Results for the full year
|
1
|
Income statement (underlying
basis) and
key balance sheet metrics
|
3
|
Quarterly information
|
4
|
Balance sheet analysis
|
5
|
Group results - statutory
basis
|
6
|
Group Chief Executive's statement
|
7
|
Summary of Group results
|
10
|
|
|
Divisional results
|
|
Retail
|
19
|
Commercial Banking
|
22
|
Insurance, Pensions and Investments
|
24
|
Equity Investments and Central Items
|
27
|
Segmental analysis - underlying basis
|
28
|
|
|
Alternative performance measures
|
29
|
|
|
Risk management
|
|
Capital risk
|
35
|
Credit risk
|
40
|
Funding and liquidity risk
|
51
|
Interest rate sensitivity
|
52
|
|
|
Statutory information
|
|
Consolidated income statement
|
53
|
Consolidated statement of comprehensive income
|
54
|
Consolidated balance sheet
|
55
|
Consolidated statement of changes in equity
|
56
|
Consolidated cash flow statement
|
58
|
Notes to the condensed consolidated financial
statements
|
59
|
|
|
Key dates
|
81
|
Basis of presentation
|
81
|
Forward-looking
statements
|
82
|
Contacts
|
83
|
|
2023
£m
|
|
|
20221
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
Underlying net interest income
|
13,765
|
|
|
13,172
|
|
|
5
|
Underlying other income
|
5,123
|
|
|
4,666
|
|
|
10
|
Operating lease depreciation
|
(956)
|
|
|
(373)
|
|
|
|
Net income
|
17,932
|
|
|
17,465
|
|
|
3
|
Operating costs
|
(9,140)
|
|
|
(8,672)
|
|
|
(5)
|
Remediation
|
(675)
|
|
|
(255)
|
|
|
|
Total costs
|
(9,815)
|
|
|
(8,927)
|
|
|
(10)
|
Underlying profit before impairment
|
8,117
|
|
|
8,538
|
|
|
(5)
|
Underlying impairment charge
|
(308)
|
|
|
(1,510)
|
|
|
80
|
Underlying profit
|
7,809
|
|
|
7,028
|
|
|
11
|
Restructuring
|
(154)
|
|
|
(80)
|
|
|
(93)
|
Volatility and other items
|
(152)
|
|
|
(2,166)
|
|
|
93
|
Statutory profit before tax
|
7,503
|
|
|
4,782
|
|
|
57
|
Tax expense
|
(1,985)
|
|
|
(859)
|
|
|
|
Statutory profit after tax
|
5,518
|
|
|
3,923
|
|
|
41
|
|
|
|
|
|
|
|
|
Earnings per share1
|
7.6p
|
|
|
4.9p
|
|
|
2.7p
|
Dividends per share - ordinary
|
2.76p
|
|
|
2.40p
|
|
|
15
|
Share buyback value
|
£2.0bn
|
|
|
£2.0bn
|
|
|
|
|
|
|
|
|
|
|
|
Banking net interest marginA
|
3.11%
|
|
|
2.94%
|
|
|
17bp
|
Average interest-earning banking assetsA
|
£453.3bn
|
|
|
£452.0bn
|
|
|
|
Cost:income ratioA,1
|
54.7%
|
|
|
51.1%
|
|
|
3.6pp
|
Asset quality ratioA
|
0.07%
|
|
|
0.32%
|
|
|
(25)bp
|
Return on tangible equityA,1
|
15.8%
|
|
|
9.8%
|
|
|
6.0pp
|
|
At 31 Dec
2023
|
|
|
At 31 Dec
2022
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
Loans and advances to customers
|
£449.7bn
|
|
|
£454.9bn
|
|
|
(1)
|
Customer deposits
|
£471.4bn
|
|
|
£475.3bn
|
|
|
(1)
|
Loan to deposit ratioA
|
95%
|
|
|
96%
|
|
|
(1)pp
|
CET1 ratio
|
14.6%
|
|
|
15.1%
|
|
|
(0.5)pp
|
Pro forma CET1 ratioA,2
|
13.7%
|
|
|
14.1%
|
|
|
(0.4)pp
|
UK leverage ratio
|
5.8%
|
|
|
5.6%
|
|
|
0.2pp
|
Risk-weighted assets
|
£219.1bn
|
|
|
£210.9bn
|
|
|
4
|
Wholesale funding
|
£98.7bn
|
|
|
£100.3bn
|
|
|
(2)
|
Liquidity coverage ratio3
|
142%
|
|
|
144%
|
|
|
(2)pp
|
Net
stable funding ratio4
|
130%
|
|
|
130%
|
|
|
|
Tangible net assets per shareA,1
|
50.8p
|
|
|
46.5p
|
|
|
4.3p
|
|
Quarter
ended
31 Dec
2023
£m
|
|
|
Quarter
ended
30 Sep
2023
£m
|
|
Change
%
|
|
|
Quarter
ended
30 Jun
2023
£m
|
|
|
Quarter
ended
31 Mar
2023
£m
|
|
|
Quarter
ended
31
Dec
20221
£m
|
|
|
Quarter
ended
30
Sep
20221
£m
|
|
|
Quarter
ended
30
Jun
20221
£m
|
|
|
Quarter
ended
31
Mar
20221
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying net interest income
|
3,317
|
|
|
3,444
|
|
|
(4)
|
|
|
3,469
|
|
|
3,535
|
|
|
3,643
|
|
|
3,394
|
|
|
3,190
|
|
|
2,945
|
|
Underlying other income
|
1,286
|
|
|
1,299
|
|
|
(1)
|
|
|
1,281
|
|
|
1,257
|
|
|
1,128
|
|
|
1,171
|
|
|
1,185
|
|
|
1,182
|
|
Operating lease depreciation
|
(371)
|
|
|
(229)
|
|
|
(62)
|
|
|
(216)
|
|
|
(140)
|
|
|
(78)
|
|
|
(82)
|
|
|
(119)
|
|
|
(94)
|
|
Net income
|
4,232
|
|
|
4,514
|
|
|
(6)
|
|
|
4,534
|
|
|
4,652
|
|
|
4,693
|
|
|
4,483
|
|
|
4,256
|
|
|
4,033
|
|
Operating costs
|
(2,486)
|
|
|
(2,241)
|
|
|
(11)
|
|
|
(2,243)
|
|
|
(2,170)
|
|
|
(2,356)
|
|
|
(2,145)
|
|
|
(2,112)
|
|
|
(2,059)
|
|
Remediation
|
(541)
|
|
|
(64)
|
|
|
|
|
|
(51)
|
|
|
(19)
|
|
|
(166)
|
|
|
(10)
|
|
|
(27)
|
|
|
(52)
|
|
Total costs
|
(3,027)
|
|
|
(2,305)
|
|
|
(31)
|
|
|
(2,294)
|
|
|
(2,189)
|
|
|
(2,522)
|
|
|
(2,155)
|
|
|
(2,139)
|
|
|
(2,111)
|
|
Underlying profit before impairment
|
1,205
|
|
|
2,209
|
|
|
(45)
|
|
|
2,240
|
|
|
2,463
|
|
|
2,171
|
|
|
2,328
|
|
|
2,117
|
|
|
1,922
|
|
Underlying impairment credit (charge)
|
541
|
|
|
(187)
|
|
|
|
|
|
(419)
|
|
|
(243)
|
|
|
(465)
|
|
|
(668)
|
|
|
(200)
|
|
|
(177)
|
|
Underlying profit
|
1,746
|
|
|
2,022
|
|
|
(14)
|
|
|
1,821
|
|
|
2,220
|
|
|
1,706
|
|
|
1,660
|
|
|
1,917
|
|
|
1,745
|
|
Restructuring
|
(85)
|
|
|
(44)
|
|
|
(93)
|
|
|
(13)
|
|
|
(12)
|
|
|
(11)
|
|
|
(22)
|
|
|
(23)
|
|
|
(24)
|
|
Volatility and other items
|
114
|
|
|
(120)
|
|
|
|
|
|
(198)
|
|
|
52
|
|
|
(638)
|
|
|
(1,062)
|
|
|
(289)
|
|
|
(177)
|
|
Statutory profit before tax
|
1,775
|
|
|
1,858
|
|
|
(4)
|
|
|
1,610
|
|
|
2,260
|
|
|
1,057
|
|
|
576
|
|
|
1,605
|
|
|
1,544
|
|
Tax expense
|
(541)
|
|
|
(438)
|
|
|
(24)
|
|
|
(387)
|
|
|
(619)
|
|
|
(75)
|
|
|
(82)
|
|
|
(303)
|
|
|
(399)
|
|
Statutory profit after tax
|
1,234
|
|
|
1,420
|
|
|
(13)
|
|
|
1,223
|
|
|
1,641
|
|
|
982
|
|
|
494
|
|
|
1,302
|
|
|
1,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking net interest marginA
|
2.98%
|
|
|
3.08%
|
|
|
(10)bp
|
|
|
3.14%
|
|
|
3.22%
|
|
|
3.22%
|
|
|
2.98%
|
|
|
2.87%
|
|
|
2.68%
|
|
Average interest-earning banking assetsA
|
£452.8bn
|
|
|
£453.0bn
|
|
|
|
|
|
£453.4bn
|
|
|
£454.2bn
|
|
|
£453.8bn
|
|
|
£454.9bn
|
|
|
£451.2bn
|
|
|
£448.0bn
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost:income ratioA,1
|
71.5%
|
|
|
51.1%
|
|
|
20.4pp
|
|
|
50.6%
|
|
|
47.1%
|
|
|
53.7%
|
|
|
48.1%
|
|
|
50.3%
|
|
|
52.3%
|
|
Asset quality ratioA
|
(0.47)%
|
|
|
0.17%
|
|
|
|
|
|
0.36%
|
|
|
0.22%
|
|
|
0.38%
|
|
|
0.57%
|
|
|
0.17%
|
|
|
0.16%
|
|
Return on tangible equityA,1
|
13.9%
|
|
|
16.9%
|
|
|
(3.0)pp
|
|
|
13.6%
|
|
|
19.1%
|
|
|
11.0%
|
|
|
4.2%
|
|
|
13.0%
|
|
|
10.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and advances to customers2
|
£449.7bn
|
|
|
£452.1bn
|
|
|
(1)
|
|
|
£450.7bn
|
|
|
£452.3bn
|
|
|
£454.9bn
|
|
|
£456.3bn
|
|
|
£456.1bn
|
|
|
£451.8bn
|
|
Customer deposits
|
£471.4bn
|
|
|
£470.3bn
|
|
|
|
|
|
£469.8bn
|
|
|
£473.1bn
|
|
|
£475.3bn
|
|
|
£484.3bn
|
|
|
£478.2bn
|
|
|
£481.1bn
|
|
Loan to deposit ratioA
|
95%
|
|
|
96%
|
|
|
(1pp)
|
|
|
96%
|
|
|
96%
|
|
|
96%
|
|
|
94%
|
|
|
95%
|
|
|
94%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets
|
£219.1bn
|
|
|
£217.7bn
|
|
|
1
|
|
|
£215.3bn
|
|
|
£210.9bn
|
|
|
£210.9bn
|
|
|
£210.8bn
|
|
|
£209.6bn
|
|
|
£210.2bn
|
|
Tangible net assets per shareA,1
|
50.8p
|
|
|
47.2p
|
|
|
3.6p
|
|
|
45.7p
|
|
|
49.6p
|
|
|
46.5p
|
|
|
44.5p
|
|
|
51.4p
|
|
|
53.7p
|
|
|
At 31 Dec
2023
£bn
|
|
|
At 30 Sep
2023
£bn
|
|
|
Change
%
|
|
At 30 Jun
2023
£bn
|
|
|
Change
%
|
|
At 31 Dec
2022
£bn
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and advances to customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Open mortgage book1
|
298.5
|
|
|
298.3
|
|
|
|
|
297.9
|
|
|
|
|
299.6
|
|
|
|
Closed mortgage book1
|
7.7
|
|
|
8.1
|
|
|
(5)
|
|
8.5
|
|
|
(9)
|
|
11.6
|
|
|
(34)
|
Credit cards
|
15.1
|
|
|
15.1
|
|
|
|
|
14.9
|
|
|
1
|
|
14.3
|
|
|
6
|
UK Retail unsecured loans1
|
6.9
|
|
|
9.5
|
|
|
(27)
|
|
9.3
|
|
|
(26)
|
|
8.7
|
|
|
(21)
|
UK Motor Finance
|
15.3
|
|
|
15.1
|
|
|
1
|
|
14.9
|
|
|
3
|
|
14.3
|
|
|
7
|
Overdrafts
|
1.1
|
|
|
1.0
|
|
|
10
|
|
1.0
|
|
|
10
|
|
1.0
|
|
|
10
|
Wealth
|
0.9
|
|
|
0.9
|
|
|
|
|
0.9
|
|
|
|
|
0.9
|
|
|
|
Retail other2
|
15.7
|
|
|
15.1
|
|
|
4
|
|
14.5
|
|
|
8
|
|
13.8
|
|
|
14
|
Small and Medium Businesses
|
33.0
|
|
|
34.2
|
|
|
(4)
|
|
35.5
|
|
|
(7)
|
|
37.7
|
|
|
(12)
|
Corporate and Institutional Banking
|
55.6
|
|
|
57.3
|
|
|
(3)
|
|
56.6
|
|
|
(2)
|
|
56.0
|
|
|
(1)
|
Central items3
|
(0.1)
|
|
|
(2.5)
|
|
|
96
|
|
(3.3)
|
|
|
97
|
|
(3.0)
|
|
|
97
|
Loans and advances to customers
|
449.7
|
|
|
452.1
|
|
|
(1)
|
|
450.7
|
|
|
|
|
454.9
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail current accounts
|
102.7
|
|
|
104.6
|
|
|
(2)
|
|
107.8
|
|
|
(5)
|
|
114.0
|
|
|
(10)
|
Retail relationship savings accounts
|
177.7
|
|
|
173.8
|
|
|
2
|
|
169.4
|
|
|
5
|
|
166.3
|
|
|
7
|
Retail tactical savings accounts
|
17.1
|
|
|
17.0
|
|
|
1
|
|
16.5
|
|
|
4
|
|
16.1
|
|
|
6
|
Wealth
|
10.9
|
|
|
11.2
|
|
|
(3)
|
|
12.2
|
|
|
(11)
|
|
14.4
|
|
|
(24)
|
Commercial Banking deposits
|
162.8
|
|
|
163.7
|
|
|
(1)
|
|
163.6
|
|
|
|
|
163.8
|
|
|
(1)
|
Central items
|
0.2
|
|
|
-
|
|
|
|
|
0.3
|
|
|
(33)
|
|
0.7
|
|
|
(71)
|
Customer deposits
|
471.4
|
|
|
470.3
|
|
|
|
|
469.8
|
|
|
|
|
475.3
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets4
|
881.5
|
|
|
893.1
|
|
|
(1)
|
|
882.8
|
|
|
|
|
873.4
|
|
|
1
|
Total liabilities4
|
834.1
|
|
|
848.1
|
|
|
(2)
|
|
838.3
|
|
|
(1)
|
|
829.5
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shareholders' equity4
|
40.3
|
|
|
37.9
|
|
|
6
|
|
37.3
|
|
|
8
|
|
38.4
|
|
|
5
|
Other equity instruments
|
6.9
|
|
|
6.9
|
|
|
|
|
6.9
|
|
|
|
|
5.3
|
|
|
30
|
Non-controlling interests
|
0.2
|
|
|
0.2
|
|
|
|
|
0.3
|
|
|
(33)
|
|
0.2
|
|
|
|
Total equity4
|
47.4
|
|
|
45.0
|
|
|
5
|
|
44.5
|
|
|
7
|
|
43.9
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares in issue, excluding own shares
|
63,508m
|
|
|
63,486m
|
|
|
|
|
64,571m
|
|
|
(2)
|
|
66,944m
|
|
|
(5)
|
Summary income statement
|
2023
£m
|
|
|
20221
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
Net interest income
|
13,298
|
|
|
12,922
|
|
|
3
|
Other income
|
22,107
|
|
|
(18,268)
|
|
|
|
Total income
|
35,405
|
|
|
(5,346)
|
|
|
|
Net finance (expense) income in respect of insurance and investment
contracts
|
(16,776)
|
|
|
20,887
|
|
|
|
Total income, after net finance (expense) income in respect of
insurance and investment contracts
|
18,629
|
|
|
15,541
|
|
|
20
|
Operating expenses
|
(10,823)
|
|
|
(9,237)
|
|
|
(17)
|
Impairment
|
(303)
|
|
|
(1,522)
|
|
|
80
|
Profit before tax
|
7,503
|
|
|
4,782
|
|
|
57
|
Tax expense
|
(1,985)
|
|
|
(859)
|
|
|
|
Profit for the year
|
5,518
|
|
|
3,923
|
|
|
41
|
|
|
|
|
|
|
|
|
Profit attributable to ordinary shareholders
|
4,933
|
|
|
3,389
|
|
|
46
|
Profit attributable to other equity holders
|
527
|
|
|
438
|
|
|
20
|
Profit attributable to non-controlling interests
|
58
|
|
|
96
|
|
|
(40)
|
Profit for the year
|
5,518
|
|
|
3,923
|
|
|
41
|
|
|
|
|
|
|
|
|
Ordinary shares in issue (weighted-average - basic)
|
64,953m
|
|
|
68,847m
|
|
|
(6)
|
Basic earnings per share
|
7.6p
|
|
|
4.9p
|
|
|
2.7p
|
Summary balance sheet
|
At 31 Dec
2023
£m
|
|
|
At 31
Dec
20221
£m
|
|
|
Change
%
|
Assets
|
|
|
|
|
|
|
|
Cash and balances at central banks
|
78,110
|
|
|
91,388
|
|
|
(15)
|
Financial assets at fair value through profit or loss
|
203,318
|
|
|
180,769
|
|
|
12
|
Derivative financial instruments
|
22,356
|
|
|
24,753
|
|
|
(10)
|
Financial assets at amortised cost
|
514,635
|
|
|
520,322
|
|
|
(1)
|
Financial assets at fair value through other comprehensive
income
|
27,592
|
|
|
23,154
|
|
|
19
|
Other assets
|
35,442
|
|
|
33,008
|
|
|
7
|
Total assets
|
881,453
|
|
|
873,394
|
|
|
1
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
Deposits from banks
|
6,153
|
|
|
7,266
|
|
|
(15)
|
Customer deposits
|
471,396
|
|
|
475,331
|
|
|
(1)
|
Repurchase agreements at amortised cost
|
37,703
|
|
|
48,596
|
|
|
(22)
|
Financial liabilities at fair value through profit or
loss
|
24,914
|
|
|
17,755
|
|
|
40
|
Derivative financial instruments
|
20,149
|
|
|
24,042
|
|
|
(16)
|
Debt securities in issue at amortised cost
|
75,592
|
|
|
73,819
|
|
|
2
|
Liabilities arising from insurance and participating investment
contracts
|
120,123
|
|
|
110,278
|
|
|
9
|
Liabilities arising from non-participating investment
contracts
|
44,978
|
|
|
39,476
|
|
|
14
|
Other liabilities
|
22,827
|
|
|
22,190
|
|
|
3
|
Subordinated liabilities
|
10,253
|
|
|
10,730
|
|
|
(4)
|
Total liabilities
|
834,088
|
|
|
829,483
|
|
|
1
|
Total equity
|
47,365
|
|
|
43,911
|
|
|
8
|
Total equity and liabilities
|
881,453
|
|
|
873,394
|
|
|
1
|
|
2023
£m
|
|
|
2022
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
Underlying net interest income
|
13,765
|
|
|
13,172
|
|
|
5
|
Underlying
other income1
|
5,123
|
|
|
4,666
|
|
|
10
|
Operating
lease depreciation2
|
(956)
|
|
|
(373)
|
|
|
|
Net incomeA,1
|
17,932
|
|
|
17,465
|
|
|
3
|
|
|
|
|
|
|
|
|
Banking net interest marginA
|
3.11%
|
|
|
2.94%
|
|
|
17bp
|
Average interest-earning banking assetsA
|
£453.3bn
|
|
|
£452.0bn
|
|
|
|
|
2023
£m
|
|
|
2022
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
Operating costsA,1
|
9,140
|
|
|
8,672
|
|
|
(5)
|
Remediation
|
675
|
|
|
255
|
|
|
|
Total costsA,1
|
9,815
|
|
|
8,927
|
|
|
(10)
|
|
|
|
|
|
|
|
|
Cost:income ratioA,1
|
54.7%
|
|
|
51.1%
|
|
|
3.6pp
|
|
2023
£m
|
|
|
2022
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
Charges
(credits) pre-updated MES1
|
|
|
|
|
|
|
|
Retail
|
1,064
|
|
|
773
|
|
|
(38)
|
Commercial
Banking
|
(487)
|
|
|
122
|
|
|
|
Other
|
(12)
|
|
|
20
|
|
|
|
|
565
|
|
|
915
|
|
|
38
|
Updated economic outlook
|
|
|
|
|
|
|
|
Retail
|
(233)
|
|
|
600
|
|
|
|
Commercial
Banking
|
(24)
|
|
|
395
|
|
|
|
Other
|
-
|
|
|
(400)
|
|
|
|
|
(257)
|
|
|
595
|
|
|
|
Underlying
impairment chargeA
|
308
|
|
|
1,510
|
|
|
80
|
|
|
|
|
|
|
|
|
Asset
quality ratioA
|
0.07%
|
|
|
0.32%
|
|
|
(25)bp
|
Total
expected credit loss allowance (at end of year)A
|
4,337
|
|
|
5,284
|
|
|
18
|
|
2023
£m
|
|
|
2022
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
Underlying profitA,1
|
7,809
|
|
|
7,028
|
|
|
11
|
Restructuring
|
(154)
|
|
|
(80)
|
|
|
(93)
|
Volatility and other items1
|
|
|
|
|
|
|
|
Market volatility and asset
sales1
|
35
|
|
|
(1,978)
|
|
|
|
Amortisation
of purchased intangibles
|
(80)
|
|
|
(70)
|
|
|
(14)
|
Fair
value unwind
|
(107)
|
|
|
(118)
|
|
|
9
|
|
(152)
|
|
|
(2,166)
|
|
|
93
|
Statutory profit before
tax1
|
7,503
|
|
|
4,782
|
|
|
57
|
Tax expense1
|
(1,985)
|
|
|
(859)
|
|
|
|
Statutory profit after
tax1
|
5,518
|
|
|
3,923
|
|
|
41
|
|
|
|
|
|
|
|
|
Earnings per share1
|
7.6p
|
|
|
4.9p
|
|
|
2.7p
|
Return on tangible equityA,1
|
15.8%
|
|
|
9.8%
|
|
|
6.0pp
|
Tangible net assets per shareA,1
|
50.8p
|
|
|
46.5p
|
|
|
4.3p
|
|
At 31 Dec
2023
|
|
|
At 31 Dec
2022
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
Loans and advances to customers
|
£449.7bn
|
|
|
£454.9bn
|
|
|
(1)
|
Customer deposits
|
£471.4bn
|
|
|
£475.3bn
|
|
|
(1)
|
Loan to deposit ratioA
|
95%
|
|
|
96%
|
|
|
(1)pp
|
|
|
|
|
|
|
|
|
Wholesale funding
|
£98.7bn
|
|
|
£100.3bn
|
|
|
(2)
|
Wholesale funding <1 year maturity
|
£35.1bn
|
|
|
£37.5bn
|
|
|
(6)
|
Of which money market funding <1 year
maturity1
|
£23.8bn
|
|
|
£24.8bn
|
|
|
(4)
|
Liquidity coverage ratio - eligible assets2
|
£136.0bn
|
|
|
£144.7bn
|
|
|
(6)
|
Liquidity coverage ratio3
|
142%
|
|
|
144%
|
|
|
(2)pp
|
Net
stable funding ratio4
|
130%
|
|
|
130%
|
|
|
|
|
At 31 Dec
2023
|
|
|
At 31 Dec
2022
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
CET1 ratio
|
14.6%
|
|
|
15.1%
|
|
|
(0.5)pp
|
Pro forma CET1 ratioA,1
|
13.7%
|
|
|
14.1%
|
|
|
(0.4)pp
|
UK leverage ratio
|
5.8%
|
|
|
5.6%
|
|
|
0.2pp
|
Risk-weighted assets
|
£219.1bn
|
|
|
£210.9bn
|
|
|
4
|
Pro forma CET1 ratio as at 31 December
20221
|
14.1%
|
Banking build (including impairment charge) (bps)
|
237
|
Insurance dividend (bps)
|
12
|
Risk-weighted assets (bps)
|
(25)
|
Fixed pension deficit contributions (bps)
|
(30)
|
Other
movements (bps)2
|
29
|
Capital generation (bps)
|
223
|
Retail secured CRD IV model updates and phased unwind of IFRS 9
transitional relief (bps)
|
(50)
|
Capital generation (post CRD IV and transitional headwinds)
(bps)
|
173
|
Tusker acquisition (bps)
|
(21)
|
Ordinary dividend (bps)
|
(86)
|
Share buyback accrual (bps)
|
(98)
|
Variable pension contributions (bps)3
|
(9)
|
Pro forma CET1 ratio as at 31 December
20231
|
13.7%
|
|
2023
£m
|
|
|
2022
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
Underlying net interest income
|
9,647
|
|
|
9,774
|
|
|
(1)
|
Underlying other income
|
2,159
|
|
|
1,731
|
|
|
25
|
Operating lease depreciation
|
(948)
|
|
|
(368)
|
|
|
|
Net income
|
10,858
|
|
|
11,137
|
|
|
(3)
|
Operating costs
|
(5,469)
|
|
|
(5,175)
|
|
|
(6)
|
Remediation
|
(515)
|
|
|
(92)
|
|
|
|
Total costs
|
(5,984)
|
|
|
(5,267)
|
|
|
(14)
|
Underlying profit before impairment
|
4,874
|
|
|
5,870
|
|
|
(17)
|
Underlying impairment charge
|
(831)
|
|
|
(1,373)
|
|
|
39
|
Underlying profit
|
4,043
|
|
|
4,497
|
|
|
(10)
|
|
|
|
|
|
|
|
|
Banking net interest marginA
|
2.73%
|
|
|
2.76%
|
|
|
|
Average interest-earning banking assetsA
|
£365.6bn
|
|
|
£362.0bn
|
|
|
1
|
Asset quality ratioA
|
0.23%
|
|
|
0.38%
|
|
|
(15)bp
|
|
At 31 Dec
2023
£bn
|
|
|
At 31 Dec
2022
£bn
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
Open mortgage book1
|
298.5
|
|
|
299.6
|
|
|
|
Closed mortgage book1
|
7.7
|
|
|
11.6
|
|
|
(34)
|
Credit cards
|
15.1
|
|
|
14.3
|
|
|
6
|
UK Retail unsecured loans1
|
6.9
|
|
|
8.7
|
|
|
(21)
|
UK Motor Finance
|
15.3
|
|
|
14.3
|
|
|
7
|
Overdrafts
|
1.1
|
|
|
1.0
|
|
|
10
|
Wealth
|
0.9
|
|
|
0.9
|
|
|
|
Other2
|
15.7
|
|
|
13.8
|
|
|
14
|
Loans and advances to customers
|
361.2
|
|
|
364.2
|
|
|
(1)
|
Operating lease assets3
|
6.5
|
|
|
4.8
|
|
|
35
|
Total customer assets
|
367.7
|
|
|
369.0
|
|
|
|
|
|
|
|
|
|
|
|
Current accounts
|
102.7
|
|
|
114.0
|
|
|
(10)
|
Relationship savings
|
177.7
|
|
|
166.3
|
|
|
7
|
Tactical savings
|
17.1
|
|
|
16.1
|
|
|
6
|
Wealth
|
10.9
|
|
|
14.4
|
|
|
(24)
|
Customer deposits
|
308.4
|
|
|
310.8
|
|
|
(1)
|
|
|
|
|
|
|
|
|
Risk-weighted assets
|
119.3
|
|
|
111.7
|
|
|
7
|
|
2023
£m
|
|
|
2022
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
Underlying net interest income
|
3,799
|
|
|
3,447
|
|
|
10
|
Underlying other income
|
1,691
|
|
|
1,565
|
|
|
8
|
Operating lease depreciation
|
(8)
|
|
|
(5)
|
|
|
(60)
|
Net income
|
5,482
|
|
|
5,007
|
|
|
9
|
Operating costs
|
(2,647)
|
|
|
(2,496)
|
|
|
(6)
|
Remediation
|
(127)
|
|
|
(133)
|
|
|
5
|
Total costs
|
(2,774)
|
|
|
(2,629)
|
|
|
(6)
|
Underlying profit before impairment
|
2,708
|
|
|
2,378
|
|
|
14
|
Underlying impairment credit (charge)
|
511
|
|
|
(517)
|
|
|
|
Underlying profit
|
3,219
|
|
|
1,861
|
|
|
73
|
|
|
|
|
|
|
|
|
Banking net interest marginA
|
4.63%
|
|
|
3.93%
|
|
|
|
Average interest-earning banking assetsA
|
£86.8bn
|
|
|
£90.0bn
|
|
|
(4)
|
Asset quality ratioA
|
(0.54%)
|
|
|
0.52%
|
|
|
|
|
At 31 Dec
2023
£bn
|
|
|
At 31 Dec
2022
£bn
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
Small and Medium Businesses
|
33.0
|
|
|
37.7
|
|
|
(12)
|
Corporate and Institutional Banking
|
55.6
|
|
|
56.0
|
|
|
(1)
|
Loans and advances to customers
|
88.6
|
|
|
93.7
|
|
|
(5)
|
|
|
|
|
|
|
|
|
Customer deposits
|
162.8
|
|
|
163.8
|
|
|
(1)
|
|
|
|
|
|
|
|
|
Risk-weighted assets
|
74.2
|
|
|
74.3
|
|
|
|
|
2023
£m
|
|
|
20221
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
Underlying net interest income
|
(132)
|
|
|
(101)
|
|
|
(31)
|
Underlying other income
|
1,209
|
|
|
960
|
|
|
26
|
Net income
|
1,077
|
|
|
859
|
|
|
25
|
Operating costs
|
(880)
|
|
|
(879)
|
|
|
|
Remediation
|
(14)
|
|
|
(30)
|
|
|
53
|
Total costs
|
(894)
|
|
|
(909)
|
|
|
2
|
Underlying profit (loss) before impairment
|
183
|
|
|
(50)
|
|
|
|
Underlying
impairment credit (charge)
|
7
|
|
|
(12)
|
|
|
|
Underlying profit (loss)
|
190
|
|
|
(62)
|
|
|
|
|
|
|
|
|
|
|
|
Life and pensions sales (PVNBP)A,2
|
17,449
|
|
|
18,991
|
|
|
(8)
|
New
business value of insurance and participating investment contracts
recognised in the yearA,3
|
|
|
|
|
|
|
|
of
which: deferred to contractual service margin and risk
adjustment
|
173
|
|
|
132
|
|
|
31
|
of
which: losses recognised on initial recognition
|
(20)
|
|
|
(33)
|
|
|
39
|
|
153
|
|
|
99
|
|
|
55
|
Assets
under administration (net flows)4
|
£5.1bn
|
|
|
£8.4bn
|
|
|
(39)
|
General insurance underwritten new gross written
premiumsA
|
124
|
|
|
55
|
|
|
|
General insurance underwritten total gross written
premiumsA
|
579
|
|
|
486
|
|
|
19
|
General insurance combined ratio5
|
106%
|
|
|
113%
|
|
|
(7)pp
|
|
At 31 Dec 2023£bn
|
|
|
At 31 Dec 2022
£bn
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
Insurance Solvency II ratio (pre-dividend)6
|
186%
|
|
|
163%
|
|
|
23pp
|
Total customer assets under administration
|
213.1
|
|
|
197.3
|
|
|
8
|
|
2023
|
|
2022
|
|
Change
|
|
||||||||||||||
|
CSM
£m
|
|
Risk adjustment
£m
|
|
|
Total1
£m
|
|
|
CSM
£m
|
|
Risk adjustment
£m
|
|
|
Total1
£m
|
|
|
Total
£m
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January
|
3,999
|
|
|
1,109
|
|
|
5,108
|
|
|
1,927
|
|
|
1,492
|
|
|
3,419
|
|
|
1,689
|
|
New business written in year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of
which: workplace and retirement account
|
31
|
|
|
47
|
|
|
78
|
|
|
10
|
|
|
45
|
|
|
55
|
|
|
23
|
|
of
which: individual and bulk annuities
|
82
|
|
|
26
|
|
|
108
|
|
|
43
|
|
|
43
|
|
|
86
|
|
|
22
|
|
of
which: protection
|
(19)
|
|
|
6
|
|
|
(13)
|
|
|
(13)
|
|
|
4
|
|
|
(9)
|
|
|
(4)
|
|
|
94
|
|
|
79
|
|
|
173
|
|
|
40
|
|
|
92
|
|
|
132
|
|
|
41
|
|
Release to income statement
|
(310)
|
|
|
(77)
|
|
|
(387)
|
|
|
(229)
|
|
|
(90)
|
|
|
(319)
|
|
|
(68)
|
|
Other2
|
412
|
|
|
(1)
|
|
|
411
|
|
|
2,261
|
|
|
(385)
|
|
|
1,876
|
|
|
(1,465)
|
|
At 31 December
|
4,195
|
|
|
1,110
|
|
|
5,305
|
|
|
3,999
|
|
|
1,109
|
|
|
5,108
|
|
|
197
|
|
|
2023
£m
|
|
|
20221
£m
|
|
|
|
|
|
|
|
Insurance volatility
|
198
|
|
|
(822)
|
|
Policyholder interests volatility
|
116
|
|
|
(205)
|
|
Total volatility
|
314
|
|
|
(1,027)
|
|
Insurance hedging arrangements
|
(422)
|
|
|
351
|
|
Total2
|
(108)
|
|
|
(676)
|
|
|
2023
£m
|
|
|
20221
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
Net income
|
515
|
|
|
462
|
|
|
11
|
Operating costs
|
(144)
|
|
|
(122)
|
|
|
(18)
|
Remediation
|
(19)
|
|
|
-
|
|
|
|
Total costs
|
(163)
|
|
|
(122)
|
|
|
(34)
|
Underlying profit before impairment
|
352
|
|
|
340
|
|
|
4
|
Underlying impairment credit
|
5
|
|
|
392
|
|
|
(99)
|
Underlying profit
|
357
|
|
|
732
|
|
|
(51)
|
2023
|
Retail
£m
|
|
Commercial
Banking
£m
|
Insurance,
Pensions and
Investments
£m
|
|
Equity
Investments
and Central
Items
£m
|
|
|
Group
£m
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying net interest income
|
9,647
|
|
|
3,799
|
|
|
(132)
|
|
|
451
|
|
|
13,765
|
|
Underlying other income
|
2,159
|
|
|
1,691
|
|
|
1,209
|
|
|
64
|
|
|
5,123
|
|
Operating lease depreciation
|
(948)
|
|
|
(8)
|
|
|
-
|
|
|
-
|
|
|
(956)
|
|
Net income
|
10,858
|
|
|
5,482
|
|
|
1,077
|
|
|
515
|
|
|
17,932
|
|
Operating costs
|
(5,469)
|
|
|
(2,647)
|
|
|
(880)
|
|
|
(144)
|
|
|
(9,140)
|
|
Remediation
|
(515)
|
|
|
(127)
|
|
|
(14)
|
|
|
(19)
|
|
|
(675)
|
|
Total costs
|
(5,984)
|
|
|
(2,774)
|
|
|
(894)
|
|
|
(163)
|
|
|
(9,815)
|
|
Underlying profit before impairment
|
4,874
|
|
|
2,708
|
|
|
183
|
|
|
352
|
|
|
8,117
|
|
Underlying impairment (charge) credit
|
(831)
|
|
|
511
|
|
|
7
|
|
|
5
|
|
|
(308)
|
|
Underlying profit
|
4,043
|
|
|
3,219
|
|
|
190
|
|
|
357
|
|
|
7,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking net interest marginA
|
2.73%
|
|
|
4.63%
|
|
|
|
|
|
|
|
|
3.11%
|
|
Average interest-earning banking assetsA
|
£365.6bn
|
|
|
£86.8bn
|
|
|
-
|
|
|
£0.9bn
|
|
|
£453.3bn
|
|
Asset quality ratioA
|
0.23%
|
|
|
(0.54)%
|
|
|
|
|
|
|
|
|
0.07%
|
|
Loans and advances to customers1
|
£361.2bn
|
|
|
£88.6bn
|
|
|
-
|
|
|
(£0.1bn)
|
|
|
£449.7bn
|
|
Customer deposits
|
£308.4bn
|
|
|
£162.8bn
|
|
|
-
|
|
|
£0.2bn
|
|
|
£471.4bn
|
|
Risk-weighted assets
|
£119.3bn
|
|
|
£74.2bn
|
|
|
£0.2bn
|
|
|
£25.4bn
|
|
|
£219.1bn
|
|
2022
|
Retail
£m
|
|
Commercial
Banking
£m
|
Insurance,
Pensions
and
Investments2
£m
|
|
Equity
Investments and Central
Items2
£m
|
|
|
Group2
£m
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying net interest income
|
9,774
|
|
|
3,447
|
|
|
(101)
|
|
|
52
|
|
|
13,172
|
|
Underlying other income
|
1,731
|
|
|
1,565
|
|
|
960
|
|
|
410
|
|
|
4,666
|
|
Operating lease depreciation
|
(368)
|
|
|
(5)
|
|
|
-
|
|
|
-
|
|
|
(373)
|
|
Net income
|
11,137
|
|
|
5,007
|
|
|
859
|
|
|
462
|
|
|
17,465
|
|
Operating costs
|
(5,175)
|
|
|
(2,496)
|
|
|
(879)
|
|
|
(122)
|
|
|
(8,672)
|
|
Remediation
|
(92)
|
|
|
(133)
|
|
|
(30)
|
|
|
-
|
|
|
(255)
|
|
Total costs
|
(5,267)
|
|
|
(2,629)
|
|
|
(909)
|
|
|
(122)
|
|
|
(8,927)
|
|
Underlying profit (loss) before impairment
|
5,870
|
|
|
2,378
|
|
|
(50)
|
|
|
340
|
|
|
8,538
|
|
Underlying impairment (charge) credit
|
(1,373)
|
|
|
(517)
|
|
|
(12)
|
|
|
392
|
|
|
(1,510)
|
|
Underlying profit (loss)
|
4,497
|
|
|
1,861
|
|
|
(62)
|
|
|
732
|
|
|
7,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking net interest marginA
|
2.76%
|
|
|
3.93%
|
|
|
|
|
|
|
|
|
2.94%
|
|
Average interest-earning banking assetsA
|
£362.0bn
|
|
|
£90.0bn
|
|
|
-
|
|
|
-
|
|
|
£452.0bn
|
|
Asset quality ratioA
|
0.38%
|
|
|
0.52%
|
|
|
|
|
|
|
|
|
0.32%
|
|
Loans and advances to customers1
|
£364.2bn
|
|
|
£93.7bn
|
|
|
-
|
|
|
(£3.0bn)
|
|
|
£454.9bn
|
|
Customer deposits
|
£310.8bn
|
|
|
£163.8bn
|
|
|
-
|
|
|
£0.7bn
|
|
|
£475.3bn
|
|
Risk-weighted assets
|
£111.7bn
|
|
|
£74.3bn
|
|
|
£0.1bn
|
|
|
£24.8bn
|
|
|
£210.9bn
|
|
|
|
|
|
|
|
|
Asset quality ratio
|
|
|
The underlying impairment charge or credit for the period in
respect of loans and advances to customers, both drawn and undrawn,
expressed as a percentage of average gross loans and advances to
customers for the period. This measure is useful in assessing the
credit quality of the loan book.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking net interest margin
|
|
|
Banking net interest income on customer and product balances in the
banking businesses as a percentage of average gross
interest-earning banking assets for the period. This measure is
useful in assessing the profitability of the banking
business.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost:income ratio
|
|
|
Total costs as a percentage of net income calculated on an
underlying basis. This measure is useful in assessing the
profitability of the Group's operations before the effects of the
underlying impairment credit or charge.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums
|
|
|
Gross written premiums is a measure of the volume of General
Insurance business written during the period. This measure is
useful for assessing the growth of the General Insurance
business.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life and pensions sales (present value of new business
premiums)
|
|
|
Present value of regular premiums plus single premiums from new
business written in the current period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan to deposit ratio
|
|
|
Loans and advances to customers divided by customer
deposits.
|
|
|
|
|
|
|
|
|
Operating costs
|
|
|
Operating expenses adjusted to remove the impact of remediation,
restructuring costs, operating lease depreciation, the amortisation
of purchased intangibles, the insurance gross up and other
statutory items.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New business value
|
|
|
This represents the value added to the contractual service margin
and risk adjustment at the initial recognition of new contracts,
net of acquisition expenses (derived from the statutory balance
sheet movements) and any loss component on onerous contracts (which
is recognised directly in the income statement) but does not
include existing business increments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma CET1 ratio
|
|
|
CET1 ratio adjusted for the effects of the dividend paid up by the
Insurance business in the subsequent quarter and the full impact of
the announced ordinary share buyback programme.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on tangible equity
|
|
|
Profit attributable to ordinary shareholders, divided by average
tangible net assets. This measure is useful in providing a
consistent basis with which to measure the Group's
performance.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible net assets per share
|
|
|
Net assets excluding intangible assets such as goodwill and
acquisition-related intangibles divided by the number of ordinary
shares in issue. This measure is useful in assessing shareholder
value.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying profit before impairment
|
|
|
Underlying profit adjusted to remove the underlying impairment
credit or charge. This measure is useful in allowing for a
comparable representation of the Group's performance before the
effects of the forward-looking underlying impairment credit or
charge.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying profit
|
|
|
Statutory profit before tax adjusted for certain items as detailed
above. This measure allows for a comparable representation of the
Group's performance by removing the impact of certain items
including volatility caused by market movements outside the control
of management.
|
|
|
|
|
|
|
|
Statutory basis
|
|
|
Removal of:
|
|
Underlying basisA
|
||||||||
|
£m
|
|
|
Volatility
and other
items1,2
£m
|
|
|
Insurance
gross up3
£m
|
|
|
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
13,298
|
|
|
479
|
|
|
(12)
|
|
|
13,765
|
|
|
Underlying net interest income
|
Other income, net of net finance
income (expense) in respect of insurance
and investment contracts
|
5,331
|
|
|
(447)
|
|
|
239
|
|
|
5,123
|
|
|
Underlying other income
|
|
|
|
|
(956)
|
|
|
-
|
|
|
(956)
|
|
|
Operating lease depreciation
|
Total income, after net finance income (expense) in respect of
insurance and investment contracts
|
18,629
|
|
|
(924)
|
|
|
227
|
|
|
17,932
|
|
|
Net income
|
Operating
expenses4
|
(10,823)
|
|
|
1,235
|
|
|
(227)
|
|
|
(9,815)
|
|
|
Total costs
|
Impairment charge
|
(303)
|
|
|
(5)
|
|
|
-
|
|
|
(308)
|
|
|
Underlying impairment charge
|
Profit before tax
|
7,503
|
|
|
306
|
|
|
-
|
|
|
7,809
|
|
|
Underlying profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
12,922
|
|
|
226
|
|
|
24
|
|
|
13,172
|
|
|
Underlying net interest income
|
Other income, net of net finance
income in respect of insurance
and investment contracts
|
2,619
|
|
|
1,846
|
|
|
201
|
|
|
4,666
|
|
|
Underlying other income
|
|
|
|
|
(373)
|
|
|
-
|
|
|
(373)
|
|
|
Operating lease depreciation
|
Total income, after net finance
income in respect of insurance
and investment contracts
|
15,541
|
|
|
1,699
|
|
|
225
|
|
|
17,465
|
|
|
Net income
|
Operating
expenses4
|
(9,237)
|
|
|
535
|
|
|
(225)
|
|
|
(8,927)
|
|
|
Total costs
|
Impairment (charge) credit
|
(1,522)
|
|
|
12
|
|
|
-
|
|
|
(1,510)
|
|
|
Underlying impairment charge
|
Profit before tax
|
4,782
|
|
|
2,246
|
|
|
-
|
|
|
7,028
|
|
|
Underlying profit
|
|
2023
|
|
|
2022
|
|
|
|
|
|
|
|
Asset quality ratioA
|
|
|
|
|
|
Underlying impairment charge (£m)
|
(308)
|
|
|
(1,510)
|
|
Remove non-customer underlying impairment (£m)
|
(13)
|
|
|
27
|
|
Underlying customer related impairment charge
(£m)
|
(321)
|
|
|
(1,483)
|
|
|
|
|
|
|
|
Loans and advances to customers (£bn)
|
449.7
|
|
|
454.9
|
|
Add back:
|
|
|
|
|
|
Expected
credit loss allowance (drawn) (£bn)
|
3.7
|
|
|
4.5
|
|
Acquisition
related fair value adjustments (£bn)
|
0.3
|
|
|
0.4
|
|
Underlying gross loans and advances to customers
(£bn)
|
453.7
|
|
|
459.8
|
|
Averaging (£bn)
|
3.1
|
|
|
(2.9)
|
|
Average underlying gross loans and advances to customers
(£bn)
|
456.8
|
|
|
456.9
|
|
|
|
|
|
|
|
Asset quality ratioA
|
0.07%
|
|
|
0.32%
|
|
|
|
|
|
|
|
Banking net interest marginA
|
|
|
|
|
|
Underlying net interest income (£m)
|
13,765
|
|
|
13,172
|
|
Remove non-banking underlying net interest expense
(£m)
|
311
|
|
|
111
|
|
Banking underlying net interest income (£m)
|
14,076
|
|
|
13,283
|
|
|
|
|
|
|
|
Underlying gross loans and advances to customers
(£bn)
|
453.7
|
|
|
459.8
|
|
Adjustment for non-banking and other items:
|
|
|
|
|
|
Fee-based
loans and advances (£bn)
|
(8.9)
|
|
|
(8.4)
|
|
Other
(£bn)
|
4.2
|
|
|
5.0
|
|
Interest-earning banking assets (£bn)
|
449.0
|
|
|
456.4
|
|
Averaging (£bn)
|
4.3
|
|
|
(4.4)
|
|
Average interest-earning banking assetsA (£bn)
|
453.3
|
|
|
452.0
|
|
|
|
|
|
|
|
Banking net interest marginA
|
3.11%
|
|
|
2.94%
|
|
|
|
|
|
|
|
Cost:income ratioA
|
|
|
|
|
|
Operating costsA,1 (£m)
|
9,140
|
|
|
8,672
|
|
Remediation (£m)
|
675
|
|
|
255
|
|
Total costs1 (£m)
|
9,815
|
|
|
8,927
|
|
Net income1 (£m)
|
17,932
|
|
|
17,465
|
|
|
|
|
|
|
|
Cost:income ratioA,1
|
54.7%
|
|
|
51.1%
|
|
|
|
|
|
|
|
Operating costsA
|
|
|
|
|
|
Operating expenses1 (£m)
|
10,823
|
|
|
9,237
|
|
Adjustment for:
|
|
|
|
|
|
Remediation
(£m)
|
(675)
|
|
|
(255)
|
|
Restructuring
(£m)
|
(154)
|
|
|
(80)
|
|
Operating
lease depreciation (£m)
|
(956)
|
|
|
(373)
|
|
Amortisation
of purchased intangibles (£m)
|
(80)
|
|
|
(70)
|
|
Insurance gross
up1 (£m)
|
227
|
|
|
225
|
|
Other
statutory items (£m)
|
(45)
|
|
|
(12)
|
|
Operating costsA,1 (£m)
|
9,140
|
|
|
8,672
|
|
|
2023
|
|
|
20221
|
|
|
|
|
|
|
|
Return on tangible equityA
|
|
|
|
|
|
Profit attributable to ordinary shareholders (£m)
|
4,933
|
|
|
3,389
|
|
|
|
|
|
|
|
Average ordinary shareholders' equity (£bn)
|
38.9
|
|
|
41.3
|
|
Remove average goodwill and other intangible assets
(£bn)
|
(7.7)
|
|
|
(6.7)
|
|
Average tangible equity (£bn)
|
31.2
|
|
|
34.6
|
|
|
|
|
|
|
|
Return on tangible equityA
|
15.8%
|
|
|
9.8%
|
|
|
|
|
|
|
|
Underlying profit before impairmentA
|
|
|
|
|
|
Statutory profit before tax (£m)
|
7,503
|
|
|
4,782
|
|
Remove impairment charge (£m)
|
303
|
|
|
1,522
|
|
Remove volatility and other items including restructuring
(£m)
|
311
|
|
|
2,234
|
|
Underlying profit before impairmentA (£m)
|
8,117
|
|
|
8,538
|
|
|
|
|
|
|
|
Life and pensions sales (present value of new business
premiums)A
|
|
|
|
|
|
Total net earned premiums (£m)
|
9,768
|
|
|
8,861
|
|
Investment sales (£m)
|
10,615
|
|
|
11,024
|
|
Effect of capitalisation factor (£m)
|
3,426
|
|
|
4,687
|
|
Effect of annualisation (£m)
|
455
|
|
|
358
|
|
Gross premiums from existing long-term business
(£m)
|
(6,815)
|
|
|
(5,939)
|
|
Life and pensions sales (present value of new business
premiums)A (£m)
|
17,449
|
|
|
18,991
|
|
|
|
2023
£m
|
|
|
2022
£m
|
|
|
|
|
|
|
|
|
New business value of insurance and participating investment
contracts recognised in the yearA
|
|
|
|
|
|
|
Contractual service margin
|
|
92
|
|
|
1,793
|
|
Risk adjustment for non-financial risk
|
|
86
|
|
|
646
|
|
Losses recognised on initial recognition
|
|
(71)
|
|
|
(75)
|
|
|
|
107
|
|
|
2,364
|
|
Impacts of reinsurance contracts recognised in the
year
|
|
29
|
|
|
15
|
|
Increments, single premiums and transfers received on workplace
pension contracts initially recognised in the year
|
|
17
|
|
|
-
|
|
Amounts relating to contracts modified to add a drawdown feature
and recognised as new contracts
|
|
-
|
|
|
(2,280)
|
|
New business value of insurance and participating investment
contracts recognised in the yearA
|
|
153
|
|
|
99
|
|
|
At 31 Dec 2023
|
|
|
At 31 Dec 2022
|
|
|
|
|
|
|
|
Loan to deposit ratioA
|
|
|
|
|
|
Loans and advances to customers (£bn)
|
449.7
|
|
|
454.9
|
|
Customer deposits (£bn)
|
471.4
|
|
|
475.3
|
|
|
|
|
|
|
|
Loan to deposit ratioA
|
95%
|
|
|
96%
|
|
|
|
|
|
|
|
Pro forma CET1
ratioA
|
|
|
|
|
|
CET1 ratio
|
14.6%
|
|
|
15.1%
|
|
Insurance
dividend and share buyback accrual1
|
(0.9)%
|
|
|
(1.0)%
|
|
Pro forma CET1
ratioA
|
13.7%
|
|
|
14.1%
|
|
|
|
|
|
|
|
Tangible net assets per shareA
|
|
|
|
|
|
Ordinary shareholders' equity2 (£m)
|
40,224
|
|
|
38,370
|
|
Goodwill and other intangible assets (£m)
|
(8,306)
|
|
|
(7,615)
|
|
Deferred
tax effects and other adjustments2 (£m)
|
352
|
|
|
393
|
|
Tangible net assets2 (£m)
|
32,270
|
|
|
31,148
|
|
|
|
|
|
|
|
Ordinary shares in issue, excluding own shares
|
63,508m
|
|
|
66,944m
|
|
|
|
|
|
|
|
Tangible net assets per shareA,2
|
50.8p
|
|
|
46.5p
|
|
|
At 31 Dec
2023
£m
|
|
|
At 31
Dec
2022
£m
|
|
|
|
|
|
|
|
Common equity tier 1
|
|
|
|
|
|
Shareholders' equity per balance sheet1
|
40,224
|
|
|
38,370
|
|
Adjustment to retained earnings for foreseeable
dividends
|
(1,169)
|
|
|
(1,062)
|
|
Deconsolidation adjustments1
|
6,954
|
|
|
6,668
|
|
Cash flow hedging reserve
|
3,766
|
|
|
5,476
|
|
Other adjustments
|
(54)
|
|
|
(80)
|
|
|
49,721
|
|
|
49,372
|
|
less: deductions from common equity tier 1
|
|
|
|
|
|
Goodwill and other intangible assets
|
(5,731)
|
|
|
(4,982)
|
|
Prudent valuation adjustment
|
(417)
|
|
|
(434)
|
|
Removal of defined benefit pension surplus
|
(2,653)
|
|
|
(2,803)
|
|
Significant investments1
|
(4,975)
|
|
|
(4,843)
|
|
Deferred tax assets
|
(4,048)
|
|
|
(4,445)
|
|
Common equity tier 1 capital
|
31,897
|
|
|
31,865
|
|
Additional tier 1
|
|
|
|
|
|
Other equity instruments
|
6,915
|
|
|
5,271
|
|
Preference
shares and preferred securities2
|
466
|
|
|
470
|
|
Regulatory adjustments
|
(466)
|
|
|
(470)
|
|
|
6,915
|
|
|
5,271
|
|
less: deductions from tier 1
|
|
|
|
|
|
Significant investments1
|
(1,100)
|
|
|
(1,100)
|
|
Total tier 1 capital
|
37,712
|
|
|
36,036
|
|
Tier 2
|
|
|
|
|
|
Other
subordinated liabilities2
|
9,787
|
|
|
10,260
|
|
Deconsolidation of instruments issued by insurance
entities1
|
(582)
|
|
|
(1,430)
|
|
Regulatory adjustments
|
(2,514)
|
|
|
(2,323)
|
|
|
6,691
|
|
|
6,507
|
|
less: deductions from tier 2
|
|
|
|
|
|
Significant investments1
|
(964)
|
|
|
(963)
|
|
Total capital resources
|
43,439
|
|
|
41,580
|
|
|
|
|
|
|
|
Ineligible AT1 and tier 2 instruments3
|
(139)
|
|
|
(181)
|
|
Amortised portion of eligible tier 2 instruments issued by Lloyds
Banking Group plc
|
1,113
|
|
|
1,346
|
|
Other eligible liabilities issued by Lloyds Banking Group
plc4
|
25,492
|
|
|
24,085
|
|
Total MREL resources
|
69,905
|
|
|
66,830
|
|
|
|
|
|
|
|
Risk-weighted assets
|
219,130
|
|
|
210,859
|
|
|
|
|
|
|
|
Common equity tier 1 capital ratio
|
14.6%
|
|
|
15.1%
|
|
Tier 1 capital ratio
|
17.2%
|
|
|
17.1%
|
|
Total capital ratio
|
19.8%
|
|
|
19.7%
|
|
MREL ratio
|
31.9%
|
|
|
31.7%
|
|
Common
equity tier 1
£m
|
|
|
|
|
|
At 31 December 2022
|
31,865
|
|
Banking business profits1
|
5,417
|
|
Movement in foreseeable dividend accrual2
|
(109)
|
|
Dividends paid out on ordinary shares during the year
|
(1,651)
|
|
Share buyback reflected through retained profits
|
(1,993)
|
|
Dividends received from the Insurance business3
|
100
|
|
IFRS 9 transitional adjustment to retained earnings
|
(268)
|
|
Pension deficit contributions
|
(768)
|
|
Deferred tax asset
|
397
|
|
Goodwill and other intangible assets
|
(749)
|
|
Significant investments
|
(132)
|
|
Movement in treasury shares and employee share schemes
|
330
|
|
Distributions on other equity instruments
|
(527)
|
|
Other movements
|
(15)
|
|
At 31 December 2023
|
31,897
|
|
|
At 31 Dec
2023
£m
|
|
|
At 31
Dec
2022
£m
|
|
|
|
|
|
|
|
Foundation Internal Ratings Based (IRB) Approach
|
44,504
|
|
|
46,500
|
|
Retail IRB Approach
|
85,459
|
|
|
81,091
|
|
Other IRB Approach1
|
20,941
|
|
|
19,764
|
|
IRB Approach
|
150,904
|
|
|
147,355
|
|
Standardised (STA) Approach1
|
22,074
|
|
|
23,119
|
|
Credit risk
|
172,978
|
|
|
170,474
|
|
Securitisation
|
8,958
|
|
|
6,397
|
|
Counterparty credit risk
|
5,847
|
|
|
5,911
|
|
Credit valuation adjustment risk
|
689
|
|
|
621
|
|
Operational risk
|
26,416
|
|
|
24,241
|
|
Market risk
|
4,242
|
|
|
3,215
|
|
Risk-weighted assets
|
219,130
|
|
|
210,859
|
|
Of which threshold risk-weighted assets2
|
11,028
|
|
|
11,883
|
|
|
At 31 Dec
2023
£m
|
|
|
At 31
Dec
2022
£m
|
|
|
|
|
|
|
|
Total tier 1 capital
|
37,712
|
|
|
36,036
|
|
|
|
|
|
|
|
Exposure measure
|
|
|
|
|
|
Statutory balance sheet assets
|
|
|
|
|
|
Derivative financial instruments
|
22,356
|
|
|
24,753
|
|
Securities financing transactions
|
56,184
|
|
|
56,646
|
|
Loans and advances and other assets1
|
802,913
|
|
|
791,995
|
|
Total assets
|
881,453
|
|
|
873,394
|
|
|
|
|
|
|
|
Qualifying central bank claims
|
(77,625)
|
|
|
(91,125)
|
|
|
|
|
|
|
|
Deconsolidation
adjustments2
|
|
|
|
|
|
Derivative financial instruments
|
585
|
|
|
712
|
|
Loans and advances and other assets1
|
(178,552)
|
|
|
(164,096)
|
|
Total deconsolidation adjustments
|
(177,967)
|
|
|
(163,384)
|
|
|
|
|
|
|
|
Derivatives adjustments
|
(4,896)
|
|
|
(7,414)
|
|
Securities financing transactions adjustments
|
2,262
|
|
|
2,645
|
|
Off-balance sheet items
|
40,942
|
|
|
42,463
|
|
Amounts already deducted from tier 1 capital
|
(12,523)
|
|
|
(12,033)
|
|
Other regulatory adjustments3
|
(4,012)
|
|
|
(5,731)
|
|
Total exposure measure
|
647,634
|
|
|
638,815
|
|
|
|
|
|
|
|
UK leverage ratio
|
5.8 %
|
|
|
5.6%
|
|
|
|
|
|
|
|
Leverage exposure measure (including central bank
claims)
|
725,259
|
|
|
729,940
|
|
Leverage ratio (including central bank claims)
|
5.2 %
|
|
|
4.9%
|
|
|
|
|
|
|
|
Total MREL resources
|
69,905
|
|
|
66,830
|
|
MREL leverage ratio
|
10.8 %
|
|
|
10.5%
|
|
Loans and
advances to
customers
£m
|
Loans and
advances
to banks
£m
|
|
Debt
securities
£m
|
Financial
assets at
fair value
through other
comprehensive
income
£m
|
|
Other
£m
|
|
Undrawn
balances
£m
|
|
2023£m
|
|
2022
£m
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
822
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9
|
|
831
|
|
1,373
|
Commercial
Banking
|
(501)
|
|
(5)
|
|
1
|
|
3
|
|
-
|
|
(9)
|
|
(511)
|
|
517
|
Insurance,
Pensions and
Investments
|
-
|
|
(2)
|
|
-
|
|
-
|
|
(10)
|
|
-
|
|
(12)
|
|
24
|
Equity Investments
and Central Items
|
-
|
|
-
|
|
-
|
|
(5)
|
|
-
|
|
-
|
|
(5)
|
|
(392)
|
Total impairment charge (credit)
|
321
|
|
(7)
|
|
1
|
|
(2)
|
|
(10)
|
|
-
|
|
303
|
|
1,522
|
Loans and
advances to
customers
£m
|
Loans and
advances
to banks
£m
|
|
Debt
securities
£m
|
Financial
assets at
fair value
through other
comprehensive
income
£m
|
|
Other
£m
|
|
Undrawn
balances
£m
|
|
2023£m
|
|
2022
£m
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
822
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9
|
|
831
|
|
1,373
|
Commercial
Banking
|
(501)
|
|
(5)
|
|
1
|
|
3
|
|
-
|
|
(9)
|
|
(511)
|
|
517
|
Insurance,
Pensions and
Investments
|
-
|
|
(2)
|
|
-
|
|
-
|
|
(5)
|
|
-
|
|
(7)
|
|
12
|
Equity Investments
and Central Items
|
-
|
|
-
|
|
-
|
|
(5)
|
|
-
|
|
-
|
|
(5)
|
|
(392)
|
Total underlying impairment
charge (credit)
|
321
|
|
(7)
|
|
1
|
|
(2)
|
|
(5)
|
|
-
|
|
308
|
|
1,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
quality ratioA
|
|
|
|
|
|
|
|
|
|
|
|
|
0.07%
|
|
0.32%
|
|
Statutory basis
|
|
Underlying basisA
|
||||||||
|
At 31 Dec 2023£m
|
|
|
At 31 Dec2022£m
|
|
|
At 31 Dec 2023£m
|
|
|
At 31 Dec2022£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer related balances
|
|
|
|
|
|
|
|
|
|
|
|
Drawn
|
3,717
|
|
|
4,518
|
|
|
3,970
|
|
|
4,899
|
|
Undrawn
|
322
|
|
|
323
|
|
|
322
|
|
|
323
|
|
|
4,039
|
|
|
4,841
|
|
|
4,292
|
|
|
5,222
|
|
Loans and advances to banks
|
8
|
|
|
15
|
|
|
8
|
|
|
15
|
|
Debt securities
|
11
|
|
|
9
|
|
|
11
|
|
|
9
|
|
Other assets
|
26
|
|
|
38
|
|
|
26
|
|
|
38
|
|
Total expected credit loss allowance
|
4,084
|
|
|
4,903
|
|
|
4,337
|
|
|
5,284
|
|
|
Gross loans and advances to customers
|
|
Expected credit loss allowance on drawn balances
|
||||||||||||||||||||||||||
|
Stage 1
£m
|
|
|
Stage 2
£m
|
|
|
Stage 3
£m
|
|
|
POCI
£m
|
|
|
Total
£m
|
|
|
Stage 1
£m
|
|
|
Stage 2
£m
|
|
|
Stage 3
£m
|
|
|
POCI
£m
|
|
|
Total
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying
basisA
|
387,060
|
|
|
56,545
|
|
|
10,110
|
|
|
-
|
|
|
453,715
|
|
|
901
|
|
|
1,532
|
|
|
1,537
|
|
|
-
|
|
|
3,970
|
|
POCI assets
|
(1,766)
|
|
|
(3,378)
|
|
|
(2,963)
|
|
|
8,107
|
|
|
-
|
|
|
(1)
|
|
|
(65)
|
|
|
(400)
|
|
|
466
|
|
|
-
|
|
Acquisition fairvalue adjustment
|
-
|
|
|
-
|
|
|
-
|
|
|
(253)
|
|
|
(253)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(253)
|
|
|
(253)
|
|
|
(1,766)
|
|
|
(3,378)
|
|
|
(2,963)
|
|
|
7,854
|
|
|
(253)
|
|
|
(1)
|
|
|
(65)
|
|
|
(400)
|
|
|
213
|
|
|
(253)
|
|
Statutory basis
|
385,294
|
|
|
53,167
|
|
|
7,147
|
|
|
7,854
|
|
|
453,462
|
|
|
900
|
|
|
1,467
|
|
|
1,137
|
|
|
213
|
|
|
3,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying
basisA
|
383,317
|
|
|
65,728
|
|
|
10,753
|
|
|
-
|
|
|
459,798
|
|
|
700
|
|
|
1,936
|
|
|
2,263
|
|
|
-
|
|
|
4,899
|
|
POCI assets
|
(2,326)
|
|
|
(4,564)
|
|
|
(3,113)
|
|
|
10,003
|
|
|
-
|
|
|
-
|
|
|
(128)
|
|
|
(506)
|
|
|
634
|
|
|
-
|
|
Acquisition fairvalue adjustment
|
-
|
|
|
-
|
|
|
-
|
|
|
(381)
|
|
|
(381)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(381)
|
|
|
(381)
|
|
|
(2,326)
|
|
|
(4,564)
|
|
|
(3,113)
|
|
|
9,622
|
|
|
(381)
|
|
|
-
|
|
|
(128)
|
|
|
(506)
|
|
|
253
|
|
|
(381)
|
|
Statutory basis
|
380,991
|
|
|
61,164
|
|
|
7,640
|
|
|
9,622
|
|
|
459,417
|
|
|
700
|
|
|
1,808
|
|
|
1,757
|
|
|
253
|
|
|
4,518
|
|
|
Opening
ECL at 31
Dec 2022
£m
|
|
|
|
Write-offs
and other1
£m
|
|
|
Income
statement
charge (credit)
£m
|
|
|
|
Net ECL
increase
(decrease)
£m
|
|
|
Closing
ECL at 31
Dec 2023
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK
mortgages2
|
1,209
|
|
|
|
(43)
|
|
|
(51)
|
|
|
|
(94)
|
|
|
1,115
|
|
Credit
cards
|
763
|
|
|
|
(410)
|
|
|
457
|
|
|
|
47
|
|
|
810
|
|
Loans
and overdrafts3
|
678
|
|
|
|
(414)
|
|
|
251
|
|
|
|
(163)
|
|
|
515
|
|
UK
Motor Finance
|
252
|
|
|
|
(79)
|
|
|
169
|
|
|
|
90
|
|
|
342
|
|
Other
|
86
|
|
|
|
(3)
|
|
|
5
|
|
|
|
2
|
|
|
88
|
|
Retail
|
2,988
|
|
|
|
(949)
|
|
|
831
|
|
|
|
(118)
|
|
|
2,870
|
|
Small
and Medium Businesses
|
549
|
|
|
|
(125)
|
|
|
114
|
|
|
|
(11)
|
|
|
538
|
|
Corporate
and Institutional Banking
|
1,320
|
|
|
|
(51)
|
|
|
(625)
|
|
|
|
(676)
|
|
|
644
|
|
Commercial Banking
|
1,869
|
|
|
|
(176)
|
|
|
(511)
|
|
|
|
(687)
|
|
|
1,182
|
|
Insurance, Pensions and Investments
|
40
|
|
|
|
(2)
|
|
|
(12)
|
|
|
|
(14)
|
|
|
26
|
|
Equity Investments and Central Items
|
6
|
|
|
|
5
|
|
|
(5)
|
|
|
|
-
|
|
|
6
|
|
Total4
|
4,903
|
|
|
|
(1,122)
|
|
|
303
|
|
|
|
(819)
|
|
|
4,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening
ECL at 31
Dec 2022
£m
|
|
|
|
Write-offs
and other
£m
|
|
|
Income
statement
charge (credit)
£m
|
|
|
|
Net ECL
increase
(decrease)
£m
|
|
|
Closing
ECL at 31
Dec 2023
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK
mortgages1
|
1,590
|
|
|
|
(171)
|
|
|
(51)
|
|
|
|
(222)
|
|
|
1,368
|
|
Credit
cards
|
763
|
|
|
|
(410)
|
|
|
457
|
|
|
|
47
|
|
|
810
|
|
Loans
and overdrafts2
|
678
|
|
|
|
(414)
|
|
|
251
|
|
|
|
(163)
|
|
|
515
|
|
UK
Motor Finance
|
252
|
|
|
|
(79)
|
|
|
169
|
|
|
|
90
|
|
|
342
|
|
Other
|
86
|
|
|
|
(3)
|
|
|
5
|
|
|
|
2
|
|
|
88
|
|
Retail
|
3,369
|
|
|
|
(1,077)
|
|
|
831
|
|
|
|
(246)
|
|
|
3,123
|
|
Small
and Medium Businesses
|
549
|
|
|
|
(125)
|
|
|
114
|
|
|
|
(11)
|
|
|
538
|
|
Corporate
and Institutional Banking
|
1,320
|
|
|
|
(51)
|
|
|
(625)
|
|
|
|
(676)
|
|
|
644
|
|
Commercial Banking
|
1,869
|
|
|
|
(176)
|
|
|
(511)
|
|
|
|
(687)
|
|
|
1,182
|
|
Insurance, Pensions and Investments
|
40
|
|
|
|
(7)
|
|
|
(7)
|
|
|
|
(14)
|
|
|
26
|
|
Equity Investments and Central Items
|
6
|
|
|
|
5
|
|
|
(5)
|
|
|
|
-
|
|
|
6
|
|
Total3
|
5,284
|
|
|
|
(1,255)
|
|
|
308
|
|
|
|
(947)
|
|
|
4,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2023
|
Stage 1
£m
|
|
|
Stage 2
£m
|
|
|
Stage 3
£m
|
|
|
POCI
£m
|
|
|
Total
£m
|
|
|
Stage 2
as % of
total
|
|
|
Stage 3
as % of
total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and advances to customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK
mortgages
|
256,596
|
|
|
38,533
|
|
|
4,337
|
|
|
7,854
|
|
|
307,320
|
|
|
12.5
|
|
|
1.4
|
|
Credit
cards
|
12,625
|
|
|
2,908
|
|
|
284
|
|
|
-
|
|
|
15,817
|
|
|
18.4
|
|
|
1.8
|
|
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
|
|
Retail
|
305,763
|
|
|
45,180
|
|
|
5,073
|
|
|
7,854
|
|
|
363,870
|
|
|
12.4
|
|
|
1.4
|
|
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 Items1
|
(43)
|
|
|
-
|
|
|
6
|
|
|
-
|
|
|
(37)
|
|
|
|
|
|
|
|
Total gross lending
|
385,294
|
|
|
53,167
|
|
|
7,147
|
|
|
7,854
|
|
|
453,462
|
|
|
11.7
|
|
|
1.6
|
|
ECL allowance on drawn balances
|
(900)
|
|
|
(1,467)
|
|
|
(1,137)
|
|
|
(213)
|
|
|
(3,717)
|
|
|
|
|
|
|
|
Net balance sheet carrying value
|
384,394
|
|
|
51,700
|
|
|
6,010
|
|
|
7,641
|
|
|
449,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer related ECL allowance (drawn and undrawn)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
UK
mortgages
|
169
|
|
|
376
|
|
|
357
|
|
|
213
|
|
|
1,115
|
|
|
|
|
|
|
|
Credit
cards
|
234
|
|
|
446
|
|
|
130
|
|
|
-
|
|
|
810
|
|
|
|
|
|
|
|
Loans
and overdrafts
|
153
|
|
|
244
|
|
|
118
|
|
|
-
|
|
|
515
|
|
|
|
|
|
|
|
UK
Motor Finance2
|
188
|
|
|
91
|
|
|
63
|
|
|
-
|
|
|
342
|
|
|
|
|
|
|
|
Other
|
20
|
|
|
21
|
|
|
47
|
|
|
-
|
|
|
88
|
|
|
|
|
|
|
|
Retail
|
764
|
|
|
1,178
|
|
|
715
|
|
|
213
|
|
|
2,870
|
|
|
|
|
|
|
|
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
|
1,060
|
|
|
1,627
|
|
|
1,139
|
|
|
213
|
|
|
4,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer related ECL allowance (drawn and undrawn) as a percentage
of loans and advances to customers3
|
|
|||||||||||||||||||
UK
mortgages
|
0.1
|
|
|
1.0
|
|
|
8.2
|
|
|
2.7
|
|
|
0.4
|
|
|
|
|
|
|
|
Credit
cards
|
1.9
|
|
|
15.3
|
|
|
45.8
|
|
|
-
|
|
|
5.1
|
|
|
|
|
|
|
|
Loans
and overdrafts
|
2.2
|
|
|
20.6
|
|
|
60.2
|
|
|
-
|
|
|
6.1
|
|
|
|
|
|
|
|
UK
Motor Finance
|
1.4
|
|
|
4.5
|
|
|
56.3
|
|
|
-
|
|
|
2.2
|
|
|
|
|
|
|
|
Other
|
0.1
|
|
|
4.0
|
|
|
32.6
|
|
|
-
|
|
|
0.5
|
|
|
|
|
|
|
|
Retail
|
0.2
|
|
|
2.6
|
|
|
14.1
|
|
|
2.7
|
|
|
0.8
|
|
|
|
|
|
|
|
Small
and Medium Businesses
|
0.5
|
|
|
5.2
|
|
|
10.9
|
|
|
-
|
|
|
1.6
|
|
|
|
|
|
|
|
Corporate
and Institutional Banking
|
0.3
|
|
|
6.2
|
|
|
47.0
|
|
|
-
|
|
|
1.1
|
|
|
|
|
|
|
|
Commercial Banking
|
0.4
|
|
|
5.6
|
|
|
20.3
|
|
|
-
|
|
|
1.3
|
|
|
|
|
|
|
|
Equity Investments and Central Items
|
|
|
|
-
|
|
|
66.7
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total
|
0.3
|
|
|
3.1
|
|
|
15.9
|
|
|
2.7
|
|
|
0.9
|
|
|
|
|
|
|
|
At 31 December 2022
|
Stage 1
£m
|
|
|
Stage 2
£m
|
|
|
Stage 3
£m
|
|
|
POCI
£m
|
|
|
Total
£m
|
|
|
Stage 2
as % of
total
|
|
|
Stage 3
as % of
total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and advances to customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK
mortgages
|
257,517
|
|
|
41,783
|
|
|
3,416
|
|
|
9,622
|
|
|
312,338
|
|
|
13.4
|
|
|
1.1
|
|
Credit
cards
|
11,416
|
|
|
3,287
|
|
|
289
|
|
|
-
|
|
|
14,992
|
|
|
21.9
|
|
|
1.9
|
|
Loans
and overdrafts
|
8,357
|
|
|
1,713
|
|
|
247
|
|
|
-
|
|
|
10,317
|
|
|
16.6
|
|
|
2.4
|
|
UK
Motor Finance
|
12,174
|
|
|
2,245
|
|
|
154
|
|
|
-
|
|
|
14,573
|
|
|
15.4
|
|
|
1.1
|
|
Other
|
13,990
|
|
|
643
|
|
|
157
|
|
|
-
|
|
|
14,790
|
|
|
4.3
|
|
|
1.1
|
|
Retail
|
303,454
|
|
|
49,671
|
|
|
4,263
|
|
|
9,622
|
|
|
367,010
|
|
|
13.5
|
|
|
1.2
|
|
Small
and Medium Businesses
|
30,781
|
|
|
5,654
|
|
|
1,760
|
|
|
-
|
|
|
38,195
|
|
|
14.8
|
|
|
4.6
|
|
Corporate
and Institutional Banking
|
49,728
|
|
|
5,839
|
|
|
1,611
|
|
|
-
|
|
|
57,178
|
|
|
10.2
|
|
|
2.8
|
|
Commercial Banking
|
80,509
|
|
|
11,493
|
|
|
3,371
|
|
|
-
|
|
|
95,373
|
|
|
12.1
|
|
|
3.5
|
|
Equity
Investments and Central Items1
|
(2,972)
|
|
|
-
|
|
|
6
|
|
|
-
|
|
|
(2,966)
|
|
|
|
|
|
|
|
Total gross lending
|
380,991
|
|
|
61,164
|
|
|
7,640
|
|
|
9,622
|
|
|
459,417
|
|
|
13.3
|
|
|
1.7
|
|
ECL allowance on drawn balances
|
(700)
|
|
|
(1,808)
|
|
|
(1,757)
|
|
|
(253)
|
|
|
(4,518)
|
|
|
|
|
|
|
|
Net balance sheet carrying value
|
380,291
|
|
|
59,356
|
|
|
5,883
|
|
|
9,369
|
|
|
454,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer related ECL allowance (drawn and undrawn)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
UK
mortgages
|
92
|
|
|
553
|
|
|
311
|
|
|
253
|
|
|
1,209
|
|
|
|
|
|
|
|
Credit
cards
|
173
|
|
|
477
|
|
|
113
|
|
|
-
|
|
|
763
|
|
|
|
|
|
|
|
Loans
and overdrafts
|
185
|
|
|
367
|
|
|
126
|
|
|
-
|
|
|
678
|
|
|
|
|
|
|
|
UK
Motor Finance2
|
95
|
|
|
76
|
|
|
81
|
|
|
-
|
|
|
252
|
|
|
|
|
|
|
|
Other
|
16
|
|
|
18
|
|
|
52
|
|
|
-
|
|
|
86
|
|
|
|
|
|
|
|
Retail
|
561
|
|
|
1,491
|
|
|
683
|
|
|
253
|
|
|
2,988
|
|
|
|
|
|
|
|
Small
and Medium Businesses
|
129
|
|
|
271
|
|
|
149
|
|
|
-
|
|
|
549
|
|
|
|
|
|
|
|
Corporate
and Institutional Banking
|
144
|
|
|
231
|
|
|
925
|
|
|
-
|
|
|
1,300
|
|
|
|
|
|
|
|
Commercial Banking
|
273
|
|
|
502
|
|
|
1,074
|
|
|
-
|
|
|
1,849
|
|
|
|
|
|
|
|
Equity Investments and Central Items
|
-
|
|
|
-
|
|
|
4
|
|
|
-
|
|
|
4
|
|
|
|
|
|
|
|
Total
|
834
|
|
|
1,993
|
|
|
1,761
|
|
|
253
|
|
|
4,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer
related ECL allowance (drawn and undrawn) as a percentage of loans
and advances to customers3
|
|
|||||||||||||||||||
UK
mortgages
|
-
|
|
|
1.3
|
|
|
9.1
|
|
|
2.6
|
|
|
0.4
|
|
|
|
|
|
|
|
Credit
cards
|
1.5
|
|
|
14.5
|
|
|
39.1
|
|
|
-
|
|
|
5.1
|
|
|
|
|
|
|
|
Loans
and overdrafts
|
2.2
|
|
|
21.4
|
|
|
51.0
|
|
|
-
|
|
|
6.6
|
|
|
|
|
|
|
|
UK
Motor Finance
|
0.8
|
|
|
3.4
|
|
|
52.6
|
|
|
-
|
|
|
1.7
|
|
|
|
|
|
|
|
Other
|
0.1
|
|
|
2.8
|
|
|
33.1
|
|
|
-
|
|
|
0.6
|
|
|
|
|
|
|
|
Retail
|
0.2
|
|
|
3.0
|
|
|
16.0
|
|
|
2.6
|
|
|
0.8
|
|
|
|
|
|
|
|
Small
and Medium Businesses
|
0.4
|
|
|
4.8
|
|
|
8.5
|
|
|
-
|
|
|
1.4
|
|
|
|
|
|
|
|
Corporate
and Institutional Banking
|
0.3
|
|
|
4.0
|
|
|
57.4
|
|
|
-
|
|
|
2.3
|
|
|
|
|
|
|
|
Commercial Banking
|
0.3
|
|
|
4.4
|
|
|
31.9
|
|
|
-
|
|
|
1.9
|
|
|
|
|
|
|
|
Equity Investments and Central Items
|
|
|
|
-
|
|
|
66.7
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total
|
0.2
|
|
|
3.3
|
|
|
23.0
|
|
|
2.6
|
|
|
1.1
|
|
|
|
|
|
|
|
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
|
|
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
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
At 31 December 2022
|
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
|
259,843
|
|
|
46,347
|
|
|
6,529
|
|
|
312,719
|
|
|
14.8
|
|
|
2.1
|
|
Credit
cards
|
11,416
|
|
|
3,287
|
|
|
289
|
|
|
14,992
|
|
|
21.9
|
|
|
1.9
|
|
Loans
and overdrafts
|
8,357
|
|
|
1,713
|
|
|
247
|
|
|
10,317
|
|
|
16.6
|
|
|
2.4
|
|
UK
Motor Finance
|
12,174
|
|
|
2,245
|
|
|
154
|
|
|
14,573
|
|
|
15.4
|
|
|
1.1
|
|
Other
|
13,990
|
|
|
643
|
|
|
157
|
|
|
14,790
|
|
|
4.3
|
|
|
1.1
|
|
Retail1
|
305,780
|
|
|
54,235
|
|
|
7,376
|
|
|
367,391
|
|
|
14.8
|
|
|
2.0
|
|
Small
and Medium Businesses
|
30,781
|
|
|
5,654
|
|
|
1,760
|
|
|
38,195
|
|
|
14.8
|
|
|
4.6
|
|
Corporate
and Institutional Banking
|
49,728
|
|
|
5,839
|
|
|
1,611
|
|
|
57,178
|
|
|
10.2
|
|
|
2.8
|
|
Commercial Banking
|
80,509
|
|
|
11,493
|
|
|
3,371
|
|
|
95,373
|
|
|
12.1
|
|
|
3.5
|
|
Equity
Investments and Central Items2
|
(2,972)
|
|
|
-
|
|
|
6
|
|
|
(2,966)
|
|
|
|
|
|
|
|
Total gross lending
|
383,317
|
|
|
65,728
|
|
|
10,753
|
|
|
459,798
|
|
|
14.3
|
|
|
2.3
|
|
ECL allowance on drawn balances
|
(700)
|
|
|
(1,936)
|
|
|
(2,263)
|
|
|
(4,899)
|
|
|
|
|
|
|
|
Net balance sheet carrying value
|
382,617
|
|
|
63,792
|
|
|
8,490
|
|
|
454,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer related ECL allowance (drawn and undrawn)
|
|||||||||||||||||
UK
mortgages
|
92
|
|
|
681
|
|
|
817
|
|
|
1,590
|
|
|
|
|
|
|
|
Credit
cards
|
173
|
|
|
477
|
|
|
113
|
|
|
763
|
|
|
|
|
|
|
|
Loans
and overdrafts
|
185
|
|
|
367
|
|
|
126
|
|
|
678
|
|
|
|
|
|
|
|
UK
Motor Finance3
|
95
|
|
|
76
|
|
|
81
|
|
|
252
|
|
|
|
|
|
|
|
Other
|
16
|
|
|
18
|
|
|
52
|
|
|
86
|
|
|
|
|
|
|
|
Retail1
|
561
|
|
|
1,619
|
|
|
1,189
|
|
|
3,369
|
|
|
|
|
|
|
|
Small
and Medium Businesses
|
129
|
|
|
271
|
|
|
149
|
|
|
549
|
|
|
|
|
|
|
|
Corporate
and Institutional Banking
|
144
|
|
|
231
|
|
|
925
|
|
|
1,300
|
|
|
|
|
|
|
|
Commercial Banking
|
273
|
|
|
502
|
|
|
1,074
|
|
|
1,849
|
|
|
|
|
|
|
|
Equity Investments and Central Items
|
-
|
|
|
-
|
|
|
4
|
|
|
4
|
|
|
|
|
|
|
|
Total
|
834
|
|
|
2,121
|
|
|
2,267
|
|
|
5,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer
related ECL allowance (drawn and undrawn) as a percentage of loans
and advances to customers4
|
|||||||||||||||||
UK
mortgages
|
-
|
|
|
1.5
|
|
|
12.5
|
|
|
0.5
|
|
|
|
|
|
|
|
Credit
cards
|
1.5
|
|
|
14.5
|
|
|
50.9
|
|
|
5.1
|
|
|
|
|
|
|
|
Loans
and overdrafts
|
2.2
|
|
|
21.4
|
|
|
64.6
|
|
|
6.6
|
|
|
|
|
|
|
|
UK
Motor Finance
|
0.8
|
|
|
3.4
|
|
|
52.6
|
|
|
1.7
|
|
|
|
|
|
|
|
Other
|
0.1
|
|
|
2.8
|
|
|
33.1
|
|
|
0.6
|
|
|
|
|
|
|
|
Retail1
|
0.2
|
|
|
3.0
|
|
|
16.4
|
|
|
0.9
|
|
|
|
|
|
|
|
Small
and Medium Businesses
|
0.4
|
|
|
4.8
|
|
|
12.9
|
|
|
1.5
|
|
|
|
|
|
|
|
Corporate
and Institutional Banking
|
0.3
|
|
|
4.0
|
|
|
57.5
|
|
|
2.3
|
|
|
|
|
|
|
|
Commercial Banking
|
0.3
|
|
|
4.4
|
|
|
38.9
|
|
|
2.0
|
|
|
|
|
|
|
|
Equity Investments and Central Items
|
|
|
|
-
|
|
|
66.7
|
|
|
|
|
|
|
|
|
|
|
Total
|
0.2
|
|
|
3.2
|
|
|
22.6
|
|
|
1.1
|
|
|
|
|
|
|
|
|
Up to date
|
|
1 to 30 days
past due2
|
|
Over 30 days
past due
|
|
Total
|
||||||||||||||||||||||
|
PD movements
|
|
Other1
|
|
|
|
|||||||||||||||||||||||
At 31 December 2023
|
Gross
lending
£m
|
|
|
ECL3
£m
|
|
|
Gross
lending
£m
|
|
|
ECL3
£m
|
|
|
Gross
lending
£m
|
|
|
ECL3
£m
|
|
|
Gross
lending
£m
|
|
|
ECL3
£m
|
|
|
Gross
lending
£m
|
|
|
ECL3
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK
mortgages
|
26,665
|
|
|
146
|
|
|
9,024
|
|
|
133
|
|
|
1,771
|
|
|
52
|
|
|
1,073
|
|
|
45
|
|
|
38,533
|
|
|
376
|
|
Credit
cards
|
2,612
|
|
|
345
|
|
|
145
|
|
|
49
|
|
|
115
|
|
|
34
|
|
|
36
|
|
|
18
|
|
|
2,908
|
|
|
446
|
|
Loans
and overdrafts
|
756
|
|
|
148
|
|
|
279
|
|
|
46
|
|
|
112
|
|
|
34
|
|
|
40
|
|
|
16
|
|
|
1,187
|
|
|
244
|
|
UK
Motor Finance
|
735
|
|
|
30
|
|
|
1,120
|
|
|
30
|
|
|
138
|
|
|
21
|
|
|
34
|
|
|
10
|
|
|
2,027
|
|
|
91
|
|
Other
|
125
|
|
|
5
|
|
|
295
|
|
|
7
|
|
|
52
|
|
|
5
|
|
|
53
|
|
|
4
|
|
|
525
|
|
|
21
|
|
Retail
|
30,893
|
|
|
674
|
|
|
10,863
|
|
|
265
|
|
|
2,188
|
|
|
146
|
|
|
1,236
|
|
|
93
|
|
|
45,180
|
|
|
1,178
|
|
Small
and Medium Businesses
|
3,455
|
|
|
202
|
|
|
590
|
|
|
17
|
|
|
253
|
|
|
8
|
|
|
160
|
|
|
4
|
|
|
4,458
|
|
|
231
|
|
Corporate
and Institutional Banking
|
3,356
|
|
|
214
|
|
|
14
|
|
|
-
|
|
|
28
|
|
|
3
|
|
|
131
|
|
|
1
|
|
|
3,529
|
|
|
218
|
|
Commercial Banking
|
6,811
|
|
|
416
|
|
|
604
|
|
|
17
|
|
|
281
|
|
|
11
|
|
|
291
|
|
|
5
|
|
|
7,987
|
|
|
449
|
|
Total
|
37,704
|
|
|
1,090
|
|
|
11,467
|
|
|
282
|
|
|
2,469
|
|
|
157
|
|
|
1,527
|
|
|
98
|
|
|
53,167
|
|
|
1,627
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK
mortgages
|
29,718
|
|
|
263
|
|
|
9,613
|
|
|
160
|
|
|
1,633
|
|
|
67
|
|
|
819
|
|
|
63
|
|
|
41,783
|
|
|
553
|
|
Credit
cards
|
3,023
|
|
|
386
|
|
|
136
|
|
|
46
|
|
|
98
|
|
|
30
|
|
|
30
|
|
|
15
|
|
|
3,287
|
|
|
477
|
|
Loans
and overdrafts
|
1,311
|
|
|
249
|
|
|
234
|
|
|
53
|
|
|
125
|
|
|
45
|
|
|
43
|
|
|
20
|
|
|
1,713
|
|
|
367
|
|
UK
Motor Finance
|
1,047
|
|
|
28
|
|
|
1,045
|
|
|
23
|
|
|
122
|
|
|
18
|
|
|
31
|
|
|
7
|
|
|
2,245
|
|
|
76
|
|
Other
|
160
|
|
|
5
|
|
|
384
|
|
|
7
|
|
|
54
|
|
|
4
|
|
|
45
|
|
|
2
|
|
|
643
|
|
|
18
|
|
Retail
|
35,259
|
|
|
931
|
|
|
11,412
|
|
|
289
|
|
|
2,032
|
|
|
164
|
|
|
968
|
|
|
107
|
|
|
49,671
|
|
|
1,491
|
|
Small
and Medium Businesses
|
4,081
|
|
|
223
|
|
|
1,060
|
|
|
27
|
|
|
339
|
|
|
13
|
|
|
174
|
|
|
8
|
|
|
5,654
|
|
|
271
|
|
Corporate
and Institutional Banking
|
5,728
|
|
|
229
|
|
|
27
|
|
|
-
|
|
|
30
|
|
|
1
|
|
|
54
|
|
|
1
|
|
|
5,839
|
|
|
231
|
|
Commercial Banking
|
9,809
|
|
|
452
|
|
|
1,087
|
|
|
27
|
|
|
369
|
|
|
14
|
|
|
228
|
|
|
9
|
|
|
11,493
|
|
|
502
|
|
Total
|
45,068
|
|
|
1,383
|
|
|
12,499
|
|
|
316
|
|
|
2,401
|
|
|
178
|
|
|
1,196
|
|
|
116
|
|
|
61,164
|
|
|
1,993
|
|
|
Up to date
|
|
1 to 30 days
past due2
|
|
Over 30 days
past due
|
|
Total
|
||||||||||||||||||||||
|
PD movements
|
|
Other1
|
|
|
|
|||||||||||||||||||||||
At 31 December 2023
|
Gross
lending
£m
|
|
|
ECL3
£m
|
|
|
Gross
lending
£m
|
|
|
ECL3
£m
|
|
|
Gross
lending
£m
|
|
|
ECL3
£m
|
|
|
Gross
lending
£m
|
|
|
ECL3
£m
|
|
|
Gross
lending
£m
|
|
|
ECL3
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK
mortgages
|
28,126
|
|
|
157
|
|
|
9,990
|
|
|
156
|
|
|
2,297
|
|
|
64
|
|
|
1,498
|
|
|
64
|
|
|
41,911
|
|
|
441
|
|
Credit
cards
|
2,612
|
|
|
345
|
|
|
145
|
|
|
49
|
|
|
115
|
|
|
34
|
|
|
36
|
|
|
18
|
|
|
2,908
|
|
|
446
|
|
Loans
and overdrafts
|
756
|
|
|
148
|
|
|
279
|
|
|
46
|
|
|
112
|
|
|
34
|
|
|
40
|
|
|
16
|
|
|
1,187
|
|
|
244
|
|
UK
Motor Finance
|
735
|
|
|
30
|
|
|
1,120
|
|
|
30
|
|
|
138
|
|
|
21
|
|
|
34
|
|
|
10
|
|
|
2,027
|
|
|
91
|
|
Other
|
125
|
|
|
5
|
|
|
295
|
|
|
7
|
|
|
52
|
|
|
5
|
|
|
53
|
|
|
4
|
|
|
525
|
|
|
21
|
|
Retail
|
32,354
|
|
|
685
|
|
|
11,829
|
|
|
288
|
|
|
2,714
|
|
|
158
|
|
|
1,661
|
|
|
112
|
|
|
48,558
|
|
|
1,243
|
|
Small
and Medium Businesses
|
3,455
|
|
|
202
|
|
|
590
|
|
|
17
|
|
|
253
|
|
|
8
|
|
|
160
|
|
|
4
|
|
|
4,458
|
|
|
231
|
|
Corporate
and Institutional Banking
|
3,356
|
|
|
214
|
|
|
14
|
|
|
-
|
|
|
28
|
|
|
3
|
|
|
131
|
|
|
1
|
|
|
3,529
|
|
|
218
|
|
Commercial Banking
|
6,811
|
|
|
416
|
|
|
604
|
|
|
17
|
|
|
281
|
|
|
11
|
|
|
291
|
|
|
5
|
|
|
7,987
|
|
|
449
|
|
Total
|
39,165
|
|
|
1,101
|
|
|
12,433
|
|
|
305
|
|
|
2,995
|
|
|
169
|
|
|
1,952
|
|
|
117
|
|
|
56,545
|
|
|
1,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK
mortgages
|
31,908
|
|
|
301
|
|
|
10,800
|
|
|
198
|
|
|
2,379
|
|
|
93
|
|
|
1,260
|
|
|
89
|
|
|
46,347
|
|
|
681
|
|
Credit
cards
|
3,023
|
|
|
386
|
|
|
136
|
|
|
46
|
|
|
98
|
|
|
30
|
|
|
30
|
|
|
15
|
|
|
3,287
|
|
|
477
|
|
Loans
and overdrafts
|
1,311
|
|
|
249
|
|
|
234
|
|
|
53
|
|
|
125
|
|
|
45
|
|
|
43
|
|
|
20
|
|
|
1,713
|
|
|
367
|
|
UK
Motor Finance
|
1,047
|
|
|
28
|
|
|
1,045
|
|
|
23
|
|
|
122
|
|
|
18
|
|
|
31
|
|
|
7
|
|
|
2,245
|
|
|
76
|
|
Other
|
160
|
|
|
5
|
|
|
384
|
|
|
7
|
|
|
54
|
|
|
4
|
|
|
45
|
|
|
2
|
|
|
643
|
|
|
18
|
|
Retail
|
37,449
|
|
|
969
|
|
|
12,599
|
|
|
327
|
|
|
2,778
|
|
|
190
|
|
|
1,409
|
|
|
133
|
|
|
54,235
|
|
|
1,619
|
|
Small
and Medium Businesses
|
4,081
|
|
|
223
|
|
|
1,060
|
|
|
27
|
|
|
339
|
|
|
13
|
|
|
174
|
|
|
8
|
|
|
5,654
|
|
|
271
|
|
Corporate
and Institutional Banking
|
5,728
|
|
|
229
|
|
|
27
|
|
|
-
|
|
|
30
|
|
|
1
|
|
|
54
|
|
|
1
|
|
|
5,839
|
|
|
231
|
|
Commercial Banking
|
9,809
|
|
|
452
|
|
|
1,087
|
|
|
27
|
|
|
369
|
|
|
14
|
|
|
228
|
|
|
9
|
|
|
11,493
|
|
|
502
|
|
Total
|
47,258
|
|
|
1,421
|
|
|
13,686
|
|
|
354
|
|
|
3,147
|
|
|
204
|
|
|
1,637
|
|
|
142
|
|
|
65,728
|
|
|
2,121
|
|
Statutory basis
|
Probability-
weighted
£m
|
|
|
Upside
£m
|
|
|
Base case
£m
|
|
|
Downside
£m
|
|
|
Severe
downside
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK mortgages
|
|
1,115
|
|
|
395
|
|
|
670
|
|
|
1,155
|
|
|
4,485
|
|
Credit cards
|
|
810
|
|
|
600
|
|
|
771
|
|
|
918
|
|
|
1,235
|
|
Other Retail
|
|
945
|
|
|
850
|
|
|
920
|
|
|
981
|
|
|
1,200
|
|
Commercial Banking
|
|
1,182
|
|
|
793
|
|
|
1,013
|
|
|
1,383
|
|
|
2,250
|
|
Other
|
|
32
|
|
|
32
|
|
|
32
|
|
|
32
|
|
|
32
|
|
At 31 December 2023
|
|
4,084
|
|
|
2,670
|
|
|
3,406
|
|
|
4,469
|
|
|
9,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK mortgages
|
|
1,209
|
|
|
514
|
|
|
790
|
|
|
1,434
|
|
|
3,874
|
|
Credit cards
|
|
763
|
|
|
596
|
|
|
727
|
|
|
828
|
|
|
1,180
|
|
Other Retail
|
|
1,016
|
|
|
907
|
|
|
992
|
|
|
1,056
|
|
|
1,290
|
|
Commercial Banking
|
|
1,869
|
|
|
1,459
|
|
|
1,656
|
|
|
2,027
|
|
|
3,261
|
|
Other
|
|
46
|
|
|
46
|
|
|
46
|
|
|
47
|
|
|
47
|
|
At 31 December 2022
|
|
4,903
|
|
|
3,522
|
|
|
4,211
|
|
|
5,392
|
|
|
9,652
|
|
Underlying basisA
|
Probability-
weighted
£m
|
|
|
Upside
£m
|
|
|
Base case
£m
|
|
|
Downside
£m
|
|
|
Severe
downside
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK mortgages
|
|
1,368
|
|
|
650
|
|
|
930
|
|
|
1,400
|
|
|
4,738
|
|
Credit cards
|
|
810
|
|
|
600
|
|
|
771
|
|
|
918
|
|
|
1,235
|
|
Other Retail
|
|
945
|
|
|
850
|
|
|
920
|
|
|
981
|
|
|
1,200
|
|
Commercial Banking
|
|
1,182
|
|
|
793
|
|
|
1,013
|
|
|
1,383
|
|
|
2,250
|
|
Other
|
|
32
|
|
|
32
|
|
|
32
|
|
|
32
|
|
|
32
|
|
At 31 December 2023
|
|
4,337
|
|
|
2,925
|
|
|
3,666
|
|
|
4,714
|
|
|
9,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK mortgages
|
|
1,590
|
|
|
895
|
|
|
1,172
|
|
|
1,815
|
|
|
4,254
|
|
Credit cards
|
|
763
|
|
|
596
|
|
|
727
|
|
|
828
|
|
|
1,180
|
|
Other Retail
|
|
1,016
|
|
|
907
|
|
|
992
|
|
|
1,056
|
|
|
1,290
|
|
Commercial Banking
|
|
1,869
|
|
|
1,459
|
|
|
1,656
|
|
|
2,027
|
|
|
3,261
|
|
Other
|
|
46
|
|
|
46
|
|
|
46
|
|
|
47
|
|
|
47
|
|
At 31 December 2022
|
|
5,284
|
|
|
3,903
|
|
|
4,593
|
|
|
5,773
|
|
|
10,032
|
|
|
Year 1£m
|
|
|
Year 2£m
|
|
|
Year 3£m
|
|
|
|
|
|
|
|
|
|
|
+50 basis points
|
c.250
|
|
|
c.425
|
|
|
c.625
|
|
+25 basis points
|
c.125
|
|
|
c.200
|
|
|
c.300
|
|
-25 basis points
|
(c.150)
|
|
|
(c.200)
|
|
|
(c.300)
|
|
-50 basis points
|
(c.300)
|
|
|
(c.425)
|
|
|
(c.600)
|
|
|
Note
|
|
2023
£m
|
|
|
20221
£m
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
28,051
|
|
|
17,645
|
|
Interest expense
|
|
|
(14,753)
|
|
|
(4,723)
|
|
Net interest income
|
|
|
13,298
|
|
|
12,922
|
|
Fee
and commission income
|
|
|
2,926
|
|
|
2,790
|
|
Fee
and commission expense
|
|
|
(1,095)
|
|
|
(1,070)
|
|
Net fee and commission income
|
|
|
1,831
|
|
|
1,720
|
|
Net trading income (losses)
|
|
|
18,049
|
|
|
(19,987)
|
|
Insurance
revenue
|
|
|
3,008
|
|
|
2,461
|
|
Insurance
service expense
|
|
|
(2,414)
|
|
|
(3,863)
|
|
Net
income from reinsurance contracts held
|
|
|
2
|
|
|
62
|
|
Insurance service result
|
|
|
596
|
|
|
(1,340)
|
|
Other operating income
|
|
|
1,631
|
|
|
1,339
|
|
Other income
|
|
|
22,107
|
|
|
(18,268)
|
|
Total income
|
|
|
35,405
|
|
|
(5,346)
|
|
Net finance (expense) income from insurance, participating
investment and reinsurance contracts
|
|
(11,684)
|
|
|
15,893
|
|
|
Movement in third party interests in consolidated
funds
|
|
|
(1,109)
|
|
|
1,035
|
|
Change in non-participating investment contracts
|
|
|
(3,983)
|
|
|
3,959
|
|
Total income, after net finance (expense) income in respect of
insurance and investment contracts
|
|
|
18,629
|
|
|
15,541
|
|
Operating expenses
|
|
|
(10,823)
|
|
|
(9,237)
|
|
Impairment
|
|
|
(303)
|
|
|
(1,522)
|
|
Profit before tax
|
|
|
7,503
|
|
|
4,782
|
|
Tax expense
|
3
|
|
(1,985)
|
|
|
(859)
|
|
Profit for the year
|
|
|
5,518
|
|
|
3,923
|
|
|
|
|
|
|
|
|
|
Profit attributable to ordinary shareholders
|
|
|
4,933
|
|
|
3,389
|
|
Profit attributable to other equity holders
|
|
|
527
|
|
|
438
|
|
Profit attributable to equity holders
|
|
|
5,460
|
|
|
3,827
|
|
Profit attributable to non-controlling interests
|
|
|
58
|
|
|
96
|
|
Profit for the year
|
|
|
5,518
|
|
|
3,923
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
6
|
|
7.6p
|
|
|
4.9p
|
|
Diluted earnings per share
|
6
|
|
7.5p
|
|
|
4.9p
|
|
|
2023
£m
|
|
|
20221
£m
|
|
|
|
|
|
|
|
Profit for the year
|
5,518
|
|
|
3,923
|
|
Other comprehensive income
|
|
|
|
|
|
Items that will not subsequently be reclassified to profit or
loss:
|
|
|
|
|
|
Post-retirement defined benefit scheme remeasurements:
|
|
|
|
|
|
Remeasurements
before tax
|
(1,633)
|
|
|
(3,012)
|
|
Tax
|
428
|
|
|
860
|
|
|
(1,205)
|
|
|
(2,152)
|
|
Movements in revaluation reserve in respect of equity shares held
at fair value through other comprehensive income:
|
|
|
|
|
|
Change
in fair value
|
(54)
|
|
|
44
|
|
Tax
|
(3)
|
|
|
3
|
|
|
(57)
|
|
|
47
|
|
Gains and losses attributable to own credit risk:
|
|
|
|
|
|
(Losses)
gains before tax
|
(234)
|
|
|
519
|
|
Tax
|
66
|
|
|
(155)
|
|
|
(168)
|
|
|
364
|
|
Items that may subsequently be reclassified to profit or
loss:
|
|
|
|
|
|
Movements in revaluation reserve in respect of debt securities held
at fair value through other comprehensive income:
|
|
|
|
|
|
Change
in fair value
|
(40)
|
|
|
(133)
|
|
Income
statement transfers in respect of disposals
|
(122)
|
|
|
(92)
|
|
Income
statement transfers in respect of impairment
|
(2)
|
|
|
6
|
|
Tax
|
47
|
|
|
62
|
|
|
(117)
|
|
|
(157)
|
|
Movements in cash flow hedging reserve:
|
|
|
|
|
|
Effective
portion of changes in fair value taken to other comprehensive
income
|
545
|
|
|
(6,990)
|
|
Net
income statement transfers
|
1,838
|
|
|
43
|
|
Tax
|
(673)
|
|
|
1,928
|
|
|
1,710
|
|
|
(5,019)
|
|
Movements in foreign currency translation reserve:
|
|
|
|
|
|
Currency
translation differences (tax: £nil)
|
(53)
|
|
|
116
|
|
Transfers
to income statement (tax: £nil)
|
-
|
|
|
(31)
|
|
|
(53)
|
|
|
85
|
|
Total other comprehensive income (loss) for the year, net of
tax
|
110
|
|
|
(6,832)
|
|
Total comprehensive income (loss) for the year
|
5,628
|
|
|
(2,909)
|
|
|
|
|
|
|
|
Total comprehensive income (loss) attributable to ordinary
shareholders
|
5,043
|
|
|
(3,443)
|
|
Total comprehensive income attributable to other equity
holders
|
527
|
|
|
438
|
|
Total comprehensive income (loss) attributable to equity
holders
|
5,570
|
|
|
(3,005)
|
|
Total comprehensive income attributable to non-controlling
interests
|
58
|
|
|
96
|
|
Total comprehensive income (loss) for the year
|
5,628
|
|
|
(2,909)
|
|
|
At 31 Dec
2023
£m
|
|
|
At 31
Dec
20221
£m
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Cash and balances at central banks
|
78,110
|
|
|
91,388
|
|
Financial assets at fair value through profit or loss
|
203,318
|
|
|
180,769
|
|
Derivative financial instruments
|
22,356
|
|
|
24,753
|
|
Loans
and advances to banks
|
10,764
|
|
|
10,632
|
|
Loans
and advances to customers
|
449,745
|
|
|
454,899
|
|
Reverse
repurchase agreements
|
38,771
|
|
|
44,865
|
|
Debt
securities
|
15,355
|
|
|
9,926
|
|
Financial assets at amortised cost
|
514,635
|
|
|
520,322
|
|
Financial assets at fair value through other comprehensive
income
|
27,592
|
|
|
23,154
|
|
Goodwill and other intangible assets
|
8,306
|
|
|
7,615
|
|
Current tax recoverable
|
1,183
|
|
|
612
|
|
Deferred tax assets
|
5,185
|
|
|
6,422
|
|
Retirement benefit assets
|
3,624
|
|
|
3,823
|
|
Other assets
|
17,144
|
|
|
14,536
|
|
Total assets
|
881,453
|
|
|
873,394
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Deposits from banks
|
6,153
|
|
|
7,266
|
|
Customer deposits
|
471,396
|
|
|
475,331
|
|
Repurchase agreements at amortised cost
|
37,703
|
|
|
48,596
|
|
Financial liabilities at fair value through profit or
loss
|
24,914
|
|
|
17,755
|
|
Derivative financial instruments
|
20,149
|
|
|
24,042
|
|
Notes in circulation
|
1,392
|
|
|
1,280
|
|
Debt securities in issue at amortised cost
|
75,592
|
|
|
73,819
|
|
Liabilities arising from insurance and participating investment
contracts
|
120,123
|
|
|
110,278
|
|
Liabilities arising from non-participating investment
contracts
|
44,978
|
|
|
39,476
|
|
Other liabilities
|
19,026
|
|
|
18,764
|
|
Retirement benefit obligations
|
136
|
|
|
126
|
|
Current tax liabilities
|
39
|
|
|
8
|
|
Deferred tax liabilities
|
157
|
|
|
209
|
|
Provisions
|
2,077
|
|
|
1,803
|
|
Subordinated liabilities
|
10,253
|
|
|
10,730
|
|
Total liabilities
|
834,088
|
|
|
829,483
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Share capital
|
6,358
|
|
|
6,729
|
|
Share premium account
|
18,568
|
|
|
18,504
|
|
Other reserves
|
8,508
|
|
|
6,587
|
|
Retained profits
|
6,790
|
|
|
6,550
|
|
Ordinary shareholders' equity
|
40,224
|
|
|
38,370
|
|
Other equity instruments
|
6,940
|
|
|
5,297
|
|
Total equity excluding non-controlling interests
|
47,164
|
|
|
43,667
|
|
Non-controlling interests
|
201
|
|
|
244
|
|
Total equity
|
47,365
|
|
|
43,911
|
|
Total equity and liabilities
|
881,453
|
|
|
873,394
|
|
|
|
Attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Share
capital and
premium
£m
|
|
|
Other
reserves
£m
|
|
|
Retained
profits
£m
|
|
|
Total
£m
|
|
Other
equity
instruments
£m
|
|
Non-
controlling
interests
£m
|
|
|
Total
£m
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2022 (as previously reported)
|
|
25,233
|
|
|
6,602
|
|
|
10,145
|
|
|
41,980
|
|
|
5,297
|
|
|
244
|
|
|
47,521
|
|
Adjustment on adoption of IFRS 17 (see notes 1, 9 and
10)
|
|
-
|
|
|
(15)
|
|
|
(3,595)
|
|
|
(3,610)
|
|
|
-
|
|
|
-
|
|
|
(3,610)
|
|
At 1 January 2023
|
|
25,233
|
|
|
6,587
|
|
|
6,550
|
|
|
38,370
|
|
|
5,297
|
|
|
244
|
|
|
43,911
|
|
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year
|
|
-
|
|
|
-
|
|
|
4,933
|
|
|
4,933
|
|
|
527
|
|
|
58
|
|
|
5,518
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Post-retirement defined benefit scheme remeasurements, net of
tax
|
|
-
|
|
|
-
|
|
|
(1,205)
|
|
|
(1,205)
|
|
|
-
|
|
|
-
|
|
|
(1,205)
|
|
Movements in revaluation reserve in respect of financial assets
held at fair value through other comprehensive income, net of
tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
securities
|
|
-
|
|
|
(117)
|
|
|
-
|
|
|
(117)
|
|
|
-
|
|
|
-
|
|
|
(117)
|
|
Equity
shares
|
|
-
|
|
|
(57)
|
|
|
-
|
|
|
(57)
|
|
|
-
|
|
|
-
|
|
|
(57)
|
|
Gains and losses attributable to own credit risk, net of
tax
|
|
-
|
|
|
-
|
|
|
(168)
|
|
|
(168)
|
|
|
-
|
|
|
-
|
|
|
(168)
|
|
Movements in cash flow hedging reserve, net of tax
|
|
-
|
|
|
1,710
|
|
|
-
|
|
|
1,710
|
|
|
-
|
|
|
-
|
|
|
1,710
|
|
Movements in foreign currency translation reserve, net of
tax
|
|
-
|
|
|
(53)
|
|
|
-
|
|
|
(53)
|
|
|
-
|
|
|
-
|
|
|
(53)
|
|
Total other comprehensive income (loss)
|
|
-
|
|
|
1,483
|
|
|
(1,373)
|
|
|
110
|
|
|
-
|
|
|
-
|
|
|
110
|
|
Total comprehensive
income1
|
|
-
|
|
|
1,483
|
|
|
3,560
|
|
|
5,043
|
|
|
527
|
|
|
58
|
|
|
5,628
|
|
Transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
-
|
|
|
-
|
|
|
(1,651)
|
|
|
(1,651)
|
|
|
-
|
|
|
(101)
|
|
|
(1,752)
|
|
Distributions on other equity instruments
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(527)
|
|
|
-
|
|
|
(527)
|
|
Issue of ordinary shares
|
|
131
|
|
|
-
|
|
|
-
|
|
|
131
|
|
|
-
|
|
|
-
|
|
|
131
|
|
Share buyback
|
|
(438)
|
|
|
438
|
|
|
(1,993)
|
|
|
(1,993)
|
|
|
-
|
|
|
-
|
|
|
(1,993)
|
|
Issue of other equity instruments
|
|
-
|
|
|
-
|
|
|
(6)
|
|
|
(6)
|
|
|
1,778
|
|
|
-
|
|
|
1,772
|
|
Repurchases and redemptions of other equity
instruments
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(135)
|
|
|
-
|
|
|
(135)
|
|
Movement in treasury shares
|
|
-
|
|
|
-
|
|
|
103
|
|
|
103
|
|
|
-
|
|
|
-
|
|
|
103
|
|
Value of employee services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
option schemes
|
|
-
|
|
|
-
|
|
|
58
|
|
|
58
|
|
|
-
|
|
|
-
|
|
|
58
|
|
Other
employee award schemes
|
|
-
|
|
|
-
|
|
|
169
|
|
|
169
|
|
|
-
|
|
|
-
|
|
|
169
|
|
Changes in non-controlling interests
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total transactions with owners
|
|
(307)
|
|
|
438
|
|
|
(3,320)
|
|
|
(3,189)
|
|
|
1,116
|
|
|
(101)
|
|
|
(2,174)
|
|
Realised gains and losses on equity shares held at fair value
through other comprehensive income
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
At 31 December 2023
|
|
24,926
|
|
|
8,508
|
|
|
6,790
|
|
|
40,224
|
|
|
6,940
|
|
|
201
|
|
|
47,365
|
|
|
|
Attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Share
capital and
premium
£m
|
|
|
Other
reserves
£m
|
|
|
Retained
profits
£m
|
|
|
Total
£m
|
|
|
Other
equity
instruments
£m
|
|
|
Non-
controlling
interests
£m
|
|
|
Total
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2021
|
|
25,581
|
|
|
11,189
|
|
|
10,241
|
|
|
47,011
|
|
|
5,906
|
|
|
235
|
|
|
53,152
|
|
Adjustment on adoption of IFRS 17 (see notes 1, 9 and
10)
|
|
-
|
|
|
(12)
|
|
|
(1,923)
|
|
|
(1,935)
|
|
|
-
|
|
|
-
|
|
|
(1,935)
|
|
At 1 January 2022
|
|
25,581
|
|
|
11,177
|
|
|
8,318
|
|
|
45,076
|
|
|
5,906
|
|
|
235
|
|
|
51,217
|
|
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year
|
|
-
|
|
|
-
|
|
|
3,389
|
|
|
3,389
|
|
|
438
|
|
|
96
|
|
|
3,923
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Post-retirement defined benefit scheme remeasurements, net of
tax
|
|
-
|
|
|
-
|
|
|
(2,152)
|
|
|
(2,152)
|
|
|
-
|
|
|
-
|
|
|
(2,152)
|
|
Movements in revaluation reserve in respect of financial assets
held at fair value through other comprehensive income, net of
tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
securities
|
|
-
|
|
|
(157)
|
|
|
-
|
|
|
(157)
|
|
|
-
|
|
|
-
|
|
|
(157)
|
|
Equity
shares
|
|
-
|
|
|
47
|
|
|
-
|
|
|
47
|
|
|
-
|
|
|
-
|
|
|
47
|
|
Gains and losses attributable to own credit risk, net of
tax
|
|
-
|
|
|
-
|
|
|
364
|
|
|
364
|
|
|
-
|
|
|
-
|
|
|
364
|
|
Movements in cash flow hedging reserve, net of tax
|
|
-
|
|
|
(5,019)
|
|
|
-
|
|
|
(5,019)
|
|
|
-
|
|
|
-
|
|
|
(5,019)
|
|
Movements in foreign currency translation reserve, net of
tax
|
|
-
|
|
|
85
|
|
|
-
|
|
|
85
|
|
|
-
|
|
|
-
|
|
|
85
|
|
Total other comprehensive (loss) income
|
|
-
|
|
|
(5,044)
|
|
|
(1,788)
|
|
|
(6,832)
|
|
|
-
|
|
|
-
|
|
|
(6,832)
|
|
Total comprehensive (loss)
income1
|
|
-
|
|
|
(5,044)
|
|
|
1,601
|
|
|
(3,443)
|
|
|
438
|
|
|
96
|
|
|
(2,909)
|
|
Transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
-
|
|
|
-
|
|
|
(1,475)
|
|
|
(1,475)
|
|
|
-
|
|
|
(92)
|
|
|
(1,567)
|
|
Distributions on other equity instruments
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(438)
|
|
|
-
|
|
|
(438)
|
|
Issue of ordinary shares
|
|
105
|
|
|
-
|
|
|
-
|
|
|
105
|
|
|
-
|
|
|
-
|
|
|
105
|
|
Share buyback
|
|
(453)
|
|
|
453
|
|
|
(2,013)
|
|
|
(2,013)
|
|
|
-
|
|
|
-
|
|
|
(2,013)
|
|
Issue of other equity instruments
|
|
-
|
|
|
-
|
|
|
(5)
|
|
|
(5)
|
|
|
750
|
|
|
-
|
|
|
745
|
|
Repurchases and redemptions of other equity
instruments
|
|
-
|
|
|
-
|
|
|
(36)
|
|
|
(36)
|
|
|
(1,359)
|
|
|
-
|
|
|
(1,395)
|
|
Movement in treasury shares
|
|
-
|
|
|
-
|
|
|
(60)
|
|
|
(60)
|
|
|
-
|
|
|
-
|
|
|
(60)
|
|
Value of employee services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
option schemes
|
|
-
|
|
|
-
|
|
|
41
|
|
|
41
|
|
|
-
|
|
|
-
|
|
|
41
|
|
Other
employee award schemes
|
|
-
|
|
|
-
|
|
|
183
|
|
|
183
|
|
|
-
|
|
|
-
|
|
|
183
|
|
Changes in non-controlling interests
|
|
-
|
|
|
-
|
|
|
(3)
|
|
|
(3)
|
|
|
-
|
|
|
5
|
|
|
2
|
|
Total transactions with owners
|
|
(348)
|
|
|
453
|
|
|
(3,368)
|
|
|
(3,263)
|
|
|
(1,047)
|
|
|
(87)
|
|
|
(4,397)
|
|
Realised gains and losses on equity shares held at fair value
through other comprehensive income
|
|
-
|
|
|
1
|
|
|
(1)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
At 31 December 2022
|
|
25,233
|
|
|
6,587
|
|
|
6,550
|
|
|
38,370
|
|
|
5,297
|
|
|
244
|
|
|
43,911
|
|
|
2023
£m
|
|
|
20221
£m
|
|
|
|
|
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
Profit before tax
|
7,503
|
|
|
4,782
|
|
Adjustments for:
|
|
|
|
|
|
Change
in operating assets
|
(9,110)
|
|
|
16,735
|
|
Change
in operating liabilities
|
4,232
|
|
|
1,481
|
|
Non-cash
and other items
|
5,622
|
|
|
(244)
|
|
Net
tax paid
|
(1,437)
|
|
|
(743)
|
|
Net cash provided by operating activities
|
6,810
|
|
|
22,011
|
|
Cash flows from investing activities
|
|
|
|
|
|
Purchase of financial assets
|
(10,311)
|
|
|
(7,984)
|
|
Proceeds from sale and maturity of financial assets
|
5,298
|
|
|
11,172
|
|
Purchase of fixed assets
|
(5,455)
|
|
|
(3,855)
|
|
Proceeds from sale of fixed assets
|
1,027
|
|
|
1,550
|
|
Repayment of capital by joint ventures and associates
|
-
|
|
|
36
|
|
Acquisition of businesses, net of cash acquired
|
(380)
|
|
|
(409)
|
|
Net cash (used in) provided by investing activities
|
(9,821)
|
|
|
510
|
|
Cash flows from financing activities
|
|
|
|
|
|
Dividends paid to ordinary shareholders
|
(1,651)
|
|
|
(1,475)
|
|
Distributions in respect of other equity instruments
|
(527)
|
|
|
(438)
|
|
Distributions in respect of non-controlling interests
|
(101)
|
|
|
(92)
|
|
Interest paid on subordinated liabilities
|
(623)
|
|
|
(603)
|
|
Proceeds from issue of subordinated liabilities
|
1,417
|
|
|
838
|
|
Proceeds from issue of other equity instruments
|
1,772
|
|
|
745
|
|
Proceeds from issue of ordinary shares
|
86
|
|
|
31
|
|
Share buyback
|
(1,993)
|
|
|
(2,013)
|
|
Repayment of subordinated liabilities
|
(1,745)
|
|
|
(2,216)
|
|
Repurchases and redemptions of other equity
instruments
|
(135)
|
|
|
(1,395)
|
|
Change in stake of non-controlling interests
|
-
|
|
|
5
|
|
Net cash used in financing activities
|
(3,500)
|
|
|
(6,613)
|
|
Effects of exchange rate changes on cash and cash
equivalents
|
(480)
|
|
|
727
|
|
Change in cash and cash equivalents
|
(6,991)
|
|
|
16,635
|
|
Cash and cash equivalents at beginning of year
|
95,829
|
|
|
79,194
|
|
Cash and cash equivalents at end of year
|
88,838
|
|
|
95,829
|
|
|
|
CSM at transition date
|
||||
Year contracts initially recognised
|
Transition approach
|
£m
|
|
|
%
|
|
|
|
|
|
|
|
|
Contracts initially recognised prior to 1 January 2016
|
Fair
value approach1
|
1,419
|
|
|
74
|
|
Contracts initially recognised after 1 January 2016
|
Full retrospective approach
|
508
|
|
|
26
|
|
|
|
1,927
|
|
|
100
|
|
|
2023
£m
|
|
|
20221
£m
|
|
|
|
|
|
|
|
Profit before tax
|
7,503
|
|
|
4,782
|
|
UK corporation tax thereon
|
(1,763)
|
|
|
(909)
|
|
Impact of surcharge on banking profits
|
(305)
|
|
|
(339)
|
|
Non-deductible costs: conduct charges
|
(29)
|
|
|
(5)
|
|
Non-deductible costs: bank levy
|
(35)
|
|
|
(28)
|
|
Other non-deductible costs
|
(106)
|
|
|
(70)
|
|
Non-taxable income
|
80
|
|
|
138
|
|
Tax relief on coupons on other equity instruments
|
124
|
|
|
83
|
|
Tax-exempt gains on disposals
|
35
|
|
|
67
|
|
Tax losses where no deferred tax recognised
|
(2)
|
|
|
11
|
|
Remeasurement of deferred tax due to rate changes
|
(14)
|
|
|
60
|
|
Differences in overseas tax rates
|
6
|
|
|
(63)
|
|
Policyholder tax
|
(61)
|
|
|
(65)
|
|
Deferred tax asset in respect of life assurance
expenses
|
84
|
|
|
21
|
|
Adjustments in respect of prior years
|
-
|
|
|
243
|
|
Tax effect of share of results of joint ventures
|
1
|
|
|
(3)
|
|
Tax expense
|
(1,985)
|
|
|
(859)
|
|
|
|
|
|
|
|
|
Judgements due to:
|
|
|
|
|
|||
At 31 December 2023
|
Modelled
ECL
£m
|
|
Individually
assessed
£m
|
|
Inflationary
and interest
rate risk
£m
|
|
Other1
£m
|
|
|
Total
ECL
£m
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK mortgages
|
991
|
|
|
-
|
|
|
61
|
|
|
63
|
|
|
1,115
|
|
Credit cards
|
703
|
|
|
-
|
|
|
92
|
|
|
15
|
|
|
810
|
|
Other Retail
|
866
|
|
|
-
|
|
|
33
|
|
|
46
|
|
|
945
|
|
Commercial Banking
|
1,124
|
|
|
340
|
|
|
-
|
|
|
(282)
|
|
|
1,182
|
|
Other
|
32
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
32
|
|
Total
|
3,716
|
|
|
340
|
|
|
186
|
|
|
(158)
|
|
|
4,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31
December 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK mortgages
|
946
|
|
|
-
|
|
|
49
|
|
|
214
|
|
|
1,209
|
|
Credit cards
|
698
|
|
|
-
|
|
|
93
|
|
|
(28)
|
|
|
763
|
|
Other Retail
|
903
|
|
|
-
|
|
|
53
|
|
|
60
|
|
|
1,016
|
|
Commercial Banking
|
972
|
|
|
1,008
|
|
|
-
|
|
|
(111)
|
|
|
1,869
|
|
Other
|
46
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
46
|
|
Total
|
3,565
|
|
|
1,008
|
|
|
195
|
|
|
135
|
|
|
4,903
|
|
At 31 December 2023
|
2023
%
|
2024
%
|
2025
%
|
2026
%
|
2027
%
|
2023
to 2027 average
%
|
Start to
peak
%
|
Start to
trough
%
|
|
|
|
|
|
|
|
|
|
Upside
|
|
|
|
|
|
|
|
|
Gross domestic product
|
0.3
|
1.5
|
1.7
|
1.7
|
1.9
|
1.4
|
8.1
|
0.2
|
Unemployment rate
|
4.0
|
3.3
|
3.1
|
3.1
|
3.1
|
3.3
|
4.2
|
3.0
|
House price growth
|
1.9
|
0.8
|
6.9
|
7.2
|
6.8
|
4.7
|
25.7
|
(1.2)
|
Commercial real estate price growth
|
(3.9)
|
9.0
|
3.8
|
1.3
|
1.3
|
2.2
|
11.5
|
(3.9)
|
UK Bank Rate
|
4.94
|
5.72
|
5.61
|
5.38
|
5.18
|
5.37
|
5.79
|
4.25
|
CPI inflation
|
7.3
|
2.7
|
3.1
|
3.2
|
3.1
|
3.9
|
10.2
|
2.1
|
|
|
|
|
|
|
|
|
|
Base case
|
|
|
|
|
|
|
|
|
Gross domestic product
|
0.3
|
0.5
|
1.2
|
1.7
|
1.9
|
1.1
|
6.4
|
0.2
|
Unemployment rate
|
4.2
|
4.9
|
5.2
|
5.2
|
5.0
|
4.9
|
5.2
|
3.9
|
House price growth
|
1.4
|
(2.2)
|
0.5
|
1.6
|
3.5
|
1.0
|
4.8
|
(1.2)
|
Commercial real estate price growth
|
(5.1)
|
(0.2)
|
0.1
|
0.0
|
0.8
|
(0.9)
|
(1.2)
|
(5.3)
|
UK Bank Rate
|
4.94
|
4.88
|
4.00
|
3.50
|
3.06
|
4.08
|
5.25
|
3.00
|
CPI inflation
|
7.3
|
2.7
|
2.9
|
2.5
|
2.2
|
3.5
|
10.2
|
2.1
|
|
|
|
|
|
|
|
|
|
Downside
|
|
|
|
|
|
|
|
|
Gross domestic product
|
0.2
|
(1.0)
|
(0.1)
|
1.5
|
2.0
|
0.5
|
3.4
|
(1.2)
|
Unemployment rate
|
4.3
|
6.5
|
7.8
|
7.9
|
7.6
|
6.8
|
8.0
|
3.9
|
House price growth
|
1.3
|
(4.5)
|
(6.0)
|
(5.6)
|
(1.7)
|
(3.4)
|
2.0
|
(15.7)
|
Commercial real estate price growth
|
(6.0)
|
(8.7)
|
(4.0)
|
(2.1)
|
(1.2)
|
(4.4)
|
(1.2)
|
(20.4)
|
UK Bank Rate
|
4.94
|
3.95
|
1.96
|
1.13
|
0.55
|
2.51
|
5.25
|
0.43
|
CPI inflation
|
7.3
|
2.8
|
2.7
|
1.8
|
1.1
|
3.2
|
10.2
|
1.0
|
|
|
|
|
|
|
|
|
|
Severe downside
|
|
|
|
|
|
|
|
|
Gross domestic product
|
0.1
|
(2.3)
|
(0.5)
|
1.3
|
1.8
|
0.1
|
1.0
|
(2.9)
|
Unemployment rate
|
4.5
|
8.7
|
10.4
|
10.5
|
10.1
|
8.8
|
10.5
|
3.9
|
House price growth
|
0.6
|
(7.6)
|
(13.3)
|
(12.7)
|
(7.5)
|
(8.2)
|
2.0
|
(35.0)
|
Commercial real estate price growth
|
(7.7)
|
(19.5)
|
(10.6)
|
(7.7)
|
(5.2)
|
(10.3)
|
(1.2)
|
(41.8)
|
UK Bank Rate - modelled
|
4.94
|
2.75
|
0.49
|
0.13
|
0.03
|
1.67
|
5.25
|
0.02
|
UK Bank
Rate - adjusted1
|
4.94
|
6.56
|
4.56
|
3.63
|
3.13
|
4.56
|
6.75
|
3.00
|
CPI inflation - modelled
|
7.3
|
2.7
|
2.2
|
0.9
|
(0.2)
|
2.6
|
10.2
|
(0.3)
|
CPI
inflation - adjusted1
|
7.6
|
7.5
|
3.5
|
1.3
|
1.0
|
4.2
|
10.2
|
0.9
|
|
|
|
|
|
|
|
|
|
Probability-weighted
|
|
|
|
|
|
|
|
|
Gross domestic product
|
0.3
|
0.1
|
0.8
|
1.6
|
1.9
|
0.9
|
5.4
|
0.1
|
Unemployment rate
|
4.2
|
5.3
|
5.9
|
5.9
|
5.7
|
5.4
|
6.0
|
3.9
|
House price growth
|
1.4
|
(2.5)
|
(0.9)
|
(0.3)
|
1.8
|
(0.1)
|
2.0
|
(2.8)
|
Commercial real estate price growth
|
(5.3)
|
(1.9)
|
(1.1)
|
(1.0)
|
(0.2)
|
(1.9)
|
(1.2)
|
(9.9)
|
UK Bank Rate - modelled
|
4.94
|
4.64
|
3.52
|
3.02
|
2.64
|
3.75
|
5.25
|
2.59
|
UK Bank
Rate - adjusted1
|
4.94
|
5.02
|
3.93
|
3.37
|
2.95
|
4.04
|
5.42
|
2.89
|
CPI inflation - modelled
|
7.3
|
2.7
|
2.8
|
2.3
|
1.9
|
3.4
|
10.2
|
1.9
|
CPI
inflation - adjusted1
|
7.4
|
3.2
|
3.0
|
2.4
|
2.0
|
3.6
|
10.2
|
2.0
|
At 31
December 2022
|
2022
%
|
2023
%
|
2024
%
|
2025
%
|
2026
%
|
2022
to 2026 average
%
|
Start to
peak
%
|
Start to
trough
%
|
|
|
|
|
|
|
|
|
|
Upside
|
|
|
|
|
|
|
|
|
Gross domestic product
|
4.1
|
0.1
|
1.1
|
1.7
|
2.1
|
1.8
|
6.5
|
0.4
|
Unemployment rate
|
3.5
|
2.8
|
3.0
|
3.3
|
3.4
|
3.2
|
3.8
|
2.8
|
House price growth
|
2.4
|
(2.8)
|
6.5
|
9.0
|
8.0
|
4.5
|
24.8
|
(1.1)
|
Commercial real estate price growth
|
(9.4)
|
8.5
|
3.5
|
2.6
|
2.3
|
1.3
|
7.2
|
(9.4)
|
UK Bank Rate
|
1.94
|
4.95
|
4.98
|
4.63
|
4.58
|
4.22
|
5.39
|
0.75
|
CPI inflation
|
9.0
|
8.3
|
4.2
|
3.3
|
3.0
|
5.5
|
10.7
|
2.9
|
|
|
|
|
|
|
|
|
|
Base case
|
|
|
|
|
|
|
|
|
Gross domestic product
|
4.0
|
(1.2)
|
0.5
|
1.6
|
2.1
|
1.4
|
4.3
|
(1.1)
|
Unemployment rate
|
3.7
|
4.5
|
5.1
|
5.3
|
5.1
|
4.8
|
5.3
|
3.6
|
House price growth
|
2.0
|
(6.9)
|
(1.2)
|
2.9
|
4.4
|
0.2
|
6.4
|
(6.3)
|
Commercial real estate price growth
|
(11.8)
|
(3.3)
|
0.9
|
2.8
|
3.1
|
(1.8)
|
7.2
|
(14.8)
|
UK Bank Rate
|
1.94
|
4.00
|
3.38
|
3.00
|
3.00
|
3.06
|
4.00
|
0.75
|
CPI inflation
|
9.0
|
8.3
|
3.7
|
2.3
|
1.7
|
5.0
|
10.7
|
1.6
|
|
|
|
|
|
|
|
|
|
Downside
|
|
|
|
|
|
|
|
|
Gross domestic product
|
3.9
|
(3.0)
|
(0.5)
|
1.4
|
2.1
|
0.8
|
1.2
|
(3.6)
|
Unemployment rate
|
3.8
|
6.3
|
7.5
|
7.6
|
7.2
|
6.5
|
7.7
|
3.6
|
House price growth
|
1.6
|
(11.1)
|
(9.8)
|
(5.6)
|
(1.5)
|
(5.4)
|
6.4
|
(24.3)
|
Commercial real estate price growth
|
(13.9)
|
(15.0)
|
(3.7)
|
0.4
|
1.4
|
(6.4)
|
7.2
|
(29.6)
|
UK Bank Rate
|
1.94
|
2.93
|
1.39
|
0.98
|
1.04
|
1.65
|
3.62
|
0.75
|
CPI inflation
|
9.0
|
8.2
|
3.3
|
1.3
|
0.3
|
4.4
|
10.7
|
0.2
|
|
|
|
|
|
|
|
|
|
Severe downside
|
|
|
|
|
|
|
|
|
Gross domestic product
|
3.7
|
(5.2)
|
(1.0)
|
1.3
|
2.1
|
0.1
|
0.7
|
(6.4)
|
Unemployment rate
|
4.1
|
9.0
|
10.7
|
10.4
|
9.7
|
8.8
|
10.7
|
3.6
|
House price growth
|
1.1
|
(14.8)
|
(18.0)
|
(11.5)
|
(4.2)
|
(9.8)
|
6.4
|
(40.1)
|
Commercial real estate price growth
|
(17.3)
|
(28.8)
|
(9.9)
|
(1.3)
|
3.2
|
(11.6)
|
7.2
|
(47.8)
|
UK Bank Rate - modelled
|
1.94
|
1.41
|
0.20
|
0.13
|
0.14
|
0.76
|
3.50
|
0.12
|
UK Bank
Rate - adjusted1
|
2.44
|
7.00
|
4.88
|
3.31
|
3.25
|
4.18
|
7.00
|
0.75
|
CPI inflation - modelled
|
9.0
|
8.2
|
2.6
|
(0.1)
|
(1.6)
|
3.6
|
10.7
|
(1.7)
|
CPI
inflation - adjusted1
|
9.7
|
14.3
|
9.0
|
4.1
|
1.6
|
7.7
|
14.8
|
1.5
|
|
|
|
|
|
|
|
|
|
Probability-weighted
|
|
|
|
|
|
|
|
|
Gross domestic product
|
4.0
|
(1.8)
|
0.2
|
1.5
|
2.1
|
1.2
|
3.4
|
(1.8)
|
Unemployment rate
|
3.7
|
5.0
|
5.8
|
5.9
|
5.7
|
5.2
|
5.9
|
3.6
|
House price growth
|
1.9
|
(7.7)
|
(3.2)
|
0.7
|
2.9
|
(1.2)
|
6.4
|
(9.5)
|
Commercial real estate price growth
|
(12.3)
|
(5.8)
|
(0.8)
|
1.6
|
2.3
|
(3.1)
|
7.2
|
(18.6)
|
UK Bank Rate - modelled
|
1.94
|
3.70
|
2.94
|
2.59
|
2.60
|
2.76
|
3.89
|
0.75
|
UK Bank
Rate - adjusted1
|
1.99
|
4.26
|
3.41
|
2.91
|
2.91
|
3.10
|
4.31
|
0.75
|
CPI inflation - modelled
|
9.0
|
8.3
|
3.6
|
2.1
|
1.4
|
4.9
|
10.7
|
1.3
|
CPI
inflation - adjusted1
|
9.1
|
8.9
|
4.3
|
2.5
|
1.7
|
5.3
|
11.0
|
1.6
|
At 31 December 2023
|
First
quarter
2023
%
|
Second
quarter
2023
%
|
Third
quarter
2023
%
|
Fourth
quarter
2023
%
|
First
quarter
2024
%
|
Second
quarter
2024
%
|
Third
quarter
2024
%
|
Fourth
quarter
2024
%
|
|
|
|
|
|
|
|
|
|
Gross domestic product
|
0.3
|
0.0
|
(0.1)
|
0.0
|
0.1
|
0.2
|
0.3
|
0.3
|
Unemployment rate
|
3.9
|
4.2
|
4.2
|
4.3
|
4.5
|
4.8
|
5.0
|
5.2
|
House price growth
|
1.6
|
(2.6)
|
(4.5)
|
1.4
|
(1.1)
|
(1.5)
|
0.5
|
(2.2)
|
Commercial real estate price growth
|
(18.8)
|
(21.2)
|
(18.2)
|
(5.1)
|
(4.1)
|
(3.8)
|
(2.2)
|
(0.2)
|
UK Bank Rate
|
4.25
|
5.00
|
5.25
|
5.25
|
5.25
|
5.00
|
4.75
|
4.50
|
CPI inflation
|
10.2
|
8.4
|
6.7
|
4.0
|
3.8
|
2.1
|
2.3
|
2.8
|
At 31
December 2022
|
First
quarter
2022
%
|
Second
quarter
2022
%
|
Third
quarter
2022
%
|
Fourth
quarter
2022
%
|
First
quarter
2023
%
|
Second
quarter
2023
%
|
Third
quarter
2023
%
|
Fourth
quarter
2023
%
|
|
|
|
|
|
|
|
|
|
Gross domestic product
|
0.6
|
0.1
|
(0.3)
|
(0.4)
|
(0.4)
|
(0.4)
|
(0.2)
|
(0.1)
|
Unemployment rate
|
3.7
|
3.8
|
3.6
|
3.7
|
4.0
|
4.4
|
4.7
|
4.9
|
House price growth
|
11.1
|
12.5
|
9.8
|
2.0
|
(3.0)
|
(8.4)
|
(9.8)
|
(6.9)
|
Commercial real estate price growth
|
18.0
|
18.0
|
8.4
|
(11.8)
|
(16.9)
|
(19.8)
|
(15.9)
|
(3.3)
|
UK Bank Rate
|
0.75
|
1.25
|
2.25
|
3.50
|
4.00
|
4.00
|
4.00
|
4.00
|
CPI inflation
|
6.2
|
9.2
|
10.0
|
10.7
|
10.0
|
8.9
|
8.0
|
6.1
|
|
At 31 December 2023
|
|
At 31
December 2022
|
||||||||
1pp increase in
unemployment
£m
|
|
1pp decrease in
unemployment
£m
|
|
|
1pp increase in
unemployment
£m
|
|
|
1pp decrease in
unemployment
£m
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
UK mortgages
|
33
|
|
|
(32)
|
|
|
26
|
|
|
(21)
|
|
Credit cards
|
38
|
|
|
(38)
|
|
|
41
|
|
|
(41)
|
|
Other Retail
|
19
|
|
|
(19)
|
|
|
25
|
|
|
(25)
|
|
Commercial Banking
|
88
|
|
|
(83)
|
|
|
100
|
|
|
(91)
|
|
ECL allowance
|
178
|
|
|
(172)
|
|
|
192
|
|
|
(178)
|
|
|
At 31 December 2023
|
|
At 31
December 2022
|
||||||||
|
10pp increase
in HPI
£m
|
|
|
10pp decrease
in HPI
£m
|
|
|
10pp increase
in HPI
£m
|
|
|
10pp decrease
in HPI
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ECL impact
|
(201)
|
|
|
305
|
|
|
(225)
|
|
|
370
|
|
|
2023
£m
|
|
|
2022
£m
|
|
|
|
|
|
|
|
Profit
attributable to ordinary shareholders - basic and
diluted1
|
4,933
|
|
|
3,389
|
|
|
2023
million
|
|
|
2022
million
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares in issue -
basic
|
64,953
|
|
|
68,847
|
|
Adjustment for share options and awards
|
807
|
|
|
835
|
|
Weighted average number of ordinary shares in issue -
diluted
|
65,760
|
|
|
69,682
|
|
|
|
|
|
|
|
Basic
earnings per share1
|
7.6p
|
|
|
4.9p
|
|
Diluted
earnings per share1
|
7.5p
|
|
|
4.9p
|
|
|
Footnote
|
|
As previously reported
At 31 Dec
2021
£m
|
|
Impact of
IFRS 17
(see below)
£m
|
|
Other changes (see note 1)
£m
|
|
|
Restated
At 1 Jan
2022
£m
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and balances at central banks
|
|
|
76,420
|
|
|
-
|
|
|
-
|
|
|
76,420
|
|
Items in the course of collection from banks
|
|
|
147
|
|
|
-
|
|
|
(147)
|
|
|
|
|
Financial assets at fair value through profit or loss
|
1
|
|
206,771
|
|
|
200
|
|
|
-
|
|
|
206,971
|
|
Derivative financial instruments
|
|
|
22,051
|
|
|
-
|
|
|
-
|
|
|
22,051
|
|
Financial assets at amortised cost
|
|
|
517,156
|
|
|
-
|
|
|
-
|
|
|
517,156
|
|
Financial assets at fair value through other comprehensive
income
|
|
|
28,137
|
|
|
-
|
|
|
-
|
|
|
28,137
|
|
Reinsurance assets
|
2
|
|
759
|
|
|
(759)
|
|
|
-
|
|
|
|
|
Investments in joint ventures and associates
|
|
|
352
|
|
|
-
|
|
|
(352)
|
|
|
|
|
Goodwill
|
|
|
2,320
|
|
|
-
|
|
|
(2,320)
|
|
|
|
|
Value of in-force business
|
3
|
|
5,514
|
|
|
(5,317)
|
|
|
(197)
|
|
|
|
|
Other intangible assets
|
|
|
4,196
|
|
|
-
|
|
|
(4,196)
|
|
|
|
|
Goodwill and other intangible assets
|
|
|
|
|
|
-
|
|
|
6,713
|
|
|
6,713
|
|
Current tax recoverable
|
|
|
363
|
|
|
-
|
|
|
-
|
|
|
363
|
|
Deferred tax assets
|
4
|
|
3,118
|
|
|
655
|
|
|
-
|
|
|
3,773
|
|
Retirement benefit assets
|
|
|
4,531
|
|
|
-
|
|
|
-
|
|
|
4,531
|
|
Other assets
|
2
|
|
14,690
|
|
|
(47)
|
|
|
499
|
|
|
15,142
|
|
Total assets
|
|
|
886,525
|
|
|
(5,268)
|
|
|
-
|
|
|
881,257
|
|
|
Footnote
|
|
As previously reported
At 31 Dec
2021
£m
|
|
Impact of
IFRS 17
(see below)
£m
|
|
Other changes (see note 1)
£m
|
|
|
Restated
At 1 Jan
2022
£m
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits from banks
|
|
|
7,647
|
|
|
-
|
|
|
-
|
|
|
7,647
|
|
Customer deposits
|
|
|
476,344
|
|
|
-
|
|
|
-
|
|
|
476,344
|
|
Repurchase agreements at amortised cost
|
|
|
31,125
|
|
|
-
|
|
|
-
|
|
|
31,125
|
|
Items in course of transmission to banks
|
|
|
316
|
|
|
-
|
|
|
(316)
|
|
|
|
|
Financial liabilities at fair value through profit or
loss
|
|
|
23,123
|
|
|
-
|
|
|
-
|
|
|
23,123
|
|
Derivative financial instruments
|
|
|
18,060
|
|
|
-
|
|
|
-
|
|
|
18,060
|
|
Notes in circulation
|
|
|
1,321
|
|
|
-
|
|
|
-
|
|
|
1,321
|
|
Debt securities in issue at amortised cost
|
|
|
71,552
|
|
|
-
|
|
|
-
|
|
|
71,552
|
|
Liabilities arising from insurance contracts and participating
investment contracts
|
5
|
|
123,423
|
|
|
1,756
|
|
|
-
|
|
|
125,179
|
|
Liabilities arising from non-participating investment
contracts
|
6
|
|
45,040
|
|
|
(4,150)
|
|
|
-
|
|
|
40,890
|
|
Other liabilities
|
7
|
|
19,947
|
|
|
(896)
|
|
|
316
|
|
|
19,367
|
|
Retirement benefit obligations
|
|
|
230
|
|
|
-
|
|
|
-
|
|
|
230
|
|
Current tax liabilities
|
|
|
6
|
|
|
-
|
|
|
-
|
|
|
6
|
|
Deferred tax liabilities
|
4
|
|
39
|
|
|
(31)
|
|
|
-
|
|
|
8
|
|
Other provisions
|
|
|
2,092
|
|
|
(12)
|
|
|
-
|
|
|
2,080
|
|
Subordinated liabilities
|
|
|
13,108
|
|
|
-
|
|
|
-
|
|
|
13,108
|
|
Total liabilities
|
|
|
833,373
|
|
|
(3,333)
|
|
|
-
|
|
|
830,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
7,102
|
|
|
-
|
|
|
-
|
|
|
7,102
|
|
Share premium account
|
|
|
18,479
|
|
|
-
|
|
|
-
|
|
|
18,479
|
|
Other reserves
|
|
|
11,189
|
|
|
(12)
|
|
|
-
|
|
|
11,177
|
|
Retained profits
|
|
|
10,241
|
|
|
(1,923)
|
|
|
-
|
|
|
8,318
|
|
Ordinary shareholders' equity
|
|
|
47,011
|
|
|
(1,935)
|
|
|
-
|
|
|
45,076
|
|
Other equity instruments
|
|
|
5,906
|
|
|
-
|
|
|
-
|
|
|
5,906
|
|
Total equity excluding non-controlling interests
|
|
|
52,917
|
|
|
(1,935)
|
|
|
-
|
|
|
50,982
|
|
Non-controlling interests
|
|
|
235
|
|
|
-
|
|
|
-
|
|
|
235
|
|
Total equity
|
|
|
53,152
|
|
|
(1,935)
|
|
|
-
|
|
|
51,217
|
|
Total equity and liabilities
|
|
|
886,525
|
|
|
(5,268)
|
|
|
-
|
|
|
881,257
|
|
Group strategy update: Mass Affluent and Insurance, Pensions &
Investments
|
20 March 2024
|
Shares quoted ex-dividend for 2023 final dividend
|
11 April 2024
|
Record date for 2023 final dividend
|
12 April 2024
|
Q1 2024 Interim Management Statement
|
24 April 2024
|
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
|