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NatWest Group (NWG) FY2024 earnings results (fiscal 2024)
20-F filed Feb 21, 2025
NatWest Group (NWG) reported revenue of $29.3B for the fiscal 2024 (FY2024), +16% from a year earlier. Operating margin was 21.4%, net earnings $4.8B (16.4% of revenue).
NatWest Group, FY2024: revenue $29.3B (+16% year over year), operating margin 21.4%, net earnings $4.8B, operating cash flow $1.8B. The chart follows the revenue to costs, profit and cash.
| FY2024 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $29.3B | — | +16% |
| Operating profit | $6.3B | — | +3% |
| Net earnings | $4.8B | — | +4% |
| Operating cash flow | $1.8B | — | — |
| Free cash flow | $1.3B | — | — |
What changed
Revenue was £29.3B in FY2024, up 16% year over year.
Operating profit was £6.3B, a 21.4% margin (down 2.5 points year over year). Of the extra revenue versus FY2023, 5% reached operating profit, below the 24% margin then. Total costs grew 19% against revenue growth of 16%. The fastest-growing cost line was Other operating costs (+25%). Net earnings were £4.8B, up 4% year over year. The effective tax rate was 23.3%.
Operating cash flow was £1.8B, 37% of net earnings. Non-cash charges added back £1.1B of depreciation and amortization. Working capital and other items used £4.1B. Capital expenditures of £0.46B left free cash flow of £1.3B.
Questions
What was NatWest Group's revenue in the fiscal 2024?
NatWest Group (NWG) reported revenue of $29.3B for the fiscal 2024 (FY2024), +16% from a year earlier.
Was NatWest Group profitable in the fiscal 2024?
Operating profit was $6.3B (21.4% of revenue) and net earnings $4.8B.
Source: NatWest Group 20-F on SEC EDGAR.