Natwest Group PLC offers "unparalleled capital return" over the next 12 months, according to Deutsche Bank and something that is not being recognised in its share price.
The bank’s estimates for 2022 CET1 (risk ratio) and capital return are unchanged post results and imply a more than 20% yield this year.
“Rising rates support upgrades to revenue and return expectations and our go-forward earnings increase by 10-12%.”
The price target rises to 330p from 315p with a buy recommendation maintained.
Shares fell 2.6% to 214.4p.