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NatWest only worth it for the income

The income yield stands but there isn’t much to move the needle on the share price
February 16, 2024
  • Capital payouts of 40p a share
  • Margins will start to moderate

It wasn’t a surprise that NatWest's (NWG) full-year figures delivered most of what it had already promised, having frontloaded the disappointment of its under-pressure net interest margin (NIM) in a prior trading update. However, the results were still impressive in the context of a prolonged period of underperformance and its turbulent corporate history; these were the first results for hurriedly appointed chief executive Paul Thwaite.

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