NatWest Net Interest Income Forecasts Face Pressure, Jefferies Says

Jefferies analyst Jonathan Pierce says NatWest Group's consensus net interest income estimates for 2027 and 2028 could face further scrutiny. The bank left 2026 guidance unchanged, but trends through 2027 are more important. Jefferies forecasts a broadly flat net interest margin through 2027, versus consensus expectations of a rise to 262 basis points from 250. If consensus NIM were 250-255 basis points, it would hit NII estimates by 250 million to 500 million pounds, or 3% to 6% of profit. Jefferies adds underlying business momentum remains strong.