• NatWest Group average operating margin for 2023 was 31.9%, a 9.47% decline from 2022.
• NatWest Group average operating margin for 2022 was 29.14%, a 18.89% increase from 2021.
• NatWest Group average operating margin for 2021 was 24.51%, a 4.74% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.