|
Three
months
ended
31 Mar
2024
£m
|
|
|
Three
months
ended
31 Mar
2023
£m
|
|
|
Change
%
|
|
Three
months
ended
31 Dec
2023
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying net interest income
|
3,184
|
|
|
3,535
|
|
|
(10)
|
|
3,317
|
|
|
(4)
|
Underlying other income
|
1,340
|
|
|
1,257
|
|
|
7
|
|
1,286
|
|
|
4
|
Operating lease depreciation
|
(283)
|
|
|
(140)
|
|
|
|
|
(371)
|
|
|
24
|
Net income
|
4,241
|
|
|
4,652
|
|
|
(9)
|
|
4,232
|
|
|
|
Operating costs
|
(2,402)
|
|
|
(2,170)
|
|
|
(11)
|
|
(2,486)
|
|
|
3
|
Remediation
|
(25)
|
|
|
(19)
|
|
|
(32)
|
|
(541)
|
|
|
95
|
Total costs
|
(2,427)
|
|
|
(2,189)
|
|
|
(11)
|
|
(3,027)
|
|
|
20
|
Underlying profit before impairment
|
1,814
|
|
|
2,463
|
|
|
(26)
|
|
1,205
|
|
|
51
|
Underlying impairment (charge) credit
|
(57)
|
|
|
(243)
|
|
|
77
|
|
541
|
|
|
|
Underlying profit
|
1,757
|
|
|
2,220
|
|
|
(21)
|
|
1,746
|
|
|
1
|
Restructuring
|
(12)
|
|
|
(12)
|
|
|
|
|
(85)
|
|
|
86
|
Volatility and other items
|
(117)
|
|
|
52
|
|
|
|
|
114
|
|
|
|
Statutory profit before tax
|
1,628
|
|
|
2,260
|
|
|
(28)
|
|
1,775
|
|
|
(8)
|
Tax expense
|
(413)
|
|
|
(619)
|
|
|
33
|
|
(541)
|
|
|
24
|
Statutory profit after tax
|
1,215
|
|
|
1,641
|
|
|
(26)
|
|
1,234
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
1.7p
|
|
|
2.3p
|
|
|
(0.6)p
|
|
1.7p
|
|
|
|
Banking net interest marginA
|
2.95%
|
|
|
3.22%
|
|
|
(27)bp
|
|
2.98%
|
|
|
(3)bp
|
Average interest-earning banking assetsA
|
£449.1bn
|
|
|
£454.2bn
|
|
|
(1)
|
|
£452.8bn
|
|
|
(1)
|
Cost:income ratioA
|
57.2%
|
|
|
47.1%
|
|
|
10.1pp
|
|
71.5%
|
|
|
(14.3)pp
|
Asset quality ratioA
|
0.06%
|
|
|
0.22%
|
|
|
(16)bp
|
|
(0.47)%
|
|
|
|
Return on tangible equityA
|
13.3%
|
|
|
19.1%
|
|
|
(5.8)pp
|
|
13.9%
|
|
|
(0.6)pp
|
|
At 31 Mar
2024
|
|
|
At 31 Mar
2023
|
|
|
Change
%
|
|
At 31 Dec
2023
|
At
|
|
Change
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and advances to customers
|
£448.5bn
|
|
|
£452.3bn
|
|
|
(1)
|
|
£449.7bn
|
|
|
|
Customer deposits
|
£469.2bn
|
|
|
£473.1bn
|
|
|
(1)
|
|
£471.4bn
|
|
|
|
Loan to deposit ratioA
|
96%
|
|
|
96%
|
|
|
|
|
95%
|
|
|
1pp
|
CET1 ratio
|
13.9%
|
|
|
14.1%
|
|
|
(0.2)pp
|
|
14.6%
|
|
|
(0.7)pp
|
Pro forma CET1 ratioA,1
|
13.9%
|
|
|
14.1%
|
|
|
(0.2)pp
|
|
13.7%
|
|
|
0.2pp
|
Total capital ratio
|
19.0%
|
|
|
19.9%
|
|
|
(0.9)pp
|
|
19.8%
|
|
|
(0.8)pp
|
MREL ratio
|
32.0%
|
|
|
32.1%
|
|
|
(0.1)pp
|
|
31.9%
|
|
|
0.1pp
|
UK leverage ratio
|
5.6%
|
|
|
5.6%
|
|
|
|
|
5.8%
|
|
|
(0.2)pp
|
Risk-weighted assets
|
£222.8bn
|
|
|
£210.9bn
|
|
|
6
|
|
£219.1bn
|
|
|
2
|
Wholesale funding
|
£99.9bn
|
|
|
£101.1bn
|
|
|
(1)
|
|
£98.7bn
|
|
|
1
|
Liquidity coverage ratio2
|
143%
|
|
|
143%
|
|
|
|
|
142%
|
|
|
1pp
|
Net
stable funding ratio3
|
130%
|
|
|
129%
|
|
|
1pp
|
|
130%
|
|
|
|
Tangible net assets per shareA
|
51.2p
|
|
|
49.6p
|
|
|
1.6p
|
|
50.8p
|
|
|
0.4p
|
|
Quarter
ended
31 Mar
2024
£m
|
|
|
Quarter
ended
31 Dec
2023
£m
|
|
|
Quarter
ended
30 Sep
2023
£m
|
|
|
Quarter
ended
30 Jun
2023
£m
|
|
|
Quarter
ended
31 Mar
2023
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying net interest income
|
3,184
|
|
|
3,317
|
|
|
3,444
|
|
|
3,469
|
|
|
3,535
|
|
Underlying other income
|
1,340
|
|
|
1,286
|
|
|
1,299
|
|
|
1,281
|
|
|
1,257
|
|
Operating lease depreciation
|
(283)
|
|
|
(371)
|
|
|
(229)
|
|
|
(216)
|
|
|
(140)
|
|
Net income
|
4,241
|
|
|
4,232
|
|
|
4,514
|
|
|
4,534
|
|
|
4,652
|
|
Operating costs
|
(2,402)
|
|
|
(2,486)
|
|
|
(2,241)
|
|
|
(2,243)
|
|
|
(2,170)
|
|
Remediation
|
(25)
|
|
|
(541)
|
|
|
(64)
|
|
|
(51)
|
|
|
(19)
|
|
Total costs
|
(2,427)
|
|
|
(3,027)
|
|
|
(2,305)
|
|
|
(2,294)
|
|
|
(2,189)
|
|
Underlying profit before impairment
|
1,814
|
|
|
1,205
|
|
|
2,209
|
|
|
2,240
|
|
|
2,463
|
|
Underlying impairment (charge) credit
|
(57)
|
|
|
541
|
|
|
(187)
|
|
|
(419)
|
|
|
(243)
|
|
Underlying profit
|
1,757
|
|
|
1,746
|
|
|
2,022
|
|
|
1,821
|
|
|
2,220
|
|
Restructuring
|
(12)
|
|
|
(85)
|
|
|
(44)
|
|
|
(13)
|
|
|
(12)
|
|
Volatility and other items
|
(117)
|
|
|
114
|
|
|
(120)
|
|
|
(198)
|
|
|
52
|
|
Statutory profit before tax
|
1,628
|
|
|
1,775
|
|
|
1,858
|
|
|
1,610
|
|
|
2,260
|
|
Tax expense
|
(413)
|
|
|
(541)
|
|
|
(438)
|
|
|
(387)
|
|
|
(619)
|
|
Statutory profit after tax
|
1,215
|
|
|
1,234
|
|
|
1,420
|
|
|
1,223
|
|
|
1,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
1.7p
|
|
|
1.7p
|
|
|
2.0p
|
|
|
1.6p
|
|
|
2.3p
|
|
Banking net interest marginA
|
2.95%
|
|
|
2.98%
|
|
|
3.08%
|
|
|
3.14%
|
|
|
3.22%
|
|
Average interest-earning banking assetsA
|
£449.1bn
|
|
|
£452.8bn
|
|
|
£453.0bn
|
|
|
£453.4bn
|
|
|
£454.2bn
|
|
Cost:income ratioA
|
57.2%
|
|
|
71.5%
|
|
|
51.1%
|
|
|
50.6%
|
|
|
47.1%
|
|
Asset quality ratioA
|
0.06%
|
|
|
(0.47)%
|
|
|
0.17%
|
|
|
0.36%
|
|
|
0.22%
|
|
Return on tangible equityA
|
13.3%
|
|
|
13.9%
|
|
|
16.9%
|
|
|
13.6%
|
|
|
19.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 Mar
2024
|
|
|
At 31 Dec
2023
|
|
|
At 30 Sep
2023
|
|
|
At 30 Jun
2023
|
|
|
At 31 Mar
2023
|
|
Loans and advances to customers1
|
£448.5bn
|
|
|
£449.7bn
|
|
|
£452.1bn
|
|
|
£450.7bn
|
|
|
£452.3bn
|
|
Customer deposits
|
£469.2bn
|
|
|
£471.4bn
|
|
|
£470.3bn
|
|
|
£469.8bn
|
|
|
£473.1bn
|
|
Loan to deposit ratioA
|
96%
|
|
|
95%
|
|
|
96%
|
|
|
96%
|
|
|
96%
|
|
CET1 ratio
|
13.9%
|
|
|
14.6%
|
|
|
14.6%
|
|
|
14.2%
|
|
|
14.1%
|
|
Pro forma CET1 ratioA,2
|
13.9%
|
|
|
13.7%
|
|
|
14.6%
|
|
|
14.2%
|
|
|
14.1%
|
|
Total capital ratio
|
19.0%
|
|
|
19.8%
|
|
|
19.9%
|
|
|
19.7%
|
|
|
19.9%
|
|
MREL ratio
|
32.0%
|
|
|
31.9%
|
|
|
32.6%
|
|
|
31.0%
|
|
|
32.1%
|
|
UK leverage ratio
|
5.6%
|
|
|
5.8%
|
|
|
5.7%
|
|
|
5.7%
|
|
|
5.6%
|
|
Risk-weighted assets
|
£222.8bn
|
|
|
£219.1bn
|
|
|
£217.7bn
|
|
|
£215.3bn
|
|
|
£210.9bn
|
|
Wholesale funding
|
£99.9bn
|
|
|
£98.7bn
|
|
|
£108.5bn
|
|
|
£103.5bn
|
|
|
£101.1bn
|
|
Liquidity coverage ratio3
|
143%
|
|
|
142%
|
|
|
142%
|
|
|
142%
|
|
|
143%
|
|
Net stable funding ratio4
|
130%
|
|
|
130%
|
|
|
130%
|
|
|
130%
|
|
|
129%
|
|
Tangible net assets per shareA
|
51.2p
|
|
|
50.8p
|
|
|
47.2p
|
|
|
45.7p
|
|
|
49.6p
|
|
|
At 31 Mar
2024
£bn
|
|
|
At 31 Mar2
023
£bn
|
|
|
Change
%
|
|
At 31 Dec
2023
£bn
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and advances to customers
|
|
|
|
|
|
|
|
|
|
|
|
|
UK mortgages1
|
304.6
|
|
|
307.5
|
|
|
(1)
|
|
306.2
|
|
|
(1)
|
Credit cards
|
15.2
|
|
|
14.4
|
|
|
6
|
|
15.1
|
|
|
1
|
UK Retail unsecured loans2
|
7.6
|
|
|
9.0
|
|
|
(16)
|
|
6.9
|
|
|
10
|
UK Motor Finance
|
15.8
|
|
|
14.7
|
|
|
7
|
|
15.3
|
|
|
3
|
Overdrafts
|
1.0
|
|
|
1.0
|
|
|
|
|
1.1
|
|
|
(9)
|
Retail other1,3
|
16.9
|
|
|
15.1
|
|
|
12
|
|
16.6
|
|
|
2
|
Small and Medium Businesses
|
32.2
|
|
|
36.4
|
|
|
(12)
|
|
33.0
|
|
|
(2)
|
Corporate and Institutional Banking
|
55.6
|
|
|
56.7
|
|
|
(2)
|
|
55.6
|
|
|
|
Central Items4
|
(0.4)
|
|
|
(2.5)
|
|
|
84
|
|
(0.1)
|
|
|
|
Loans and advances to customers
|
448.5
|
|
|
452.3
|
|
|
(1)
|
|
449.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail current accounts
|
103.1
|
|
|
110.5
|
|
|
(7)
|
|
102.7
|
|
|
|
Retail savings accounts5
|
196.4
|
|
|
183.1
|
|
|
7
|
|
194.8
|
|
|
1
|
Wealth
|
10.2
|
|
|
12.9
|
|
|
(21)
|
|
10.9
|
|
|
(6)
|
Commercial Banking
|
159.3
|
|
|
166.5
|
|
|
(4)
|
|
162.8
|
|
|
(2)
|
Central Items
|
0.2
|
|
|
0.1
|
|
|
|
|
0.2
|
|
|
|
Customer deposits
|
469.2
|
|
|
473.1
|
|
|
(1)
|
|
471.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
889.6
|
|
|
885.7
|
|
|
|
|
881.5
|
|
|
1
|
Total liabilities
|
841.8
|
|
|
837.8
|
|
|
|
|
834.1
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shareholders' equity
|
40.7
|
|
|
40.6
|
|
|
|
|
40.3
|
|
|
1
|
Other equity instruments
|
6.9
|
|
|
7.1
|
|
|
(3)
|
|
6.9
|
|
|
|
Non-controlling interests
|
0.2
|
|
|
0.2
|
|
|
|
|
0.2
|
|
|
|
Total equity
|
47.8
|
|
|
47.9
|
|
|
|
|
47.4
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares in issue, excluding own shares
|
63,653m
|
|
|
66,396m
|
|
|
(4)
|
|
63,508m
|
|
|
|
Summary income statement
|
Three
months
ended
31 Mar
2024
£m
|
|
|
Three
months
ended
31
Mar
2023
£m
|
|
|
Change
%
|
|
Three
months
ended
31
Dec
2023
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
3,045
|
|
|
3,434
|
|
|
(11)
|
|
3,187
|
|
|
(4)
|
Other income
|
8,272
|
|
|
5,875
|
|
|
41
|
|
12,149
|
|
|
(32)
|
Total income
|
11,317
|
|
|
9,309
|
|
|
22
|
|
15,336
|
|
|
(26)
|
Net finance expense in respect of insurance and investment
contracts
|
(6,930)
|
|
|
(4,501)
|
|
|
(54)
|
|
(10,609)
|
|
|
35
|
Total income, after net finance expense in respect of insurance and
investment contracts
|
4,387
|
|
|
4,808
|
|
|
(9)
|
|
4,727
|
|
|
(7)
|
Operating expenses
|
(2,703)
|
|
|
(2,306)
|
|
|
(17)
|
|
(3,492)
|
|
|
23
|
Impairment (charge) credit
|
(56)
|
|
|
(242)
|
|
|
77
|
|
540
|
|
|
|
Profit before tax
|
1,628
|
|
|
2,260
|
|
|
(28)
|
|
1,775
|
|
|
(8)
|
Tax expense
|
(413)
|
|
|
(619)
|
|
|
33
|
|
(541)
|
|
|
24
|
Profit for the period
|
1,215
|
|
|
1,641
|
|
|
(26)
|
|
1,234
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit attributable to ordinary shareholders
|
1,069
|
|
|
1,510
|
|
|
(29)
|
|
1,093
|
|
|
(2)
|
Ordinary shares in issue (weighted-average - basic)
|
63,906m
|
|
|
66,972m
|
|
|
(5)
|
|
63,502m
|
|
|
1
|
Basic earnings per share
|
1.7p
|
|
|
2.3p
|
|
|
(0.6)p
|
|
1.7p
|
|
|
|
Pro forma CET1 ratio as at 31 December
20231
|
13.7%
|
|
Banking build (including impairment charge) (bps)
|
57
|
|
Risk-weighted assets (bps)
|
(24)
|
|
Other
movements2 (bps)
|
13
|
|
Capital generation (bps)
|
46
|
|
Retail secured CRD IV model updates and phased unwind of IFRS 9
transitional relief (bps)
|
(6)
|
|
Capital generation (post CRD IV and transitional headwinds)
(bps)
|
40
|
|
Ordinary dividend (bps)
|
(22)
|
|
CET1 ratio as at 31 March 2024
|
13.9%
|
|
|
Three
months
ended
31 Mar
2024
£m
|
|
|
Three
months
ended
31 Mar
2023
£m
|
|
|
Change
%
|
|
Three
months
ended
31 Dec
2023
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charges
(credits) pre-updated MES1
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
303
|
|
|
271
|
|
|
(12)
|
|
277
|
|
|
(9)
|
Commercial
Banking
|
(49)
|
|
|
53
|
|
|
|
|
(626)
|
|
|
(92)
|
Other
|
(5)
|
|
|
(2)
|
|
|
|
|
(4)
|
|
|
25
|
|
249
|
|
|
322
|
|
|
23
|
|
(353)
|
|
|
|
Updated economic outlook
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
(196)
|
|
|
(66)
|
|
|
|
|
(203)
|
|
|
(3)
|
Commercial
Banking
|
4
|
|
|
(13)
|
|
|
|
|
15
|
|
|
73
|
|
(192)
|
|
|
(79)
|
|
|
|
|
(188)
|
|
|
2
|
Underlying
impairment charge (credit)A
|
57
|
|
|
243
|
|
|
77
|
|
(541)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
quality ratioA
|
0.06%
|
|
|
0.22%
|
|
|
(16)bp
|
|
(0.47)%
|
|
|
|
Total
underlying expected credit loss allowance (at end of
period)A
|
4,126
|
|
|
5,221
|
|
|
(21)
|
|
4,337
|
|
|
(5)
|
At 31 March 2024
|
Stage 1
£m
|
|
|
Stage 2
£m
|
|
|
Stage 3
£m
|
|
|
Total
£m
|
|
|
Stage 2
as % of
total
|
|
|
Stage 3
as % of
total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and advances to customers
|
|||||||||||||||||
UK
mortgages
|
261,828
|
|
|
36,476
|
|
|
7,608
|
|
|
305,912
|
|
|
11.9
|
|
|
2.5
|
|
Credit
cards
|
12,729
|
|
|
2,883
|
|
|
308
|
|
|
15,920
|
|
|
18.1
|
|
|
1.9
|
|
UK
unsecured loans and overdrafts
|
7,667
|
|
|
1,210
|
|
|
195
|
|
|
9,072
|
|
|
13.3
|
|
|
2.1
|
|
UK
Motor Finance
|
13,897
|
|
|
2,140
|
|
|
118
|
|
|
16,155
|
|
|
13.2
|
|
|
0.7
|
|
Other
|
16,178
|
|
|
507
|
|
|
149
|
|
|
16,834
|
|
|
3.0
|
|
|
0.9
|
|
Retail1
|
312,299
|
|
|
43,216
|
|
|
8,378
|
|
|
363,893
|
|
|
11.9
|
|
|
2.3
|
|
Small
and Medium Businesses
|
27,115
|
|
|
4,087
|
|
|
1,465
|
|
|
32,667
|
|
|
12.5
|
|
|
4.5
|
|
Corporate
and Institutional Banking
|
52,382
|
|
|
2,875
|
|
|
777
|
|
|
56,034
|
|
|
5.1
|
|
|
1.4
|
|
Commercial Banking
|
79,497
|
|
|
6,962
|
|
|
2,242
|
|
|
88,701
|
|
|
7.8
|
|
|
2.5
|
|
Equity
Investments and Central Items2
|
(323)
|
|
|
-
|
|
|
6
|
|
|
(317)
|
|
|
|
|
|
|
|
Total gross lending
|
391,473
|
|
|
50,178
|
|
|
10,626
|
|
|
452,277
|
|
|
11.1
|
|
|
2.3
|
|
ECL allowance on drawn balances
|
(864)
|
|
|
(1,374)
|
|
|
(1,541)
|
|
|
(3,779)
|
|
|
|
|
|
|
|
Net balance sheet carrying value
|
390,609
|
|
|
48,804
|
|
|
9,085
|
|
|
448,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer related ECL allowance (drawn and undrawn)
|
|||||||||||||||||
UK
mortgages
|
134
|
|
|
406
|
|
|
752
|
|
|
1,292
|
|
|
|
|
|
|
|
Credit
cards
|
231
|
|
|
405
|
|
|
144
|
|
|
780
|
|
|
|
|
|
|
|
UK
unsecured loans and overdrafts
|
161
|
|
|
233
|
|
|
118
|
|
|
512
|
|
|
|
|
|
|
|
UK
Motor Finance3
|
187
|
|
|
95
|
|
|
67
|
|
|
349
|
|
|
|
|
|
|
|
Other
|
19
|
|
|
21
|
|
|
46
|
|
|
86
|
|
|
|
|
|
|
|
Retail1
|
732
|
|
|
1,160
|
|
|
1,127
|
|
|
3,019
|
|
|
|
|
|
|
|
Small
and Medium Businesses
|
141
|
|
|
222
|
|
|
170
|
|
|
533
|
|
|
|
|
|
|
|
Corporate
and Institutional Banking
|
155
|
|
|
138
|
|
|
242
|
|
|
535
|
|
|
|
|
|
|
|
Commercial Banking
|
296
|
|
|
360
|
|
|
412
|
|
|
1,068
|
|
|
|
|
|
|
|
Equity Investments and Central Items
|
-
|
|
|
-
|
|
|
4
|
|
|
4
|
|
|
|
|
|
|
|
Total
|
1,028
|
|
|
1,520
|
|
|
1,543
|
|
|
4,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer related ECL allowance (drawn and undrawn) as a percentage
of loans and advances to customers4
|
|||||||||||||||||
UK
mortgages
|
0.1
|
|
|
1.1
|
|
|
9.9
|
|
|
0.4
|
|
|
|
|
|
|
|
Credit
cards
|
1.8
|
|
|
14.0
|
|
|
50.3
|
|
|
4.9
|
|
|
|
|
|
|
|
UK
unsecured loans and overdrafts
|
2.1
|
|
|
19.3
|
|
|
65.9
|
|
|
5.7
|
|
|
|
|
|
|
|
UK
Motor Finance
|
1.3
|
|
|
4.4
|
|
|
56.8
|
|
|
2.2
|
|
|
|
|
|
|
|
Other
|
0.1
|
|
|
4.1
|
|
|
30.9
|
|
|
0.5
|
|
|
|
|
|
|
|
Retail1
|
0.2
|
|
|
2.7
|
|
|
13.5
|
|
|
0.8
|
|
|
|
|
|
|
|
Small
and Medium Businesses
|
0.5
|
|
|
5.4
|
|
|
15.4
|
|
|
1.6
|
|
|
|
|
|
|
|
Corporate
and Institutional Banking
|
0.3
|
|
|
4.8
|
|
|
31.2
|
|
|
1.0
|
|
|
|
|
|
|
|
Commercial Banking
|
0.4
|
|
|
5.2
|
|
|
21.9
|
|
|
1.2
|
|
|
|
|
|
|
|
Equity Investments and Central Items
|
|
|
|
-
|
|
|
66.7
|
|
|
|
|
|
|
|
|
|
|
Total
|
0.3
|
|
|
3.0
|
|
|
15.1
|
|
|
0.9
|
|
|
|
|
|
|
|
At 31 December 2023
|
Stage 1
£m
|
|
|
Stage 2
£m
|
|
|
Stage 3
£m
|
|
|
Total
£m
|
|
|
Stage 2
as % of
total
|
|
|
Stage 3
as % of
total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and advances to customers
|
|||||||||||||||||
UK
mortgages
|
258,362
|
|
|
41,911
|
|
|
7,300
|
|
|
307,573
|
|
|
13.6
|
|
|
2.4
|
|
Credit
cards
|
12,625
|
|
|
2,908
|
|
|
284
|
|
|
15,817
|
|
|
18.4
|
|
|
1.8
|
|
UK
unsecured loans and overdrafts
|
7,103
|
|
|
1,187
|
|
|
196
|
|
|
8,486
|
|
|
14.0
|
|
|
2.3
|
|
UK
Motor Finance
|
13,541
|
|
|
2,027
|
|
|
112
|
|
|
15,680
|
|
|
12.9
|
|
|
0.7
|
|
Other
|
15,898
|
|
|
525
|
|
|
144
|
|
|
16,567
|
|
|
3.2
|
|
|
0.9
|
|
Retail1
|
307,529
|
|
|
48,558
|
|
|
8,036
|
|
|
364,123
|
|
|
13.3
|
|
|
2.2
|
|
Small
and Medium Businesses
|
27,525
|
|
|
4,458
|
|
|
1,530
|
|
|
33,513
|
|
|
13.3
|
|
|
4.6
|
|
Corporate
and Institutional Banking
|
52,049
|
|
|
3,529
|
|
|
538
|
|
|
56,116
|
|
|
6.3
|
|
|
1.0
|
|
Commercial Banking
|
79,574
|
|
|
7,987
|
|
|
2,068
|
|
|
89,629
|
|
|
8.9
|
|
|
2.3
|
|
Equity
Investments and Central Items2
|
(43)
|
|
|
-
|
|
|
6
|
|
|
(37)
|
|
|
|
|
|
|
|
Total gross lending
|
387,060
|
|
|
56,545
|
|
|
10,110
|
|
|
453,715
|
|
|
12.5
|
|
|
2.2
|
|
ECL allowance on drawn balances
|
(901)
|
|
|
(1,532)
|
|
|
(1,537)
|
|
|
(3,970)
|
|
|
|
|
|
|
|
Net balance sheet carrying value
|
386,159
|
|
|
55,013
|
|
|
8,573
|
|
|
449,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer related ECL allowance (drawn and undrawn)
|
|||||||||||||||||
UK
mortgages
|
170
|
|
|
441
|
|
|
757
|
|
|
1,368
|
|
|
|
|
|
|
|
Credit
cards
|
234
|
|
|
446
|
|
|
130
|
|
|
810
|
|
|
|
|
|
|
|
UK
unsecured loans and overdrafts
|
153
|
|
|
244
|
|
|
118
|
|
|
515
|
|
|
|
|
|
|
|
UK
Motor Finance3
|
188
|
|
|
91
|
|
|
63
|
|
|
342
|
|
|
|
|
|
|
|
Other
|
20
|
|
|
21
|
|
|
47
|
|
|
88
|
|
|
|
|
|
|
|
Retail1
|
765
|
|
|
1,243
|
|
|
1,115
|
|
|
3,123
|
|
|
|
|
|
|
|
Small
and Medium Businesses
|
140
|
|
|
231
|
|
|
167
|
|
|
538
|
|
|
|
|
|
|
|
Corporate
and Institutional Banking
|
156
|
|
|
218
|
|
|
253
|
|
|
627
|
|
|
|
|
|
|
|
Commercial Banking
|
296
|
|
|
449
|
|
|
420
|
|
|
1,165
|
|
|
|
|
|
|
|
Equity Investments and Central Items
|
-
|
|
|
-
|
|
|
4
|
|
|
4
|
|
|
|
|
|
|
|
Total
|
1,061
|
|
|
1,692
|
|
|
1,539
|
|
|
4,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer
related ECL allowance (drawn and undrawn) as a percentage of loans
and advances to customers4
|
|||||||||||||||||
UK
mortgages
|
0.1
|
|
|
1.1
|
|
|
10.4
|
|
|
0.4
|
|
|
|
|
|
|
|
Credit
cards
|
1.9
|
|
|
15.3
|
|
|
49.4
|
|
|
5.1
|
|
|
|
|
|
|
|
UK
unsecured loans and overdrafts
|
2.2
|
|
|
20.6
|
|
|
65.6
|
|
|
6.1
|
|
|
|
|
|
|
|
UK
Motor Finance
|
1.4
|
|
|
4.5
|
|
|
56.3
|
|
|
2.2
|
|
|
|
|
|
|
|
Other
|
0.1
|
|
|
4.0
|
|
|
32.6
|
|
|
0.5
|
|
|
|
|
|
|
|
Retail1
|
0.2
|
|
|
2.6
|
|
|
13.9
|
|
|
0.9
|
|
|
|
|
|
|
|
Small
and Medium Businesses
|
0.5
|
|
|
5.2
|
|
|
13.9
|
|
|
1.6
|
|
|
|
|
|
|
|
Corporate
and Institutional Banking
|
0.3
|
|
|
6.2
|
|
|
47.0
|
|
|
1.1
|
|
|
|
|
|
|
|
Commercial Banking
|
0.4
|
|
|
5.6
|
|
|
24.1
|
|
|
1.3
|
|
|
|
|
|
|
|
Equity Investments and Central Items
|
|
|
|
-
|
|
|
66.7
|
|
|
|
|
|
|
|
|
|
|
Total
|
0.3
|
|
|
3.0
|
|
|
15.8
|
|
|
0.9
|
|
|
|
|
|
|
|
Underlying basisA
|
Probability-
weighted
£m
|
|
|
Upside
£m
|
|
|
Base case
£m
|
|
|
Downside
£m
|
|
|
Severe
downside
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 March 2024
|
|
4,126
|
|
|
2,837
|
|
|
3,512
|
|
|
4,504
|
|
|
8,702
|
|
At 31 December 2023
|
|
4,337
|
|
|
2,925
|
|
|
3,666
|
|
|
4,714
|
|
|
9,455
|
|
At 31 March 2024
|
First
quarter
2024
%
|
Second
quarter
2024
%
|
Third
quarter
2024
%
|
Fourth
quarter
2024
%
|
First
quarter
2025
%
|
Second
quarter
2025
%
|
Third
quarter
2025
%
|
Fourth
quarter
2025
%
|
|
|
|
|
|
|
|
|
|
Gross domestic product
|
0.3
|
0.2
|
0.3
|
0.3
|
0.3
|
0.3
|
0.4
|
0.4
|
Unemployment rate
|
4.0
|
4.2
|
4.4
|
4.6
|
4.8
|
4.8
|
4.8
|
4.8
|
House price growth
|
1.5
|
2.1
|
4.6
|
1.5
|
(0.1)
|
0.1
|
0.4
|
0.8
|
Commercial real estate price growth
|
(5.4)
|
(5.3)
|
(3.3)
|
(0.5)
|
0.7
|
1.1
|
0.8
|
0.7
|
UK Bank Rate
|
5.25
|
5.00
|
4.75
|
4.50
|
4.25
|
4.00
|
4.00
|
3.75
|
CPI inflation
|
3.3
|
2.1
|
1.8
|
2.4
|
2.4
|
2.9
|
3.0
|
3.0
|
At 31 March 2024
|
2024
%
|
2025
%
|
2026
%
|
2027
%
|
2028
%
|
2024-2028
average
%
|
|
|
|
|
|
|
|
Upside
|
|
|
|
|
|
|
Gross domestic product
|
1.1
|
2.0
|
1.7
|
1.6
|
1.6
|
1.6
|
Unemployment rate
|
3.2
|
3.0
|
3.0
|
2.9
|
2.9
|
3.0
|
House price growth
|
3.7
|
6.7
|
6.5
|
5.3
|
4.9
|
5.4
|
Commercial real estate price growth
|
6.5
|
4.8
|
1.4
|
2.0
|
2.2
|
3.4
|
UK Bank Rate
|
5.40
|
5.44
|
5.25
|
5.00
|
5.07
|
5.23
|
CPI inflation
|
2.3
|
2.9
|
2.9
|
2.8
|
3.0
|
2.8
|
|
|
|
|
|
|
|
Base case
|
|
|
|
|
|
|
Gross domestic product
|
0.4
|
1.2
|
1.6
|
1.7
|
1.7
|
1.3
|
Unemployment rate
|
4.3
|
4.8
|
4.8
|
4.6
|
4.6
|
4.6
|
House price growth
|
1.5
|
0.8
|
0.9
|
1.6
|
2.8
|
1.5
|
Commercial real estate price growth
|
(0.5)
|
0.7
|
(0.1)
|
1.6
|
2.1
|
0.7
|
UK Bank Rate
|
4.88
|
4.00
|
3.50
|
3.06
|
3.00
|
3.69
|
CPI inflation
|
2.4
|
2.8
|
2.4
|
2.1
|
2.2
|
2.4
|
|
|
|
|
|
|
|
Downside
|
|
|
|
|
|
|
Gross domestic product
|
(0.8)
|
(0.4)
|
1.2
|
1.7
|
1.7
|
0.7
|
Unemployment rate
|
5.5
|
7.4
|
7.7
|
7.4
|
7.2
|
7.1
|
House price growth
|
0.0
|
(5.2)
|
(7.0)
|
(4.8)
|
(1.5)
|
(3.7)
|
Commercial real estate price growth
|
(8.1)
|
(5.2)
|
(2.9)
|
(1.0)
|
(0.2)
|
(3.5)
|
UK Bank Rate
|
4.29
|
2.00
|
1.03
|
0.48
|
0.29
|
1.62
|
CPI inflation
|
2.4
|
2.7
|
1.8
|
1.0
|
1.0
|
1.8
|
|
|
|
|
|
|
|
Severe downside
|
|
|
|
|
|
|
Gross domestic product
|
(1.8)
|
(1.1)
|
1.1
|
1.4
|
1.5
|
0.2
|
Unemployment rate
|
7.2
|
10.1
|
10.3
|
9.9
|
9.7
|
9.4
|
House price growth
|
(2.2)
|
(12.3)
|
(14.3)
|
(10.9)
|
(6.0)
|
(9.2)
|
Commercial real estate price growth
|
(18.0)
|
(11.7)
|
(8.5)
|
(5.0)
|
(2.4)
|
(9.3)
|
UK Bank Rate - modelled
|
3.46
|
0.51
|
0.11
|
0.02
|
0.01
|
0.82
|
UK Bank
Rate - adjusted1
|
6.19
|
4.56
|
3.63
|
3.13
|
3.00
|
4.10
|
CPI inflation - modelled
|
2.4
|
2.4
|
1.0
|
0.0
|
(0.1)
|
1.1
|
CPI
inflation - adjusted1
|
7.5
|
3.5
|
1.3
|
1.0
|
1.8
|
3.0
|
|
|
|
|
|
|
|
Probability-weighted
|
|
|
|
|
|
|
Gross domestic product
|
0.0
|
0.7
|
1.5
|
1.6
|
1.6
|
1.1
|
Unemployment rate
|
4.6
|
5.6
|
5.7
|
5.5
|
5.4
|
5.3
|
House price growth
|
1.3
|
(0.6)
|
(1.3)
|
(0.5)
|
1.2
|
0.0
|
Commercial real estate price growth
|
(2.4)
|
(1.1)
|
(1.3)
|
0.3
|
1.0
|
(0.7)
|
UK Bank Rate - modelled
|
4.71
|
3.48
|
2.94
|
2.56
|
2.51
|
3.24
|
UK Bank
Rate - adjusted1
|
4.99
|
3.89
|
3.30
|
2.88
|
2.81
|
3.57
|
CPI inflation - modelled
|
2.4
|
2.8
|
2.3
|
1.8
|
1.9
|
2.2
|
CPI
inflation - adjusted1
|
2.9
|
2.9
|
2.3
|
1.9
|
2.1
|
2.4
|
|
Three
months
ended
31 Mar
2024
|
|
|
Three
months
ended
31 Mar
2023
|
|
|
|
|
|
|
|
Banking net interest marginA
|
|
|
|
|
|
Underlying net interest income (£m)
|
3,184
|
|
|
3,535
|
|
Remove non-banking underlying net interest expense
(£m)
|
105
|
|
|
76
|
|
Banking underlying net interest income (£m)
|
3,289
|
|
|
3,611
|
|
|
|
|
|
|
|
Loans and advances to customers (£bn)
|
448.5
|
|
|
452.3
|
|
Add back:
|
|
|
|
|
|
Expected
credit loss allowance (drawn) (£bn)
|
3.6
|
|
|
4.5
|
|
Acquisition
related fair value adjustments (£bn)
|
0.2
|
|
|
0.3
|
|
Underlying gross loans and advances to customers
(£bn)
|
452.3
|
|
|
457.1
|
|
Adjustment for non-banking and other items:
|
|
|
|
|
|
Fee-based
loans and advances (£bn)
|
(9.7)
|
|
|
(7.8)
|
|
Other
(£bn)
|
6.8
|
|
|
5.7
|
|
Interest-earning banking assets (£bn)
|
449.4
|
|
|
455.0
|
|
Averaging (£bn)
|
(0.3)
|
|
|
(0.8)
|
|
Average interest-earning banking assetsA (£bn)
|
449.1
|
|
|
454.2
|
|
|
|
|
|
|
|
Banking net interest marginA
|
2.95%
|
|
|
3.22%
|
|
|
Three months ended
31 Mar 2024
|
|
|
Three months ended
31 Mar 2023
|
|
|
|
|
|
|
|
Return on tangible equityA
|
|
|
|
|
|
Profit attributable to ordinary shareholders (£m)
|
1,069
|
|
|
1,510
|
|
|
|
|
|
|
|
Average ordinary shareholders' equity (£bn)
|
40.4
|
|
|
39.5
|
|
Remove average goodwill and other intangible assets
(£bn)
|
(8.0)
|
|
|
(7.5)
|
|
Average tangible equity (£bn)
|
32.4
|
|
|
32.0
|
|
|
|
|
|
|
|
Return on tangible equityA
|
13.3%
|
|
|
19.1%
|
|
Final date for joining or leaving the final 2023 dividend
reinvestment plan
|
29 April 2024
|
Annual general meeting
|
16 May 2024
|
Final 2023 dividend paid
|
21 May 2024
|
Group strategy update: Business & Commercial
Banking
|
27 June 2024
|
2024 Half-year results
|
25 July 2024
|
Q3 2024 Interim Management Statement
|
23 October 2024
|