NTB vs NWG

NTB Material

Annual filing released 2025-02-19 · GPT 6 Luna

Asset Management Asset management revenues are generally based on the market value of assets managed and the volume of transactions and fees for other services rendered. We provide asset management services from our offices in Bermuda, the Cayman Islands, and the Channel Islands. Revenues from asset management were $36.3 million in 2024, compared to $32.5 million in 2023, and $29.7 million in 2022. The table that follows shows the changes in the year-end values of clients' assets under management, sub-divided between those managed for clients on a discretionary basis and client funds invested in mutual funds that Butterfield manages ("Butterfield Funds"): Year ended December 31 Dollar Change (in millions of $) 2024 2023 2022 2023 to 2024 2022 to 2023

Butterfield Funds 2,416 1,971 1,753 445 218 Other assets under management 3,632 3,559 3,296 73 263 Total assets under management 6,048 5,530 5,049 518 481 Asset management fees are generated primarily from management fees earned from Butterfield Funds and discretionary portfolios, as well as custody and brokerage fees. 2024 vs. 2023 AUM increased by $0.5 billion to $6.0 billion as at December 31, 2024, compared to $5.5 billion as at December 31, 2023, driven by increased market values of assets managed. As a result, asset management fees earned increased by $3.8 million to $36.3 million compared to 2023. 2023 vs. 2022 AUM increased by $0.5 billion to $5.5 billion as at December 31, 2023, compared to $5.0 billion as at December 31, 2022, driven by increased market values of assets managed.

NWG Material

Annual filing released 2025-02-21 · GPT 6 Luna

- Investment management, trustee and fiduciary services 2 235 48 19 304 - Underwriting fees — — 155 — 155 - Other 7 11 95 (20) 93 Total 785 310 2,076 4 3,175 Fees and commissions payable (377) (20) (311) — (708) Net fees and commissions 408 290 1,765 4 2,467 2023 Continuing operations Fees and commissions receivable - Payment services 324 32 671 3 1,030 - Credit and debit card fees 400 13 260 3 676 - Lending and financing 14 5 709 1 729 - Brokerage 35 6 42 — 83 - Investment management, trustee and fiduciary services 2 209 45 10 266 - Underwriting fees — — 123 — 123 - Other 4 5 73 (6) 76 Total 779 270 1,923 11 2,983 Fees and commissions payable (352) (21)

Total assets 28.6 26.9 1.7 6.3 % Assets under management (AUMs) (1) 37.0 31.7 5.3 16.7 % Assets under administration (AUAs) (1) 11.9 9.1 2.8 30.8 % Assets under management and administration (AUMA) (1) 48.9 40.8 8.1 19.9 % Customer deposits 42.4 37.7 4.7 12.5 % Loan:deposit ratio (excl. repos and reverse repos) (1) 43 % 49 % (6) % (12.2) % Risk-weighted assets 11.0 11.2 (0.2) (1.8) % (1) Refer to the Non-IFRS financial measures section for details of basis of preparation and reconciliation of non-IFRS financial measures and performance metrics. NatWest Group Annual Report on Form 20-F 2024 18

NTB Core

Annual filing released 2025-02-19 · GPT 6 Luna

Overview We are a full service bank and wealth manager headquartered in Hamilton, Bermuda. We operate our business through three geographic segments: Bermuda, the Cayman Islands, and the Channel Islands and the UK (CI & UK). We offer banking services, comprising of retail, private and corporate banking, treasury services, and wealth management, which consists of investment management, advisory and brokerage services, trust, estate, and company management in both our Bermuda and Cayman Islands segments, as well as custody services in our Bermuda segment. The CI & UK segment includes the jurisdictions of Guernsey and Jersey (Channel Islands), and the UK.

The key products we offer include personal and business deposit services, residential and commercial mortgages, small and medium-sized enterprise and corporate loans, credit and debit cards, merchant acquiring, mobile and internet banking, and cash management. In our Channel Islands and UK segment, our bank provides a broad range of services to individuals, private clients and trusts, and to financial institutions and funds including deposit services, mortgage lending, private and corporate banking, treasury services, wealth management and fiduciary services. In 2023, the segment began issuing credit cards to local residents of Guernsey and Jersey. The UK jurisdiction provides mortgages for high-value residential properties. In all of our segments, we offer wealth management to high net worth and ultra-high net worth individuals, family offices, and institutional and corporate clients.

NWG Core

Annual filing released 2025-02-21 · GPT 6 Luna

Reportable operating segments: The business is organised into the following reportable segments: Retail Banking, Private Banking, Commercial & Institutional, and Central items & other. Retail Banking serves personal customers in the UK, including Ulster Bank customers in Northern Ireland. Private Banking serves UK-connected high net worth individuals and their business interests. Commercial & Institutional consists of customer businesses reported under Business Banking, Commercial Mid-market and Corporate & Institutions, supporting our customers across the full non-personal customer lifecycle, both domestically and internationally.

During 2024 we provided £31.5 billion climate and sustainable funding and financing, which included £3.5 billion in lending for EPC A- and B-rated residential properties. Customer deposits of £433.5 billion increased by £2.1 billion during 2024. Customer deposits excluding central items increased by £12.2 billion during 2024 to £431.3 billion principally reflecting £6.8 billion growth in Retail Banking, as an increase in savings was partly offset by a reduction in current account balances, and a £4.7 billion increase in Private Banking due to savings balances partially offset by a reduction in current account and term balances. Commercial & Institutional balances increased £0.7 billion over the year primarily reflecting growth within Commercial Mid-market partially offset by a reduction in Corporate & Institutions.

NTB Material

Annual filing released 2025-02-19 · GPT 6 Luna

The Bermuda segment provides a comprehensive range of retail, commercial and private banking services. Retail services are offered to individuals and small to medium-sized businesses through three branch locations and through internet banking, mobile banking, automated teller machines and debit cards. Retail services include deposit services, consumer and mortgage lending, credit cards and personal insurance products. Commercial banking includes commercial lending and mortgages, cash management, payroll services, remote banking and letters of credit. Treasury services include money market and foreign exchange activities. Bermuda’s wealth management offering consists of Butterfield Asset Management Limited, which provides investment management, advisory and brokerage services and Butterfield Trust (Bermuda) Limited, which provides trust, estate, company management and custody services.

NWG Material

Annual filing released 2025-02-21 · GPT 6 Luna

- Investment management, trustee and fiduciary services 2 235 48 19 304 - Underwriting fees — — 155 — 155 - Other 7 11 95 (20) 93 Total 785 310 2,076 4 3,175 Fees and commissions payable (377) (20) (311) — (708) Net fees and commissions 408 290 1,765 4 2,467 2023 Continuing operations Fees and commissions receivable - Payment services 324 32 671 3 1,030 - Credit and debit card fees 400 13 260 3 676 - Lending and financing 14 5 709 1 729 - Brokerage 35 6 42 — 83 - Investment management, trustee and fiduciary services 2 209 45 10 266 - Underwriting fees — — 123 — 123 - Other 4 5 73 (6) 76 Total 779 270 1,923 11 2,983 Fees and commissions payable (352) (21)

NTB Core

Annual filing released 2025-02-19 · GPT 6 Luna

Overview We are a full service bank and wealth manager headquartered in Hamilton, Bermuda. We operate our business through three geographic segments: Bermuda, the Cayman Islands, and the Channel Islands and the UK (CI & UK). We offer banking services, comprising of retail, private and corporate banking, treasury services, and wealth management, which consists of investment management, advisory and brokerage services, trust, estate, and company management in both our Bermuda and Cayman Islands segments, as well as custody services in our Bermuda segment. The CI & UK segment includes the jurisdictions of Guernsey and Jersey (Channel Islands), and the UK.

The key products we offer include personal and business deposit services, residential and commercial mortgages, small and medium-sized enterprise and corporate loans, credit and debit cards, merchant acquiring, mobile and internet banking, and cash management. In our Channel Islands and UK segment, our bank provides a broad range of services to individuals, private clients and trusts, and to financial institutions and funds including deposit services, mortgage lending, private and corporate banking, treasury services, wealth management and fiduciary services. In 2023, the segment began issuing credit cards to local residents of Guernsey and Jersey. The UK jurisdiction provides mortgages for high-value residential properties. In all of our segments, we offer wealth management to high net worth and ultra-high net worth individuals, family offices, and institutional and corporate clients.

NWG Core

Annual filing released 2025-02-21 · GPT 6 Luna

Reportable operating segments: The business is organised into the following reportable segments: Retail Banking, Private Banking, Commercial & Institutional, and Central items & other. Retail Banking serves personal customers in the UK, including Ulster Bank customers in Northern Ireland. Private Banking serves UK-connected high net worth individuals and their business interests. Commercial & Institutional consists of customer businesses reported under Business Banking, Commercial Mid-market and Corporate & Institutions, supporting our customers across the full non-personal customer lifecycle, both domestically and internationally.

During 2024 we provided £31.5 billion climate and sustainable funding and financing, which included £3.5 billion in lending for EPC A- and B-rated residential properties. Customer deposits of £433.5 billion increased by £2.1 billion during 2024. Customer deposits excluding central items increased by £12.2 billion during 2024 to £431.3 billion principally reflecting £6.8 billion growth in Retail Banking, as an increase in savings was partly offset by a reduction in current account balances, and a £4.7 billion increase in Private Banking due to savings balances partially offset by a reduction in current account and term balances. Commercial & Institutional balances increased £0.7 billion over the year primarily reflecting growth within Commercial Mid-market partially offset by a reduction in Corporate & Institutions.

NTB Material

Annual filing released 2025-02-19 · GPT 6 Luna

The key products we offer include personal and business deposit services, residential and commercial mortgages, small and medium-sized enterprise and corporate loans, credit and debit cards, merchant acquiring, mobile and internet banking, and cash management. In our Channel Islands and UK segment, our bank provides a broad range of services to individuals, private clients and trusts, and to financial institutions and funds including deposit services, mortgage lending, private and corporate banking, treasury services, wealth management and fiduciary services. In 2023, the segment began issuing credit cards to local residents of Guernsey and Jersey. The UK jurisdiction provides mortgages for high-value residential properties. In all of our segments, we offer wealth management to high net worth and ultra-high net worth individuals, family offices, and institutional and corporate clients.

As a result, asset management fees earned increased by $2.8 million to $32.5 million compared to 2022. Banking We provide a full range of community, commercial, and private banking services in select jurisdictions. Banking services are offered to individuals and small to medium-sized businesses through branch locations, internet banking, automated teller machines, debit and credit cards, and mobile banking in Bermuda and the Cayman Islands, while private banking services are offered in Bermuda, the Cayman Islands, and the Channel Islands. In 2023, we began offering credit cards to residents in Guernsey and Jersey.

NWG Material

Annual filing released 2025-02-21 · GPT 6 Luna

990 7,421 410 14,752 2022 Continuing operations External 4,956 778 5,920 1,502 13,156 Inter-segmental (2) 690 278 493 (1,461) — Total 5,646 1,056 6,413 41 13,156 For the notes to this table refer to page 195. NatWest Group Annual Report on Form 20-F 2024 192 Notes to the consolidated financial statements continued 4 Segmental analysis continued Analysis of net fees and commissions Central Retail Private Commercial & items Banking Banking Institutional & other Total 2024 £m £m £m £m £m Continuing operations Fees and commissions receivable - Payment services 322 37 700 — 1,059 - Credit and debit card fees 402 13 261 5 681 - Lending and financing 18 5 771 — 794 - Brokerage 34 9 46 — 89

- Investment management, trustee and fiduciary services 2 235 48 19 304 - Underwriting fees — — 155 — 155 - Other 7 11 95 (20) 93 Total 785 310 2,076 4 3,175 Fees and commissions payable (377) (20) (311) — (708) Net fees and commissions 408 290 1,765 4 2,467 2023 Continuing operations Fees and commissions receivable - Payment services 324 32 671 3 1,030 - Credit and debit card fees 400 13 260 3 676 - Lending and financing 14 5 709 1 729 - Brokerage 35 6 42 — 83 - Investment management, trustee and fiduciary services 2 209 45 10 266 - Underwriting fees — — 123 — 123 - Other 4 5 73 (6) 76 Total 779 270 1,923 11 2,983 Fees and commissions payable (352) (21)