NatWest has fully returned to private ownership following the UK Treasury's exit, removing a long-standing share overhang. Net interest margin remains supported by structural hedge roll-on and a deposit franchise dominated by transactional balances. UK SME lending exposure positions the bank for cyclical recovery as BoE eases rates. Strong capital return policy (40-50% payout) and improving cost-to-income ratio under CEO Paul Thwaite drive consistent compounding.
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