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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)
[2] 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.
[3] 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.
[4] 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.
[5] 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
[6] Includes £460 million foreign exchange recycled to profit or loss upon completion of a capital repayment by UBIDAC.
[7] 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.
[8] 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.
[9] There was an issue of shares in 2021. This is split between Ordinary share capital of £37 million and Share premium of £50 million.
[10] 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.
[11] In 2021, the Total equity balance of £41,803 million includes £494 million attributable to Preference shareholders.
[12] 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.