{"id":38271,"date":"2026-02-13T23:57:40","date_gmt":"2026-02-13T23:57:40","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/natwest%eb%8a%94-%ec%97%90%eb%b8%94%eb%a6%b0-%ed%8c%8c%ed%8a%b8%eb%84%88%ec%8a%a4evelyn-partners%ec%99%80%ec%9d%98-27%ec%96%b5-%ed%8c%8c%ec%9a%b4%eb%93%9c2-7bn-%ea%b7%9c%eb%aa%a8-%ea%b1%b0\/"},"modified":"2026-02-13T23:57:40","modified_gmt":"2026-02-13T23:57:40","slug":"natwest%eb%8a%94-%ec%97%90%eb%b8%94%eb%a6%b0-%ed%8c%8c%ed%8a%b8%eb%84%88%ec%8a%a4evelyn-partners%ec%99%80%ec%9d%98-27%ec%96%b5-%ed%8c%8c%ec%9a%b4%eb%93%9c2-7bn-%ea%b7%9c%eb%aa%a8-%ea%b1%b0","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/natwest%eb%8a%94-%ec%97%90%eb%b8%94%eb%a6%b0-%ed%8c%8c%ed%8a%b8%eb%84%88%ec%8a%a4evelyn-partners%ec%99%80%ec%9d%98-27%ec%96%b5-%ed%8c%8c%ec%9a%b4%eb%93%9c2-7bn-%ea%b7%9c%eb%aa%a8-%ea%b1%b0\/","title":{"rendered":"NatWest\ub294 \uc5d0\ube14\ub9b0 \ud30c\ud2b8\ub108\uc2a4(Evelyn Partners)\uc640\uc758 27\uc5b5 \ud30c\uc6b4\ub4dc(\u00a32.7bn) \uaddc\ubaa8 \uac70\ub798 \uc774\ud6c4 \uc5f0\uac04 \uc2e4\uc801\uc774 \uacac\uc870\ud588\ub2e4\uace0 \ubcf4\uace0\ud588\uc9c0\ub9cc, \uc8fc\uac00\ub294 \ud558\ub77d\ud588\ub2e4."},"content":{"rendered":"\ub0b4\ud2b8\uc6e8\uc2a4\ud2b8(NatWest)\ub294 \uc774\ubc88 \uc8fc \ucd08 \uc790\uc0b0\uad00\ub9ac\uc0ac **\uc5d0\ube14\ub9b0 \ud30c\ud2b8\ub108\uc2a4(Evelyn Partners)**\ub97c **27\uc5b5 \ud30c\uc6b4\ub4dc(\u00a32.7bn)**\uc5d0 \uc778\uc218\ud55c\ub2e4\uace0 \ubc1c\ud45c\ud55c \ub4a4, \uc5f0\uac04(\uc5f0\ub9d0) \uc2e4\uc801\uc744 \ubc1c\ud45c\ud588\ub2e4. \ub0b4\ud2b8\uc6e8\uc2a4\ud2b8 \uc8fc\uac00\ub294 **2025\ub144 10\uc6d4 \uc774\ud6c4 \ucd5c\uc800\uce58**\ub85c \ud558\ub77d\ud588\uace0, 2\uc6d4 \ucd08 **700\ud39c\uc2a4(700p)**\ub97c \uc6c3\ub3cc\ub358 \uc218\uc900\uc5d0\uc11c \ub0b4\ub824\uc640 **200\uc77c \ub2e8\uc21c\uc774\ub3d9\ud3c9\uade0(SMA)**\uc744 \uc2dc\ud5d8\ud588\ub2e4.  \n&#8211; **200\uc77c \ub2e8\uc21c\uc774\ub3d9\ud3c9\uade0(SMA)**: \ucd5c\uadfc 200\uac70\ub798\uc77c\uc758 \ud3c9\uade0 \uc8fc\uac00\ub97c \uc774\uc740 \uc120. \uc2dc\uc7a5\uc5d0\uc11c \u2018\uc7a5\uae30 \ucd94\uc138\uc120\u2019\ucc98\ub7fc \ucc38\uace0\ud558\ub294 \uacbd\uc6b0\uac00 \ub9ce\ub2e4.\n\n\uc21c\uc774\uc790\uc774\uc775(Net interest income)\uc740 \uc804\ub144 \ub300\ube44 13.8% \ub298\uc5b4 **128\uc5b5 \ud30c\uc6b4\ub4dc(\u00a312.8bn)**\uac00 \ub410\uace0, \ucd1d\uc218\uc775(Total income)\uc740 13.2% \uc99d\uac00\ud574 **166\uc5b54\ucc9c\ub9cc \ud30c\uc6b4\ub4dc(\u00a316.64bn)**\ub97c \uae30\ub85d\ud588\ub2e4. \ucd1d\uc774\uc775(Total profits)\uc740 21.3% \ub298\uc5b4 **58\uc5b53\ucc9c\ub9cc \ud30c\uc6b4\ub4dc(\u00a35.83bn)**\uc600\uc9c0\ub9cc, \uc5f0\uac04 \uc190\uc0c1\ucc28\uc190(impairments)\uc740 86.9% \uc99d\uac00\ud574 **6\uc5b57,100\ub9cc \ud30c\uc6b4\ub4dc(\u00a3671m)**\ub85c \ucee4\uc84c\ub2e4.  \n&#8211; **\uc21c\uc774\uc790\uc774\uc775**: \ub300\ucd9c\uc774\uc790\ub85c \ubc8c\uc5b4\ub4e4\uc778 \ub3c8\uc5d0\uc11c \uc608\uae08\uc774\uc790\ub85c \uc9c0\uae09\ud55c \ub3c8\uc744 \ube80 \ud575\uc2ec \uc774\uc775.  \n&#8211; **\uc190\uc0c1\ucc28\uc190**: \ub300\ucd9c \ubd80\uc2e4 \uac00\ub2a5\uc131 \ub4f1\uc73c\ub85c \u2018\ubbf8\ub9ac \uc190\uc2e4\ub85c \uc7a1\uc544\ub450\ub294 \uae08\uc561\u2019.\n\n<h3>2026\ub144 \ud575\uc2ec \uac00\uc774\ub358\uc2a4<\/h3>\n\uc21c\uc774\uc790\ub9c8\uc9c4(Net interest margin)\uc740 \uae08\ub9ac \ud658\uacbd\uc774 \ub0ae\uc544\uc84c\ub294\ub370\ub3c4 **21bp** \uc62c\ub77c **2.34%**\uac00 \ub410\ub2e4. 2026\ub144 \ub0b4\ud2b8\uc6e8\uc2a4\ud2b8\ub294 \ucd1d\uc218\uc775 **172\uc5b5~176\uc5b5 \ud30c\uc6b4\ub4dc(\u00a317.2bn~\u00a317.6bn)**, **ROTE 17% \uc774\uc0c1**\uc744 \uc608\uc0c1\ud588\ub2e4.  \n&#8211; **\uc21c\uc774\uc790\ub9c8\uc9c4(NIM)**: \uc774\uc790 \uad00\ub828 \uc218\uc775\uc131\uc774 \uc5bc\ub9c8\ub098 \uc88b\uc740\uc9c0 \ubcf4\uc5ec\uc8fc\ub294 \ube44\uc728.  \n&#8211; **bp(\ubca0\uc774\uc2dc\uc2a4 \ud3ec\uc778\ud2b8)**: 0.01%p. 21bp\ub294 0.21%p.  \n&#8211; **ROTE(\uc720\ud615\uc790\uae30\uc790\ubcf8\uc774\uc775\ub960)**: \u2018\uc601\uc5c5\uad8c \ub4f1 \ubb34\ud615\uc790\uc0b0\uc744 \uc81c\uc678\ud55c \uc790\uae30\uc790\ubcf8\u2019\uc73c\ub85c \uc5bc\ub9c8\ub098 \uc774\uc775\uc744 \ub0c8\ub294\uc9c0 \ubcf4\ub294 \uc9c0\ud45c.\n\n\uae30\ub9d0 \ubc30\ub2f9\uc740 \uc8fc\ub2f9 **23p**\ub85c, \uc5f0\uac04 \ucd1d\ubc30\ub2f9\uc740 **32.5p**\uac00 \ub410\uace0 2024\ub144 \ub300\ube44 51% \ub298\uc5c8\ub2e4. \uc774\ubc88 \uc8fc\uac00 \ud558\ub77d\uc740 \uc5d0\ube14\ub9b0 \ud30c\ud2b8\ub108\uc2a4 \uc778\uc218\uc5d0 \ub300\ud55c \uc6b0\ub824\uc640 **\uc790\uc0ac\uc8fc \ub9e4\uc785 \ucd95\uc18c** \uc6b0\ub824\uc640 \uad00\ub828\ub41c \uac83\uc73c\ub85c \ud574\uc11d\ub41c\ub2e4.  \n&#8211; **\uc790\uc0ac\uc8fc \ub9e4\uc785**: \ud68c\uc0ac\uac00 \uc2dc\uc7a5\uc5d0\uc11c \uc790\uae30 \uc8fc\uc2dd\uc744 \uc0ac\ub4e4\uc774\ub294 \uac83. \uc720\ud1b5 \uc8fc\uc2dd \uc218\uac00 \uc904\uc5b4 \uc8fc\uac00\uc5d0 \ub3c4\uc6c0\uc774 \ub418\ub294 \uacbd\uc6b0\uac00 \uc788\ub2e4.\n\n<h3>\uc635\uc158(\uc120\ud0dd\uad8c) \uc804\ub7b5 \uc544\uc774\ub514\uc5b4<\/h3>\n\uc774\ubc88 \ud558\ub77d\uc774 \uacfc\ub3c4\ud558\ub2e4\uace0 \ubcf4\ub294 \ud2b8\ub808\uc774\ub354\ub77c\uba74, **2025\ub144 10\uc6d4 \uc800\uc810 \uadfc\ucc98 \ub610\ub294 \uadf8\ubcf4\ub2e4 \ub0ae\uc740 \ud589\uc0ac\uac00**\uc758 **\uc678\uac00\uaca9 \ud48b\uc635\uc158(OTM put)**\uc744 \ub9e4\ub3c4\ud558\ub294 \uc804\ub7b5\uc744 \uace0\ub824\ud560 \uc218 \uc788\ub2e4. \uac15\ud55c \uc2e4\uc801\uacfc \uae0d\uc815\uc801 \uc804\ub9dd\uc774 \uc8fc\uac00 \ud558\ub2e8\uc744 \uc9c0\uc9c0\ud574, \uc635\uc158\uc774 \ub9cc\uae30 \ub54c **\uac00\uce58 \uc5c6\uc774 \ub05d\ub098\uba70(\ubb34\uac00\uce58 \ub9cc\uae30)** \ud504\ub9ac\ubbf8\uc5c4\uc744 \uc5bb\ub294 \uac83\uc744 \ub178\ub9b0\ub2e4.  \n&#8211; **\uc635\uc158**: \ubbf8\ub9ac \uc815\ud55c \uac00\uaca9(\ud589\uc0ac\uac00)\uc73c\ub85c \uc8fc\uc2dd\uc744 \uc0ac\uace0\ud314 \uc218 \uc788\ub294 \uad8c\ub9ac(\ub610\ub294 \uc758\ubb34)\ub97c \uac70\ub798\ud558\ub294 \uc0c1\ud488.  \n&#8211; **\ud48b\uc635\uc158**: \uc815\ud574\uc9c4 \uac00\uaca9\uc5d0 \ud314 \uc218 \uc788\ub294 \uad8c\ub9ac.  \n&#8211; **\uc678\uac00\uaca9(OTM)**: \ud604\uc7ac \uc8fc\uac00 \uae30\uc900\uc73c\ub85c \ubc14\ub85c \uc774\uc775\uc774 \ub098\uc9c0 \uc54a\ub294 \ud589\uc0ac\uac00(\ud48b\uc740 \u2018\ud604\uc7ac\uac00\ubcf4\ub2e4 \ub0ae\uc740 \ud589\uc0ac\uac00\u2019).  \n&#8211; **\ud504\ub9ac\ubbf8\uc5c4**: \uc635\uc158 \uac00\uaca9(\uc635\uc158\uc744 \ud314\uba74 \ubc1b\ub294 \ub3c8).  \n&#8211; **\ud589\uc0ac\uac00(\uc2a4\ud2b8\ub77c\uc774\ud06c)**: \uc635\uc158\uc5d0\uc11c \ubbf8\ub9ac \uc815\ud55c \ub9e4\ub9e4 \uac00\uaca9.\n\n\ud604\uc7ac \uc0c1\ud669\uc740 \ub0b4\ud2b8\uc6e8\uc2a4\ud2b8 \uc635\uc158\uc758 **\ub0b4\uc7ac \ubcc0\ub3d9\uc131(implied volatility)**\uc744 \ub192\uc600\uc744 \uac00\ub2a5\uc131\uc774 \uc788\ub2e4. \ubcc0\ub3d9\uc131\uc774 \ub192\uc73c\uba74 \uc635\uc158 \uac00\uaca9(\ud504\ub9ac\ubbf8\uc5c4)\uc774 \ube44\uc2f8\uc9c0\ub294 \uacbd\ud5a5\uc774 \uc788\uc5b4, \ud5a5\ud6c4 \uba87 \uc8fc \ub3d9\uc548 **\ud604\uae08\ub2f4\ubcf4 \ud48b \ub9e4\ub3c4(cash-secured put)**\ub098 **\ubd88 \ud48b \uc2a4\ud504\ub808\ub4dc(bull put spread)** \uac19\uc740 \uc804\ub7b5\uc758 \ub9e4\ub825\uc774 \ucee4\uc9c8 \uc218 \uc788\ub2e4.  \n&#8211; **\ub0b4\uc7ac \ubcc0\ub3d9\uc131**: \uc2dc\uc7a5\uc774 \u2018\uc55e\uc73c\ub85c \uc8fc\uac00\uac00 \uc5bc\ub9c8\ub098 \ud06c\uac8c \uc6c0\uc9c1\uc77c \uac83\u2019\uc774\ub77c\uace0 \uc608\uc0c1\ud558\ub294 \uc815\ub3c4\uac00 \uc635\uc158 \uac00\uaca9\uc5d0 \ubc18\uc601\ub41c \uac12.  \n&#8211; **\ud604\uae08\ub2f4\ubcf4 \ud48b \ub9e4\ub3c4**: \ud48b\uc744 \ud314\ub418, \ubc30\uc815(\uc8fc\uc2dd\uc744 \uc0ac\uc57c \ud558\ub294 \uc0c1\ud669)\uc5d0 \ub300\ube44\ud574 \ud604\uae08\uc744 \ud655\ubcf4\ud574 \ub450\ub294 \ubc29\uc2dd.  \n&#8211; **\ubd88 \ud48b \uc2a4\ud504\ub808\ub4dc**: \ud48b\uc744 \ud558\ub098\ub294 \ud314\uace0(\ud504\ub9ac\ubbf8\uc5c4 \uc218\ucde8), \ub354 \ub0ae\uc740 \ud589\uc0ac\uac00 \ud48b\uc744 \ud558\ub098 \uc0ac\uc11c \uc190\uc2e4 \ud55c\ub3c4\ub97c \uc81c\ud55c\ud558\ub294 \uc870\ud569.  \n\n\ub354 \uacf5\uaca9\uc801\uc778 \ud2b8\ub808\uc774\ub354\ub294 **\ucf5c\uc635\uc158(call option)** \ub9e4\uc218\ub97c \uace0\ub824\ud560 \uc218 \uc788\ub2e4. \uc2dc\uc7a5\uc774 \uc790\uc0ac\uc8fc \ub9e4\uc785 \uc774\uc288\ubcf4\ub2e4 \uc790\uc0b0\uad00\ub9ac \uc778\uc218\uc758 \uc7a5\uae30 \uac00\uce58\ub97c \ub354 \ubcf4\uac8c \ub418\uba74, \uc8fc\uac00\uac00 \ube60\ub974\uac8c \ub418\ub3cc\ub9b4 \uc218 \uc788\ub2e4\ub294 \uae30\ub300\uc5d0 \ubca0\ud305\ud558\ub294 \ubc29\uc2dd\uc774\ub2e4. 200\uc77c SMA \uac19\uc740 \ud575\uc2ec \ucd94\uc138\uc120\uc5d0\uc11c\uc758 \ubc18\ub4f1\uc740 \uc18d\ub3c4\uac00 \ube60\ub97c \uc218 \uc788\uc73c\uba70, \uc8fc\uac00\uac00 \uc774\ub2ec \ucd08 \ubcf4\uc600\ub358 **700p \uc218\uc900**\uc73c\ub85c \ud68c\ubcf5\ud558\uba74 \uc218\uc775\uc774 \ub0a0 \uc218 \uc788\ub2e4.  \n&#8211; **\ucf5c\uc635\uc158**: \uc815\ud574\uc9c4 \uac00\uaca9\uc5d0 \uc0b4 \uc218 \uc788\ub294 \uad8c\ub9ac.  \n&#8211; **\uae30\uc220\uc801 \uc9c0\ud45c\/\ud575\uc2ec \uc218\uc900**: \uc8fc\uac00 \ucc28\ud2b8\uc5d0\uc11c \ub9ce\uc740 \ucc38\uc5ec\uc790\uac00 \ucc38\uace0\ud558\ub294 \uac00\uaca9\ub300(\uc608: 200\uc77c SMA).\n\n<!-- wp:paragraph-->\n<p><b>VT Markets \ub77c\uc774\ube0c \uacc4\uc815\uc744 \ub9cc\ub4e4\uace0 \uc9c0\uae08 \ubc14\ub85c <a href=\"https:\/\/www.vtmarkets.com\/kr\/trade-now\/\">\uac70\ub798<\/a>\ub97c \uc2dc\uc791\ud558\uc138\uc694.<\/b><\/p>\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>NatWest\ub294 Evelyn Partners 27\uc5b5\ud30c\uc6b4\ub4dc \uc778\uc218 \ud6c4 \ud638\uc2e4\uc801\uc5d0\ub3c4 \uc8fc\uac00\uac00 200\uc77c\uc120\uae4c\uc9c0 \uae09\ub77d. \uc21c\uc774\uc775\u00b7\ubc30\ub2f9 \uae09\uc99d, 2026 ROTE 17%+ \uac00\uc774\ub358\uc2a4. \uacfc\ub9e4\ub3c4\ub77c\uba74 \ud48b\ub9e4\ub3c4\u00b7\ucf5c\ub9e4\uc218 \uae30\ud68c. &#8211; vtmarkets.com<\/p>\n","protected":false},"author":62,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-38271","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/38271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/comments?post=38271"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/38271\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=38271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=38271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=38271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}