NatWest share price has been trading sideways recently, a few days after the British bank announced its earnings for 2022. The earnings report saw the NWG stock drop by more than 5%. NatWest’s shares have slipped 4.83% in the past week but remain 6.38% higher in the year to date. The company has a total market cap of 27 billion pounds.
NatWest share price has been under intense pressure for the past few days after the company announced its full-year earnings for 2022. NatWest is a major retail and commercial bank in the United Kingdom. The bank recently reported annual pretax profit for 2022 rose to £5.1 billion, up from £3.8 billion and the highest level since 2007.
The rise in profits was partly a result of a sector-wide rise in loans and mortgages, magnifying the wider cost of living crisis for borrowers. The bank’s net income came in at £13.15 billion, up from £10.4 billion in 2021, while operating costs fell slightly to £7.6 billion.
NatWest increased payouts for shareholders, announcing a 10 pence per share final dividend and an £800 million share buyback. According to NatWest CEO Alison Rose, from the economic forecasts, the bank’s strategy has been delivering. The bank also raised the staff bonus pool by a quarter to £368 million.
NatWest Share Price Forecast
The daily chart shows that NatWest share price has been trading sideways for the past few days. The stock has been trading below and along the 25-day and 50-day moving averages, respectively. Its Relative Strength Index (RSI) has been on a steep decline for the past few days.
Therefore, the NWG stock price is likely to continue trading sideways before finding direction. A move past the important level of 300p will be bullish for the stock. On the other hand, a move below the key support at 271p will initiate a bear run.