-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：NatWest公佈了2026年第一季強勁的業績，歸屬於母公司股東的利潤為14.32億英鎊（同比增長14.4%），超出市場普遍預期的13.37億英鎊，同時保持了18.2%的股東權益回報率（RoTE）。儘管受季節性因素影響季減0.8%，總收入仍較去年同期成長9.5%，達到43.58億英鎊。淨利差（NIM）在存款重新定價的推動下提升了20個基點至2.47%。該行展現了嚴格的成本控制，成本收入比年減210個基點至46.5%，這得益於營運效率的提升和人工智慧（AI）技術的部署。管理層將2026年收入預期上調至172億至176億英鎊區間的上限，但這需要在年底前保持持續的成長動能。信貸品質仍可控，減損損失為2.83億英鎊（貸款減損率為26個基點），反映了經濟的不確定性；同時，由於資本產生強勁，CET1比率上升30個基點至14.3%。鑑於宏觀經濟的不確定性，我們認為上調後的業績指引可以實現，但並非板上釘釘，持續的結構性對沖收益成長和強勁的貸款動能將支撐這一目標。
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