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Financial instruments - valuation (Tables) | 12 Months Ended
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Dec. 31, 2024
Financial instruments - classification |
Schedule of financial assets and liabilities at fair value by valuation hierarchy | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023
​ |  | 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 |  | — |  | 34,761 |  | 278 |  | 35,039 | ​ | — |  | 33,388 |  | 209 |  | 33,597
Securities |  | 8,772 |  | 5,106 |  | — |  | 13,878 | ​ | 8,447 |  | 3,493 |  | 14 |  | 11,954
Derivatives |  | ​ |  | ​ | ​ | ​ |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​
Interest rate | ​ | — | ​ | 37,026 | ​ | 473 | ​ | 37,499 | ​ | 1 | ​ | 43,912 | ​ | 650 | ​ | 44,563
Foreign exchange | ​ | — | ​ | 40,687 | ​ | 110 | ​ | 40,797 | ​ | — | ​ | 34,096 | ​ | 65 | ​ | 34,161
Other | ​ | — | ​ | 63 | ​ | 47 | ​ | 110 | ​ | — | ​ | 72 | ​ | 108 | ​ | 180
Other financial assets |  | ​ |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​
Loans |  | — |  | 288 |  | 565 |  | 853 | ​ | — |  | 108 |  | 657 |  | 765
Securities |  | 23,943 |  | 13,641 |  | 209 |  | 37,793 | ​ | 17,848 |  | 10,536 |  | 258 |  | 28,642
Total financial assets held at fair value |  | 32,715 |  | 131,572 |  | 1,682 | ​ | 165,969 | ​ | 26,296 |  | 125,605 |  | 1,961 |  | 153,862
As a % of total fair value assets | ​ | 20 | % | 79 | % | 1 | % | ​ | ​ | 17 | % | 82 | % | 1 | % | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities |  | ​ |  | ​ |  | ​ |  | ​ | ​ |  |  |  |  |  | ​ | ​
Trading liabilities |  | ​ |  | ​ |  | ​ |  | ​ | ​ |  |  |  |  |  | ​ | ​
Deposits |  | — |  | 43,966 |  | — |  | 43,966 | ​ | — |  | 43,126 |  | 1 |  | 43,127
Debt securities in issue |  | — |  | 257 |  | — |  | 257 | ​ | — |  | 706 |  | — |  | 706
Short positions |  | 8,766 |  | 1,724 |  | 1 |  | 10,491 | ​ | 7,936 |  | 1,865 |  | 2 |  | 9,803
Derivatives |  | ​ |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​
Interest rate | ​ | — | ​ | 31,253 | ​ | 279 | ​ | 31,532 | ​ | — | ​ | 38,044 | ​ | 439 | ​ | 38,483
Foreign exchange | ​ | — | ​ | 40,240 | ​ | 66 | ​ | 40,306 | ​ | — | ​ | 33,528 | ​ | 58 | ​ | 33,586
Other | ​ | — | ​ | 124 | ​ | 120 | ​ | 244 | ​ | — | ​ | 138 | ​ | 188 | ​ | 326
Other financial liabilities |  | ​ |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​
Debt securities in issue |  | — |  | 1,733 |  | 3 |  | 1,736 | ​ | — |  | 1,605 |  | 3 |  | 1,608
Other deposits |  | — |  | 1,787 |  | 25 |  | 1,812 | ​ | — |  | 1,280 |  | — |  | 1,280
Subordinated liabilities |  | — |  | 234 |  | — |  | 234 | ​ | — |  | 237 |  | — |  | 237
Total financial liabilities held at fair value |  | 8,766 |  | 121,318 |  | 494 |  | 130,578 | ​ | 7,936 |  | 120,529 |  | 691 |  | 129,156
As a % of total fair value liabilities | ​ | 7 | % | 93 | % | 0 | % | ​ | ​ | 6 | % | 93 | % | 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 | ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Adjustment | ​ | £m | ​ | £m
Funding valuation adjustments |  | 123 |  | 132
Credit valuation adjustments |  | 190 |  | 236
Bid–offer |  | 76 |  | 86
Product and deal specific |  | 157 |  | 103
Total |  | 546 |  | 557
Schedule of valuation techniques for unobservable inputs of level 3 financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | ​ | ​ | ​ | ​ | ​ | 2024 |  | 2023
Financial instrument |  | Valuation technique |  | Unobservable inputs |  | Units |  | Low |  | High |  | Low |  | High
Trading assets and Other financial assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans |  | Price-based | ​ | Price | ​ | % | ​ | 88 | ​ | 123 | ​ | 88 | ​ | 123
​ | ​ | Discount cash flow | ​ | Credit spreads | ​ | bps | ​ | 36 | ​ | 93 | ​ | 49 | ​ | 119
Debt securities |  | Price-based | ​ | Price |  | % | ​ | — | ​ | 116 | ​ | — | ​ | 119
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity Shares | ​ | Price-based | ​ | Price | ​ | GBP | ​ | — | ​ | 47,312 | ​ | — | ​ | 32,142
​ | ​ | Price-based | ​ | Price | ​ | % | ​ | — | ​ | 15 | ​ | — | ​ | 30
​ |  | Discount cash flow | ​ | Discount margin | ​ | % | ​ | 9 | ​ | 13 | ​ | 7 | ​ | 9
​ | ​ | Net asset valuation | ​ | Fund NAV | ​ | % | ​ | 80 | ​ | 120 | ​ | 80 | ​ | 120
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative assets and liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Credit derivatives | ​ | Credit derivative pricing | ​ | Credit spreads | ​ | bps | ​ | 15 | ​ | 86 | ​ | 13 | ​ | 600
​ |  | 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) | ​ | 98 | ​ | (50) | ​ | 99
derivatives | ​ |  | ​ | Volatility | ​ | % | ​ | 3 | ​ | 99 | ​ | 30 | ​ | 111
​ | ​ | ​ | ​ | Constant Prepayment Rate | ​ | % | ​ | 2 | ​ | 20 | ​ | 2 | ​ | 22
​ | ​ | ​ | ​ | Mean Reversion | ​ | % | ​ | — | ​ | 20 | ​ | — | ​ | 20
​ | ​ | ​ | ​ | Inflation volatility | ​ | % | ​ | 1 | ​ | 2 | ​ | 2 | ​ | 2
​ | ​ | ​ | ​ | Inflation rate | ​ | % | ​ | 2 | ​ | 2 | ​ | 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023
​ | ​ | Level 3 | ​ | Favourable | ​ | Unfavourable | ​ | Level 3 | ​ | Favourable | ​ | Unfavourable
​ |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trading assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans |  | 278 |  | — |  | — |  | 209 |  | — |  | —
Securities |  | — |  | — |  | — |  | 14 |  | — |  | —
Derivatives |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Interest rate |  | 473 |  | 20 |  | (20) |  | 650 |  | 20 |  | (20)
Foreign exchange |  | 110 |  | — |  | — |  | 65 |  | — |  | —
Other |  | 47 |  | — |  | — |  | 108 |  | 10 |  | (10)
Other financial assets |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
Loans |  | 565 |  | — |  | (10) |  | 657 |  | — |  | (40)
Securities |  | 209 |  | 20 |  | (30) |  | 258 |  | 20 |  | (50)
Total financial assets held at fair value |  | 1,682 |  | 40 |  | (60) |  | 1,961 |  | 50 |  | (120)
​ |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Trading liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | — |  | — |  | — |  | 1 |  | — |  | —
Short positions |  | 1 |  | — |  | — |  | 2 |  | — |  | —
Derivatives |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Interest rate | ​ | 279 | ​ | 10 | ​ | (10) | ​ | 439 | ​ | 10 | ​ | (10)
Foreign exchange |  | 66 |  | — |  | — |  | 58 |  | — |  | —
Other |  | 120 |  | 10 |  | (10) |  | 188 |  | 10 |  | (10)
Other financial liabilities |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt securities in issue |  | 3 |  | — |  | — |  | 3 |  | — |  | —
Other deposits |  | 25 |  | 10 |  | (20) |  | — |  | — |  | —
Total financial liabilities held at fair value |  | 494 |  | 30 |  | (40) |  | 691 |  | 20 |  | (20)
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
2024 |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m
At 1 January |  | 823 |  | 223 |  | 915 |  | 1,961 |  | 685 |  | 3 |  | 3 | ​ | 691
Amounts recorded in the income statement (1) |  | (122) |  | (17) |  | 12 |  | (127) |  | (121) |  | — |  | — | ​ | (121)
Amount recorded in the statement of comprehensive income |  | — |  | — |  | 13 |  | 13 |  | — |  | — |  | — | ​ | —
Level 3 transfers in |  | 7 |  | 1 |  | 56 |  | 64 |  | 1 |  | 2 |  | 25 | ​ | 28
Level 3 transfers out |  | (3) |  | (19) |  | (241) |  | (263) |  | (2) |  | (3) |  | — | ​ | (5)
Purchases/originations |  | 147 |  | 118 |  | 117 |  | 382 |  | 121 |  | 1 |  | — | ​ | 122
Settlements/other decreases |  | (44) |  | (27) |  | (18) |  | (89) |  | (32) |  | — |  | — | ​ | (32)
Sales |  | (178) |  | — |  | (72) |  | (250) |  | (182) |  | (2) |  | — | ​ | (184)
Foreign exchange and other adjustments |  | — |  | (1) |  | (8) |  | (9) |  | (5) |  | — |  | — | ​ | (5)
At 31 December |  | 630 |  | 278 |  | 774 |  | 1,682 |  | 465 |  | 1 |  | 28 | ​ | 494
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recorded in the income statement in respect of balances held at period end | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
- unrealised |  | 83 |  | 1 |  | 12 |  | 96 |  | 56 |  | — |  | — | ​ | 56
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2023 |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ | ​ | ​
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)
​
(1) | There were net losses on trading assets and liabilities of £18 million (2023 - net gains of £69 million) was included in income from trading activities. Net gains on other instruments of £12 million (2023 - net gains of £1 million) was included in other operating income or 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
2024 | ​ | £bn | ​ | £bn | ​ | £bn | ​ | £bn | ​ | £bn | ​ | £bn
Financial assets |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Cash and balances at central banks |  | 93.0 | ​ | 93.0 | ​ | — | ​ | — | ​ | — | ​ | 93.0
Settlement balances | ​ | 2.1 | ​ | 2.1 | ​ | — | ​ | — | ​ | — | ​ | 2.1
Loans to banks |  | 6.0 | ​ | 5.9 | ​ | — | ​ | 1.8 | ​ | 0.5 | ​ | 3.6
Loans to customers | ​ | 400.3 | ​ | 396.6 | ​ | — | ​ | 34.9 | ​ | 361.7 | ​ | —
Other financial assets - securities |  | 24.6 | ​ | 24.6 | ​ | 4.3 | ​ | 12.4 | ​ | 7.9 | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2024 |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank deposits |  | 31.5 |  | 31.2 |  | — |  | 23.9 |  | 3.0 |  | 4.3
Customer deposits |  | 433.5 |  | 433.3 |  | — |  | 24.3 |  | 46.0 |  | 363.0
Settlement balances |  | 1.7 |  | 1.7 |  | — |  | — |  | — |  | 1.7
Other financial liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
- debt securities in issue | ​ | 57.5 | ​ | 57.6 | ​ | — | ​ | 48.9 | ​ | 8.7 | ​ | —
Subordinated liabilities |  | 5.9 |  | 6.0 |  | — |  | 6.0 |  | — |  | —
Notes in circulation | ​ | 3.3 | ​ | 3.3 | ​ | — | ​ | — | ​ | — | ​ | 3.3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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
​

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