NatWest Q2 Earnings: Still Reaping The Benefits Of Growing Hedge Income

  • NatWest delivered strong Q2 2025 results, clearing analyst expectations on both revenue and profit, and delivering a healthy 17.7% return on tangible equity. The bank's structural hedge continues to reprice into the prevailing yield environment, which is contributing to strong growth in net interest income and earnings. With the shares still trading for less than 1.5x tangible net asset value, the valuation remains attractive.