London, June 30, 2026, 14:04 BST
- NatWest is trading close to 667p, up roughly 1.6%. That puts it ahead of the FTSE 100.
- UK purchase mortgage approvals dropped to 56,200 in May, down from 66,000 in April
- H1 numbers land July 31, with Q2 loan growth and margin guidance in the spotlight
- The company’s latest filing is about a new board appointment. No update on profit or capital.
NatWest Group Plc (LON:NWG) traded higher in London on Tuesday, though UK credit data pulled more focus. Mortgage approvals dropped at their quickest pace lately as the bank approaches half-year numbers.
NatWest traded at 667p on Hargreaves Lansdown, rising 10.4p or 1.58%. Google Finance had shares at 667.20p as of 13:44 BST. The FTSE 100 was last up 0.83% to 10,571.41. The London Stock Exchange ran normal hours, from 0800 to 1630, so this was an intraday price, not the close.
| Measure | Latest |
|---|---|
| NatWest price | 667p-667.2p |
| Intraday move | up about 1.6% |
| Previous close | 656.2p |
| Day range | 656.4p to 669.8p |
| 52-week range | 471.0p to 705.4p |
| Market value | around £53.1 bln |
| P/E | 9.55-9.65 |
| Dividend yield | 4.87%-4.88% |
Shares were still down around 5.4% from their 52-week top at 705.4p. That’s important since NatWest’s valuation has broken away from the old bailout mark, so if July results show soft loan growth, weak volume numbers may get less of a pass.
Net mortgage approvals in the UK dropped to 56,200 in May, down from 66,000 in April, the Bank of England said on Monday. That’s also below the previous six-month average of 63,300, and the weakest since December 2023. Net mortgage borrowing came in at £2.9 billion, falling from £4.4 billion. The effective interest rate on new mortgages increased to 4.22% from 4.08%.
| UK credit line | April | May | Why it matters for NatWest |
|---|---|---|---|
| Purchase mortgage approvals | 66,000 | 56,200 | Main housing loan pipeline |
| Remortgage approvals | 51,200 | 33,300 | Less refinancing slows new business |
| Net mortgage borrowing | £4.4 bln | £2.9 bln | Weaker lending book growth |
| New mortgage effective rate | 4.08% | 4.22% | Lifts margin, may weigh on volumes |
RBC Capital Markets analyst Anthony Codling called the reversal for the month “a warning shot.” Codling said the weak approvals in May point to softer completions in late summer and early autumn. His comment targeted builders, but the same timeline puts UK mortgage lenders in focus before Q3 lending numbers. AJ Bell
NatWest came into the quarter with upgraded guidance. CEO Paul Thwaite said in the Q1 2026 update that the bank began the year with “positive momentum.” NatWest posted £4.2 billion income before notable items, operating profit of £2.0 billion and 18.2% return on tangible equity. The bank guided 2026 income, excluding notable items, to the top of its £17.2 billion-£17.6 billion target range. Natwestgroup
That’s why the mortgage numbers were a mixed bag for investors. Higher new mortgage rates have the potential to lift income, but fewer approvals could limit NatWest’s customer asset growth. Net loans to customers were up £7.2 billion in Q1, stripping out central items, as retail mortgages and commercial balances climbed.
UK bank stocks traded higher on the peer screen, with gains wider than just NatWest. Google Finance showed Lloyds Banking Group Plc (LON:LLOY) up 2.67%, Barclays PLC (LON:BARC) up 0.99%, and HSBC Holdings Plc (LON:HSBA) up 1.27%. NatWest landed between mortgage-focused Lloyds and the more diversified Barclays.
NatWest in a governance filing named Erminia “Ernie” Johannson as its next independent non-executive director, starting July 1. Chair Rick Haythornthwaite said Johannson has experience in payments, digital, and data analytics. TradingView
NatWest’s next up is its H1 2026 results set for July 31, with numbers out at 0700 BST and its management presenting at 0900 BST. These July results will signal if the May mortgage slip was just a one-off or if the bank—still near a £53 billion valuation—is sliding toward slower loan growth.
