​ forward ​ Other ​ Total ​ £m £m £m £m £m £m £m At 1 January 2022 24 (42) (97) 248 (899) (70) (836) Charge/(credit) to income statement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ - continuing operations ​ 1 ​ (43) ​ 14 ​ (171) ​ (51) ​ 14 ​ (236) - discontinued operations ​ — ​ — ​ — ​ — ​ — ​ — ​ — (Credit)/charge to other comprehensive income (2) ​ — ​ 1 ​ (913) ​ — ​ (2) ​ (916) Currency translation and other adjustments — 10 — 31 (2) (2) 37 At 1 January 2023 23 (75) (82) (805) (952) (60) (1,951) Charge/(credit) to income statement: ​ ​ ​ ​ ​ ​ ​ - continuing operations ​ 1 ​ (1) ​ 21 ​ 16 ​ (67) ​ (32) ​ (62) - discontinued operations ​ — ​ — ​ — ​ — ​ — ​ — ​ — (Credit)/charge to other comprehensive income (8) — — 249 — 17 258 Currency translation and other adjustments — — — 2 — — 2 At 31 December 2023 16 (76) (61) (538) (1,019) (75) (1,753) ​ (1) The in-year movement predominantly relates to cash flow hedges. 7 Tax continued Deferred tax assets in respect of carried forward tax losses are recognised if the losses can be used to offset probable future taxable profits after taking into account the expected reversal of other temporary differences. Recognised deferred tax assets in respect of tax losses are analysed further below. ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £m ​ £m UK tax losses carried forward ​ ​ ​ ​ - NWM Plc — 3 - NWB Plc 362 445 - RBS plc 597 452 Total 959 900 Overseas tax losses carried forward ​ ​ ​ ​ - UBIDAC ​ 5 ​ 6 - NWM N.V. 55 46 ​ 1,019 952 ​ Critical accounting policy: Deferred tax NatWest Group has recognised a deferred tax asset of £1,894 million (2022 - £2,178 million) and a deferred tax liability of £141 million (2022 - £227 million). These include amounts recognised in respect of UK and overseas tax losses of £1,019 million (2022 - £952 million). The main UK corporation tax increased from 19% to 25%, and the UK banking surcharge decreased from 8% to 3%, from 1 April 2023. NatWest Group’s closing deferred tax assets and liabilities are therefore recognised based on these rates. Judgement – Estimates – UK tax losses Under UK tax rules, tax losses can be carried forward indefinitely. As the recognised tax losses in NatWest Group arose prior to 1 April 2015, credit in future periods is given against 25% of profits at the main rate of UK corporation tax, excluding the Banking Surcharge rate introduced by The Finance (No. 2) Act 2015. NWM Plc - NWB Plc – RBS plc – Overseas tax losses UBIDAC – 7 Tax continued NatWest Markets N.V. (NWM N.V.) - Unrecognised deferred tax Deferred tax assets of £5,168 million (2022 - £5,534 million; 2021 - £5,437 million) have not been recognised in respect of tax losses and other deductible temporary differences carried forward of £24,438 million (2022 - £25,742 million; 2021 - £24,699 million) in jurisdictions where doubt exists over the availability of future taxable profits. Of these losses and other deductible temporary differences, £34 million expire within five years and £4,488 million thereafter. The balance of tax losses and other deductible temporary differences carried forward has no expiry date. Deferred tax liabilities of £256 million (2022 - £257 million; 2021 - £302 million) on aggregate underlying temporary differences of £1,005 million (2022 - £1,010 million; 2021 - £1,032 million) have not been recognised in respect of retained earnings of overseas subsidiaries and held-over gains on the incorporation of certain overseas branches. Retained earnings of overseas subsidiaries are expected to be reinvested indefinitely or remitted to the UK free from further taxation. No taxation is expected to arise in the foreseeable future in respect of held-over gains on which deferred tax is not recognised. Changes to UK tax legislation largely exempts from UK tax overseas dividends received on or after 1 July 2009.

Discontinued operations and ass

Discontinued operations and assets and liabilities of disposal groups	12 Months Ended
	Dec. 31, 2023
Discontinued operations and assets and liabilities of disposal groups
Discontinued operations and assets and liabilities of disposal groups	8 Discontinued operations and assets and liabilities of disposal groups Discontinued operations are reported separately on the income statement to allow users to distinguish the profits and cash flows from continuing operations from those activities that are subject to disposal. Assets and liabilities which we intend to dispose of in a single transaction are also presented separately on the balance sheet. For accounting policy information refer to Accounting policy 3.2. This note sets out the profit/(loss) from the discontinued operations, the assets and liabilities of the disposal group and the operating cash flows attributable to the discontinued operations. Four legally binding agreements for the sale of the UBIDAC business have been announced as part of the phased withdrawal from the Republic of Ireland. Material developments since the beginning of 2023 are set out below. Agreement with Allied Irish Banks p.l.c. (AIB) for the transfer of performing commercial loans . UBIDAC completed the sale of commercial loans to AIB, with a cumulative €3.1 billion of gross performing loans being fully migrated. The transfer of the final cohort of colleagues to AIB who were wholly or mainly assigned to supporting this part of the business under Transfer of Undertakings, Protection of Employment (TUPE) arrangements has also completed. Agreement with Permanent TSB Group Holdings p.l.c. (PTSB). Agreement for the sale of performing non-tracker mortgages, the performing loans in the micro-SME business, the UBIDAC Asset Finance business, including its Lombard digital platform, and 25 Ulster Bank branch locations in the Republic of Ireland. The remaining performing non-tracker mortgages, all micro-SME loans and the Lombard Asset Finance business migrated to PTSB during the year, totalling c. €6.3 billion of gross loan balances. All remaining colleagues eligible under TUPE regulations also migrated to PTSB, as well as 25 former Ulster Bank branches. Agreement with AIB for the sale of performing tracker and linked mortgages. UBIDAC completed the migration of €4.0 billion of performing tracker and linked mortgages to AIB. The remaining migrations are expected to complete in 2024. Agreement with Elmscott Property Finance DAC / AB CarVal (CarVal) The business activities relating to these sales that meet the requirements of IFRS 5 are presented as a discontinued operation and as a disposal group. Ulster Bank RoI continuing operations are reported within Central items & other. (a) (Loss)/profit from discontinued operations, net of tax ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ £m ​ £m ​ £m Interest receivable ​ 22 ​ 177 ​ 339 Net interest income ​ 22 ​ 177 ​ 339 Non-interest income (1) ​ (16) ​ (472) ​ 13 Total income ​ 6 ​ (295) ​ 352 Operating expenses ​ (124) ​ (38) ​ (47) (Loss)/profit before impairment releases ​ (118) ​ (333) ​ 305 Impairment releases ​ 6 ​ 71 ​ 162 Operating (loss)/profit before tax ​ (112) ​ (262) ​ 467 Tax charge ​ — ​ — ​ (3) (Loss)/profit from discontinued operations, net of tax ​ (112) ​ (262) ​ 464 ​ (1) Excludes gain of £ 20 million (€ 24 million) recognised by NatWest Group as a result of acquisition of PTSB shares in relation to disposal of UBIDAC assets to PTSB in 2022. ​ 8 Discontinued operations and assets and liabilities of disposal groups continued (b) Assets and liabilities of disposal groups ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £m ​ £m Assets of disposal groups ​ Loans to customers - amortised cost 32 1,458 Other financial assets - loans to customers ​ 841 ​ 5,397 Other assets 29 6 ​ ​ 902 ​ 6,861 Liabilities of disposal groups ​ ​ Other liabilities 3 15 ​ 3 15 ​ ​ ​ ​ ​ Net assets of disposal groups 899 6,846 ​ (c) Operating cash flows attributable to discontinued operations ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ £m £m £m Net cash flows from operating activities 362 1,090 2,212 Net cash flows from investing activities 5,473 6,164 — Net increase in cash and cash equivalents 5,835 7,254 2,212 ​

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2023
Earnings per share
Earnings per share	9 Earnings per share Earnings per share measures how much profit NatWest Group makes for each share in issue during the year. Basic earnings per ordinary share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding. Diluted earnings per ordinary share is calculated by dividing the basic earnings by the weighted average number of ordinary shares outstanding plus the weighted average number of ordinary shares that would be issued on conversion of dilutive share options and convertible securities. The assessment of whether the effect of share options and convertible securities is dilutive or not, is based on the earnings from continuing operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ £m ​ £m ​ £m Earnings Profit from continuing operations attributable to ordinary shareholders 4,506 3,602 2,486 (Loss)/profit from discontinued operations attributable to ordinary shareholders (112) (262) 464 Profit attributable to ordinary shareholders 4,394 3,340 2,950 ​ Weighted average number of shares (millions) ​ Weighted average number of ordinary shares outstanding during the year 9,164 9,872 10,792 Effect of dilutive share options and convertible securities (1) 55 57 45 Diluted weighted average number of ordinary shares outstanding during the year 9,219 9,929 10,837 ​ ​ ​ ​ ​ ​ ​ Earnings per ordinary share - continuing operations ​ 49.2p ​ 36.5p ​ 23.0p Earnings per ordinary share - discontinued operations ​ (1.2p) ​ (2.7p) ​ 4.3p Total earnings per share attributable to ordinary shareholders - basic (2) 47.9p 33.8p 27.3p Earnings per ordinary share - fully diluted continuing operations 48.9p 36.2p 22.9p Earnings per ordinary share - fully diluted discontinued operations (1.2p) (2.6p) 4.3p Total earnings per share attributable to ordinary shareholders - fully diluted 47.7p 33.6p 27.2p ​ (1) At the General Meeting and Class Meeting on 25 August 2022, the shareholders approved the proposed special dividend and share consolidation. On 30 August 2022 the issued ordinary share capital was consolidated in the ratio of 14 existing shares for 13 new shares. The average number of shares and earnings per share have been adjusted retrospectively. ​ (2) In 2023, the unrounded Total earnings per share attributable to ordinary shareholders – basic is 47.948 p. The unrounded Earnings per ordinary share – continuing operations was 49.170 p. The unrounded Earnings per ordinary share – discontinued operations was ( 1.222 p).

Financial instruments - classif

Financial instruments - classification	12 Months Ended
	Dec. 31, 2023
Financial instruments - classification
Financial instruments - classification	10 Financial instruments – classification Financial instruments are contracts that give rise to a financial asset of one entity and a corresponding financial liability or equity instrument of a counterparty entity, such as cash, derivatives, loans, deposits and settlement balances. This note presents financial instruments classified in accordance with IFRS 9 – Financial Instruments. ​ Judgement: classification of financial assets Classification of financial assets between amortised cost and fair value through other comprehensive income requires a degree of judgement in respect of business models and contractual cashflows. - The business model criteria is assessed at a portfolio level to determine whether assets are classified as held to collect or held to collect and sell. Information that is considered in determining the applicable business model includes: the portfolio’s policies and objectives; how the performance and risks of the portfolio are managed, evaluated and reported to management; and the frequency, volume and timing of sales in prior periods, sales expectation for future periods, and the reasons for sales. - The contractual cash flow characteristics of financial assets are assessed with reference to whether the cash flows represent solely payments of principal and interest (SPPI). A level of judgement is made in assessing terms that could change the contractual cash flows so that it would not meet the condition for SPPI, including contingent and leverage features, non-recourse arrangements and features that could modify the time value of money. For accounting policy information refer to Accounting policies 3.8, 3.9 and 3.11. ​ 10 Financial instruments – classification continued ​ The following tables analyse financial assets and liabilities in accordance with the categories of financial instruments in IFRS 9. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortised ​ Other ​ ​ ​ MFVTPL ​ DFV ​ FVOCI ​ cost ​ assets Total Assets £m £m £m £m £m £m Cash and balances at central banks — — ​ — 104,262 — ​ 104,262 Trading assets ​ 45,551 ​ — ​ — ​ — ​ — ​ 45,551 Derivatives (1) ​ 78,904 ​ — ​ — ​ — ​ — ​ 78,904 Settlement balances — ​ — ​ — ​ 7,231 ​ — ​ 7,231 Loans to bank - amortised cost (2) — — ​ — 6,914 — ​ 6,914 Loans to customers - amortised cost (3) — — ​ — 381,433 — ​ 381,433 Other financial assets 703 ​ 5 ​ 28,699 21,695 — ​ 51,102 Intangible assets ​ — ​ — ​ — ​ — ​ 7,614 ​ 7,614 Other assets — ​ — ​ — ​ — 8,760 ​ 8,760 Assets of disposal groups (4) ​ — ​ — ​ — ​ — ​ 902 ​ 902 31 December 2023 125,158 5 ​ 28,699 521,535 17,276 692,673 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and balances at central banks — ​ — ​ — ​ 144,832 — ​ 144,832 Trading assets ​ 45,577 — ​ — ​ — — ​ 45,577 Derivatives (1) ​ 99,545 — ​ — ​ — — ​ 99,545 Settlement balances ​ — — ​ — ​ 2,572 — ​ 2,572 Loans to bank - amortised cost (2) ​ — — ​ — ​ 7,139 — ​ 7,139 Loans to customers - amortised cost (3) — — ​ — ​ 366,340 — ​ 366,340 Other financial assets 787 — ​ 16,973 ​ 13,135 — ​ 30,895 Intangible assets ​ — ​ — ​ — ​ — ​ 7,116 ​ 7,116 Other assets ​ — ​ — ​ — ​ — 9,176 ​ 9,176 Assets of disposal groups (4) ​ — ​ — ​ — ​ — ​ 6,861 ​ 6,861 31 December 2022 145,909 — ​ 16,973 ​ 534,018 23,153 ​ 720,053 ​ 10 Financial instruments – classification continued ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-for- ​ ​ ​ Amortised ​ Other ​ ​ ​ trading DFV cost liabilities Total Liabilities £m ​ £m ​ £m ​ £m ​ £m Bank deposits (5) — — ​ 22,190 — 22,190 Customer deposits — — ​ 431,377 — 431,377 Settlement balances — — ​ 6,645 — 6,645 Trading liabilities ​ 53,636 ​ — ​ — ​ — ​ 53,636 Derivatives (1) 72,395 — ​ — — 72,395 Other financial liabilities (6) — 2,888 ​ 52,201 — 55,089 Subordinated liabilities — 237 ​ 5,477 — 5,714 Notes in circulation ​ — ​ — ​ 3,237 ​ — ​ 3,237 Other liabilities (7) — — ​ 748 4,454 5,202 31 December 2023 126,031 3,125 ​ 521,875 4,454 655,485 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank deposits (5) — — ​ 20,441 — 20,441 Customer deposits — — ​ 450,318 — 450,318 Settlement balances — — ​ 2,012 — 2,012 Trading liabilities 52,808 — ​ — — 52,808 Derivatives (1) 94,047 — ​ — — 94,047 Other financial liabilities (6) — 2,377 ​ 46,730 — 49,107 Subordinated liabilities — 345 ​ 5,915 — 6,260 Notes in circulation ​ — ​ — ​ 3,218 ​ — ​ 3,218 Other liabilities (7) — — ​ 1,205 4,141 5,346 31 December 2022 146,855 2,722 ​ 529,839 4,141 683,557 ​ (1) Includes net hedging derivatives assets of £ 114 million (2022 - £ 143 million) and net hedging derivatives liabilities of £ 270 million (2022 - £ 132 million). (2) Includes items in the course of collection from other banks of £ 255 million (2022 - £ 229 million). (3) Includes finance lease receivables of £ 8,731 million (2022 - £ 8,402 million). (4) Includes assets of disposal groups held at FVTPL of £ 841 million (2022 - £ 5,397 million). The portfolio is classified as level 3 in the fair value hierarchy. (5) Includes items in the course of transmission to other banks of £ 92 million (2022 - £ 242 million). (6) The carrying amount of customer deposits designated at fair value through profit or loss is the same as the principal amount for both periods. No amounts have been recognised in the profit or loss for changes in credit risk associated with these liabilities as the changes are immaterial both during the period and cumulatively. (7) Includes lease liabilities of £ 670 million (2022 - £ 1,118 million), held at amortised cost. ​ Reclassification of mortgages from amortised cost to fair value through profit or loss In June 2022 UBIDAC announced the cessation of new mortgage business to its customers. On 1 July 2022 UBIDAC mortgages in both its continuing and discontinued businesses were reclassified from amortised cost to fair value through profit or loss, reflecting the change in business model. We fair value these assets using a discounted cash flow method. Key inputs include assumptions about cash flows from legally binding sales agreements for those mortgage assets that form part of the assets of disposal groups. For details on material developments in assets and liabilities of disposals groups during the year, refer to Note 8. The effect of the reclassification as at 1 July 2022 is shown below. ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortised cost MFVTPL Change in value ​ ​ £m ​ £m ​ £m Amounts reclassified on balance sheet Loans to customers (1) 587 606 19 Assets of disposal groups (2) 10,676 10,383 (293) ​ 11,263 10,989 (274) ​ (1) (2) 10 Financial instruments – classification continued ​ We originate loans that include features that change the contractual cash flows based on the borrower meeting certain contractually specified environmental, social and governance (ESG) targets. These are known as ESG-linked (or sustainability-linked) loans. As part of the terms of these loans, the contractual interest rate is reduced or increased if the borrower meets (or fails to meet) specific targets linked to the activity of the borrower, for example reducing carbon emissions, increasing the level of diversity at Board level, or achieving a sustainable supply chain. ESG features are first assessed to ascertain whether the adjustment to the contractual cash flows results in a de minimis exposure to risks or volatility in those contractual cash flows. If this is the case the classification of the loan is not affected. If the effect of the ESG feature is assessed as being more than de minimis, we apply judgement to ensure that the ESG features do not generate compensation for risks that are not in line with a basic lending arrangement. This includes, amongst other aspects, a review of the consistency of the ESG targets with the asset or activity of the borrower, and consideration of the targets within our risk appetite. Some of these loans are an integral part of our climate and sustainable funding and financing target disclosed on page 16 (exhibit 15.2). ​ The table below analyses financial assets forming a component of ESG-linked loans and other products with contractual terms that could change the timing or amount of cash flows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ ​ Positive impact on Negative impact on Reduction in ​ ​ ​ ​ Carrying value ​ product margin ​ product margin ​ cash flows ​ Carrying value ​ ​ £bn ​ bps ​ bps ​ £m ​ £bn Sustainability-linked loans 6.5 3.2 3.9 2.5 5.0 Other products 16.1 — — — 8.9 Lending subject to performance triggers 22.6 ​ ​ ​ 2.5 13.9 ​ Additional information on finance lease receivables The following table shows the reconciliation of undiscounted finance lease receivables to net investment in finance leases which are presented under Loans to customers-amortised cost on the balance sheet. ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £m ​ £m Amount receivable under finance leases ​ ​ Within 1 year ​ 3,340 ​ 3,235 1 to 2 years ​ 2,358 ​ 2,254 2 to 3 years ​ 1,625 ​ 1,388 3 to 4 years ​ 900 ​ 833 4 to 5 years ​ 388 ​ 411 After 5 years ​ 1,079 ​ 1,130 Total lease payments ​ 9,690 ​ 9,251 Unguaranteed residual values ​ 169 ​ 171 Future drawdowns ​ (12) ​ (13) Unearned income ​ (1,025) ​ (889) Present value of lease payments ​ 8,822 ​ 8,520 Impairments ​ (91) ​ (118) Net investment in finance leases ​ 8,731 ​ 8,402 ​ 10 Financial instruments – classification continued Financial instruments – financial assets and liabilities that can be offset The tables below present information on financial assets and financial liabilities that are offset on the balance sheet under IFRS or subject to enforceable master netting agreements together with financial collateral received or given. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instruments which can be offset ​ Potential for offset not recognised by IFRS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of ​ ​ ​ ​ ​ Net amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ master ​ ​ ​ ​ ​ after netting ​ Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ netting ​ ​ ​ ​ ​ agreements and ​ outside ​ ​ ​ ​ ​ ​ IFRS ​ Balance ​ and similar ​ Cash ​ Securities ​ effect of ​ netting ​ Balance ​ ​ Gross ​ offset ​ sheet ​ agreements ​ collateral ​ collateral ​ related collateral ​ agreements ​ sheet total 2023 £m £m £m £m £m £m £m £m £m Derivative assets 99,023 ​ (20,597) ​ 78,426 ​ (60,355) ​ (12,284) ​ (3,408) ​ 2,379 ​ 478 ​ 78,904 Derivative liabilities 95,734 ​ (23,869) ​ 71,865 ​ (60,355) ​ (6,788) ​ (1,663) ​ 3,059 ​ 530 ​ 72,395 Net position (1) 3,289 ​ 3,272 ​ 6,561 ​ — ​ (5,496) ​ (1,745) ​ (680) ​ (52) ​ 6,509 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading reverse repos 39,573 ​ (16,257) ​ 23,316 ​ (664) ​ — ​ (22,461) ​ 191 ​ 378 ​ 23,694 Trading repos 42,442 ​ (16,257) ​ 26,185 ​ (664) ​ — ​ (25,520) ​ 1 ​ 717 ​ 26,902 Net position (2,869) ​ — ​ (2,869) ​ — ​ — ​ 3,059 ​ 190 ​ (339) ​ (3,208) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non trading reverse repos 37,477 ​ (9,646) ​ 27,831 ​ (5) ​ — ​ (27,826) ​ — ​ 80 ​ 27,911 Non trading repos 23,605 ​ (9,646) ​ 13,959 ​ (5) ​ — ​ (13,954) ​ — ​ 3 ​ 13,962 Net position 13,872 ​ — ​ 13,872 ​ — ​ — ​ (13,872) ​ — ​ 77 ​ 13,949 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets 117,606 ​ (18,730) ​ 98,876 ​ (77,365) ​ (14,079) ​ (4,571) ​ 2,861 ​ 669 ​ 99,545 Derivative liabilities 115,177 ​ (22,111) ​ 93,066 ​ (77,365) ​ (9,761) ​ (1,185) ​ 4,755 ​ 981 ​ 94,047 Net position (1) 2,429 ​ 3,381 ​ 5,810 ​ — ​ (4,318) ​ (3,386) ​ (1,894) ​ (312) ​ 5,498 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading reverse repos 35,612 ​ (14,510) ​ 21,102 ​ (2,445) ​ — ​ (18,458) ​ 199 ​ 435 ​ 21,537 Trading repos 33,767 ​ (14,510) ​ 19,257 ​ (2,445) ​ — ​ (16,812) ​ — ​ 4,483 ​ 23,740 Net position 1,845 ​ — ​ 1,845 ​ — ​ — ​ (1,646) ​ 199 ​ (4,048) ​ (2,203) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non trading reverse repos 25,630 ​ (5,702) ​ 19,928 ​ — ​ — ​ (19,928) ​ — ​ 98 ​ 20,026 Non trading repos 16,977 ​ (5,702) ​ 11,275 ​ — ​ — ​ (11,275) ​ — ​ — ​ 11,275 Net position 8,653 ​ — ​ 8,653 ​ — ​ — ​ (8,653) ​ — ​ 98 ​ 8,751 ​ (1) Net IFRS offset balance of £ 3,272 million (2022 - £ 3,381 million)relates to variation margin netting reflected on other balance sheet lines .

Financial instruments - valuati

Financial instruments - valuation	12 Months Ended
	Dec. 31, 2023
Financial instruments - classification
Financial instruments - valuation	11 Financial instruments – valuation Financial instruments recognised at fair value are revalued using techniques that can include observable inputs (pricing information that is readily available in the market, for example UK Government securities), and unobservable inputs (pricing information that is not readily available, for example unlisted securities). Gains and losses are recognised in the income statement and statement of comprehensive income as appropriate. This note presents information on the valuation of financial instruments. The table below provides an overview of the various sections contained within the note. ​ Critical accounting policy: Fair value - financial instruments Financial instruments classified as mandatory fair value through profit or loss; held-for-trading; designated fair value through profit or loss; and fair value through other comprehensive income are recognised in the financial statements at fair value. All derivatives are measured at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement considers the characteristics of the asset or liability and the assumptions that a market participant would consider when pricing the asset or liability. NatWest Group manages some portfolios of financial assets and financial liabilities based on its net exposure to either market or credit risk. In these cases, the fair value is derived from the net risk exposure of that portfolio with portfolio level adjustments applied to incorporate bid-offer spreads, counterparty credit risk, and funding costs (refer to ’Valuation Adjustments’). Where the market for a financial instrument is not active, fair value is established using a valuation technique. These valuation techniques involve a degree of estimation, the extent of which depends on the instrument’s complexity and the availability of market-based data. The complexity and uncertainty in the financial instrument’s fair value is categorised using the fair value hierarchy. For accounting policy information refer to Accounting policies 2.2, 3.8 and 3.11. 11 Financial instruments - valuation continued Valuation ​ ​ Page Financial instruments ​ Critical accounting policy: Fair value 85 Valuation ​ Fair value hierarchy (D) 87 Valuation techniques (D) 87 Inputs to valuation models (D) 87 Valuation control (D) 88 Key areas of judgement (D) 89 Assets and liabilities split by fair value hierarchy level (T) 90 Valuation adjustments ​ Fair value adjustments made (T) 91 Funding valuation adjustments (FVA) (D) 91 Credit valuation adjustments (CVA) (D) 91 Bid-offer (D) 91 Product and deal specific (D) 92 Own credit (D) 92 Level 3 additional information ​ Level 3 ranges of unobservable inputs (D) 93 Level 3 instruments, valuation techniques and inputs (T) 93 Level 3 sensitivities (D) 94 Alternative assumptions (D) 94 Other considerations (D) 94 High and low range of fair value of level 3 assets and liabilities (T) 94 Movement in level 3 assets and liabilities over the reporting period (D) 95 Movement in level 3 assets and liabilities (T) 95 Fair value of financial instruments measured at amortised cost ​ Fair value of financial instruments measured at amortised cost on the balance sheet 96 (D) = Descriptive; (T) = Table ​ ​ 11 Financial instruments - valuation continued Fair value hierarchy Financial instruments carried at fair value have been classified under the fair value hierarchy. The classification ranges from level 1 to level 3, with more expert judgement and price uncertainty for those classified at level 3. The determination of an instrument’s level cannot be made at a global product level as a single product type can be in more than one level. For example, a single name corporate credit default swap could be in level 2 or level 3 depending on the level of market activity for the referenced entity. Level 1 – instruments valued using unadjusted quoted prices in active and liquid markets, for identical financial instruments. Examples include government bonds, listed equity shares and certain exchange-traded derivatives. Level 2 - instruments valued using valuation techniques that have observable inputs. Observable inputs are those that are readily available with limited adjustments required. Examples include most government agency securities, investment-grade corporate bonds, certain mortgage products - including collateralised loan obligations (CLOs), most bank loans, repos and reverse repos, state and municipal obligations, most notes issued, certain money market securities, loan commitments and most over the counter (OTC) derivatives. Level 3 - instruments valued using a valuation technique where at least one input which could have a significant effect on the instrument’s valuation, is not based on observable market data. Examples include non-derivative instrument’s which trade infrequently, certain syndicated and commercial mortgage loans, private equity, and derivatives with unobservable model inputs. Valuation techniques NatWest Group derives the fair value of its instruments differently depending on whether the instrument is a non-modelled or a modelled product. Non-modelled products are valued directly from a price input, typically on a position-by-position basis. Examples include equities and most debt securities. Non-modelled products can fall into any fair value levelling hierarchy depending on the observable market activity, liquidity, and assessment of valuation uncertainty of the instruments. The assessment of fair value and the classification of the instrument to a fair value level is subject to the valuation controls discussed in the Valuation control section. Modelled products valued using a pricing model range in complexity from comparatively vanilla products such as interest rate swaps and options (e.g., interest rate caps and floors) through to more complex derivatives (e.g., balance guarantee swaps). For modelled products the fair value is derived using the model and the appropriate model inputs or parameters, as opposed to a cash price equivalent. Model inputs are taken either directly or indirectly from available data, where some inputs are also modelled. Fair value classification of modelled instruments is either level 2 or level 3, depending on the product/model combination, the observability and quality of input parameters and other factors. All these must be assessed to classify a position. The modelled product is assigned to the lowest fair value hierarchy level of any significant input used in that valuation. Most derivative instruments, for example vanilla interest rate swaps, foreign exchange swaps and liquid single name credit derivatives, are classified as level 2. This is because they are vanilla products valued using standard market models and with observable inputs. Level 2 products range from vanilla to more complex products, where more complex products remain classified as level 2 due to the low materiality of any unobservable inputs. Inputs to valuation models When using valuation techniques, the fair value can be significantly affected by the choice of valuation model and underlying assumptions. Factors considered include the cashflow amounts and timing of those cash flows, and application of appropriate discount rates, incorporating both funding and credit risk. Values between and beyond available data points are obtained by interpolation and extrapolation. The principal inputs to these valuation techniques are as follows: Bond prices 11 Financial instruments valuation continued Credit spreads/margins Interest rates Foreign currency exchange rates Equity and equity index prices Price volatilities and correlations Prepayment rates Recovery rates/loss given default Valuation control NatWest Group's control environment for the determination of the fair value of financial instruments includes formalised procedures for the review and validation of fair values. The review of market prices and inputs is performed by an independent price verification (IPV) team IPV is a key element of the control environment. Valuations are first performed by the business which entered into the transaction. These valuations are then reviewed by the IPV team, independent of those trading the financial instruments, in light of available pricing evidence. Independent pricing data is collated from a range of sources. Each source is reviewed for quality and the independent data applied in the IPV processes using a formalised input quality hierarchy. Consensus services are one source of independent data and encompass interest rate, currency, credit, and bond markets, providing comprehensive coverage of vanilla products and a wide selection of exotic products. Where measurement differences are identified through the IPV process these are grouped by the quality hierarchy of the independent data. If the size of the difference exceeds defined thresholds, an adjustment is made to bring the valuation to within the independently calculated fair value range. IPV takes place at least monthly, for all fair value financial instruments. The IPV control includes formalised reporting and escalation of any valuation differences in breach of established thresholds. The quality and completeness of the information gathered in the IPV process gives an indication as to the liquidity and valuation uncertainty of an instrument and forms part of the information considered when determining fair value hierarchy classifications. Initial fair value level classification of a financial instrument is carried out by the IPV team. These initial classifications are subject to senior management review. Particular attention is paid to instruments transferring from one level to another, new instrument classes or products, instruments where the transaction price is significantly different from the fair value and instruments where valuation uncertainty is high. Valuation Committees are made up of valuation specialists and senior business representatives from various functions and oversees pricing, reserving and valuations issues. These committees meet monthly to review and ratify any methodology changes. The Executive Valuation Committee meets quarterly to address key material and subjective valuation issues, to review items escalated by Valuation Committees and to discuss other relevant industry matters. 11 Financial instruments valuation continued The Group model risk policy sets the policy for model documentation, testing and review. Governance of the model risk policy is carried out by the Group model risk oversight committee, which comprises model risk owners and independent model experts. All models are required to be independently validated in accordance with the Model Risk Policy. Key areas of judgement Over the years the business has simplified, with most products classified as level 1 or 2 of the fair value hierarchy. However, the diverse range of products historically traded by NatWest Group means some products remain classified as level 3. Level 3 indicates a significant level of pricing uncertainty, where expert judgement is used. As such, extra disclosures are required in respect of level 3 instruments. In general, the degree of expert judgement used and hence valuation uncertainty depends on the degree of liquidity of an instrument or input. Where markets are liquid, little judgement is required. However, when the information regarding the liquidity in a particular market is not clear, a judgement may need to be made. For example, for an equity traded on an exchange, daily volumes of trading can be seen, but for an OTC derivative, assessing the liquidity of the market with no central exchange is more challenging. A key related matter is where a market moves from liquid to illiquid or vice versa. Where this movement is considered temporary, the fair value level is not changed. For example, if there is little market trading in a product on a reporting date but at the previous reporting date and during the intervening period the market has been liquid. In this case, the instrument will continue to be classified at the same level in the hierarchy. This is to provide consistency so that transfers between levels are driven by genuine changes in market liquidity and do not reflect short term or seasonal effects. Material movements between levels are reviewed quarterly by the business and IPV. The breadth and depth of the IPV data allows for a rules-based quality assessment to be made of market activity, liquidity, and pricing uncertainty, which assists with the process of allocation to an appropriate level. Where suitable independent pricing information is not readily available, the quality assessment will result in the instrument being assessed as level 3. 11 Financial instruments - valuation continued The table below shows the assets and liabilities held by NatWest Group split by fair value hierarchy level. Level 1 are considered the most liquid instruments, and level 3 the most illiquid, valued using expert judgement and so carry the most significant price uncertainty. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ Level 1 Level 2 Level 3 Total ​ Level 1 Level 2 Level 3 ​ Total ​ £m £m £m £m £m £m £m £m Assets ​ ​ ​ ​ Trading assets ​ ​ ​ ​ Loans — 33,388 209 33,597 ​ — 35,260 395 35,655 Securities 8,447 3,493 14 11,954 ​ 7,463 2,458 1 9,922 Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate ​ 1 ​ 43,912 ​ 650 ​ 44,563 ​ 5 ​ 52,764 ​ 711 ​ 53,480 Foreign exchange ​ — ​ 34,096 ​ 65 ​ 34,161 ​ — ​ 45,715 ​ 114 ​ 45,829 Other ​ — ​ 72 ​ 108 ​ 180 ​ — ​ 54 ​ 182 ​ 236 Other financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans — 108 657 765 ​ — 172 727 899 Securities 17,848 10,536 258 28,642 ​ 10,380 6,278 203 16,861 Total financial assets held at fair value 26,296 125,605 1,961 ​ 153,862 ​ 17,848 142,701 2,333 162,882 As a % of total fair value assets ​ 17 % 82 % 1 % — ​ 11 % 88 % 1 % — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Trading liabilities ​ ​ ​ ​ ​ ​ ​ Deposits — 43,126 1 43,127 ​ — 42,486 1 42,487 Debt securities in issue — 706 — 706 ​ — 797 — 797 Short positions 7,936 1,865 2 9,803 ​ 7,462 2,062 — 9,524 Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate ​ — ​ 38,044 ​ 439 ​ 38,483 ​ 2 ​ 47,855 ​ 678 ​ 48,535 Foreign exchange ​ — ​ 33,528 ​ 58 ​ 33,586 ​ — ​ 45,139 ​ 98 ​ 45,237 Other ​ — ​ 138 ​ 188 ​ 326 ​ — ​ 76 ​ 199 ​ 275 Other financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt securities in issue — 1,605 3 1,608 ​ — 1,327 — 1,327 Other deposits — 1,280 — 1,280 ​ — 1,050 — 1,050 Subordinated liabilities — 237 — 237 ​ — 345 — 345 Total financial liabilities held at fair value 7,936 120,529 691 129,156 ​ 7,464 141,137 976 149,577 As a % of total fair value liabilities ​ 6 % 93 % 1 % — ​ 5 % 94 % 1 % — ​ (1) Transfers between levels are deemed to have occurred at the beginning of the quarter in which the instrument was transferred. (2) For an analysis of debt securities held at mandatory fair value through profit or loss by issuer as well as ratings and derivatives, by type and contract, refer to Risk and capital management – Credit risk. 11 Financial instruments - valuation continued Valuation adjustments When valuing financial instruments in the trading book, adjustments are made to mid-market valuations to cover bid-offer spread, funding and credit risk. These adjustments are presented in the table below: ​ ​ ​ ​ ​ ​ ​ 2023 2022 Adjustment ​ £m ​ £m Funding valuation adjustments 132 173 Credit valuation adjustments 236 300 Bid–offer 86 130 Product and deal specific 103 141 Total 557 744 ​ Funding valuation adjustments decreased during the year, primarily driven by changes in GBP interest rates and funding spreads tightening. The decrease in credit value adjustments was driven by credit spreads tightening and a reduction in exposures, primarily due to portfolio ageing, partially offset by new trade activity. Interest rates tightening, trade restructuring and trade specific valuation adjustments were the drivers of the decrease in product and deal specific. The decrease in bid-offer was driven by risk reduction. Funding valuation adjustments (FVA) FVA represents an estimate of the adjustment that a market participant would make to incorporate funding costs and benefits that arise in relation to derivative exposures. FVA is calculated as a portfolio level adjustment and can result in either a funding charge (positive) or funding benefit (negative). Funding levels are applied to estimated potential future exposures. For uncollateralised derivatives, the exposure reflects the future valuation of the derivative. For collateralised derivatives, the exposure reflects the difference between the future valuation of the derivative and the level of collateral posted. Credit valuation adjustments (CVA) CVA represents an estimate of the adjustment to fair value that is made to incorporate the counterparty credit risk inherent in derivative exposures. CVA is calculated on a portfolio basis reflecting an estimate of the amount a third party would charge to assume the credit risk. Collateral held under a credit support agreement is factored into the CVA calculation. In such cases where NatWest Group holds collateral against counterparty exposures, CVA is held to the extent that residual risk remains. FVA and CVA are actively managed by a credit and market risk hedging process, and therefore movements in CVA and FVA are partially offset by trading revenue on the hedges. Bid-offer Fair value positions are required to be marked to exit levels, represented by bid (long positions) or offer (short positions) levels. Non-derivative positions are typically marked directly to bid or offer prices. However derivative exposures are adjusted to exit levels by taking bid-offer reserves calculated on a portfolio basis. The reserving approach is based on current market bid-offer spreads and standard market bucketing of risk. Bid-offer spreads vary by maturity and risk type to reflect different spreads in the market. For positions where there is no observable quote, the bid-offer spreads are widened in comparison to proxies to reflect reduced liquidity or observability. Netting is applied on a portfolio basis to reflect the value at which NatWest Group believes it could exit the net risk of the portfolio, rather than the sum of exit costs for each of the portfolio’s individual trades. This is applied where the asset and liability positions are managed as a portfolio for risk and reporting purposes. 11 Financial instruments – valuation continued Product and deal specific On initial recognition of financial assets and liabilities valued using valuation techniques which have a significant dependence on information other than observable market data, any difference between the transaction price and that derived from the valuation technique is deferred. Such amounts are recognised in the income statement over the life of the transaction, when market data becomes observable, or when the transaction matures or is closed out as appropriate. On 31 December 2023, net gains of £78 million (2022 - £74 million) were carried forward. During the year, net gains of £119 million (2022 - £97 million) were deferred and £115 million (2022 - £94 million) were recognised in the income statement. Where system-generated valuations do not accurately reflect market prices, manual valuation adjustments are applied either at a position or portfolio level. Manual adjustments are subject to the scrutiny of independent control teams and are subject to monthly review by senior management. Own credit NatWest Group considers the effect of its own credit standing when valuing financial liabilities recorded at fair value. Own credit spread adjustments are made when valuing issued debt held at fair value, including issued structured notes. An own credit adjustment is applied to positions where it is believed that counterparties would consider NatWest Group's creditworthiness when pricing trades. ​ 11 Financial instruments – valuation continued Level 3 additional information For illiquid assets and liabilities, classified as level 3, additional information is provided on the valuation techniques used and price sensitivity of the products to those inputs. This is to enable the reader to gauge the level of uncertainty that arises from positions with significant unobservable inputs or modelling parameters. Level 3 ranges of unobservable inputs The table below provides additional information on level 3 instruments and inputs. This shows the valuation technique used for the fair value calculation, the unobservable input and input range. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Financial instrument Valuation technique Unobservable inputs Units Low High Low High Trading assets and Other financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans Price-based ​ Price ​ % ​ — ​ 123 ​ — ​ 113 ​ ​ Discount cash flow ​ Credit spreads ​ bps ​ 49 ​ 119 ​ 56 ​ 114 ​ ​ Discount cash flow ​ Discount margin ​ bps ​ 174 ​ 228 ​ 174 ​ 222 Debt securities Price-based ​ Price % ​ — ​ 119 ​ — ​ 255 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Shares ​ Price-based ​ Price ​ GBP ​ — ​ 32,142 ​ — ​ 34,027 ​ ​ Price-based ​ Price ​ % ​ — ​ 30 ​ — ​ 30 ​ Discount cash flow ​ Discount margin ​ % ​ 7 ​ 9 ​ 6 ​ 8 ​ ​ Net asset valuation ​ Fund NAV ​ % ​ 80 ​ 120 ​ 80 ​ 120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit derivatives ​ Credit derivative pricing ​ Credit spreads ​ bps ​ 13 ​ 600 ​ 7 ​ 530 ​ Option pricing ​ Correlation % ​ (15) ​ 95 ​ (15) ​ 95 ​ ​ Volatility ​ % ​ 30 ​ 80 ​ 30 ​ 80 ​ ​ Upfront points % ​ — ​ 99 ​ — ​ 99 ​ ​ Recovery rate % ​ — ​ 60 ​ — ​ 60 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate & FX Option pricing ​ Correlation % ​ (50) ​ 99 ​ (50) ​ 100 derivatives ​ ​ Volatility ​ % ​ 30 ​ 111 ​ 30 ​ 127 ​ ​ ​ ​ Constant Prepayment Rate ​ % ​ 2 ​ 22 ​ 2 ​ 21 ​ ​ ​ ​ Mean Reversion ​ % ​ — ​ 20 ​ — ​ 92 ​ ​ ​ ​ Inflation volatility ​ % ​ 2 ​ 2 ​ 1 ​ 2 ​ ​ ​ ​ Inflation rate ​ % ​ 2 ​ 3 ​ 2 ​ 3 ​ (1) Valuation for private equity investments may be estimated by looking at past prices of similar stocks and from valuation statements where valuations are usually derived from earnings measures such as EBITDA or net asset value (NAV). Similarly, for equity or bond fund investments, prices may be estimated from valuation or credit statements using NAV or similar measures. (2) NatWest Group does not have any material liabilities measured at fair value that are issued with an inseparable third-party credit enhancement. ​ 11 Financial instruments – valuation continued Level 3 sensitivities The level 3 sensitivities presented below are calculated at a trade or low-level portfolio basis rather than an overall portfolio basis. As individual sensitivities are aggregated with no reflection of the correlated nature between instruments, the overall portfolio sensitivity may not be accurately reflected. For example, some portfolios may be negatively correlated to others, where a downwards movement in one asset would produce an upwards movement in another. However, due to the additive presentation of the above figures this correlation impact cannot be displayed. As such, the actual potential downside sensitivity of the total portfolio may be less than the non-correlated sum of the additive figures as shown in the below table. Alternative assumptions Reasonably plausible alternative assumptions of unobservable inputs are determined based on a specified target level of certainty of 90%. Alternative assumptions are determined with reference to all available evidence including consideration of the following: quality of independent pricing information considering consistency between different sources, variation over time, perceived tradability or otherwise of available quotes; consensus service dispersion ranges; volume of trading activity and market bias (e.g. one-way inventory); day 1 profit or loss arising on new trades; number and nature of market participants; market conditions; modelling consistency in the market; size and nature of risk; length of holding of position; and market intelligence. Other considerations Whilst certain inputs used to calculate CVA, FVA and own credit adjustments are not based on observable market data, the uncertainty of these inputs is not considered to have a significant effect on the net valuation of the related derivative portfolios and issued debt. As such, the fair value levelling of the derivative portfolios and issued debt is not determined by CVA, FVA or own credit inputs. In addition, any fair value sensitivity driven by these inputs is not included in the level 3 sensitivities presented. The table below shows the high and low range of fair value of the level 3 assets and liabilities. This range incorporates the range of fair value inputs as described in the previous table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Level 3 ​ Favourable ​ Unfavourable ​ Level 3 ​ Favourable ​ Unfavourable ​ £m £m £m £m £m £m Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans 209 — — 395 10 (10) Securities 14 — — 1 — — Derivatives ​ ​ ​ ​ ​ ​ Interest rate 650 20 (20) 711 30 (30) Foreign exchange 65 — — 114 10 (10) Other 108 10 (10) 182 10 (10) Other financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans 657 — (40) 727 — (10) Securities 258 20 (50) 203 20 (30) Total financial assets held at fair value 1,961 50 (120) 2,333 80 (100) ​ Liabilities Trading liabilities Deposits 1 — — 1 — — Short positions 2 — — — — — Derivatives ​ ​ ​ ​ ​ ​ Interest rate ​ 439 ​ 10 ​ (10) ​ 678 ​ 30 ​ (30) Foreign exchange ​ 58 ​ — ​ — ​ 98 ​ — ​ — Other 188 10 (10) 199 — — Other financial liabilities - debt securities in issue 3 — — — — — Total financial liabilities held at fair value 691 20 (20) 976 30 (30) ​ ​ 11 Financial instruments – valuation continued Movement in level 3 assets and liabilities The following table shows the movement in level 3 assets and liabilities in the year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ Other ​ ​ ​ ​ ​ Other ​ Other ​ ​ ​ ​ Derivatives ​ trading ​ financial ​ Total ​ Derivatives ​ trading ​ financial ​ Total ​ ​ assets ​ assets (2) ​ assets (3) ​ assets ​ liabilities ​ liabilities (2) ​ liabilities ​ liabilities 2023 £m £m £m £m £m £m £m £m At 1 January 1,007 396 930 2,333 975 1 — ​ 976 Amounts recorded in the income statement (1) (156) (88) 1 (243) (313) — — ​ (313) Amount recorded in the statement of comprehensive income — — 32 32 — — — ​ — Level 3 transfers in 6 15 16 37 7 2 — ​ 9 Level 3 transfers out (5) (32) (190) (227) (9) (2) — ​ (11) Purchases/originations 180 8 275 463 195 2 3 ​ 200 Settlements/other decreases (70) (8) (86) (164) (51) — — ​ (51) Sales (137) (65) (52) (254) (116) — — ​ (116) Foreign exchange and other adjustments (2) (3) (11) (16) (3) — — ​ (3) At 31 December 823 223 915 1,961 685 3 3 ​ 691 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recorded in the income statement in respect of balances held at period end ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ - unrealised 67 (39) 1 29 (121) — — ​ (121) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ At 1 January ​ 918 ​ 740 ​ 394 ​ 2,052 ​ 606 ​ 3 ​ — ​ 609 Amounts recorded in the income statement (1) ​ 126 ​ 31 ​ (14) ​ 143 ​ 382 ​ (1) ​ — ​ 381 Amount recorded in the statement of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ comprehensive income ​ — ​ — ​ (20) ​ (20) ​ — ​ — ​ — ​ — Level 3 transfers in ​ 193 ​ 1 ​ 532 ​ 726 ​ 78 ​ 3 ​ — ​ 81 Level 3 transfers out ​ (122) ​ (147) ​ (68) ​ (337) ​ (61) ​ (3) ​ — ​ (64) Purchases/originations ​ 355 ​ 274 ​ 185 ​ 814 ​ 382 ​ — ​ — ​ 382 Settlements/other decreases ​ (40) ​ (75) ​ — ​ (115) ​ (41) ​ — ​ — ​ (41) Sales ​ (423) ​ (434) ​ (101) ​ (958) ​ (376) ​ (2) ​ — ​ (378) Foreign exchange and other adjustments ​ — ​ 6 ​ 22 ​ 28 ​ 5 ​ 1 ​ — ​ 6 At 31 December ​ 1,007 ​ 396 ​ 930 ​ 2,333 ​ 975 ​ 1 ​ — ​ 976 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recorded in the income statement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in respect of balances held at period end ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ - unrealised ​ 126 ​ 31 ​ (16) ​ 141 ​ 382 ​ (1) ​ — ​ 381 ​ (1) There were £69 million net gains on trading assets and liabilities (2022 - £224 million net losses) recorded in income from trading activities. Net gains on other instruments of £1 million (2022 - £14 million net losses) were recorded in other operating income and interest income as appropriate. (2) Other trading assets and other trading liabilities comprise assets and liabilities held at fair value in trading portfolios. (3) Other financial assets comprise fair value through other comprehensive income, designated as at fair value through profit or loss and other fair value through profit or loss. ​ 11 Financial instruments – valuation continued Fair value of financial instruments measured at amortised cost on the balance sheet The following table shows the carrying value and fair value of financial instruments measured at amortised cost on the balance sheet. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Items where ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ fair value ​ ​ Carrying ​ Fair ​ Fair value hierarchy level ​ approximates ​ ​ value ​ value ​ Level 1 ​ Level 2 ​ Level 3 ​ carrying value 2023 ​ £bn ​ £bn ​ £bn ​ £bn ​ £bn ​ £bn Financial assets ​ ​ ​ ​ ​ ​ Cash and balances at central banks 104.3 ​ 104.3 ​ — ​ — ​ — ​ 104.3 Settlement balances ​ 7.2 ​ 7.2 ​ — ​ — ​ — ​ 7.2 Loans to banks 6.9 ​ 7.0 ​ — ​ 2.2 ​ 0.6 ​ 4.2 Loans to customers ​ 381.4 ​ 373.2 ​ — ​ 27.5 ​ 345.7 ​ — Other financial assets - securities 21.7 ​ 21.6 ​ 4.0 ​ 6.6 ​ 11.0 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and balances at central banks 144.8 ​ 144.8 ​ — ​ — ​ — ​ 144.8 Settlement balances 2.6 ​ 2.6 ​ — ​ — ​ — ​ 2.6 Loans to banks ​ 7.1 ​ 7.1 ​ — ​ 4.2 ​ 2.8 ​ 0.1 Loans to customers 366.3 ​ 354.5 ​ — ​ 20.3 ​ 334.2 ​ — Other financial assets - securities 13.1 ​ 12.8 ​ 3.6 ​ 3.2 ​ 6.0 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank deposits 22.2 22.3 — 15.4 2.7 4.2 Customer deposits 431.4 431.0 — 30.7 48.8 351.5 Settlement balances 6.6 6.6 — — — 6.6 Other financial liabilities - debt securities in issue ​ 52.2 ​ 52.2 ​ — ​ 41.7 ​ 10.5 ​ — Subordinated liabilities 5.5 5.4 — 5.4 — — Notes in circulation ​ 3.2 ​ 3.2 ​ — ​ — ​ — ​ 3.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ Bank deposits ​ 20.4 20.0 — 13.1 2.2 4.7 Customer deposits 450.3 450.3 — 12.7 30.6 407.0 Settlement balances 2.0 2.0 — — — 2.0 Other financial liabilities - debt securities in issue 46.7 ​ 46.1 ​ — ​ 40.7 ​ 5.4 ​ — Subordinated liabilities 5.9 5.6 — 5.5 0.1 — Notes in circulation 3.2 ​ 3.2 ​ — ​ — ​ — ​ 3.2 ​ The assumptions and methodologies underlying the calculation of fair values of financial instruments at the balance sheet date are as follows: Short-term financial instruments For certain short-term financial instruments, including but not limited to, cash and balances at central banks, settlement balances, loans with short-term maturities, notes in circulation and customer demand deposits, carrying value is deemed a reasonable approximation of fair value. ​ 11 Financial instruments – valuation continued Loans to banks and customers In estimating the fair value of net loans to customers and banks measured at amortised cost, NatWest Group's loans are segregated into appropriate portfolios reflecting the characteristics of the constituent loans. Two principal methods are used to estimate fair value: (a) Contractual cashflows that are discounted using a market discount rate that incorporates the current spread for the borrower or where this is not observable, the spread for borrowers of a similar credit standing. (b) Expected cash flows (unadjusted for credit losses) are discounted at the current offer rate for the same or similar products. The current methodology caps all loan values at par rather than modelling clients' option to repay loans early. This approach is adopted for lending portfolios in Retail Banking, Ulster Bank RoI, Commercial & Institutional (SME loans) and Private Banking in order to reflect the homogeneous nature of these portfolios. Debt securities and subordinated liabilities Most debt securities are valued using quoted prices in active markets or from quoted prices of similar financial instruments. The remaining population is valued using discounted cashflows at current offer rates. Bank and customer deposits Fair values of deposits are estimated using discounted

Financial instruments - maturit

Financial instruments - maturity analysis	12 Months Ended
	Dec. 31, 2023
Financial instruments - classification
Financial instruments - maturity analysis	12 Financial instruments - maturity analysis This note shows the maturity profile of NatWest Group’s financial assets and liabilities by contractual date of maturity and contractual cash flows. ​ Remaining maturity ​ The following table shows the residual maturity of financial instruments, based on contractual date of maturity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Less than ​ More than ​ ​ ​ Less than ​ More than ​ ​ ​ ​ 12 months ​ 12 months ​ Total ​ 12 months ​ 12 months ​ Total ​ £m £m £m £m £m £m Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and balances at central banks 104,262 — 104,262 144,832 — 144,832 Trading assets 36,723 8,828 45,551 35,944 9,633 45,577 Derivatives 29,839 49,065 78,904 38,107 61,438 99,545 Settlement balances 7,231 — 7,231 2,572 — 2,572 Loans to banks - amortised cost ​ 6,650 ​ 264 ​ 6,914 ​ 6,872 ​ 267 ​ 7,139 Loans to customers - amortised cost ​ 87,663 ​ 293,770 ​ 381,433 ​ 84,289 ​ 282,051 ​ 366,340 Other financial assets 10,192 40,910 51,102 6,128 24,767 30,895 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank deposits 8,954 ​ 13,236 ​ 22,190 ​ 7,799 ​ 12,642 ​ 20,441 Customer deposits 424,893 6,484 431,377 448,821 1,497 450,318 Settlement balances 6,645 — 6,645 2,012 — 2,012 Trading liabilities 45,349 8,287 53,636 42,760 10,048 52,808 Derivatives ​ 30,721 ​ 41,674 ​ 72,395 ​ 39,331 ​ 54,716 ​ 94,047 Other financial liabilities 20,310 34,779 55,089 13,796 35,311 49,107 Subordinated liabilities 1,047 4,667 5,714 973 5,287 6,260 Notes in circulation ​ 3,237 ​ — ​ 3,237 ​ 3,218 ​ — ​ 3,218 Lease liabilities 102 568 670 137 981 1,118 ​ Assets and liabilities by contractual cash flows up to 20 years The tables on the following page show the contractual undiscounted cash flows receivable and payable, up to a period of 20 years, including future receipts and payments of interest of financial assets and liabilities by contractual maturity. The balances in the following tables do not agree directly with the consolidated balance sheet, as the tables include all cash flows relating to principal and future coupon payments, presented on an undiscounted basis. The tables have been prepared on the following basis: Financial assets have been reflected in the time band of the latest date on which they could be repaid, unless earlier repayment can be demanded by NatWest Group. Financial liabilities are included at the earliest date on which the counterparty can require repayment, regardless of whether or not such early repayment results in a penalty. If the repayment of a financial instrument is triggered by, or is subject to, specific criteria such as market price hurdles being reached, the asset is included in the time band that contains the latest date on which it can be repaid, regardless of early repayment. The liability is included in the time band that contains the earliest possible date on which the conditions could be fulfilled, without considering the probability of the conditions being met. For example, if a structured note is automatically prepaid when an equity index exceeds a certain level, the cash outflow will be included in the less than three months period, whatever the level of the index at the year end. The settlement date of debt securities in issue, issued by certain securitisation vehicles consolidated by NatWest Group, depends on when cash flows are received from the securitised assets. Where these assets are prepayable, the timing of the cash outflow relating to securities assumes that each asset will be prepaid at the earliest possible date. As the repayments of assets and liabilities are linked, the repayment of assets in securitisations is shown on the earliest date that the asset can be prepaid, as this is the basis used for liabilities. The principal amounts of financial assets and liabilities that are repayable after 20 years or where the counterparty has no right to repayment of the principal are excluded from the table, as are interest payments after 20 years. 12 Financial instruments - maturity analysis continued The maturity of guarantees and commitments is based on the earliest possible date they would be drawn in order to evaluate NatWest Group's liquidity position. MFVTPL assets of £125.1 billion (2022 - £145.8 billion) and HFT liabilities of £125.8 billion (2022 - £146.7 billion) have been excluded from the following tables. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0-3 months 3-12 months 1-3 years 3-5 years 5-10 years 10-20 years 2023 ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m Assets by contractual maturity up to 20 years ​ ​ ​ ​ ​ ​ Cash and balances at central banks 104,262 — — — — — Derivatives held for hedging ​ 31 ​ 29 ​ 128 ​ 104 ​ 49 ​ 49 Settlement balances 7,231 ​ — ​ — ​ — ​ — ​ — Loans to banks - amortised cost 5,234 1,437 23 302 — — Loans to customers - amortised cost 52,175 46,894 81,445 61,465 96,577 114,806 Other financial assets (1) ​ 4,897 ​ 6,756 ​ 12,304 ​ 11,183 ​ 10,019 ​ 8,063 Finance lease 61 242 735 401 656 359 ​ 173,891 ​ 55,358 94,635 73,455 107,301 123,277 Liabilities by contractual maturity up to 20 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank deposits 8,334 1,279 6,069 8,307 — — Customer deposits 393,363 31,900 6,464 11 14 19 Settlement balances 6,645 — — — — — Derivatives held for hedging 71 175 366 192 92 8 Other financial liabilities 9,094 12,319 18,843 13,818 4,769 346 Subordinated liabilities ​ 72 ​ 1,167 ​ 2,301 ​ 1,512 ​ 1,406 ​ 342 Other liabilities - Notes in circulation ​ 3,237 ​ — ​ — ​ — ​ — ​ — Lease liabilities 30 ​ 79 172 111 175 132 ​ 420,846 46,919 34,215 23,951 6,456 847 Guarantees and commitments - notional amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Guarantees (2) 2,820 — ​ — ​ — ​ — ​ — Commitments (3) 112,807 — — — — — ​ 115,627 — — — — — ​ For the notes to this table refer to the following page. ​ 12 Financial instruments - maturity analysis continued ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0-3 months 3-12 months 1-3 years 3-5 years 5-10 years 10-20 years 2022 £m £m £m £m £m £m Assets by contractual maturity up to 20 years ​ ​ ​ ​ ​ ​ Cash and balances at central banks 144,832 — — — — — Derivatives held for hedging 130 ​ 345 ​ 28 ​ 41 ​ (44) ​ 43 Settlement balances ​ 2,572 ​ — ​ — ​ — ​ — ​ — Loans to banks - amortised cost 5,254 1,621 17 288 — — Loans to customers - amortised cost 50,923 43,417 76,278 55,128 85,038 100,085 Other financial assets (1) 2,771 ​ 4,507 ​ 8,391 ​ 7,835 ​ 5,706 ​ 2,524 Finance lease ​ 96 267 857 482 549 296 ​ ​ 206,578 ​ 50,157 85,571 63,774 91,249 102,948 Liabilities by contractual maturity up to 20 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank deposits 6,690 1,445 5,662 8,503 89 — Customer deposits 437,830 11,389 1,252 2 14 20 Settlement balances 2,012 — — — — — Derivatives held for hedging 280 (371) 586 306 116 85 Other financial liabilities 6,720 6,640 18,833 13,906 7,361 294 Subordinated liabilities 96 ​ 1,073 ​ 2,690 ​ 1,897 ​ 1,541 ​ 328 Other liabilities- Notes in circulation ​ 3,218 ​ — ​ — ​ — ​ — ​ — Lease liabilities ​ 41 ​ 113 260 203 318 254 ​ 456,887 20,289 29,283 24,817 9,439 981 Guarantees and commitments - notional amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Guarantees (2) 3,150 — ​ — ​ — ​ — ​ — Commitments (3) 118,779 — — — — — ​ 121,929 — — — — — ​ (1) Other financial assets exclude equity shares. (2) NatWest Group is only called upon to satisfy a guarantee when the guaranteed party fails to meet its obligations. NatWest Group expects most guarantees it provides to expire unused. (3) NatWest Group has given commitments to provide funds to customers under undrawn formal facilities, credit lines and other commitments to lend subject to certain conditions being met by the counterparty. NatWest Group does not expect all facilities to be drawn, and some may lapse before drawdown.

Trading assets and liabilities

Trading assets and liabilities	12 Months Ended
	Dec. 31, 2023
Trading assets and liabilities
Trading assets and liabilities	13 Trading assets and liabilities Trading assets and liabilities comprise assets and liabilities held at fair value and classified as held-for-trading. Financial instruments are classified as held-for-trading if they are held for the purpose of selling or repurchasing them in the short term, to make a spread between purchase and sale price or held to take advantage of movements in prices and yields. For accounting policy information refer to Accounting policy 3.8. ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Assets £m £m Loans Reverse repos 23,694 21,537 Collateral given 9,141 13,005 Other loans 762 1,113 Total loans 33,597 35,655 Securities ​ ​ Central and local government ​ ​ - UK 2,729 2,205 - US 2,600 2,345 - Other 3,062 2,799 Financial institutions and corporate 3,563 2,573 Total securities 11,954 9,922 Total 45,551 45,577 ​ ​ ​ ​ ​ Liabilities ​ ​ Deposits ​ ​ Repos 26,902 23,740 Collateral received 15,075 17,680 Other deposits 1,150 1,067 Total deposits 43,127 42,487 Debt securities in issue 706 797 Short positions ​ ​ Central and local government ​ ​ ​ ​ - UK ​ 1,893 ​ 2,313 - US ​ 2,071 ​ 1,293 - Other ​ 4,049 ​ 3,936 Financial institutions and Corporate ​ 1,790 ​ 1,982 Total short positions ​ 9,803 ​ 9,524 Total 53,636 52,808 ​

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2023
Derivatives
Derivatives	14 Derivatives Derivative is a term covering a wide range of financial instruments that derive their fair value from an underlying rate or price, for example interest rates or exchange rates (the underlying). NatWest Group uses derivatives as a part of its trading activities, to manage its own risks such as interest rate, foreign exchange, or credit risk and in certain customer transactions. This note shows contracted volumes of derivatives, how they are used for hedging purposes and more specifically the effects of the application of hedge accounting. For accounting policy information refer to Accounting policies 3.8 and 3.11. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional Asset ​ Liability ​ ​ Traded on ​ ​ ​ ​ ​ Traded on ​ ​ ​ ​ ​ Traded on ​ ​ ​ ​ ​ ​ recognised ​ Traded over ​ ​ ​ recognised ​ Traded over ​ ​ ​ recognised ​ Traded over ​ ​ ​ ​ exchanges ​ the counter ​ Total ​ exchanges ​ the counter ​ Total ​ exchanges ​ the counter ​ Total 2023 ​ £bn ​ £bn ​ £bn ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m Interest rate 819 9,449 10,268 48 44,515 44,563 34 38,449 38,483 - Swaps — 6,533 6,533 — 33,807 33,807 — 27,424 27,424 - Options 510 1,674 2,184 48 10,708 10,756 34 11,025 11,059 - Forwards and futures 309 1,242 1,551 — — — — — — Exchange rate 1 3,119 3,120 — 34,161 34,161 — 33,586 33,586 - Swaps — 449 449 — 8,173 8,173 — 7,370 7,370 - Options 1 674 675 — 4,181 4,181 — 4,197 4,197 - Spot, forwards and futures — 1,996 1,996 — 21,807 21,807 — 22,019 22,019 Credit — 15 15 — 180 180 — 326 326 Equity and commodity — — — — — — — — — Total 820 12,583 13,403 48 78,856 78,904 34 72,361 72,395 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Interest rate 707 10,035 10,742 113 53,367 53,480 33 48,502 48,535 - Swaps — 7,201 7,201 — 39,039 39,039 — 32,992 32,992 - Options 296 1,418 1,714 113 14,328 14,441 33 15,510 15,543 - Forwards and futures 411 1,416 1,827 — — — — — — Exchange rate 2 3,166 3,168 — 45,829 45,829 — 45,237 45,237 - Swaps — 438 438 — 11,840 11,840 — 10,430 10,430 - Options 2 835 837 — 6,375 6,375 — 6,647 6,647 - Spot, forwards and futures — 1,893 1,893 — 27,614 27,614 — 28,160 28,160 Credit — 15 15 — 236 236 — 275 275 Equity and commodity — — — — — — — — — Total 709 13,216 13,925 113 99,432 99,545 33 94,014 94,047 ​ Included in the table above is the notional amount of £7,280 billion (2022 - £8,065 billion) of interest rate derivatives that are traded over the counter and settled through central clearing counterparties. NatWest Group has no other type of derivatives that are settled through central counterparties. ​ Hedge accounting using derivatives NatWest Group applies hedge accounting to reduce the accounting mismatch caused in the income statement by using derivatives to hedge the following risks: interest rate, foreign exchange and the foreign exchange risk associated with net investment in foreign operations. ​ 14 Derivatives continued NatWest Group’s interest rate hedging relates to the management of NatWest Group’s non-trading structural interest rate risk, caused by the mismatch between fixed interest rates and floating interest rates on its financial instruments. NatWest Group manages this risk within approved limits. Residual risk positions are hedged with derivatives, principally interest rate swaps. Cash flow hedges of interest rate risk relate to exposures to the variability in future interest payments and receipts due to the movement of interest rates on forecast transactions and on financial assets and financial liabilities. This variability in cash flows is hedged by interest rate swaps, which convert variable cash flows into fixed. For these cash flow hedge relationships, the hedged items are actual and forecast variable interest rate cash flows arising from financial assets and financial liabilities with interest rates linked to the relevant interest rates, most notably SOFR, EURIBOR, the European Central Bank deposit rate, SONIA and the Bank of England Official Bank Rate. The variability in cash flows due to movements in the relevant interest rate is hedged; this risk component is identified using the risk management systems of NatWest Group and encompasses the majority of cash flow variability risk. Suitable larger fixed rate financial instruments are subject to fair value hedging in line with documented risk management strategies. Fair value hedges of interest rate risk involve interest rate swaps transforming the fixed interest rate risk in financial assets and financial liabilities to floating. The hedged risk is the risk of changes in the hedged item’s fair value attributable to changes in the interest rate risk component of the hedged item. The significant interest rates identified as risk components are SOFR, EURIBOR, ESTR and SONIA. These risk components are identified using the risk management systems of NatWest Group and encompass the majority of the hedged item’s fair value risk. NatWest Group hedges the exchange rate risk of its net investment in foreign currency denominated operations with currency borrowings and forward foreign exchange contracts. NatWest Group reviews the value of the investments’ net assets, executing hedges where appropriate to reduce the sensitivity of capital ratios to foreign exchange rate movement. Hedge accounting relationships will be designated where required. Exchange rate risk also arises in NatWest Group where payments are denominated in currencies other than the functional currency. Residual risk positions are hedged with foreign exchange derivatives, fixing the exchange rate the payments will be settled in. The derivatives are documented as cash flow hedges. For all cash flow hedging, fair value hedge relationships and net investment hedging, NatWest Group determines that there is an economic relationship between the hedged item and hedging instrument via assessing the initial and ongoing effectiveness by comparing movements in the fair value of the expected highly probable forecast interest cash flows/fair value of the hedged item attributable to the hedged risk with movements in the fair value of the expected changes in cash flows from the hedging instrument. The method used for comparing movements is either regression testing, or the dollar offset method. The method for testing effectiveness and the period over which the test is performed depends on the applicable risk management strategy and is applied consistently to each risk management strategy. Hedge effectiveness is assessed on a cumulative basis and the determination of effectiveness is in line with the requirements of IAS 39. NatWest Group uses either the actual ratio between the hedged item and hedging instrument(s) or one that minimises hedge ineffectiveness to establish the hedge ratio for hedge accounting. Hedge ineffectiveness is measured in line with the requirements of IAS 39 and recognised in the income statement as it arises. Derivatives in hedge accounting relationships Included in the table below are derivatives held for hedging purposes as follows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ Changes in fair ​ ​ ​ ​ ​ ​ ​ Changes in fair ​ ​ ​ ​ ​ ​ ​ ​ value used for ​ ​ ​ ​ ​ ​ ​ value used for ​ ​ Notional ​ Assets ​ Liabilities ​ hedge ineffectiveness (1) ​ Notional ​ Assets ​ Liabilities ​ hedge ineffectiveness (1) ​ £bn £m £m £m £bn £m £m £m Fair value hedging ​ ​ ​ ​ ​ ​ Interest rate contracts (2) 67.6 1,139 2,607 ​ 406 58.7 1,554 3,009 ​ 482 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flow hedging ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts 140.0 1,924 4,970 ​ 1,211 167.6 2,681 6,207 ​ (3,342) Exchange rate contracts 16.9 112 254 ​ (12) 6.3 142 112 ​ (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment hedging ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exchange rate contracts 0.3 2 7 ​ (3) 0.5 1 9 ​ 4 ​ ​ 224.8 ​ 3,177 ​ 7,838 ​ 1,602 ​ 233.1 ​ 4,378 ​ 9,337 ​ (2,859) IFRS netting and clearing house settlements ​ ​ ​ (3,063) ​ (7,568) ​ ​ ​ ​ ​ (4,235) ​ (9,205) ​ ​ ​ ​ 114 270 ​ ​ ​ 143 132 ​ ​ ​ (1) The change in fair value used for hedge ineffectiveness includes instruments that were derecognised in the year. (2) The hedged risk includes inflation risk. 14 Derivatives continued Hedge ineffectiveness Hedge ineffectiveness recognised in other operating income comprises. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ £m ​ £m ​ £m Fair value hedging ​ Loss on hedged items attributable to the hedged risk (364) (442) (846) Gain on the hedging instruments 406 482 897 Fair value hedging ineffectiveness 42 40 51 Cash flow hedging ​ ​ ​ ​ ​ ​ Interest rate risk ​ 10 ​ (60) ​ (26) Cash flow hedging ineffectiveness 10 (60) (26) Total 52 (20) 25 ​ The main sources of ineffectiveness for interest rate risk hedge accounting relationships are: ​ - The effect of the counterparty credit risk on the fair value of the interest rate swap which is not reflected in the fair value of the hedged item attributable to the change in interest rate (fair value hedge). - Differences in the repricing basis between the hedging instrument and hedged cash flows (cash flow hedge); and - Upfront present values on the hedging derivatives where hedge accounting relationships have been designated after the trade date (cash flow hedge and fair value hedge). ​ 14 Derivatives continued Maturity of notional hedging contracts The following table shows the period in which the notional of hedging contract ends. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0-3 months 3-12 months 1-3 years 3-5 years 5-10 years Over 10 years Total 2023 ​ £bn ​ £bn ​ £bn ​ £bn ​ £bn ​ £bn ​ £bn Fair value hedging ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate risk (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedging assets ​ 0.1 ​ 1.7 ​ 7.1 ​ 9.0 ​ 5.9 ​ 4.7 ​ 28.5 Hedging liabilities ​ 2.7 ​ 3.3 ​ 13.4 ​ 11.3 ​ 7.7 ​ 0.7 ​ 39.1 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value hedging ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate risk (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedging assets ​ 0.5 ​ 1.9 ​ 4.7 ​ 4.9 ​ 4.2 ​ 3.6 ​ 19.8 Hedging liabilities ​ 1.0 ​ 2.9 ​ 14.6 ​ 10.3 ​ 9.6 ​ 0.5 ​ 38.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flow hedging ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedging assets ​ 3.9 ​ 14.5 ​ 33.9 ​ 22.8 ​ 10.1 ​ — ​ 85.2 Hedging liabilities ​ 0.8 ​ 3.9 ​ 39.1 ​ 10.1 ​ 0.3 ​ 0.6 ​ 54.8 Exchange rate risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedging assets ​ 0.3 ​ 0.7 ​ 1.6 ​ — ​ — ​ — ​ 2.6 Hedging liabilities ​ 8.4 ​ 0.8 ​ 2.4 ​ 2.5 ​ 0.2 ​ — ​ 14.3 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flow hedging ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedging assets ​ 6.6 ​ 9.4 ​ 46.5 ​ 21.9 ​ 10.1 ​ — ​ 94.5 Hedging liabilities ​ 17.3 ​ 26.8 ​ 15.7 ​ 5.1 ​ 7.5 ​ 0.7 ​ 73.1 Exchange rate risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedging assets ​ 0.1 ​ — ​ — ​ — ​ — ​ — ​ 0.1 Hedging liabilities ​ — ​ 1.1 ​ 2.8 ​ 2.1 ​ 0.2 ​ — ​ 6.2 ​ (1) The hedged risk includes inflation risk. ​ 14 Derivatives continued Average fixed interest rates The following table shows average fixed rate for cash flow hedges, interest rate risk. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0-3 months 3-12 months 1-3 years 3-5 years 5-10 years Over 10 years Total 2023 ​ % ​ % ​ % ​ % ​ % ​ % ​ % Average fixed interest rate Hedging assets 1.16 2.46 1.19 3.30 1.77 3.12 2.04 Hedging liabilities 0.93 2.54 4.36 2.28 2.36 4.50 3.79 2022 Average fixed interest rate Hedging assets 1.36 1.98 1.71 2.04 1.02 3.12 1.72 Hedging liabilities 1.27 0.95 2.75 1.03 2.68 4.55 1.63 ​ Average foreign exchange rates For cash flow hedging of exchange rate risk, the average foreign exchange rates applicable across the relationships were as below for the main currencies hedged. ​ ​ ​ ​ ​ ​ ​ 2023 2022 INR/GBP 105.03 100.54 USD/GBP 1.28 1.29 CHF/GBP 1.08 1.15 JPY/GBP 170.54 132.89 JPY/USD 129.75 128.29 NOK/USD 9.21 9.21 ​ ​ ​ 14 Derivatives continued Analysis of hedged items and related hedging instruments The table below analyses assets and liabilities subject to hedging derivatives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in fair ​ ​ Carrying value ​ Impact on ​ value used as ​ ​ of hedged ​ hedged items ​ a basis to ​ ​ assets and ​ included in ​ determine ​ ​ liabilities ​ carrying value ​ ineffectiveness (1) 2023 ​ £m ​ £m ​ £m Fair value hedging - interest rate (2) ​ ​ ​ ​ ​ ​ Loans to banks and customers - amortised cost ​ 5,663 ​ (316) ​ 167 Other financial assets - securities ​ 22,896 ​ 174 ​ 636 Total ​ 28,559 ​ (142) ​ 803 ​ ​ ​ ​ ​ ​ ​ Bank and customer deposits ​ 745 ​ (3) ​ (6) Other financial liabilities - debt securities in issue ​ 36,305 ​ (1,151) ​ (1,023) Subordinated liabilities ​ 5,346 ​ (320) ​ (138) Total ​ 42,396 ​ (1,474) ​ (1,167) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ Fair value hedging - interest rate (2) ​ ​ ​ ​ ​ ​ Loans to banks and customers - amortised cost ​ 5,764 ​ (526) ​ (1,236) Other financial assets - securities ​ 12,897 ​ (922) ​ (2,525) Total (3) ​ 18,661 ​ (1,448) ​ (3,761) ​ ​ ​ ​ ​ ​ ​ Bank and customer deposits ​ 565 ​ (3) ​ 3 Other financial liabilities - debt securities in issue ​ 35,856 ​ (2,222) ​ 2,790 Subordinated liabilities ​ 5,504 ​ (547) ​ 526 Total ​ 41,925 ​ (2,772) ​ 3,319 ​ For the notes to this table refer to the following page. ​ 14 Derivatives continued ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in fair value ​ ​ ​ ​ Carrying value of ​ used as a basis to ​ ​ ​ ​ hedged assets and liabilities ​ determine ineffectiveness (1) 2023 ​ ​ ​ £m ​ £m Cash flow hedging - interest rate ​ ​ ​ ​ ​ ​ Loans to banks and customers - amortised cost (4) ​ ​ ​ 84,583 ​ (2,796) Other financial assets - securities ​ ​ ​ 623 ​ (22) Total ​ ​ ​ 85,206 ​ (2,818) ​ ​ ​ ​ ​ ​ ​ Bank and customer deposits ​ ​ ​ 54,675 ​ 1,610 Other financial liabilities - debt securities in issue ​ ​ ​ 156 ​ 7 Total ​ ​ ​ 54,831 ​ 1,617 ​ ​ ​ ​ ​ ​ ​ Cash flow hedging - exchange rate ​ ​ ​ ​ ​ ​ Loans to banks and customers - amortised cost (4) ​ ​ ​ 583 ​ — Other financial assets - securities ​ ​ ​ 1,839 ​ — Total ​ ​ ​ 2,422 ​ — ​ ​ ​ ​ ​ ​ ​ Other financial liabilities - debt securities in issue ​ ​ ​ 11,460 ​ 9 Subordinated liabilities ​ ​ ​ — ​ — Other ​ ​ ​ 201 ​ 3 Total ​ ​ ​ 11,661 ​ 12 ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ Cash flow hedging - interest rate ​ ​ Loans to banks and customers - amortised cost (4) ​ 93,212 5,263 Other financial assets - securities ​ 1,176 73 Total ​ 94,388 5,336 ​ ​ ​ ​ ​ ​ ​ Bank and customer deposits ​ ​ ​ 72,610 ​ (2,008) Other financial liabilities - debt securities in issue ​ ​ ​ 571 ​ (46) Total ​ ​ ​ 73,181 ​ (2,054) ​ ​ ​ ​ ​ ​ ​ Cash flow hedging - exchange rate ​ ​ ​ ​ ​ ​ Loans to banks and customer - amortised cost (4) ​ — — Other financial assets - securities ​ ​ ​ — ​ — Total ​ ​ ​ — ​ — ​ ​ ​ ​ ​ ​ ​ Other financial liabilities - debt securities in issue ​ ​ ​ 4,141 ​ (2) Subordinated liabilities ​ — — Other ​ ​ ​ 204 ​ 5 Total ​ 4,345 3 ​ (1) The change in fair value used for hedge ineffectiveness includes instruments that were derecognised in the year. (2) The hedged risk includes inflation risk. (3) Carrying values include £ 57 million (2022 - £ 61 million) adjustment for discontinued fair value hedges. (4) Includes cash and balances at central banks. ​ 14 Derivatives continued Analysis of cash flow and foreign exchange hedge reserve The following table shows an analysis of the pre-tax cash flow hedge reserve and foreign exchange hedge reserve. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ Foreign ​ ​ ​ Foreign ​ ​ Cash flow ​ exchange ​ Cash flow ​ exchange ​ ​ hedge reserve ​ hedge reserve ​ hedge reserve ​ hedge reserve ​ £m £m £m £m Continuing ​ ​ ​ ​ Interest rate risk (2,330) — (3,576) — Foreign exchange risk 1 ​ (18) ​ 16 ​ (85) De-designated ​ ​ ​ ​ Interest rate risk (304) — (297) — Foreign exchange risk 4 (771) 20 (880) Total (2,629) (789) (3,837) (965) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ Foreign ​ ​ ​ Foreign ​ ​ Cash flow ​ exchange hedge ​ Cash flow ​ exchange hedge ​ hedge reserve reserve hedge reserve reserve ​ £m £m £m £m Amount recognised in equity ​ ​ ​ ​ ​ ​ ​ ​ Interest rate risk 137 ​ — (2,997) ​ (64) Foreign exchange risk 50 107 24 (202) Total 187 107 (2,973) (266) ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount transferred from equity to earnings ​ ​ ​ ​ ​ ​ ​ ​ Interest rate risk to net interest income 1,112 — (252) — Interest rate risk to non interest income (1) ​ (10) ​ — ​ (21) ​ — Interest rate risk to operating expenses — — (14) — Foreign exchange risk to net interest income ​ (74) ​ — ​ (29) ​ — Foreign exchange risk to non interest income ​ (9) ​ 69 ​ 15 ​ 7 Foreign exchange risk to operating expenses 2 — (3) — Total 1,021 69 (304) 7 ​ (1) There was £10 million (2022 - £21 million) reclassified with the cash flow reserve to earnings due to forecasted cash flows that are no longer expected to occur.

Loan impairment provisions

Loan impairment provisions	12 Months Ended
	Dec. 31, 2023
Loan impairment provisions
Loan impairment provisions	15 Loan impairment provisions There is a risk that customers and counterparties fail to meet their contractual obligation to settle outstanding amounts, known as expected credit losses (ECL). The calculation of ECL considers historic, current and forward-looking information to determine the amount we do not expect to recover. ECL is recognised on current and potential exposures, and contingent liabilities. For accounting policy information refer to Accounting policy 2.3. Further disclosures on credit risk and information on ECL methodology are shown from page 171 (exhibit 15.2). ​ Loan exposure and impairment metrics The table below summarises loans and credit impairment measures within the scope of IFRS 9 Expected credit losses framework. ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ £m £m Loans - amortised cost and FVOCI Stage 1 348,586 325,224 Stage 2 37,891 46,833 Stage 3 5,563 5,096 Of which: individual ​ 1,031 ​ 1,121 Of which: collective 4,532 3,975 ​ ​ 392,040 ​ 377,153 ECL provisions (1) ​ ​ - Stage 1 709 632 - Stage 2 976 1,043 - Stage 3 1,960 1,759 Of which: individual ​ 332 ​ 287 Of which: collective ​ 1,628 ​ 1,472 ​ 3,645 3,434 ECL provision coverage (2) ​ ​ - Stage 1 (%) ​ 0.20 0.19 - Stage 2 (%) ​ 2.58 2.23 - Stage 3 (%) ​ 35.23 34.52 ​ 0.93 0.91 Continuing operations ​ ​ ​ ​ Impairment (releases)/losses ​ ​ ECL (release)/charge (3,4) ​ 578 ​ 337 Stage 1 ​ (397) ​ (290) Stage 2 ​ 645 ​ 393 Stage 3 ​ 330 ​ 234 Of which: individual ​ 89 ​ 54 Of which: collective ​ 241 ​ 180 Amounts written off 319 482 Of which: individual ​ 42 ​ 168 Of which: collective 277 314 ​ (1) Includes loans to customers and banks. (2) Includes £ 9 million (2022 - £3 million) related to assets classified as FVOCI and £ 0.1 billion (2022 - £0.1 billion) related to off-balance sheet exposures. (3) ECL provisions coverage is calculated as ECL provisions divided by loans – amortised cost and FVOCI. It is calculated on loans and total ECL provisions, including ECL for other (non-loan) assets and unutilised exposure. Some segments with a high proportion of debt securities or unutilised exposure may result in a not meaningful coverage ratio. (4) Includes a £ 16 million release (2022 - £3 million charge) related to other financial assets, of which £6 million charge (2022 - nil ) related to assets classified as FVOCI; and £ 9 million release (2022 - £5 million release) related to contingent liabilities. (5) The table shows gross loans only and excludes amounts that are outside the scope of the ECL framework. Refer to Financial instruments within the scope of the IFRS 9 ECL framework for further details. Other financial assets within the scope of the IFRS 9 ECL framework were cash and balances at central banks totalling £103.1 billion (2022 – £143.3 billion) and debt securities of £50.1 billion (2022 – £29.9 billion). ​ 15 Loan impairment provisions continued Credit risk enhancement and mitigation For information on Credit risk enhancement and mitigation held as security, refer to Risk and capital management – Credit risk enhancement and mitigation section. Critical accounting policy: Loan impairment provisions Accounting policy 2.3 sets out how the expected loss approach is applied. At 31 December 2023, customer loan impairment provisions amounted to £3,645 million (2022 - £3,434 million). A loan is impaired when there is objective evidence that the cash flows will not occur in the manner expected when the loan was advanced. Such evidence includes, changes in the credit rating of a borrower, the failure to make payments in accordance with the loan agreement, significant reduction in the value of any security, breach of limits or covenants, and observable data about relevant macroeconomic measures. The impairment loss is the difference between the carrying value of the loan and the present value of estimated future cash flows at the loan's original effective interest rate. The measurement of credit impairment under the IFRS expected loss model depends on management's assessment of any potential deterioration in the creditworthiness of the borrower, its modelling of expected performance and the application of economic forecasts. All three elements require judgements that are potentially significant to the estimate of impairment losses. For further information and sensitivity analysis, refer to Risk and capital management - Measurement uncertainty and ECL sensitivity analysis section. IFRS 9 ECL model design principles Refer to Credit risk – IFRS 9 ECL model design principles section for further details. Approach for multiple economic scenarios (MES) The base scenario plays a greater part in the calculation of ECL than the approach to MES. Refer to Credit risk - Economic loss drivers - Probability weightings of scenarios section for further details.

Other financial assets

Other financial assets	12 Months Ended
	Dec. 31, 2023
Other financial assets
Other financial assets	16 Other financial assets Other financial assets consist of debt securities, equity shares and loans that are not held for trading. Balances consist of local and central government securities, a component part of NatWest Group’s liquidity portfolio. For accounting policy information refer to Accounting policy 3.8. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt securities ​ ​ ​ ​ ​ ​ ​ ​ Central and local government ​ Other ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ UK ​ US ​ Other ​ debt ​ Total ​ shares ​ Loans ​ Total 2023 £m £m £m £m £m £m £m £m Mandatory fair value through profit or loss — — — 1 1 2 ​ 700 703 Designated at fair value ​ — ​ — ​ 3 ​ 2 ​ 5 ​ — ​ — ​ 5 Fair value through other comprehensive income (1) 6,441 5,517 5,738 10,627 28,323 311 ​ 65 28,699 Amortised cost 2,889 647 35 18,124 21,695 — ​ — 21,695 Total 9,330 6,164 5,776 28,754 50,024 313 ​ 765 51,102 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mandatory fair value through profit or loss ​ — — — 2 2 3 ​ 782 787 Designated at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Fair value through other comprehensive income (1) 802 7,175 1,757 6,765 16,499 357 ​ 117 16,973 Amortised cost 2,562 937 54 9,582 13,135 — ​ — 13,135 Total 3,364 8,112 1,811 16,349 29,636 360 ​ 899 30,895 ​ (1) Upon initial recognition, NatWest Group occasionally irrevocably designates some of its equity investments as equity instruments at FVOCI when they meet the definition of equity under IAS 32 Financial instruments: presentation, are not held for trading or they are held for strategic purposes. Such classification is determined on an instrument-by-instrument basis. Gains and losses on these equity instruments are not recycled to the income statement and dividends are recognised in profit or loss except when they represent a recovery of part of the cost of the instrument, in which case such gains are recorded in OCI. Equity instruments at FVOCI are not subject to an impairment assessment. There were no significant acquisitions of equity shares in the year. In 2022, NatWest Group acquired £146 million of equity shares in Permanent TSB p.l.c as part consideration on the sale of certain assets and £26 million of equity shares in Vodeno Limited. ​ NatWest Group disposed of equity shares in Permanent TSB p.l.c of £47 million and UBS Equity Funds of £35 million in the year. In 2022, NatWest Group disposed of equity shares in Visa Inc. of £99 million and UBS Equity Funds of £69 million. There were no significant dividends on equity shares held at FVOCI in either year.

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2023
Intangible assets
Intangible assets	17 Intangible assets Intangible assets, such as internally generated software and goodwill generated on business combinations, are not physical in nature. This note presents the cost of the assets, which is the amount NatWest Group initially paid or incurred, additions and disposals during the year, and any amortisation or impairment. Amortisation is a charge that reflects the usage of the asset and impairment is a reduction in value arising from specific events identified during the year. For accounting policy information refer to Accounting policies 3.4 and 3.5. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ Goodwill Other (1) Total Goodwill Other (1) Total Cost ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m At 1 January 9,931 ​ 3,763 ​ 13,694 9,939 ​ 3,050 ​ 12,989 Currency translation and other adjustments — — — (8) (3) (11) Acquisitions of companies and businesses ​ 159 ​ 37 ​ 196 ​ — ​ — ​ — Additions — 762 762 — 743 743 Disposals and write-off of fully amortised assets — (115) (115) — (27) (27) At 31 December 10,090 ​ 4,447 ​ 14,537 9,931 ​ 3,763 ​ 13,694 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated amortisation and impairment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At 1 January 4,409 ​ 2,169 ​ 6,578 4,417 ​ 1,849 ​ 6,266 Currency translation and other adjustments — — — (8) (4) (12) Disposals and write-off of fully amortised assets — (116) (116) — (17) (17) Impairment of intangible assets 1 22 23 — — — Amortisation charge for the year ​ — ​ 438 ​ 438 ​ — ​ 341 ​ 341 At 31 December 4,410 2,513 6,923 4,409 2,169 6,578 Net book value at 31 December 5,680 1,934 7,614 5,522 1,594 7,116 ​ (1) Principally consists of internally generated software. Intangible assets and goodwill are reviewed for indicators of impairment. NatWest Group’s goodwill acquired in business combinations is reviewed for impairment annually at 31 December by cash-generating unit (CGU): 2023 - Retail Banking £2,607 million (2022 - £2,607 million), Ring-Fenced Bank Commercial & Institutional £2,605 million (2022 - £2,606 million), Private Banking £9 million (2022 - £9 million), RBS International £300 million (2022 - £300 million), and Cushon £159 million (2022 - nil). Our CGUs represent the smallest group of assets to which we have allocated goodwill and reflect the lowest level at which we monitor goodwill post acquisition. For Cushon and RBS International this is at an entity level which represents the lowest level applicable to the business combination and their cash flows are independent of other CGUs. Analysis by reportable segment is in Note 4 Segmental analysis. Impairment testing involves the comparison of the carrying value of each CGU with its recoverable amount. The carrying values of the segments reflect the equity allocations made by management, which are consistent with NatWest Group’s capital targets. Recoverable amount is the higher of fair value less costs of disposal and value in use. Fair value is the price that would be received to sell an asset in an orderly transaction between market participants. Value in use is the present value of expected future cash flows from the CGU. The recoverable amounts for all CGUs at 31 December 2023 were based on value in use, using management's latest five-year revenue and cost forecasts. These are discounted cash flow projections over five years. The forecast is then extrapolated in perpetuity using a long-term growth rate to compute a terminal value, which comprises the majority of the value in use. The long-term growth rates have been based on expected growth of the CGUs (2022 and 2023 - 1.4%). The 2023 pre-tax risk discount rates are based on those observed to be applied to businesses regarded as peers of the CGUs: Retail Banking – 16% (2022 - 15.3%), Ring-Fenced Bank Commercial & Institutional – 16% (2022 - 15.3 %), Private Banking –

Other assets

Other assets	12 Months Ended
	Dec. 31, 2023
Other assets
Other assets	18 Other assets Other assets are not financial assets and reflect a grouping of assets that are not large enough to present separately on the balance sheet. ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £m ​ £m Interests in associates (1) ​ 668 ​ 688 Property, plant and equipment (2) ​ 4,227 ​ 4,240 Pension schemes in net surplus (Note 5) ​ 201 ​ 318 Prepayments 350 340 Accrued income 292 327 Tax recoverable 49 279 Deferred tax (Note 7) ​ 1,894 ​ 2,178 Acceptances ​ 575 ​ 237 Other 504 569 Other assets 8,760 9,176 ​ (1) Includes interest in Business Growth Fund £ 658 million (2022 - £677 million). (2) The estimated useful lives of NatWest Group's property, plant and equipment are: freehold buildings and long leasehold 50 years , short leaseholds for unexpired period of lease, property adaptation costs 10 to 15 years , computer equipment up to 5 years and other equipment 4 to 15 years .

Other financial liabilities

Other financial liabilities	12 Months Ended
	Dec. 31, 2023
Other financial liabilities
Other financial liabilities	19 Other financial liabilities Other financial liabilities consist of customer deposits designated at fair value and debt securities in issue. For accounting policy information refer to Accounting policies 3.8 and 3.10. ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £m ​ £m Customer deposits ​ ​ - designated as at fair value through profit or loss ​ 1,280 ​ 1,050 Debt securities in issue ​ - MRELs 21,660 22,265 - Other medium term notes ​ 17,843 ​ 16,419 - Commercial paper and certificates of deposit ​ 11,321 ​ 5,672 - Covered bonds ​ 2,122 ​ 2,842 - Securitisation 863 859 Total 55,089 49,107 ​

Subordinated liabilities

Subordinated liabilities	12 Months Ended
	Dec. 31, 2023
Subordinated liabilities
Subordinated liabilities	20 Subordinated liabilities Subordinated liabilities are debt securities that, in the event of winding up or bankruptcy, rank below other liabilities for interest payments and repayment. For accounting policy information refer to Accounting policies 3.8 and 3.10. ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £m ​ £m Dated loan capital 5,573 5,968 Undated loan capital 22 173 Preference shares 119 119 5,714 6,260 ​ Certain preference shares issued by the company are classified as liabilities; these securities remain subject to the capital maintenance rules of the Companies Act 2006. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First call Maturity ​ Capital ​ 2023 ​ 2022 Dated loan capital ​ date date treatment £m £m NatWest Group plc ​ ​ ​ $2,250 million 5.125% notes — May-24 ​ Tier 2 ​ 418 ​ 706 $2,000 million 6.000% notes — Dec-23 ​ Tier 2 ​ — ​ 536 £1,000 million 3.622% notes May-25 Aug-30 ​ Tier 2 ​ 985 ​ 964 £1,000 million 2.105% notes Aug-26 Nov-31 ​ Tier 2 ​ 1,000 ​ 1,001 $1,000 million 6.100% notes — Jun-23 ​ Tier 2 ​ — ​ 126 $850 million 3.032% notes Aug-30 Nov-35 ​ Tier 2 ​ 541 ​ 555 €750 million 1.043% notes Jun-27 Sep-32 ​ Tier 2 ​ 652 ​ 665 $750 million 3.754% notes Nov-24 Nov-29 ​ Tier 2 ​ 592 ​ 626 €700 million 5.763% notes Nov-28 Feb-34 ​ Tier 2 ​ 636 ​ ​ £650 million 7.416% notes Mar-28 Jun-33 Tier 2 657 641 ​ ​ ​ 5,481 5,820 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ €170 million Floating rate notes — Feb-41 ​ Not applicable ​ 237 ​ 223 $150 million 7.125% notes — Oct-93 ​ Not applicable ​ 17 ​ 18 €145.6 million Floating rate notes — Apr-23 ​ Tier 2 ​ — ​ 122 $136 million 7.750% notes — May-23 ​ Not applicable ​ — ​ 83 ​ ​ ​ ​ ​ ​ 5,735 6,266 Fair value hedging ​ ​ ​ ​ ​ ​ (162) ​ (298) ​ ​ ​ ​ ​ ​ ​ 5,573 ​ 5,968 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Undated loan capital ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ £35 million 11.500% notes Dec-22 — ​ Not applicable ​ — ​ 72 £31 million 7.380% notes — — ​ Not applicable ​ 1 ​ 2 €31 million 11.375% notes — — ​ Tier 2 ​ — ​ 48 £16 million 5.630% notes Sep-26 — ​ Not applicable ​ 18 ​ 18 £11 million 11.750% notes — — ​ Tier 2 ​ — ​ 25 £4.9 million 2.500% fixed notes — — ​ Not applicable ​ 3 ​ 6 £1.1 million SONIA + 2.827% notes — — ​ Tier 2 ​ — ​ 2 ​ ​ ​ ​ ​ ​ ​ 22 ​ 173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preference shares ​ ​ ​ ​ ​ ​ ​ ​ ​ Other subsidiaries ​ ​ ​ £140 million Non-cumulative preference shares of £1 — — ​ Not applicable ​ 119 ​ 119 ​ ​ ​ ​ ​ ​ ​ 119 ​ 119 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ 5,714 ​ 6,260 ​ (1) Notes redeemed before call date as tax and regulatory benefits discontinued. .

Other liabilities

Other liabilities	12 Months Ended
	Dec. 31, 2023
Other liabilities.
Other liabilities	21 Other liabilities Other liabilities are amounts due to third parties that are not financial liabilities including lease liabilities, amounts due for goods and services that have been received but not invoiced, tax due to HMRC, and retirement benefit liabilities. Liabilities which have a level of uncertainty regarding their timing or the future cost to settle them are included in other liabilities as provisions for liabilities and charges. ​ ​ ​ ​ ​ ​ ​ 2023 2022 Other liabilities ​ £m ​ £m Lease liabilities ​ 670 ​ 1,118 Provisions for liabilities and charges ​ 990 ​ 1,138 Retirement benefit liabilities (Note 5) 99 98 Accruals 1,411 1,407 Deferred income 402 355 Current tax 332 55 Deferred tax (Note 7) ​ 141 ​ 227 Acceptances 575 237 Other liabilities (1) ​ 582 ​ 711 Total 5,202 5,346 ​ (1) Other liabilities include liabilities of disposal groups of £ 3 million (2022 - £ 15 million). Refer to Note 8 for further information. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Litigation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer ​ and other ​ ​ ​ Commitments ​ ​ ​ ​ ​ ​ redress ​ regulatory ​ Property ​ and guarantees ​ Other (1) ​ Total Provisions for liabilities and charges £m £m £m £m £m £m At 1 January 2023 431 240 154 87 226 1,138 Expected credit loss impairment release ​ — ​ — ​ — ​ (9) ​ — ​ (9) Currency translation and other movements ​ (5) ​ (9) ​ — ​ — ​ (6) ​ (20) Charge to income statement ​ 276 ​ 21 ​ 41 ​ — ​ 136 ​ 474 Release to income statement (36) (33) (64) — (28) (161) Provisions utilised (180) (63) (32) — (157) (432) At 31 December 2023 486 156 99 78 171 990 ​ (1) Other materially comprises provisions relating to restructuring costs. ​ Provisions are liabilities of uncertain timing or amount and are recognised when there is a present obligation as a result of a past event, the outflow of economic benefit is probable and the outflow can be estimated reliably. Any difference between the final outcome and the amounts provided will affect the reported results in the period when the matter is resolved. For accounting policy information refer to Accounting policy 2.4. Critical accounting policy: Provisions for liabilities The key judgement is involved in determining whether a present obligation exists. There is often a high degree of uncertainty and judgement is based on the specific facts and circumstances relating to individual events in determining whether there is a present obligation. Judgement is also involved in estimation of the probability, timing and amount of any outflows. Where NatWest Group can look to another party such as an insurer to pay some or all of the expenditure required to settle a provision, any reimbursement is recognised when, and only when, it is virtually certain that it will be received. Estimates ​ 21 Other liabilities Continued Any difference between the final outcome and the amounts provided will affect the reported results in the period when the matter is resolved. - Customer redress: Provisions reflect the estimated cost of redress attributable to claims where it is determined that a present obligation exists. - Litigation and other regulatory: NatWest Group is engaged in various legal proceedings, both in the UK and in overseas jurisdictions, including the US. For further information in relation to legal proceedings and discussion of the associated uncertainties, refer to Note 26. - Property: This includes provision for contractual costs associated with vacant properties. - Other provisions: These materially comprise provisions for onerous contracts and restructuring costs. Onerous contract provisions comprise an estimate of the costs involved in fulfilling the terms and conditions of contracts net of any expected benefits to be received. This includes provision for contractual costs associated with vacant properties. Redundancy and restructuring provisions comprise the estimated cost of restructuring, including redundancy costs where an obligation exists. Background information for all material provisions is given in Note 26.

Share capital and other equity

Share capital and other equity	12 Months Ended
	Dec. 31, 2023
Share capital and other equity
Share capital and other equity	22 Share capital and other equity Share capital consists of ordinary shares and preference shares and is measured as the number of shares allotted and fully paid, multiplied by the nominal value of a share. Other equity includes paid-in equity, merger reserve, capital redemption reserve and own shares held. For accounting policy information refer to Accounting policy 3.10. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Allotted, called up and fully paid £m £m 000s 000s Ordinary shares of £1.0769 (1) 9,683 10,539 8,991,737 9,786,024 Cumulative preference shares of £1 0.5 0.5 483.0 483.0 ​ (1) The nominal value of ordinary shares without rounding is £1.076923076923077 per share. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Movement in allotted, called up and fully paid ordinary shares £m shares 000s At 1 January 2022 11,468 11,467,982 Share cancellation (929) (929,188) Share consolidation ​ — ​ (752,770) At 31 December 2022 10,539 9,786,024 Share cancellation ​ (856) ​ (794,287) At 31 December 2023 9,683 8,991,737 ​ Ordinary shares There is no authorised share capital under the company’s constitution. At 31 December 2023, the directors had authority granted at the 2023 Annual General Meeting (AGM) to issue up to £520,573,270 nominal of ordinary shares other than by pre-emption to existing shareholders. ​ 22 Share capital and other equity continued On-market purchases At the AGM in 2022, shareholders authorised the company to make market purchases of up to 1,122,905,024 ordinary shares. The authority was amended at the General Meeting held on 25 August 2022 to preserve the position as if the August 2022 share consolidation had not taken place. The directors used the authority obtained at the 2022 AGM (2022 Authority) to carry out a share buyback programme (Programme) of up to £800 million, as announced to the market on 17 February 2023. The Programme's purpose is to reduce the ordinary share capital of NatWest Group. The maximum number of ordinary shares that could be purchased under the Programme was 966,284,391. This number reflects the impact on the 2022 Authority of the reduction in issued share capital following the off-market buyback announced on 28 March 2022. The Programme commenced on 20 February 2023 and completed on 16 June 2023. The company purchased 301,380,053 ordinary shares (nominal value £324,563,134) at an average price of 265.4456 pence per ordinary share, for the total consideration of £799,999,997.76. All of the purchased ordinary shares were cancelled, representing 3.16% of the company's issued ordinary share capital. At the AGM in 2023, shareholders renewed the authority for the company to make market purchases of up to 966,778,930 ordinary shares. The directors used the authority obtained at the 2023 AGM (2023 Authority) to carry out a Programme of up to £500 million, as announced to the market on 28 July 2023. The maximum number of ordinary shared that can be purchased under the Programme is 919,858,922. This number reflects the impact on the 2023 Authority of the reduction in issued share capital following the off-market buyback announced on 22 May 2023. The Programme commenced on 31 July 2023 and will end no later than 14 March 2024. As at 31 December 2023 158,956,435 ordinary shares (nominal value £171,183,853) had been purchased by the company at an average price of 217.6375 pence per ordinary share for the total consideration of £345,948,738. All of the purchased ordinary shares were cancelled, representing 1.75% of the company's issued ordinary share capital. Shareholders will be asked to renew the authority for the company to make market purchases of ordinary shares at the AGM in 2024. Off-market purchases At a General Meeting held on 6 February 2019, shareholders approved a special resolution authorising the company to make off-market purchases of up to 4.99% of its issued ordinary share capital in any 12-month period from HMT (or its nominee). Full details are set out in the Circular and Notice of General Meeting available at natwestgroup.com. Amendments to the Directed Buyback Contract were approved by the shareholders at a General Meeting on 25 August 2022. The authority for the company to make off-market purchases of its ordinary shares from HMT (or its nominee) under the terms of the Directed Buyback Contract was renewed at the AGM in 2023. The company used the authority obtained at the 2023 AGM to make an off-market purchase of 469,200,081 ordinary shares (nominal value £505,292,395) in the company from HMT on 22 May 2023, at a price of 268.4 pence per ordinary share for the total consideration of £1,259,333,017, representing 4.95% of the company’s issued ordinary share capital. The company cancelled 336,200,081 of the purchased ordinary shares and transferred the remaining 133,000,000 ordinary shares to own shares held. Shareholders will be asked to renew the authority for the company to make off-market purchases of its ordinary shares from HMT (or its nominee) at the AGM in 2024. Dividends In 2023 NatWest Group paid an interim dividend of £491 million, or 5.5 pence per ordinary share (2022 – £364 million, or 3.5 pence per ordinary share). The company has announced that the directors have recommended a final dividend of £1.0 billion, or 11.5 pence per ordinary share (2022 – £1.0 billion, or 10.0 pence per ordinary share). The final dividend recommended by directors is subject to shareholders’ approval at the AGM on 23 April 2024. If approved, payment will be made on 29 April 2024 to shareholders on the register at the close of business on 15 March 2024. The ex-dividend date will be 14 March 2024. Cumulative preference shares At the AGM in 2023, shareholders renewed the authority for the company to make an off-market purchase of its preference shares. Shareholders will be asked to renew the authority at the AGM in 2024. ​ 22 Share capital and other equity continued Other equity ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ £m ​ £m ​ £m Additional Tier 1 notes ​ ​ US$1.15 billion 8.000% notes callable August 2025 (1) ​ 735 ​ 735 ​ 735 US$1.50 billion 6.000% notes callable December 2025 - June 2026 (2) 1,220 ​ 1,220 ​ 1,220 GBP£1.00 billion 5.125% notes callable May - November 2027 (3) ​ 998 ​ 998 ​ 998 GBP£0.40 billion – March 2028 callable (4) ​ 399 ​ 399 ​ 399 US$0.75 billion – June 2031 callable (5) 538 ​ 538 ​ 538 ​ ​ 3,890 ​ 3,890 ​ 3,890 ​ (1) Issued in August 2015. In the event of conversion, converted into ordinary shares at a price of $3.314 per share. (2) Issued in June 2020. In the event of conversion, converted into ordinary shares at a price of $2.191 (translated at applicable exchange rate) per share. (3) Issued in November 2020. In the event of conversion, converted into ordinary shares at a price of £ 1.764 per share. (4) Issued in March 2021. In the event of conversion, converted into ordinary shares at a price of £ 1.764 per share. (5) Issued in June 2021. In the event of conversion, converted into ordinary shares at a price of $2.462 (translated at applicable exchange rate) per share. Paid-in equity - Additional Tier 1 instruments issued by NatWest Group plc having the legal form of debt are classified as equity under IFRS. The coupons on these instruments are non-cumulative and payable at the company’s discretion. In the event NatWest Group’s CET1 ratio falls below 7% any outstanding instruments will be converted into ordinary shares at a fixed price. Capital recognised for regulatory purposes cannot be redeemed without Prudential Regulation Authority consent. This includes ordinary shares, preference shares and additional Tier 1 instruments. Merger reserve - Capital redemption reserve - Own shares held - As part of the shares bought back from HMT in March 2021 and May 2023, the company transferred 200 million ordinary shares and 133 million ordinary shares, respectively, to own shares held. The company has used a total of 146 million treasury shares to satisfy the exercise of options and the vesting of share awards under the employee share plans. The balance of ordinary shares held in treasury as at 31 December 2023 was 187 million. NatWest Group plc optimises capital efficiency by maintaining reserves in subsidiaries, including regulated entities. Certain preference shares and subordinated debt are also included within regulatory capital. The remittance of reserves to the company or the redemption of shares or subordinated capital by regulated entities may be subject to maintaining the capital resources required by the relevant regulator. UK law prescribes that only the reserves of the company are taken into account for the purpose of making distributions and in determining permissible applications of the share premium account.

Structured entities

Structured entities	12 Months Ended
	Dec. 31, 2023
Structured entities
Structured entities	23 Structured entities A structured entity (SE) is an entity that has been designed such that voting or similar rights are not the dominant factor in deciding who controls the entity, for example when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. SEs are usually established for a specific, limited purpose. They do not carry out a business or trade and typically have no employees. ​ Securitisations In a securitisation, assets, or interests in a pool of assets, are transferred, or the credit risk is transferred via a derivative or financial guarantee to a SE which then issues liabilities to third party investors. NatWest Group’s involvement in client securitisations takes a number of forms. It may provide secured finance to, or purchase asset-backed notes from, client sponsored SEs secured on assets transferred by the client entity; purchase asset backed securities issued by client sponsored SEs in the primary or secondary markets; or provide liquidity facilities to client sponsored SEs. In addition, NatWest Group arranges or acts as lead manager or placement agent in client primary markets securitisations. NatWest Group provides portfolio structured derivative hedging solutions to clients. NatWest Group undertakes own-asset securitisations to transfer the credit risk on portfolios of financial assets. Other credit risk transfer securitisations NatWest Group transfers credit risk on originated loans and mortgages without the transfer of assets to a SE. As part of this, NatWest Group enters into credit derivative and financial guarantee contracts with consolidated SEs. At 31 December 2023, debt securities in issue by such SEs (and held by third parties) were £863 million (2022 – £859 million). The associated loans and mortgages at 31 December 2023 were £2,687 million (2022 - £4,361 million). At 31 December, ECL in relation to non-defaulted assets was reduced by £11 million (2022 - £20 million) as a result of financial guarantee contracts with consolidated SEs. Covered debt programme Group companies have assigned loans to customers and debt investments to bankruptcy remote limited liability partnerships to provide security for issues of debt securities. NatWest Group retains all of the risks and rewards of these assets and continues to recognise them. The partnerships are consolidated by NatWest Group and the related covered bonds included within other financial liabilities. At 31 December 2023, £11,067 million (2022 - £8,156 million) of loans to customers provided security for debt securities in issue and other borrowing of £3,619 million (2022 - £4,132 million). Lending of own issued securities NatWest Group has issued, retained, and lent debt securities under securities lending arrangements. Under standard terms in the UK and US markets, the recipient has an unrestricted right to sell or repledge collateral, subject to returning equivalent securities on maturity of the transaction. NatWest Group retains all of the risks and rewards of own issued liabilities lent under such arrangements and does not recognise them. At 31 December 2023, £2,312 million (2022 - £2,419 million) of secured own issued liabilities have been retained and lent under securities lending arrangements. At 31 December 2023, £ 2,414 million (2022 - £2,244 million) of loans and other debt instruments provided security for secured own issued liabilities that have been retained and lent under securities lending arrangements. ​ 23 Structured entities continued Unconsolidated structured entities The term 'unconsolidated structured entities' refers to structured entities not controlled by NatWest Group, and which are established either by NatWest Group or a third party. An interest in a structured entity is any form of contractual or non-contractual involvement which creates variability in returns for NatWest Group arising from the performance of the entity. Such interests include holdings of debt or equity securities, derivatives that transfer financial risks from the entity to NatWest Group, provision of lending and loan commitments, financial guarantees and investment management agreements. NatWest Group enters into transactions with unconsolidated structured entities in the normal course of business to facilitate customer transactions, to provide risk management services and for specific investment opportunities. Structured entities may take the form of funds, trusts, partnerships, securitisation vehicles, and private investment companies. NatWest Group considers itself to be the sponsor of a structured entity where it is primarily involved in the set up and design of the entity and where NatWest Group transfers assets to the entity, markets products associated with the entity in its own name, and/or provides guarantees in relation to the performance of the entity. The nature and extent of NatWest Group's interests in structured entities is summarised in the following table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Asset-backed ​ Investment ​ ​ ​ Asset-backed ​ Investment ​ ​ ​ ​ securitisation ​ funds and ​ ​ ​ securitisation ​ funds and ​ ​ ​ ​ vehicles ​ other ​ Total ​ vehicles ​ other ​ Total ​ £m £m £m £m £m £m Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading assets 303 311 614 616 137 753 Derivatives 134 — 134 343 — 343 Loans to customers 2,701 999 3,700 2,431 648 3,079 Other financial assets ​ 13,096 ​ 1,062 ​ 14,158 ​ 6,334 ​ 849 ​ 7,183 Total 16,234 2,372 18,606 9,724 1,634 11,358 ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Derivatives 213 17 230 388 22 410 Total 213 17 230 388 22 410 ​ ​ ​ ​ ​ ​ Off balance sheet ​ ​ ​ ​ ​ ​ ​ ​ Liquidity facilities/loan commitments 1,873 396 2,269 1,723 320 2,043 Guarantees — 127 127 — 107 107 Total ​ 1,873 ​ 523 ​ 2,396 ​ 1,723 ​ 427 ​ 2,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum exposure 17,894 2,878 20,772 11,059 2,039 13,098 ​

Asset transfers

Asset transfers	12 Months Ended
	Dec. 31, 2023
Asset transfers
Asset transfers	24 Asset transfers This note provides an overview of assets that have been transferred but where the NatWest Group retains substantially all the risks and rewards of the transferred assets and therefore continues to recognize them on balance sheet. ​ Transfers that do not qualify for derecognition NatWest Group enters into securities repurchase, lending and total return transactions in accordance with normal market practice which includes the provision of additional collateral if necessary. Under standard terms in the UK and US markets, the recipient has an unrestricted right to sell or repledge collateral, subject to returning equivalent securities on settlement of the transaction. Securities sold under repurchase transactions and transactions with the substance of securities repurchase agreements are not derecognised if NatWest Group retains substantially all the risks and rewards of ownership. The fair value (and carrying value) of securities transferred under such transactions included on the balance sheet, are set out below. All of these securities could be sold or repledged by the holder. ​ ​ ​ ​ ​ ​ ​ 2023 2022 The following assets have failed derecognition (1) ​ £m ​ £m Trading assets ​ 7,907 ​ 6,668 Loans to bank - amortised cost ​ 10 ​ 16 Loans to customers - amortised cost ​ 281 ​ 398 Other financial assets ​ 8,764 ​ 2,901 Total 16,962 9,983 ​ (1) Associated liabilities were £16,522 million (2022 - £9,501 million). Assets pledged as collateral NatWest Group pledges collateral with its counterparties in respect of derivative liabilities, bank and stock borrowings and other transactions. ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Assets pledged against liabilities £m £m Trading assets ​ 10,976 ​ 15,062 Loans to banks - amortised cost 63 66 Loans to customers - amortised cost 21,611 17,493 Other financial assets (1) 6,506 3,351 Total 39,156 35,972 ​ (1) Includes assets pledged for pension derivatives and £ 482 million of debt securities under the continuing control of NWB Plc. This follows the agreement between NWB Plc and the Group Pension Fund to establish a bankruptcy remote reservoir trust to hold these assets. Refer to Note 5 for additional information. As part of the covered debt programme £11,067 million of loans to customers and other debt instruments (2022 – £8,156 million) have been transferred to bankruptcy remote limited liability partnerships within the NatWest Group to provide collateral for issues of debt securities and other borrowing by the NatWest Group of £3,619 million (2022 – £4,132 million). Refer to Note 23.

Capital resources

Capital resources	12 Months Ended
	Dec. 31, 2023
Capital resources
Capital resources	25 Capital resources NatWest Group’s regulatory capital is assessed against minimum requirements that are set out under the UK Capital Requirements Regulation to determine the strength of its capital base. This note shows a reconciliation of shareholders’ equity to regulatory capital. ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £m ​ £m Shareholders’ equity (excluding non-controlling interests) Shareholders’ equity 37,157 36,488 Other equity instruments (3,890) (3,890) ​ 33,267 32,598 Regulatory adjustments and deductions ​ ​ Own credit (10) (58) Defined benefit pension fund adjustment (143) (227) Cash flow hedging reserve 1,899 2,771 Deferred tax assets (979) (912) Prudential valuation adjustments (279) (275) Goodwill and other intangible assets (7,614) (7,116) Foreseeable ordinary dividends ​ (1,013) ​ (967) Adjustment for trust assets (1) ​ (365) ​ (365) Foreseeable charges ​ (525) ​ (800) Adjustment under IFRS 9 transitional arrangements 202 361 Insufficient coverage for non-performing exposures ​ — ​ (18) ​ (8,827) (7,606) ​ ​ ​ CET1 capital 24,440 24,992 Additional Tier 1 (AT1) capital ​ ​ Qualifying instruments and related share premium 3,875 3,875 AT1 capital 3,875 3,875 Tier 1 capital 28,315 28,867 Qualifying Tier 2 capital ​ ​ Qualifying instruments and related share premium 5,189 4,953 Qualifying instruments issued by subsidiaries and held by third parties — 82 Other regulatory adjustments ​ 128 ​ 18 Tier 2 capital 5,317 5,053 Total regulatory capital 33,632 33,920 ​ (1) It is NatWest Group policy to maintain a strong capital base, to expand it as appropriate and to utilise it efficiently throughout its activities to optimise the return to shareholders while maintaining a prudent relationship between the capital base and the underlying risks of the business. In carrying out this policy, NatWest Group has regard to the supervisory requirements of the PRA. The PRA uses capital ratios as a measure of capital adequacy in the UK banking sector, comparing a bank’s capital resources with its risk-weighted assets (the assets and off-balance sheet exposures are weighted to reflect the inherent credit and other risks); by international agreement, the Pillar 1 capital ratios should be not less than 8% with a Common Equity Tier 1 component of not less than 4.5%. NatWest Group has complied with the PRA’s capital requirements throughout the year. A number of subsidiaries and sub-groups within NatWest Group, principally banking entities, are subject to various individual regulatory capital requirements in the UK and overseas. Furthermore, the payment of dividends by subsidiaries and the ability of members of NatWest Group to lend money to other members of NatWest Group may be subject to restrictions such as local regulatory or legal requirements, the availability of reserves and financial and operating performance.

Memorandum items

Memorandum items	12 Months Ended
	Dec. 31, 2023
Memorandum items
Memorandum items	26 Memorandum items Contingent liabilities and commitments NatWest Group provides its customers with a variety of services to support their businesses, such as guarantees. These are reported as commitments. Contingent liabilities are possible obligations dependent on a future event or present obligations which are either not probable or cannot be measured reliably. For accounting policy information refer to Accounting policy 2.4. ​ The amounts shown in the table below are intended only to provide an indication of the volume of business outstanding at 31 December 2023. Although NatWest Group is exposed to credit risk in the event of a customer’s failure to meet its obligations, the amounts shown do not, and are not intended to, provide any indication of NatWest Group’s expectation of future losses. ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £m ​ £m Contingent liabilities and commitments ​ ​ ​ ​ Guarantees 2,810 3,150 Other contingent liabilities 1,380 1,855 Standby facilities, credit lines and other commitments 115,441 121,576 Total 119,631 126,581 ​ Banking commitments and contingent obligations, which have been entered into on behalf of customers and for which there are corresponding obligations from customers, are not included in assets and liabilities. NatWest Group’s maximum exposure to credit loss, in the event of its obligation crystallising and all counterclaims, collateral or security proving valueless, is represented by the contractual nominal amount of these instruments included in the table above. These commitments and contingent obligations are subject to NatWest Group’s normal credit approval processes. Guarantees Other contingent liabilities Standby facilities and credit lines Other commitments Contractual obligations for future expenditure not provided for in the accounts The following table shows contractual obligations for future expenditure not provided for in the accounts at the year end. ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ £m £m Capital expenditure on property, plant and equipment 38 ​ 8 Contracts to purchase goods or services (1) 1,121 ​ 677 ​ 1,159 ​ 685 ​ (1) Of which due within 1 year: £379 million (2022 - £321 million). ​ 26 Memorandum items continued Trustee and other fiduciary activities In its capacity as trustee or other fiduciary role, NatWest Group may hold or place assets on behalf of individuals, trusts, companies, pension schemes and others. The assets and their income are not included in NatWest Group’s financial statements. NatWest Group earned fee income of £264 million (2022 - £266 million; 2021 - £280 million) from these activities. The Financial Services Compensation Scheme The Financial Services Compensation Scheme (FSCS), the UK’s statutory fund of last resort for customers of authorised financial services firms, pays compensation if a firm is unable to meet its obligations. The FSCS funds compensation for customers by raising management expenses levies and compensation levies on the industry. In relation to protected deposits, each deposit-taking institution contributes towards these levies in proportion to their share of total protected deposits on 31 December of the year preceding the scheme year (which runs from 1 April to 31 March), subject to annual maxima set by the Prudential Regulation Authority. In addition, the FSCS has the power to raise levies on a firm that has ceased to participate in the scheme and is in the process of ceasing to be authorised for the costs that it would have been liable to pay had the FSCS made a levy in the financial year it ceased to be a participant in the scheme. Litigation and regulatory matters NatWest Group plc and certain members of NatWest Group are party to various legal proceedings and are involved in, or subject to, various regulatory matters, including as the subject of investigations and other regulatory and governmental action (Matters) in the United Kingdom (UK), the United States (US), the European Union (EU) and other jurisdictions. NatWest Group recognises a provision for a liability in relation to these Matters when it is probable that an outflow of economic benefits will be required to settle an obligation resulting from past events, and a reliable estimate can be made of the amount of the obligation. In many of the Matters, it is not possible to determine whether any loss is probable, or to estimate reliably the amount of any loss, either as a direct consequence of the relevant proceedings and regulatory matters or as a result of adverse impacts or restrictions on NatWest Group’s reputation, businesses and operations. Numerous legal and factual issues may need to be resolved, including through potentially lengthy discovery and document production exercises and determination of important factual matters, and by addressing novel or unsettled legal questions relevant to the proceedings in question, before the probability of a liability, if any, arising can reasonably be estimated in respect of any Matter. NatWest Group cannot predict if, how, or when such claims will be resolved or what the eventual settlement, damages, fine, penalty or other relief, if any, may be, particularly for Matters that are at an early stage in their development or where claimants seek substantial or indeterminate damages. There are situations where NatWest Group may pursue an approach that in some instances leads to a settlement agreement. This may occur in order to avoid the expense, management distraction or reputational implications of continuing to contest liability, or in order to take account of the risks inherent in defending or contesting Matters, even for those for which NatWest Group believes it has credible defences and should prevail on the merits. The uncertainties inherent in all Matters affect the amount and timing of any potential economic outflows for both Matters with respect to which provisions have been established and other contingent liabilities in respect of any such Matter. It is not practicable to provide an aggregate estimate of potential liability for our Matters as a class of contingent liabilities. The future economic outflow in respect of any Matter may ultimately prove to be substantially greater than, or less than, the aggregate provision, if any, that NatWest Group has recognised in respect of such Matter. Where a reliable estimate of the economic outflow cannot be reasonably made, no provision has been recognised. NatWest Group expects that in future periods, additional provisions and economic outflows relating to Matters that may or may not be currently known by NatWest Group will be necessary, in amounts that are expected to be substantial in some instances. Refer to Note 21 for information on material provisions. Matters which are, or could be, material, either individually or in aggregate, having regard to NatWest Group, considered as a whole, in which NatWest Group is currently involved are set out below. We have provided information on the procedural history of certain Matters, where we believe appropriate, to aid the understanding of the Matter. For a discussion of certain risks associated with NatWest Group’s litigation and regulatory matters (including the Matters), refer to the Risk Factor relating to legal, regulatory and governmental actions and investigations set out on pages 160 to 184. ​ 26 Litigation and regulatory matters continued Litigation London Interbank Offered Rate (LIBOR) and other rates litigation NWM Plc and certain other members of NatWest Group, including NatWest Group plc, are defendants in a number of class actions and individual claims pending in the United States District Court for the Southern District of New York (SDNY) with respect to the setting of LIBOR and certain other benchmark interest rates. The complainants allege that certain members of NatWest Group and other panel banks violated various federal laws, including the US commodities and antitrust laws, and state statutory and common law, as well as contracts, by manipulating LIBOR and prices of LIBOR-based derivatives in various markets through various means. Several purported class actions relating to USD LIBOR, as well as more than two The non-class claims filed in the SDNY include claims that the FDIC is asserting on behalf of certain failed US banks. In July 2017, the FDIC, on behalf of 39 of those failed US banks, commenced substantially similar claims against NatWest Group companies and others in the High Court of Justice of England and Wales. The action alleges collusion with regard to the setting of USD LIBOR and that the defendants breached UK and European competition law, as well as asserting common law claims of fraud under US law. The defendant banks consented to a request by the FDIC for discontinuance of the claim in respect of 20 failed US banks, leaving 19 failed US banks as claimants. The trial is currently anticipated to commence in Q1 2026. In addition to the USD LIBOR cases described above, there is a class action relating to derivatives allegedly tied to JPY LIBOR and Euroyen TIBOR, which was dismissed by the SDNY in relation to NWM Plc and other NatWest Group companies in September 2021. That dismissal may be the subject of a future appeal. The SDNY’s dismissal of another class action, which related to Euroyen TIBOR futures contracts, was affirmed by the United States Court of Appeals for the Second Circuit (US Court of Appeals) in October 2022. The plaintiffs filed a petition with the United States Supreme Court seeking review of the dismissal, but that petition was denied in October 2023. Two other IBOR-related class actions involving NWM Plc, concerning alleged manipulation of Euribor and Pound Sterling LIBOR, were previously dismissed by the SDNY for various reasons. The plaintiffs’ appeals in those two cases remain pending. Litigation and regulatory matters continued NWM Plc’s previously disclosed settlement of a class action relating to Swiss Franc LIBOR has received final court approval. The settlement amount has been paid by NWM Plc and was covered in full by an existing provision. In August 2020, a complaint was filed in the United States District Court for the Northern District of California by several United States retail borrowers against the USD ICE LIBOR panel banks and their affiliates (including NatWest Group plc, NWM Plc, NWMSI and NWB Plc), alleging (i) that the very process of setting USD ICE LIBOR amounts to illegal price-fixing; and (ii) that banks in the United States have illegally agreed to use LIBOR as a component of price in variable retail loans. In September 2022, the district court dismissed the complaint. The plaintiffs filed an amended complaint but in October 2023, the district court dismissed that complaint as well, and indicated that further amendment would not be permitted. The plaintiffs have commenced an appeal to the United States Court of Appeals for the Ninth Circuit which is currently pending. NWM Plc is also named as a defendant in a motion to certify a class action relating to LIBOR in the Tel Aviv District Court in Israel. NWM Plc filed a motion for cancellation of service outside the jurisdiction, which was granted in July 2020. The claimants appealed that decision and in November 2020 the appeal was refused and the claim dismissed by the Appellate Court. The claim could in future be recommenced depending on the outcome of an appeal to Israel’s Supreme Court in respect of the dismissal of the substantive case against banks that had a presence in Israel. ​ 26 Memorandum items continued Foreign exchange litigation NWM Plc, NWMSI and/or NatWest Group plc are defendants in several cases relating to NWM Plc's foreign exchange (FX) business. An FX-related class action, on behalf of ‘consumers and end-user businesses’, was proceeding in the SDNY against NWM Plc and others. In March 2023, the court granted summary judgment in favour of the defendants, dismissing the plaintiffs’ claims. The plaintiffs have commenced an appeal of that decision as well as a prior decision denying class certification in the case. In May 2019, a cartel class action was filed in the Federal Court of Australia against NWM Plc and four other banks on behalf of persons who bought or sold currency through FX spots or forwards between 1 January 2008 and 15 October 2013 with a total transaction value exceeding AUD $0.5 million. The claimant has alleged that the banks, including NWM Plc, contravened Australian competition law by sharing information, coordinating conduct, widening spreads and manipulating FX rates for certain currency pairs during this period. NatWest Group plc and NWMSI have been named in the action as 'other cartel participants', but are not respondents. The claim was served in June 2019 and NWM Plc filed its defence in March 2022. In July and December 2019, two separate applications seeking opt-out collective proceedings orders were filed in the UK Competition Appeal Tribunal (CAT) against NatWest Group plc, NWM Plc and other banks. Both applications were brought on behalf of persons who, between 18 December 2007 and 31 January 2013, entered into a relevant FX spot or outright forward transaction in the EEA with a relevant financial institution or on an electronic communications network. In March 2022, the CAT declined to certify as collective proceedings either of the applications, which was appealed by the applicants, and the subject of an application for judicial review. In its amended judgment in November 2023, the Court of Appeal allowed the appeal and decided that the claims should proceed on an opt-out basis. Separately, the court determined which of the two competing applicants can proceed as class representative, and dismissed the application for judicial review of the CAT’s decision. The case has been remitted to the CAT for further case management and the banks have sought permission to appeal directly to the UK Supreme Court. Two motions to certify FX-related class actions were filed in the Tel Aviv District Court in Israel in September and October 2018, and were subsequently consolidated into one motion. The consolidated motion to certify, which names The Royal Bank of Scotland plc (now NWM Plc) and several other banks as defendants, was served on NWM Plc in May 2020. The applicants have sought the court’s permission to amend their motions to certify the class actions. NWM Plc has filed a motion challenging the permission granted by the court for the applicants to serve the consolidated motion outside the Israeli jurisdiction. That NWM Plc motion remains pending. In December 2021, a summons was served in the Netherlands against NatWest Group plc, NWM Plc and NWM N.V. by Stichting FX Claims on behalf of a number of parties, seeking declarations from the court concerning liability for anti-competitive FX market conduct described in decisions of the European Commission (EC) of 16 May 2019, along with unspecified damages. The claimant amended its claim to also refer to a 2 December 2021 decision by the EC, which described anti-competitive FX market conduct. NatWest Group plc, NWM Plc and other defendants contested the jurisdiction of the Dutch court. In March 2023, the district court in Amsterdam accepted that it has jurisdiction to hear claims against NWM N.V. but refused jurisdiction to hear any claims against the other defendant banks (including NatWest Group plc and NWM Plc) brought on behalf of the parties represented by the claimant that are domiciled outside of the Netherlands. The claimant is appealing that decision and the defendant banks have brought cross-appeals which seek a ruling that the Dutch court has no jurisdiction to hear any claims against the defendant banks domiciled outside of the Netherlands, including claims brought on behalf of the parties represented by the claimant that are domiciled in the Netherlands. In September 2023, second summonses were served by Stichting FX Claims on NWM N.V., NatWest Group plc and NWM Plc, for claims on behalf of a new group of parties that have now been brought before the district court in Amsterdam. The summonses seek declarations from the Dutch court concerning liability for anti-competitive FX market conduct described in the above referenced decisions of the EC of 16 May 2019 and 2 December 2021, along with unspecified damages. Certain other foreign exchange transaction related claims have been or may be threatened. NatWest Group cannot predict whether all or any of these claims will be pursued. Government securities antitrust litigation NWMSI and certain other US broker-dealers are defendants in a consolidated antitrust class action in the SDNY on behalf of persons who transacted in US Treasury securities or derivatives based on such instruments, including futures and options. The plaintiffs allege that the defendants rigged the US Treasury securities auction bidding process to deflate prices at which they bought such securities and colluded to increase the prices at which they sold such securities to the plaintiffs. In March 2022, the SDNY dismissed the complaint, without leave to re-plead. In February 2024, the US Court of Appeals affirmed the SDNY’s decision dismissing the complaint. Class action antitrust claims commenced in March 2019 are pending in the SDNY against NWM Plc, NWMSI and other banks in respect of Euro-denominated bonds issued by various European central banks (European government bonds or EGBs). The complaint alleges a conspiracy among dealers of EGBs to widen the bid-ask spreads they quoted to customers, thereby increasing the prices customers paid for the EGBs or decreasing the prices at which customers sold EGBs. The class consists of those who purchased or sold EGBs in the US between 2007 and 2012. Previously, in March 2022, the SDNY dismissed the claims against NWM Plc and NWMSI on the ground that the complaint’s conspiracy allegations were insufficient. However, in September 2023, the SDNY ruled that new allegations which plaintiffs have included in an amended complaint are sufficient to bring those NatWest entities back into the case as defendants. 26 Memorandum items continued Swaps antitrust litigation NWM Plc and other members of NatWest Group, including NatWest Group plc, as well as a number of other interest rate swap dealers, are defendants in several cases pending in the SDNY alleging violations of the US antitrust laws in the market for interest rate swaps. There is a consolidated class action complaint on behalf of persons who entered into interest rate swaps with the defendants, as well as non-class action claims by three swap execution facilities (TeraExchange, Javelin, and trueEx). The plaintiffs allege that the swap execution facilities would have successfully established exchange-like trading of interest rate swaps if the defendants had not unlawfully conspired to prevent that from happening through boycotts and other means. Discovery in these cases is complete. In December 2023, the SDNY denied the plaintiffs’ motion for class certification. The plaintiffs have filed a petition requesting that the US Court of Appeals review the denial of class certification. In June 2021, a class action antitrust complaint was filed against a number of credit default swap dealers, in New Mexico federal court on behalf of persons who, from 2005 onwards, settled credit default swaps in the United States by reference to the ISDA credit default swap auction protocol. The complaint alleges that the defendants conspired to manipulate that benchmark through various means in violation of the antitrust laws and the Commodity Exchange Act. The defendants filed a motion to dismiss the complaint and, in June 2023, such motion was denied as regards NWMSI and other financial institutions, but granted as regards to NWM Plc on the ground that the court lacks jurisdiction over that entity. As a result, the case entered the discovery phase as against the non-dismissed defendants. In January 2024, the SDNY issued an order barring the plaintiffs in the New Mexico case from pursuing claims based on conduct occurring before 30 June 2014 on the ground that such claims were extinguished by a 2015 settlement agreement that resolved a prior class action relating to credit default swaps. Odd lot corporate bond trading antitrust litigation In October 2021, the SDNY granted the defendants’ motion to dismiss the class action antitrust complaint alleging that from August 2006 onwards various securities dealers, including NWMSI, conspired artificially to widen spreads for odd lots of corporate bonds bought or sold in the United States secondary market and to boycott electronic trading platforms that would have allegedly promoted pricing competition in the market for such bonds. The plaintiffs have filed an appeal. Spoofing litigation In December 2021, three substantially similar class actions complaints were filed in federal court in the United States against NWM Plc and NWMSI alleging Commodity Exchange Act and common law unjust enrichment claims arising from manipulative trading known as spoofing. The complaints refer to NWM Plc’s December 2021 spoofing-related guilty plea (described below under “US investigations relating to fixed-income securities”) and purport to assert claims on behalf of those who transacted in US Treasury securities and futures and options on US Treasury securities between 2008 and 2018. In July 2022, defendants filed a motion to dismiss these claims, which have been consolidated into one matter in the United States District Court for the Northern District of Illinois. Madoff NWM N.V. was named as a defendant in two actions filed by the trustee for the bankrupt estates of Bernard L. Madoff and Bernard L. Madoff Investment Securities LLC, in bankruptcy court in New York, which together seek to clawback more than US$298 million that NWM N.V. allegedly received from certain Madoff feeder funds and certain swap counterparties. The claims were previously dismissed, but as a result of an August 2021 decision by the US Court of Appeals, they will now proceed in the bankruptcy court, where they have been consolidated into one action, subject to NWM N.V.’s legal and factual defences. In May 2022, NWM N.V. filed a motion to dismiss the amended complaint in the consolidated action and such motion was denied in March 2023. As a result, the case has now entered the discovery phase. EUA trading litigation NWM Plc was a named defendant in civil proceedings before the High Court of Justice of England and Wales brought in 2015 by ten companies (all in liquidation) (the 'Liquidated Companies') and their respective liquidators (together, 'the Claimants'). The Liquidated Companies previously traded in European Union Allowances (EUAs) in 2009 and were alleged to be VAT defaulting traders within (or otherwise connected to) EUA supply chains of which NWM Plc was a party. In March 2020, the court held that NWM Plc and Mercuria Energy Europe Trading Limited (‘Mercuria’) were liable for dishonestly assisting and knowingly being a party to fraudulent trading during a seven In October 2020, the High Court quantified total damages against NWM Plc and Mercuria at £45 million plus interest and costs, and permitted the defendants to appeal to the Court of Appeal. In May 2021 the Court of Appeal set aside the High Court’s judgment and ordered that a retrial take place before a different High Court judge. In January 2024, NWM Plc entered into an agreement to resolve the claim against it. The settlement amount paid by NWM Plc was covered in full by an existing provision. Offshoring VAT assessments HMRC issued protective tax assessments in 2018 against NatWest Group plc totalling £143 million relating to unpaid VAT in respect of the UK branches of two NatWest Group companies registered in India. NatWest Group formally requested reconsideration by HMRC of their assessments, and this process was completed in November 2020. HMRC upheld their original decision and, as a result, NatWest Group plc lodged an appeal with the Tax Tribunal and an application for judicial review with the High Court of Justice of England and Wales, both in December 2020. In order to lodge the appeal with the Tax Tribunal, NatWest Group plc was required to pay £143 million to HMRC, and payment was made in December 2020. The appeal and the application for judicial review have both been stayed pending resolution of separate cases involving other banks. ​ 26 Memorandum items continued US Anti-Terrorism Act litigation NWM N.V. and certain other financial institutions are defendants in several actions filed by a number of US nationals (or their estates, survivors, or heirs), most of whom are or were US military personnel, who were killed or injured in attacks in Iraq between 2003 and 2011. NWM Plc is also a defendant in some of these cases. According to the plaintiffs’ allegations, the defendants are liable for damages arising from the attacks because they allegedly conspired with and/or aided and abetted Iran and certain Iranian banks to assist Iran in transferring money to Hezbollah and the Iraqi terror cells that committed the attacks, in violation of the US Anti-Terrorism Act, by agreeing to engage in ‘stripping’ of transactions initiated by the Iranian banks so that the Iranian nexus to the transactions would not be detected. The first of these actions , alleging conspiracy claims but not aiding and abetting claims, was filed in the United States District Court for the Eastern District of New York in November 2014. In September 2019, the district court dismissed the case, finding that the claims were deficient for several reasons, including lack of sufficient allegations as to the alleged conspiracy and causation. In January 2023, the US Court of Appeals affirmed the district court’s dismissal of this case. The plaintiffs filed a petition with the United States Supreme Court seeking review of the dismissal of their claims and that petition was denied in October 2023. It is anticipated that the plaintiffs will file a motion to re-open the case to assert aiding and abetting claims that they previously did not assert. Another action, filed in the SDNY in 2017, which asserted both conspiracy and aiding and abetting claims, was dismissed by the SDNY in March 2019 on similar grounds as the first case, but remains subject to appeal to the US Court of Appeals. Other follow-on actions that are substantially similar to those described above are pending in the same courts. 1MDB litigation A Malaysian court claim was served in Switzerland in November 2022 by 1MDB, a Sovereign Wealth Fund, in which Coutts & Co Ltd was named, along with six others, as a defendant in respect of losses allegedly incurred by 1MDB. It is claimed that Coutts & Co Ltd is liable as a constructive trustee for having dishonestly assisted the directors of 1MDB in the breach of their fiduciary duties by failing (amongst other alleged claims) to undertake due diligence in relation to a customer of Coutts & Co Ltd, through which funds totalling c.US$1 billion were received and paid out between 2009 and 2011. The claimant seeks the return of that amount plus interest. Coutts & Co Ltd filed an application in January 2023 challenging the validity of service and the Malaysian court’s jurisdiction to hear the claim. Before that application was heard, in April 2023, the claimant filed a notice of discontinuance of its claim against certain defendants including Coutts & Co Ltd. The claimant subsequently indicated that it intended to issue further replacement proceedings. Coutts & Co Ltd challenged the claimant’s ability to take that step. In August 2023, the court disallowed the discontinuation of the claim by the claimant (a decision that the claimant has appealed) and directed that the application by Coutts & Co Ltd challenging the validity of the proceedings should proceed to a hearing , which took place in February 2024. Judgment is awaited. Coutts & Co Ltd (a subsidiary of RBS Netherlands Holdings B.V., which in turn is a subsidiary of NWM Plc) is a company registered in Switzerland and is in wind-down following the announced sale of its business assets in 2015. Regulatory matters (including investigations and customer redress programmes) NatWest Group's businesses and financial condition can be affected by the actions of various governmental and regulatory authorities in the UK, the US, the EU and elsewhere. NatWest Group has engaged, and will continue to engage, in discussions with relevant governmental and regulatory authorities, including in the UK, the US, the EU and elsewhere, on an ongoing and regular basis, and in response to informal and formal inquiries or investigations, regarding operational, systems and control evaluations and issues including those related to compliance with applicable laws and regulations, including consumer protection, investment advice, business conduct, competition/anti-trust, VAT recovery, anti-bribery, anti-money laundering and sanctions regimes. NatWest Group expects government and regulatory intervention in financial services to be high for the foreseeable future, including increased scrutiny from competition and other regulators in the retail and SME business sectors. Any matters discussed or identified during such discussions and inquiries may result in, among other things, further inquiry or investigation, other action being taken by governmental and regulatory authorities, increased costs being incurred by NatWest Group, remediation of systems and controls, public or private censure, restriction of NatWest Group's business activities and/or fines. Any of the events or circumstances mentioned in this paragraph or below could have a material adverse effect on NatWest Group, its business, authorisations and licences, reputation, results of operations or the price of securities issued by it, or lead to material additional provisions being taken. NatWest Group is co-operating fully with the matters described below. 26 Memorandum items continued US investigations relating to fixed-income securities In December 2021, NWM Plc pled guilty in the United States District Court for the District of Connecticut to one count of wire fraud and one count of securities fraud in connection with historical spoofing conduct by former employees in US Treasuries markets between January 2008 and May 2014 and, separately, during approximately three months in 2018. The 2018 trading occurred during the term of a non-prosecution agreement (NPA) between NWMSI and the United States Attorney’s Office for the District of Connecticut (USAO CT), under which non-prosecution was conditioned on NWMSI and affiliated companies not engaging in criminal conduct during the term of the NPA. The relevant trading in 2018 was conducted by two NWM traders in Singapore and breached that NPA. The plea agreement reached with the US Department of Justice and the USAO CT resolved both the spoofing conduct and the breach of the NPA. As required by the resolution and sentence imposed by the court, NWM Plc is subject to a probationary period until the conclusion of the independent monitorship, which is also required under the plea agreement. In addition, NWM Plc has committed to compliance programme reviews and improvements and agreed to reporting and co-operation obligations. Other material adverse collateral consequences may occur as a result of this matter, as further described in the Risk Factor relating to legal, regulatory and governmental actions and investigations set out on pages 160 to 184. RBSI inspection report and referral to enforcement Following an inspection by the Isle of Man Financial Services Authority (IOMFSA) in 2021 into The Royal Bank of Scotland International Limited’s (RBSI’s) compliance with the Financial Services Rule Book 2016, the Anti-Money Laundering and Countering the Financing of Terrorism Code 2015 (the “2015 Code”) and the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019, RBSI and the IOMFSA entered into a settlement agreement in February 2024 with an agreed public statement that RBSI had contravened paragraph 7 of the 2015 Code. RBSI did not complete its updated Customer Risk Assessment process following the introduction of the 2015 Code until 2018, resulting in 2,239 non-personal customers (on-boarded to its Isle of Man branches between 2015 and 2018, and not rated as high risk) being on-boarded using Customer Risk Assessments in line with earlier legislation. This constituted less than 3% of the total customer population of the Isle of Man branches. RBSI was fined £1.0 million (after a discount for co-operation), which was covered in full by an existing provision. RBSI reliance regim

Non-cash and other items

Non-cash and other items	12 Months Ended
	Dec. 31, 2023
Non-cash and other items
Non-cash and other items	27 Non-cash and other items This note shows non-cash items adjusted for in the cash flow statement and movement in operating assets and liabilities. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ £m ​ £m ​ £m Impairment losses/(releases) ​ 572 ​ 266 ​ (1,335) Depreciation and amortisation 934 833 923 Change in fair value taken to profit or loss of other financial assets (584) 1,267 1,771 Change in fair value taken to profit or loss on other financial liabilities and subordinated liabilities 831 (2,400) (1,083) Foreign exchange recycling (gains)/losses ​ (484) ​ (5) ​ 10 Elimination of foreign exchange differences 312 10 2,446 Income receivable on other financial assets (1,415) (585) (378) Loss/(profit) on sale of other financial assets 44 172 (118) Profit on sale of subsidiaries and associates — — (48) Share of loss/(profit) of associates 9 30 (216) Loss on sale of other assets and net assets and liabilities 125 154 23 Interest payable on MRELs and subordinated liabilities 1,352 1,103 964 (Gain)/loss on redemption of own debt (3) 161 145 Charges and releases on provisions 313 248 478 Change in fair value of cash flow hedges ​ 1,021 ​ (304) ​ (161) Other non-cash items 59 48 (13) Defined benefit pension schemes 122 205 215 Non-cash and other items 3,208 1,203 3,623 Change in operating assets and liabilities ​ Change in trading assets 327 14,991 7,751 Change in derivative assets 20,826 3,621 59,697 Change in settlement balance assets (4,659) (431) 156 Change in loans to banks 752 (202) (252) Change in loans to customers (15,626) (7,628) 2,721 Change in other financial assets 132 (328) (128) Change in other assets (213) (255) (57) Change in assets of disposal groups 412 (4,117) (9,015) Change in bank deposits 1,749 (5,838) 5,673 Change in customer deposits (18,964) (29,492) 48,071 Change in settlement balance liabilities 4,633 (56) (350) Change in trading liabilities 828 (11,790) (7,658) Change in derivative liabilities (21,652) (6,788) (59,870) Change in other financial liabilities 6,564 989 938 Change in notes in circulation 19 171 392 Change in other liabilities (807) (1,294) (1,463) Change in operating assets and liabilities (25,679) (48,447) 46,606 ​

Analysis of the net investment

Analysis of the net investment in business interests and intangible assets	12 Months Ended
	Dec. 31, 2023
Analysis of the net investment in business interests and intangible assets
Analysis of the net investment in business interests and intangible assets	28 Analysis of the net investment in business interests and intangible assets This note shows cash flows relating to obtaining or losing control of associates or subsidiaries and net assets and liabilities purchased and sold. These cash flows are presented as investing activities on the cash flow statement. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ £m £m £m Fair value given for business acquired ​ (139) ​ — ​ — Acquisition of interest in associates — (1) — Additional investment in associates ​ (5) ​ — ​ (51) Net assets and liabilities purchased ​ — ​ — ​ (3,128) Net outflow of cash in respect of acquisitions (144) (1) (3,179) ​ ​ ​ ​ ​ ​ ​ Disposal of net assets and liabilities 5,560 6,270 114 (Loss)/profit on disposal of net assets and liabilities (87) (106) 55 Net inflow of cash in respect of disposals 5,473 6,164 169 ​ ​ ​ ​ ​ ​ ​ Dividends received from associate ​ 16 ​ — ​ — Net cash expenditure on intangible assets (744) (743) (479) Net inflow/(outflow) of cash 4,601 5,420 (3,489) ​

Analysis of changes in financin

Analysis of changes in financing during the year	12 Months Ended
	Dec. 31, 2023
Analysis of changes in financing during the year
Analysis of changes in financing during the year	29 Analysis of changes in financing during the year This note shows cash flows and non-cash movements relating to the financing activities of the Group. These activities reflect movements in share capital, share premium, paid-in equity, subordinated liabilities and MRELs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share capital, share premium, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and paid-in equity ​ Subordinated liabilities ​ MRELs ​ 2023 2022 2021 2023 2022 2021 2023 2022 2021 ​ ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m At 1 January 15,590 16,519 18,239 6,260 8,429 9,962 ​ 22,265 ​ 23,423 ​ 20,873 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issue of paid-in equity — — 937 — — — ​ — ​ — ​ — Issue of subordinated liabilities — — — 611 648 1,634 ​ — ​ — ​ — Issue of MRELs ​ — ​ — ​ — ​ — ​ — ​ ​ ​ 3,973 ​ 3,721 ​ 3,383 Redemption of subordinated liabilities — — — (1,250) (3,693) (4,765) ​ — ​ — ​ — Interest paid on subordinated liabilities ​ — ​ — ​ — ​ (439) ​ (374) ​ (321) ​ — ​ — ​ — Maturity and redemption of MRELs ​ — ​ — ​ — ​ — ​ — ​ — ​ (4,236) ​ (4,992) ​ — Interest paid on MRELs ​ — ​ — ​ — ​ — ​ — ​ — ​ (844) ​ (703) ​ (647) Net cash flows from financing activities — — 937 (1,078) (3,419) (3,452) ​ (1,107) ​ (1,974) ​ 2,736 Ordinary shares issued ​ — ​ — ​ 87 ​ — ​ — ​ — ​ — ​ — ​ — Shares repurchased ​ (856) ​ (929) ​ (698) ​ — ​ — ​ — ​ — ​ — ​ — Effects of foreign exchange — — — (166) 597 (18) ​ (987) ​ 1,889 ​ (190) Changes in fair value of subordinated liabilities and MRELs ​ — ​ — ​ — ​ 230 ​ (594) ​ (434) ​ 601 ​ (1,806) ​ (649) Preference shares reclassified to subordinated liabilities ​ — ​ — ​ — ​ — ​ 750 ​ — ​ — ​ — ​ — Paid-in equity reclassified to subordinated liabilities ​ — ​ — ​ (2,046) ​ — ​ — ​ 1,915 ​ — ​ — ​ — (Gain)/loss on redemption of own debt ​ — ​ — ​ — ​ (3) ​ 161 ​ 145 ​ — ​ — ​ — Interest payable on subordinated liabilities and MRELs ​ — ​ — ​ — ​ 464 ​ 370 ​ 311 ​ 888 ​ 733 ​ 653 Other — — — 7 (34) — ​ — ​ — ​ — At 31 December 14,734 15,590 16,519 5,714 6,260 8,429 ​ 21,660 ​ 22,265 ​ 23,423 ​

Analysis of cash and cash equiv

Analysis of cash and cash equivalents	12 Months Ended
	Dec. 31, 2023
Analysis of cash and cash equivalents
Analysis of cash and cash equivalents	30 Analysis of cash and cash equivalents Non-cash and other add back items and movements in operating assets and liabilities are adjusted for in the cash flow statement. Loans to banks and treasury bills with an original maturity of less than three months that are readily convertible to known amounts of cash and subject to insignificant risk of change in value. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ £m ​ £m ​ £m Cash and balances at central banks 104,262 144,832 177,757 Trading assets ​ 8,851 ​ 8,551 ​ 7,137 Other financial assets 139 19 16 Loans to banks (1) 5,572 5,047 5,796 Cash and cash equivalents 118,824 158,449 190,706 ​ (1) Includes cash collateral posted with bank counterparties in respect of derivative liabilities of £ 4,434 million (2022 - £ 4,895 million; 2021 - £ 4,293 million). ​ Certain members of NatWest Group are required by law or regulation to maintain balances with the central banks in the jurisdictions in which they operate. NatWest Markets N.V. had mandatory reserve deposits with De Nederlandsche Bank N.V. of €132 million (2022 - €64 million, 2021 - €60 million). The Royal Bank of Scotland International Limited had balances with Central Bank of Luxembourg of £135 million (2022 - £108 million, 2021 - £123 million).

Directors' and key management r

Directors' and key management remuneration	12 Months Ended
	Dec. 31, 2023
Directors' and key management remuneration
Directors' and key management remuneration	31 Directors' and key management remuneration Directors and key management are remunerated for services rendered in the period. The executive directors may participate in the company's long-term incentive plans, executive share option and sharesave schemes and details of their interests in the company's shares arising from their participation are given in the directors' remuneration report. Details of the remuneration received by each director are also given in the directors' remuneration report. ​ Key management comprises members of the NatWest Group plc and NWH Ltd Boards, members of the NatWest Group plc and NWH Ltd Executive Committees, and the Chief Executives of NatWest Markets Plc and RBS International (Holdings) Limited. This is on the basis that these individuals have been identified as Persons Discharging Managerial Responsibilities of NatWest Group plc under the new governance structure. ​ ​ ​ ​ ​ ​ ​ 2023 2022 Directors' remuneration ​ £000 ​ £000 Non-executive directors emoluments 1,574 1,685 Chairman and executive directors emoluments 6,408 5,804 ​ 7,982 7,489 Amounts receivable under long-term incentive plans and share option plans 2,708 542 Total 10,690 8,031 ​ Compensation of key management The aggregate remuneration of directors and other members of key management during the year was as follows: ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £000 ​ £000 Short-term benefits 21,098 22,175 Post-employment benefits 741 732 Share-based payments 7,264 2,547 ​ 29,103 25,454 ​ Short term benefits include benefits expected to be settled wholly within twelve months of balance sheet date. Post-employment benefits include defined benefit contributions for active members and pension funding to support contributions to the defined contribution schemes. Share-based payments include awards vested under rewards schemes.

Transactions with directors and

Transactions with directors and key management	12 Months Ended
	Dec. 31, 2023
Transactions with directors and key management
Transactions with directors and key management	32 Transactions with directors and key management This note presents information relating to any transactions with directors and key management. Key management comprises directors of the company and Persons Discharging Managerial Responsibilities (PDMRs) of NatWest Group plc. ​ For the purposes of IAS 24 Related party disclosures, key management comprises directors of the company and PDMRs of NatWest Group plc. Key management have banking relationships with NatWest Group entities which are entered into in the normal course of business and on substantially the same terms, including interest rates and security, as for comparable transactions with other persons of a similar standing or, where applicable, with other employees. These transactions did not involve more than the normal risk of repayment or present other unfavourable features. Amounts in the table below are attributed to each person at their highest level of NatWest Group key management, and relate to those who were key management at any time during the financial period. ​ ​ ​ ​ ​ ​ ​ At 31 December ​ ​ 2023 ​ 2022 ​ ​ £000 ​ £000 Loans to customers - amortised cost 11,406 12,137 Customer deposits 55,254 47,866 ​ At 31 December 2023, amounts outstanding in relation to transactions, arrangements and agreements entered into by authorised institutions in NatWest Group, as defined in UK legislation, were £8,397,763 in respect of loans to 9 persons who were directors of the company at any time during the financial period.

Related parties

Related parties	12 Months Ended
	Dec. 31, 2023
Related parties
Related parties	33 Related parties A related party is a person or entity that is related to the entity that is preparing its financial statements. This includes subsidiaries, associates, joint ventures, post-employment benefits plans, Key management personnel and their close family members and entities controlled by them. Transactions between an entity and any related party are disclosed in the financial statements in accordance with both accounting standards and relevant listing rules to ensure readers are aware of how financial statements may be affected by these transactions. ​ UK Government UK Government through HM Treasury is the controlling shareholder of NatWest Group plc as per UK listing rules. The UK Government's shareholding is managed by UK Government Investments Limited, a company wholly owned by the UK Government. At 31 December 2023 HM Treasury's holding in the company's ordinary shares was 37.97%. As a result the UK Government and UK Government-controlled bodies are related parties of the Group. NatWest Group enters into transactions with many of these bodies. Transactions include the payment of: taxes – principally UK corporation tax (Note 7) and value added tax; national insurance contributions; local authority rates; and regulatory fees and levies (including the bank levy Note 3) and FSCS levy (Note 26) - together with banking transactions such as loans and deposits undertaken in the normal course of banker-customer relationships. Bank of England facilities NatWest Group may participate in a number of schemes operated by the Bank of England in the normal course of business. Members of NatWest Group that are UK authorised institutions are required to maintain non-interest bearing (cash ratio) deposits with the Bank of England amounting to 0.382% of their average eligible liabilities in excess of £600 million. They also have access to Bank of England reserve accounts: sterling current accounts that earn interest at the Bank of England Base rate. NatWest Group provides guarantees for certain subsidiaries, liabilities to the Bank of England. Other Related Parties In accordance with IAS 24, transactions or balances between NatWest Group entities that have been eliminated on consolidation are not reported. The primary financial statements of the parent company include transactions and balances with its subsidiaries which have been further disclosed in the relevant notes. ​ 33 Related parties continued Associates, joint ventures (JVs) and equity investments In their roles as providers of finance, NatWest Group companies provide development and other types of capital support to businesses. These investments are made in the normal course of business. To further strategic partnerships, NatWest Group may seek to invest in third parties or allow third parties to hold a minority interest in a subsidiary of NatWest Group. We disclose as related parties for associates and joint ventures and where equity interest are over 10%. Ongoing business transactions with these entities are on normal commercial terms. Amounts included in the NatWest Group financial statements, in aggregate, by category of related party are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Associates and ​ Equity ​ ​ ​ Joint Ventures Shares (1) Total 31 December 2023 ​ £m ​ £m ​ £m Investments 668 145 813 Loans to customers- amortised cost — 13 13 Customer deposits 2 10 12 Settlement balances ​ — ​ — ​ — Other comprehensive income ​ — ​ (8) ​ (8) Other operating income (11) — (11) ​ ​ ​ ​ ​ ​ ​ ​ 31 December 2022 ​ ​ ​ Investments 688 149 837 Loans to customers- amortised cost — — — Customer deposits 1 4 5 Settlement balances ​ — ​ 34 ​ 34 Other comprehensive income — 11 11 Other operating income (30) — (30) ​ (1) Post employment benefits NatWest Group recharges NatWest Group Pension Fund with the cost of pension management services incurred by it. NatWest Group Pension Fund holds bank accounts held with the NatWest Group plc. At 31 December 2023 these balances amounted to £36.2 million (2022 - £61.7 million). NatWest Group Pension fund also holds certain interest rate swaps, inflation swaps, credit derivatives, cross currency swaps and forward exchange rate agreements where subsidiaries of NatWest Group act as counterparties. These transactions are on commercial terms and carried out on an arms-length basis. During February 2023, NatWest Group has entered into an agreement to establish a new legal structure to hold assets, consolidated on NatWest Group’s balance sheet, to meet potential future contributions required by the Main section of the Group’ Pension Fund. This transaction required transfer of £471 million to the Reservoir Trust after the final dividend for 2022 approved by shareholders. This transaction does not create a pension liability with the Main section of the Group Pension Fund. Refer to details in Note 5 and in Material contracts information on page 189.

Post balance sheet events

Post balance sheet events	12 Months Ended
	Dec. 31, 2023
Post balance sheet events.
Post balance sheet events	34 Post balance sheet events A post balance sheet event is an event that takes place between the reporting date and the date of approval of the financial statements. Significant events are included in the financial statements either to provide new information about conditions that existed at 31 December 2023 (reporting date), including estimates used to prepare the financial statements (known as an adjusting event) or to provide new information about conditions that did not exist at 31 December 2023 (non-adjusting events). This note provides information relating to material non-adjusting events. ​ As part of the ongoing on-market share buyback programmes, NatWest Group plc has repurchased and cancelled a further 64.6 million shares since December 2023 for a total consideration (excluding fees) of £138.5 million. Other than as disclosed in the accounts, there have been no other significant events subsequent to 31 December 2023 which would require a change or additional disclosure. ​

Accounting policies (Policies)

Accounting policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting policies
Presentation of financial statements	1. Presentation of financial statements NatWest Group plc is incorporated in the UK and registered in Scotland. The financial statements are presented in the functional currency, pounds sterling. The audited financial statements include audited sections of the Risk and capital management section. The directors have prepared the financial statements on a going concern basis after assessing the principal risks, forecasts, projections and other relevant evidence over the twelve months from the date the financial statements are approved (refer to the Report of the directors) and in accordance with UK adopted International Accounting Standards (IAS), and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The critical and material accounting policies and related judgements are set out below. The financial statements are presented on a historical cost basis except for certain financial instruments which are stated at fair value. The effect of the amendments to IFRS effective from 1 January 2023 on our financial statements was immaterial. We have applied the exception issued by the IASB in May 2023 from the accounting requirements for deferred taxes in IAS 12 Income taxes in respect of Pillar Two income taxes. Accordingly, we have not recognised or disclosed information about deferred tax assets and liabilities related to Pillar Two income taxes. Our consolidated financial statements incorporate the results of NatWest Group plc and the entities it controls. Control arises when we have the power to direct the activities of an entity so as to affect the return from the entity. Control is assessed by reference to our ability to enforce our will on the other entity, typically through voting rights. The consolidated financial statements are prepared under consistent accounting policies. A subsidiary is included in the consolidated financial statements at fair value on acquisition from the date it is controlled by us until the date we cease to control it through a sale or a significant change in circumstances. Changes in our interest in a subsidiary that do not result in us ceasing to control that subsidiary are accounted for as equity transactions. We apply accounting for associates and joint arrangements to entities where we have significant influence, but not control, over the operating and financial policies. We assess significant influence by reference to a presumption of voting rights of more than 20%, but less than 50%, supplemented by a qualitative assessment of substantive rights which include representation at the Board of Directors, significant exchange of managerial personnel or technology amongst others. Investments in associates and joint ventures are recorded upon initial recognition at cost, increased or decreased each period by the share of the subsequent levels of profit or loss, and other changes in equity are considered in line with their nature. The judgements and assumptions involved in our accounting policies that are considered by the Board to be the most important to the portrayal of its financial condition are noted below. The use of estimates, assumptions or models that differ from those adopted by us would affect our reported results. ​ How Climate risk affects our accounting judgements and estimates Business planning Key financial estimates are based on management's latest five-year revenue and cost forecasts. The outputs from this forecast affect forward-looking accounting estimates. Measurement of deferred tax and expected credit losses are highly sensitive to reasonably possible changes in those anticipated conditions. In 2023, our scenario planning was enhanced by the further integration of NatWest Group’s climate transition plan, including the assessment of climate-related risks and opportunities. - Our Climate transition plan includes an assessment of: - changes in products, services and business operations to support customer transition towards net zero; - financial impacts of supporting customer transition, including investment required. The linkage between our financial plan and our Climate transition plan will continue to be developed and refreshed annually as part of the financial planning cycle; - the climate impact of policies, using the UK Climate Change Committee (UK CCC) Balanced Net Zero (BNZ) pathway scenario, aligned with the UK’s Sixth Carbon Budget. In addition, we have used the credibility ratings for sectoral policies provided by the UK CCC 2023 Progress Report, published in June, to the Parliament to develop a BNZ adjusted pathway to reflect estimated time delays of these policies. - There remains considerable uncertainty regarding this policy response, including the effect of wider geo-political uncertainty on governmental ambitions regarding climate transition and the effect of decarbonisation on wider economic growth, technology development and customer behaviours. ​ Information used in other accounting estimates We make use of reasonable and supportable information to make accounting judgements and estimates. This includes information about the observable effects of the physical and transition risks of climate change on the current creditworthiness of borrowers, asset values and market indicators. It also includes the effect on our competitiveness and profitability. Many of the effects arising from climate change will be longer term in nature, with an inherent level of uncertainty, and have limited effect on accounting judgements and estimates for the current period. Some physical and transition risks can manifest in the shorter term. The following items represent the most significant effects: ​ - The classification of financial instruments linked to climate, or other sustainability indicators: consideration is given to whether the effect of climate related terms prevent the instrument cashflows being solely payments of principal and interest. - The use of market indicators as inputs to fair value is assumed to include current information and knowledge regarding the effect of climate risk. ​ Effect of climate change in the estimation of expected credit loss We are monitoring the effect of the physical and transition consequences of climate change on our experience of loan loss. We use available information regarding the effect of climate transition policy largely driven by carbon prices as an adjustment to macroeconomic factors that are used as inputs to the models that generate PD and LGD outcomes, which are key inputs to the ECL calculation. The determination of whether specific loss drivers and climate events generate specific losses is ongoing and is necessary to determine how sensitive changes in ECL could be to climate inputs. Future cashflows are discounted, so long dated cashflows are less likely to affect current expectations on credit loss. Our assessment of sector specific risks, and whether additional adjustments are required, include expectations of the ability of those sectors to meet their financing needs in the market. Changes in credit stewardship and credit risk appetite that stem from climate considerations, such as oil and gas, will directly affect our positions.
Critical accounting polices	2. Critical accounting policies The judgements and assumptions involved in our accounting policies that are considered by the Board to be the most important to the portrayal of our financial condition are noted below. The use of estimates, assumptions or models that differ from those adopted by us would affect our reported results. Management’s consideration of uncertainty is outlined in the relevant sections, including the ECL estimate in the Risk and capital management section. ​ Information used for significant estimate ​ Policy Judgement Estimate Further information Deferred tax ​ Determination of whether sufficient sustainable taxable profits will be generated in future years to recover the deferred tax asset. ​ Our estimates are based on the five year revenue and cost forecasts (which include inherent uncertainties). ​ Note 7 Fair value – financial instruments ​ Classification of a fair value instrument as level 3, where the valuation is driven by unobservable inputs. ​ Estimation of the fair value, where it is reasonably possible to have alternative assumptions in determining the FV. ​ Note 11 Loan impairment provisions ​ Definition of default against which to apply PD, LGD and EAD models. Selection of multiple economic scenarios.Criteria for a significant increase in credit risk. Identification of risks not captured by the models. ​ ECL estimates contain a number of measurement uncertainties (such as the weighting of multiple economic scenarios) and disclosures include sensitivities to show impact on other reasonably possible scenarios. ​ Note 15 Provisions for liabilities and charges ​ Determination of whether a present obligation exists in respect of customer redress, litigation and other regulatory, property and other provisions. Legal proceedings often require a high degree of judgement and these are likely to change as the matter progresses. ​ Provisions remain sensitive to the assumptions used in the estimate. We consider a wide range of possible outcomes. It is often not practical to meaningfully quantify ranges of possible outcomes, given the uncertainties involved. ​ Note 21 ​ Changes in judgements and assumptions could result in a material adjustment to those estimates in future reporting periods.
Deferred tax	2.1. Deferred tax Deferred tax is the estimated tax expected to be payable or recoverable in respect of temporary differences between the carrying amount of an asset or liability for accounting purposes and the carrying amount for tax purposes in the future. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent their recovery is probable. ​ Deferred tax is calculated using tax rates expected to apply in the periods when the assets will be realised or the liabilities settled, based on tax rates and laws enacted, or substantively enacted, at the balance sheet date. ​ Deferred tax asset recoverability is based on the level of supporting offsetable deferred tax liabilities we have and of our future taxable profits. These future taxable profits are based on our five-year revenue and cost forecasts and the expectation of long term economic growth beyond this period. The five-year forecast takes account of management’s current expectations on competitiveness and profitability. The long term growth rate reflects external indicators which will include market expectations on climate risk. We do not consider any additional adjustments to this indicator.
Fair value - financial instruments	2.2. Fair value – financial instruments We measure financial instruments at fair value when they are classified as mandatory fair value through profit or loss; held-for-trading; designated fair value through profit or loss and fair value through other comprehensive income and they are recognised in the financial statements at fair value. All derivatives are measured at fair value. ​ We manage some portfolios of financial assets and financial liabilities based on our net exposure to either market or credit risk. In these cases, the fair value is derived from the net risk exposure of that portfolio with portfolio level adjustments applied to incorporate bid-offer spreads, counterparty credit risk, and funding costs (refer to ‘Valuation Adjustments’). ​ Where the market for a financial instrument is not active, fair value is established using a valuation technique. These valuation techniques involve a degree of estimation, the extent of which depends on the instrument’s complexity and the availability of market-based data. The complexity and uncertainty in the financial instrument’s fair value is categorised using the fair value hierarchy. ​ The use of market indicators as inputs to fair value is assumed to include current information and knowledge regarding the effect of climate risk.
Loan impairment provisions: expected credit losses (ECL)	2.3. Loan impairment provisions: expected credit losses (ECL) At each balance sheet date each financial asset or portfolio of financial assets measured at amortised cost or at fair value through other comprehensive income, issued financial guarantee and loan commitment (other than those classified as held for trading) is assessed for impairment. Any change in impairment is reported in the income statement. ​ Loss allowances are forward-looking, based on 12-month ECL where there has not been a significant increase in credit risk rating, otherwise allowances are based on lifetime expected losses. ​ ECL are a probability-weighted estimate of credit losses. The probability is determined by the risk of default which is applied to the cash flow estimates. In the absence of a change in credit rating, allowances are recognised when there is a reduction in the net present value of expected cash flows. Following a significant increase in credit risk, ECL are adjusted from 12 months to lifetime. This will lead to a higher impairment charge. ​ The measurement of expected credit loss considers the ability of borrowers to make payments as they fall due. Future cashflows are discounted, so long-dated cashflows are less likely to affect current expectations on credit loss. Our assessment of sector specific risks, and whether additional adjustments are required, include expectations of the ability of those sectors to meet their financing needs in the market. Changes in credit risk appetite and how we manage credit positions that stem from climate considerations, such as oil and gas, will directly affect our positions. ​ Judgement is exercised as follows: ​ - Models – in certain low default portfolios, Basel parameter estimates are also applied for IFRS 9. - Non-modelled portfolios – use a standardised capital requirement under Basel II. Under IFRS 9, they have bespoke treatments for the identification of significant increase in credit risk. Benchmark PDs, EADs and LGDs are reviewed annually for appropriateness. The ECL calculation is based on expected future cash flows, which is typically applied at a portfolio level. - Multiple economic scenarios (MES) – the central, or base, scenario is most critical to the ECL calculation, independent of the method used to generate a range of alternative outcomes and their probabilities. - Significant increase in credit risk - IFRS 9 requires that at each reporting date, an entity shall assess whether the credit risk on an account has increased significantly since initial recognition. Part of this assessment requires a comparison to be made between the current lifetime PD (i.e. the current probability of default over the remaining lifetime) with the equivalent lifetime PD as determined at the date of initial recognition. ​ On restructuring where a financial asset is not derecognised, the revised cash flows are used in re-estimating the credit loss. Where restructuring causes derecognition of the original financial asset, the fair value of the replacement asset is used as the closing cash flow of the original asset. ​ Where in the course of the orderly realisation of a loan, it is exchanged for equity shares or property, the exchange is accounted for as the sale of the loan and the acquisition of equity securities or investment property. Where our acquired interest is in equity shares, relevant policies for control, associates and joint ventures apply. ​ Impaired financial assets are written off and therefore derecognised from the balance sheet when we conclude that there is no longer any realistic prospect of recovery of part, or all, of the loan. For financial assets that are individually assessed for impairment, the timing of the write-off is determined on a case-by-case basis. Such financial assets are reviewed regularly and write-off will be prompted by bankruptcy, insolvency, re-negotiation, and similar events ​ The typical time frames from initial impairment to write-off for our collectively assessed portfolios are: ​ - Retail mortgages: write-off usually occurs within five years , or earlier, when an account is closed, but can be longer where the customer engages constructively; - Credit cards: the irrecoverable amount is typically written off after twelve arrears cycles or at four years post default any remaining amounts outstanding are written off; - Overdrafts and other unsecured loans: write-off occurs within six years ; - Commercial loans: write-offs are determined in the light of individual circumstances; and Business loans are generally written off within five years . ​
Provisions	2.4. Provisions We recognise a provision for a present obligation resulting from a past event when it is more likely than not that we will be required to pay to settle the obligation and the amount of the obligation can be estimated reliably. Provision is made for restructuring costs, including the costs of redundancy, when we have a constructive obligation. An obligation exists when we have a detailed formal plan for the restructuring and have raised a valid expectation in those affected either by starting to implement the plan or by announcing its main features. We recognise any onerous cost of the present obligation under a contract as a provision. An onerous cost is the unavoidable cost of meeting our contractual obligations that exceed the expected economic benefits. When we intend to vacate a leasehold property or right of use asset, the asset would be tested for impairment and a provision may be recognised for the ancillary contractual occupancy costs.
Revenue recognition	3.1. Revenue recognition Interest receivable and payable are recognised in the income statement using the effective interest rate method for: all financial instruments measured at amortised cost; debt instruments measured as fair value through other comprehensive income; and the effective part of any related accounting hedging instruments. Finance lease income is recognised at a constant periodic rate of return before tax on the net investment on the lease. Other interest relating to financial instruments measured at fair value is recognised as part of the movement in fair value and is reported in income from trading activities or other operating income as relevant. Fees in respect of services are recognised as the right to consideration accrues through the performance of each distinct service obligation to the customer. The arrangements are generally contractual and the cost of providing the service is incurred as the service is rendered. The price is usually fixed and always determinable.
Discontinued operations, Held for sale and Disposal group	3.2. Discontinued operations, Held for sale and Disposal group The results of discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit/(loss) from discontinued operations, net of tax in the income statement. Comparatives are represented for the income statement, cash flow statement, statement of changes in equity and related notes. An asset or disposal group (assets and liabilities) is classified as held for sale if we will recover its carrying amount principally through a sale transaction rather than through continuing use. These are measured at the lower of its carrying amount or fair value less cost to sell unless the existing measurement provisions of IFRS apply. These are presented as single amounts; comparatives are not represented.
Staff costs	3.3. Staff costs Employee costs, such as salaries, paid absences, and other benefits are recognised over the period in which the employees provide the related services to us. Employees may receive variable compensation in cash, in deferred cash or debt instruments of NatWest Group or in ordinary shares of NatWest Group plc subject to deferral, clawback and forfeiture criteria. We operate a number of share-based compensation schemes under which we grant awards of NatWest Group plc shares and share options to our employees. Such awards are subject to vesting conditions. Variable compensation that is settled in cash or debt instruments is charged to the income statement on a straight-line basis over the period during which services are provided, taking account of forfeiture and clawback criteria. The value of employee services received in exchange for NatWest Group plc shares and share options is recognised as an expense over the vesting period, subject to deferral, clawback, cancelation and forfeiture criteria with a corresponding increase in equity. The fair value of shares granted is the market price adjusted for the expected effect of dividends as employees are not entitled to dividends until shares are vested. The fair value of options granted is determined using option pricing models to estimate the numbers of shares likely to vest. These consider the exercise price of the option, the current share price, the risk-free interest rate, the expected volatility of the share price over the life of the option and other relevant factors such as the dividend yield. Defined contribution pension scheme A scheme where we pay fixed contributions and there is no legal or constructive obligation to pay further contributions or benefits. Contributions are recognised in the income statement as employee service costs accrue. Defined benefit pension scheme A scheme that defines the benefit an employee will receive on retirement and is dependent on one or more factors such as age, salary, and years of service. The net of the recognisable scheme assets and obligations is reported on the balance sheet in other assets or other liabilities. The defined benefit obligation is measured on an actuarial basis. The charge to the income statement for pension costs (mainly the service cost and the net interest on the net defined benefit asset or liability) is recognised in operating expenses. Actuarial gains and losses (i.e. gains and/or losses on re-measuring the net defined benefit asset or liability due to changes in actuarial measurement assumptions) are recognised in other comprehensive income in full in the period in which they arise, and not subject to recycling to the income statement. The difference between scheme assets and scheme liabilities, the net defined benefit asset or liability, is recognised on the balance sheet if the criteria of the asset ceiling test are met. This requires the net defined benefit surplus to be limited to the present value of any economic benefits available to us in the form of refunds from the plan or reduced contributions to it. We will recognise a liability where a minimum funding requirement exists for any of our defined benefit pension schemes. This reflects agreed minimum funding and the availability of a net surplus as determined as described above. When estimating the liability for minimum funding requirements we only include contributions that are substantively or contractually agreed and do not include contingent and discretionary features, including dividend-linked contributions or contributions subject to contingent events requiring future verification. We will recognise a net defined benefit asset when the net defined benefit surplus can generate a benefit in the form of a refund or reduction in future contributions to the plan. The net benefit pension asset is recognised at the present value of the benefits that will be available to us excluding interest and the effect of the asset ceiling (if any, excluding interest). Changes in the present value of the net benefit pension asset are recognised immediately in other comprehensive income. In instances where Trustees have the ability to declare augmented benefits to participants, we do not recognise a defined benefit pension asset and write-off the surplus immediately in other comprehensive income.
Intangible assets and goodwill	3.4. Intangible assets and goodwill Intangible assets are identifiable non-monetary assets without physical substance acquired or developed by us, and are stated at cost less accumulated amortisation and impairment losses. Amortisation is a method to spread the cost of such assets over time in the income statement. ​ This is charged to the income statement over the assets' estimated useful economic lives using methods that best reflect the pattern of economic benefits. ​ The estimated useful economic lives are: ​ Computer software 3 to 10 years Other acquired intangibles 3 to 5 years ​ Direct costs relating to the development of internal-use computer software are reported on the balance sheet after technical feasibility and economic viability have been established. These direct costs include payroll, the costs of materials and services, and directly attributable overheads. Capitalisation of costs ceases when the software can operate as intended. During and after development, accumulated costs are reviewed for impairment against the benefits that the software is expected to generate. Costs incurred prior to the establishment of technical feasibility and economic viability are expensed to the income statement as incurred, as are all training costs and general overheads. The costs of licences to use computer software that are expected to generate economic benefits beyond three years are also reported on the balance sheet. Goodwill on the acquisition of a subsidiary is the excess of the fair value of the consideration paid, the fair value of any existing interest in the subsidiary and the amount of any non-controlling interest measured either at fair value or at its share of the subsidiary’s net assets over the net fair value of the subsidiary’s identifiable assets, liabilities, and contingent liabilities. Goodwill is measured at initial cost less any subsequent impairment losses. The gain or loss on the disposal of a subsidiary includes the carrying value of any related goodwill when such transactions occur.
Impairment of non-financial assets	3.5. Impairment of non-financial assets Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. ​ At each balance sheet date, we assess whether there is any indication that other intangible assets or property, plant and equipment are impaired. If any such indication exists, we estimate the recoverable amount of the asset and compare it to its balance sheet value to calculate if an impairment loss should be recognised in the income statement. A reversal of an impairment loss on other intangible assets or property, plant and equipment is recognised in the income statement provided the increased carrying value is not greater than it would have been had no impairment loss been recognised. The recoverable amount of an asset that does not generate cash flows that are independent from those of other assets or groups of assets, is determined as part of the cash-generating unit to which the asset belongs. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For the purposes of impairment testing, goodwill acquired in a business combination is allocated to our cash-generating units or groups of cash-generating units expected to benefit from the combination. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less cost to sell or its value in use. Value in use is the present value of future cash flows from the asset or cash-generating unit discounted at a rate that reflects market interest rates adjusted for risks specific to the asset or cash-generating unit that have not been considered in estimating future cash flows. The assessment of asset impairment is based upon value in use. This represents the value of future cashflows and uses our five-year revenue and cost forecasts and the expectation of long term economic growth beyond this period. The five-year forecast takes account of management’s current expectations on competitiveness and profitability, including near term effects of climate transition risk. The long term growth rate reflects external indicators which will include market expectations on climate risk. We do not consider any additional adjustments to this indicator. ​
Foreign currencies	3.6. Foreign currencies Foreign exchange differences arising on the settlement of foreign currency transactions and from the translation of monetary assets and liabilities are reported in income from trading activities except for differences arising on cash flow hedges and hedges of net investments in foreign operations. Non-monetary items denominated in foreign currencies that are stated at fair value are translated into the functional currency at the foreign exchange rates ruling at the dates the values are determined. Translation differences are recognised in the income statement except for differences arising on non-monetary financial assets classified as fair value through other comprehensive income. Income and expenses of foreign subsidiaries and branches are translated into sterling at average exchange rates unless these do not approximate the foreign exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on the translation of a foreign operation are recognised in other comprehensive income. The amount accumulated in equity is reclassified from equity to the income statement on disposal of a foreign operation.
Tax	3.7. Tax Tax encompassing current tax and deferred tax is recognised in the income statement except when taxable items are recognised in other comprehensive income or equity. Tax consequences arising from servicing financial instruments classified as equity are recognised in the income statement. Accounting for taxes is judgemental and carries a degree of uncertainty because tax law is subject to interpretation, which might be questioned by the relevant tax authority. We recognise the most likely current and deferred tax liability or asset, assessed for uncertainty using consistent judgements and estimates. Current and deferred tax assets are only recognised where their recovery is deemed probable, and current and deferred tax liabilities are recognised at the amount that represents the best estimate of the probable outcome having regard to their acceptance by the tax authorities.
Financial instruments	3.8. Financial instruments Financial instruments are measured at fair value on initial recognition on the balance sheet. Monetary financial assets are classified into one of the following subsequent measurement categories (subject to business model assessment and review of contractual cash flow for the purposes of sole payments of principal and interest where applicable): - amortised cost measured at cost using the effective interest rate method, less any impairment allowance; - fair value through other comprehensive income (FVOCI) measured at fair value, using the effective interest rate method and changes in fair value through other comprehensive income; - mandatory fair value through profit or loss (MFVTPL) measured at fair value and changes in fair value reported in the income statement; or - designated at fair value through profit or loss (DFV) measured at fair value and changes in fair value reported in the income statement. Classification by business model reflects how we manage our financial assets to generate cash flows. A business model assessment helps to ascertain the measurement approach depending on whether cash flows result from holding financial assets to collect the contractual cash flows, from selling those financial assets, or both. Business model assessment of assets is made at portfolio level, being the level at which they are managed to achieve a predefined business objective. This is expected to result in the most consistent classification of assets because it aligns with the stated objectives for the portfolio, its risk management, manager’s remuneration and the ability to monitor sales of assets from a portfolio. When a significant change to our business is communicated to external parties, we reassess our business model for managing those financial assets. We reclassify financial assets if we have a significant change to the business model. A reclassification is applied prospectively from the reclassification date. The contractual terms of a financial asset; any leverage features; prepayment and extension terms; and discounts or penalties to interest rates that are part of meeting environmental, social and governance targets as well as other contingent and leverage features, non-recourse arrangements and features that could modify the timing and/or amount of the contractual cash flows that might reset the effective rate of interest; are considered in determining whether cash flows are solely payments of principal and interest. Certain financial assets may be designated at fair value through profit or loss (DFV) upon initial recognition if such designation eliminates, or significantly reduces, accounting mismatch. Equity shares are measured at fair value through profit or loss unless specifically elected as at fair value through other comprehensive income (FVOCI). Upon disposal, the cumulative gains or losses in fair value through other comprehensive income reserve are recycled to the income statement for monetary assets and for non-monetary assets (equity shares) the cumulative gains or losses are transferred directly to retained earnings. Regular way purchases and sales of financial assets classified as amortised cost are recognised on the settlement date; all other regular way transactions in financial assets are recognised on the trade date. Financial liabilities are classified into one of following measurement categories: - amortised cost measured at cost using the effective interest rate method; - held for trading measured at fair value and changes in fair value reported in income statement; or - designated at fair value through profit or loss measured at fair value and changes in fair value reported in the income statement except changes in fair value attributable to the credit risk component recognised in other comprehensive income when no accounting mismatch occurs.
Netting	3.9. Netting Financial assets and financial liabilities are offset, and the net amount presented on the balance sheet when, and only when, we currently have a legally enforceable right to set off the recognised amounts and we intend either to settle on a net basis or to realise the asset and settle the liability simultaneously. We are party to a number of arrangements, including master netting agreements, that give us the right to offset financial assets and financial liabilities, but where we do not intend to settle the amounts net or simultaneously, the assets and liabilities concerned are presented separately on the balance sheet. ​
Capital instruments	3.10. Capital instruments We classify a financial instrument that we issue as a liability if it is a contractual obligation to deliver cash or another financial asset, or to exchange financial assets or financial liabilities on potentially unfavourable terms and as equity if we evidence a residual interest in our assets after the deduction of liabilities. Incremental costs and related tax that are directly attributable to an equity transaction are deducted from equity. The consideration for any ordinary shares of NatWest Group plc purchased by us (known as treasury shares or own shares held) is deducted from retained earnings. On the cancellation of treasury shares their nominal value is removed from retained earnings and a consequential amount recognised in capital redemption in compliance with the Companies Act 2006. On the sale or re-issue of treasury shares the consideration received and related tax are credited to equity, net of any directly attributable incremental costs.
Derivatives and hedging	3.11. Derivatives and hedging Derivatives are reported on the balance sheet at fair value. We use derivatives as part of our trading activities, to manage our own risk such as interest rate, foreign exchange, or credit risk or in certain customer transactions. Not all derivatives used to manage risk are in hedge accounting relationships (an IFRS method to reduce accounting mismatch from changes in the fair value of the derivatives reported in the income statement). Gains and losses arising from changes in the fair value of derivatives that are not in hedge relationships are recognised in Income from trading activities unless those derivatives are managed together with financial instruments designated at fair value; these gains and losses are included in Other operating income. Hedge accounting Hedge accounting relationships are designated and documented at inception in line with the requirements of IAS 39 Financial instruments – Recognition and Measurement. The documentation identifies the hedged item, the hedging instrument and details of the risk that is being hedged and the way in which effectiveness will be assessed at inception and during the period of the hedge. When designating a hedging relationship, we consider: the economic relationship between the hedged item (including the risk being hedged) and the hedging instrument; the nature of the risk; the risk management objective and strategy for undertaking the hedge; and the appropriateness of the method that will be used to assess hedge effectiveness. Designated hedging relationships must be expected to be highly effective both on a prospective and retrospective basis. This is assessed using regression techniques which model the degree of offsetting between the changes in fair value or cash flows attributable to the hedged risk and the changes in fair value of the designated hedging derivatives. Ineffectiveness is measured based on actual levels of offsetting and recognised in the income statement. We enter into three types of hedge accounting relationships. Fair value hedge Cash flow hedge Hedge of net investment in a foreign operation Discontinuation of hedge accounting Hedge accounting is discontinued if the hedge no longer meets the criteria for hedge accounting i.e. the hedge is not highly effective in offsetting changes in fair value or cash flows attributable to the hedged risk, consistent with the documented risk management strategy; the hedging instrument expires or is sold, terminated or exercised; or if hedge designation is revoked. For fair value hedging any cumulative adjustment is amortised to the income statement over the life of the hedged item. Where the hedged item is no longer on the balance sheet the adjustment to the hedged item is reported in the income statement. For cash flow hedging the cumulative unrealised gain or loss is reclassified from equity to the income statement when the hedged cash flows occur or, if the forecast transaction results in the recognition of a financial asset or financial liability, when the hedged forecast cash flows affect the income statement. Where a forecast transaction is no longer expected to occur, the cumulative unrealised gain or loss is reclassified from equity to the income statement immediately. For net investment hedging on disposal or partial disposal of a foreign operation, the amount accumulated in equity is reclassified from equity to the income statement.
Future accounting developments	​ 4. Future accounting developments International Financial Reporting Standards Effective 1 January 2024 – Classification of Liabilities as Current or Non-current (Amendments to IAS 1); – Non-current Liabilities with Covenants (Amendments to IAS 1) – Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) – Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) Effective 1 January 2025 – Lack of Exchangeability (Amendments to IAS 21) ​ We are assessing the effect of adopting these amendments on our financial statements but do not expect the effect to be material.

Accounting policies (Tables)

Accounting policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting policies
Schedule of information used for significant estimates	​ Policy Judgement Estimate Further information Deferred tax ​ Determination of whether sufficient sustainable taxable profits will be generated in future years to recover the deferred tax asset. ​ Our estimates are based on the five year revenue and cost forecasts (which include inherent uncertainties). ​ Note 7 Fair value – financial instruments ​ Classification of a fair value instrument as level 3, where the valuation is driven by unobservable inputs. ​ Estimation of the fair value, where it is reasonably possible to have alternative assumptions in determining the FV. ​ Note 11 Loan impairment provisions ​ Definition of default against which to apply PD, LGD and EAD models. Selection of multiple economic scenarios.Criteria for a significant increase in credit risk. Identification of risks not captured by the models. ​ ECL estimates contain a number of measurement uncertainties (such as the weighting of multiple economic scenarios) and disclosures include sensitivities to show impact on other reasonably possible scenarios. ​ Note 15 Provisions for liabilities and charges ​ Determination of whether a present obligation exists in respect of customer redress, litigation and other regulatory, property and other provisions. Legal proceedings often require a high degree of judgement and these are likely to change as the matter progresses. ​ Provisions remain sensitive to the assumptions used in the estimate. We consider a wide range of possible outcomes. It is often not practical to meaningfully quantify ranges of possible outcomes, given the uncertainties involved. ​ Note 21
Schedule of estimated useful economic lives	​ Computer software 3 to 10 years Other acquired intangibles 3 to 5 years ​

Net interest income (Tables)

Net interest income (Tables)	12 Months Ended
	Dec. 31, 2023
Net interest income
Schedule of net interest income	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 (1) Continuing operations £m £m £m Balances at central banks and loans to banks - amortised cost 3,737 1,987 445 Loans to customers - amortised cost 15,553 10,085 8,536 Other financial assets 1,736 565 253 Interest receivable ​ 21,026 ​ 12,637 ​ 9,234 ​ ​ ​ ​ Balances with banks 1,039 379 204 Customer deposits 5,276 785 556 Other financial liabilities 2,977 1,196 670 Subordinated liabilities 464 370 267 Internal funding of trading businesses 221 65 2 Interest payable ​ 9,977 ​ 2,795 ​ 1,699 Net interest income 11,049 9,842 7,535

Non-interest income (Tables)

Non-interest income (Tables)	12 Months Ended
	Dec. 31, 2023
Non-interest income
Schedule of non-interest income	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 (1) Continuing operations ​ £m ​ £m ​ £m Net fees and commissions (2) 2,330 2,292 2,120 Trading income ​ ​ ​ ​ ​ ​ Foreign exchange 270 ​ 305 ​ 364 Interest rate (3) 595 ​ 752 ​ (130) Credit (72) ​ 17 ​ 83 Changes in fair value of own debt and derivative liabilities attributable to own credit risk ​ ​ ​ ​ ​ ​ - debt securities in issue (2) ​ 42 ​ 6 Equities, commodities and other 3 ​ 17 ​ — ​ 794 ​ 1,133 ​ 323 Other operating income ​ ​ ​ ​ ​ ​ Gain/(loss) on redemption of own debt ​ 3 ​ (161) ​ (145) Rental income on operating lease assets and investment property 234 230 225 Changes in fair value of financial assets and liabilities designated at fair value through profit or loss (4) ​ (150) ​ 17 ​ (8) Changes in fair value of other financial assets at fair value through profit or loss (5) ​ 50 ​ (45) ​ 5 Hedge ineffectiveness 52 (20) 25 Loss on disposal of amortised cost assets and liabilities (5) (15) (15) (Loss)/profit on disposal of fair value through other comprehensive income assets (43) (168) 117 Loss on sale of property, plant and equipment (21) (5) (30) Share of (losses)/profits of associated entities (9) (30) 216 Profit on disposal of subsidiaries and associates ​ — ​ — ​ 48 Foreign exchange recycling gains/(losses) ​ 484 ​ 5 ​ (10) Other income (6) (16) 81 23 ​ ​ 579 ​ (111) ​ 451 ​ ​ 3,703 ​ 3,314 ​ 2,894 ​ (1) Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements. (2) Refer to Note 4 for further analysis . (3) Includes fair value changes on derivatives which have not been designated in a hedge accounting relationship and gains and losses from the management of the NatWest Group’s funding requirements involving the use of derivatives including foreign exchange. These are aimed at managing the interest rate and foreign exchange risk that NatWest Group is exposed to. (4) Includes related derivatives. (5) Includes instruments that have failed solely payments of principal and interest testing under IFRS 9. (6) 2022 includes £92 million profit from insurance liabilities.

Operating expenses (Tables)

Operating expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Operating expenses
Schedule of operating expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Continuing operations ​ £m ​ £m ​ £m Salaries 2,483 2,250 2,295 Bonus awards 353 334 267 Temporary and contract costs ​ 199 ​ 234 ​ 240 Social security costs 352 328 300 Pension costs ​ 313 ​ 363 ​ 354 - defined benefit schemes (Note 5) 122 205 215 - defined contribution schemes 191 158 139 Other 201 207 220 Staff costs 3,901 3,716 3,676 ​ ​ ​ ​ ​ ​ ​ Premises and equipment 1,153 1,112 1,133 UK bank levy 109 101 99 Depreciation and amortisation (1,2) 934 833 923 Other administrative expenses (3) 1,899 1,925 1,927 Administrative expenses 4,095 3,971 4,082 ​ ​ 7,996 ​ 7,687 ​ 7,758 ​ (1) (2) (3)
Schedule of employees in continuing operations	​ ​ ​ ​ ​ ​ ​ ​ Continuing operations 2023 2022 (1) 2021 (1) Retail Banking 14,300 15,100 16,000 Private Banking 2,400 2,300 2,000 Commercial & Institutional 12,400 12,200 11,700 Central items & other (2) 32,500 31,400 28,100 Total 61,600 61,000 57,800 ​ ​ ​ ​ ​ ​ ​ UK 41,500 41,200 40,600 USA 300 300 300 India 16,900 15,700 13,500 Poland ​ 1,500 ​ 1,500 ​ 1,400 Republic of Ireland ​ 400 ​ 1,400 ​ 1,200 Rest of the World 1,000 900 800 Total 61,600 61,000 57,800 ​ (1) Comparatives have been re-presented to reflect the movement of headcount across segments due to segment reorganisation. (2) Central items & other includes Ulster Bank RoI. The total number of persons employed in Ulster Bank RoI of 500 (2022 – 2,200 ; 2021 – 2,400 ) includes nil people employed in discontinued operations at 31 December 2023 (2022 – 400 ; 2021 – 700 ).
Schedule of share-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ Award plan Eligible employees Nature of award Vesting conditions (1) Settlement Sharesave ​ UK, Channel Islands, Gibraltar, Isle of Man, Poland and India. ​ Option to buy shares under employee savings plan ​ Continuing employment or leavers in certain circumstances ​ 2024 to 2028 Deferred performance awards ​ All ​ Awards of ordinary shares and conditional shares ​ Continuing employment or leavers in certain circumstances ​ 2024 to 2031 Long-term incentives (2,3) ​ Senior employees ​ Awards of ordinary shares and conditional shares ​ Continuing employment or leavers in certain circumstances and/or satisfaction of the pre-vesting assessment and underpins ​ 2024 to 2030 ​ (1) All awards have vesting conditions which may not be met. (2) Long-term incentives include buy-out awards offered to compensate certain new hires for the loss of forfeited awards from their previous employment. All awards are granted under the Employee Share Plan. (3) The existing Long-term incentive scheme has been closed for new awards and members as at 31 December 2022. The scheme has been replaced by a new Restricted share plan scheme with similar granting and vesting conditions.
Schedule of bonus awards	​ ​ ​ ​ ​ ​ ​ ​ ​ Bonus awards ​ 2023 ​ 2022 ​ Change ​ £m £m % Non-deferred cash awards (1) ​ 43 ​ 40 ​ 8 % Deferred cash awards 262 270 (3) % Deferred share awards 51 60 (15) % Total deferred bonus awards 313 330 (5) % Total bonus awards (2) 356 370 (4) % Bonus awards as a % of operating profit before tax (3) 5 % 7 % ​ ​ Proportion of bonus awards that are deferred 88 % 89 % ​ ​ - deferred cash awards 84 % 82 % ​ ​ - deferred share awards 16 % 18 % ​ ​ ​ (1) Non-deferred cash awards are limited to £2,000 for all employees. (2) Excludes other performance-related compensation. (3) Operating profit before tax and income statement charge for bonus awards. ​ Reconciliation of bonus awards to income statement charge ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ £m ​ £m ​ £m Bonus awarded 356 370 301 Less: deferral of charge for amounts awarded for current year (114) (127) (99) Income statement charge for amounts awarded in current year 242 243 202 ​ ​ ​ ​ ​ ​ ​ Add: current year charge for amounts deferred from prior years 115 94 80 Less: forfeiture of amounts deferred from prior years (4) (3) (15) Income statement charge for amounts deferred from prior years 111 91 65 Income statement charge for bonus awards 353 334 267 ​ ​ 3 Operating expenses continued Year in which income statement charge is expected to be taken for deferred bonus awards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual ​ Expected ​ ​ ​ ​ ​ 2025 ​ ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ and beyond ​ ​ £m ​ £m ​ £m ​ £m ​ £m Bonus awards deferred from 2021 and earlier 80 94 16 ​ 7 ​ 5 Bonus awards deferred from 2022 ​ — ​ — ​ 99 ​ 9 ​ 9 Less: forfeiture of amounts deferred from prior years (15) (3) (4) ​ — ​ — Bonus awards for 2023 deferred — — — ​ 98 ​ 16 ​ 65 91 111 ​ 114 ​ 30 ​
Sharesave
Operating expenses
Schedule of share-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sharesave ​ 2023 ​ 2022 ​ 2021 ​ Average Shares Average Shares Average Shares ​ ​ exercise price ​ under option ​ exercise price ​ under option ​ exercise price ​ under option ​ ​ £ ​ (million) ​ £ ​ (million) ​ £ ​ (million) At 1 January 1.63 99 1.61 95 1.64 96 Granted 1.42 43 1.86 25 1.80 24 Exercised 1.44 (23) 1.88 (15) 1.76 (10) Cancelled 1.72 (5) 1.60 (6) 2.02 (15) At 31 December 1.59 114 1.63 99 1.61 95
Deferred performance awards
Operating expenses
Schedule of share-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred performance awards ​ 2023 ​ 2022 ​ 2021 ​ Value at Shares Value at Shares Value at Shares ​ ​ grant ​ awarded ​ grant ​ awarded ​ grant ​ awarded ​ ​ £m ​ (million) ​ £m ​ (million) ​ £m ​ (million) At 1 January 93 46 132 65 169 77 Granted 52 20 46 20 61 32 Forfeited (2) (1) (4) (2) (10) (5) Vested (67) (30) (81) (37) (88) (39) At 31 December 76 35 93 46 132 65
Long-term incentives
Operating expenses
Schedule of share-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term incentives ​ 2023 ​ 2022 ​ 2021 ​ Value at Shares Value at Shares Value at Shares ​ ​ grant ​ awarded ​ grant ​ awarded ​ grant ​ awarded ​ ​ £m ​ (million) ​ £m ​ (million) ​ £m ​ (million) At 1 January 49 23 44 21 50 24 Granted 11 5 16 7 6 3 Vested/exercised (10) (4) (10) (4) (12) (6) Lapsed (1) (1) (1) (1) — — At 31 December 49 23 49 23 44 21 ​

Segmental analysis (Tables)

Segmental analysis (Tables)	12 Months Ended
	Dec. 31, 2023
Segmental analysis
Schedule of operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Central ​ ​ ​ ​ Retail ​ Private ​ Commercial & ​ items ​ ​ ​ Banking Banking Institutional & other Total 2023 £m £m £m £m £m Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net interest income 5,496 710 5,044 (201) 11,049 Net fees and commissions 427 249 1,654 — 2,330 Other non-interest income 8 31 723 611 1,373 Total income 5,931 990 7,421 410 14,752 Depreciation and amortisation (1) (1) (154) (778) (934) Other operating expenses (2,827) (684) (3,937) 386 (7,062) Impairment losses (465) (14) (94) (5) (578) Operating profit 2,638 291 3,236 13 6,178 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net interest income 5,224 777 4,171 (330) 9,842 Net fees and commissions 422 250 1,580 40 2,292 Other non-interest income — 29 662 331 1,022 Total income 5,646 1,056 6,413 41 13,156 Depreciation and amortisation — — (161) (672) (833) Other operating expenses (2,593) (622) (3,583) (56) (6,854) Impairment (losses)/releases (229) 2 (122) 12 (337) Operating profit/(loss) 2,824 436 2,547 (675) 5,132 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net interest income ​ 4,074 ​ 480 ​ 2,974 ​ 7 ​ 7,535 Net fees and commissions ​ 377 ​ 258 ​ 1,440 ​ 45 ​ 2,120 Other non-interest income ​ (6) ​ 78 ​ 424 ​ 278 ​ 774 Total income ​ 4,445 ​ 816 ​ 4,838 ​ 330 ​ 10,429 Depreciation and amortisation ​ (85) ​ - ​ (173) ​ (665) ​ (923) Other operating expenses ​ (2,428) ​ (520) ​ (3,584) ​ (303) ​ (6,835) Impairment releases/(losses) ​ 36 ​ 54 ​ 1,160 ​ (77) ​ 1,173 Operating profit/(loss) ​ 1,968 ​ 350 ​ 2,241 ​ (715) ​ 3,844 ​ 4 Segmental analysis continued ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Central ​ ​ ​ ​ Retail ​ Private ​ Commercial & ​ items & ​ ​ ​ Banking Banking Institutional other Total 2023 £m £m £m £m £m Continuing operations ​ ​ ​ ​ ​ External 7,366 1,157 12,519 4,340 25,382 Inter-segmental (4) 5 1,000 (1,602) 597 — Total 7,371 2,157 10,917 4,937 25,382 ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ 5,773 ​ 874 ​ 7,258 ​ 2,669 ​ 16,574 Inter-segmental (4) — 389 (395) 6 — Total 5,773 1,263 6,863 2,675 16,574 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ 5,415 ​ 792 ​ 5,189 ​ 1,306 ​ 12,702 Inter-segmental (4) ​ 18 ​ 127 ​ 102 ​ (247) ​ — Total ​ 5,433 ​ 919 ​ 5,291 ​ 1,059 ​ 12,702 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Central ​ ​ ​ ​ Retail ​ Private ​ Commercial & ​ items & ​ ​ ​ Banking Banking Institutional other Total 2023 £m £m £m £m £m Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External 4,170 ​ 327 7,730 2,525 ​ 14,752 Inter-segmental (4) 1,761 ​ 663 (309) (2,115) ​ — Total 5,931 ​ 990 7,421 410 ​ 14,752 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External 4,956 ​ 778 5,920 1,502 ​ 13,156 Inter-segmental (4) ​ 690 ​ 278 ​ 493 ​ (1,461) ​ — Total ​ 5,646 ​ 1,056 ​ 6,413 ​ 41 ​ 13,156 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External ​ 4,933 ​ 801 ​ 4,634 ​ 61 ​ 10,429 Inter-segmental (4) ​ (488) ​ 15 ​ 204 ​ 269 ​ — Total ​ 4,445 ​ 816 ​ 4,838 ​ 330 ​ 10,429 ​ For the notes to this table refer to page 64. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Central ​ ​ ​ Retail ​ Private ​ Commercial & ​ items ​ ​ ​ Banking ​ Banking ​ Institutional ​ & other ​ Total 2023 £m ​ £m ​ £m ​ £m ​ £m Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fees and commissions receivable ​ ​ - Payment services 324 32 ​ 671 3 1,030 - Credit and debit card fees 400 13 ​ 260 3 676 - Lending and financing ​ 14 ​ 5 ​ 709 ​ 1 ​ 729 - Brokerage 35 6 ​ 42 — 83 - Investment management, trustee and fiduciary services (2) ​ 2 209 ​ 45 10 266 - Underwriting fees — — ​ 123 — 123 - Other 4 5 ​ 73 (6) 76 Total 779 270 ​ 1,923 11 2,983 Fees and commissions payable (352) (21) ​ (269) (11) (653) Net fees and commissions 427 249 ​ 1,654 — 2,330 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fees and commissions receivable ​ ​ - Payment services 314 25 ​ 642 43 1,024 - Credit and debit card fees 401 15 ​ 227 18 661 - Lending and financing 17 8 ​ 673 3 701 - Brokerage 43 ​ 6 ​ 44 — 93 - Investment management, trustee and fiduciary services (2) 4 219 ​ 46 — 269 - Underwriting fees — ​ — ​ 120 ​ — ​ 120 - Other — 3 ​ 88 (44) 47 Total 779 276 ​ 1,840 20 2,915 Fees and commissions payable (357) (26) ​ (260) 20 (623) Net fees and commissions 422 250 ​ 1,580 40 2,292 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fees and commissions receivable ​ ​ - Payment services 306 35 ​ 577 49 967 - Credit and debit card fees 344 10 ​ 149 19 522 - Lending and financing 13 10 ​ 643 4 670 - Brokerage 48 6 ​ 42 — 96 - Investment management, trustee and fiduciary services (2) 3 230 ​ 45 2 280 - Underwriting fees — — ​ 127 — 127 - Other — 35 ​ 109 (112) 32 Total 714 326 ​ 1,692 (38) 2,694 Fees and commissions payable (337) (68) ​ (252) 83 (574) Net fees and commissions 377 258 ​ 1,440 45 2,120 ​ For the notes to this table refer to page 64. 4 Segmental analysis continued ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ Assets ​ Liabilities ​ Assets ​ Liabilities ​ Assets ​ Liabilities ​ £m £m £m £m £m £m Retail Banking 228,684 ​ 191,936 ​ 226,375 192,282 ​ 209,973 192,715 Private Banking 26,894 ​ 37,806 ​ 29,867 41,491 ​ 29,854 39,388 Commercial & Institutional 384,958 ​ 359,766 ​ 404,817 383,768 ​ 425,718 411,757 Central items & other 52,137 ​ 65,977 ​ 58,994 66,016 ​ 116,447 96,329 Total 692,673 ​ 655,485 ​ 720,053 683,557 ​ 781,992 740,189
Schedule of geographical segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UK USA Europe RoW Total 2023 £m £m £m £m £m Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue 24,096 167 ​ 1,016 ​ 103 ​ 25,382 Interest receivable 20,192 39 ​ 774 ​ 21 ​ 21,026 Interest payable ​ (9,500) ​ (1) ​ (472) ​ (4) ​ (9,977) Net fees and commissions 2,052 49 ​ 172 ​ 57 ​ 2,330 Trading income 704 66 ​ 1 ​ 23 ​ 794 Other operating income 556 (10) ​ 30 ​ 3 ​ 579 Total income (3) 14,004 143 ​ 505 ​ 100 ​ 14,752 Operating profit/(loss) before tax 6,196 45 ​ (149) ​ 86 ​ 6,178 Total assets 610,831 23,725 ​ 56,001 ​ 2,116 ​ 692,673 Total liabilities 594,250 22,106 ​ 37,506 ​ 1,623 ​ 655,485 Contingent liabilities and commitments 112,199 — ​ 7,411 ​ 21 ​ 119,631 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue 15,795 117 558 104 16,574 Interest receivable 12,242 37 344 14 12,637 Interest payable ​ (2,567) ​ (2) ​ (221) ​ (5) ​ (2,795) Net fees and commissions 1,983 44 207 58 2,292 Trading income 1,208 1 (104) 28 1,133 Other operating income (140) 14 12 3 (111) Total income (3) 12,726 94 238 98 13,156 Operating profit/(loss) before tax 5,716 (46) (620) 82 5,132 Total assets 589,758 25,979 101,164 3,152 720,053 Total liabilities 579,476 27,039 75,092 1,950 683,557 Contingent liabilities and commitments 117,915 — 8,649 17 126,581 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue 12,100 87 482 33 12,702 Interest receivable 8,949 20 257 8 9,234 Interest payable ​ (1,483) ​ (2) ​ (211) ​ (3) ​ (1,699) Net fees and commissions 1,820 27 231 42 2,120 Trading income 247 53 (1) 24 323 Other operating income 387 2 62 — 451 Total income (3) 9,920 100 338 71 10,429 Operating (loss)/profit before tax 4,143 48 (387) 40 3,844 Total assets 693,221 21,776 64,415 2,580 781,992 Total liabilities 676,684 23,286 38,835 1,384 740,189 Contingent liabilities and commitments 117,225 1 8,114 27 125,367 ​ (1) Total revenue comprises interest receivable, fees and commissions receivable, income from trading activities and other operating income. (2) Comparisons with prior periods are affected by the transfer of the Private Client Advice business to Private Banking from 1 January 2021. (3) Total income excludes internal service fee income which has been calculated on a cost plus mark-up basis. (4) Revenue and income from transactions between segments of the group are now reported as inter-segment in both the current and comparative information.

Pensions (Tables)

Pensions (Tables)	12 Months Ended
	Dec. 31, 2023
Pensions
Schedule of major classes of plan assets as a percentage of total plan assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ Quoted Unquoted Total Quoted Unquoted Total ​ ​ % ​ % ​ % ​ % ​ % ​ % Equities ​ 0.1 ​ 6.7 ​ 6.8 ​ 0.1 ​ 7.7 ​ 7.8 Index linked bonds 36.7 ​ — ​ 36.7 ​ 37.7 ​ — ​ 37.7 Government bonds 13.3 ​ — ​ 13.3 ​ 18.4 ​ — ​ 18.4 Corporate and other bonds 19.2 ​ 6.4 ​ 25.6 ​ 15.3 ​ 6.7 ​ 22.0 Real estate — 4.5 ​ 4.5 ​ — 6.0 ​ 6.0 Derivatives — 2.7 ​ 2.7 ​ — 8.2 ​ 8.2 Cash and other assets ​ — ​ 10.4 ​ 10.4 ​ — ​ (0.1) ​ (0.1) ​ 69.3 ​ 30.7 ​ 100.0 ​ 71.5 ​ 28.5 ​ 100.0
Summary of derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Notional ​ Fair value ​ Notional ​ Fair value ​ amounts Assets Liabilities amounts Assets Liabilities ​ ​ £bn ​ £m ​ £m ​ £bn ​ £m ​ £m Inflation rate swaps 29 1,929 940 21 1,873 990 Interest rate swaps 52 3,121 3,394 103 14,317 12,546 Currency forwards 13 235 34 12 310 113 Equity and bond call options — — — — — — Equity and bond put options — — 4 — 2 70 Other 1 8 20 1 14 19 ​
Schedule of changes in value of net pension liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Main section ​ All schemes ​ Present value Asset Net ​ Asset ​ ​ ​ Fair ​ of defined ​ ceiling/ ​ pension ​ Fair ​ Present value ​ ceiling/ ​ Net ​ ​ value of ​ benefit ​ minimum ​ assets/ ​ value of ​ of defined ​ minimum ​ pension ​ ​ plan assets ​ obligation (1) ​ funding ​ liability ​ plan assets ​ benefit (2) ​ funding ​ assets (2) Changes in value of net pension assets/(liability) ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m At 1 January 2022 52,021 (42,020) (10,001) — 57,787 (46,808) (10,491) 488 Currency translation and other adjustments ​ — ​ — ​ — ​ — ​ 78 ​ (65) ​ (11) ​ 2 Income statement - operating expenses ​ 932 ​ (892) ​ (180) ​ (140) ​ 1,041 ​ (1,055) ​ (191) ​ (205) Other comprehensive income ​ (18,180) ​ 16,714 ​ 898 ​ (568) ​ (20,326) ​ 18,570 ​ 916 ​ (840) Contributions by employer ​ 708 ​ — ​ — ​ 708 ​ 775 ​ — ​ — ​ 775 Contributions by plan participants and other scheme members ​ 7 ​ (7) ​ — ​ — ​ 13 ​ (13) ​ — ​ — Assets/liabilities extinguished upon settlement ​ — ​ — ​ — ​ — ​ (113) ​ 113 ​ — ​ — Benefits paid ​ (1,472) ​ 1,472 ​ — ​ — ​ (1,657) ​ 1,657 ​ — ​ — At 1 January 2023 ​ 34,016 ​ (24,733) ​ (9,283) ​ — ​ 37,598 ​ (27,601) ​ (9,777) ​ 220 Currency translation and other adjustments ​ — ​ — ​ — ​ — ​ (21) ​ 21 ​ 4 ​ 4 Income statement - operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net interest expense ​ 1,677 ​ (1,208) ​ (464) ​ 5 ​ 1,841 ​ (1,341) ​ (485) ​ 15 Current service cost ​ — ​ (76) ​ — ​ (76) ​ — ​ (105) ​ — ​ (105) Past service cost ​ — ​ (2) ​ — ​ (2) ​ — ​ (8) ​ — ​ (8) Loss on curtailments and settlements ​ — ​ — ​ — ​ — ​ — ​ (24) ​ — ​ (24) ​ ​ 1,677 ​ (1,286) ​ (464) ​ (73) ​ 1,841 ​ (1,478) ​ (485) ​ (122) Other comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Return on plan assets excluding recognised interest income ​ (1,042) ​ — ​ — ​ (1,042) ​ (1,182) ​ — ​ — ​ (1,182) Experience gains and losses ​ — ​ (1,531) ​ — ​ (1,531) ​ — ​ (1,599) ​ — ​ (1,599) Effect of changes in actuarial financial assumptions ​ — ​ (585) ​ — ​ (585) ​ — ​ (776) ​ — ​ (776) Effect of changes in actuarial demographic assumptions ​ — ​ 379 ​ — ​ 379 ​ — ​ 436 ​ — ​ 436 Asset ceiling adjustments ​ — ​ — ​ 2,643 ​ 2,643 ​ — ​ — ​ 2,841 ​ 2,841 ​ ​ (1,042) ​ (1,737) ​ 2,643 ​ (136) ​ (1,182) ​ (1,939) ​ 2,841 ​ (280) Contributions by employer (3) ​ 209 ​ — ​ — ​ 209 ​ 278 ​ 2 ​ — ​ 280 Contributions by plan participants and other scheme members ​ 7 ​ (7) ​ — ​ — ​ 12 ​ (12) ​ — ​ — Assets/liabilities extinguished upon settlement ​ — ​ — ​ — ​ — ​ (50) ​ 50 ​ — ​ — Benefits paid ​ (1,229) ​ 1,229 ​ — ​ — ​ (1,365) ​ 1,365 ​ — ​ — At 31 December 2023 (4) ​ 33,638 ​ (26,534) ​ (7,104) ​ — ​ 37,111 ​ (29,592) ​ (7,417) ​ 102 ​ (1) Defined benefit obligations are subject to annual valuation by independent actuaries. (2) NatWest Group recognises the net pension scheme surplus or deficit as a net asset or liability. In doing so, the funded status is adjusted to reflect any schemes with a surplus that NatWest Group may not be able to access, as well as any minimum funding requirement to pay in additional contributions. This is most relevant to the Main section, where the surplus is not recognised as the trustees may have control over the use of the surplus. Other NatWest Group schemes that this applies to include the Ulster Bank Pension Scheme (NI) and the NatWest Markets section. (3) NatWest Group expects to make contributions to the Main section of £207 million in 2024. (4) On 16 June 2023 the High Court issued a ruling in respect of Virgin Media v NTL Pension Trustees II Limited (and others), which has the potential to affect the defined benefit obligation (DBO) values. Reasonable due diligence has concluded that DBO values above require no adjustment for the impact of this case. ​ ​ ​ ​ ​ ​ ​ ​ All schemes ​ 2023 2022 Amounts recognised on the balance sheet ​ £m ​ £m Fund asset at fair value 37,111 37,598 Present value of fund liabilities (29,592) (27,601) Funded status 7,519 9,997 Assets ceiling/minimum funding (7,417) (9,777) ​ 102 220 ​ ​ ​ ​ ​ ​ ​ 2023 2022 Net pension asset/(liability) comprises ​ £m ​ £m Net assets of schemes in surplus (refer to Note 18) 201 318 Net liabilities of schemes in deficit (refer to Note 21) (99) (98) ​ 102 220
Schedule of principal actuarial assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ Principal IAS 19 actuarial assumptions (1) ​ ​ 2023 2022 ​ ​ % ​ % ​ Discount rate 4.8 5.0 Inflation assumption (RPI) 3.1 3.2 Rate of increase in salaries 1.8 1.8 Rate of increase in deferred pensions 3.2 3.2 Rate of increase in pensions in payment 2.4 2.5 Lump sum conversion rate at retirement 18 18 Longevity at age 60: years years Current pensioners ​ ​ ​ ​ ​ Males 26.8 27.3 Females 28.6 29.1 Future pensioners, currently aged 40 ​ ​ Males 27.7 28.3 Females 29.5 30.1 ​ (1) The above financial assumptions are long-term assumptions set with reference to the period over which the obligations are expected to be settled.
Schedule of sensitivities of the present value of defined benefit obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Decrease)/ ​ (Decrease)/ ​ Increase in ​ ​ increase in ​ increase in ​ net pension ​ ​ value of ​ value of ​ (obligations)/ ​ assets liabilities assets 2023 ​ £m ​ £m ​ £m 0.5% increase in interest rates/discount rate ​ (2,292) ​ (1,746) ​ (546) 0.25% increase in inflation ​ 811 ​ 578 ​ 233 0.5% increase in credit spreads ​ (12) ​ (1,746) ​ 1,734 Longevity increase of one year ​ — ​ 902 ​ (902) 0.25% additional rate of increase in pensions in payment ​ — ​ 706 ​ (706) Increase in equity values of 10% (1) ​ 229 ​ — ​ 229 ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ 0.5% increase in interest rates/discount rate (2,689) ​ (1,766) ​ (923) 0.25% increase in inflation 963 ​ 632 ​ 331 0.5% increase in credit spreads (6) ​ (1,766) ​ 1,760 Longevity increase of one year ​ — ​ 767 ​ (767) 0.25% additional rate of increase in pensions in payment ​ — ​ 679 ​ (679) Increase in equity values of 10% (1) 267 ​ — ​ 267 ​ (1) Includes both quoted and private equity. ​ The table below shows the combined change in defined benefit obligation from larger movements in these assumptions, assuming no changes in other assumptions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in life expectancies ​ ​ ​ -2 years -1 year No change + 1 year + 2 years 2023 £bn £bn £bn £bn £bn Change in credit spreads +50 bps (3.5) (2.6) (1.7) (0.9) (0.1) ​ No change (1.9) (0.9) — 0.9 1.8 ​ -50 bps — 1.0 2.0 2.9 3.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ Change in credit spreads +50 bps (3.7) (2.8) (1.8) (0.8) 0.2 ​ No change (2.1) (1.1) — 1.1 2.1 ​ -50 bps (0.3) 0.9 2.0 3.2 4.3
Schedule of different classes of scheme members proportions	​ ​ ​ ​ ​ ​ ​ 2023 2022 Membership category ​ % ​ % Active members 7.5 8.4 Deferred members 41.9 41.0 Pensioners and dependants 50.6 50.6 ​ 100.0 100.0
Schedule of history of defined benefit schemes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Main section ​ All schemes ​ 2023 2022 2021 2020 2019 2023 2022 2021 2020 2019 History of defined benefit schemes ​ £m £m £m £m £m £m £m £m £m £m Fair value of plan assets ​ 33,638 34,016 52,021 51,323 46,555 37,111 37,598 57,787 57,249 51,925 Present value of plan obligations ​ (26,534) (24,733) (42,020) (43,870) (39,669) (29,592) (27,601) (46,808) (48,864) (44,115) Net surplus ​ 7,104 9,283 10,001 7,453 6,886 7,519 9,997 10,979 8,385 7,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Experience (losses)/gains on plan liabilities ​ (1,531) (2,053) 241 427 275 (1,599) (2,137) 237 455 279 Experience (losses)/gains on plan assets ​ (1,042) (18,180) 841 5,486 3,021 (1,182) (20,326) 872 6,027 3,556 Actual return on plan assets ​ 634 (17,248) 1,554 6,422 4,266 659 (19,285) 1,667 7,064 4,930 Actual return on plan assets ​ 1.9 % (33.2) % 3.0 % 13.8 % 9.7 % 1.8 % (33.4) % 2.9 % 13.6 % 10.1 % ​

Auditor's remuneration (Tables)

Auditor's remuneration (Tables)	12 Months Ended
	Dec. 31, 2023
Auditor's remuneration
Schedule of auditor's remuneration	​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ £m ​ £m £m Fees payable for : ​ ​ ​ ​ ​ ​ - the audit of NatWest Group’s annual accounts (1) 4.9 4.7 4.4 - the audit of NatWest Group plc’s subsidiaries (1) 32.3 31.9 29.6 - audit-related assurance services (1,2) 4.5 3.9 5.3 Total audit and audit-related assurance services fees 41.7 40.5 39.3 ​ ​ ​ ​ ​ ​ ​ Other assurance services 0.7 1.2 0.4 Corporate finance services (3) 0.7 0.5 0.5 Total other services 1.4 1.7 0.9 ​ (1) The 2023 audit fee was approved by the Group Audit Committee. At 31 December 2023, £16 million has been billed and paid in respect of the 2023 NatWest Group audit fees. (2) Comprises fees of £1.4 million (2022 - £1.1 million) for reviews of interim financial information, £ 2.8 million (2022 - £2.3 million) for reports to NatWest Group’s regulators in the UK and overseas, and £0.3 million (2022 - £0.4 million) for non-statutory audit opinions. (3) Comprises fees of £0.7 million (2022 - £0.5 million) for work performed by the auditors as reporting accountants on debt and equity issuances undertaken by NatWest Group .

Tax (Tables)

Tax (Tables)	12 Months Ended
	Dec. 31, 2023
Tax
Schedule of current and deferred tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ 2021 Continuing operations £m £m £m Current tax ​ ​ Charge for the year (1,373) ​ (1,611) ​ (1,036) (Under)/over provision in respect of prior years (123) ​ 100 ​ 31 ​ (1,496) ​ (1,511) ​ (1,005) Deferred tax ​ ​ ​ ​ ​ (Charge)/credit for the year (281) ​ 47 ​ (185) UK tax rate change impact — ​ (10) ​ 165 Net increase in the carrying value of deferred tax assets in respect of UK, RoI and Netherlands losses ​ 385 ​ 267 ​ 12 (Under)/over provision in respect of prior years (42) ​ (68) ​ 17 Tax charge for the year (1,434) ​ (1,275) ​ (996)
Schedule of reconciliation of actual tax charge from the expected tax charge	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Continuing operations ​ £m ​ £m ​ £m Expected tax charge (1,452) ​ (975) ​ (766) Losses and temporary differences in year where no deferred tax asset recognised (56) ​ (118) ​ (51) Foreign profits taxed at other rates 10 ​ (62) ​ (11) Non deductible goodwill impairment — ​ — ​ (16) Items not allowed for tax: ​ ​ ​ ​ ​ ​ - losses on disposals and write-downs (63) ​ (10) ​ (55) - UK bank levy (27) ​ (20) ​ (18) - regulatory and legal actions (1) ​ (7) ​ (74) - other disallowable items (57) ​ (51) ​ (28) Non-taxable items: ​ ​ ​ ​ ​ - Foreign exchange recycling on UBIDAC capital reduction ​ 114 ​ — ​ — - RPI-related uplift on index linked gilts ​ 6 ​ 67 ​ — - other non-taxable items ​ 20 ​ 29 ​ 73 Taxable foreign exchange movements 9 ​ (19) ​ 8 Unrecognised losses brought forward and utilised 27 ​ 6 ​ 10 Net increase/(decrease) in the carrying value of deferred tax assets in respect of: ​ ​ ​ ​ ​ - UK losses (2) ​ 371 ​ 272 ​ (9) - RoI losses ​ (1) ​ (5) ​ (27) - Netherlands losses ​ 15 ​ — ​ 48 Banking surcharge (236) ​ (447) ​ (341) Tax on paid-in equity dividends ​ 52 ​ 43 ​ 48 UK tax rate change impact — ​ (10) ​ 165 Adjustments in respect of prior years (1, 2) ​ (165) ​ 32 ​ 48 Actual tax charge (1,434) ​ (1,275) ​ (996) ​ (1) (2)
Schedule of deferred tax asset and liability	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ £m £m Deferred tax asset (1,894) (2,178) Deferred tax liability 141 227 Net deferred tax asset (1,753) (1,951)
Schedule of net deferred tax asset	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accelerated ​ ​ ​ ​ ​ Tax losses ​ ​ ​ ​ ​ ​ ​ ​ capital ​ Expense ​ Financial ​ carried ​ ​ ​ ​ ​ ​ Pension ​ allowances ​ provisions ​ instruments (1) ​ forward ​ Other ​ Total ​ £m £m £m £m £m £m £m At 1 January 2022 24 (42) (97) 248 (899) (70) (836) Charge/(credit) to income statement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ - continuing operations ​ 1 ​ (43) ​ 14 ​ (171) ​ (51) ​ 14 ​ (236) - discontinued operations ​ — ​ — ​ — ​ — ​ — ​ — ​ — (Credit)/charge to other comprehensive income (2) ​ — ​ 1 ​ (913) ​ — ​ (2) ​ (916) Currency translation and other adjustments — 10 — 31 (2) (2) 37 At 1 January 2023 23 (75) (82) (805) (952) (60) (1,951) Charge/(credit) to income statement: ​ ​ ​ ​ ​ ​ ​ - continuing operations ​ 1 ​ (1) ​ 21 ​ 16 ​ (67) ​ (32) ​ (62) - discontinued operations ​ — ​ — ​ — ​ — ​ — ​ — ​ — (Credit)/charge to other comprehensive income (8) — — 249 — 17 258 Currency translation and other adjustments — — — 2 — — 2 At 31 December 2023 16 (76) (61) (538) (1,019) (75) (1,753) ​ (1) The in-year movement predominantly relates to cash flow hedges.
Schedule of recognised deferred tax assets in respect of tax losses	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £m ​ £m UK tax losses carried forward ​ ​ ​ ​ - NWM Plc — 3 - NWB Plc 362 445 - RBS plc 597 452 Total 959 900 Overseas tax losses carried forward ​ ​ ​ ​ - UBIDAC ​ 5 ​ 6 - NWM N.V. 55 46 ​ 1,019 952

Discontinued operations and a_2

Discontinued operations and assets and liabilities of disposal groups (Tables)	12 Months Ended
	Dec. 31, 2023
Discontinued operations and assets and liabilities of disposal groups
Schedule of profit/(loss) net of tax and operating cash flows attributable to discontinued operations	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ £m ​ £m ​ £m Interest receivable ​ 22 ​ 177 ​ 339 Net interest income ​ 22 ​ 177 ​ 339 Non-interest income (1) ​ (16) ​ (472) ​ 13 Total income ​ 6 ​ (295) ​ 352 Operating expenses ​ (124) ​ (38) ​ (47) (Loss)/profit before impairment releases ​ (118) ​ (333) ​ 305 Impairment releases ​ 6 ​ 71 ​ 162 Operating (loss)/profit before tax ​ (112) ​ (262) ​ 467 Tax charge ​ — ​ — ​ (3) (Loss)/profit from discontinued operations, net of tax ​ (112) ​ (262) ​ 464 ​ (1) Excludes gain of £ 20 million (€ 24 million) recognised by NatWest Group as a result of acquisition of PTSB shares in relation to disposal of UBIDAC assets to PTSB in 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ £m £m £m Net cash flows from operating activities 362 1,090 2,212 Net cash flows from investing activities 5,473 6,164 — Net increase in cash and cash equivalents 5,835 7,254 2,212 ​
Schedule of assets and liabilities of disposal groups	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £m ​ £m Assets of disposal groups ​ Loans to customers - amortised cost 32 1,458 Other financial assets - loans to customers ​ 841 ​ 5,397 Other assets 29 6 ​ ​ 902 ​ 6,861 Liabilities of disposal groups ​ ​ Other liabilities 3 15 ​ 3 15 ​ ​ ​ ​ ​ Net assets of disposal groups 899 6,846

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings per share
Schedule of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ £m ​ £m ​ £m Earnings Profit from continuing operations attributable to ordinary shareholders 4,506 3,602 2,486 (Loss)/profit from discontinued operations attributable to ordinary shareholders (112) (262) 464 Profit attributable to ordinary shareholders 4,394 3,340 2,950 ​ Weighted average number of shares (millions) ​ Weighted average number of ordinary shares outstanding during the year 9,164 9,872 10,792 Effect of dilutive share options and convertible securities (1) 55 57 45 Diluted weighted average number of ordinary shares outstanding during the year 9,219 9,929 10,837 ​ ​ ​ ​ ​ ​ ​ Earnings per ordinary share - continuing operations ​ 49.2p ​ 36.5p ​ 23.0p Earnings per ordinary share - discontinued operations ​ (1.2p) ​ (2.7p) ​ 4.3p Total earnings per share attributable to ordinary shareholders - basic (2) 47.9p 33.8p 27.3p Earnings per ordinary share - fully diluted continuing operations 48.9p 36.2p 22.9p Earnings per ordinary share - fully diluted discontinued operations (1.2p) (2.6p) 4.3p Total earnings per share attributable to ordinary shareholders - fully diluted 47.7p 33.6p 27.2p ​ (1) At the General Meeting and Class Meeting on 25 August 2022, the shareholders approved the proposed special dividend and share consolidation. On 30 August 2022 the issued ordinary share capital was consolidated in the ratio of 14 existing shares for 13 new shares. The average number of shares and earnings per share have been adjusted retrospectively. ​ (2) In 2023, the unrounded Total earnings per share attributable to ordinary shareholders – basic is 47.948 p. The unrounded Earnings per ordinary share – continuing operations was 49.170 p. The unrounded Earnings per ordinary share – discontinued operations was ( 1.222 p).

Financial instruments - class_2

Financial instruments - classification (Tables)	12 Months Ended
	Dec. 31, 2023
Financial instruments - classification
Schedule of classification for financial assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortised ​ Other ​ ​ ​ MFVTPL ​ DFV ​ FVOCI ​ cost ​ assets Total Assets £m £m £m £m £m £m Cash and balances at central banks — — ​ — 104,262 — ​ 104,262 Trading assets ​ 45,551 ​ — ​ — ​ — ​ — ​ 45,551 Derivatives (1) ​ 78,904 ​ — ​ — ​ — ​ — ​ 78,904 Settlement balances — ​ — ​ — ​ 7,231 ​ — ​ 7,231 Loans to bank - amortised cost (2) — — ​ — 6,914 — ​ 6,914 Loans to customers - amortised cost (3) — — ​ — 381,433 — ​ 381,433 Other financial assets 703 ​ 5 ​ 28,699 21,695 — ​ 51,102 Intangible assets ​ — ​ — ​ — ​ — ​ 7,614 ​ 7,614 Other assets — ​ — ​ — ​ — 8,760 ​ 8,760 Assets of disposal groups (4) ​ — ​ — ​ — ​ — ​ 902 ​ 902 31 December 2023 125,158 5 ​ 28,699 521,535 17,276 692,673 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and balances at central banks — ​ — ​ — ​ 144,832 — ​ 144,832 Trading assets ​ 45,577 — ​ — ​ — — ​ 45,577 Derivatives (1) ​ 99,545 — ​ — ​ — — ​ 99,545 Settlement balances ​ — — ​ — ​ 2,572 — ​ 2,572 Loans to bank - amortised cost (2) ​ — — ​ — ​ 7,139 — ​ 7,139 Loans to customers - amortised cost (3) — — ​ — ​ 366,340 — ​ 366,340 Other financial assets 787 — ​ 16,973 ​ 13,135 — ​ 30,895 Intangible assets ​ — ​ — ​ — ​ — ​ 7,116 ​ 7,116 Other assets ​ — ​ — ​ — ​ — 9,176 ​ 9,176 Assets of disposal groups (4) ​ — ​ — ​ — ​ — ​ 6,861 ​ 6,861 31 December 2022 145,909 — ​ 16,973 ​ 534,018 23,153 ​ 720,053 ​ 10 Financial instruments – classification continued ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-for- ​ ​ ​ Amortised ​ Other ​ ​ ​ trading DFV cost liabilities Total Liabilities £m ​ £m ​ £m ​ £m ​ £m Bank deposits (5) — — ​ 22,190 — 22,190 Customer deposits — — ​ 431,377 — 431,377 Settlement balances — — ​ 6,645 — 6,645 Trading liabilities ​ 53,636 ​ — ​ — ​ — ​ 53,636 Derivatives (1) 72,395 — ​ — — 72,395 Other financial liabilities (6) — 2,888 ​ 52,201 — 55,089 Subordinated liabilities — 237 ​ 5,477 — 5,714 Notes in circulation ​ — ​ — ​ 3,237 ​ — ​ 3,237 Other liabilities (7) — — ​ 748 4,454 5,202 31 December 2023 126,031 3,125 ​ 521,875 4,454 655,485 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank deposits (5) — — ​ 20,441 — 20,441 Customer deposits — — ​ 450,318 — 450,318 Settlement balances — — ​ 2,012 — 2,012 Trading liabilities 52,808 — ​ — — 52,808 Derivatives (1) 94,047 — ​ — — 94,047 Other financial liabilities (6) — 2,377 ​ 46,730 — 49,107 Subordinated liabilities — 345 ​ 5,915 — 6,260 Notes in circulation ​ — ​ — ​ 3,218 ​ — ​ 3,218 Other liabilities (7) — — ​ 1,205 4,141 5,346 31 December 2022 146,855 2,722 ​ 529,839 4,141 683,557 ​ (1) Includes net hedging derivatives assets of £ 114 million (2022 - £ 143 million) and net hedging derivatives liabilities of £ 270 million (2022 - £ 132 million). (2) Includes items in the course of collection from other banks of £ 255 million (2022 - £ 229 million). (3) Includes finance lease receivables of £ 8,731 million (2022 - £ 8,402 million). (4) Includes assets of disposal groups held at FVTPL of £ 841 million (2022 - £ 5,397 million). The portfolio is classified as level 3 in the fair value hierarchy. (5) Includes items in the course of transmission to other banks of £ 92 million (2022 - £ 242 million). (6) The carrying amount of customer deposits designated at fair value through profit or loss is the same as the principal amount for both periods. No amounts have been recognised in the profit or loss for changes in credit risk associated with these liabilities as the changes are immaterial both during the period and cumulatively. (7) Includes lease liabilities of £ 670 million (2022 - £ 1,118 million), held at amortised cost. ​
Schedule of effect of reclassification of mortgages from amortised cost to fair value through profit or loss	​ ​ ​ ​ ​ ​ ​ ​ ​ Amortised cost MFVTPL Change in value ​ ​ £m ​ £m ​ £m Amounts reclassified on balance sheet Loans to customers (1) 587 606 19 Assets of disposal groups (2) 10,676 10,383 (293) ​ 11,263 10,989 (274) ​ (1) (2)
Schedule of reconciliation of financial assets	The table below analyses financial assets forming a component of ESG-linked loans and other products with contractual terms that could change the timing or amount of cash flows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ ​ Positive impact on Negative impact on Reduction in ​ ​ ​ ​ Carrying value ​ product margin ​ product margin ​ cash flows ​ Carrying value ​ ​ £bn ​ bps ​ bps ​ £m ​ £bn Sustainability-linked loans 6.5 3.2 3.9 2.5 5.0 Other products 16.1 — — — 8.9 Lending subject to performance triggers 22.6 ​ ​ ​ 2.5 13.9
Schedule of amount receivable under finance leases	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £m ​ £m Amount receivable under finance leases ​ ​ Within 1 year ​ 3,340 ​ 3,235 1 to 2 years ​ 2,358 ​ 2,254 2 to 3 years ​ 1,625 ​ 1,388 3 to 4 years ​ 900 ​ 833 4 to 5 years ​ 388 ​ 411 After 5 years ​ 1,079 ​ 1,130 Total lease payments ​ 9,690 ​ 9,251 Unguaranteed residual values ​ 169 ​ 171 Future drawdowns ​ (12) ​ (13) Unearned income ​ (1,025) ​ (889) Present value of lease payments ​ 8,822 ​ 8,520 Impairments ​ (91) ​ (118) Net investment in finance leases ​ 8,731 ​ 8,402
Schedule of financial assets and liabilities that are offset on the balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instruments which can be offset ​ Potential for offset not recognised by IFRS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of ​ ​ ​ ​ ​ Net amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ master ​ ​ ​ ​ ​ after netting ​ Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ netting ​ ​ ​ ​ ​ agreements and ​ outside ​ ​ ​ ​ ​ ​ IFRS ​ Balance ​ and similar ​ Cash ​ Securities ​ effect of ​ netting ​ Balance ​ ​ Gross ​ offset ​ sheet ​ agreements ​ collateral ​ collateral ​ related collateral ​ agreements ​ sheet total 2023 £m £m £m £m £m £m £m £m £m Derivative assets 99,023 ​ (20,597) ​ 78,426 ​ (60,355) ​ (12,284) ​ (3,408) ​ 2,379 ​ 478 ​ 78,904 Derivative liabilities 95,734 ​ (23,869) ​ 71,865 ​ (60,355) ​ (6,788) ​ (1,663) ​ 3,059 ​ 530 ​ 72,395 Net position (1) 3,289 ​ 3,272 ​ 6,561 ​ — ​ (5,496) ​ (1,745) ​ (680) ​ (52) ​ 6,509 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading reverse repos 39,573 ​ (16,257) ​ 23,316 ​ (664) ​ — ​ (22,461) ​ 191 ​ 378 ​ 23,694 Trading repos 42,442 ​ (16,257) ​ 26,185 ​ (664) ​ — ​ (25,520) ​ 1 ​ 717 ​ 26,902 Net position (2,869) ​ — ​ (2,869) ​ — ​ — ​ 3,059 ​ 190 ​ (339) ​ (3,208) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non trading reverse repos 37,477 ​ (9,646) ​ 27,831 ​ (5) ​ — ​ (27,826) ​ — ​ 80 ​ 27,911 Non trading repos 23,605 ​ (9,646) ​ 13,959 ​ (5) ​ — ​ (13,954) ​ — ​ 3 ​ 13,962 Net position 13,872 ​ — ​ 13,872 ​ — ​ — ​ (13,872) ​ — ​ 77 ​ 13,949 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets 117,606 ​ (18,730) ​ 98,876 ​ (77,365) ​ (14,079) ​ (4,571) ​ 2,861 ​ 669 ​ 99,545 Derivative liabilities 115,177 ​ (22,111) ​ 93,066 ​ (77,365) ​ (9,761) ​ (1,185) ​ 4,755 ​ 981 ​ 94,047 Net position (1) 2,429 ​ 3,381 ​ 5,810 ​ — ​ (4,318) ​ (3,386) ​ (1,894) ​ (312) ​ 5,498 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading reverse repos 35,612 ​ (14,510) ​ 21,102 ​ (2,445) ​ — ​ (18,458) ​ 199 ​ 435 ​ 21,537 Trading repos 33,767 ​ (14,510) ​ 19,257 ​ (2,445) ​ — ​ (16,812) ​ — ​ 4,483 ​ 23,740 Net position 1,845 ​ — ​ 1,845 ​ — ​ — ​ (1,646) ​ 199 ​ (4,048) ​ (2,203) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non trading reverse repos 25,630 ​ (5,702) ​ 19,928 ​ — ​ — ​ (19,928) ​ — ​ 98 ​ 20,026 Non trading repos 16,977 ​ (5,702) ​ 11,275 ​ — ​ — ​ (11,275) ​ — ​ — ​ 11,275 Net position 8,653 ​ — ​ 8,653 ​ — ​ — ​ (8,653) ​ — ​ 98 ​ 8,751 ​ (1) Net IFRS offset balance of £ 3,272 million (2022 - £ 3,381 million)relates to variation margin netting reflected on other balance sheet lines .

Financial instruments - valua_2

Financial instruments - valuation (Tables)	12 Months Ended
	Dec. 31, 2023
Financial instruments - classification
Schedule of financial assets and liabilities at fair value by valuation hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ Level 1 Level 2 Level 3 Total ​ Level 1 Level 2 Level 3 ​ Total ​ £m £m £m £m £m £m £m £m Assets ​ ​ ​ ​ Trading assets ​ ​ ​ ​ Loans — 33,388 209 33,597 ​ — 35,260 395 35,655 Securities 8,447 3,493 14 11,954 ​ 7,463 2,458 1 9,922 Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate ​ 1 ​ 43,912 ​ 650 ​ 44,563 ​ 5 ​ 52,764 ​ 711 ​ 53,480 Foreign exchange ​ — ​ 34,096 ​ 65 ​ 34,161 ​ — ​ 45,715 ​ 114 ​ 45,829 Other ​ — ​ 72 ​ 108 ​ 180 ​ — ​ 54 ​ 182 ​ 236 Other financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans — 108 657 765 ​ — 172 727 899 Securities 17,848 10,536 258 28,642 ​ 10,380 6,278 203 16,861 Total financial assets held at fair value 26,296 125,605 1,961 ​ 153,862 ​ 17,848 142,701 2,333 162,882 As a % of total fair value assets ​ 17 % 82 % 1 % — ​ 11 % 88 % 1 % — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Trading liabilities ​ ​ ​ ​ ​ ​ ​ Deposits — 43,126 1 43,127 ​ — 42,486 1 42,487 Debt securities in issue — 706 — 706 ​ — 797 — 797 Short positions 7,936 1,865 2 9,803 ​ 7,462 2,062 — 9,524 Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate ​ — ​ 38,044 ​ 439 ​ 38,483 ​ 2 ​ 47,855 ​ 678 ​ 48,535 Foreign exchange ​ — ​ 33,528 ​ 58 ​ 33,586 ​ — ​ 45,139 ​ 98 ​ 45,237 Other ​ — ​ 138 ​ 188 ​ 326 ​ — ​ 76 ​ 199 ​ 275 Other financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt securities in issue — 1,605 3 1,608 ​ — 1,327 — 1,327 Other deposits — 1,280 — 1,280 ​ — 1,050 — 1,050 Subordinated liabilities — 237 — 237 ​ — 345 — 345 Total financial liabilities held at fair value 7,936 120,529 691 129,156 ​ 7,464 141,137 976 149,577 As a % of total fair value liabilities ​ 6 % 93 % 1 % — ​ 5 % 94 % 1 % — ​ (1) Transfers between levels are deemed to have occurred at the beginning of the quarter in which the instrument was transferred. (2) For an analysis of debt securities held at mandatory fair value through profit or loss by issuer as well as ratings and derivatives, by type and contract, refer to Risk and capital management – Credit risk.
Schedule of financial instruments valuation adjustments	​ ​ ​ ​ ​ ​ ​ 2023 2022 Adjustment ​ £m ​ £m Funding valuation adjustments 132 173 Credit valuation adjustments 236 300 Bid–offer 86 130 Product and deal specific 103 141 Total 557 744
Schedule of valuation techniques for unobservable inputs of level 3 financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Financial instrument Valuation technique Unobservable inputs Units Low High Low High Trading assets and Other financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans Price-based ​ Price ​ % ​ — ​ 123 ​ — ​ 113 ​ ​ Discount cash flow ​ Credit spreads ​ bps ​ 49 ​ 119 ​ 56 ​ 114 ​ ​ Discount cash flow ​ Discount margin ​ bps ​ 174 ​ 228 ​ 174 ​ 222 Debt securities Price-based ​ Price % ​ — ​ 119 ​ — ​ 255 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Shares ​ Price-based ​ Price ​ GBP ​ — ​ 32,142 ​ — ​ 34,027 ​ ​ Price-based ​ Price ​ % ​ — ​ 30 ​ — ​ 30 ​ Discount cash flow ​ Discount margin ​ % ​ 7 ​ 9 ​ 6 ​ 8 ​ ​ Net asset valuation ​ Fund NAV ​ % ​ 80 ​ 120 ​ 80 ​ 120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit derivatives ​ Credit derivative pricing ​ Credit spreads ​ bps ​ 13 ​ 600 ​ 7 ​ 530 ​ Option pricing ​ Correlation % ​ (15) ​ 95 ​ (15) ​ 95 ​ ​ Volatility ​ % ​ 30 ​ 80 ​ 30 ​ 80 ​ ​ Upfront points % ​ — ​ 99 ​ — ​ 99 ​ ​ Recovery rate % ​ — ​ 60 ​ — ​ 60 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate & FX Option pricing ​ Correlation % ​ (50) ​ 99 ​ (50) ​ 100 derivatives ​ ​ Volatility ​ % ​ 30 ​ 111 ​ 30 ​ 127 ​ ​ ​ ​ Constant Prepayment Rate ​ % ​ 2 ​ 22 ​ 2 ​ 21 ​ ​ ​ ​ Mean Reversion ​ % ​ — ​ 20 ​ — ​ 92 ​ ​ ​ ​ Inflation volatility ​ % ​ 2 ​ 2 ​ 1 ​ 2 ​ ​ ​ ​ Inflation rate ​ % ​ 2 ​ 3 ​ 2 ​ 3 ​ (1) Valuation for private equity investments may be estimated by looking at past prices of similar stocks and from valuation statements where valuations are usually derived from earnings measures such as EBITDA or net asset value (NAV). Similarly, for equity or bond fund investments, prices may be estimated from valuation or credit statements using NAV or similar measures. (2) NatWest Group does not have any material liabilities measured at fair value that are issued with an inseparable third-party credit enhancement.
Schedule of financial instruments carried at fair value on the balance sheet by valuation sensitivities for level 3 balances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Level 3 ​ Favourable ​ Unfavourable ​ Level 3 ​ Favourable ​ Unfavourable ​ £m £m £m £m £m £m Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans 209 — — 395 10 (10) Securities 14 — — 1 — — Derivatives ​ ​ ​ ​ ​ ​ Interest rate 650 20 (20) 711 30 (30) Foreign exchange 65 — — 114 10 (10) Other 108 10 (10) 182 10 (10) Other financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans 657 — (40) 727 — (10) Securities 258 20 (50) 203 20 (30) Total financial assets held at fair value 1,961 50 (120) 2,333 80 (100) ​ Liabilities Trading liabilities Deposits 1 — — 1 — — Short positions 2 — — — — — Derivatives ​ ​ ​ ​ ​ ​ Interest rate ​ 439 ​ 10 ​ (10) ​ 678 ​ 30 ​ (30) Foreign exchange ​ 58 ​ — ​ — ​ 98 ​ — ​ — Other 188 10 (10) 199 — — Other financial liabilities - debt securities in issue 3 — — — — — Total financial liabilities held at fair value 691 20 (20) 976 30 (30)
Schedule of movement in level 3 assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ Other ​ ​ ​ ​ ​ Other ​ Other ​ ​ ​ ​ Derivatives ​ trading ​ financial ​ Total ​ Derivatives ​ trading ​ financial ​ Total ​ ​ assets ​ assets (2) ​ assets (3) ​ assets ​ liabilities ​ liabilities (2) ​ liabilities ​ liabilities 2023 £m £m £m £m £m £m £m £m At 1 January 1,007 396 930 2,333 975 1 — ​ 976 Amounts recorded in the income statement (1) (156) (88) 1 (243) (313) — — ​ (313) Amount recorded in the statement of comprehensive income — — 32 32 — — — ​ — Level 3 transfers in 6 15 16 37 7 2 — ​ 9 Level 3 transfers out (5) (32) (190) (227) (9) (2) — ​ (11) Purchases/originations 180 8 275 463 195 2 3 ​ 200 Settlements/other decreases (70) (8) (86) (164) (51) — — ​ (51) Sales (137) (65) (52) (254) (116) — — ​ (116) Foreign exchange and other adjustments (2) (3) (11) (16) (3) — — ​ (3) At 31 December 823 223 915 1,961 685 3 3 ​ 691 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recorded in the income statement in respect of balances held at period end ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ - unrealised 67 (39) 1 29 (121) — — ​ (121) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ At 1 January ​ 918 ​ 740 ​ 394 ​ 2,052 ​ 606 ​ 3 ​ — ​ 609 Amounts recorded in the income statement (1) ​ 126 ​ 31 ​ (14) ​ 143 ​ 382 ​ (1) ​ — ​ 381 Amount recorded in the statement of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ comprehensive income ​ — ​ — ​ (20) ​ (20) ​ — ​ — ​ — ​ — Level 3 transfers in ​ 193 ​ 1 ​ 532 ​ 726 ​ 78 ​ 3 ​ — ​ 81 Level 3 transfers out ​ (122) ​ (147) ​ (68) ​ (337) ​ (61) ​ (3) ​ — ​ (64) Purchases/originations ​ 355 ​ 274 ​ 185 ​ 814 ​ 382 ​ — ​ — ​ 382 Settlements/other decreases ​ (40) ​ (75) ​ — ​ (115) ​ (41) ​ — ​ — ​ (41) Sales ​ (423) ​ (434) ​ (101) ​ (958) ​ (376) ​ (2) ​ — ​ (378) Foreign exchange and other adjustments ​ — ​ 6 ​ 22 ​ 28 ​ 5 ​ 1 ​ — ​ 6 At 31 December ​ 1,007 ​ 396 ​ 930 ​ 2,333 ​ 975 ​ 1 ​ — ​ 976 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recorded in the income statement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in respect of balances held at period end ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ - unrealised ​ 126 ​ 31 ​ (16) ​ 141 ​ 382 ​ (1) ​ — ​ 381 ​ (1) There were £69 million net gains on trading assets and liabilities (2022 - £224 million net losses) recorded in income from trading activities. Net gains on other instruments of £1 million (2022 - £14 million net losses) were recorded in other operating income and interest income as appropriate. (2) Other trading assets and other trading liabilities comprise assets and liabilities held at fair value in trading portfolios. (3) Other financial assets comprise fair value through other comprehensive income, designated as at fair value through profit or loss and other fair value through profit or loss.
Schedule of carrying value and fair value of financial instruments carried at amortised cost on the balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Items where ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ fair value ​ ​ Carrying ​ Fair ​ Fair value hierarchy level ​ approximates ​ ​ value ​ value ​ Level 1 ​ Level 2 ​ Level 3 ​ carrying value 2023 ​ £bn ​ £bn ​ £bn ​ £bn ​ £bn ​ £bn Financial assets ​ ​ ​ ​ ​ ​ Cash and balances at central banks 104.3 ​ 104.3 ​ — ​ — ​ — ​ 104.3 Settlement balances ​ 7.2 ​ 7.2 ​ — ​ — ​ — ​ 7.2 Loans to banks 6.9 ​ 7.0 ​ — ​ 2.2 ​ 0.6 ​ 4.2 Loans to customers ​ 381.4 ​ 373.2 ​ — ​ 27.5 ​ 345.7 ​ — Other financial assets - securities 21.7 ​ 21.6 ​ 4.0 ​ 6.6 ​ 11.0 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and balances at central banks 144.8 ​ 144.8 ​ — ​ — ​ — ​ 144.8 Settlement balances 2.6 ​ 2.6 ​ — ​ — ​ — ​ 2.6 Loans to banks ​ 7.1 ​ 7.1 ​ — ​ 4.2 ​ 2.8 ​ 0.1 Loans to customers 366.3 ​ 354.5 ​ — ​ 20.3 ​ 334.2 ​ — Other financial assets - securities 13.1 ​ 12.8 ​ 3.6 ​ 3.2 ​ 6.0 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank deposits 22.2 22.3 — 15.4 2.7 4.2 Customer deposits 431.4 431.0 — 30.7 48.8 351.5 Settlement balances 6.6 6.6 — — — 6.6 Other financial liabilities - debt securities in issue ​ 52.2 ​ 52.2 ​ — ​ 41.7 ​ 10.5 ​ — Subordinated liabilities 5.5 5.4 — 5.4 — — Notes in circulation ​ 3.2 ​ 3.2 ​ — ​ — ​ — ​ 3.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ Bank deposits ​ 20.4 20.0 — 13.1 2.2 4.7 Customer deposits 450.3 450.3 — 12.7 30.6 407.0 Settlement balances 2.0 2.0 — — — 2.0 Other financial liabilities - debt securities in issue 46.7 ​ 46.1 ​ — ​ 40.7 ​ 5.4 ​ — Subordinated liabilities 5.9 5.6 — 5.5 0.1 — Notes in circulation 3.2 ​ 3.2 ​ — ​ — ​ — ​ 3.2 ​

Financial Instruments - matur_2

Financial Instruments - maturity analysis (Tables)	12 Months Ended
	Dec. 31, 2023
Financial instruments - classification
Schedule of residual maturity of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Less than ​ More than ​ ​ ​ Less than ​ More than ​ ​ ​ ​ 12 months ​ 12 months ​ Total ​ 12 months ​ 12 months ​ Total ​ £m £m £m £m £m £m Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and balances at central banks 104,262 — 104,262 144,832 — 144,832 Trading assets 36,723 8,828 45,551 35,944 9,633 45,577 Derivatives 29,839 49,065 78,904 38,107 61,438 99,545 Settlement balances 7,231 — 7,231 2,572 — 2,572 Loans to banks - amortised cost ​ 6,650 ​ 264 ​ 6,914 ​ 6,872 ​ 267 ​ 7,139 Loans to customers - amortised cost ​ 87,663 ​ 293,770 ​ 381,433 ​ 84,289 ​ 282,051 ​ 366,340 Other financial assets 10,192 40,910 51,102 6,128 24,767 30,895 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank deposits 8,954 ​ 13,236 ​ 22,190 ​ 7,799 ​ 12,642 ​ 20,441 Customer deposits 424,893 6,484 431,377 448,821 1,497 450,318 Settlement balances 6,645 — 6,645 2,012 — 2,012 Trading liabilities 45,349 8,287 53,636 42,760 10,048 52,808 Derivatives ​ 30,721 ​ 41,674 ​ 72,395 ​ 39,331 ​ 54,716 ​ 94,047 Other financial liabilities 20,310 34,779 55,089 13,796 35,311 49,107 Subordinated liabilities 1,047 4,667 5,714 973 5,287 6,260 Notes in circulation ​ 3,237 ​ — ​ 3,237 ​ 3,218 ​ — ​ 3,218 Lease liabilities 102 568 670 137 981 1,118
Schedule of undiscounted cash flows payable by contractual maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0-3 months 3-12 months 1-3 years 3-5 years 5-10 years 10-20 years 2023 ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m Assets by contractual maturity up to 20 years ​ ​ ​ ​ ​ ​ Cash and balances at central banks 104,262 — — — — — Derivatives held for hedging ​ 31 ​ 29 ​ 128 ​ 104 ​ 49 ​ 49 Settlement balances 7,231 ​ — ​ — ​ — ​ — ​ — Loans to banks - amortised cost 5,234 1,437 23 302 — — Loans to customers - amortised cost 52,175 46,894 81,445 61,465 96,577 114,806 Other financial assets (1) ​ 4,897 ​ 6,756 ​ 12,304 ​ 11,183 ​ 10,019 ​ 8,063 Finance lease 61 242 735 401 656 359 ​ 173,891 ​ 55,358 94,635 73,455 107,301 123,277 Liabilities by contractual maturity up to 20 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank deposits 8,334 1,279 6,069 8,307 — — Customer deposits 393,363 31,900 6,464 11 14 19 Settlement balances 6,645 — — — — — Derivatives held for hedging 71 175 366 192 92 8 Other financial liabilities 9,094 12,319 18,843 13,818 4,769 346 Subordinated liabilities ​ 72 ​ 1,167 ​ 2,301 ​ 1,512 ​ 1,406 ​ 342 Other liabilities - Notes in circulation ​ 3,237 ​ — ​ — ​ — ​ — ​ — Lease liabilities 30 ​ 79 172 111 175 132 ​ 420,846 46,919 34,215 23,951 6,456 847 Guarantees and commitments - notional amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Guarantees (2) 2,820 — ​ — ​ — ​ — ​ — Commitments (3) 112,807 — — — — — ​ 115,627 — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0-3 months 3-12 months 1-3 years 3-5 years 5-10 years 10-20 years 2022 £m £m £m £m £m £m Assets by contractual maturity up to 20 years ​ ​ ​ ​ ​ ​ Cash and balances at central banks 144,832 — — — — — Derivatives held for hedging 130 ​ 345 ​ 28 ​ 41 ​ (44) ​ 43 Settlement balances ​ 2,572 ​ — ​ — ​ — ​ — ​ — Loans to banks - amortised cost 5,254 1,621 17 288 — — Loans to customers - amortised cost 50,923 43,417 76,278 55,128 85,038 100,085 Other financial assets (1) 2,771 ​ 4,507 ​ 8,391 ​ 7,835 ​ 5,706 ​ 2,524 Finance lease ​ 96 267 857 482 549 296 ​ ​ 206,578 ​ 50,157 85,571 63,774 91,249 102,948 Liabilities by contractual maturity up to 20 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bank deposits 6,690 1,445 5,662 8,503 89 — Customer deposits 437,830 11,389 1,252 2 14 20 Settlement balances 2,012 — — — — — Derivatives held for hedging 280 (371) 586 306 116 85 Other financial liabilities 6,720 6,640 18,833 13,906 7,361 294 Subordinated liabilities 96 ​ 1,073 ​ 2,690 ​ 1,897 ​ 1,541 ​ 328 Other liabilities- Notes in circulation ​ 3,218 ​ — ​ — ​ — ​ — ​ — Lease liabilities ​ 41 ​ 113 260 203 318 254 ​ 456,887 20,289 29,283 24,817 9,439 981 Guarantees and commitments - notional amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Guarantees (2) 3,150 — ​ — ​ — ​ — ​ — Commitments (3) 118,779 — — — — — ​ 121,929 — — — — — ​ (1) Other financial assets exclude equity shares. (2) NatWest Group is only called upon to satisfy a guarantee when the guaranteed party fails to meet its obligations. NatWest Group expects most guarantees it provides to expire unused. (3) NatWest Group has given commitments to provide funds to customers under undrawn formal facilities, credit lines and other commitments to lend subject to certain conditions being met by the counterparty. NatWest Group does not expect all facilities to be drawn, and some may lapse before drawdown.

Trading assets and liabilities

Trading assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Trading assets and liabilities
Schedule of trading assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Assets £m £m Loans Reverse repos 23,694 21,537 Collateral given 9,141 13,005 Other loans 762 1,113 Total loans 33,597 35,655 Securities ​ ​ Central and local government ​ ​ - UK 2,729 2,205 - US 2,600 2,345 - Other 3,062 2,799 Financial institutions and corporate 3,563 2,573 Total securities 11,954 9,922 Total 45,551 45,577 ​ ​ ​ ​ ​ Liabilities ​ ​ Deposits ​ ​ Repos 26,902 23,740 Collateral received 15,075 17,680 Other deposits 1,150 1,067 Total deposits 43,127 42,487 Debt securities in issue 706 797 Short positions ​ ​ Central and local government ​ ​ ​ ​ - UK ​ 1,893 ​ 2,313 - US ​ 2,071 ​ 1,293 - Other ​ 4,049 ​ 3,936 Financial institutions and Corporate ​ 1,790 ​ 1,982 Total short positions ​ 9,803 ​ 9,524 Total 53,636 52,808 ​

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2023
Derivatives
Schedule of derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional Asset ​ Liability ​ ​ Traded on ​ ​ ​ ​ ​ Traded on ​ ​ ​ ​ ​ Traded on ​ ​ ​ ​ ​ ​ recognised ​ Traded over ​ ​ ​ recognised ​ Traded over ​ ​ ​ recognised ​ Traded over ​ ​ ​ ​ exchanges ​ the counter ​ Total ​ exchanges ​ the counter ​ Total ​ exchanges ​ the counter ​ Total 2023 ​ £bn ​ £bn ​ £bn ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m Interest rate 819 9,449 10,268 48 44,515 44,563 34 38,449 38,483 - Swaps — 6,533 6,533 — 33,807 33,807 — 27,424 27,424 - Options 510 1,674 2,184 48 10,708 10,756 34 11,025 11,059 - Forwards and futures 309 1,242 1,551 — — — — — — Exchange rate 1 3,119 3,120 — 34,161 34,161 — 33,586 33,586 - Swaps — 449 449 — 8,173 8,173 — 7,370 7,370 - Options 1 674 675 — 4,181 4,181 — 4,197 4,197 - Spot, forwards and futures — 1,996 1,996 — 21,807 21,807 — 22,019 22,019 Credit — 15 15 — 180 180 — 326 326 Equity and commodity — — — — — — — — — Total 820 12,583 13,403 48 78,856 78,904 34 72,361 72,395 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Interest rate 707 10,035 10,742 113 53,367 53,480 33 48,502 48,535 - Swaps — 7,201 7,201 — 39,039 39,039 — 32,992 32,992 - Options 296 1,418 1,714 113 14,328 14,441 33 15,510 15,543 - Forwards and futures 411 1,416 1,827 — — — — — — Exchange rate 2 3,166 3,168 — 45,829 45,829 — 45,237 45,237 - Swaps — 438 438 — 11,840 11,840 — 10,430 10,430 - Options 2 835 837 — 6,375 6,375 — 6,647 6,647 - Spot, forwards and futures — 1,893 1,893 — 27,614 27,614 — 28,160 28,160 Credit — 15 15 — 236 236 — 275 275 Equity and commodity — — — — — — — — — Total 709 13,216 13,925 113 99,432 99,545 33 94,014 94,047
Schedule of derivatives in hedge accounting relationships	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ Changes in fair ​ ​ ​ ​ ​ ​ ​ Changes in fair ​ ​ ​ ​ ​ ​ ​ ​ value used for ​ ​ ​ ​ ​ ​ ​ value used for ​ ​ Notional ​ Assets ​ Liabilities ​ hedge ineffectiveness (1) ​ Notional ​ Assets ​ Liabilities ​ hedge ineffectiveness (1) ​ £bn £m £m £m £bn £m £m £m Fair value hedging ​ ​ ​ ​ ​ ​ Interest rate contracts (2) 67.6 1,139 2,607 ​ 406 58.7 1,554 3,009 ​ 482 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flow hedging ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts 140.0 1,924 4,970 ​ 1,211 167.6 2,681 6,207 ​ (3,342) Exchange rate contracts 16.9 112 254 ​ (12) 6.3 142 112 ​ (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment hedging ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exchange rate contracts 0.3 2 7 ​ (3) 0.5 1 9 ​ 4 ​ ​ 224.8 ​ 3,177 ​ 7,838 ​ 1,602 ​ 233.1 ​ 4,378 ​ 9,337 ​ (2,859) IFRS netting and clearing house settlements ​ ​ ​ (3,063) ​ (7,568) ​ ​ ​ ​ ​ (4,235) ​ (9,205) ​ ​ ​ ​ 114 270 ​ ​ ​ 143 132 ​ ​ ​ (1) The change in fair value used for hedge ineffectiveness includes instruments that were derecognised in the year. (2) The hedged risk includes inflation risk.
Schedule of hedge ineffectiveness recognized in other operating income	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ £m ​ £m ​ £m Fair value hedging ​ Loss on hedged items attributable to the hedged risk (364) (442) (846) Gain on the hedging instruments 406 482 897 Fair value hedging ineffectiveness 42 40 51 Cash flow hedging ​ ​ ​ ​ ​ ​ Interest rate risk ​ 10 ​ (60) ​ (26) Cash flow hedging ineffectiveness 10 (60) (26) Total 52 (20) 25
Schedule of period in which the hedging contracts ends	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0-3 months 3-12 months 1-3 years 3-5 years 5-10 years Over 10 years Total 2023 ​ £bn ​ £bn ​ £bn ​ £bn ​ £bn ​ £bn ​ £bn Fair value hedging ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate risk (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedging assets ​ 0.1 ​ 1.7 ​ 7.1 ​ 9.0 ​ 5.9 ​ 4.7 ​ 28.5 Hedging liabilities ​ 2.7 ​ 3.3 ​ 13.4 ​ 11.3 ​ 7.7 ​ 0.7 ​ 39.1 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value hedging ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate risk (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedging assets ​ 0.5 ​ 1.9 ​ 4.7 ​ 4.9 ​ 4.2 ​ 3.6 ​ 19.8 Hedging liabilities ​ 1.0 ​ 2.9 ​ 14.6 ​ 10.3 ​ 9.6 ​ 0.5 ​ 38.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flow hedging ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedging assets ​ 3.9 ​ 14.5 ​ 33.9 ​ 22.8 ​ 10.1 ​ — ​ 85.2 Hedging liabilities ​ 0.8 ​ 3.9 ​ 39.1 ​ 10.1 ​ 0.3 ​ 0.6 ​ 54.8 Exchange rate risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedging assets ​ 0.3 ​ 0.7 ​ 1.6 ​ — ​ — ​ — ​ 2.6 Hedging liabilities ​ 8.4 ​ 0.8 ​ 2.4 ​ 2.5 ​ 0.2 ​ — ​ 14.3 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flow hedging ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedging assets ​ 6.6 ​ 9.4 ​ 46.5 ​ 21.9 ​ 10.1 ​ — ​ 94.5 Hedging liabilities ​ 17.3 ​ 26.8 ​ 15.7 ​ 5.1 ​ 7.5 ​ 0.7 ​ 73.1 Exchange rate risk ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedging assets ​ 0.1 ​ — ​ — ​ — ​ — ​ — ​ 0.1 Hedging liabilities ​ — ​ 1.1 ​ 2.8 ​ 2.1 ​ 0.2 ​ — ​ 6.2 ​ (1) The hedged risk includes inflation risk.
Schedule of average fixed rates for cash flow hedges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0-3 months 3-12 months 1-3 years 3-5 years 5-10 years Over 10 years Total 2023 ​ % ​ % ​ % ​ % ​ % ​ % ​ % Average fixed interest rate Hedging assets 1.16 2.46 1.19 3.30 1.77 3.12 2.04 Hedging liabilities 0.93 2.54 4.36 2.28 2.36 4.50 3.79 2022 Average fixed interest rate Hedging assets 1.36 1.98 1.71 2.04 1.02 3.12 1.72 Hedging liabilities 1.27 0.95 2.75 1.03 2.68 4.55 1.63
Schedule of average foreign exchange rates applicable across hedging relationships	​ ​ ​ ​ ​ ​ ​ 2023 2022 INR/GBP 105.03 100.54 USD/GBP 1.28 1.29 CHF/GBP 1.08 1.15 JPY/GBP 170.54 132.89 JPY/USD 129.75 128.29 NOK/USD 9.21 9.21
Schedule of hedged items and related hedging instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in fair ​ ​ Carrying value ​ Impact on ​ value used as ​ ​ of hedged ​ hedged items ​ a basis to ​ ​ assets and ​ included in ​ determine ​ ​ liabilities ​ carrying value ​ ineffectiveness (1) 2023 ​ £m ​ £m ​ £m Fair value hedging - interest rate (2) ​ ​ ​ ​ ​ ​ Loans to banks and customers - amortised cost ​ 5,663 ​ (316) ​ 167 Other financial assets - securities ​ 22,896 ​ 174 ​ 636 Total ​ 28,559 ​ (142) ​ 803 ​ ​ ​ ​ ​ ​ ​ Bank and customer deposits ​ 745 ​ (3) ​ (6) Other financial liabilities - debt securities in issue ​ 36,305 ​ (1,151) ​ (1,023) Subordinated liabilities ​ 5,346 ​ (320) ​ (138) Total ​ 42,396 ​ (1,474) ​ (1,167) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ Fair value hedging - interest rate (2) ​ ​ ​ ​ ​ ​ Loans to banks and customers - amortised cost ​ 5,764 ​ (526) ​ (1,236) Other financial assets - securities ​ 12,897 ​ (922) ​ (2,525) Total (3) ​ 18,661 ​ (1,448) ​ (3,761) ​ ​ ​ ​ ​ ​ ​ Bank and customer deposits ​ 565 ​ (3) ​ 3 Other financial liabilities - debt securities in issue ​ 35,856 ​ (2,222) ​ 2,790 Subordinated liabilities ​ 5,504 ​ (547) ​ 526 Total ​ 41,925 ​ (2,772) ​ 3,319 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in fair value ​ ​ ​ ​ Carrying value of ​ used as a basis to ​ ​ ​ ​ hedged assets and liabilities ​ determine ineffectiveness (1) 2023 ​ ​ ​ £m ​ £m Cash flow hedging - interest rate ​ ​ ​ ​ ​ ​ Loans to banks and customers - amortised cost (4) ​ ​ ​ 84,583 ​ (2,796) Other financial assets - securities ​ ​ ​ 623 ​ (22) Total ​ ​ ​ 85,206 ​ (2,818) ​ ​ ​ ​ ​ ​ ​ Bank and customer deposits ​ ​ ​ 54,675 ​ 1,610 Other financial liabilities - debt securities in issue ​ ​ ​ 156 ​ 7 Total ​ ​ ​ 54,831 ​ 1,617 ​ ​ ​ ​ ​ ​ ​ Cash flow hedging - exchange rate ​ ​ ​ ​ ​ ​ Loans to banks and customers - amortised cost (4) ​ ​ ​ 583 ​ — Other financial assets - securities ​ ​ ​ 1,839 ​ — Total ​ ​ ​ 2,422 ​ — ​ ​ ​ ​ ​ ​ ​ Other financial liabilities - debt securities in issue ​ ​ ​ 11,460 ​ 9 Subordinated liabilities ​ ​ ​ — ​ — Other ​ ​ ​ 201 ​ 3 Total ​ ​ ​ 11,661 ​ 12 ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ Cash flow hedging - interest rate ​ ​ Loans to banks and customers - amortised cost (4) ​ 93,212 5,263 Other financial assets - securities ​ 1,176 73 Total ​ 94,388 5,336 ​ ​ ​ ​ ​ ​ ​ Bank and customer deposits ​ ​ ​ 72,610 ​ (2,008) Other financial liabilities - debt securities in issue ​ ​ ​ 571 ​ (46) Total ​ ​ ​ 73,181 ​ (2,054) ​ ​ ​ ​ ​ ​ ​ Cash flow hedging - exchange rate ​ ​ ​ ​ ​ ​ Loans to banks and customer - amortised cost (4) ​ — — Other financial assets - securities ​ ​ ​ — ​ — Total ​ ​ ​ — ​ — ​ ​ ​ ​ ​ ​ ​ Other financial liabilities - debt securities in issue ​ ​ ​ 4,141 ​ (2) Subordinated liabilities ​ — — Other ​ ​ ​ 204 ​ 5 Total ​ 4,345 3 ​ (1) The change in fair value used for hedge ineffectiveness includes instruments that were derecognised in the year. (2) The hedged risk includes inflation risk. (3) Carrying values include £ 57 million (2022 - £ 61 million) adjustment for discontinued fair value hedges. (4) Includes cash and balances at central banks.
Schedule of analysis of cash flow hedge reserve and foreign exchange hedge reserve	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ Foreign ​ ​ ​ Foreign ​ ​ Cash flow ​ exchange ​ Cash flow ​ exchange ​ ​ hedge reserve ​ hedge reserve ​ hedge reserve ​ hedge reserve ​ £m £m £m £m Continuing ​ ​ ​ ​ Interest rate risk (2,330) — (3,576) — Foreign exchange risk 1 ​ (18) ​ 16 ​ (85) De-designated ​ ​ ​ ​ Interest rate risk (304) — (297) — Foreign exchange risk 4 (771) 20 (880) Total (2,629) (789) (3,837) (965) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ Foreign ​ ​ ​ Foreign ​ ​ Cash flow ​ exchange hedge ​ Cash flow ​ exchange hedge ​ hedge reserve reserve hedge reserve reserve ​ £m £m £m £m Amount recognised in equity ​ ​ ​ ​ ​ ​ ​ ​ Interest rate risk 137 ​ — (2,997) ​ (64) Foreign exchange risk 50 107 24 (202) Total 187 107 (2,973) (266) ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount transferred from equity to earnings ​ ​ ​ ​ ​ ​ ​ ​ Interest rate risk to net interest income 1,112 — (252) — Interest rate risk to non interest income (1) ​ (10) ​ — ​ (21) ​ — Interest rate risk to operating expenses — — (14) — Foreign exchange risk to net interest income ​ (74) ​ — ​ (29) ​ — Foreign exchange risk to non interest income ​ (9) ​ 69 ​ 15 ​ 7 Foreign exchange risk to operating expenses 2 — (3) — Total 1,021 69 (304) 7 ​ (1) There was £10 million (2022 - £21 million) reclassified with the cash flow reserve to earnings due to forecasted cash flows that are no longer expected to occur.

Loan impairment provisions (Tab

Loan impairment provisions (Tables)	12 Months Ended
	Dec. 31, 2023
Loan impairment provisions
Schedule of loan exposure and impairment metrics	​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ £m £m Loans - amortised cost and FVOCI Stage 1 348,586 325,224 Stage 2 37,891 46,833 Stage 3 5,563 5,096 Of which: individual ​ 1,031 ​ 1,121 Of which: collective 4,532 3,975 ​ ​ 392,040 ​ 377,153 ECL provisions (1) ​ ​ - Stage 1 709 632 - Stage 2 976 1,043 - Stage 3 1,960 1,759 Of which: individual ​ 332 ​ 287 Of which: collective ​ 1,628 ​ 1,472 ​ 3,645 3,434 ECL provision coverage (2) ​ ​ - Stage 1 (%) ​ 0.20 0.19 - Stage 2 (%) ​ 2.58 2.23 - Stage 3 (%) ​ 35.23 34.52 ​ 0.93 0.91 Continuing operations ​ ​ ​ ​ Impairment (releases)/losses ​ ​ ECL (release)/charge (3,4) ​ 578 ​ 337 Stage 1 ​ (397) ​ (290) Stage 2 ​ 645 ​ 393 Stage 3 ​ 330 ​ 234 Of which: individual ​ 89 ​ 54 Of which: collective ​ 241 ​ 180 Amounts written off 319 482 Of which: individual ​ 42 ​ 168 Of which: collective 277 314 ​ (1) Includes loans to customers and banks. (2) Includes £ 9 million (2022 - £3 million) related to assets classified as FVOCI and £ 0.1 billion (2022 - £0.1 billion) related to off-balance sheet exposures. (3) ECL provisions coverage is calculated as ECL provisions divided by loans – amortised cost and FVOCI. It is calculated on loans and total ECL provisions, including ECL for other (non-loan) assets and unutilised exposure. Some segments with a high proportion of debt securities or unutilised exposure may result in a not meaningful coverage ratio. (4) Includes a £ 16 million release (2022 - £3 million charge) related to other financial assets, of which £6 million charge (2022 - nil ) related to assets classified as FVOCI; and £ 9 million release (2022 - £5 million release) related to contingent liabilities. (5) The table shows gross loans only and excludes amounts that are outside the scope of the ECL framework. Refer to Financial instruments within the scope of the IFRS 9 ECL framework for further details. Other financial assets within the scope of the IFRS 9 ECL framework were cash and balances at central banks totalling £103.1 billion (2022 – £143.3 billion) and debt securities of £50.1 billion (2022 – £29.9 billion).

Other financial assets (Tables)

Other financial assets (Tables)	12 Months Ended
	Dec. 31, 2023
Other financial assets
Schedule of other financial assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt securities ​ ​ ​ ​ ​ ​ ​ ​ Central and local government ​ Other ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ UK ​ US ​ Other ​ debt ​ Total ​ shares ​ Loans ​ Total 2023 £m £m £m £m £m £m £m £m Mandatory fair value through profit or loss — — — 1 1 2 ​ 700 703 Designated at fair value ​ — ​ — ​ 3 ​ 2 ​ 5 ​ — ​ — ​ 5 Fair value through other comprehensive income (1) 6,441 5,517 5,738 10,627 28,323 311 ​ 65 28,699 Amortised cost 2,889 647 35 18,124 21,695 — ​ — 21,695 Total 9,330 6,164 5,776 28,754 50,024 313 ​ 765 51,102 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mandatory fair value through profit or loss ​ — — — 2 2 3 ​ 782 787 Designated at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Fair value through other comprehensive income (1) 802 7,175 1,757 6,765 16,499 357 ​ 117 16,973 Amortised cost 2,562 937 54 9,582 13,135 — ​ — 13,135 Total 3,364 8,112 1,811 16,349 29,636 360 ​ 899 30,895 ​ (1) Upon initial recognition, NatWest Group occasionally irrevocably designates some of its equity investments as equity instruments at FVOCI when they meet the definition of equity under IAS 32 Financial instruments: presentation, are not held for trading or they are held for strategic purposes. Such classification is determined on an instrument-by-instrument basis. Gains and losses on these equity instruments are not recycled to the income statement and dividends are recognised in profit or loss except when they represent a recovery of part of the cost of the instrument, in which case such gains are recorded in OCI. Equity instruments at FVOCI are not subject to an impairment assessment.

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2023
Intangible assets
Schedule of Intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ Goodwill Other (1) Total Goodwill Other (1) Total Cost ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m At 1 January 9,931 ​ 3,763 ​ 13,694 9,939 ​ 3,050 ​ 12,989 Currency translation and other adjustments — — — (8) (3) (11) Acquisitions of companies and businesses ​ 159 ​ 37 ​ 196 ​ — ​ — ​ — Additions — 762 762 — 743 743 Disposals and write-off of fully amortised assets — (115) (115) — (27) (27) At 31 December 10,090 ​ 4,447 ​ 14,537 9,931 ​ 3,763 ​ 13,694 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated amortisation and impairment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At 1 January 4,409 ​ 2,169 ​ 6,578 4,417 ​ 1,849 ​ 6,266 Currency translation and other adjustments — — — (8) (4) (12) Disposals and write-off of fully amortised assets — (116) (116) — (17) (17) Impairment of intangible assets 1 22 23 — — — Amortisation charge for the year ​ — ​ 438 ​ 438 ​ — ​ 341 ​ 341 At 31 December 4,410 2,513 6,923 4,409 2,169 6,578 Net book value at 31 December 5,680 1,934 7,614 5,522 1,594 7,116 ​ (1) Principally consists of internally generated software.

Other assets (Tables)

Other assets (Tables)	12 Months Ended
	Dec. 31, 2023
Other assets
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £m ​ £m Interests in associates (1) ​ 668 ​ 688 Property, plant and equipment (2) ​ 4,227 ​ 4,240 Pension schemes in net surplus (Note 5) ​ 201 ​ 318 Prepayments 350 340 Accrued income 292 327 Tax recoverable 49 279 Deferred tax (Note 7) ​ 1,894 ​ 2,178 Acceptances ​ 575 ​ 237 Other 504 569 Other assets 8,760 9,176 ​ (1) Includes interest in Business Growth Fund £ 658 million (2022 - £677 million). (2) The estimated useful lives of NatWest Group's property, plant and equipment are: freehold buildings and long leasehold 50 years , short leaseholds for unexpired period of lease, property adaptation costs 10 to 15 years , computer equipment up to 5 years and other equipment 4 to 15 years .

Other financial liabilities (Ta

Other financial liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Other financial liabilities
Schedule of other financial liabilities	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £m ​ £m Customer deposits ​ ​ - designated as at fair value through profit or loss ​ 1,280 ​ 1,050 Debt securities in issue ​ - MRELs 21,660 22,265 - Other medium term notes ​ 17,843 ​ 16,419 - Commercial paper and certificates of deposit ​ 11,321 ​ 5,672 - Covered bonds ​ 2,122 ​ 2,842 - Securitisation 863 859 Total 55,089 49,107 ​

Subordinated liabilities (Table

Subordinated liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Subordinated liabilities
Schedule of subordinated liabilities	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £m ​ £m Dated loan capital 5,573 5,968 Undated loan capital 22 173 Preference shares 119 119 5,714 6,260
Schedule of issuances and redemptions	​

Other liabilities (Tables)

Other liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Other liabilities.
Schedule of other liabilities	​ ​ ​ ​ ​ ​ ​ 2023 2022 Other liabilities ​ £m ​ £m Lease liabilities ​ 670 ​ 1,118 Provisions for liabilities and charges ​ 990 ​ 1,138 Retirement benefit liabilities (Note 5) 99 98 Accruals 1,411 1,407 Deferred income 402 355 Current tax 332 55 Deferred tax (Note 7) ​ 141 ​ 227 Acceptances 575 237 Other liabilities (1) ​ 582 ​ 711 Total 5,202 5,346 ​ (1) Other liabilities include liabilities of disposal groups of £ 3 million (2022 - £ 15 million). Refer to Note 8 for further information. ​
Schedule of provisions for liabilities and charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Litigation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer ​ and other ​ ​ ​ Commitments ​ ​ ​ ​ ​ ​ redress ​ regulatory ​ Property ​ and guarantees ​ Other (1) ​ Total Provisions for liabilities and charges £m £m £m £m £m £m At 1 January 2023 431 240 154 87 226 1,138 Expected credit loss impairment release ​ — ​ — ​ — ​ (9) ​ — ​ (9) Currency translation and other movements ​ (5) ​ (9) ​ — ​ — ​ (6) ​ (20) Charge to income statement ​ 276 ​ 21 ​ 41 ​ — ​ 136 ​ 474 Release to income statement (36) (33) (64) — (28) (161) Provisions utilised (180) (63) (32) — (157) (432) At 31 December 2023 486 156 99 78 171 990 ​ (1) Other materially comprises provisions relating to restructuring costs.

Share capital and other equity

Share capital and other equity (Tables)	12 Months Ended
	Dec. 31, 2023
Share capital and other equity
Schedule of allotted, called up and fully paid shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Allotted, called up and fully paid £m £m 000s 000s Ordinary shares of £1.0769 (1) 9,683 10,539 8,991,737 9,786,024 Cumulative preference shares of £1 0.5 0.5 483.0 483.0 ​ (1) The nominal value of ordinary shares without rounding is £1.076923076923077 per share.
Schedule of movement in allotted, called up and fully paid ordinary shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Movement in allotted, called up and fully paid ordinary shares £m shares 000s At 1 January 2022 11,468 11,467,982 Share cancellation (929) (929,188) Share consolidation ​ — ​ (752,770) At 31 December 2022 10,539 9,786,024 Share cancellation ​ (856) ​ (794,287) At 31 December 2023 9,683 8,991,737 ​
Schedule of other equity instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ £m ​ £m ​ £m Additional Tier 1 notes ​ ​ US$1.15 billion 8.000% notes callable August 2025 (1) ​ 735 ​ 735 ​ 735 US$1.50 billion 6.000% notes callable December 2025 - June 2026 (2) 1,220 ​ 1,220 ​ 1,220 GBP£1.00 billion 5.125% notes callable May - November 2027 (3) ​ 998 ​ 998 ​ 998 GBP£0.40 billion – March 2028 callable (4) ​ 399 ​ 399 ​ 399 US$0.75 billion – June 2031 callable (5) 538 ​ 538 ​ 538 ​ ​ 3,890 ​ 3,890 ​ 3,890 ​ (1) Issued in August 2015. In the event of conversion, converted into ordinary shares at a price of $3.314 per share. (2) Issued in June 2020. In the event of conversion, converted into ordinary shares at a price of $2.191 (translated at applicable exchange rate) per share. (3) Issued in November 2020. In the event of conversion, converted into ordinary shares at a price of £ 1.764 per share. (4) Issued in March 2021. In the event of conversion, converted into ordinary shares at a price of £ 1.764 per share. (5) Issued in June 2021. In the event of conversion, converted into ordinary shares at a price of $2.462 (translated at applicable exchange rate) per share.

Structured entities (Tables)

Structured entities (Tables)	12 Months Ended
	Dec. 31, 2023
Structured entities
Schedule of interest in unconsolidated structured entities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ Asset-backed ​ Investment ​ ​ ​ Asset-backed ​ Investment ​ ​ ​ ​ securitisation ​ funds and ​ ​ ​ securitisation ​ funds and ​ ​ ​ ​ vehicles ​ other ​ Total ​ vehicles ​ other ​ Total ​ £m £m £m £m £m £m Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trading assets 303 311 614 616 137 753 Derivatives 134 — 134 343 — 343 Loans to customers 2,701 999 3,700 2,431 648 3,079 Other financial assets ​ 13,096 ​ 1,062 ​ 14,158 ​ 6,334 ​ 849 ​ 7,183 Total 16,234 2,372 18,606 9,724 1,634 11,358 ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Derivatives 213 17 230 388 22 410 Total 213 17 230 388 22 410 ​ ​ ​ ​ ​ ​ Off balance sheet ​ ​ ​ ​ ​ ​ ​ ​ Liquidity facilities/loan commitments 1,873 396 2,269 1,723 320 2,043 Guarantees — 127 127 — 107 107 Total ​ 1,873 ​ 523 ​ 2,396 ​ 1,723 ​ 427 ​ 2,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum exposure 17,894 2,878 20,772 11,059 2,039 13,098 ​

Asset transfers (Tables)

Asset transfers (Tables)	12 Months Ended
	Dec. 31, 2023
Asset transfers
Schedule of assets subject to securities repurchase agreements or security lending transactions	​ ​ ​ ​ ​ ​ ​ 2023 2022 The following assets have failed derecognition (1) ​ £m ​ £m Trading assets ​ 7,907 ​ 6,668 Loans to bank - amortised cost ​ 10 ​ 16 Loans to customers - amortised cost ​ 281 ​ 398 Other financial assets ​ 8,764 ​ 2,901 Total 16,962 9,983 ​ (1) Associated liabilities were £16,522 million (2022 - £9,501 million).
Schedule of assets pledged as collateral	​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Assets pledged against liabilities £m £m Trading assets ​ 10,976 ​ 15,062 Loans to banks - amortised cost 63 66 Loans to customers - amortised cost 21,611 17,493 Other financial assets (1) 6,506 3,351 Total 39,156 35,972 ​ (1) Includes assets pledged for pension derivatives and £ 482 million of debt securities under the continuing control of NWB Plc. This follows the agreement between NWB Plc and the Group Pension Fund to establish a bankruptcy remote reservoir trust to hold these assets. Refer to Note 5 for additional information.

Capital resources (Tables)

Capital resources (Tables)	12 Months Ended
	Dec. 31, 2023
Capital resources
Schedule of regulatory capital	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £m ​ £m Shareholders’ equity (excluding non-controlling interests) Shareholders’ equity 37,157 36,488 Other equity instruments (3,890) (3,890) ​ 33,267 32,598 Regulatory adjustments and deductions ​ ​ Own credit (10) (58) Defined benefit pension fund adjustment (143) (227) Cash flow hedging reserve 1,899 2,771 Deferred tax assets (979) (912) Prudential valuation adjustments (279) (275) Goodwill and other intangible assets (7,614) (7,116) Foreseeable ordinary dividends ​ (1,013) ​ (967) Adjustment for trust assets (1) ​ (365) ​ (365) Foreseeable charges ​ (525) ​ (800) Adjustment under IFRS 9 transitional arrangements 202 361 Insufficient coverage for non-performing exposures ​ — ​ (18) ​ (8,827) (7,606) ​ ​ ​ CET1 capital 24,440 24,992 Additional Tier 1 (AT1) capital ​ ​ Qualifying instruments and related share premium 3,875 3,875 AT1 capital 3,875 3,875 Tier 1 capital 28,315 28,867 Qualifying Tier 2 capital ​ ​ Qualifying instruments and related share premium 5,189 4,953 Qualifying instruments issued by subsidiaries and held by third parties — 82 Other regulatory adjustments ​ 128 ​ 18 Tier 2 capital 5,317 5,053 Total regulatory capital 33,632 33,920 ​ (1)

Memorandum items (Tables)

Memorandum items (Tables)	12 Months Ended
	Dec. 31, 2023
Memorandum items
Schedule of contingent liabilities and commitments	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £m ​ £m Contingent liabilities and commitments ​ ​ ​ ​ Guarantees 2,810 3,150 Other contingent liabilities 1,380 1,855 Standby facilities, credit lines and other commitments 115,441 121,576 Total 119,631 126,581
Schedule of contractual obligations for future expenditure	​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ £m £m Capital expenditure on property, plant and equipment 38 ​ 8 Contracts to purchase goods or services (1) 1,121 ​ 677 ​ 1,159 ​ 685 ​ (1) Of which due within 1 year: £379 million (2022 - £321 million).

Non-cash and other items (Table

Non-cash and other items (Tables)	12 Months Ended
	Dec. 31, 2023
Non-cash and other items
Schedule of non-cash items and movement in operating assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ £m ​ £m ​ £m Impairment losses/(releases) ​ 572 ​ 266 ​ (1,335) Depreciation and amortisation 934 833 923 Change in fair value taken to profit or loss of other financial assets (584) 1,267 1,771 Change in fair value taken to profit or loss on other financial liabilities and subordinated liabilities 831 (2,400) (1,083) Foreign exchange recycling (gains)/losses ​ (484) ​ (5) ​ 10 Elimination of foreign exchange differences 312 10 2,446 Income receivable on other financial assets (1,415) (585) (378) Loss/(profit) on sale of other financial assets 44 172 (118) Profit on sale of subsidiaries and associates — — (48) Share of loss/(profit) of associates 9 30 (216) Loss on sale of other assets and net assets and liabilities 125 154 23 Interest payable on MRELs and subordinated liabilities 1,352 1,103 964 (Gain)/loss on redemption of own debt (3) 161 145 Charges and releases on provisions 313 248 478 Change in fair value of cash flow hedges ​ 1,021 ​ (304) ​ (161) Other non-cash items 59 48 (13) Defined benefit pension schemes 122 205 215 Non-cash and other items 3,208 1,203 3,623 Change in operating assets and liabilities ​ Change in trading assets 327 14,991 7,751 Change in derivative assets 20,826 3,621 59,697 Change in settlement balance assets (4,659) (431) 156 Change in loans to banks 752 (202) (252) Change in loans to customers (15,626) (7,628) 2,721 Change in other financial assets 132 (328) (128) Change in other assets (213) (255) (57) Change in assets of disposal groups 412 (4,117) (9,015) Change in bank deposits 1,749 (5,838) 5,673 Change in customer deposits (18,964) (29,492) 48,071 Change in settlement balance liabilities 4,633 (56) (350) Change in trading liabilities 828 (11,790) (7,658) Change in derivative liabilities (21,652) (6,788) (59,870) Change in other financial liabilities 6,564 989 938 Change in notes in circulation 19 171 392 Change in other liabilities (807) (1,294) (1,463) Change in operating assets and liabilities (25,679) (48,447) 46,606 ​

Analysis of the net investmen_2

Analysis of the net investment in business interests and intangible assets (Tables)	12 Months Ended
	Dec. 31, 2023
Analysis of the net investment in business interests and intangible assets
Schedule of the analysis of the net investment in business interests and intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ £m £m £m Fair value given for business acquired ​ (139) ​ — ​ — Acquisition of interest in associates — (1) — Additional investment in associates ​ (5) ​ — ​ (51) Net assets and liabilities purchased ​ — ​ — ​ (3,128) Net outflow of cash in respect of acquisitions (144) (1) (3,179) ​ ​ ​ ​ ​ ​ ​ Disposal of net assets and liabilities 5,560 6,270 114 (Loss)/profit on disposal of net assets and liabilities (87) (106) 55 Net inflow of cash in respect of disposals 5,473 6,164 169 ​ ​ ​ ​ ​ ​ ​ Dividends received from associate ​ 16 ​ — ​ — Net cash expenditure on intangible assets (744) (743) (479) Net inflow/(outflow) of cash 4,601 5,420 (3,489) ​

Analysis of changes in financ_2

Analysis of changes in financing during the year (Tables)	12 Months Ended
	Dec. 31, 2023
Analysis of changes in financing during the year
Schedule of the analysis of changes in financing during the year	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Share capital, share premium, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and paid-in equity ​ Subordinated liabilities ​ MRELs ​ 2023 2022 2021 2023 2022 2021 2023 2022 2021 ​ ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m ​ £m At 1 January 15,590 16,519 18,239 6,260 8,429 9,962 ​ 22,265 ​ 23,423 ​ 20,873 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issue of paid-in equity — — 937 — — — ​ — ​ — ​ — Issue of subordinated liabilities — — — 611 648 1,634 ​ — ​ — ​ — Issue of MRELs ​ — ​ — ​ — ​ — ​ — ​ ​ ​ 3,973 ​ 3,721 ​ 3,383 Redemption of subordinated liabilities — — — (1,250) (3,693) (4,765) ​ — ​ — ​ — Interest paid on subordinated liabilities ​ — ​ — ​ — ​ (439) ​ (374) ​ (321) ​ — ​ — ​ — Maturity and redemption of MRELs ​ — ​ — ​ — ​ — ​ — ​ — ​ (4,236) ​ (4,992) ​ — Interest paid on MRELs ​ — ​ — ​ — ​ — ​ — ​ — ​ (844) ​ (703) ​ (647) Net cash flows from financing activities — — 937 (1,078) (3,419) (3,452) ​ (1,107) ​ (1,974) ​ 2,736 Ordinary shares issued ​ — ​ — ​ 87 ​ — ​ — ​ — ​ — ​ — ​ — Shares repurchased ​ (856) ​ (929) ​ (698) ​ — ​ — ​ — ​ — ​ — ​ — Effects of foreign exchange — — — (166) 597 (18) ​ (987) ​ 1,889 ​ (190) Changes in fair value of subordinated liabilities and MRELs ​ — ​ — ​ — ​ 230 ​ (594) ​ (434) ​ 601 ​ (1,806) ​ (649) Preference shares reclassified to subordinated liabilities ​ — ​ — ​ — ​ — ​ 750 ​ — ​ — ​ — ​ — Paid-in equity reclassified to subordinated liabilities ​ — ​ — ​ (2,046) ​ — ​ — ​ 1,915 ​ — ​ — ​ — (Gain)/loss on redemption of own debt ​ — ​ — ​ — ​ (3) ​ 161 ​ 145 ​ — ​ — ​ — Interest payable on subordinated liabilities and MRELs ​ — ​ — ​ — ​ 464 ​ 370 ​ 311 ​ 888 ​ 733 ​ 653 Other — — — 7 (34) — ​ — ​ — ​ — At 31 December 14,734 15,590 16,519 5,714 6,260 8,429 ​ 21,660 ​ 22,265 ​ 23,423 ​

Analysis of cash and cash equ_2

Analysis of cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2023
Analysis of cash and cash equivalents
Schedule of the analysis of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 ​ ​ £m ​ £m ​ £m Cash and balances at central banks 104,262 144,832 177,757 Trading assets ​ 8,851 ​ 8,551 ​ 7,137 Other financial assets 139 19 16 Loans to banks (1) 5,572 5,047 5,796 Cash and cash equivalents 118,824 158,449 190,706 ​ (1) Includes cash collateral posted with bank counterparties in respect of derivative liabilities of £ 4,434 million (2022 - £ 4,895 million; 2021 - £ 4,293 million).

Directors' and key management_2

Directors' and key management remuneration (Tables)	12 Months Ended
	Dec. 31, 2023
Directors' and key management remuneration
Schedule of directors' remuneration	​ ​ ​ ​ ​ ​ ​ 2023 2022 Directors' remuneration ​ £000 ​ £000 Non-executive directors emoluments 1,574 1,685 Chairman and executive directors emoluments 6,408 5,804 ​ 7,982 7,489 Amounts receivable under long-term incentive plans and share option plans 2,708 542 Total 10,690 8,031
Schedule of compensation of key management	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ £000 ​ £000 Short-term benefits 21,098 22,175 Post-employment benefits 741 732 Share-based payments 7,264 2,547 ​ 29,103 25,454

Transactions with directors a_2

Transactions with directors and key management (Tables)	12 Months Ended
	Dec. 31, 2023
Transactions with directors and key management
Schedule of transactions with directors and key management	​ ​ ​ ​ ​ ​ ​ At 31 December ​ ​ 2023 ​ 2022 ​ ​ £000 ​ £000 Loans to customers - amortised cost 11,406 12,137 Customer deposits 55,254 47,866 ​

Related parties (Tables)

Related parties (Tables)	12 Months Ended
	Dec. 31, 2023
Related parties
Schedule of transactions with associates, joint ventures and equity investees	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Associates and ​ Equity ​ ​ ​ Joint Ventures Shares (1) Total 31 December 2023 ​ £m ​ £m ​ £m Investments 668 145 813 Loans to customers- amortised cost — 13 13 Customer deposits 2 10 12 Settlement balances ​ — ​ — ​ — Other comprehensive income ​ — ​ (8) ​ (8) Other operating income (11) — (11) ​ ​ ​ ​ ​ ​ ​ ​ 31 December 2022 ​ ​ ​ Investments 688 149 837 Loans to customers- amortised cost — — — Customer deposits 1 4 5 Settlement balances ​ — ​ 34 ​ 34 Other comprehensive income — 11 11 Other operating income (30) — (30) ​ (1)

Accounting policies (Details)

Accounting policies (Details) £ in Millions	12 Months Ended
	Dec. 31, 2023 GBP (£) item
Intangible assets and goodwill
Impairment loss | £	£ 0
Credit cards
Loan impairment provisions
Write off period	4 years
Number of arrear cycles after which the financial asset is written off | item	12
Minimum | Computer software
Intangible assets and goodwill
Estimated useful economic lives	3 years
Minimum | Other acquired intangibles
Intangible assets and goodwill
Estimated useful economic lives	3 years
Maximum | Retail mortgages
Loan impairment provisions
Write off period	5 years
Maximum | Overdrafts and other unsecured loans
Loan impairment provisions
Write off period	6 years
Maximum | Commercial loans
Loan impairment provisions
Write off period	5 years
Maximum | Computer software
Intangible assets and goodwill
Estimated useful economic lives	10 years
Maximum | Other acquired intangibles
Intangible assets and goodwill
Estimated useful economic lives	5 years

Net interest income (Details)

Net interest income (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net interest income
Balances at central banks and loans to banks - amortised cost	£ 3,737	£ 1,987	£ 445	[1]
Loans to customers - amortised cost	15,553	10,085	8,536	[1]
Other financial assets	1,736	565	253	[1]
Interest receivable	21,026	12,637	9,234	[1],[2]
Balances deposits	1,039	379	204	[1]
Customer deposits	5,276	785	556	[1]
Other financial liabilities	2,977	1,196	670	[1]
Subordinated liabilities	464	370	267	[1]
Internal funding of trading businesses	221	65	2	[1]
Interest payable	9,977	2,795	1,699	[1],[2]
Net interest income	11,049	9,842	7,535	[1],[2]
Finance income on the net investment in leases	£ 484	£ 314	£ 298
[1] Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements . Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements.

Non-interest income (Details)

Non-interest income (Details) - GBP (£) £ in Millions		1 Months Ended	12 Months Ended
		Feb. 28, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Net fees and commissions			£ 2,330	£ 2,292	£ 2,120	[1]
Trading income
Foreign exchange			270	305	364	[1]
Interest rate			595	752	(130)	[1]
Credit			(72)	17	83	[1]
Changes in fair value of own debt and derivative liabilities attributable to own credit risk
-debt securities in issue			(2)	42	6	[1]
Equity, commodities and other			3	17
Income from trading activities			794	1,133	323	[1],[2]
Gain/(loss) on redemption of own debt			3	(161)	(145)	[1]
Rental income on operating lease assets and investment property			234	230	225	[1]
Changes in fair value of financial assets and liabilities designated at fair value through profit or loss			(150)	17	(8)	[1]
Changes in fair value of other financial assets at fair value through profit or loss			50	(45)	5	[1]
Hedge ineffectiveness			52	(20)	25	[1]
Loss on disposal of amortised cost assets and liabilities			(5)	(15)	(15)	[1]
(Loss)/profit on disposal of fair value through other comprehensive income assets			(43)	(168)	117	[1]
Loss on sale of property, plant and equipment			(21)	(5)	(30)	[1]
Share of loss/(profit) of associates			(9)	(30)	216	[1]
Profit on disposal of subsidiaries and associates	[1]				48
Foreign exchange recycling gains/(losses)			484	5	(10)	[1]
Other income			(16)	81	23	[1]
Other operating income			579	(111)	451	[1],[2]
Non-interest income			£ 3,703	3,314	£ 2,894	[1],[2]
Derivatives notional (£bn)				13,925,000
Profit from insurance liabilities				£ 92
Foreign exchange reserve | UBIDAC
Changes in fair value of own debt and derivative liabilities attributable to own credit risk
Recycled to profit or loss on disposal of businesses		£ (460)
[1] Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements. Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements.

Operating expenses (Details)

Operating expenses (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating expenses
Salaries	£ 2,483	£ 2,250	£ 2,295
Bonus awards	353	334	267
Temporary and contract costs	199	234	240
Social security costs	352	328	300
Pension costs	313	363	354
- defined benefit schemes	122	205	215
- defined contribution schemes	191	158	139
Other	201	207	220
Staff costs	3,901	3,716	3,676	[1]
Premises and equipment	1,153	1,112	1,133	[1]
UK bank levy	109	101	99
Depreciation and amortisation	934	833	923	[1]
Other administrative expenses	1,899	1,925	1,927
Administrative expenses	4,095	3,971	4,082
Operating expenses	7,996	7,687	7,758	[1]
Impairment of goodwill			85
Depreciation on right of use assets	£ 104	£ 119	£ 167
[1] Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements.

Operating expenses - Continuing

Operating expenses - Continuing operations (Details) - employee	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number and average number of employees
Average number of employees	61,500	60,000	59,200
Average number of temporary employees	2,100	2,500	2,500
Number of employees	61,600	61,000	57,800
UK
Number and average number of employees
Number of employees	41,500	41,200	40,600
USA
Number and average number of employees
Number of employees	300	300	300
India
Number and average number of employees
Number of employees	16,900	15,700	13,500
Poland
Number and average number of employees
Number of employees	1,500	1,500	1,400
Republic of Ireland
Number and average number of employees
Number of employees	400	1,400	1,200
Rest of the World
Number and average number of employees
Number of employees	1,000	900	800
Ulster Bank RoI
Number and average number of employees
Number of employees	500	2,200	2,400
Operating segment | Retail Banking
Number and average number of employees
Number of employees	14,300	15,100	16,000
Operating segment | Private Banking
Number and average number of employees
Number of employees	2,400	2,300	2,000
Operating segment | Commercial & Institutional
Number and average number of employees
Number of employees	12,400	12,200	11,700
Operating segment | Central items & other
Number and average number of employees
Number of employees	32,500	31,400	28,100
Discontinued operations | Ulster Bank RoI
Number and average number of employees
Number of employees	0	400	700

Operating expenses - Share-base

Operating expenses - Share-based payments (Details) £ / shares in Units, £ in Millions, Option in Millions, EquityInstruments in Millions	12 Months Ended
	Dec. 31, 2023 GBP (£) EquityInstruments Option £ / shares	Dec. 31, 2022 GBP (£) EquityInstruments Option £ / shares	Dec. 31, 2021 GBP (£) EquityInstruments Option £ / shares
Shares awarded
Share-based payments, market price measurement period preceding grant date	5 days
Maximum
Shares awarded
Share-based payments, volatility measurement period	5 years
Sharesave
Average exercise price
At 1 January | £ / shares	£ 1.63	£ 1.61	£ 1.64
Granted | £ / shares	1.42	1.86	1.80
Exercised | £ / shares	1.44	1.88	1.76
Cancelled | £ / shares	1.72	1.60	2.02
At 31 December | £ / shares	£ 1.59	£ 1.63	£ 1.61
Shares under option
At 1 January | Option	99	95	96
Granted | Option	43	25	24
Exercised | Option	(23)	(15)	(10)
Cancelled | Option	(5)	(6)	(15)
At 31 December | Option	114	99	95
Options exercisable, vesting period	6 months
Options exercisable | Option	19	5.1	6
Weighted average share price | £ / shares	£ 2.20	£ 2.59	£ 2.19
Weighted average remaining contractual life of outstanding share options	2 years 3 months	2 years	2 years 1 month 6 days
Fair value of of options granted during the period	£ 27.3	£ 22.1	£ 17
Shares awarded
Share-based payments, market price measurement period preceding grant date	3 days
Sharesave | Minimum
Shares under option
Exercise price of outstanding share options | £ / shares	£ 1.12	£ 1.12	£ 1.12
Sharesave | Maximum
Shares under option
Exercise price of outstanding share options | £ / shares	£ 1.89	£ 2.27	£ 2.27
Deferred performance awards
Shares under option
Options exercisable, vesting period	3 years
Value at grant
At 1 January	£ 93	£ 132	£ 169
Granted	52	46	61
Forfeited	(2)	(4)	(10)
Vested	(67)	(81)	(88)
At 31 December	£ 76	£ 93	£ 132
Shares awarded
At 1 January (in shares) | EquityInstruments	46	65	77
Granted (in shares) | EquityInstruments	20	20	32
Forfeited (in shares) | EquityInstruments	(1)	(2)	(5)
Vested/exercised (in shares) | EquityInstruments	(30)	(37)	(39)
At 31 December (in shares) | EquityInstruments	35	46	65
Long-term incentives
Value at grant
At 1 January	£ 49	£ 44	£ 50
Granted	11	16	6
Vested	(10)	(10)	(12)
Lapsed	(1)	(1)
At 31 December	£ 49	£ 49	£ 44
Shares awarded
At 1 January (in shares) | EquityInstruments	23	21	24
Granted (in shares) | EquityInstruments	5	7	3
Vested/exercised (in shares) | EquityInstruments	(4)	(4)	(6)
Lapsed (in shares) | EquityInstruments	(1)	(1)
At 31 December (in shares) | EquityInstruments	23	23	21
Market value of awards vested and exercised	£ 9.5	£ 11.7	£ 13

Operating expenses - Bonus awar

Operating expenses - Bonus awards (Details) - GBP (£)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating expenses
Total Bonus awards	£ 356,000,000	£ 370,000,000	£ 301,000,000
Bonus awards as a % of operating profit before tax	5%	7%
Proportion of bonus awards that are deferred	88%	89%
Bonus awards
Operating expenses
Total Bonus awards	£ 356,000,000	£ 370,000,000
Change %	(4.00%)
Non-deferred cash awards
Operating expenses
Total Bonus awards	£ 43,000,000	40,000,000
Change %	8%
Total deferred bonus awards
Operating expenses
Total Bonus awards	£ 313,000,000	330,000,000
Change %	(5.00%)
Deferred cash awards
Operating expenses
Total Bonus awards	£ 262,000,000	£ 270,000,000
Change %	(3.00%)
Proportion of bonus awards that are deferred	84%	82%
Deferred share awards
Operating expenses
Total Bonus awards	£ 51,000,000	£ 60,000,000
Change %	(15.00%)
Proportion of bonus awards that are deferred	16%	18%
Maximum
Operating expenses
Cash awards	£ 2,000

Operating expenses - Bonus aw_2

Operating expenses - Bonus awards reconciliation (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating expenses
Bonus awarded	£ 356	£ 370	£ 301
Less: deferral of charge for amounts awarded for current year	(114)	(127)	(99)
Income statement charge for amounts awarded in current year	242	243	202
Add: current year charge for amounts deferred from prior years	115	94	80
Less: forfeiture of amounts deferred from prior years	(4)	(3)	(15)
Income statement charge for amounts deferred from prior years	111	91	65
Income statement charge for bonus awards	£ 353	£ 334	£ 267

Operating expenses - Bonus aw_3

Operating expenses - Bonus awards - Actual and Expected (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating expenses
Bonus awards deferred from 2021 and earlier			£ 16	£ 94	£ 80
Bonus awards deferred from 2022			99
Less: forfeiture of amounts deferred from prior years			(4)	(3)	(15)
Bonus awards for 2023 deferred			0
Income statement charge for amounts deferred from prior years			£ 111	£ 91	£ 65
Forecast
Operating expenses
Bonus awards deferred from 2021 and earlier	£ 5	£ 7
Bonus awards deferred from 2022	9	9
Less: forfeiture of amounts deferred from prior years	0	0
Bonus awards for 2023 deferred	16	98
Income statement charge for amounts deferred from prior years	£ 30	£ 114

Segmental analysis - Operating

Segmental analysis - Operating profit or (loss) before tax (Details) - GBP (£) £ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segmental analysis
Net interest income		£ 11,049	£ 9,842	£ 7,535	[1],[2]
Net fees and commissions		2,330	2,292	2,120	[3]
Total income		14,752	13,156	10,429	[1]
Depreciation and amortisation		(934)	(833)	(923)	[1]
Impairment (losses)/releases		(578)	(337)	1,173	[1]
Operating profit before tax	[4]	6,178	5,132	3,844	[1]
Operating segment
Segmental analysis
Net interest income		11,049	9,842	7,535
Net fees and commissions		2,330	2,292	2,120
Other non-interest income		1,373	1,022	774
Total income		14,752	13,156	10,429
Depreciation and amortisation		(934)	(833)	(923)
Other operating expenses		(7,062)	(6,854)	(6,835)
Impairment (losses)/releases		(578)	(337)	1,173
Operating profit before tax		6,178	5,132	3,844
Retail Banking
Segmental analysis
Net fees and commissions		427	422	377
Total income		4,170	4,956	4,933
Retail Banking | Operating segment
Segmental analysis
Net interest income		5,496	5,224	4,074
Net fees and commissions		427	422	377
Other non-interest income		8		(6)
Total income		5,931	5,646	4,445
Depreciation and amortisation		(1)		(85)
Other operating expenses		(2,827)	(2,593)	(2,428)
Impairment (losses)/releases		(465)	(229)	36
Operating profit before tax		2,638	2,824	1,968
Private Banking
Segmental analysis
Net fees and commissions		249	250	258
Total income		327	778	801
Private Banking | Operating segment
Segmental analysis
Net interest income		710	777	480
Net fees and commissions		249	250	258
Other non-interest income		31	29	78
Total income		990	1,056	816
Depreciation and amortisation		(1)
Other operating expenses		(684)	(622)	(520)
Impairment (losses)/releases		(14)	2	54
Operating profit before tax		291	436	350
Commercial & Institutional
Segmental analysis
Net fees and commissions		1,654	1,580	1,440
Total income		7,730	5,920	4,634
Commercial & Institutional | Operating segment
Segmental analysis
Net interest income		5,044	4,171	2,974
Net fees and commissions		1,654	1,580	1,440
Other non-interest income		723	662	424
Total income		7,421	6,413	4,838
Depreciation and amortisation		(154)	(161)	(173)
Other operating expenses		(3,937)	(3,583)	(3,584)
Impairment (losses)/releases		(94)	(122)	1,160
Operating profit before tax		3,236	2,547	2,241
Central Items and other
Segmental analysis
Net fees and commissions			40	45
Total income		2,525	1,502	61
Central Items and other | Operating segment
Segmental analysis
Net interest income		(201)	(330)	7
Net fees and commissions			40	45
Other non-interest income		611	331	278
Total income		410	41	330
Depreciation and amortisation		(778)	(672)	(665)
Other operating expenses		386	(56)	(303)
Impairment (losses)/releases		(5)	12	(77)
Operating profit before tax		£ 13	£ (675)	£ (715)
[1] Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements. Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements . Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements. Comparative results have been re-presented from those previously published to reclassify certain operations as discontinued operations as described in Note 8 to the consolidated financial statements.

Segmental analysis - Total reve

Segmental analysis - Total revenue (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segmental analysis
Total revenue	£ 25,382	£ 16,574	£ 12,702
Retail Banking
Segmental analysis
Total revenue	7,366	5,773	5,415
Private Banking
Segmental analysis
Total revenue	1,157	874	792
Commercial & Institutional
Segmental analysis
Total revenue	12,519	7,258	5,189
Central Items and other
Segmental analysis
Total revenue	4,340	2,669	1,306
Inter-segmental | Retail Banking
Segmental analysis
Total revenue	(5)		(18)
Inter-segmental | Private Banking
Segmental analysis
Total revenue	(1,000)	(389)	(127)
Inter-segmental | Commercial & Institutional
Segmental analysis
Total revenue	1,602	395	(102)
Inter-segmental | Central Items and other
Segmental analysis
Total revenue	(597)	(6)	247
Operating segment
Segmental analysis
Total revenue	25,382	16,574	12,702
Operating segment | Retail Banking
Segmental analysis
Total revenue	7,371	5,773	5,433
Operating segment | Private Banking
Segmental analysis
Total revenue	2,157	1,263	919
Operating segment | Commercial & Institutional
Segmental analysis
Total revenue	10,917	6,863	5,291
Operating segment | Central Items and other
Segmental analysis
Total revenue	£ 4,937	£ 2,675	£ 1,059

Segmental analysis - Total inco

Segmental analysis - Total income (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segmental analysis
Total income	£ 14,752	£ 13,156	£ 10,429	[1]
Retail Banking
Segmental analysis
Total income	4,170	4,956	4,933
Private Banking
Segmental analysis
Total income	327	778	801
Commercial & Institutional
Segmental analysis
Total income	7,730	5,920	4,634
Central Items and other
Segmental analysis
Total income	2,525	1,502	61
Inter-segmental | Retail Banking
Segmental analysis
Total income	(1,761)	(690)	488
Inter-segmental | Private Banking
Segmental analysis
Total income	(663)	(278)	(15)
Inter-segmental | Commercial & Institutional
Segmental analysis
Total income	309	(493)	(204)
Inter-segmental | Central Items and other
Segmental analysis
Total income	2,115	1,461	(269)
Operating segment
Segmental analysis
Total income	14,752	13,156	10,429
Operating segment | Retail Banking
Segmental analysis
Total income	5,931	5,646	4,445
Operating segment | Private Banking
Segmental analysis
Total income	990	1,056	816
Operating segment | Commercial & Institutional
Segmental analysis
Total income	7,421	6,413	4,838
Operating segment | Central Items and other
Segmental analysis
Total income	£ 410	£ 41	£ 330
[1] Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements.

Segmental analysis - Net fees a

Segmental analysis - Net fees and commissions (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fees and commissions receivable
Payment services	£ 1,030	£ 1,024	£ 967
Credit and debit card fees	676	661	522
Lending and financing	729	701	670
Brokerage	83	93	96
Investment management, trustee and fiduciary services	266	269	280
Underwriting fees	123	120	127
Other	76	47	32
Total	2,983	2,915	2,694	[1]
Fees and commissions payable	(653)	(623)	(574)	[1]
Net fees and commissions	2,330	2,292	2,120	[2]
Operating segment
Fees and commissions receivable
Net fees and commissions	2,330	2,292	2,120
Retail Banking
Fees and commissions receivable
Payment services	324	314	306
Credit and debit card fees	400	401	344
Lending and financing	14	17	13
Brokerage	35	43	48
Investment management, trustee and fiduciary services	2	4	3
Other	4
Total	779	779	714
Fees and commissions payable	(352)	(357)	(337)
Net fees and commissions	427	422	377
Retail Banking | Operating segment
Fees and commissions receivable
Net fees and commissions	427	422	377
Private Banking
Fees and commissions receivable
Payment services	32	25	35
Credit and debit card fees	13	15	10
Lending and financing	5	8	10
Brokerage	6	6	6
Investment management, trustee and fiduciary services	209	219	230
Other	5	3	35
Total	270	276	326
Fees and commissions payable	(21)	(26)	(68)
Net fees and commissions	249	250	258
Private Banking | Operating segment
Fees and commissions receivable
Net fees and commissions	249	250	258
Commercial & Institutional
Fees and commissions receivable
Payment services	671	642	577
Credit and debit card fees	260	227	149
Lending and financing	709	673	643
Brokerage	42	44	42
Investment management, trustee and fiduciary services	45	46	45
Underwriting fees	123	120	127
Other	73	88	109
Total	1,923	1,840	1,692
Fees and commissions payable	(269)	(260)	(252)
Net fees and commissions	1,654	1,580	1,440
Commercial & Institutional | Operating segment
Fees and commissions receivable
Net fees and commissions	1,654	1,580	1,440
Central Items and other
Fees and commissions receivable
Payment services	3	43	49
Credit and debit card fees	3	18	19
Lending and financing	1	3	4
Investment management, trustee and fiduciary services	10		2
Other	(6)	(44)	(112)
Total	11	20	(38)
Fees and commissions payable	£ (11)	20	83
Net fees and commissions		40	45
Central Items and other | Operating segment
Fees and commissions receivable
Net fees and commissions		£ 40	£ 45
[1] Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements. Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements.

Segmental analysis - Assets and

Segmental analysis - Assets and liabilities (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segmental analysis
Assets	£ 692,673	£ 720,053	£ 781,992
Liabilities	655,485	683,557	740,189
Retail Banking
Segmental analysis
Assets	228,684	226,375	209,973
Liabilities	191,936	192,282	192,715
Private Banking
Segmental analysis
Assets	26,894	29,867	29,854
Liabilities	37,806	41,491	39,388
Commercial & Institutional
Segmental analysis
Assets	384,958	404,817	425,718
Liabilities	359,766	383,768	411,757
Central Items and other
Segmental analysis
Assets	52,137	58,994	116,447
Liabilities	£ 65,977	£ 66,016	£ 96,329

Segmental analysis - Goodwill (

Segmental analysis - Goodwill (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Analysis of goodwill
Carrying value of goodwill	£ 5,680	£ 5,522
Retail Banking
Analysis of goodwill
Carrying value of goodwill	2,607	2,607
Commercial & Institutional
Analysis of goodwill
Carrying value of goodwill	2,905	2,906
Private Banking
Analysis of goodwill
Carrying value of goodwill	9	9
Central Items and other
Analysis of goodwill
Carrying value of goodwill	£ 159	£ 0

Segmental analysis - Geographic

Segmental analysis - Geographical segments (Details) - GBP (£) £ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Geographical segments
Total revenue		£ 25,382	£ 16,574	£ 12,702
Interest receivable		21,026	12,637	9,234	[1],[2]
Interest payable		(9,977)	(2,795)	(1,699)	[1],[2]
Net fees and commissions		2,330	2,292	2,120	[3]
Trading income		794	1,133	323	[1],[3]
Other operating income		579	(111)	451
Total income		14,752	13,156	10,429	[1]
Operating (loss)/profit before tax	[4]	6,178	5,132	3,844	[1]
Total assets		692,673	720,053	781,992
Total liabilities		655,485	683,557	740,189
Total		119,631	126,581	125,367
UK
Geographical segments
Total revenue		24,096	15,795	12,100
Interest receivable		20,192	12,242	8,949
Interest payable		(9,500)	(2,567)	(1,483)
Net fees and commissions		2,052	1,983	1,820
Trading income		704	1,208	247
Other operating income		556	(140)	387
Total income		14,004	12,726	9,920
Operating (loss)/profit before tax		6,196	5,716	4,143
Total assets		610,831	589,758	693,221
Total liabilities		594,250	579,476	676,684
Total		112,199	117,915	117,225
USA
Geographical segments
Total revenue		167	117	87
Interest receivable		39	37	20
Interest payable		(1)	(2)	(2)
Net fees and commissions		49	44	27
Trading income		66	1	53
Other operating income		(10)	14	2
Total income		143	94	100
Operating (loss)/profit before tax		45	(46)	48
Total assets		23,725	25,979	21,776
Total liabilities		22,106	27,039	23,286
Total				1
Europe
Geographical segments
Total revenue		1,016	558	482
Interest receivable		774	344	257
Interest payable		(472)	(221)	(211)
Net fees and commissions		172	207	231
Trading income		1	(104)	(1)
Other operating income		30	12	62
Total income		505	238	338
Operating (loss)/profit before tax		(149)	(620)	(387)
Total assets		56,001	101,164	64,415
Total liabilities		37,506	75,092	38,835
Total		7,411	8,649	8,114
RoW
Geographical segments
Total revenue		103	104	33
Interest receivable		21	14	8
Interest payable		(4)	(5)	(3)
Net fees and commissions		57	58	42
Trading income		23	28	24
Other operating income		3	3
Total income		100	98	71
Operating (loss)/profit before tax		86	82	40
Total assets		2,116	3,152	2,580
Total liabilities		1,623	1,950	1,384
Total		£ 21	£ 17	£ 27
[1] Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements. Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements . Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements. Comparative results have been re-presented from those previously published to reclassify certain operations as discontinued operations as described in Note 8 to the consolidated financial statements.

Pensions (Details)

Pensions (Details)	12 Months Ended
	Dec. 31, 2023
Pensions
Portion of final pensionable salary, considered for pension	1.67%
Maximum number of years of service for pension	40 years
Maximum annual salary inflation	2%
Minimum
Pensions
Period during which defined benefit schemes have been closed to new entrants	10 years

Pensions - Investment strategy

Pensions - Investment strategy (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pensions
Derivatives notional (£bn)		£ 13,925,000
Fair value of assets	£ 78,904	99,545
Fair value of liabilities	72,395	94,047
Interest rate swaps
Pensions
Derivatives notional (£bn)	6,533,000	7,201,000
Fair value of assets	33,807	39,039
Fair value of liabilities	£ 27,424	£ 32,992
Main Pension Scheme
Pensions
Percentage of total plan assets	91%	91%
Equities	6.80%	7.80%
Index-linked bonds	36.70%	37.70%
Government bonds	13.30%	18.40%
Corporate and other bonds	25.60%	22%
Real estate	4.50%	6%
Derivatives	2.70%	8.20%
Cash and other assets	10.40%	(0.10%)
Total	100%	100%
Percentage of collateral	128%
Maximum percentage of indirect investment by trustees	5%
Main Pension Scheme | Quoted plan assets
Pensions
Equities	0.10%	0.10%
Index-linked bonds	36.70%	37.70%
Government bonds	13.30%	18.40%
Corporate and other bonds	19.20%	15.30%
Total	69.30%	71.50%
Main Pension Scheme | Unquoted plan assets
Pensions
Equities	6.70%	7.70%
Corporate and other bonds	6.40%	6.70%
Real estate	4.50%	6%
Derivatives	2.70%	8.20%
Cash and other assets	10.40%	(0.10%)
Total	30.70%	28.50%
Main Pension Scheme | Swap
Pensions
Derivatives notional (£bn)	£ 81,000	£ 124,000
Derivatives, amount contributed to fair value of plan assets	714	2,642
Main Pension Scheme | Inflation rate swaps
Pensions
Derivatives notional (£bn)	29,000	21,000
Fair value of assets	1,929	1,873
Fair value of liabilities	940	990
Main Pension Scheme | Interest rate swaps
Pensions
Derivatives notional (£bn)	52,000	103,000
Fair value of assets	3,121	14,317
Fair value of liabilities	3,394	12,546
Main Pension Scheme | Currency forwards
Pensions
Derivatives notional (£bn)	13,000	12,000
Fair value of assets	235	310
Fair value of liabilities	34	113
Main Pension Scheme | Equity and bond put options
Pensions
Fair value of assets		2
Fair value of liabilities	4	70
Main Pension Scheme | Other
Pensions
Derivatives notional (£bn)	1,000	1,000
Fair value of assets	8	14
Fair value of liabilities	20	£ 19
AA section of the group pension fund
Pensions
Bulk annuity policy, amount contributed to fair value of plan assets	£ 546
Percentage of defined benefit obligation covered by value of bulk annuity policy	99%
Residual assets, amount contributed to fair value of plan assets	£ 145

Pensions - Changes in value of

Pensions - Changes in value of net pension assets/(liability) (Details) - GBP (£) £ in Millions	12 Months Ended		24 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2022
Pensions
Balance at beginning of year	£ (220)	£ (488)
Currency translation and other adjustments	(4)	(2)
Net interest expense	(15)
Current service cost	(105)
Past service cost	8
Loss on curtailments and settlements	24
Income statement - operating expenses	122	205
Return on plan assets excluding recognised interest income	1,182
Experience gains and losses	(1,599)
Effect of changes in actuarial financial assumptions	776
Effect of changes in actuarial demographic assumptions	(436)
Asset ceiling adjustments	(2,841)
Statement of comprehensive income	(280)	(840)
Contributions by employer	280	775
Balance at end of year	(102)	(220)	£ (220)
Main Pension Scheme
Pensions
Net interest expense	(5)
Current service cost	(76)
Past service cost	2
Income statement - operating expenses	73	140
Return on plan assets excluding recognised interest income	1,042
Experience gains and losses	(1,531)
Effect of changes in actuarial financial assumptions	585
Effect of changes in actuarial demographic assumptions	(379)
Asset ceiling adjustments	(2,643)
Statement of comprehensive income	(136)	(568)
Contributions by employer	209	708
Contributions expected to be paid to plan in 2024	207
Contributions resulting from ring-fencing arrangements			1,000
Fair value of plan assets
Pensions
Balance at beginning of year	(37,598)	(57,787)
Currency translation and other adjustments	21	(78)
Net interest expense	(1,841)
Income statement - operating expenses	(1,841)	(1,041)
Return on plan assets excluding recognised interest income	1,182
Statement of comprehensive income	(1,182)	(20,326)
Contributions by employer	278	775
Contributions by plan participants and other scheme members	(12)	(13)
Assets/liabilities extinguished upon settlement	50	113
Benefits paid	1,365	1,657
Balance at end of year	(37,111)	(37,598)	(37,598)
Fair value of plan assets | Main Pension Scheme
Pensions
Balance at beginning of year	(34,016)	(52,021)
Net interest expense	(1,677)
Income statement - operating expenses	(1,677)	(932)
Return on plan assets excluding recognised interest income	1,042
Statement of comprehensive income	(1,042)	(18,180)
Contributions by employer	209	708
Contributions by plan participants and other scheme members	(7)	(7)
Benefits paid	1,229	1,472
Balance at end of year	(33,638)	(34,016)	(34,016)
Present value of defined benefit obligation
Pensions
Balance at beginning of year	27,601	46,808
Currency translation and other adjustments	(21)	65
Net interest expense	1,341
Current service cost	(105)
Past service cost	8
Loss on curtailments and settlements	24
Income statement - operating expenses	1,478	1,055
Experience gains and losses	(1,599)
Effect of changes in actuarial financial assumptions	776
Effect of changes in actuarial demographic assumptions	(436)
Statement of comprehensive income	(1,939)	18,570
Contributions by employer	2
Contributions by plan participants and other scheme members	12	13
Assets/liabilities extinguished upon settlement	(50)	(113)
Benefits paid	(1,365)	(1,657)
Balance at end of year	29,592	27,601	27,601
Present value of defined benefit obligation | Main Pension Scheme
Pensions
Balance at beginning of year	24,733	42,020
Net interest expense	1,208
Current service cost	(76)
Past service cost	2
Income statement - operating expenses	1,286	892
Experience gains and losses	(1,531)
Effect of changes in actuarial financial assumptions	585
Effect of changes in actuarial demographic assumptions	(379)
Statement of comprehensive income	(1,737)	16,714
Contributions by plan participants and other scheme members	7	7
Benefits paid	(1,229)	(1,472)
Balance at end of year	26,534	24,733	24,733
Asset ceiling/minimum funding
Pensions
Balance at beginning of year	9,777	10,491
Currency translation and other adjustments	(4)	11
Net interest expense	485
Income statement - operating expenses	485	191
Asset ceiling adjustments	(2,841)
Statement of comprehensive income	2,841	916
Balance at end of year	7,417	9,777	9,777
Asset ceiling/minimum funding | Main Pension Scheme
Pensions
Balance at beginning of year	9,283	10,001
Net interest expense	464
Income statement - operating expenses	464	180
Asset ceiling adjustments	(2,643)
Statement of comprehensive income	2,643	898
Balance at end of year	£ 7,104	£ 9,283	£ 9,283

Pensions - Amounts in the Finan

Pensions - Amounts in the Financial statements (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pensions
Fund assets at fair value	£ 37,111	£ 37,598	£ 57,787	£ 57,249	£ 51,925
Present value of fund liabilities	(29,592)	(27,601)	(46,808)	(48,864)	(44,115)
Net surplus	7,519	9,997	10,979	£ 8,385	£ 7,810
Net assets of schemes in surplus	201	318
Net liabilities of schemes in deficit	(99)	(98)
Retirement benefit liability	(102)	(220)	(488)
Asset ceiling/minimum funding
Pensions
Retirement benefit liability	£ 7,417	£ 9,777	£ 10,491

Pensions - Funding and contribu

Pensions - Funding and contributions by the Group and most significant assumptions used for the Main Scheme (Details) - GBP (£) £ in Millions	12 Months Ended		24 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2018
Pensions
Fixed interest swap and guilt yields plus percentage	0.64%
Life expectancy of male employees after retirement who are currently at age 60	27 years 8 months 12 days
Life expectancy of female employees after retirement who are currently at age 60	29 years 4 months 24 days
Life expectancy of male employees after retirement who are currently aged 40	28 years 10 months 24 days
Life expectancy of female employees after retirement who are currently aged 40	30 years 8 months 12 days
Main Pension Scheme
Pensions
Period of funding valuations (in years)	3 years
Funding level, as percent		104%
Pension liabilities		£ 49,000	£ 49,000
Surplus as per actuarial assumptions		£ 2,000	2,000
Average cost (as a percent)		49%
Future contribution to funding if distribution to shareholders are made, capped amount				£ 1,500
Contributions Resulting From Ring Fencing Arrangements			£ 1,000
Discount rate	4.80%	5%	5%
Inflation assumption (RPI)	3.10%	3.20%	3.20%
Rate of increase in salaries	1.80%	1.80%	1.80%
Rate of increase in deferred pensions	3.20%	3.20%	3.20%
Rate of increase in pensions in payment	2.40%	2.50%	2.50%
Proportion of pension converted to a cash lump sum at retirement	18%	18%	18%
Longevity at age 60 for current pensioners (years), males	26 years 9 months 18 days	27 years 3 months 18 days
Longevity at age 60 for current pensioners (years), females	28 years 7 months 6 days	29 years 1 month 6 days
Longevity at age 60 for future pensioners currently aged 40 (years), males	27 years 8 months 12 days	28 years 3 months 18 days
Longevity at age 60 for future pensioners currently aged 40 (years), females	29 years 6 months	30 years 1 month 6 days
Main Pension Scheme | Maximum | Distributions to shareholders of an equal amount are made [Member]
Pensions
Future contribution to funding if distribution to shareholders are made	£ 500

Pensions - Sensitivities of the

Pensions - Sensitivities of the present value of defined benefit obligation (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pensions
Weighted average duration of defined benefit obligation	14 years	15 years 3 months 18 days
Main Pension Scheme
Pensions
Active members	7.50%	8.40%
Deferred members	41.90%	41%
Pensioners and dependants	50.60%	50.60%
Total proportions to the different classes of scheme	100%	100%
Discount rate | Main Pension Scheme
Pensions
Increase in actuarial assumption (as a percent)	0.50%	0.50%
(Decrease)/ increase in value of assets	£ (2,292)	£ (2,689)
(Decrease)/ increase in value of liabilities	1,746	1,766
Increase in net pension (obligations)/assets	£ 546	£ 923
Inflation | Main Pension Scheme
Pensions
Increase in actuarial assumption (as a percent)	0.25%	0.25%
(Decrease)/ increase in value of assets	£ 811	£ 963
(Decrease)/ increase in value of liabilities	(578)	(632)
Increase in net pension (obligations)/assets	£ (233)	£ (331)
Credit spreads | Main Pension Scheme
Pensions
Increase in actuarial assumption (as a percent)	0.50%	0.50%
Decrease in actuarial assumption (as a percent)	0.50%	0.50%
(Decrease)/ increase in value of assets	£ (12)	£ (6)
(Decrease)/ increase in value of liabilities	1,746	1,766
Increase in net pension (obligations)/assets	£ (1,734)	£ (1,760)
Percentage of larger reasonably possible increase in actuarial assumption	0.50%	0.50%
Credit spreads | Actuarial assumption of longevity, decrease by 2 years | Main Pension Scheme
Pensions
Increase in net pension (obligations)/assets	£ 3,500	£ 3,700
Net pension assets/obligations, assuming no change in one of the actuarial assumption	1,900	2,100
Increase in net pension (obligations)/assets		300
Credit spreads | Actuarial assumption of longevity, decrease by 1 year | Main Pension Scheme
Pensions
Increase in net pension (obligations)/assets	2,600	2,800
Net pension assets/obligations, assuming no change in one of the actuarial assumption	900	1,100
Increase in net pension (obligations)/assets	(1,000)	(900)
Credit spreads | Actuarial assumption of longevity, no change | Main Pension Scheme
Pensions
Increase in net pension (obligations)/assets	1,700	1,800
Increase in net pension (obligations)/assets	(2,000)	(2,000)
Credit spreads | Actuarial assumption of longevity, increase by 1 year | Main Pension Scheme
Pensions
Increase in net pension (obligations)/assets	900	800
Net pension assets/obligations, assuming no change in one of the actuarial assumption	(900)	(1,100)
Increase in net pension (obligations)/assets	(2,900)	(3,200)
Credit spreads | Actuarial assumption of longevity, increase by 2 years | Main Pension Scheme
Pensions
Increase in net pension (obligations)/assets	100	(200)
Net pension assets/obligations, assuming no change in one of the actuarial assumption	(1,800)	(2,100)
Increase in net pension (obligations)/assets	£ (3,900)	£ (4,300)
Longevity increase | Main Pension Scheme
Pensions
Actuarial assumption of longevity increase	1 year	1 year
(Decrease)/ increase in value of liabilities	£ (902)	£ (767)
Increase in net pension (obligations)/assets	£ 902	£ 767
Pension increase | Main Pension Scheme
Pensions
Increase in actuarial assumption (as a percent)	0.25%	0.25%
(Decrease)/ increase in value of liabilities	£ (706)	£ (679)
Increase in net pension (obligations)/assets	£ 706	£ 679
Equity values | Main Pension Scheme
Pensions
Increase in actuarial assumption (as a percent)	10%	10%
(Decrease)/ increase in value of assets	£ 229	£ 267
Increase in net pension (obligations)/assets	£ (229)	£ (267)

Pensions - History of defined b

Pensions - History of defined benefit schemes (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pensions
Fair value of plan assets	£ 37,111	£ 37,598	£ 57,787	£ 57,249	£ 51,925
Present value of plan obligations	(29,592)	(27,601)	(46,808)	(48,864)	(44,115)
Net surplus	7,519	9,997	10,979	8,385	7,810
Actual return on plan assets	£ 659	£ (19,285)	£ 1,667	£ 7,064	£ 4,930
Actual return on plan assets - %	1.80%	(33.40%)	2.90%	13.60%	10.10%
Plan liabilities
Pensions
Experience (losses)/gains	£ (1,599)	£ (2,137)	£ 237	£ 455	£ 279
Plan assets
Pensions
Experience (losses)/gains	(1,182)	(20,326)	872	6,027	3,556
Main Pension Scheme
Pensions
Fair value of plan assets	33,638	34,016	52,021	51,323	46,555
Present value of plan obligations	(26,534)	(24,733)	(42,020)	(43,870)	(39,669)
Net surplus	7,104	9,283	10,001	7,453	6,886
Actual return on plan assets	£ 634	£ (17,248)	£ 1,554	£ 6,422	£ 4,266
Actual return on plan assets - %	1.90%	(33.20%)	3%	13.80%	9.70%
Main Pension Scheme | Plan liabilities
Pensions
Experience (losses)/gains	£ (1,531)	£ (2,053)	£ 241	£ 427	£ 275
Main Pension Scheme | Plan assets
Pensions
Experience (losses)/gains	£ (1,042)	£ (18,180)	£ 841	£ 5,486	£ 3,021

Auditor's remuneration (Details

Auditor's remuneration (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Auditor's remuneration
Fees payable for the audit of NatWest Group's annual accounts	£ 4.9	£ 4.7	£ 4.4
Fees payable for the audit of NatWest Group plc's subsidiaries	32.3	31.9	29.6
Fees payable for audit-related assurance services	4.5	3.9	5.3
Total audit and audit-related assurance services fees	41.7	40.5	39.3
Other assurance services	0.7	1.2	0.4
Corporate finance services	0.7	0.5	0.5
Total other services	1.4	1.7	£ 0.9
Audit fees billed during the period	16
Fees for review of interim financial information	1.4	1.1
Fees for reports to the regulatory	2.8	2.3
Fees for non-statutory audit opinions	0.3	0.4
Fees for the auditors as reporting accountants on debt and equity issuances	£ 0.7	£ 0.5

Tax - Tax charge (Details)

Tax - Tax charge (Details) - GBP (£) £ in Millions		12 Months Ended
	Apr. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax
Charge for the year		£ (1,373)	£ (1,611)	£ (1,036)
(Under)/over provision in respect of prior years		(123)	100	31
Total current tax		(1,496)	(1,511)	(1,005)
Deferred tax
(Charge)/credit or the year		(281)	47	(185)
UK tax rate change impact			(10)	165
Net increase in the carrying value of deferred tax assets in respect of UK, RoI and Netherlands losses		385	267	12
(Under)/over provision in respect of prior years		(42)	(68)	17
Tax charge for the year		£ (1,434)	£ (1,275)	£ (996)	[1]
UK corporation tax	25%	23.50%	19%	19%
[1] Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements.

Tax - Reconciliation (Details)

Tax - Reconciliation (Details) - GBP (£) £ in Millions			12 Months Ended
		Apr. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax
UK corporation tax		25%	23.50%	19%	19%
Profit before tax	[1]		£ 6,178	£ 5,132	£ 3,844	[2]
Expected tax charge			(1,452)	(975)	(766)
Losses and temporary differences in year where no deferred tax asset recognised			(56)	(118)	(51)
Foreign profits taxed at other rates			10	(62)	(11)
Non deductible goodwill impairment					(16)
losses on disposals and write-downs			(63)	(10)	(55)
UK bank levy			(27)	(20)	(18)
regulatory and legal actions			(1)	(7)	(74)
other disallowable items			(57)	(51)	(28)
Foreign exchange recycling on UBIDAC capital reduction			114
RPI-related uplift on index linked gilts			6	67
other non-taxable items			20	29	73
Taxable foreign exchange movements			9	(19)	8
Unrecognised losses brought forward and utilised			27	6	10
Banking surcharge			(236)	(447)	(341)
Tax on paid-in equity			52	43	48
UK tax rate change impact				(10)	165
Adjustments in respect of prior years			(165)	32	48
Tax charge for the year			(1,434)	(1,275)	(996)	[2]
Deferred tax assets			1,894	2,178
Deferred tax liabilities			£ 141	£ 227
Banking Surcharge Rate		3%	4.25%	8%
Total losses carried forward
Tax
Deferred tax assets			£ 1,019	£ 952
UK
Tax
Profit before tax			6,196	5,716	4,143
Net increase/(decrease) in the carrying value of deferred tax assets in respect of:			371	272	(9)
Benefit from group relief and loss relief claims at higher tax rates			69
Republic of Ireland
Tax
Net increase/(decrease) in the carrying value of deferred tax assets in respect of:			(1)	£ (5)	(27)
Netherlands
Tax
Net increase/(decrease) in the carrying value of deferred tax assets in respect of:			£ 15		£ 48
[1] Comparative results have been re-presented from those previously published to reclassify certain operations as discontinued operations as described in Note 8 to the consolidated financial statements. Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements.

Tax - Analysis of deferred tax

Tax - Analysis of deferred tax (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax
Deferred tax asset	£ (1,894)	£ (2,178)
Deferred tax liability	141	227
Net deferred tax asset	£ (1,753)	£ (1,951)	£ (836)

Tax - Deferred tax reconciliati

Tax - Deferred tax reconciliation (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of net deferred tax asset
At 1 January	£ (1,951)	£ (836)
Charge/(credit) to income statement	(62)	(236)
(Credit)/charge to other comprehensive income	258	(916)
Currency translation and other adjustments	2	37
At 31 December	(1,753)	(1,951)
Pension
Reconciliation of net deferred tax asset
At 1 January	23	24
Charge/(credit) to income statement	1	1
(Credit)/charge to other comprehensive income	(8)	(2)
At 31 December	16	23
Accelerated capital allowances
Reconciliation of net deferred tax asset
At 1 January	(75)	(42)
Charge/(credit) to income statement	(1)	(43)
Currency translation and other adjustments		10
At 31 December	(76)	(75)
Provisions
Reconciliation of net deferred tax asset
At 1 January	(82)	(97)
Charge/(credit) to income statement	21	14
(Credit)/charge to other comprehensive income		1
At 31 December	(61)	(82)
Fair value of financial instruments
Reconciliation of net deferred tax asset
At 1 January	(805)	248
Charge/(credit) to income statement	16	(171)
(Credit)/charge to other comprehensive income	249	(913)
Currency translation and other adjustments	2	31
At 31 December	(538)	(805)
Total losses carried forward
Reconciliation of net deferred tax asset
At 1 January	(952)	(899)
Charge/(credit) to income statement	(67)	(51)
Currency translation and other adjustments		(2)
At 31 December	(1,019)	(952)
Other
Reconciliation of net deferred tax asset
At 1 January	(60)	(70)
Charge/(credit) to income statement	(32)	14
(Credit)/charge to other comprehensive income	17	(2)
Currency translation and other adjustments		(2)
At 31 December	£ (75)	£ (60)

Tax - Tax losses (Details)

Tax - Tax losses (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Unused tax losses
Deferred tax asset	£ 1,894	£ 2,178
Total losses carried forward
Unused tax losses
Deferred tax asset	1,019	952
Total losses carried forward | UK
Unused tax losses
Deferred tax asset	959	900
Total losses carried forward | UK | NatWest Markets Plc
Unused tax losses
Deferred tax asset		3
Total losses carried forward | UK | National Westminster Bank Plc
Unused tax losses
Deferred tax asset	362	445
Total losses carried forward | UK | RBS plc
Unused tax losses
Deferred tax asset	597	452
Total losses carried forward | Ireland | UBIDAC
Unused tax losses
Deferred tax asset	5	6
Total losses carried forward | Ireland | NWM N.V.
Unused tax losses
Deferred tax asset	£ 55	£ 46

Tax - Other (Details)

Tax - Other (Details) - GBP (£) £ in Millions		12 Months Ended
	Apr. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax
Deferred tax asset		£ 1,894	£ 2,178
Deferred tax liability		£ 141	£ 227
Banking surcharge rate	3%	4.25%	8%
UK corporation tax	25%	23.50%	19%	19%
Charge/(credit) to income statement		£ (62)	£ (236)
(Credit)/charge to other comprehensive income		258	(916)
UK tax rate change impact			10	£ (165)
Deferred tax assets that have not been recognised		5,168	5,534	5,437
Tax losses and other temporary differences for which no deferred tax asset has been recognised		24,438	25,742	24,699
Deferred tax liabilities not recognised		256	257	302
Expected future taxation from unrecognised deferred tax liabilities		0
Temporary differences associated with investments in subsidiaries and branches		1,005	1,010	1,032
Underlying temporary differences in respect of retained earnings of overseas subsidiaries and held-over gains on the incorporation of certain overseas branches		1,005	1,010	£ 1,032
within 5 years
Deferred tax
Tax losses and other temporary differences for which no deferred tax asset has been recognised		34
After 5 years
Deferred tax
Tax losses and other temporary differences for which no deferred tax asset has been recognised		4,488
Total losses carried forward
Deferred tax
Deferred tax asset		1,019	952
Charge/(credit) to income statement		£ (67)	(51)
Country of domicile
Deferred tax
Limit of offset of losses carried forward (as a percent)		25%
Country of domicile | Total losses carried forward
Deferred tax
Deferred tax asset		£ 959	900
NatWest Markets Plc | Total losses carried forward
Deferred tax
Deferred tax asset		0	3
Tax losses and other temporary differences for which no deferred tax asset has been recognised		5,558
National Westminster Bank Plc | Total losses carried forward
Deferred tax
Deferred tax asset		362	445
Tax losses carried forward		2,308
Tax losses for which deferred tax assets are recognised		1,448
RBS plc | Total losses carried forward
Deferred tax
Deferred tax asset		597	452
Tax losses carried forward		3,297
Tax losses for which deferred tax assets are recognised		2,388
UBIDAC | Total losses carried forward
Deferred tax
Deferred tax asset		5	6
Tax losses for which deferred tax assets are recognised		40
NWM N.V. | Total losses carried forward
Deferred tax
Deferred tax asset		55	£ 46
Tax losses carried forward		2,496
Tax losses for which deferred tax assets are recognised		£ 213

Discontinued operations and a_3

Discontinued operations and assets and liabilities of disposal groups (Details) € in Millions, £ in Millions			1 Months Ended	12 Months Ended
		Jul. 01, 2022 GBP (£)	Nov. 30, 2023 EUR (€)	Dec. 31, 2023 GBP (£) item	Dec. 31, 2023 EUR (€) item	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 GBP (£)	[1]
Disclosure of analysis of single amount of discontinued operations [line items]
Profit/(loss) from continuing operations | £				£ 4,744		£ 3,857	£ 2,848
Profit (loss) from discontinued operations | £	[2]			£ (112)		£ (262)	£ 464
Republic of Ireland
Disclosure of analysis of single amount of discontinued operations [line items]
Number of legally binding agreements for sale of business | item				4	4
Mortgage loans
Disclosure of analysis of single amount of discontinued operations [line items]
Reclassification into financial assets at fair value through profit or loss | £		£ 10,989
Reclassification of financial assets out of measured at amortised cost into measured at fair value through profit or loss | £		£ 11,263
AIB
Disclosure of analysis of single amount of discontinued operations [line items]
Amount of gross performing loans fully migrated by year-end					€ 3,100
Amount of performing tracker and linked mortgages migrated by year end					4,000
Permanent TSB p.l.c.
Disclosure of analysis of single amount of discontinued operations [line items]
Amount of gross performing loans fully migrated by year-end					€ 6,300
Number of branches transferred in sales agreement | item				25	25
Permanent TSB p.l.c. | Binding agreement for sale of UBIDAC business to Permanent TSB
Disclosure of analysis of single amount of discontinued operations [line items]
Number of branches transferred in sales agreement | item				25	25
Permanent TSB p.l.c. | UBIDAC
Disclosure of analysis of single amount of discontinued operations [line items]
Losses on disposal				£ 20	€ 24
Pepper Finance Corporation (Ireland) DAC
Disclosure of analysis of single amount of discontinued operations [line items]
Assets transferred under agreement			€ 400
Pepper Finance Corporation (Ireland) DAC | Agreement for sale of assets with Elmscott Property Finance DAC and AB CarVal (CarVal)
Disclosure of analysis of single amount of discontinued operations [line items]
Total assets to be transferred under agreement					€ 690
[1] Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements. The results of discontinued operations, comprising the post-tax profit, is shown as a single amount on the face of the income statement. An analysis of this amount is presented in Note 8 to the consolidated financial statements

Discontinued operations and a_4

Discontinued operations and assets and liabilities of disposal groups - (Loss)/profit from discontinued operations, net of tax (Details) - GBP (£) £ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of analysis of single amount of discontinued operations [line items]
Interest receivable		£ 21,026	£ 12,637	£ 9,234	[1],[2]
Net interest income		11,049	9,842	7,535	[1],[2]
Non-interest income		3,703	3,314	2,894	[1],[3]
Total income		14,752	13,156	10,429	[1]
Operating expenses		(7,996)	(7,687)	(7,758)	[1]
Profit before impairment losses/releases		6,756	5,469	2,671	[1]
Impairment (losses)/releases		(578)	(337)	1,173	[1]
Operating (loss)/profit before tax	[4]	(6,178)	(5,132)	(3,844)	[1]
Profit (loss)		4,632	3,595	3,312	[1]
Discontinued operations
Disclosure of analysis of single amount of discontinued operations [line items]
Interest receivable		22	177	339
Net interest income		22	177	339
Non-interest income		(16)	(472)	13
Total income		6	(295)	352
Operating expenses		(124)	(38)	(47)
Profit before impairment losses/releases		(118)	(333)	305
Impairment (losses)/releases		6	71	162
Operating (loss)/profit before tax		112	262	(467)
Tax charge				(3)
Profit (loss)		£ (112)	£ (262)	£ 464
[1] Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements. Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements . Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements. Comparative results have been re-presented from those previously published to reclassify certain operations as discontinued operations as described in Note 8 to the consolidated financial statements.

Discontinued operations and a_5

Discontinued operations and assets and liabilities of disposal groups - Assets and liabilities of disposal groups (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets of disposal groups
Loans to customers - amortised cost	£ 381,433	£ 366,340
Other assets	8,760	9,176
Assets of disposal groups	902	6,861
Liabilities of disposal groups
Other liabilities	5,202	5,346
Liabilities of disposal groups	3	15
Assets and liabilities of disposal groups
Assets of disposal groups
Loans to customers - amortised cost	32	1,458
Other financial assets - loans to customers	841	5,397
Other assets	29	6
Assets of disposal groups	902	6,861
Liabilities of disposal groups
Other liabilities	3	15
Liabilities of disposal groups	3	15
Net assets of disposal groups	£ 899	£ 6,846

Discontinued operations and a_6

Discontinued operations and assets and liabilities of disposal groups - Operating cash flows attributable to discontinued operations (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Discontinued operations and assets and liabilities of disposal groups
Net cash flows from operating activities	£ 362	£ 1,090	£ 2,212
Net cash flows from investing activities	5,473	6,164
Net increase in cash and cash equivalents	£ 5,835	£ 7,254	£ 2,212

Earnings per share (Details)

Earnings per share (Details) £ / shares in Units, £ in Millions, shares in Millions			12 Months Ended
		Aug. 30, 2022	Dec. 31, 2023 GBP (£) £ / shares shares	Dec. 31, 2022 GBP (£) £ / shares shares	Dec. 31, 2021 GBP (£) £ / shares shares
Earnings per share
Profit from continuing operations attributable to ordinary shareholders | £			£ 4,506	£ 3,602	£ 2,486
(Loss)/profit from discontinued operations attributable to ordinary shareholders | £			(112)	(262)	464
Profit attributable to ordinary shareholders | £			£ 4,394	£ 3,340	£ 2,950	[1]
Weighted average number of shares
Weighted average number of ordinary shares outstanding during the year | shares			9,164	9,872	10,792
Effect of dilutive share options and convertible securities | shares			55	57	45
Diluted weighted average number of ordinary shares outstanding during the year | shares			9,219	9,929	10,837
Earnings per ordinary share - continuing operations			£ 0.49170	£ 0.365	£ 0.230	[1]
Earnings per ordinary share - discontinued operations			(0.01222)	(0.027)	0.043	[1]
Total earnings per share attributable to ordinary shareholders - basic	[2]		0.47948	0.338	0.273	[1]
Earnings per ordinary share - fully diluted continuing operations			0.489	0.362	0.229	[1]
Earnings per ordinary share - fully diluted discontinued operations			(0.012)	(0.026)	0.043	[1]
Total earnings per share attributable to ordinary shareholders - fully diluted			£ 0.477	£ 0.336	£ 0.272	[1]
Share consolidation ratio		0.9286
[1] Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements. In 2023, the unrounded Total earnings per share attributable to ordinary shareholders – basic is 47.948 p. The unrounded Earnings per ordinary share – continuing operations was 49.170 p. The unrounded Earnings per ordinary share – discontinued operations was ( 1.222 p) .

Financial instruments - class_3

Financial instruments - classification - Assets (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial instruments
Assets	£ 692,673	£ 720,053	£ 781,992
Assets of disposal groups	902	6,861
Cash and balances at central banks
Financial instruments
Financial Assets	104,262	144,832
Assets	104,262	144,832
Trading assets
Financial instruments
Financial Assets	45,551	45,577
Assets	45,551	45,577
Derivatives
Financial instruments
Financial Assets	78,904	99,545
Assets	78,904	99,545
Net hedging derivative assets	114	143
Settlement balances
Financial instruments
Financial Assets	7,231	2,572
Assets	7,231	2,572
Loans to banks - amortised cost
Financial instruments
Assets	6,914	7,139
Items in course of collection from other banks	255	229
Loans to customers - amortised cost
Financial instruments
Assets	381,433	366,340
Other financial assets
Financial instruments
Financial Assets	51,102	30,895
Assets	51,102	30,895
Intangible assets other than goodwill
Financial instruments
Assets	7,614	7,116
Other assets
Financial instruments
Assets	8,760	9,176
Assets of Disposal Groups [Member]
Financial instruments
Assets	902	6,861
Other assets
Financial instruments
Assets	17,276	23,153
Other assets | Level 3
Financial instruments
Assets of disposal groups	841	5,397
Other assets | Cash and balances at central banks
Financial instruments
Assets	0
Other assets | Trading assets
Financial instruments
Assets	0
Other assets | Derivatives
Financial instruments
Assets	0
Other assets | Settlement balances
Financial instruments
Assets	0
Other assets | Loans to banks - amortised cost
Financial instruments
Assets	0
Other assets | Loans to customers - amortised cost
Financial instruments
Assets	0
Other assets | Other financial assets
Financial instruments
Assets	0
Other assets | Intangible assets other than goodwill
Financial instruments
Assets	7,614	7,116
Other assets | Other assets
Financial instruments
Assets	8,760	9,176
Other assets | Assets of Disposal Groups [Member]
Financial instruments
Assets	902	6,861
MVFTPL
Financial instruments
Financial Assets	125,100	145,800
Assets	125,158	145,909
MVFTPL | Cash and balances at central banks
Financial instruments
Assets
MVFTPL | Trading assets
Financial instruments
Assets	45,551	45,577
MVFTPL | Derivatives
Financial instruments
Assets	78,904	99,545
MVFTPL | Settlement balances
Financial instruments
Assets	0
MVFTPL | Loans to banks - amortised cost
Financial instruments
Assets	0
MVFTPL | Loans to customers - amortised cost
Financial instruments
Assets	0
MVFTPL | Other financial assets
Financial instruments
Assets	703	787
MVFTPL | Intangible assets other than goodwill
Financial instruments
Assets	0
MVFTPL | Other assets
Financial instruments
Assets	0
MVFTPL | Assets of Disposal Groups [Member]
Financial instruments
Assets	0
Financial assets at fair value through other comprehensive income, category [member]
Financial instruments
Assets	28,699	16,973
Financial assets at fair value through other comprehensive income, category [member] | Cash and balances at central banks
Financial instruments
Assets	0
Financial assets at fair value through other comprehensive income, category [member] | Trading assets
Financial instruments
Assets	0
Financial assets at fair value through other comprehensive income, category [member] | Derivatives
Financial instruments
Assets	0
Financial assets at fair value through other comprehensive income, category [member] | Settlement balances
Financial instruments
Assets	0
Financial assets at fair value through other comprehensive income, category [member] | Loans to banks - amortised cost
Financial instruments
Assets	0
Financial assets at fair value through other comprehensive income, category [member] | Loans to customers - amortised cost
Financial instruments
Assets	0
Financial assets at fair value through other comprehensive income, category [member] | Other financial assets
Financial instruments
Assets	28,699	16,973
Financial assets at fair value through other comprehensive income, category [member] | Intangible assets other than goodwill
Financial instruments
Assets	0
Financial assets at fair value through other comprehensive income, category [member] | Other assets
Financial instruments
Assets	0
Financial assets at fair value through other comprehensive income, category [member] | Assets of Disposal Groups [Member]
Financial instruments
Assets	0
Amortised cost
Financial instruments
Assets	521,535	534,018
Amortised cost | Cash and balances at central banks
Financial instruments
Assets	104,262	144,832
Amortised cost | Trading assets
Financial instruments
Assets	0
Amortised cost | Derivatives
Financial instruments
Assets	0
Amortised cost | Settlement balances
Financial instruments
Assets	7,231	2,572
Amortised cost | Loans to banks - amortised cost
Financial instruments
Assets	6,914	7,139
Amortised cost | Loans to customers - amortised cost
Financial instruments
Assets	381,433	366,340
Amortised cost | Other financial assets
Financial instruments
Assets	21,695	£ 13,135
Amortised cost | Intangible assets other than goodwill
Financial instruments
Assets	0
Amortised cost | Other assets
Financial instruments
Assets	0
Amortised cost | Assets of Disposal Groups [Member]
Financial instruments
Assets	0
DFV
Financial instruments
Assets	5
DFV | Other financial assets
Financial instruments
Assets	£ 5

Financial instruments - class_4

Financial instruments - classification - Liabilities (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial instruments
Liabilities	£ 655,485	£ 683,557	£ 740,189
Lease liabilities	670	1,118
Other comprehensive income, before tax, change in fair value of financial liability attributable to change in credit risk of liability	(39)	50	£ (29)
Bank deposits
Financial instruments
Liabilities	22,190	20,441
Financial Liabilities	22,190	20,441
Items in course of transmission to other banks	92	242
Customer deposits
Financial instruments
Liabilities	431,377	450,318
Settlement balances
Financial instruments
Liabilities	6,645	2,012
Trading liabilities
Financial instruments
Liabilities	53,636	52,808
Financial Liabilities	53,636	52,808
Derivatives
Financial instruments
Liabilities	72,395	94,047
Financial Liabilities	72,395	94,047
Net hedging derivative liabilities	270	132
Other financial liabilities
Financial instruments
Liabilities	55,089	49,107
Financial Liabilities	55,089	49,107
Subordinated liabilities
Financial instruments
Liabilities		6,260
Financial Liabilities	5,714	6,260
Notes in circulation
Financial instruments
Liabilities	3,237	3,218
Financial Liabilities	3,237	3,218
Other Financial liabilities
Financial instruments
Liabilities	5,202	5,346
Loans to customers - amortised cost
Financial instruments
Finance lease receivable	8,731	8,402
Other liabilities
Financial instruments
Liabilities	4,454	4,141
Other liabilities | Other Financial liabilities
Financial instruments
Liabilities	4,454	4,141
Held-for-trading
Financial instruments
Liabilities	126,031	146,855
Financial Liabilities	125,800	146,700
Held-for-trading | Trading liabilities
Financial instruments
Liabilities	53,636	52,808
Held-for-trading | Derivatives
Financial instruments
Liabilities	72,395	94,047
DFV
Financial instruments
Liabilities	3,125	2,722
DFV | Other financial liabilities
Financial instruments
Liabilities	2,888	2,377
Increase (decrease) in fair value of financial liability, attributable to changes in credit risk of liability	0
DFV | Subordinated liabilities
Financial instruments
Liabilities	237	345
Amortised cost
Financial instruments
Liabilities	521,875	529,839
Lease liabilities	670	1,118
Amortised cost | Bank deposits
Financial instruments
Liabilities	22,190	20,441
Financial Liabilities	22,200	20,400
Amortised cost | Customer deposits
Financial instruments
Liabilities	431,377	450,318
Financial Liabilities	431,400	450,300
Amortised cost | Settlement balances
Financial instruments
Liabilities	6,645	2,012
Financial Liabilities	6,600	2,000
Amortised cost | Other financial liabilities
Financial instruments
Liabilities	52,201	46,730
Amortised cost | Subordinated liabilities
Financial instruments
Liabilities	5,477	5,915
Financial Liabilities	5,500	5,900
Amortised cost | Notes in circulation
Financial instruments
Liabilities	3,237	3,218
Financial Liabilities	3,200	3,200
Amortised cost | Other Financial liabilities
Financial instruments
Liabilities	£ 748	£ 1,205

Financial instruments - class_5

Financial instruments - classification - Reclassification of mortgages from amortised cost to fair value through profit or loss (Details) - GBP (£) £ in Millions	Jul. 01, 2022	Dec. 31, 2023	Dec. 31, 2022
MVFTPL
Reclassification of mortgages from amortised cost to fair value through profit or loss
Financial assets		£ 125,100	£ 145,800
Loans to customers - amortised cost
Reclassification of mortgages from amortised cost to fair value through profit or loss
Amortised cost	£ 587
MFVTPL	606
Change in value	19
Assets of disposal groups
Reclassification of mortgages from amortised cost to fair value through profit or loss
Amortised cost	10,676
MFVTPL	10,383
Change in value	(293)
Mortgage loans
Reclassification of mortgages from amortised cost to fair value through profit or loss
Amortised cost	11,263
MFVTPL	10,989
Change in value	£ (274)

Financial instruments - class_6

Financial instruments - classification - financial assets forming a component of ESG-linked loans (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lending subject to performance triggers
Financial instruments - classification
Carrying value, Financial assets	£ 22,600	£ 13,900
Reduction in cash flows	2.5
Sustainability-linked loans
Financial instruments - classification
Carrying value, Financial assets	£ 6,500	5,000
Positive impact on product margin	0.032%
Negative impact on product margin	0.039%
Reduction in cash flows	£ 2.5
Other products
Financial instruments - classification
Carrying value, Financial assets	£ 16,100	£ 8,900

Financial instruments - class_7

Financial instruments - classification - Amount receivable under finance leases (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Amount receivable under finance leases
Total lease payments	£ 9,690	£ 9,251
Unguaranteed residual values	(169)	(171)
Future drawdowns	(12)	(13)
Unearned income	(1,025)	(889)
Present value of lease payments	8,822	8,520
Impairments	(91)	(118)
Net investment in finance lease	8,731	8,402
Within 1 year
Amount receivable under finance leases
Total lease payments	3,340	3,235
1 to 2 years
Amount receivable under finance leases
Total lease payments	2,358	2,254
2 to 3 years
Amount receivable under finance leases
Total lease payments	1,625	1,388
3 to 4 years
Amount receivable under finance leases
Total lease payments	900	833
4 to 5 years
Amount receivable under finance leases
Total lease payments	388	411
After 5 years
Amount receivable under finance leases
Total lease payments	£ 1,079	£ 1,130

Financial Instruments - class_8

Financial Instruments - classification - IBOR reform (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial instruments by type of interest rate
Derivatives notional (£bn)		£ 13,925,000
Bank deposits
Financial instruments by type of interest rate
Financial Liabilities	£ 22,190	20,441
Other financial liabilities
Financial instruments by type of interest rate
Financial Liabilities	55,089	49,107
Other financial assets
Financial instruments by type of interest rate
Financial Assets	51,102	30,895
Derivatives [Member]
Financial instruments by type of interest rate
Derivatives notional (£bn)	13,403,000
Currency swaps
Financial instruments by type of interest rate
Derivatives notional (£bn)	£ 449,000	£ 438,000

Financial Instruments - class_9

Financial Instruments - classification - Offsetable assets and liabilities (Details) - GBP (£) £ / shares in Units, £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Instruments which can be offset
IFRS offset	£ 3,272	£ 3,381
Potential for offset not recognised by IFRS
Par value per share	£ 1.0769	£ 1.0769
Derivatives [Member]
Potential for offset not recognised by IFRS
Instruments outside netting arrangements	£ 0
Instruments which can be offset
Gross	3,289	£ 2,429
IFRS offset	3,272	3,381
Balance sheet	6,561	5,810
Potential for offset not recognised by IFRS
Cash collateral	(5,496)	(4,318)
Securities collateral	(1,745)	(3,386)
Net amount after the effect of netting arrangements and related collateral	(680)	(1,894)
Instruments outside netting arrangements	(52)	(312)
Financial assets (liabilities)	6,509	5,498
Trading reverse repos/repos
Instruments which can be offset
Gross	(2,869)	1,845
IFRS offset	0
Balance sheet	(2,869)	1,845
Potential for offset not recognised by IFRS
Effect of master netting agreement and similar agreements	0
Cash collateral	0
Securities collateral	3,059	(1,646)
Net amount after the effect of netting arrangements and related collateral	190	199
Instruments outside netting arrangements	(339)	(4,048)
Financial assets (liabilities)	(3,208)	(2,203)
Non trading reverse repos / repos
Instruments which can be offset
Gross	13,872	8,653
IFRS offset	0
Balance sheet	13,872	8,653
Potential for offset not recognised by IFRS
Effect of master netting agreement and similar agreements	0
Cash collateral	0
Securities collateral	(13,872)	(8,653)
Net amount after the effect of netting arrangements and related collateral	0
Instruments outside netting arrangements	77	98
Financial assets (liabilities)	13,949	8,751
Derivatives [Member]
Instruments which can be offset
Gross	95,734	115,177
IFRS offset	(23,869)	(22,111)
Balance sheet	71,865	93,066
Potential for offset not recognised by IFRS
Effect of master netting agreement and similar agreements	(60,355)	(77,365)
Cash collateral	(6,788)	(9,761)
Other financial collateral	(1,663)	(1,185)
Net amount after the effect of netting arrangements and related collateral	3,059	4,755
Instruments outside netting arrangements	530	981
Potential for offset not recognised by IFRS
Financial liabilities	72,395	94,047
Trading repos
Instruments which can be offset
Gross	42,442	33,767
IFRS offset	(16,257)	(14,510)
Balance sheet	26,185	19,257
Potential for offset not recognised by IFRS
Effect of master netting agreement and similar agreements	(664)	(2,445)
Cash collateral	0
Other financial collateral	(25,520)	(16,812)
Net amount after the effect of netting arrangements and related collateral	1
Instruments outside netting arrangements	717	4,483
Potential for offset not recognised by IFRS
Financial liabilities	26,902	23,740
Non trading repos
Instruments which can be offset
Gross	23,605	16,977
IFRS offset	(9,646)	(5,702)
Balance sheet	13,959	11,275
Potential for offset not recognised by IFRS
Effect of master netting agreement and similar agreements	(5)
Cash collateral	0
Other financial collateral	(13,954)	(11,275)
Net amount after the effect of netting arrangements and related collateral	0
Instruments outside netting arrangements	3
Potential for offset not recognised by IFRS
Financial liabilities	13,962	11,275
Trading liabilities
Potential for offset not recognised by IFRS
Financial liabilities	53,636	52,808
Trading reverse repos
Instruments which can be offset
Gross	39,573	35,612
IFRS offset	(16,257)	(14,510)
Balance sheet	23,316	21,102
Potential for offset not recognised by IFRS
Effect of master netting agreement and similar agreements	(664)	(2,445)
Other financial collateral	(22,461)	(18,458)
Net amount after the effect of netting arrangements and related collateral	191	199
Instruments outside netting arrangements		435
Potential for offset not recognised by IFRS
Cash collateral	0
Instruments outside netting arrangements	378
Potential for offset not recognised by IFRS
Financial assets	23,694	21,537
Derivatives [Member]
Instruments which can be offset
Gross	99,023	117,606
IFRS offset	(20,597)	(18,730)
Balance sheet	78,426	98,876
Potential for offset not recognised by IFRS
Effect of master netting agreement and similar agreements	(60,355)	(77,365)
Cash collateral	(12,284)	(14,079)
Other financial collateral	(3,408)	(4,571)
Net amount after the effect of netting arrangements and related collateral	2,379	2,861
Instruments outside netting arrangements	478	669
Potential for offset not recognised by IFRS
Financial assets	78,904	99,545
Trading assets
Potential for offset not recognised by IFRS
Financial assets	45,551	45,577
Non trading reverse repos
Instruments which can be offset
Gross	37,477	25,630
IFRS offset	(9,646)	(5,702)
Balance sheet	27,831	19,928
Potential for offset not recognised by IFRS
Effect of master netting agreement and similar agreements	(5)
Cash collateral	0
Other financial collateral	(27,826)	(19,928)
Net amount after the effect of netting arrangements and related collateral	0
Instruments outside netting arrangements	80	98
Potential for offset not recognised by IFRS
Financial assets	£ 27,911	£ 20,026

Financial instruments_ valuatio

Financial instruments: valuation - Hierarchy of assets (Details) - Recurring fair value measurement - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair value of assets
Assets	£ 153,862	£ 162,882
Trading loans
Fair value of assets
Assets	33,597	35,655
Trading securities
Fair value of assets
Assets	11,954	9,922
Interest rate
Fair value of assets
Assets	44,563	53,480
Foreign exchange
Fair value of assets
Assets	34,161	45,829
Other
Fair value of assets
Assets	180	236
Other loans
Fair value of assets
Assets	765	899
Other securities
Fair value of assets
Assets	28,642	16,861
Level 1
Fair value of assets
Assets	£ 26,296	£ 17,848
As a % of total value assets	17%	11%
Level 1 | Trading securities
Fair value of assets
Assets	£ 8,447	£ 7,463
Level 1 | Interest rate
Fair value of assets
Assets	1	5
Level 1 | Other securities
Fair value of assets
Assets	17,848	10,380
Level 2
Fair value of assets
Assets	£ 125,605	£ 142,701
As a % of total value assets	82%	88%
Level 2 | Trading loans
Fair value of assets
Assets	£ 33,388	£ 35,260
Level 2 | Trading securities
Fair value of assets
Assets	3,493	2,458
Level 2 | Interest rate
Fair value of assets
Assets	43,912	52,764
Level 2 | Foreign exchange
Fair value of assets
Assets	34,096	45,715
Level 2 | Other
Fair value of assets
Assets	72	54
Level 2 | Other loans
Fair value of assets
Assets	108	172
Level 2 | Other securities
Fair value of assets
Assets	10,536	6,278
Level 3
Fair value of assets
Assets	£ 1,961	£ 2,333	£ 2,052
As a % of total value assets	1%	1%
Level 3 | Trading loans
Fair value of assets
Assets	£ 209	£ 395
Level 3 | Trading securities
Fair value of assets
Assets	14	1
Level 3 | Interest rate
Fair value of assets
Assets	650	711
Level 3 | Foreign exchange
Fair value of assets
Assets	65	114
Level 3 | Other
Fair value of assets
Assets	108	182
Level 3 | Other loans
Fair value of assets
Assets	657	727
Level 3 | Other securities
Fair value of assets
Assets	£ 258	£ 203

Financial instruments_ valuat_2

Financial instruments: valuation - Hierarchy of liabilities (Details) - Recurring fair value measurement - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair value of liabilities
Liabilities	£ 129,156	£ 149,577
Trading deposits
Fair value of liabilities
Liabilities	43,127	42,487
Debt securities in issue, trading
Fair value of liabilities
Liabilities	706	797
Short positions, trading
Fair value of liabilities
Liabilities	9,803	9,524
Interest rate
Fair value of liabilities
Liabilities	38,483	48,535
Foreign exchange
Fair value of liabilities
Liabilities	33,586	45,237
Other
Fair value of liabilities
Liabilities	326	275
Other financial liabilities - Debt securities in issue
Fair value of liabilities
Liabilities	1,608	1,327
Other deposits
Fair value of liabilities
Liabilities	1,280	1,050
Financial liabilities, subordinated
Fair value of liabilities
Liabilities	237	345
Level 1
Fair value of liabilities
Liabilities	£ 7,936	£ 7,464
As a % of total value liabilities	6%	5%
Level 1 | Short positions, trading
Fair value of liabilities
Liabilities	£ 7,936	£ 7,462
Level 1 | Interest rate
Fair value of liabilities
Liabilities		2
Level 2
Fair value of liabilities
Liabilities	£ 120,529	£ 141,137
As a % of total value liabilities	93%	94%
Level 2 | Trading deposits
Fair value of liabilities
Liabilities	£ 43,126	£ 42,486
Level 2 | Debt securities in issue, trading
Fair value of liabilities
Liabilities	706	797
Level 2 | Short positions, trading
Fair value of liabilities
Liabilities	1,865	2,062
Level 2 | Interest rate
Fair value of liabilities
Liabilities	38,044	47,855
Level 2 | Foreign exchange
Fair value of liabilities
Liabilities	33,528	45,139
Level 2 | Other
Fair value of liabilities
Liabilities	138	76
Level 2 | Other financial liabilities - Debt securities in issue
Fair value of liabilities
Liabilities	1,605	1,327
Level 2 | Other deposits
Fair value of liabilities
Liabilities	1,280	1,050
Level 2 | Financial liabilities, subordinated
Fair value of liabilities
Liabilities	237	345
Level 3
Fair value of liabilities
Liabilities	£ 691	£ 976
As a % of total value liabilities	1%	1%
Level 3 | Trading deposits
Fair value of liabilities
Liabilities	£ 1	£ 1
Level 3 | Short positions, trading
Fair value of liabilities
Liabilities	2
Level 3 | Interest rate
Fair value of liabilities
Liabilities	439	678
Level 3 | Foreign exchange
Fair value of liabilities
Liabilities	58	98
Level 3 | Other
Fair value of liabilities
Liabilities	188	£ 199
Level 3 | Other financial liabilities - Debt securities in issue
Fair value of liabilities
Liabilities	£ 3

Financial instruments_ valuat_3

Financial instruments: valuation - Adjustments (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Adjustments.
Funding valuation adjustments	£ 132	£ 173
Credit valuation adjustments	236	300
Bid - offer	86	130
Product and deal specific	103	141
Total	557	744
Financial liabilities at fair value through profit or loss
Product and deal specific
Net (gains) carried forward	78	74
Net gains deferred	119	97
Net gains recognized in the income statement	£ 115	£ 94

Financial instruments_ valuat_4

Financial instruments: valuation - Valuation techniques (Details) - Level 3	Dec. 31, 2023	Dec. 31, 2023 GBP (£)	Dec. 31, 2022	Dec. 31, 2022 GBP (£)
Loans | Price | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	1.23		1.13
Loans | Discount margin | Minimum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.0174		0.0174
Loans | Discount margin | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.0228		0.0222
Loans | Credit spreads | Minimum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.0049		0.0056
Loans | Credit spreads | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.0119		0.0114
Debt securities [member] | Price | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	1.19		2.55
Equity shares | Price | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.30	32,142	0.30	34,027
Equity shares | Discount margin | Minimum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.07		0.06
Equity shares | Discount margin | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.09		0.08
Equity shares | Fund NAV | Minimum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.80		0.80
Equity shares | Fund NAV | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	1.20		1.20
Credit derivatives | Correlation | Minimum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	(0.15)		(0.15)
Credit derivatives | Correlation | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.95		0.95
Credit derivatives | Credit spreads | Minimum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.0013		0.0007
Credit derivatives | Credit spreads | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.0600		0.0530
Credit derivatives | Volatility | Minimum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.30		0.30
Credit derivatives | Volatility | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.80		0.80
Credit derivatives | Upfront points | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.99		0.99
Credit derivatives | Recovery rate | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.60		0.60
Interest rate and FX derivatives | Correlation | Minimum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	(0.50)		(0.50)
Interest rate and FX derivatives | Correlation | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.99		1
Interest rate and FX derivatives | Volatility | Minimum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.30		0.30
Interest rate and FX derivatives | Volatility | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	1.11		1.27
Interest rate and FX derivatives | Constant Prepayment Rate | Minimum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.02		0.02
Interest rate and FX derivatives | Constant Prepayment Rate | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.22		0.21
Interest rate and FX derivatives | Mean Reversal | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.20		0.92
Interest rate and FX derivatives | Inflation volatility | Minimum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.02		0.01
Interest rate and FX derivatives | Inflation volatility | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.02		0.02
Interest rate and FX derivatives | Inflation rate | Minimum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.02		0.02
Interest rate and FX derivatives | Inflation rate | Maximum
Disclosure of Sensitivity Analysis Of Fair Value Measurement To Changes In Unobservable Inputs, Assets and Liabilities
Significant unobservable input, financial instruments	0.03		0.03

Financial instruments_ valuat_5

Financial instruments: valuation - Level 3 Sensitivities of Assets (Details) - Recurring fair value measurement - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair value of assets
Financial Assets, at fair value	£ 153,862	£ 162,882
Trading securities
Fair value of assets
Financial Assets, at fair value	11,954	9,922
Interest rate
Fair value of assets
Financial Assets, at fair value	44,563	53,480
Foreign exchange
Fair value of assets
Financial Assets, at fair value	34,161	45,829
Other
Fair value of assets
Financial Assets, at fair value	180	236
Other loans
Fair value of assets
Financial Assets, at fair value	765	899
Other securities
Fair value of assets
Financial Assets, at fair value	28,642	16,861
Level 3
Fair value of assets
Financial Assets, at fair value	1,961	2,333	£ 2,052
Sensitivity favourable	50	80
Sensitivity unfavourable	(120)	(100)
Level 3 | Loans
Fair value of assets
Financial Assets, at fair value	209	395
Sensitivity favourable		10
Sensitivity unfavourable		(10)
Level 3 | Trading securities
Fair value of assets
Financial Assets, at fair value	14	1
Level 3 | Interest rate
Fair value of assets
Financial Assets, at fair value	650	711
Sensitivity favourable	20	30
Sensitivity unfavourable	(20)	(30)
Level 3 | Foreign exchange
Fair value of assets
Financial Assets, at fair value	65	114
Sensitivity favourable		10
Sensitivity unfavourable		(10)
Level 3 | Other
Fair value of assets
Financial Assets, at fair value	108	182
Sensitivity favourable	10	10
Sensitivity unfavourable	(10)	(10)
Level 3 | Other loans
Fair value of assets
Financial Assets, at fair value	657	727
Sensitivity unfavourable	(40)	(10)
Level 3 | Other securities
Fair value of assets
Financial Assets, at fair value	258	203
Sensitivity favourable	20	20
Sensitivity unfavourable	£ (50)	£ (30)

Financial instruments_ valuat_6

Financial instruments: valuation - Level 3 Sensitivities of Liabilities (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair value of liabilities
Specified target level of certainty for assumptions of unobservable inputs	90%
Recurring fair value measurement
Fair value of liabilities
Liabilities	£ 129,156	£ 149,577
Recurring fair value measurement | Interest rate
Fair value of liabilities
Liabilities	38,483	48,535
Recurring fair value measurement | Foreign exchange
Fair value of liabilities
Liabilities	33,586	45,237
Recurring fair value measurement | Other
Fair value of liabilities
Liabilities	326	275
Recurring fair value measurement | Level 3
Fair value of liabilities
Liabilities	691	976
Sensitivity favourable	20	30
Sensitivity unfavourable	(20)	(30)
Recurring fair value measurement | Level 3 | Deposits
Fair value of liabilities
Liabilities	1	1
Recurring fair value measurement | Level 3 | Debt securities in issue
Fair value of liabilities
Liabilities	3
Recurring fair value measurement | Level 3 | Short Positions.
Fair value of liabilities
Liabilities	2
Recurring fair value measurement | Level 3 | Interest rate
Fair value of liabilities
Liabilities	439	678
Sensitivity favourable	10	30
Sensitivity unfavourable	(10)	(30)
Recurring fair value measurement | Level 3 | Foreign exchange
Fair value of liabilities
Liabilities	58	98
Recurring fair value measurement | Level 3 | Other
Fair value of liabilities
Liabilities	188	£ 199
Sensitivity favourable	10
Sensitivity unfavourable	£ (10)

Financial instruments_ valuat_7

Financial instruments: valuation - Movement in Level 3 portfolios - Assets (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Trading assets
Movement in level 3 assets
Financial assets	£ 45,551	£ 45,577
Derivatives
Movement in level 3 assets
Financial assets	78,904	99,545
Recurring fair value measurement
Movement in level 3 assets
Financial assets at beginning of period	162,882
Financial assets at end of period	153,862	162,882
Recurring fair value measurement | Level 3
Movement in level 3 assets
Financial assets at beginning of period	2,333	2,052
Amounts recorded in the income statement	(243)	143
Amount recorded in the statement of comprehensive income	32	(20)
Level 3 transfers in	37	726
Level 3 transfers out	(227)	(337)
Purchases/Originations	463	814
Settlements/Other decreases	(164)	(115)
Sales	(254)	(958)
Foreign exchange and other adjustments	(16)	28
Financial assets at end of period	1,961	2,333
Amounts recorded in the income statement in respect of balances held at period end - unrealised		141
Recurring fair value measurement | Level 3 | Derivatives
Movement in level 3 assets
Financial assets at beginning of period	1,007	918
Amounts recorded in the income statement	(156)	126
Amount recorded in the statement of comprehensive income	0
Level 3 transfers in	6	193
Level 3 transfers out	(5)	(122)
Purchases/Originations	180	355
Settlements/Other decreases	(70)	(40)
Sales	(137)	(423)
Foreign exchange and other adjustments	(2)
Financial assets at end of period	823	1,007
Amounts recorded in the income statement in respect of balances held at period end - unrealised	67	126
Recurring fair value measurement | Level 3 | Other trading assets
Movement in level 3 assets
Financial assets at beginning of period	396	740
Amounts recorded in the income statement	(88)	31
Amount recorded in the statement of comprehensive income	0
Level 3 transfers in	15	1
Level 3 transfers out	(32)	(147)
Purchases/Originations	8	274
Settlements/Other decreases	(8)	(75)
Sales	(65)	(434)
Foreign exchange and other adjustments	(3)	6
Financial assets at end of period	223	396
Amounts recorded in the income statement in respect of balances held at period end - unrealised	(39)	31
Recurring fair value measurement | Level 3 | Other financial assets
Movement in level 3 assets
Financial assets at beginning of period	930	394
Amounts recorded in the income statement	1	(14)
Amount recorded in the statement of comprehensive income	32	(20)
Level 3 transfers in	16	532
Level 3 transfers out	(190)	(68)
Purchases/Originations	275	185
Settlements/Other decreases	(86)
Sales	(52)	(101)
Foreign exchange and other adjustments	(11)	22
Financial assets at end of period	915	930
Amounts recorded in the income statement in respect of balances held at period end - unrealised	1	£ (16)
Recurring fair value measurement | Level 3 | Financial liabilities, class [member]
Movement in level 3 assets
Amounts recorded in the income statement in respect of balances held at period end - unrealised	£ 29

Financial instruments_ valuat_8

Financial instruments: valuation - Movement in Level 3 portfolios - Liabilities (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivatives
Fair value of liabilities
Financial liabilities at beginning of period	£ 94,047
Financial liabilities at end of period	72,395	£ 94,047
Financial liabilities (other)
Fair value of liabilities
Financial liabilities at beginning of period	49,107
Financial liabilities at end of period	55,089	49,107
Level 3 | Other operating income and interest income | Other financial instruments
Fair value of liabilities
Gains Losses Recognised In Profit Or Loss Fair Value measurement Assets and Liabilities	1	(14)
Level 3 | Income from trading activities | Trading assets and liabilities
Fair value of liabilities
Gains Losses Recognised In Profit Or Loss Fair Value measurement Assets and Liabilities	69	(224)
Recurring fair value measurement | Level 3
Fair value of liabilities
Financial liabilities at beginning of period	976	609
Amounts recorded in the income statement	(313)	381
Amount recorded in the statement of comprehensive income	0
Level 3 transfers in	9	81
Level 3 transfers out	(11)	(64)
Purchases/Originations	200	382
Settlements/Other decreases	(51)	(41)
Sales	(116)	(378)
Foreign exchange and other adjustments	(3)	6
Amounts recorded in the income statement in respect of balances held at period end - unrealised	(121)	381
Financial liabilities at end of period	691	976
Recurring fair value measurement | Level 3 | Derivatives
Fair value of liabilities
Financial liabilities at beginning of period	975	606
Amounts recorded in the income statement	(313)	382
Amount recorded in the statement of comprehensive income	0
Level 3 transfers in	7	78
Level 3 transfers out	(9)	(61)
Purchases/Originations	195	382
Settlements/Other decreases	(51)	(41)
Sales	(116)	(376)
Foreign exchange and other adjustments	(3)	5
Amounts recorded in the income statement in respect of balances held at period end - unrealised	(121)	382
Financial liabilities at end of period	685	975
Recurring fair value measurement | Level 3 | Other trading liabilities
Fair value of liabilities
Financial liabilities at beginning of period	1	3
Amounts recorded in the income statement		(1)
Amount recorded in the statement of comprehensive income	0
Level 3 transfers in	2	3
Level 3 transfers out	(2)	(3)
Purchases/Originations	2
Sales		(2)
Foreign exchange and other adjustments		1
Amounts recorded in the income statement in respect of balances held at period end - unrealised		(1)
Financial liabilities at end of period	3	£ 1
Recurring fair value measurement | Level 3 | Financial liabilities (other)
Fair value of liabilities
Amount recorded in the statement of comprehensive income	0
Purchases/Originations	3
Financial liabilities at end of period	£ 3

Financial instruments_ valuat_9

Financial instruments: valuation - Assets at Amortised Cost (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial liabilities (other)
Fair value of assets
Carrying value, Financial liabilities	£ 55,089	£ 49,107
Cash and balances at central banks
Fair value of assets
Financial Assets	104,262	144,832
Cash and balances at central banks | Financial assets at amortised cost
Fair value of assets
Financial Assets	104,300	144,800
Settlement balances | Financial assets at amortised cost
Fair value of assets
Financial Assets	7,200	2,600
Loans to banks - amortised cost | Financial assets at amortised cost
Fair value of assets
Financial Assets	6,914	7,139
Loans to customers - amortised cost | Financial assets at amortised cost
Fair value of assets
Financial Assets	381,433	366,340
Other financial assets - securities | Financial assets at amortised cost
Fair value of assets
Financial Assets	21,700	13,100
Items where fair value approximates carrying value | Cash and balances at central banks | Financial assets at amortised cost
Fair value of assets
Financial Assets, at fair value	104,300	144,800
Items where fair value approximates carrying value | Settlement balances | Financial assets at amortised cost
Fair value of assets
Financial Assets, at fair value	7,200	2,600
Items where fair value approximates carrying value | Loans to banks - amortised cost | Financial assets at amortised cost
Fair value of assets
Financial Assets, at fair value	4,200	100
Not measured at fair value in statement of financial position but for which fair value is disclosed | Cash and balances at central banks | Financial assets at amortised cost
Fair value of assets
Financial Assets, at fair value	104,300	144,800
Not measured at fair value in statement of financial position but for which fair value is disclosed | Settlement balances | Financial assets at amortised cost
Fair value of assets
Financial Assets, at fair value	7,200	2,600
Not measured at fair value in statement of financial position but for which fair value is disclosed | Loans to banks - amortised cost | Financial assets at amortised cost
Fair value of assets
Financial Assets, at fair value	7,000	7,100
Not measured at fair value in statement of financial position but for which fair value is disclosed | Loans to banks - amortised cost | Level 2 | Financial assets at amortised cost
Fair value of assets
Financial Assets, at fair value	2,200	4,200
Not measured at fair value in statement of financial position but for which fair value is disclosed | Loans to banks - amortised cost | Level 3 | Financial assets at amortised cost
Fair value of assets
Financial Assets, at fair value	600	2,800
Not measured at fair value in statement of financial position but for which fair value is disclosed | Loans to customers - amortised cost | Financial assets at amortised cost
Fair value of assets
Financial Assets, at fair value	373,200	354,500
Not measured at fair value in statement of financial position but for which fair value is disclosed | Loans to customers - amortised cost | Level 2 | Financial assets at amortised cost
Fair value of assets
Financial Assets, at fair value	27,500	20,300
Not measured at fair value in statement of financial position but for which fair value is disclosed | Loans to customers - amortised cost | Level 3 | Financial assets at amortised cost
Fair value of assets
Financial Assets, at fair value	345,700	334,200
Not measured at fair value in statement of financial position but for which fair value is disclosed | Other financial assets - securities | Financial assets at amortised cost
Fair value of assets
Financial Assets, at fair value	21,600	12,800
Not measured at fair value in statement of financial position but for which fair value is disclosed | Other financial assets - securities | Level 1 | Financial assets at amortised cost
Fair value of assets
Financial Assets, at fair value	4,000	3,600
Not measured at fair value in statement of financial position but for which fair value is disclosed | Other financial assets - securities | Level 2 | Financial assets at amortised cost
Fair value of assets
Financial Assets, at fair value	6,600	3,200
Not measured at fair value in statement of financial position but for which fair value is disclosed | Other financial assets - securities | Level 3 | Financial assets at amortised cost
Fair value of assets
Financial Assets, at fair value	£ 11,000	£ 6,000

Financial instruments_ valua_10

Financial instruments: valuation - Liabilities at Amortised Cost (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deposits by banks
Fair value of liabilities
Financial Liabilities	£ 22,190	£ 20,441
Deposits by banks | Financial liabilities at amortised cost
Fair value of liabilities
Financial Liabilities	22,200	20,400
Customer deposits | Financial liabilities at amortised cost
Fair value of liabilities
Financial Liabilities	431,400	450,300
Settlement balances liabilities | Financial liabilities at amortised cost
Fair value of liabilities
Financial Liabilities	6,600	2,000
Other financial liabilities - debt securities in issue | Financial liabilities at amortised cost
Fair value of liabilities
Financial Liabilities	52,200	46,700
Financial liabilities (other)
Fair value of liabilities
Financial Liabilities	55,089	49,107
Financial liabilities, subordinated
Fair value of liabilities
Financial Liabilities	5,714	6,260
Financial liabilities, subordinated | Financial liabilities at amortised cost
Fair value of liabilities
Financial Liabilities	5,500	5,900
Notes in circulation
Fair value of liabilities
Financial Liabilities	3,237	3,218
Notes in circulation | Financial liabilities at amortised cost
Fair value of liabilities
Financial Liabilities	3,200	3,200
Items where fair value approximates carrying value | Deposits by banks | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities	4,200	4,700
Items where fair value approximates carrying value | Customer deposits | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities	351,500	407,000
Items where fair value approximates carrying value | Settlement balances liabilities | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities	6,600	2,000
Items where fair value approximates carrying value | Notes in circulation | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities	3,200	3,200
Not measured at fair value in statement of financial position but for which fair value is disclosed | Deposits by banks | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities	22,300	20,000
Not measured at fair value in statement of financial position but for which fair value is disclosed | Deposits by banks | Level 2 | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities	15,400	13,100
Not measured at fair value in statement of financial position but for which fair value is disclosed | Deposits by banks | Level 3 | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities	2,700	2,200
Not measured at fair value in statement of financial position but for which fair value is disclosed | Customer deposits | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities	431,000	450,300
Not measured at fair value in statement of financial position but for which fair value is disclosed | Customer deposits | Level 2 | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities	30,700	12,700
Not measured at fair value in statement of financial position but for which fair value is disclosed | Customer deposits | Level 3 | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities	48,800	30,600
Not measured at fair value in statement of financial position but for which fair value is disclosed | Settlement balances liabilities | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities	6,600	2,000
Not measured at fair value in statement of financial position but for which fair value is disclosed | Other financial liabilities - debt securities in issue | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities	52,200	46,100
Not measured at fair value in statement of financial position but for which fair value is disclosed | Other financial liabilities - debt securities in issue | Level 2 | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities	41,700	40,700
Not measured at fair value in statement of financial position but for which fair value is disclosed | Other financial liabilities - debt securities in issue | Level 3 | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities	10,500	5,400
Not measured at fair value in statement of financial position but for which fair value is disclosed | Financial liabilities, subordinated | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities	5,400	5,600
Not measured at fair value in statement of financial position but for which fair value is disclosed | Financial liabilities, subordinated | Level 2 | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities	5,400	5,500
Not measured at fair value in statement of financial position but for which fair value is disclosed | Financial liabilities, subordinated | Level 3 | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities		100
Not measured at fair value in statement of financial position but for which fair value is disclosed | Notes in circulation | Financial liabilities at amortised cost
Fair value of liabilities
Fair value, Financial Liabilities	£ 3,200	£ 3,200

Financial Instruments - matur_3

Financial Instruments - maturity analysis - Residual Maturity (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deposits by banks
Financial instruments
Financial Liabilities	£ 22,190	£ 20,441
Deposits by banks | Financial liabilities at amortised cost
Financial instruments
Financial Liabilities	22,200	20,400
Derivatives [Member]
Financial instruments
Financial Liabilities	72,395	94,047
Customer accounts
Financial instruments
Financial Liabilities	431,377	450,318
Settlement balances and short positions
Financial instruments
Financial Liabilities	6,645	2,012
Trading liabilities
Financial instruments
Financial Liabilities	53,636	52,808
Financial liabilities (other)
Financial instruments
Financial Liabilities	55,089	49,107
Financial liabilities, subordinated
Financial instruments
Financial Liabilities	5,714	6,260
Financial liabilities, subordinated | Financial liabilities at amortised cost
Financial instruments
Financial Liabilities	5,500	5,900
Notes in circulation
Financial instruments
Financial Liabilities	3,237	3,218
Notes in circulation | Financial liabilities at amortised cost
Financial instruments
Financial Liabilities	3,200	3,200
Lease liabilities.
Financial instruments
Financial Liabilities	670	1,118
Less than 12 months | Deposits by banks
Financial instruments
Financial Liabilities	8,954	7,799
Less than 12 months | Derivatives [Member]
Financial instruments
Financial Liabilities	30,721	39,331
Less than 12 months | Customer accounts
Financial instruments
Financial Liabilities	424,893	448,821
Less than 12 months | Settlement balances and short positions
Financial instruments
Financial Liabilities	6,645	2,012
Less than 12 months | Trading liabilities
Financial instruments
Financial Liabilities	45,349	42,760
Less than 12 months | Financial liabilities (other)
Financial instruments
Financial Liabilities	20,310	13,796
Less than 12 months | Financial liabilities, subordinated
Financial instruments
Financial Liabilities	1,047	973
Less than 12 months | Notes in circulation
Financial instruments
Financial Liabilities	3,237	3,218
Less than 12 months | Lease liabilities.
Financial instruments
Financial Liabilities	102	137
More than 12 months | Deposits by banks
Financial instruments
Financial Liabilities	13,236	12,642
More than 12 months | Derivatives [Member]
Financial instruments
Financial Liabilities	41,674	54,716
More than 12 months | Customer accounts
Financial instruments
Financial Liabilities	6,484	1,497
More than 12 months | Trading liabilities
Financial instruments
Financial Liabilities	8,287	10,048
More than 12 months | Financial liabilities (other)
Financial instruments
Financial Liabilities	34,779	35,311
More than 12 months | Financial liabilities, subordinated
Financial instruments
Financial Liabilities	4,667	5,287
More than 12 months | Lease liabilities.
Financial instruments
Financial Liabilities	568	981
Cash and balances at central banks
Financial instruments
Financial Assets	104,262	144,832
Cash and balances at central banks | Financial assets at amortised cost
Financial instruments
Financial Assets	104,300	144,800
Cash and balances at central banks | Less than 12 months
Financial instruments
Financial Assets	104,262	144,832
Trading assets
Financial instruments
Financial Assets	45,551	45,577
Trading assets | Less than 12 months
Financial instruments
Financial Assets	36,723	35,944
Trading assets | More than 12 months
Financial instruments
Financial Assets	8,828	9,633
Derivatives [Member]
Financial instruments
Financial Assets	78,904	99,545
Derivatives [Member] | Less than 12 months
Financial instruments
Financial Assets	29,839	38,107
Derivatives [Member] | More than 12 months
Financial instruments
Financial Assets	49,065	61,438
Settlement balances
Financial instruments
Financial Assets	7,231	2,572
Settlement balances | Less than 12 months
Financial instruments
Financial Assets	7,231	2,572
Loans and advances to banks [Member] | Financial assets at amortised cost
Financial instruments
Financial Assets	6,914	7,139
Loans and advances to banks [Member] | Less than 12 months | Financial assets at amortised cost
Financial instruments
Financial Assets	6,650	6,872
Loans and advances to banks [Member] | More than 12 months | Financial assets at amortised cost
Financial instruments
Financial Assets	264	267
Loans and advances to customers [Member] | Financial assets at amortised cost
Financial instruments
Financial Assets	381,433	366,340
Loans and advances to customers [Member] | Less than 12 months | Financial assets at amortised cost
Financial instruments
Financial Assets	87,663	84,289
Loans and advances to customers [Member] | More than 12 months | Financial assets at amortised cost
Financial instruments
Financial Assets	293,770	282,051
Other financial assets
Financial instruments
Financial Assets	51,102	30,895
Other financial assets | Less than 12 months
Financial instruments
Financial Assets	10,192	6,128
Other financial assets | More than 12 months
Financial instruments
Financial Assets	£ 40,910	£ 24,767

Financial Instruments - matur_4

Financial Instruments - maturity analysis - Contractual Maturity (Details) - GBP (£) £ in Millions	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Financial instruments
Contractual maturity period for undiscounted cash flows	20 years
Threshold period for principal amounts of financial liabilities to be excluded from contractual maturity for cash outflows	20 years
Threshold period for interest payments of financial liabilities to be excluded from contractual maturity for cash outflows	20 years
0-3 months | Financial assets
Financial instruments
Undiscounted cash flows, assets		£ 173,891	£ 206,578
0-3 months | Cash and balances at central banks
Financial instruments
Undiscounted cash flows, assets		104,262	144,832
0-3 months | Derivative held for hedging
Financial instruments
Undiscounted cash flows, assets		31	130
0-3 months | Settlement balances
Financial instruments
Undiscounted cash flows, assets		7,231	2,572
0-3 months | Other financial assets
Financial instruments
Undiscounted cash flows, assets		4,897	2,771
0-3 months | Finance lease
Financial instruments
Undiscounted cash flows, assets		61	96
0-3 months | Financial liabilities
Financial instruments
Undiscounted cash flows, liabilities		420,846	456,887
0-3 months | Bank deposits
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		8,334	6,690
0-3 months | Customer deposits
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		393,363	437,830
0-3 months | Settlement balances
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		6,645	2,012
0-3 months | Derivatives held for hedging
Financial instruments
Undiscounted cash flows, derivative financial liabilities		71	280
0-3 months | Other financial liabilities
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		9,094	6,720
0-3 months | Subordinated liabilities
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		72	96
0-3 months | Notes in circulation
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		3,237	3,218
0-3 months | Lease liabilities.
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		30	41
0-3 months | Guarantees and Commitments
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		115,627	121,929
0-3 months | Guarantees
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		2,820	3,150
0-3 months | Commitments
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		112,807	118,779
3-12 months | Financial assets
Financial instruments
Undiscounted cash flows, assets		55,358	50,157
3-12 months | Derivative held for hedging
Financial instruments
Undiscounted cash flows, assets		29	345
3-12 months | Other financial assets
Financial instruments
Undiscounted cash flows, assets		6,756	4,507
3-12 months | Finance lease
Financial instruments
Undiscounted cash flows, assets		242	267
3-12 months | Financial liabilities
Financial instruments
Undiscounted cash flows, liabilities		46,919	20,289
3-12 months | Bank deposits
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		1,279	1,445
3-12 months | Customer deposits
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		31,900	11,389
3-12 months | Derivatives held for hedging
Financial instruments
Undiscounted cash flows, derivative financial liabilities		175	(371)
3-12 months | Other financial liabilities
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		12,319	6,640
3-12 months | Subordinated liabilities
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		1,167	1,073
3-12 months | Lease liabilities.
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		79	113
1-3 years | Financial assets
Financial instruments
Undiscounted cash flows, assets		94,635	85,571
1-3 years | Derivative held for hedging
Financial instruments
Undiscounted cash flows, assets		128	28
1-3 years | Other financial assets
Financial instruments
Undiscounted cash flows, assets		12,304	8,391
1-3 years | Finance lease
Financial instruments
Undiscounted cash flows, assets		735	857
1-3 years | Financial liabilities
Financial instruments
Undiscounted cash flows, liabilities		34,215	29,283
1-3 years | Bank deposits
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		6,069	5,662
1-3 years | Customer deposits
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		6,464	1,252
1-3 years | Derivatives held for hedging
Financial instruments
Undiscounted cash flows, derivative financial liabilities		366	586
1-3 years | Other financial liabilities
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		18,843	18,833
1-3 years | Subordinated liabilities
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		2,301	2,690
1-3 years | Lease liabilities.
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		172	260
3-5 years | Financial assets
Financial instruments
Undiscounted cash flows, assets		73,455	63,774
3-5 years | Derivative held for hedging
Financial instruments
Undiscounted cash flows, assets		104	41
3-5 years | Other financial assets
Financial instruments
Undiscounted cash flows, assets		11,183	7,835
3-5 years | Finance lease
Financial instruments
Undiscounted cash flows, assets		401	482
3-5 years | Financial liabilities
Financial instruments
Undiscounted cash flows, liabilities		23,951	24,817
3-5 years | Bank deposits
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		8,307	8,503
3-5 years | Customer deposits
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		11	2
3-5 years | Derivatives held for hedging
Financial instruments
Undiscounted cash flows, derivative financial liabilities		192	306
3-5 years | Other financial liabilities
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		13,818	13,906
3-5 years | Subordinated liabilities
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		1,512	1,897
3-5 years | Lease liabilities.
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		111	203
5-10 years | Financial assets
Financial instruments
Undiscounted cash flows, assets		107,301	91,249
5-10 years | Derivative held for hedging
Financial instruments
Undiscounted cash flows, assets		49	(44)
5-10 years | Other financial assets
Financial instruments
Undiscounted cash flows, assets		10,019	5,706
5-10 years | Finance lease
Financial instruments
Undiscounted cash flows, assets		656	549
5-10 years | Financial liabilities
Financial instruments
Undiscounted cash flows, liabilities		6,456	9,439
5-10 years | Bank deposits
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities			89
5-10 years | Customer deposits
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		14	14
5-10 years | Derivatives held for hedging
Financial instruments
Undiscounted cash flows, derivative financial liabilities		92	116
5-10 years | Other financial liabilities
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		4,769	7,361
5-10 years | Subordinated liabilities
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		1,406	1,541
5-10 years | Lease liabilities.
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		175	318
10-20 years | Financial assets
Financial instruments
Undiscounted cash flows, assets		123,277	102,948
10-20 years | Derivative held for hedging
Financial instruments
Undiscounted cash flows, assets		49	43
10-20 years | Other financial assets
Financial instruments
Undiscounted cash flows, assets		8,063	2,524
10-20 years | Finance lease
Financial instruments
Undiscounted cash flows, assets		359	296
10-20 years | Financial liabilities
Financial instruments
Undiscounted cash flows, liabilities		847	981
10-20 years | Customer deposits
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		19	20
10-20 years | Derivatives held for hedging
Financial instruments
Undiscounted cash flows, derivative financial liabilities		8	85
10-20 years | Other financial liabilities
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		346	294
10-20 years | Subordinated liabilities
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		342	328
10-20 years | Lease liabilities.
Financial instruments
Undiscounted cash flows, non-derivative financial liabilities		132	254
Held-for-trading
Financial instruments
Financial Liabilities		125,800	146,700
MVFTPL
Financial instruments
Financial Assets		125,100	145,800
Financial assets at amortised cost | 0-3 months | Loans to banks - amortised cost
Financial instruments
Undiscounted cash flows, assets		5,234	5,254
Financial assets at amortised cost | 0-3 months | Loans to customers - amortised cost
Financial instruments
Undiscounted cash flows, assets		52,175	50,923
Financial assets at amortised cost | 3-12 months | Loans to banks - amortised cost
Financial instruments
Undiscounted cash flows, assets		1,437	1,621
Financial assets at amortised cost | 3-12 months | Loans to customers - amortised cost
Financial instruments
Undiscounted cash flows, assets		46,894	43,417
Financial assets at amortised cost | 1-3 years | Loans to banks - amortised cost
Financial instruments
Undiscounted cash flows, assets		23	17
Financial assets at amortised cost | 1-3 years | Loans to customers - amortised cost
Financial instruments
Undiscounted cash flows, assets		81,445	76,278
Financial assets at amortised cost | 3-5 years | Loans to banks - amortised cost
Financial instruments
Undiscounted cash flows, assets		302	288
Financial assets at amortised cost | 3-5 years | Loans to customers - amortised cost
Financial instruments
Undiscounted cash flows, assets		61,465	55,128
Financial assets at amortised cost | 5-10 years | Loans to customers - amortised cost
Financial instruments
Undiscounted cash flows, assets		96,577	85,038
Financial assets at amortised cost | 10-20 years | Loans to customers - amortised cost
Financial instruments
Undiscounted cash flows, assets		£ 114,806	£ 100,085

Trading assets and liabilitie_2

Trading assets and liabilities (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Securities
Financial institutions and Corporate	£ 28,754	£ 16,349
Total debt securities	50,024	29,636
Total	45,551	45,577
Deposits
Total	53,636	52,808
Trading liabilities
Deposits
Repos	26,902	23,740
Collateral received	15,075	17,680
Other deposits	1,150	1,067
Total deposits	43,127	42,487
Debt securities in issue	706	797
Short positions in financial institution and corporate securities	1,790	1,982
Total short positions	9,803	9,524
Total	53,636	52,808
Short Positions	9,803	9,524
Trading assets
Loans
Reverse repos	23,694	21,537
Collateral given	9,141	13,005
Other loans	762	1,113
Total loans	33,597	35,655
Securities
Financial institutions and corporate	3,563	2,573
Total debt securities	11,954	9,922
Total	45,551	45,577
UK
Securities
Central and local government securities	9,330	3,364
UK | Trading liabilities
Deposits
Short positions in government securities	1,893	2,313
UK | Trading assets
Securities
Central and local government securities	2,729	2,205
USA
Securities
Central and local government securities	6,164	8,112
USA | Trading liabilities
Deposits
Short positions in government securities	2,071	1,293
USA | Trading assets
Securities
Central and local government securities	2,600	2,345
Other
Securities
Central and local government securities	5,776	1,811
Other | Trading liabilities
Deposits
Short positions in government securities	4,049	3,936
Other | Trading assets
Securities
Central and local government securities	£ 3,062	£ 2,799

Derivatives - Summary of deriva

Derivatives - Summary of derivatives (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Notional amount		£ 13,925,000
Derivative financial assets	£ 78,904	99,545
Derivative financial liabilities	72,395	94,047
Derivatives traded on recognised exchange
Disclosure of detailed information about financial instruments [line items]
Notional amount		709,000
Derivative financial assets		113
Derivative financial liabilities		33
Derivatives traded over the counter
Disclosure of detailed information about financial instruments [line items]
Notional amount		13,216,000
Derivative financial assets		99,432
Derivative financial liabilities		94,014
Derivatives
Disclosure of detailed information about financial instruments [line items]
Notional amount	13,403,000
Derivative financial assets	78,904
Derivative financial liabilities	72,395
Derivatives | Derivatives traded on recognised exchange
Disclosure of detailed information about financial instruments [line items]
Notional amount	820,000
Derivative financial assets	48
Derivative financial liabilities	34
Derivatives | Derivatives traded over the counter
Disclosure of detailed information about financial instruments [line items]
Notional amount	12,583,000
Derivative financial assets	78,856
Derivative financial liabilities	72,361
Interest rate derivatives
Disclosure of detailed information about financial instruments [line items]
Notional amount	10,268,000	10,742,000
Derivative financial assets	44,563	53,480
Derivative financial liabilities	38,483	48,535
Interest rate derivatives | Derivatives traded on recognised exchange
Disclosure of detailed information about financial instruments [line items]
Notional amount	819,000	707,000
Derivative financial assets	48	113
Derivative financial liabilities	34	33
Interest rate derivatives | Derivatives traded over the counter
Disclosure of detailed information about financial instruments [line items]
Notional amount	9,449,000	10,035,000
Derivative financial assets	44,515	53,367
Derivative financial liabilities	38,449	48,502
Interest rate derivatives | Derivatives traded over the counter and settled through clearing counterparties
Disclosure of detailed information about financial instruments [line items]
Notional amount	7,280,000	8,065,000
Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Notional amount	6,533,000	7,201,000
Derivative financial assets	33,807	39,039
Derivative financial liabilities	27,424	32,992
Interest rate swaps | Derivatives traded over the counter
Disclosure of detailed information about financial instruments [line items]
Notional amount	6,533,000	7,201,000
Derivative financial assets	33,807	39,039
Derivative financial liabilities	27,424	32,992
Interest rate options
Disclosure of detailed information about financial instruments [line items]
Notional amount	2,184,000	1,714,000
Derivative financial assets	10,756	14,441
Derivative financial liabilities	11,059	15,543
Interest rate options | Derivatives traded on recognised exchange
Disclosure of detailed information about financial instruments [line items]
Notional amount	510,000	296,000
Derivative financial assets	48	113
Derivative financial liabilities	34	33
Interest rate options | Derivatives traded over the counter
Disclosure of detailed information about financial instruments [line items]
Notional amount	1,674,000	1,418,000
Derivative financial assets	10,708	14,328
Derivative financial liabilities	11,025	15,510
Interest rate forwards and futures
Disclosure of detailed information about financial instruments [line items]
Notional amount	1,551,000	1,827,000
Interest rate forwards and futures | Derivatives traded on recognised exchange
Disclosure of detailed information about financial instruments [line items]
Notional amount	309,000	411,000
Interest rate forwards and futures | Derivatives traded over the counter
Disclosure of detailed information about financial instruments [line items]
Notional amount	1,242,000	1,416,000
Exchange rate derivatives
Disclosure of detailed information about financial instruments [line items]
Notional amount	3,120,000	3,168,000
Derivative financial assets	34,161	45,829
Derivative financial liabilities	33,586	45,237
Exchange rate derivatives | Derivatives traded on recognised exchange
Disclosure of detailed information about financial instruments [line items]
Notional amount	1,000	2,000
Exchange rate derivatives | Derivatives traded over the counter
Disclosure of detailed information about financial instruments [line items]
Notional amount	3,119,000	3,166,000
Derivative financial assets	34,161	45,829
Derivative financial liabilities	33,586	45,237
Currency swaps
Disclosure of detailed information about financial instruments [line items]
Notional amount	449,000	438,000
Derivative financial assets	8,173	11,840
Derivative financial liabilities	7,370	10,430
Currency swaps | Derivatives traded over the counter
Disclosure of detailed information about financial instruments [line items]
Notional amount	449,000	438,000
Derivative financial assets	8,173	11,840
Derivative financial liabilities	7,370	10,430
Exchange rate option contracts
Disclosure of detailed information about financial instruments [line items]
Notional amount	675,000	837,000
Derivative financial assets	4,181	6,375
Derivative financial liabilities	4,197	6,647
Exchange rate option contracts | Derivatives traded on recognised exchange
Disclosure of detailed information about financial instruments [line items]
Notional amount	1,000	2,000
Exchange rate option contracts | Derivatives traded over the counter
Disclosure of detailed information about financial instruments [line items]
Notional amount	674,000	835,000
Derivative financial assets	4,181	6,375
Derivative financial liabilities	4,197	6,647
Exchange rate spots, forwards and futures
Disclosure of detailed information about financial instruments [line items]
Notional amount	1,996,000	1,893,000
Derivative financial assets	21,807	27,614
Derivative financial liabilities	22,019	28,160
Exchange rate spots, forwards and futures | Derivatives traded over the counter
Disclosure of detailed information about financial instruments [line items]
Notional amount	1,996,000	1,893,000
Derivative financial assets	21,807	27,614
Derivative financial liabilities	22,019	28,160
Credit derivatives
Disclosure of detailed information about financial instruments [line items]
Notional amount	15,000	15,000
Derivative financial assets	180	236
Derivative financial liabilities	326	275
Credit derivatives | Derivatives traded over the counter
Disclosure of detailed information about financial instruments [line items]
Notional amount	15,000	15,000
Derivative financial assets	180	236
Derivative financial liabilities	£ 326	£ 275

Derivatives - Derivatives in he

Derivatives - Derivatives in hedge accounting relationships (Details) £ in Millions	12 Months Ended
	Dec. 31, 2023 GBP (£)	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 GBP (£)
IFRS netting
Disclosure of detailed information about hedging instruments [line items]
Hedging instrument, assets	£ (3,063)	£ (4,235)
Hedging instrument, liabilities	(7,568)	(9,205)
Derivatives after IFRS netting
Disclosure of detailed information about hedging instruments [line items]
Hedging instrument, assets	114	143
Hedging instrument, liabilities	£ 270	£ 132
Derivatives | Derivatives before IFRS netting
Disclosure of detailed information about hedging instruments [line items]
Notional amount	224,800	233,100
Hedging instrument, assets	£ 3,177	£ 4,378
Hedging instrument, liabilities	7,838	9,337
Changes in fair value used for hedge ineffectiveness	1,602	(2,859)
Fair value hedging
Disclosure of detailed information about hedging instruments [line items]
Changes in fair value used for hedge ineffectiveness	£ 406	£ 482	£ 897
Fair value hedging | Interest rate derivatives
Disclosure of detailed information about hedging instruments [line items]
Notional amount	67,600	58,700
Hedging instrument, assets	£ 1,139	£ 1,554
Hedging instrument, liabilities	2,607	3,009
Changes in fair value used for hedge ineffectiveness	£ 406	£ 482
Cash flow hedging | Interest rate derivatives
Disclosure of detailed information about hedging instruments [line items]
Notional amount	140,000	167,600
Hedging instrument, assets	£ 1,924	£ 2,681
Hedging instrument, liabilities	4,970	6,207
Changes in fair value used for hedge ineffectiveness	£ 1,211	£ (3,342)
Cash flow hedging | Exchange rate derivatives
Disclosure of detailed information about hedging instruments [line items]
Notional amount	16,900	6,300
Hedging instrument, assets	£ 112	£ 142
Hedging instrument, liabilities	254	112
Changes in fair value used for hedge ineffectiveness	£ (12)	£ (3)
Net investment hedging | Exchange rate derivatives
Disclosure of detailed information about hedging instruments [line items]
Notional amount	300	500
Hedging instrument, assets	£ 2	£ 1
Hedging instrument, liabilities	7	9
Changes in fair value used for hedge ineffectiveness	£ (3)	£ 4

Derivatives - Hedge ineffective

Derivatives - Hedge ineffectiveness recognised (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivatives
Hedging ineffectiveness	£ 52	£ (20)	£ 25	[1]
Fair value hedging
Derivatives
Loss on hedged items attributable to the hedged risk	(364)	(442)	(846)
Gain on the hedging instruments	406	482	897
Hedging ineffectiveness	42	40	51
Cash flow hedging
Derivatives
Hedging ineffectiveness	10	(60)	(26)
Cash flow hedging | Interest rate risk
Derivatives
Hedging ineffectiveness	£ 10	£ (60)	£ (26)
[1] Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements.

Derivatives - Impact of the acc

Derivatives - Impact of the accumulated amount of fair hedge adjustments (Details) £ in Millions	12 Months Ended
	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 GBP (£) ₨ / £	Dec. 31, 2023 GBP (£) $ / £	Dec. 31, 2023 GBP (£) SFr / £	Dec. 31, 2023 GBP (£) ¥ / £	Dec. 31, 2023 GBP (£) ¥ / $	Dec. 31, 2023 GBP (£) kr / $	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 GBP (£) ₨ / £	Dec. 31, 2022 GBP (£) $ / £	Dec. 31, 2022 GBP (£) SFr / £	Dec. 31, 2022 GBP (£) ¥ / £	Dec. 31, 2022 GBP (£) ¥ / $	Dec. 31, 2022 GBP (£) kr / $	Dec. 31, 2021 GBP (£)
Derivatives
Derivatives notional (£bn)								£ 13,925,000	£ 13,925,000	£ 13,925,000	£ 13,925,000	£ 13,925,000	£ 13,925,000	£ 13,925,000
Fair value hedging
Derivatives
Changes in fair value used for hedge ineffectiveness	£ (364)							(442)							£ (846)
Carrying value adjustment for discontinued fair value hedges	57							61
Fair value hedging | Interest rate risk
Derivatives
Carrying value of hedged assets	28,559	£ 28,559	£ 28,559	£ 28,559	£ 28,559	£ 28,559	£ 28,559	18,661	18,661	18,661	18,661	18,661	18,661	18,661
Carrying value of hedged liabilities	42,396	42,396	42,396	42,396	42,396	42,396	42,396	41,925	41,925	41,925	41,925	41,925	41,925	41,925
Impact on hedged items included in carrying value, assets	(142)	(142)	(142)	(142)	(142)	(142)	(142)	(1,448)	(1,448)	(1,448)	(1,448)	(1,448)	(1,448)	(1,448)
Impact on hedged items included in carrying value, liabilities	(1,474)	(1,474)	(1,474)	(1,474)	(1,474)	(1,474)	(1,474)
Fair value hedging | Interest rate risk | Hedging assets
Derivatives
Derivatives notional (£bn)	28,500	28,500	28,500	28,500	28,500	28,500	28,500	19,800	19,800	19,800	19,800	19,800	19,800	19,800
Changes in fair value used for hedge ineffectiveness	803							(3,761)
Fair value hedging | Interest rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	39,100	39,100	39,100	39,100	39,100	39,100	39,100	38,900	38,900	38,900	38,900	38,900	38,900	38,900
Impact on hedged items included in carrying value, liabilities								(2,772)	(2,772)	(2,772)	(2,772)	(2,772)	(2,772)	(2,772)
Changes in fair value used for hedge ineffectiveness	(1,167)							3,319
Fair value hedging | Interest rate risk | Bank and customer deposits
Derivatives
Carrying value of hedged liabilities	745	745	745	745	745	745	745	565	565	565	565	565	565	565
Impact on hedged items included in carrying value, liabilities	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)
Changes in fair value used for hedge ineffectiveness	(6)							3
Fair value hedging | Interest rate risk | Financial liabilities (other) | Debt securities in issue
Derivatives
Carrying value of hedged liabilities	36,305	36,305	36,305	36,305	36,305	36,305	36,305	35,856	35,856	35,856	35,856	35,856	35,856	35,856
Impact on hedged items included in carrying value, liabilities	(1,151)	(1,151)	(1,151)	(1,151)	(1,151)	(1,151)	(1,151)	(2,222)	(2,222)	(2,222)	(2,222)	(2,222)	(2,222)	(2,222)
Changes in fair value used for hedge ineffectiveness	(1,023)							2,790
Fair value hedging | Interest rate risk | Financial liabilities, subordinated
Derivatives
Carrying value of hedged liabilities	5,346	5,346	5,346	5,346	5,346	5,346	5,346	5,504	5,504	5,504	5,504	5,504	5,504	5,504
Impact on hedged items included in carrying value, liabilities	(320)	(320)	(320)	(320)	(320)	(320)	(320)	(547)	(547)	(547)	(547)	(547)	(547)	(547)
Changes in fair value used for hedge ineffectiveness	(138)							526
Fair value hedging | Interest rate risk | Loans to banks and customers | Amortised cost
Derivatives
Carrying value of hedged assets	5,663	5,663	5,663	5,663	5,663	5,663	5,663	5,764	5,764	5,764	5,764	5,764	5,764	5,764
Impact on hedged items included in carrying value, assets	(316)	(316)	(316)	(316)	(316)	(316)	(316)	(526)	(526)	(526)	(526)	(526)	(526)	(526)
Changes in fair value used for hedge ineffectiveness	167							(1,236)
Fair value hedging | Interest rate risk | Other financial assets - Securities
Derivatives
Carrying value of hedged assets	22,896	22,896	22,896	22,896	22,896	22,896	22,896	12,897	12,897	12,897	12,897	12,897	12,897	12,897
Impact on hedged items included in carrying value, assets	174	174	174	174	174	174	174	(922)	(922)	(922)	(922)	(922)	(922)	(922)
Changes in fair value used for hedge ineffectiveness	636							(2,525)
Fair value hedging | 0-3 months | Interest rate risk | Hedging assets
Derivatives
Derivatives notional (£bn)	100	100	100	100	100	100	100	500	500	500	500	500	500	500
Fair value hedging | 0-3 months | Interest rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	2,700	2,700	2,700	2,700	2,700	2,700	2,700	1,000	1,000	1,000	1,000	1,000	1,000	1,000
Fair value hedging | 3-12 months | Interest rate risk | Hedging assets
Derivatives
Derivatives notional (£bn)	1,700	1,700	1,700	1,700	1,700	1,700	1,700	1,900	1,900	1,900	1,900	1,900	1,900	1,900
Fair value hedging | 3-12 months | Interest rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	3,300	3,300	3,300	3,300	3,300	3,300	3,300	2,900	2,900	2,900	2,900	2,900	2,900	2,900
Fair value hedging | More than 1 year but less than 3 years | Interest rate risk | Hedging assets
Derivatives
Derivatives notional (£bn)	7,100	7,100	7,100	7,100	7,100	7,100	7,100	4,700	4,700	4,700	4,700	4,700	4,700	4,700
Fair value hedging | More than 1 year but less than 3 years | Interest rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	13,400	13,400	13,400	13,400	13,400	13,400	13,400	14,600	14,600	14,600	14,600	14,600	14,600	14,600
Fair value hedging | More than 3 years but less than 5 years | Interest rate risk | Hedging assets
Derivatives
Derivatives notional (£bn)	9,000	9,000	9,000	9,000	9,000	9,000	9,000	4,900	4,900	4,900	4,900	4,900	4,900	4,900
Fair value hedging | More than 3 years but less than 5 years | Interest rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	11,300	11,300	11,300	11,300	11,300	11,300	11,300	10,300	10,300	10,300	10,300	10,300	10,300	10,300
Fair value hedging | 5-10 years | Interest rate risk | Hedging assets
Derivatives
Derivatives notional (£bn)	5,900	5,900	5,900	5,900	5,900	5,900	5,900	4,200	4,200	4,200	4,200	4,200	4,200	4,200
Fair value hedging | 5-10 years | Interest rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	7,700	7,700	7,700	7,700	7,700	7,700	7,700	9,600	9,600	9,600	9,600	9,600	9,600	9,600
Fair value hedging | Over 10 years | Interest rate risk | Hedging assets
Derivatives
Derivatives notional (£bn)	4,700	4,700	4,700	4,700	4,700	4,700	4,700	3,600	3,600	3,600	3,600	3,600	3,600	3,600
Fair value hedging | Over 10 years | Interest rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	700	700	700	700	700	700	700	500	500	500	500	500	500	500
Cash flow hedging | Interest rate risk
Derivatives
Carrying value of hedged assets	85,206	85,206	85,206	85,206	85,206	85,206	85,206	94,388	94,388	94,388	94,388	94,388	94,388	94,388
Carrying value of hedged liabilities	54,831	54,831	54,831	54,831	54,831	54,831	54,831	73,181	73,181	73,181	73,181	73,181	73,181	73,181
Cash flow hedging | Interest rate risk | Hedging assets
Derivatives
Derivatives notional (£bn)	£ 85,200	£ 85,200	£ 85,200	£ 85,200	£ 85,200	£ 85,200	£ 85,200	£ 94,500	£ 94,500	£ 94,500	£ 94,500	£ 94,500	£ 94,500	£ 94,500
Average fixed interest rate	2.04%	2.04%	2.04%	2.04%	2.04%	2.04%	2.04%	1.72%	1.72%	1.72%	1.72%	1.72%	1.72%	1.72%
Changes in fair value used for hedge ineffectiveness	£ (2,818)							£ 5,336
Cash flow hedging | Interest rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	£ 54,800	£ 54,800	£ 54,800	£ 54,800	£ 54,800	£ 54,800	£ 54,800	£ 73,100	£ 73,100	£ 73,100	£ 73,100	£ 73,100	£ 73,100	£ 73,100
Average fixed interest rate	3.79%	3.79%	3.79%	3.79%	3.79%	3.79%	3.79%	1.63%	1.63%	1.63%	1.63%	1.63%	1.63%	1.63%
Changes in fair value used for hedge ineffectiveness	£ 1,617							£ (2,054)
Cash flow hedging | Interest rate risk | Bank and customer deposits
Derivatives
Carrying value of hedged liabilities	54,675	£ 54,675	£ 54,675	£ 54,675	£ 54,675	£ 54,675	£ 54,675	72,610	£ 72,610	£ 72,610	£ 72,610	£ 72,610	£ 72,610	£ 72,610
Changes in fair value used for hedge ineffectiveness	1,610							(2,008)
Cash flow hedging | Interest rate risk | Financial liabilities (other) | Debt securities in issue
Derivatives
Carrying value of hedged liabilities	156	156	156	156	156	156	156	571	571	571	571	571	571	571
Changes in fair value used for hedge ineffectiveness	7							(46)
Cash flow hedging | Interest rate risk | Loans to banks and customers | Amortised cost
Derivatives
Carrying value of hedged assets	84,583	84,583	84,583	84,583	84,583	84,583	84,583	93,212	93,212	93,212	93,212	93,212	93,212	93,212
Changes in fair value used for hedge ineffectiveness	(2,796)							5,263
Cash flow hedging | Interest rate risk | Other financial assets - Securities
Derivatives
Carrying value of hedged assets	623	£ 623	£ 623	£ 623	£ 623	£ 623	£ 623	1,176	£ 1,176	£ 1,176	£ 1,176	£ 1,176	£ 1,176	£ 1,176
Changes in fair value used for hedge ineffectiveness	(22)							73
Cash flow hedging | Exchange rate risk
Derivatives
Average foreign exchange rate		105.03	1.28	1.08	170.54	129.75	9.21		100.54	1.29	1.15	132.89	128.29	9.21
Carrying value of hedged assets	2,422	£ 2,422	£ 2,422	£ 2,422	£ 2,422	£ 2,422	£ 2,422
Carrying value of hedged liabilities	11,661	11,661	11,661	11,661	11,661	11,661	11,661	4,345	£ 4,345	£ 4,345	£ 4,345	£ 4,345	£ 4,345	£ 4,345
Cash flow hedging | Exchange rate risk | Hedging assets
Derivatives
Derivatives notional (£bn)	2,600	2,600	2,600	2,600	2,600	2,600	2,600	100	100	100	100	100	100	100
Cash flow hedging | Exchange rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	14,300	14,300	14,300	14,300	14,300	14,300	14,300	6,200	6,200	6,200	6,200	6,200	6,200	6,200
Changes in fair value used for hedge ineffectiveness	12							3
Cash flow hedging | Exchange rate risk | Financial liabilities (other)
Derivatives
Carrying value of hedged liabilities	201	201	201	201	201	201	201	204	204	204	204	204	204	204
Changes in fair value used for hedge ineffectiveness	3							5
Cash flow hedging | Exchange rate risk | Financial liabilities (other) | Debt securities in issue
Derivatives
Carrying value of hedged liabilities	11,460	11,460	11,460	11,460	11,460	11,460	11,460	4,141	4,141	4,141	4,141	4,141	4,141	4,141
Changes in fair value used for hedge ineffectiveness	9							(2)
Cash flow hedging | Exchange rate risk | Loans to banks and customers | Amortised cost
Derivatives
Carrying value of hedged assets	583	583	583	583	583	583	583
Cash flow hedging | Exchange rate risk | Other financial assets - Securities
Derivatives
Carrying value of hedged assets	1,839	1,839	1,839	1,839	1,839	1,839	1,839
Cash flow hedging | 0-3 months | Interest rate risk | Hedging assets
Derivatives
Derivatives notional (£bn)	£ 3,900	£ 3,900	£ 3,900	£ 3,900	£ 3,900	£ 3,900	£ 3,900	£ 6,600	£ 6,600	£ 6,600	£ 6,600	£ 6,600	£ 6,600	£ 6,600
Average fixed interest rate	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.36%	1.36%	1.36%	1.36%	1.36%	1.36%	1.36%
Cash flow hedging | 0-3 months | Interest rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	£ 800	£ 800	£ 800	£ 800	£ 800	£ 800	£ 800	£ 17,300	£ 17,300	£ 17,300	£ 17,300	£ 17,300	£ 17,300	£ 17,300
Average fixed interest rate	0.93%	0.93%	0.93%	0.93%	0.93%	0.93%	0.93%	1.27%	1.27%	1.27%	1.27%	1.27%	1.27%	1.27%
Cash flow hedging | 0-3 months | Exchange rate risk | Hedging assets
Derivatives
Derivatives notional (£bn)	£ 300	£ 300	£ 300	£ 300	£ 300	£ 300	£ 300	£ 100	£ 100	£ 100	£ 100	£ 100	£ 100	£ 100
Cash flow hedging | 0-3 months | Exchange rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	8,400	8,400	8,400	8,400	8,400	8,400	8,400
Cash flow hedging | 3-12 months | Interest rate risk | Hedging assets
Derivatives
Derivatives notional (£bn)	£ 14,500	£ 14,500	£ 14,500	£ 14,500	£ 14,500	£ 14,500	£ 14,500	£ 9,400	£ 9,400	£ 9,400	£ 9,400	£ 9,400	£ 9,400	£ 9,400
Average fixed interest rate	2.46%	2.46%	2.46%	2.46%	2.46%	2.46%	2.46%	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%
Cash flow hedging | 3-12 months | Interest rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	£ 3,900	£ 3,900	£ 3,900	£ 3,900	£ 3,900	£ 3,900	£ 3,900	£ 26,800	£ 26,800	£ 26,800	£ 26,800	£ 26,800	£ 26,800	£ 26,800
Average fixed interest rate	2.54%	2.54%	2.54%	2.54%	2.54%	2.54%	2.54%	0.95%	0.95%	0.95%	0.95%	0.95%	0.95%	0.95%
Cash flow hedging | 3-12 months | Exchange rate risk | Hedging assets
Derivatives
Derivatives notional (£bn)	£ 700	£ 700	£ 700	£ 700	£ 700	£ 700	£ 700
Cash flow hedging | 3-12 months | Exchange rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	800	800	800	800	800	800	800	£ 1,100	£ 1,100	£ 1,100	£ 1,100	£ 1,100	£ 1,100	£ 1,100
Cash flow hedging | More than 1 year but less than 3 years | Interest rate risk | Hedging assets
Derivatives
Derivatives notional (£bn)	£ 33,900	£ 33,900	£ 33,900	£ 33,900	£ 33,900	£ 33,900	£ 33,900	£ 46,500	£ 46,500	£ 46,500	£ 46,500	£ 46,500	£ 46,500	£ 46,500
Average fixed interest rate	1.19%	1.19%	1.19%	1.19%	1.19%	1.19%	1.19%	1.71%	1.71%	1.71%	1.71%	1.71%	1.71%	1.71%
Cash flow hedging | More than 1 year but less than 3 years | Interest rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	£ 39,100	£ 39,100	£ 39,100	£ 39,100	£ 39,100	£ 39,100	£ 39,100	£ 15,700	£ 15,700	£ 15,700	£ 15,700	£ 15,700	£ 15,700	£ 15,700
Average fixed interest rate	4.36%	4.36%	4.36%	4.36%	4.36%	4.36%	4.36%	2.75%	2.75%	2.75%	2.75%	2.75%	2.75%	2.75%
Cash flow hedging | More than 1 year but less than 3 years | Exchange rate risk | Hedging assets
Derivatives
Derivatives notional (£bn)	£ 1,600	£ 1,600	£ 1,600	£ 1,600	£ 1,600	£ 1,600	£ 1,600
Cash flow hedging | More than 1 year but less than 3 years | Exchange rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	2,400	2,400	2,400	2,400	2,400	2,400	2,400	£ 2,800	£ 2,800	£ 2,800	£ 2,800	£ 2,800	£ 2,800	£ 2,800
Cash flow hedging | More than 3 years but less than 5 years | Interest rate risk | Hedging assets
Derivatives
Derivatives notional (£bn)	£ 22,800	£ 22,800	£ 22,800	£ 22,800	£ 22,800	£ 22,800	£ 22,800	£ 21,900	£ 21,900	£ 21,900	£ 21,900	£ 21,900	£ 21,900	£ 21,900
Average fixed interest rate	3.30%	3.30%	3.30%	3.30%	3.30%	3.30%	3.30%	2.04%	2.04%	2.04%	2.04%	2.04%	2.04%	2.04%
Cash flow hedging | More than 3 years but less than 5 years | Interest rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	£ 10,100	£ 10,100	£ 10,100	£ 10,100	£ 10,100	£ 10,100	£ 10,100	£ 5,100	£ 5,100	£ 5,100	£ 5,100	£ 5,100	£ 5,100	£ 5,100
Average fixed interest rate	2.28%	2.28%	2.28%	2.28%	2.28%	2.28%	2.28%	1.03%	1.03%	1.03%	1.03%	1.03%	1.03%	1.03%
Cash flow hedging | More than 3 years but less than 5 years | Exchange rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	£ 2,500	£ 2,500	£ 2,500	£ 2,500	£ 2,500	£ 2,500	£ 2,500	£ 2,100	£ 2,100	£ 2,100	£ 2,100	£ 2,100	£ 2,100	£ 2,100
Cash flow hedging | 5-10 years | Interest rate risk | Hedging assets
Derivatives
Derivatives notional (£bn)	£ 10,100	£ 10,100	£ 10,100	£ 10,100	£ 10,100	£ 10,100	£ 10,100	£ 10,100	£ 10,100	£ 10,100	£ 10,100	£ 10,100	£ 10,100	£ 10,100
Average fixed interest rate	1.77%	1.77%	1.77%	1.77%	1.77%	1.77%	1.77%	1.02%	1.02%	1.02%	1.02%	1.02%	1.02%	1.02%
Cash flow hedging | 5-10 years | Interest rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	£ 300	£ 300	£ 300	£ 300	£ 300	£ 300	£ 300	£ 7,500	£ 7,500	£ 7,500	£ 7,500	£ 7,500	£ 7,500	£ 7,500
Average fixed interest rate	2.36%	2.36%	2.36%	2.36%	2.36%	2.36%	2.36%	2.68%	2.68%	2.68%	2.68%	2.68%	2.68%	2.68%
Cash flow hedging | 5-10 years | Exchange rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	£ 200	£ 200	£ 200	£ 200	£ 200	£ 200	£ 200	£ 200	£ 200	£ 200	£ 200	£ 200	£ 200	£ 200
Cash flow hedging | Over 10 years | Interest rate risk | Hedging liabilities
Derivatives
Derivatives notional (£bn)	£ 600	£ 600	£ 600	£ 600	£ 600	£ 600	£ 600	£ 700	£ 700	£ 700	£ 700	£ 700	£ 700	£ 700
Cash flow hedging | 10-20 years | Interest rate risk | Hedging assets
Derivatives
Average fixed interest rate	3.12%	3.12%	3.12%	3.12%	3.12%	3.12%	3.12%	3.12%	3.12%	3.12%	3.12%	3.12%	3.12%	3.12%
Cash flow hedging | 10-20 years | Interest rate risk | Hedging liabilities
Derivatives
Average fixed interest rate	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%

Derivatives - Analysis of cash

Derivatives - Analysis of cash flow reserve and foreign exchange reserve (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivatives
Pre-tax cash flow hedge reserve	£ (2,629)	£ (3,837)
Pre-tax foreign exchange hedge reserve	(789)	(965)
Amount recognised in equity, cash flow hedges	187	(2,973)	£ (687)
Amount recognised in equity, foreign exchange hedge reserve	107	(266)	£ 88
Amount transferred from equity to earnings, cash flow hedge reserve	1,021	(304)
Amount transferred from equity to earnings, foreign exchange hedge reserve	69	7
Interest rate risk
Derivatives
Continuing cash flow hedge reserve	(2,330)	(3,576)
De-designated cash flow hedge reserve	(304)	(297)
Amount recognised in equity, cash flow hedges	137	(2,997)
Amount recognised in equity, foreign exchange hedge reserve		(64)
Amount transferred from equity to earnings, cash flow hedge reserve	(10)	(21)
Interest rate risk | Net interest income
Derivatives
Amount transferred from equity to earnings, cash flow hedge reserve	1,112	(252)
Interest rate risk | Non interest income
Derivatives
Amount transferred from equity to earnings, cash flow hedge reserve	(10)	(21)
Interest rate risk | Operating expenses
Derivatives
Amount transferred from equity to earnings, cash flow hedge reserve		(14)
Exchange rate risk
Derivatives
Continuing cash flow hedge reserve	1	16
Continuing foreign exchange hedge reserve	(18)	(85)
De-designated cash flow hedge reserve	4	20
De-designated foreign exchange hedge reserve	(771)	(880)
Amount recognised in equity, cash flow hedges	50	24
Amount recognised in equity, foreign exchange hedge reserve	107	(202)
Exchange rate risk | Net interest income
Derivatives
Amount transferred from equity to earnings, cash flow hedge reserve	(74)	(29)
Exchange rate risk | Non interest income
Derivatives
Amount transferred from equity to earnings, cash flow hedge reserve	(9)	15
Amount transferred from equity to earnings, foreign exchange hedge reserve	69	7
Exchange rate risk | Operating expenses
Derivatives
Amount transferred from equity to earnings, cash flow hedge reserve	£ 2	£ (3)

Loan impairment provisions (Det

Loan impairment provisions (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contingent Liability
Loan impairment provisions
ECL (release)/charge	£ (9)	£ (5)
Other financial assets
Loan impairment provisions
Financial Assets	51,102	30,895
ECL (release)/charge	(16)	3
Off-Balance Sheet Exposures | Impairment
Loan impairment provisions
Financial Assets	(100)	(100)
FVOCI | Impairment
Loan impairment provisions
Financial Assets	(9)	(3)
FVOCI | Other financial assets
Loan impairment provisions
ECL (release)/charge	£ 6	£ 0
Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income
Loan impairment provisions
ECL provision coverage (in percentage)	0.93%	0.91%
ECL (release)/charge	£ 578	£ 337
Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income | Gross carrying amount
Loan impairment provisions
Financial Assets	392,040	377,153
Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income | Impairment
Loan impairment provisions
Financial Assets	(3,645)	(3,434)
Cash at central banks | Other financial assets
Loan impairment provisions
Financial Assets	103,100	143,300
Debt securities | Other financial assets
Loan impairment provisions
Financial Assets	50,100	29,900
Consumer loans | Impairment
Loan impairment provisions
Financial Assets	£ (3,645)	£ (3,434)
12-month expected credit losses | Not credit impaired | Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income
Loan impairment provisions
ECL provision coverage (in percentage)	0.20%	0.19%
ECL (release)/charge	£ (397)	£ (290)
12-month expected credit losses | Not credit impaired | Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income | Gross carrying amount
Loan impairment provisions
Financial Assets	348,586	325,224
12-month expected credit losses | Not credit impaired | Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income | Impairment
Loan impairment provisions
Financial Assets	£ (709)	£ (632)
Lifetime expected credit losses | Not credit impaired | Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income
Loan impairment provisions
ECL provision coverage (in percentage)	2.58%	2.23%
ECL (release)/charge	£ 645	£ 393
Lifetime expected credit losses | Not credit impaired | Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income | Individually assessed
Loan impairment provisions
Amounts written off	42	168
Lifetime expected credit losses | Not credit impaired | Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income | Gross carrying amount
Loan impairment provisions
Financial Assets	37,891	46,833
Lifetime expected credit losses | Not credit impaired | Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income | Impairment
Loan impairment provisions
Financial Assets	£ (976)	£ (1,043)
Lifetime expected credit losses | Credit impaired | Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income
Loan impairment provisions
ECL provision coverage (in percentage)	35.23%	34.52%
ECL (release)/charge	£ 330	£ 234
Amounts written off	319	482
Lifetime expected credit losses | Credit impaired | Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income | Individually assessed
Loan impairment provisions
ECL (release)/charge	89	54
Lifetime expected credit losses | Credit impaired | Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income | Collectively assessed
Loan impairment provisions
ECL (release)/charge	241	180
Amounts written off	277	314
Lifetime expected credit losses | Credit impaired | Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income | Gross carrying amount
Loan impairment provisions
Financial Assets	5,563	5,096
Lifetime expected credit losses | Credit impaired | Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income | Gross carrying amount | Individually assessed
Loan impairment provisions
Financial Assets	1,031	1,121
Lifetime expected credit losses | Credit impaired | Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income | Gross carrying amount | Collectively assessed
Loan impairment provisions
Financial Assets	4,532	3,975
Lifetime expected credit losses | Credit impaired | Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income | Impairment
Loan impairment provisions
Financial Assets	(1,960)	(1,759)
Lifetime expected credit losses | Credit impaired | Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income | Impairment | Individually assessed
Loan impairment provisions
Financial Assets	(332)	(287)
Lifetime expected credit losses | Credit impaired | Loans and advances | Financial assets at amortised cost and fair value through other comprehensive income | Impairment | Collectively assessed
Loan impairment provisions
Financial Assets	£ (1,628)	£ (1,472)

Other financial assets (Details

Other financial assets (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Detailed Information About Hedging Instruments LineItems
Other debt securities	£ 28,754	£ 16,349
Total debt securities	50,024	29,636
Equity shares	313	360
Loans classified as other financial assets	765	899
Other financial assets	51,102	30,895
Amount of shares acquired	0
UK
Disclosure Of Detailed Information About Hedging Instruments LineItems
Central and local government debt securities	9,330	3,364
USA
Disclosure Of Detailed Information About Hedging Instruments LineItems
Central and local government debt securities	6,164	8,112
Countries other than the US and the UK
Disclosure Of Detailed Information About Hedging Instruments LineItems
Central and local government debt securities	5,776	1,811
Permanent TSB p.l.c.
Disclosure Of Detailed Information About Hedging Instruments LineItems
Amount of shares acquired		146
Disposal of shares	47
Vodeno Limited
Disclosure Of Detailed Information About Hedging Instruments LineItems
Amount of shares acquired		26
VISA
Disclosure Of Detailed Information About Hedging Instruments LineItems
Disposal of shares		99
UBS Equity Funds
Disclosure Of Detailed Information About Hedging Instruments LineItems
Disposal of shares	35	69
Mandatory fair value through profit or loss
Disclosure Of Detailed Information About Hedging Instruments LineItems
Other debt securities	1	2
Total debt securities	1	2
Equity shares	2	3
Loans classified as other financial assets	700	782
Other financial assets	703	787
Designated at fair value
Disclosure Of Detailed Information About Hedging Instruments LineItems
Other debt securities	2
Total debt securities	5
Other financial assets	5
Designated at fair value | Countries other than the US and the UK
Disclosure Of Detailed Information About Hedging Instruments LineItems
Central and local government debt securities	3
Fair value through other comprehensive income
Disclosure Of Detailed Information About Hedging Instruments LineItems
Other debt securities	10,627	6,765
Total debt securities	28,323	16,499
Equity shares	311	357
Loans classified as other financial assets	65	117
Other financial assets	28,699	16,973
Fair value through other comprehensive income | UK
Disclosure Of Detailed Information About Hedging Instruments LineItems
Central and local government debt securities	6,441	802
Fair value through other comprehensive income | USA
Disclosure Of Detailed Information About Hedging Instruments LineItems
Central and local government debt securities	5,517	7,175
Fair value through other comprehensive income | Countries other than the US and the UK
Disclosure Of Detailed Information About Hedging Instruments LineItems
Central and local government debt securities	5,738	1,757
Amortised cost
Disclosure Of Detailed Information About Hedging Instruments LineItems
Other debt securities	18,124	9,582
Total debt securities	21,695	13,135
Other financial assets	21,695	13,135
Amortised cost | UK
Disclosure Of Detailed Information About Hedging Instruments LineItems
Central and local government debt securities	2,889	2,562
Amortised cost | USA
Disclosure Of Detailed Information About Hedging Instruments LineItems
Central and local government debt securities	647	937
Amortised cost | Countries other than the US and the UK
Disclosure Of Detailed Information About Hedging Instruments LineItems
Central and local government debt securities	£ 35	£ 54

Intangible assets (Details)

Intangible assets (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible assets
At beginning of period	£ 7,116
At end of period	7,614	£ 7,116
Intangible assets	7,614	7,116
Impairment of intangible assets	23	0
Goodwill	£ 5,680	£ 5,522
Impairment of goodwill			£ 85
Expected growth rate	1.40%	1.40%
Retail Banking
Intangible assets
Goodwill	£ 2,607	£ 2,607
Pre-tax discount rate	16%	15.30%
Private Banking
Intangible assets
Goodwill	£ 9	£ 9
Pre-tax discount rate	16%	15.30%
RBS International
Intangible assets
Goodwill	£ 300	£ 300
Pre-tax discount rate	14.60%	14%
Cushon
Intangible assets
Goodwill	£ 159	£ 0
Pre-tax discount rate	15.30%	0%
Ring-Fenced Bank Commercial & Institutional
Intangible assets
Goodwill	£ 2,605	£ 2,606
Pre-tax discount rate	16%	15.30%
Retail Banking
Intangible assets
Goodwill	£ 2,607	£ 2,607
Private Banking
Intangible assets
Goodwill	9	9
Cost
Intangible assets
At beginning of period	13,694	12,989
Currency translation and other adjustments		(11)
Acquisitions of companies and businesses	196
Additions	762	743
Disposals and write-off of fully amortised assets	(115)	(27)
At end of period	14,537	13,694	12,989
Intangible assets	14,537	13,694	12,989
Accumulated impairment, depreciation and amortisation
Intangible assets
At beginning of period	(6,578)	(6,266)
Currency translation and other adjustments		12
Disposals and write-off of fully amortised assets	116	17
Impairment of intangible assets	23
Amortisation charge for the year	438	341
At end of period	(6,923)	(6,578)	(6,266)
Intangible assets	(6,923)	(6,578)	(6,266)
Goodwill
Intangible assets
At beginning of period	5,522
At end of period	5,680	5,522
Intangible assets	5,680	5,522
Goodwill | Cost
Intangible assets
At beginning of period	9,931	9,939
Currency translation and other adjustments		(8)
Acquisitions of companies and businesses	159
At end of period	10,090	9,931	9,939
Intangible assets	10,090	9,931	9,939
Goodwill | Accumulated impairment, depreciation and amortisation
Intangible assets
At beginning of period	(4,409)	(4,417)
Currency translation and other adjustments		8
Impairment of intangible assets	1
At end of period	(4,410)	(4,409)	(4,417)
Intangible assets	(4,410)	(4,409)	(4,417)
Intangible assets other than goodwill
Intangible assets
At beginning of period	1,594
At end of period	1,934	1,594
Intangible assets	1,934	1,594
Intangible assets other than goodwill | Cost
Intangible assets
At beginning of period	3,763	3,050
Currency translation and other adjustments		(3)
Acquisitions of companies and businesses	37
Additions	762	743
Disposals and write-off of fully amortised assets	(115)	(27)
At end of period	4,447	3,763	3,050
Intangible assets	4,447	3,763	3,050
Intangible assets other than goodwill | Accumulated impairment, depreciation and amortisation
Intangible assets
At beginning of period	(2,169)	(1,849)
Currency translation and other adjustments		4
Disposals and write-off of fully amortised assets	116	17
Impairment of intangible assets	22
Amortisation charge for the year	438	341
At end of period	(2,513)	(2,169)	(1,849)
Intangible assets	£ (2,513)	£ (2,169)	£ (1,849)

Other assets (Details)

Other assets (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other assets
Interests in associates	£ 668	£ 688
Property, plant and equipment	4,227	4,240
Pension schemes in net surplus	201	318
Prepayments	350	340
Accrued income	292	327
Tax recoverable	49	279
Deferred tax	1,894	2,178
Acceptances	575	237
Other	504	569
Other assets	£ 8,760	9,176
Freehold buildings and long leaseholds
Other assets
Useful life measured as period of time, property, plant and equipment	50 years
Short leaseholds for unexpired period of lease and property adaption costs | Maximum
Other assets
Useful life measured as period of time, property, plant and equipment	15 years
Short leaseholds for unexpired period of lease and property adaption costs | Minimum
Other assets
Useful life measured as period of time, property, plant and equipment	10 years
Computers equipment | Maximum
Other assets
Useful life measured as period of time, property, plant and equipment	5 years
Other equipment | Maximum
Other assets
Useful life measured as period of time, property, plant and equipment	15 years
Other equipment | Minimum
Other assets
Useful life measured as period of time, property, plant and equipment	4 years
Business Growth Fund
Other assets
Interests in associates	£ 658	£ 677

Other financial liabilities (De

Other financial liabilities (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Provisions for liabilities and charges
Total	£ 55,089	£ 49,107
MRELs
Provisions for liabilities and charges
Total	21,660	22,265
Other medium term notes
Provisions for liabilities and charges
Total	17,843	16,419
Commercial paper and certificates of deposit
Provisions for liabilities and charges
Total	11,321	5,672
Covered bonds
Provisions for liabilities and charges
Total	2,122	2,842
Securitisation
Provisions for liabilities and charges
Total	863	859
Financial liabilities at fair value through profit or loss | Customer accounts
Provisions for liabilities and charges
Total	£ 1,280	£ 1,050

Subordinated liabilities (Detai

Subordinated liabilities (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Subordinated liabilities
Dated loan capital	£ 5,573	£ 5,968
Undated loan capital	22	173
Preference shares	119	119
Total subordinated liabilities	£ 5,714	£ 6,260

Subordinated liabilities - Rede

Subordinated liabilities - Redemption (Details) £ / shares in Units, € in Millions, £ in Millions, $ in Millions	Dec. 31, 2023 GBP (£) £ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 GBP (£) £ / shares
Subordinated liabilities
Notional amount				£ 13,925,000
Dated subordinated liabilities before value adjustment due to hedge accounting	£ 5,735			6,266
Dated loan capital	5,573			5,968
Undated loan capital	22			173
Preference shares	119			119
Impact on carrying value due to fair value hedging	(162)			(298)
Subordinated liabilities	£ 5,714			£ 6,260
Par value per share | £ / shares	£ 1.0769			£ 1.0769
NatWest Group plc
Subordinated liabilities
Dated loan capital	£ 5,481			£ 5,820
Natwest Group plc, $2,250 million 5.13% notes Maturity dated May-2024
Subordinated liabilities
Notional amount | $		$ 2,250
Interest rate	5.125%	5.125%	5.125%
Dated loan capital	£ 418			706
Natwest Group plc, $2,000 million 6.00% notes Maturity dated Dec-2023
Subordinated liabilities
Notional amount | $		$ 2,000
Interest rate	6%	6%	6%
Dated loan capital				536
Natwest Group plc, £1,000 million 3.622% notes Maturity dated Aug 2030
Subordinated liabilities
Notional amount	£ 1,000
Interest rate	3.622%	3.622%	3.622%
Dated loan capital	£ 985			964
Natwest Group plc, £1,000 million 2.105% notes Maturity dated Nov-2031
Subordinated liabilities
Notional amount	£ 1,000
Interest rate	2.105%	2.105%	2.105%
Dated loan capital	£ 1,000			1,001
Natwest Group plc, $1,000 million 6.10% notes Maturity dated Jun-2023
Subordinated liabilities
Notional amount | $		$ 1,000
Interest rate	6.10%	6.10%	6.10%
Dated loan capital				126
Natwest Group plc, $850 million 3.032% notes Maturity dated Nov-2035
Subordinated liabilities
Notional amount | $		$ 850
Interest rate	3.032%	3.032%	3.032%
Dated loan capital	£ 541			555
Natwest Group plc, €750 million 1.043% notes Maturity dated Sep-2032
Subordinated liabilities
Notional amount | €			€ 750
Interest rate	1.043%	1.043%	1.043%
Dated loan capital	£ 652			665
Natwest Group plc, $750 million 3.754% notes Maturity dated Nov-2029
Subordinated liabilities
Notional amount | $		$ 750
Interest rate	3.754%	3.754%	3.754%
Dated loan capital	£ 592			626
Natwest Group plc, €700 million 5.763% notes Maturity dated Feb-2034
Subordinated liabilities
Notional amount | €			€ 700
Interest rate	5.763%	5.763%	5.763%
Dated loan capital	£ 636
Natwest Group plc, £650 million 7.416% notes Maturity dated Jun-2033
Subordinated liabilities
Notional amount	£ 650
Interest rate	7.416%	7.416%	7.416%
Dated loan capital	£ 657			641
Other subsidiaries, €170 million Floating rate notes Maturity dated Feb-2041
Subordinated liabilities
Notional amount | €			€ 170
Dated loan capital	£ 237			223
Other subsidiaries, $150 million 7.125% notes Maturity dated Oct-93
Subordinated liabilities
Notional amount | $		$ 150
Interest rate	7.125%	7.125%	7.125%
Dated loan capital	£ 17			18
Other subsidiaries, €145.6 Million Floating rate notes Maturity dated Apr-2023
Subordinated liabilities
Notional amount | €			€ 145.6
Dated loan capital				122
Other subsidiaries, $136 million 7.75% notes Maturity dated May-2023
Subordinated liabilities
Notional amount | $		$ 136
Interest rate	7.75%	7.75%	7.75%
Dated loan capital				83
Other subsidiaries, £35 million 11.5% notes
Subordinated liabilities
Notional amount	£ 35
Interest rate	11.50%	11.50%	11.50%
Undated loan capital				72
Other Subsidiaries £31 Million 7.38% Notes
Subordinated liabilities
Notional amount	£ 31
Interest rate	7.38%	7.38%	7.38%
Undated loan capital	£ 1			2
Other subsidiaries, €31 million 11.375% notes
Subordinated liabilities
Notional amount | €			€ 31
Interest rate	11.375%	11.375%	11.375%
Undated loan capital				48
Other Subsidiaries £16 Million 5.63% Notes
Subordinated liabilities
Notional amount	£ 16
Interest rate	5.63%	5.63%	5.63%
Undated loan capital	£ 18			18
Other subsidiaries, £11 million 11.75% notes
Subordinated liabilities
Notional amount	£ 11
Interest rate	11.75%	11.75%	11.75%
Undated loan capital				25
Other subsidiaries £4.9 Million 2.5% fixed notes
Subordinated liabilities
Notional amount	£ 4.9
Interest rate	2.50%	2.50%	2.50%
Undated loan capital	£ 3			6
Other subsidiaries, £1.1 million SONIA + 2.8266% notes
Subordinated liabilities
Notional amount	£ 1.1
Undated loan capital				2
Other subsidiaries, £1.1 million SONIA + 2.8266% notes | SONIA
Subordinated liabilities
Borrowings, adjustment to interest rate basis	2.827%	2.827%	2.827%
Other subsidiaries, £140 million Non-cumulative preference shares of £1
Subordinated liabilities
Notional amount	£ 140
Preference shares	£ 119			£ 119
Par value per share | £ / shares	£ 1

Other liabilities (Details)

Other liabilities (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other liabilities.
Lease liabilities	£ 670	£ 1,118
Provisions for liabilities and charges	990	1,138
Retirement benefit liabilities	99	98
Accruals	1,411	1,407
Deferred income	402	355
Current tax	332	55
Deferred tax	141	227
Acceptances	575	237
Other liabilities	582	711
Total other liabilities	5,202	5,346
Liabilities of disposal groups	£ 3	£ 15

Other liabilities - Provision f

Other liabilities - Provision for liabilities and charges (Details) £ in Millions	12 Months Ended
	Dec. 31, 2023 GBP (£)
Provisions for liabilities and charges
Balance at beginning of the period	£ 1,138
Expected credit losses impairment release	(9)
Currency translation and other movements	(20)
Charge to income statement	474
Release to income statement	(161)
Provisions utilised	(432)
Balance at end of the period	990
Customer redress
Provisions for liabilities and charges
Balance at beginning of the period	431
Currency translation and other movements	(5)
Charge to income statement	276
Release to income statement	(36)
Provisions utilised	(180)
Balance at end of the period	486
Litigation and other regulatory
Provisions for liabilities and charges
Balance at beginning of the period	240
Currency translation and other movements	(9)
Charge to income statement	21
Release to income statement	(33)
Provisions utilised	(63)
Balance at end of the period	156
Property
Provisions for liabilities and charges
Balance at beginning of the period	154
Charge to income statement	41
Release to income statement	(64)
Provisions utilised	(32)
Balance at end of the period	99
Commitments and guarantees
Provisions for liabilities and charges
Balance at beginning of the period	87
Expected credit losses impairment release	(9)
Balance at end of the period	78
Other
Provisions for liabilities and charges
Balance at beginning of the period	226
Currency translation and other movements	(6)
Charge to income statement	136
Release to income statement	(28)
Provisions utilised	(157)
Balance at end of the period	£ 171

Share capital and other equit_2

Share capital and other equity (Details) - GBP (£) £ / shares in Units, shares in Thousands, £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Date of approval
Par value per share	£ 1.0769	£ 1.0769
Ordinary shares
Date of approval
Allotted, called up and fully paid	£ 9,683	£ 10,539
Number of shares	8,991,737	9,786,024
Par value per share	£ 1.076923076923077
Cumulative preference shares of 1
Date of approval
Allotted, called up and fully paid	£ 0.5	£ 0.5
Number of shares	483	483
Par value per share	£ 1	£ 1

Share capital and other equit_3

Share capital and other equity - Movement in shares (Details) - GBP (£) shares in Thousands, £ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Value of shares
Equity at beginning of period		£ 36,496	£ 41,803	[1]	£ 43,824
Ordinary shares issued	[2]				1,024
Equity at end of period		37,188	36,496		41,803	[1]
Ordinary shares
Value of shares
Equity at beginning of period		10,539	11,468
Shares cancellation		(856)	(929)
Equity at end of period		£ 9,683	£ 10,539		£ 11,468
Number of shares
At 1 January		9,786,024	11,467,982
Shares cancellation		(794,287)	(929,188)
Share consolidation			(752,770)
At 31 December		8,991,737	9,786,024		11,467,982
[1] In 2021, the Total equity balance of £ 41,803 million includes £494 million attributable to Preference shareholders. There was an issue of shares in 2021. This is split between Ordinary share capital of £37 million and Share premium of £50 million.

Share capital and other equit_4

Share capital and other equity - Ordinary shares (Details) - GBP (£)					5 Months Ended	12 Months Ended
	Dec. 31, 2023	Jun. 16, 2023	May 22, 2023	Feb. 06, 2019	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Jul. 28, 2023	Mar. 28, 2023	Feb. 17, 2023	Aug. 25, 2022
Date of approval
Par value	£ 1.0769				£ 1.0769	£ 1.0769	£ 1.0769
Own shares held | Share awards and options
Date of approval
Par value							£ 1.0769
Shares held in treasury	12,000,000				12,000,000	12,000,000	13,000,000
On Market Share Buyback Programme
Date of approval
Maximum number of ordinary shares purchased under Programme											1,122,905,024
2022 Authority
Date of approval
Number of own shares purchased		301,380,053
Nominal value of own shares purchased		£ 324,563,134
Purchase price per share		£ 2.654456
Consideration paid for repurchase of own shares		£ 799,999,997.76
Percentage of issued shares repurchased		3.16%
Maximum number of ordinary shares purchased under Programme		966,778,930							966,284,391
Maximum amount for share buy back programme										£ 800,000,000
2023 Authority
Date of approval
Number of own shares purchased					158,956,435
Nominal value of own shares purchased					£ 171,183,853
Purchase price per share	£ 2.176375
Consideration paid for repurchase of own shares	£ 345,948,738
Percentage of issued shares repurchased	1.75%
Maximum number of ordinary shares purchased under Programme			919,858,922
Maximum amount for share buy back programme								£ 500,000,000
Off Market Share Buyback Programmes
Date of approval
Number of own shares purchased			469,200,081
Nominal value of own shares purchased			£ 505,292,395
Purchase price per share			£ 2.684
Number of treasury stock, shares cancelled			336,200,081
Consideration paid for repurchase of own shares			£ 1,259,333,017
Percentage of issued shares repurchased			4.95%
Shares held in treasury			133,000,000
Ordinary shares
Date of approval
Par value	£ 1.076923076923077				£ 1.076923076923077	£ 1.076923076923077
Authorized share capital	£ 0				£ 0	£ 0
Authorized share capital granted	£ 520,573,270				£ 520,573,270	£ 520,573,270
Shares held in treasury	187,000,000				187,000,000	187,000,000
Interim dividend paid						£ 491,000,000	£ 364,000,000
Interim dividend per share						£ 0.055	£ 0.035
Final dividend recommended	£ 1,000,000,000				£ 1,000,000,000	£ 1,000,000,000	£ 1,000,000,000
Final dividend recommended, per share	£ 0.115				£ 0.115	£ 0.115	£ 0.100
Ordinary shares | Off Market Share Buyback Programmes
Date of approval
Percentage of outstanding ordinary share capital that company is authorized to repurchase in any 12-month period through off-market transactions				4.99%

Share capital and other equit_5

Share capital and other equity - Non-cumulative preference shares (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Share capital and other equity
Value of shares	£ 37,188	£ 36,496	£ 41,803	[1]	£ 43,824
[1] In 2021, the Total equity balance of £ 41,803 million includes £494 million attributable to Preference shareholders.

Share capital and other equit_6

Share capital and other equity - Paid-in equity (Details) £ / shares in Units, $ / shares in Units, £ in Millions, $ in Millions	Dec. 31, 2023 GBP (£) £ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 GBP (£) £ / shares	Dec. 31, 2021 GBP (£)		Dec. 31, 2020 GBP (£)
Borrowings
Equity	£ 37,188		£ 36,496	£ 41,803	[1]	£ 43,824
Notional amount			£ 13,925,000
Par value | £ / shares	£ 1.0769		£ 1.0769
Paid-in equity
Borrowings
Equity	£ 3,890		£ 3,890	3,890	[1]	£ 4,999
Paid-in equity | Additional tier 1 note callable August, 2025, USD
Borrowings
Equity	£ 735		735	735
Notional amount | $		$ 1,150
Interest rate	8%	8%
Conversion rate | $ / shares		$ 3.314
Paid-in equity | Additional tier 1 note callable December 2025 - June, 2026, USD
Borrowings
Equity	£ 1,220		1,220	1,220
Notional amount | $		$ 1,500
Interest rate	6%	6%
Conversion rate | $ / shares		$ 2.191
Paid-in equity | Additional tier1 note callable May - November 2027, GBP
Borrowings
Equity	£ 998		998	998
Notional amount	£ 1,000
Interest rate	5.125%	5.125%
Conversion rate | £ / shares	£ 1.764
Paid-in equity | Additional tier 1 notes, callable March 2028, GBP
Borrowings
Equity	£ 399		399	399
Notional amount	£ 400
Conversion rate | £ / shares	£ 1.764
Paid-in equity | Additional tier 1 notes, callable June 2031, USD
Borrowings
Equity	£ 538		£ 538	£ 538
Notional amount | $		$ 750
Conversion rate | $ / shares		$ 2.462
Paid-in equity | Minimum | Instruments are converted to into ordinary shares at fixed price
Borrowings
CET1 ratio (as a percent)	7%	7%
[1] In 2021, the Total equity balance of £ 41,803 million includes £494 million attributable to Preference shareholders.

Share capital and other equit_7

Share capital and other equity - Reserves (Details) £ / shares in Units, shares in Millions			1 Months Ended		12 Months Ended				34 Months Ended
		Aug. 30, 2022	May 31, 2023 shares	Mar. 31, 2021 shares	Dec. 31, 2023 GBP (£) £ / shares shares	Dec. 31, 2022 GBP (£) £ / shares shares	Dec. 31, 2021 GBP (£) £ / shares		Dec. 31, 2023 £ / shares shares
Shares repurchased during the period | £	[1],[2]				£ 2,057,000,000	£ 2,054,000,000	£ 1,423,000,000
Par value | £ / shares					£ 1.0769	£ 1.0769			£ 1.0769
Ordinary share from discontinued operations basic | £ / shares					(0.01222)	(0.027)	£ 0.043	[3]
Ordinary share from discontinued operations dilutive | £ / shares					£ (0.012)	£ (0.026)	£ 0.043	[3]
Share consolidation ratio		0.9286
Ordinary shares
Own shares held | shares					187				187
Par value | £ / shares					£ 1.076923076923077				£ 1.076923076923077
Number of shares transferred to treasury | shares			133	200
Number of shares used to satisfy the exercise of options and vesting of awards | shares									146
Share awards and options | Ordinary shares
Shares repurchased during the period | £						£ 0
Share awards and options | Own shares held
Own shares held | shares					12	13			12
Par value | £ / shares						£ 1.0769
Delivery of own shares held | shares						1
[1] In May 2023, there was an agreement to buy 469.2 million (March 2022 – 549.9 million, March 2021 - 591.0 million) ordinary shares of the Company from UK Government Investments Ltd (UKGI) at 268.4 pence per share (March 2022 - 220.5 pence per share, March 2021 - 190.5 pence per share) for the total consideration of £1.3 billion (2022 - £1.2 billion, 2021 - £1.1 billion). NatWest Group cancelled 336.2 million of the purchased ordinary shares, amounting to £906.9 million excluding fees and held the remaining 133.0 million shares as Own Shares Held, amounting to £358.8 million excluding fees. The nominal value of the share cancellation has been transferred to the capital redemption reserve. NatWest Group plc repurchased and cancelled 460.3 million (2022 – 379.3 million, 2021 - 310.8 million) shares, of which 2.3 million were settled in January 2024. The total consideration of these shares excluding fees was £ 1,151.7 million (2022 - £829.3 million, 2021 £676.2 million), of which £4.9 million were settled in January 2024, as part of the On Market Share Buyback Programmes. The nominal value of the share cancellations has been transferred to the capital redemption reserve. Comparative results have been re-presented from those previously published to reclassify certain items as discontinued operations as described in Note 8 to the consolidated financial statements.

Structured entities - Own asset

Structured entities - Own asset securitisations (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Structured entities
Loans and advances to customers	£ 381,433	£ 366,340
Assets pledged against liabilities	39,156	35,972
Structured entities relating to other credit risk transfer securitisation
Structured entities
Loans and advances to customers	2,687	4,361
Reduction in expected credit losses from financial guarantee contracts with consolidated structured entities	11	20
Structured entities relating to other credit risk transfer securitisation | Third parties
Structured entities
Debt securities in issue	863	859
Structured entities relating to covered debt programme
Structured entities
Other borrowings	3,619	4,132
Structured entities relating to covered debt programme | Loans to customers
Structured entities
Assets pledged against liabilities	11,067	8,156
Structured entities relating to lending of own issued securities | Debt securities | Lending of own issued securities
Structured entities
Assets pledged against liabilities	2,414	2,244
Structured entities relating to lending of own issued securities | Secured | Lending of own issued securities
Structured entities
Debt securities in issue	£ 2,312	£ 2,419

Structured entities - Unconsoli

Structured entities - Unconsolidated structured entities (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Unconsolidated structured entities
Structured entities
Assets recognised related to structured entities	£ 18,606	£ 11,358
Liabilities recognised related to structured entities	230	410
Liquidity facilities/loan commitments	2,269	2,043
Guarantees	127	107
Total	2,396	2,150
Maximum exposure	20,772	13,098
Unconsolidated structured entities | Trading assets
Structured entities
Assets recognised related to structured entities	614	753
Unconsolidated structured entities | Derivative assets
Structured entities
Assets recognised related to structured entities	134	343
Unconsolidated structured entities | Derivative liabilities
Structured entities
Liabilities recognised related to structured entities	230	410
Unconsolidated structured entities | Loans to customers
Structured entities
Assets recognised related to structured entities	3,700	3,079
Unconsolidated structured entities | Other financial assets
Structured entities
Assets recognised related to structured entities	14,158	7,183
Asset backed securitisation vehicles
Structured entities
Assets recognised related to structured entities	16,234	9,724
Liabilities recognised related to structured entities	213	388
Liquidity facilities/loan commitments	1,873	1,723
Total	1,873	1,723
Maximum exposure	17,894	11,059
Asset backed securitisation vehicles | Trading assets
Structured entities
Assets recognised related to structured entities	303	616
Asset backed securitisation vehicles | Derivative assets
Structured entities
Assets recognised related to structured entities	134	343
Asset backed securitisation vehicles | Derivative liabilities
Structured entities
Liabilities recognised related to structured entities	213	388
Asset backed securitisation vehicles | Loans to customers
Structured entities
Assets recognised related to structured entities	2,701	2,431
Asset backed securitisation vehicles | Other financial assets
Structured entities
Assets recognised related to structured entities	13,096	6,334
Investment funds and other
Structured entities
Assets recognised related to structured entities	2,372	1,634
Liabilities recognised related to structured entities	17	22
Liquidity facilities/loan commitments	396	320
Guarantees	127	107
Total	523	427
Maximum exposure	2,878	2,039
Investment funds and other | Trading assets
Structured entities
Assets recognised related to structured entities	311	137
Investment funds and other | Derivative liabilities
Structured entities
Liabilities recognised related to structured entities	17	22
Investment funds and other | Loans to customers
Structured entities
Assets recognised related to structured entities	999	648
Investment funds and other | Other financial assets
Structured entities
Assets recognised related to structured entities	£ 1,062	£ 849

Asset transfers (Details)

Asset transfers (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Securities repurchase agreements or lending transactions
Fair value of transferred financial asset not derecognised	£ 16,962	£ 9,983
Fair value of associated liabilities	16,522	9,501
Trading assets
Securities repurchase agreements or lending transactions
Fair value of transferred financial asset not derecognised	7,907	6,668
Loans to customers - amortised cost
Securities repurchase agreements or lending transactions
Fair value of transferred financial asset not derecognised	281	398
Other financial assets
Securities repurchase agreements or lending transactions
Fair value of transferred financial asset not derecognised	8,764	2,901
Loans to banks - amortised cost | Loans to banks - amortised cost
Securities repurchase agreements or lending transactions
Fair value of transferred financial asset not derecognised	£ 10	£ 16

Asset transfers - Assets pledge

Asset transfers - Assets pledged as collateral (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset transfers
Assets pledged against liabilities	£ 39,156	£ 35,972
Debt securities classified as other assets pledged against liabilities	482	482
Loans to customers and debt instruments transferred to provide collateral for issue of debt	11,067	8,156
Debt securities and other borrowings issued for which collateral is provided by transferred assets	3,619	4,132
Trading assets
Asset transfers
Assets pledged against liabilities	10,976	15,062
Loans to banks - amortised cost
Asset transfers
Assets pledged against liabilities	63	66
Loans to customers - amortised cost
Asset transfers
Assets pledged against liabilities	21,611	17,493
Other financial assets
Asset transfers
Assets pledged against liabilities	£ 6,506	£ 3,351

Capital resources (Details)

Capital resources (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Shareholders' equity (excluding non-controlling interests)
Shareholders' equity	£ 37,157	£ 36,488
Capital resources under the Prudential Regulation Authority requirements
Shareholders' equity (excluding non-controlling interests)
Shareholders' equity	37,157	36,488
Other equity instruments	(3,890)	(3,890)
Shareholders' equity (excluding non-controlling interests)	33,267	32,598
Regulatory adjustments and deductions
Own credit	(10)	(58)
Defined benefit pension fund adjustment	(143)	(227)
Cash flow hedging reserve	1,899	2,771
Deferred tax assets	(979)	(912)
Prudential valuation adjustments	(279)	(275)
Goodwill and other intangible assets	(7,614)	(7,116)
Foreseeable ordinary dividends	(1,013)	(967)
Adjustment for trust assets	(365)	(365)
Foreseeable charges	(525)	(800)
Adjustment under IFRS 9 transitional arrangements	202	361
Insufficient coverage for non-performing exposures	0	(18)
Total regulatory adjustments and deductions	(8,827)	(7,606)
CET1 capital	24,440	24,992
Additional Tier 1 (AT1) capital
Qualifying instruments and related share premium	3,875	3,875
AT1 capital	3,875	3,875
Tier 1 capital	28,315	28,867
Qualifying Tier 2 capital
Qualifying instruments and related share premium	5,189	4,953
Qualifying instruments issued by subsidiaries and held by third parties	0	82
Other regulatory adjustments	128	18
Tier 2 capital	5,317	5,053
Total regulatory capital	£ 33,632	£ 33,920
Minimum pillar 1 capital ratio	8%
Minimum tier 1 component ratio	4.50%

Memorandum items - Contingent l

Memorandum items - Contingent liabilities and commitments (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contingent liabilities and commitments
Standby facilities, credit lines and other commitments	£ 115,441	£ 121,576
Total	119,631	126,581	£ 125,367
Guarantees
Contingent liabilities and commitments
Estimated net exposure	2,810	3,150
Other contingent liabilities
Contingent liabilities and commitments
Estimated net exposure	£ 1,380	£ 1,855

Memorandum items - Contractual

Memorandum items - Contractual obligations of future (Details) - GBP (£) £ in Millions	Dec. 31, 2023	Dec. 31, 2022
Contractual obligations for future expenditure
Capital expenditure on property, plant and equipment	£ 38	£ 8
Contracts to purchase goods or services	1,121	677
Total capital commitments	1,159	685
Within 1 year
Contractual obligations for future expenditure
Contracts to purchase goods or services	£ 379	£ 321

Memorandum items - Additional I

Memorandum items - Additional Information (Details) $ in Millions, $ in Millions

1 Months Ended

2 Months Ended

6 Months Ended

12 Months Ended

36 Months Ended

69 Months Ended

Jun. 30, 2023

Nov. 30, 2022 entity

Dec. 31, 2021 item action

Dec. 31, 2020 GBP (£)

Oct. 31, 2020 GBP (£)

May 31, 2019 item

Jul. 31, 2017

Jan. 31, 2017 item

Oct. 31, 2018

Dec. 31, 2019

Dec. 31, 2023 GBP (£) item action

Dec. 31, 2023 USD ($) item action

Dec. 31, 2022 GBP (£)

Dec. 31, 2021 GBP (£)

Dec. 31, 2018 GBP (£)

Dec. 31, 2015 company

Dec. 31, 2009

Dec. 31, 2011 USD ($)

Oct. 15, 2013 AUD ($)

Litigation, investigations and reviews

Fee income from trustee or other fiduciary activities which is not included in entity's financial statements | £

£ 264,000,000

£ 266,000,000

£ 280,000,000

provisions utilised | £

£ 432,000,000

Royal Bank of Scotland International Limited | Isle of Man

Litigation, investigations and reviews

Number of non-personal customers | item

2,239

2,239

Amount of fine payable | £

£ 1,000,000

Maximum | Royal Bank of Scotland International Limited | Isle of Man

Litigation, investigations and reviews

Percentage of total customer population

3%

3%

Litigation and other regulatory

Litigation, investigations and reviews

provisions utilised | £

£ 63,000,000

London Interbank Offered Rate (LIBOR) litigation

Litigation, investigations and reviews

Number of non-class action | action

24

US investigations relating to fixed-income securities

Litigation, investigations and reviews

Period during which entity is suspected of fraudulent trading

3 months

Number of wire fraud | item

1

Number of securities frauds | item

1

FDIC | London Interbank Offered Rate (LIBOR) litigation

Litigation, investigations and reviews

Number of failed US banks

39

Number of banks for which claims have been dropped | item

20

Number of remaining claimant banks | item

19

Other IBOR cases

Litigation, investigations and reviews

Number of class action lawsuits | item

2

Number of class actions dismissed but appealed | £

2

Federal Court of Australia FX antitrust litigation

Litigation, investigations and reviews

Number of other parties subject to lawsuit or legal investigation | item

4

Federal Court of Australia FX antitrust litigation | Minimum

Litigation, investigations and reviews

Transaction value of investigated trades | $

$ 0.5

UK Competition Appeal Tribunal, FX litigation

Litigation, investigations and reviews

Number of applications for opt-out collective proceedings

2

Tel Aviv District Court FX antitrust litigations

Litigation, investigations and reviews

Number of motions to certify FX-related class actions

2

Swaps antitrust litigation

Litigation, investigations and reviews

Number of swap execution facilities | item

3

3

Spoofing litigation

Litigation, investigations and reviews

Number of class action lawsuits | action

3

Madoff

Litigation, investigations and reviews

Number of class action lawsuits | action

2

2

Damages claimed | $

$ 298

EUA trading litigation

Litigation, investigations and reviews

Number of claimants | company

10

Period during which entity is suspected of fraudulent trading

7 days

Damages quantified | £

£ 45,000,000

1MDB litigation | Coutts & Co Ltd

Litigation, investigations and reviews

Number of other parties subject to lawsuit or legal investigation | entity

6

Contested amount received and paid out | $

$ 1,000

Review and investigation of treatment of tracker mortgage customers in Ulster Bank Ireland DAC

Litigation, investigations and reviews

Number of FSPO adjudications challenged in court

3

Offshoring VAT assessments

Litigation, investigations and reviews

Claimed unpaid VAT after tax assessment | £

£ 143,000,000

Number of branches subject to tax assessment

2

Payments for tax assessments | £

£ 143,000,000

Non-cash and other items (Detai

Non-cash and other items (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-cash and other items
Impairment losses/(releases)	£ 572	£ 266	£ (1,335)
Depreciation and amortisation	934	833	923
Change in fair value taken to profit or loss of other financial assets	(584)	1,267	1,771
Change in fair value taken to profit or loss on other financial liabilities and subordinated liabilities	831	(2,400)	(1,083)
Foreign exchange recycling (gains)/losses	(484)	(5)	10
Elimination of foreign exchange differences	312	10	2,446
Income receivable on other financial assets	(1,415)	(585)	(378)
Loss/(profit) on sale of other financial assets	44	172	(118)
Profit on sale of subsidiaries and associates			(48)
Share of loss/(profit) of associates	9	30	(216)
Loss on sale of other assets and net assets/liabilities	125	154	23
Interest payable on MRELs and subordinated liabilities	1,352	1,103	964
(Gain)/loss on redemption of own debt	(3)	161	145
Charges and releases on provisions	313	248	478
Change in fair value of cash flow hedges	1,021	(304)	(161)
Other non-cash items	59	48	(13)
Defined benefit pension schemes	122	205	215
Non-cash and other items	3,208	1,203	3,623
Change in operating assets and liabilities
Change in trading assets	327	14,991	7,751
Change in derivative assets	20,826	3,621	59,697
Change in settlement balance assets	(4,659)	(431)	156
Change in loans to banks	752	(202)	(252)
Change in loans to customers	(15,626)	(7,628)	2,721
Change in other financial assets	132	(328)	(128)
Change in other assets	(213)	(255)	(57)
Change in assets of disposal groups	412	(4,117)	(9,015)
Change in bank deposits	1,749	(5,838)	5,673
Change in customer deposits	(18,964)	(29,492)	48,071
Change in settlement balance liabilities	4,633	(56)	(350)
Change in trading liabilities	828	(11,790)	(7,658)
Change in derivative liabilities	(21,652)	(6,788)	(59,870)
Change in other financial liabilities	6,564	989	938
Change in notes in circulation	19	171	392
Change in other liabilities	(807)	(1,294)	(1,463)
Change in operating assets and liabilities	£ (25,679)	£ (48,447)	£ 46,606

Analysis of the net investmen_3

Analysis of the net investment in business interests and intangible assets (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of the net investment in business interests and intangible assets
Fair value given for businesses acquired	£ (139)
Acquisition of interest in associates		£ (1)
Additional investment in associates	(5)		£ (51)
Net assets and liabilities purchased			(3,128)
Net outflow of cash in respect of acquisitions	144	1	3,179
Disposal of net assets and liabilities	5,560	6,270	114
(Loss)/profit on disposal of net assets and liabilities	(87)	(106)	55
Net inflow of cash in respect of disposals	5,473	6,164	169
Dividends received from associate	16
Net cash expenditure on intangible assets	(744)	(743)	(479)
Net inflow/(outflow) of cash	£ 4,601	£ 5,420	£ (3,489)

Analysis of changes in financ_3

Analysis of changes in financing during the year - Share capital, share premium and paid-in equity (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022		Dec. 31, 2021
Equity at beginning of period	£ 36,496	£ 41,803	[1]	£ 43,824
Equity at end of period	37,188	36,496		41,803	[1]
Share capital, share premium and paid-in equity
Equity at beginning of period	15,590	16,519		18,239
Issue of paid-in equity				937
Net cash flows from financing activities				937
Ordinary shares issued				87
Share repurchased	(856)	(929)		(698)
Paid in equity reclassified to subordinated liabilities				(2,046)
Equity at end of period	£ 14,734	£ 15,590		£ 16,519
[1] In 2021, the Total equity balance of £ 41,803 million includes £494 million attributable to Preference shareholders.

Analysis of changes in financ_4

Analysis of changes in financing during the year - Subordinated liabilities and MRELs (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subordinated Liabilities
Analysis of changes in financing during the year
At 1 January	£ 6,260	£ 8,429	£ 9,962
Issue of subordinated liabilities	611	648	1,634
Redemption of subordinated liabilities	(1,250)	(3,693)	(4,765)
Interest paid on subordinated liabilities	(439)	(374)	(321)
Net cash flows from financing activities	(1,078)	(3,419)	(3,452)
Effects of foreign exchange	(166)	597	(18)
Changes in fair value of subordinated liabilities and MRELs	230	(594)	(434)
Preference shares reclassified to subordinated liabilities		750
Paid in equity reclassified to subordinated liabilities			1,915
(Gain)/loss on redemption of own debt	(3)	161	145
Interest payable on subordinated liabilities and MRELs	464	370	311
Other	7	(34)
At 31 December	5,714	6,260	8,429
MRELs
Analysis of changes in financing during the year
At 1 January	22,265	23,423	20,873
Issue of MRELs	3,973	3,721	3,383
Maturity and redemption of MRELs	(4,236)	(4,992)
Interest paid on MRELs	(844)	(703)	(647)
Net cash flows from financing activities	(1,107)	(1,974)	2,736
Effects of foreign exchange	(987)	1,889	(190)
Changes in fair value of subordinated liabilities and MRELs	601	(1,806)	(649)
Interest payable on subordinated liabilities and MRELs	888	733	653
At 31 December	£ 21,660	£ 22,265	23,423
Share capital, share premium and paid-in equity
Analysis of changes in financing during the year
Increase through issue of paid in equity			937
Net cash flows from financing activities			937
Paid in equity reclassified to subordinated liabilities			£ (2,046)

Analysis of cash and cash equ_3

Analysis of cash and cash equivalents (Details) € in Millions, £ in Millions	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 GBP (£)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 GBP (£)
Analysis of cash and cash equivalents
Cash and bank balances at central banks	£ 104,262		£ 144,832		£ 177,757
Trading assets	8,851		8,551		7,137
Other financial assets	139		19		16
Loans to banks	5,572		5,047		5,796
Total cash and cash equivalents	118,824		158,449		190,706		£ 139,199
Cash collateral posted with bank counterparties	4,434		4,895		4,293
NWM N.V.
Analysis of cash and cash equivalents
Mandatory reserve deposits at central banks | €		€ 132		€ 64		€ 60
Royal Bank of Scotland International Limited
Analysis of cash and cash equivalents
Mandatory reserve deposits at central banks	£ 135		£ 108		£ 123

Directors' and key management_3

Directors' and key management remuneration - Directors (Details) - GBP (£) £ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Directors' and key management remuneration
Non-executive directors emoluments	£ 1,574	£ 1,685
Chairman and executive directors emoluments	6,408	5,804
Short-term compensation expense, directors	7,982	7,489
Amounts receivable under long-term incentive plans and share option plans	2,708	542
Total	£ 10,690	£ 8,031

Directors' and key management_4

Directors' and key management remuneration - Key management (Details) - GBP (£) £ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Directors' and key management remuneration
Short-term benefits	£ 21,098	£ 22,175
Post-employment benefits	741	732
Share-based payments	7,264	2,547
Total remuneration	£ 29,103	£ 25,454

Transactions with directors a_3

Transactions with directors and key management (Details)	Dec. 31, 2023 GBP (£) director	Dec. 31, 2022 GBP (£)
Transactions with directors and key management
Loans to customers - amortised cost	£ 381,433,000,000	£ 366,340,000,000
Customer deposits	431,377,000,000	450,318,000,000
key management personnel
Transactions with directors and key management
Loans to customers - amortised cost	11,406,000	12,137,000
Customer deposits	55,254,000	£ 47,866,000
Directors
Transactions with directors and key management
Loans to directors	£ 8,397,763
Number of directors with outstanding loans | director	9

Related party transactions (Det

Related party transactions (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related party transactions
Cash ratio deposits	0.382%
Threshold eligible liabilities	£ 600
Main Pension Scheme
Related party transactions
Transfer of amount to reservoir trust to meet potential future contributions	471
Bank deposits held within entity	£ 36.2	£ 61.7
HM Treasury
Related party transactions
Proportion of ordinary shares in reporting entity held	37.97%

Related party transactions - Im

Related party transactions - Impact to income statement (Details) - GBP (£) £ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of transactions between related parties
Loans to customers - amortised cost	£ 381,433	£ 366,340
Customer deposits	£ 431,377	450,318
Related party, minimum ownership interest held	10%
Associates, Joint Ventures and Equity Shares
Disclosure of transactions between related parties
Investments accounted for using equity method and other equity investments	£ 813	837
Loans to customers - amortised cost	13
Customer deposits	12	5
Settlement balances		34
Other comprehensive income	(8)	11
Other operating income	(11)	(30)
Associates and Joint Ventures
Disclosure of transactions between related parties
Investments accounted for using equity method	668	688
Customer deposits	2	1
Other operating income	(11)	(30)
Equity Shares
Disclosure of transactions between related parties
Investments other than investments accounted for using equity method	145	149
Loans to customers - amortised cost	13
Customer deposits	10	4
Settlement balances		34
Other comprehensive income	£ (8)	£ 11
Related party, minimum ownership interest held	10%

Post balance sheet events (Deta

Post balance sheet events (Details) - GBP (£) £ in Millions, shares in Millions	2 Months Ended	12 Months Ended
	Feb. 15, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of non-adjusting events after reporting period [line items]
Consideration for shares repurchased		£ 2,416	£ 2,054	£ 1,806
Share repurchases
Disclosure of non-adjusting events after reporting period [line items]
Number of shares repurchased and cancelled	64.6
Consideration for shares repurchased	£ 138.5