• NatWest Group average gross margin for 2023 was 75.82%, a 11.56% decline from 2022.
• NatWest Group average gross margin for 2022 was 85.73%, a 4.23% decline from 2021.
• NatWest Group average gross margin for 2021 was 82.25%, a 2.38% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.