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Financial instruments - valuation (Tables) | 12 Months Ended
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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
​

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