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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2024
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
2024 | ​ | £bn | ​ | £bn | ​ | £bn | ​ | £m | ​ | £m | ​ | £m | ​ | £m | ​ | £m | ​ | £m
Interest rate |  | 1,066 |  | 9,267 |  | 10,333 |  | 20 |  | 37,479 |  | 37,499 |  | 2 |  | 31,530 |  | 31,532
- Swaps |  | — |  | 7,015 |  | 7,015 |  | — |  | 28,960 |  | 28,960 |  | — |  | 23,138 |  | 23,138
- Options |  | 736 |  | 1,490 |  | 2,226 |  | 20 |  | 8,519 |  | 8,539 |  | 2 |  | 8,392 |  | 8,394
- Forwards and futures |  | 330 |  | 762 |  | 1,092 |  | — |  | — |  | — |  | — |  | — |  | —
Exchange rate |  | 1 |  | 3,278 |  | 3,279 |  | 6 |  | 40,791 |  | 40,797 |  | 15 |  | 40,291 |  | 40,306
- Swaps |  | — |  | 454 |  | 454 |  | — |  | 8,450 |  | 8,450 |  | — |  | 8,195 |  | 8,195
- Options |  | 1 |  | 851 |  | 852 |  | 6 |  | 5,385 |  | 5,391 |  | 15 |  | 5,561 |  | 5,576
- Spot, forwards and futures |  | — |  | 1,973 |  | 1,973 |  | — |  | 26,956 |  | 26,956 |  | — |  | 26,535 |  | 26,535
Credit |  | — |  | 14 |  | 14 |  | — |  | 110 |  | 110 |  | — |  | 244 |  | 244
Equity and commodity |  | — |  | 2 |  | 2 |  | — |  | — |  | — |  | — |  | — |  | —
Total |  | 1,067 |  | 12,561 |  | 13,628 |  | 26 |  | 78,380 |  | 78,406 |  | 17 |  | 72,065 |  | 72,082
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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
Schedule of derivatives in hedge accounting relationships | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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) |  | 83.1 |  | 1,096 |  | 1,965 | ​ | 958 |  | 67.6 |  | 1,139 |  | 2,607 | ​ | 406
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedging |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ | ​ | ​
Interest rate contracts |  | 167.9 |  | 1,424 |  | 3,300 | ​ | 581 |  | 140.0 |  | 1,924 |  | 4,970 | ​ | 1,211
Exchange rate contracts |  | 14.4 |  | 116 |  | 457 | ​ | 1 |  | 16.9 |  | 112 |  | 254 | ​ | (12)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net investment hedging |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ | ​ | ​
Exchange rate contracts (3) |  | 0.3 |  | 2 |  | 1 | ​ | 9 |  | 0.3 |  | 2 |  | 7 | ​ | (3)
​ | ​ | 265.7 | ​ | 2,638 | ​ | 5,723 | ​ | 1,549 | ​ | 224.8 | ​ | 3,177 | ​ | 7,838 | ​ | 1,602
IFRS netting and clearing house settlements | ​ | ​ | ​ | (2,520) | ​ | (5,259) | ​ | ​ | ​ | ​ | ​ | (3,063) | ​ | (7,568) | ​ | ​
​ |  | ​ |  | 118 |  | 464 | ​ | ​ |  | ​ |  | 114 |  | 270 | ​ | ​
​
(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) | In addition to the derivative hedging instruments above, NatWest Group held notionals of £3,144 million (2023- £3,054 million) of non - derivative hedging instruments with a carrying value of £3,163 million (2023 - £3,061 million),that were used in net investment hedges. The non - derivative instruments are other financial liabilities - debt securities in issue.
Schedule of hedge ineffectiveness recognized in other operating income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | £m | ​ | £m | ​ | £m
Fair value hedging |  | ​ |  |  |  |
Loss on hedged items attributable to the hedged risk |  | (954) |  | (364) |  | (442)
Gain on the hedging instruments |  | 958 |  | 406 |  | 482
Fair value hedging ineffectiveness |  | 4 |  | 42 |  | 40
Cash flow hedging | ​ | ​ | ​ | ​ | ​ | ​
Interest rate risk | ​ | (2) | ​ | 10 | ​ | (60)
Cash flow hedging ineffectiveness |  | (2) |  | 10 |  | (60)
Total |  | 2 |  | 52 |  | (20)
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
2024 | ​ | £bn | ​ | £bn | ​ | £bn | ​ | £bn | ​ | £bn | ​ | £bn | ​ | £bn
Fair value hedging | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate risk (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hedging assets | ​ | 4.0 | ​ | 5.5 | ​ | 12.6 | ​ | 9.7 | ​ | 6.6 | ​ | 3.7 | ​ | 42.1
Hedging liabilities | ​ | 0.8 | ​ | 4.3 | ​ | 14.2 | ​ | 15.5 | ​ | 5.7 | ​ | 0.5 | ​ | 41.0
2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedging | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate risk | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hedging assets | ​ | 10.6 | ​ | 10.8 | ​ | 22.0 | ​ | 30.3 | ​ | 12.0 | ​ | — | ​ | 85.7
Hedging liabilities | ​ | 2.5 | ​ | 17.1 | ​ | 50.7 | ​ | 10.1 | ​ | 1.4 | ​ | 0.4 | ​ | 82.2
Exchange rate risk | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hedging assets | ​ | 0.5 | ​ | 0.8 | ​ | 0.5 | ​ | — | ​ | — | ​ | — | ​ | 1.8
Hedging liabilities | ​ | 3.1 | ​ | 2.5 | ​ | 3.7 | ​ | 3.3 | ​ | — | ​ | — | ​ | 12.6
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
​
(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
2024 | ​ | % | ​ | % | ​ | % | ​ | % | ​ | % | ​ | % | ​ | %
Average fixed interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedging assets |  | 3.85 |  | 0.98 |  | 2.52 |  | 3.32 |  | 2.84 |  | 3.12 |  | 2.82
Hedging liabilities |  | 4.34 |  | 4.76 |  | 3.97 |  | 3.09 |  | 3.64 |  | 4.18 |  | 4.03
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average fixed interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedging assets |  | 1.16 |  | 2.46 |  | 1.19 |  | 3.3 |  | 1.77 |  | 3.12 |  | 2.04
Hedging liabilities |  | 0.93 |  | 2.54 |  | 4.36 |  | 2.28 |  | 2.36 |  | 4.5 |  | 3.79
Schedule of average foreign exchange rates applicable across hedging relationships | ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
INR/GBP |  | 109.07 |  | 105.03
USD/GBP |  | 1.30 |  | 1.28
CHF/GBP |  | 1.08 |  | 1.08
JPY/GBP |  | 176.04 |  | 170.54
JPY/USD |  | 130.79 |  | 129.75
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)
2024 | ​ | £m | ​ | £m | ​ | £m
Fair value hedging - interest rate (2) | ​ | ​ | ​ | ​ | ​ | ​
Loans to banks and customers - amortised cost | ​ | 5,318 | ​ | (478) | ​ | (182)
Other financial assets - securities | ​ | 36,724 | ​ | (29) | ​ | (347)
Total (3) | ​ | 42,042 | ​ | (507) | ​ | (529)
​ | ​ | ​ | ​ | ​ | ​ | ​
Bank and customer deposits | ​ | 382 | ​ | — | ​ | (3)
Other financial liabilities - debt securities in issue (5) | ​ | 37,548 | ​ | (784) | ​ | (315)
Subordinated liabilities | ​ | 5,772 | ​ | (244) | ​ | (107)
Total | ​ | 43,702 | ​ | (1,028) | ​ | (425)
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
2023 | ​ | ​ | ​ | ​ | ​ | ​
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 (3) | ​ | 28,559 | ​ | (142) | ​ | 803
​ | ​ | ​ | ​ | ​ | ​ | ​
Bank and customer deposits | ​ | 745 | ​ | (3) | ​ | (6)
Other financial liabilities - debt securities in issue (5) | ​ | 36,305 | ​ | (1,151) | ​ | (1,023)
Subordinated liabilities | ​ | 5,346 | ​ | (320) | ​ | (138)
Total | ​ | 42,396 | ​ | (1,474) | ​ | (1,167)
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Changes in fair value
​ | ​ | ​ | ​ | Carrying value of | ​ | used as a basis to
​ | ​ | ​ | ​ | hedged assets and liabilities | ​ | determine ineffectiveness (1)
2024 | ​ | ​ | ​ | £m | ​ | £m
Cash flow hedging - interest rate | ​ | ​ | ​ | ​ | ​ | ​
Loans to banks and customers - amortised cost (4) | ​ | ​ | ​ | 84,065 | ​ | (190)
Other financial assets - securities | ​ | ​ | ​ | 1,625 | ​ | (2)
Total | ​ | ​ | ​ | 85,690 | ​ | (192)
​ | ​ | ​ | ​ | ​ | ​ | ​
Bank and customer deposits | ​ | ​ | ​ | 82,081 | ​ | (391)
Other financial liabilities - debt securities in issue | ​ | ​ | ​ | 149 | ​ | —
Total | ​ | ​ | ​ | 82,230 | ​ | (391)
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedging - exchange rate | ​ | ​ | ​ | ​ | ​ | ​
Loans to banks and customers - amortised cost (4) | ​ | ​ | ​ | 223 | ​ | —
Other financial assets - securities | ​ | ​ | ​ | 1,598 | ​ | —
Total | ​ | ​ | ​ | 1,821 | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Other financial liabilities - debt securities in issue | ​ | ​ | ​ | 8,279 | ​ | (1)
Other | ​ | ​ | ​ | 195 | ​ | —
Total | ​ | ​ | ​ | 8,474 | ​ | (1)
​ | ​ | ​ | ​ | ​ | ​ | ​
2023 | ​ | ​ | ​ | ​ | ​ | ​
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 customer - amortised cost (4) |  | ​ |  | 583 |  | —
Other financial assets - securities | ​ | ​ | ​ | 1,839 | ​ | —
Total | ​ | ​ | ​ | 2,422 | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Other financial liabilities - debt securities in issue | ​ | ​ | ​ | 11,460 | ​ | 9
Other | ​ | ​ | ​ | 201 | ​ | 3
Total |  | ​ |  | 11,661 |  | 12
​ (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 £46 million (2023 - £57 million) adjustment for discontinued fair value hedges. (4)Includes cash and balances at central banks. (5)The carrying value include £4,631 million (2023 - £2,957 million) of debt securities held at amortised cost.
Schedule of analysis of cash flow hedge reserve and foreign exchange hedge reserve | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023
​ | ​ | ​ | ​ | Foreign | ​ | ​ | ​ | Foreign
​ | ​ | Cash flow | ​ | exchange | ​ | Cash flow | ​ | exchange
​ | ​ | hedge reserve | ​ | hedge reserve | ​ | hedge reserve | ​ | hedge reserve
​ |  | £m |  | £m |  | £m |  | £m
Continuing |  | ​ |  | ​ |  | ​ |  | ​
Interest rate risk |  | (1,564) |  | — |  | (2,330) |  | —
Foreign exchange risk |  | (6) | ​ | 15 | ​ | 1 | ​ | (18)
De-designated |  | ​ |  | ​ |  | ​ |  | ​
Interest rate risk |  | (437) |  | — |  | (304) |  | —
Foreign exchange risk |  | 2 |  | (663) |  | 4 |  | (771)
Total |  | (2,005) |  | (648) |  | (2,629) |  | (789)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023
​ | ​ | ​ | ​ | 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 |  | (931) | ​ | — |  | 137 | ​ | —
Foreign exchange risk |  | 59 |  | 122 |  | 50 |  | 107
Total |  | (872) |  | 122 |  | 187 |  | 107
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount transferred from equity to earnings | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate risk to net interest income |  | 1,562 |  | — |  | 1,112 |  | —
Interest rate risk to non interest income | ​ | — | ​ | — | ​ | (10) | ​ | —
Foreign exchange risk to net interest income | ​ | (73) | ​ | — | ​ | (74) | ​ | —
Foreign exchange risk to non interest income | ​ | — | ​ | 19 | ​ | (9) | ​ | 69
Foreign exchange risk to operating expenses |  | 5 |  | — |  | 2 |  | —
Total |  | 1,494 |  | 19 |  | 1,021 |  | 69
​

X
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