[6-K] NatWest Group plc American Current Report (Foreign Issuer)
NatWest Group H1 2025 highlights: total income £7.99 bn (+11.9% YoY) with net interest income £6.12 bn (+13.2%). Net interest margin expanded 21 bps to 2.28%. Operating profit before tax reached £3.59 bn (+18.4%); attributable profit £2.49 bn, delivering EPS 30.9 p (+28%) and RoTE 18.1% (vs 16.4%).
Cost-income ratio fell to 48.8% (-6.7 ppt) as digital efficiency offset inflation. Impairments rose to £382 m (loan-loss rate 19 bps). CET1 ratio slipped 20 bps QoQ to 13.6% after accrual of a 9.5 p interim dividend (+58%) and announcement of a £750 m buyback, keeping capital within the 13-14% target. TNAV increased 22 p to 351 p; LCR remains strong at 147%.
Loans (ex-central) grew £11.6 bn and deposits £4.5 bn, aided by the Sainsbury’s Bank deal that added 1.1 m customers. Segment ROE: Retail 23.8%, Commercial & Institutional 18.6%, Private Banking & WM 19.8%.
- Shareholder distributions announced YTD total £1.5 bn.
- 2025 guidance upgraded: income >£16 bn, RoTE >16.5%, costs ~£8.1 bn, impairment <20 bps, RWAs £190–195 bn.
Principali risultati del Gruppo NatWest nel primo semestre 2025: ricavi totali pari a £7,99 mld (+11,9% su base annua) con un margine di interesse netto di £6,12 mld (+13,2%). Il margine di interesse netto è cresciuto di 21 punti base raggiungendo il 2,28%. L’utile operativo ante imposte ha raggiunto £3,59 mld (+18,4%); l’utile attribuibile è stato di £2,49 mld, con un EPS di 30,9 p (+28%) e un RoTE del 18,1% (rispetto al 16,4%).
Il rapporto costi/ricavi è sceso al 48,8% (-6,7 punti percentuali) grazie all’efficienza digitale che ha compensato l’inflazione. Le rettifiche sono aumentate a £382 mln (tasso di perdita sui prestiti 19 punti base). Il CET1 ratio è leggermente sceso di 20 punti base trimestre su trimestre al 13,6% a seguito dell’accantonamento per un dividendo intermedio di 9,5 p (+58%) e dell’annuncio di un buyback da £750 mln, mantenendo il capitale entro l’obiettivo del 13-14%. Il TNAV è aumentato di 22 p raggiungendo 351 p; il LCR rimane solido al 147%.
I prestiti (escluso il settore centrale) sono cresciuti di £11,6 mld e i depositi di £4,5 mld, supportati dall’accordo con Sainsbury’s Bank che ha aggiunto 1,1 milioni di clienti. ROE per segmento: Retail 23,8%, Commercial & Institutional 18,6%, Private Banking & WM 19,8%.
- Le distribuzioni agli azionisti annunciate da inizio anno ammontano a £1,5 mld.
- Previsioni per il 2025 aggiornate: ricavi >£16 mld, RoTE >16,5%, costi circa £8,1 mld, rettifiche <20 punti base, RWAs tra £190 e £195 mld.
Aspectos destacados del Grupo NatWest en el primer semestre de 2025: ingresos totales de £7,99 mil millones (+11,9% interanual) con ingresos netos por intereses de £6,12 mil millones (+13,2%). El margen de interés neto se amplió 21 puntos básicos hasta 2,28%. El beneficio operativo antes de impuestos alcanzó £3,59 mil millones (+18,4%); beneficio atribuible de £2,49 mil millones, con un BPA de 30,9 p (+28%) y un RoTE del 18,1% (frente al 16,4%).
La ratio coste-ingresos cayó al 48,8% (-6,7 puntos porcentuales) ya que la eficiencia digital compensó la inflación. Las provisiones aumentaron a £382 millones (tasa de pérdidas crediticias de 19 puntos básicos). La ratio CET1 bajó 20 puntos básicos trimestre a trimestre hasta el 13,6% tras la provisión de un dividendo intermedio de 9,5 p (+58%) y el anuncio de una recompra de acciones por £750 millones, manteniendo el capital dentro del objetivo del 13-14%. El TNAV aumentó 22 p hasta 351 p; el LCR sigue siendo sólido en 147%.
Los préstamos (excluyendo el sector central) crecieron £11,6 mil millones y los depósitos £4,5 mil millones, impulsados por el acuerdo con Sainsbury’s Bank que añadió 1,1 millones de clientes. ROE por segmento: Retail 23,8%, Commercial & Institutional 18,6%, Private Banking & WM 19,8%.
- Las distribuciones a accionistas anunciadas en lo que va de año suman £1,5 mil millones.
- Previsiones para 2025 mejoradas: ingresos >£16 mil millones, RoTE >16,5%, costes ~£8,1 mil millones, provisiones <20 puntos básicos, RWAs entre £190 y £195 mil millones.
NatWest 그룹 2025년 상반기 주요 실적: 총 수익 £79.9억 (+11.9% 전년 대비) 중 순이자수익 £61.2억 (+13.2%). 순이자마진은 21bp 확대되어 2.28%를 기록. 법인세 차감 전 영업이익은 £35.9억 (+18.4%), 귀속이익 £24.9억으로 주당순이익(EPS) 30.9펜스 (+28%), 자기자본수익률(RoTE) 18.1% (전분기 16.4%) 달성.
비용대비수익률은 디지털 효율성으로 인플레이션을 상쇄하며 48.8%로 6.7%포인트 하락. 대손충당금은 £3.82억으로 증가(대출손실률 19bp). CET1 비율은 중간배당 9.5펜스(+58%) 및 £7.5억 자사주 매입 발표 후 분기 대비 20bp 하락한 13.6%로, 목표 범위인 13-14% 내 유지. 순자산가치는 22펜스 상승한 351펜스; 유동성커버리지비율(LCR)은 147%로 견고함 유지.
중앙 제외 대출금은 £116억, 예금은 £45억 증가했으며, Sainsbury’s Bank 인수로 110만 고객 추가. 세그먼트별 자기자본이익률: 소매 23.8%, 상업 및 기관 18.6%, 프라이빗뱅킹 및 자산관리 19.8%.
- 올해 누적 주주 배당금 총 £15억 발표.
- 2025년 가이던스 상향: 수익 >£160억, RoTE >16.5%, 비용 약 £81억, 대손충당금 <20bp, 위험가중자산(RWA) £190-195억.
Points forts du groupe NatWest au premier semestre 2025 : revenus totaux de 7,99 milliards de £ (+11,9% en glissement annuel) avec un produit net d’intérêts de 6,12 milliards de £ (+13,2%). La marge nette d’intérêt s’est élargie de 21 points de base pour atteindre 2,28%. Le bénéfice d’exploitation avant impôts a atteint 3,59 milliards de £ (+18,4%) ; bénéfice attribuable de 2,49 milliards de £, avec un BPA de 30,9 p (+28%) et un RoTE de 18,1% (contre 16,4%).
Le ratio coûts/revenus a chuté à 48,8% (-6,7 points) grâce à l’efficacité digitale qui a compensé l’inflation. Les dépréciations ont augmenté à 382 millions de £ (taux de pertes sur prêts de 19 points de base). Le ratio CET1 a diminué de 20 points de base trimestre sur trimestre pour s’établir à 13,6% après la provision d’un dividende intérimaire de 9,5 p (+58%) et l’annonce d’un rachat d’actions de 750 millions de £, maintenant le capital dans la fourchette cible de 13-14%. La valeur nette tangible par action (TNAV) a augmenté de 22 p à 351 p ; le ratio de couverture de liquidité (LCR) reste solide à 147%.
Les prêts (hors secteur central) ont augmenté de 11,6 milliards de £ et les dépôts de 4,5 milliards de £, aidés par l’accord avec Sainsbury’s Bank qui a ajouté 1,1 million de clients. ROE par segment : Retail 23,8%, Commercial & Institutional 18,6%, Private Banking & WM 19,8%.
- Les distributions aux actionnaires annoncées depuis le début de l’année s’élèvent à 1,5 milliard de £.
- Prévisions 2025 révisées à la hausse : revenus >16 milliards de £, RoTE >16,5%, coûts ~8,1 milliards de £, dépréciations <20 points de base, actifs pondérés en fonction des risques (RWA) entre 190 et 195 milliards de £.
NatWest Group Halbjahresergebnisse 2025: Gesamtertrag £7,99 Mrd (+11,9% im Jahresvergleich) mit Nettozinsertrag von £6,12 Mrd (+13,2%). Die Nettozinsmarge stieg um 21 Basispunkte auf 2,28%. Das Betriebsergebnis vor Steuern erreichte £3,59 Mrd (+18,4%); der auf die Aktionäre entfallende Gewinn betrug £2,49 Mrd, was ein Ergebnis je Aktie (EPS) von 30,9 Pence (+28%) und eine Eigenkapitalrendite (RoTE) von 18,1% (vorher 16,4%) bedeutet.
Die Cost-Income-Ratio sank auf 48,8% (-6,7 Prozentpunkte), da digitale Effizienz die Inflation ausglich. Wertberichtigungen stiegen auf £382 Mio (Kreditausfallquote 19 Basispunkte). Die CET1-Quote fiel im Quartalsvergleich um 20 Basispunkte auf 13,6% nach Rückstellung einer Zwischendividende von 9,5 Pence (+58%) und Ankündigung eines Aktienrückkaufs von £750 Mio, wodurch das Kapital im Zielbereich von 13-14% blieb. Der Tangible Net Asset Value (TNAV) stieg um 22 Pence auf 351 Pence; die Liquidity Coverage Ratio (LCR) bleibt mit 147% robust.
Kredite (ohne Zentralbereich) wuchsen um £11,6 Mrd, Einlagen um £4,5 Mrd, unterstützt durch den Sainsbury’s Bank-Deal, der 1,1 Mio Kunden hinzufügte. Segment-ROE: Retail 23,8%, Commercial & Institutional 18,6%, Private Banking & WM 19,8%.
- Seit Jahresbeginn angekündigte Ausschüttungen an Aktionäre belaufen sich auf £1,5 Mrd.
- 2025er Prognose angehoben: Erträge >£16 Mrd, RoTE >16,5%, Kosten ca. £8,1 Mrd, Wertberichtigungen <20 Basispunkte, risikogewichtete Aktiva (RWA) £190–195 Mrd.
- Attributable profit £2.49 bn and EPS up 28% YoY.
- Cost-income ratio improved to 48.8%, evidencing successful simplification.
- NIM expanded 21 bps to 2.28% despite base-rate cuts.
- Capital returns: 9.5 p dividend (+58%) and £750 m buyback.
- 2025 guidance raised for income (>£16 bn) and RoTE (>16.5%).
- Impairment charge rose to £382 m vs £48 m prior year.
- CET1 ratio dipped 20 bps QoQ to 13.6%.
- Loan-loss rate climbed to 19 bps from 3 bps YoY.
Insights
TL;DR: Earnings beat, efficiency gains and larger capital returns support bullish equity view.
Double-digit revenue growth and a 6.7 ppt drop in cost-income drove EPS up 28%. With CET1 still at 13.6%, management can fund a 9.5 p dividend and £750 m buyback while upgrading 2025 targets. NIM resilience (+21 bps YoY) shows pricing power despite rate cuts. Balance-sheet expansion is disciplined, with loan growth focused on higher-yield unsecured and commercial books. Guidance implies >16.5% RoTE and healthy payout, underpinning valuation upside.
TL;DR: Rising impairments and CET1 drift warrant monitoring, but buffers remain adequate.
Impairment charge jumped to £382 m (19 bps) from £48 m YoY, reflecting macro uncertainty and Sainsbury’s portfolio. Stage 2 exposures increased and post-model adjustments, though lower, still represent 7.4% of ECL. CET1 fell 20 bps QoQ; further buybacks could pressure capital if credit costs accelerate. Liquidity (LCR 147%) and conservative RWAs provide cushion, yet investors should track asset-quality trends into H2.
Principali risultati del Gruppo NatWest nel primo semestre 2025: ricavi totali pari a £7,99 mld (+11,9% su base annua) con un margine di interesse netto di £6,12 mld (+13,2%). Il margine di interesse netto è cresciuto di 21 punti base raggiungendo il 2,28%. L’utile operativo ante imposte ha raggiunto £3,59 mld (+18,4%); l’utile attribuibile è stato di £2,49 mld, con un EPS di 30,9 p (+28%) e un RoTE del 18,1% (rispetto al 16,4%).
Il rapporto costi/ricavi è sceso al 48,8% (-6,7 punti percentuali) grazie all’efficienza digitale che ha compensato l’inflazione. Le rettifiche sono aumentate a £382 mln (tasso di perdita sui prestiti 19 punti base). Il CET1 ratio è leggermente sceso di 20 punti base trimestre su trimestre al 13,6% a seguito dell’accantonamento per un dividendo intermedio di 9,5 p (+58%) e dell’annuncio di un buyback da £750 mln, mantenendo il capitale entro l’obiettivo del 13-14%. Il TNAV è aumentato di 22 p raggiungendo 351 p; il LCR rimane solido al 147%.
I prestiti (escluso il settore centrale) sono cresciuti di £11,6 mld e i depositi di £4,5 mld, supportati dall’accordo con Sainsbury’s Bank che ha aggiunto 1,1 milioni di clienti. ROE per segmento: Retail 23,8%, Commercial & Institutional 18,6%, Private Banking & WM 19,8%.
- Le distribuzioni agli azionisti annunciate da inizio anno ammontano a £1,5 mld.
- Previsioni per il 2025 aggiornate: ricavi >£16 mld, RoTE >16,5%, costi circa £8,1 mld, rettifiche <20 punti base, RWAs tra £190 e £195 mld.
Aspectos destacados del Grupo NatWest en el primer semestre de 2025: ingresos totales de £7,99 mil millones (+11,9% interanual) con ingresos netos por intereses de £6,12 mil millones (+13,2%). El margen de interés neto se amplió 21 puntos básicos hasta 2,28%. El beneficio operativo antes de impuestos alcanzó £3,59 mil millones (+18,4%); beneficio atribuible de £2,49 mil millones, con un BPA de 30,9 p (+28%) y un RoTE del 18,1% (frente al 16,4%).
La ratio coste-ingresos cayó al 48,8% (-6,7 puntos porcentuales) ya que la eficiencia digital compensó la inflación. Las provisiones aumentaron a £382 millones (tasa de pérdidas crediticias de 19 puntos básicos). La ratio CET1 bajó 20 puntos básicos trimestre a trimestre hasta el 13,6% tras la provisión de un dividendo intermedio de 9,5 p (+58%) y el anuncio de una recompra de acciones por £750 millones, manteniendo el capital dentro del objetivo del 13-14%. El TNAV aumentó 22 p hasta 351 p; el LCR sigue siendo sólido en 147%.
Los préstamos (excluyendo el sector central) crecieron £11,6 mil millones y los depósitos £4,5 mil millones, impulsados por el acuerdo con Sainsbury’s Bank que añadió 1,1 millones de clientes. ROE por segmento: Retail 23,8%, Commercial & Institutional 18,6%, Private Banking & WM 19,8%.
- Las distribuciones a accionistas anunciadas en lo que va de año suman £1,5 mil millones.
- Previsiones para 2025 mejoradas: ingresos >£16 mil millones, RoTE >16,5%, costes ~£8,1 mil millones, provisiones <20 puntos básicos, RWAs entre £190 y £195 mil millones.
NatWest 그룹 2025년 상반기 주요 실적: 총 수익 £79.9억 (+11.9% 전년 대비) 중 순이자수익 £61.2억 (+13.2%). 순이자마진은 21bp 확대되어 2.28%를 기록. 법인세 차감 전 영업이익은 £35.9억 (+18.4%), 귀속이익 £24.9억으로 주당순이익(EPS) 30.9펜스 (+28%), 자기자본수익률(RoTE) 18.1% (전분기 16.4%) 달성.
비용대비수익률은 디지털 효율성으로 인플레이션을 상쇄하며 48.8%로 6.7%포인트 하락. 대손충당금은 £3.82억으로 증가(대출손실률 19bp). CET1 비율은 중간배당 9.5펜스(+58%) 및 £7.5억 자사주 매입 발표 후 분기 대비 20bp 하락한 13.6%로, 목표 범위인 13-14% 내 유지. 순자산가치는 22펜스 상승한 351펜스; 유동성커버리지비율(LCR)은 147%로 견고함 유지.
중앙 제외 대출금은 £116억, 예금은 £45억 증가했으며, Sainsbury’s Bank 인수로 110만 고객 추가. 세그먼트별 자기자본이익률: 소매 23.8%, 상업 및 기관 18.6%, 프라이빗뱅킹 및 자산관리 19.8%.
- 올해 누적 주주 배당금 총 £15억 발표.
- 2025년 가이던스 상향: 수익 >£160억, RoTE >16.5%, 비용 약 £81억, 대손충당금 <20bp, 위험가중자산(RWA) £190-195억.
Points forts du groupe NatWest au premier semestre 2025 : revenus totaux de 7,99 milliards de £ (+11,9% en glissement annuel) avec un produit net d’intérêts de 6,12 milliards de £ (+13,2%). La marge nette d’intérêt s’est élargie de 21 points de base pour atteindre 2,28%. Le bénéfice d’exploitation avant impôts a atteint 3,59 milliards de £ (+18,4%) ; bénéfice attribuable de 2,49 milliards de £, avec un BPA de 30,9 p (+28%) et un RoTE de 18,1% (contre 16,4%).
Le ratio coûts/revenus a chuté à 48,8% (-6,7 points) grâce à l’efficacité digitale qui a compensé l’inflation. Les dépréciations ont augmenté à 382 millions de £ (taux de pertes sur prêts de 19 points de base). Le ratio CET1 a diminué de 20 points de base trimestre sur trimestre pour s’établir à 13,6% après la provision d’un dividende intérimaire de 9,5 p (+58%) et l’annonce d’un rachat d’actions de 750 millions de £, maintenant le capital dans la fourchette cible de 13-14%. La valeur nette tangible par action (TNAV) a augmenté de 22 p à 351 p ; le ratio de couverture de liquidité (LCR) reste solide à 147%.
Les prêts (hors secteur central) ont augmenté de 11,6 milliards de £ et les dépôts de 4,5 milliards de £, aidés par l’accord avec Sainsbury’s Bank qui a ajouté 1,1 million de clients. ROE par segment : Retail 23,8%, Commercial & Institutional 18,6%, Private Banking & WM 19,8%.
- Les distributions aux actionnaires annoncées depuis le début de l’année s’élèvent à 1,5 milliard de £.
- Prévisions 2025 révisées à la hausse : revenus >16 milliards de £, RoTE >16,5%, coûts ~8,1 milliards de £, dépréciations <20 points de base, actifs pondérés en fonction des risques (RWA) entre 190 et 195 milliards de £.
NatWest Group Halbjahresergebnisse 2025: Gesamtertrag £7,99 Mrd (+11,9% im Jahresvergleich) mit Nettozinsertrag von £6,12 Mrd (+13,2%). Die Nettozinsmarge stieg um 21 Basispunkte auf 2,28%. Das Betriebsergebnis vor Steuern erreichte £3,59 Mrd (+18,4%); der auf die Aktionäre entfallende Gewinn betrug £2,49 Mrd, was ein Ergebnis je Aktie (EPS) von 30,9 Pence (+28%) und eine Eigenkapitalrendite (RoTE) von 18,1% (vorher 16,4%) bedeutet.
Die Cost-Income-Ratio sank auf 48,8% (-6,7 Prozentpunkte), da digitale Effizienz die Inflation ausglich. Wertberichtigungen stiegen auf £382 Mio (Kreditausfallquote 19 Basispunkte). Die CET1-Quote fiel im Quartalsvergleich um 20 Basispunkte auf 13,6% nach Rückstellung einer Zwischendividende von 9,5 Pence (+58%) und Ankündigung eines Aktienrückkaufs von £750 Mio, wodurch das Kapital im Zielbereich von 13-14% blieb. Der Tangible Net Asset Value (TNAV) stieg um 22 Pence auf 351 Pence; die Liquidity Coverage Ratio (LCR) bleibt mit 147% robust.
Kredite (ohne Zentralbereich) wuchsen um £11,6 Mrd, Einlagen um £4,5 Mrd, unterstützt durch den Sainsbury’s Bank-Deal, der 1,1 Mio Kunden hinzufügte. Segment-ROE: Retail 23,8%, Commercial & Institutional 18,6%, Private Banking & WM 19,8%.
- Seit Jahresbeginn angekündigte Ausschüttungen an Aktionäre belaufen sich auf £1,5 Mrd.
- 2025er Prognose angehoben: Erträge >£16 Mrd, RoTE >16,5%, Kosten ca. £8,1 Mrd, Wertberichtigungen <20 Basispunkte, risikogewichtete Aktiva (RWA) £190–195 Mrd.
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Form 20-F ☒
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Form 40-F ☐
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Business performance summary
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2
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H1 2025 performance summary
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3
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Performance key metrics and ratios
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5
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Chief Financial Officer's review
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7
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Retail Banking
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8
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Private Banking & Wealth Management
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9
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Commercial & Institutional
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10
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Central items & other
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11
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Segment performance
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Risk and capital management
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16
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Credit risk
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16
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Economic loss drivers
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20
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Governance and post model adjustments
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22
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Measurement uncertainty and ECLsensitivity analysis
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24
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Measurement uncertainty and ECLadequacy
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25
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Credit risk - Banking activities
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25
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Financial instruments within the scope of theIFRS 9 ECL
framework
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26
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Segment analysis - portfolio summary
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28
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Segmental loans and impairment metrics
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29
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Sector analysis - portfolio summary
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34
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Non-Personal forbearance
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36
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Personal portfolio
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39
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Commercial real estate
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40
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Flow statements
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Risk and capital management continued
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47
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Stage 2 decomposition by a significantincrease in credit risk
trigger
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49
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Asset quality
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53
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Credit risk - Trading activities
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56
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Capital, liquidity and funding risk
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67
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Non-traded market risk
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71
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Traded market risk
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71
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Pension risk
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Financial statements and notes
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72
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Condensed consolidated income statement
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73
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Condensed consolidated statement ofcomprehensive
income
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74
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Condensed consolidated balance sheet
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75
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Condensed consolidated statement ofchanges in equity
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77
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Condensed consolidated cash flow statement
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78
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Presentation of condensed consolidatedfinancial
statements
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78
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Net interest income
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79
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Non-interest income
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80
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Operating expenses
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81
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Segmental analysis
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84
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Tax
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85
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Financial instruments - classification
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87
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Financial instruments - valuation
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Financial statements and notes continued
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92
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Trading assets and liabilities
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93
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Loan impairment provisions
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94
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Provisions for liabilities and charges
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94
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Dividends
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94
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Contingent liabilities and commitments
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95
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Litigation and regulatory matters
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101
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Related party transactions
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101
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Post balance sheet events
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101
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Date of approval
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102
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Auditor's independent review report to NatWest Group plcGroup
plc
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Additional information
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103
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NatWest Group plc summary risk factors
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105
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Statement of directors' responsibilities
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106
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Presentation of information
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106
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Statutory accounts
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106
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Forward-looking statements
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107
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Share information and contacts
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108
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Appendix
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108
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Non-IFRS financial measures
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113
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Performance measures not definedunder IFRS
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Half year ended
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Quarter ended
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30 June
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30 June
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30 June
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31 March
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30 June
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2025
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2024
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Variance
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2025
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2025
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Variance
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2024
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Variance
|
Summary consolidated income statement
|
£m
|
£m
|
%
|
|
£m
|
£m
|
%
|
£m
|
%
|
Net interest income
|
6,120
|
5,408
|
13.2%
|
|
3,094
|
3,026
|
2.2%
|
2,757
|
12.2%
|
Non-interest income
|
1,865
|
1,726
|
8.1%
|
|
911
|
954
|
(4.5%)
|
902
|
1.0%
|
Total income
|
7,985
|
7,134
|
11.9%
|
|
4,005
|
3,980
|
0.6%
|
3,659
|
9.5%
|
Litigation and conduct costs
|
(118)
|
(101)
|
16.8%
|
|
(74)
|
(44)
|
68.2%
|
(77)
|
(3.9%)
|
Other operating expenses
|
(3,900)
|
(3,956)
|
(1.4%)
|
|
(1,965)
|
(1,935)
|
1.6%
|
(1,928)
|
1.9%
|
Operating expenses
|
(4,018)
|
(4,057)
|
(1.0%)
|
|
(2,039)
|
(1,979)
|
3.0%
|
(2,005)
|
1.7%
|
Profit before impairment losses/releases
|
3,967
|
3,077
|
28.9%
|
|
1,966
|
2,001
|
(1.7%)
|
1,654
|
18.9%
|
Impairment (losses)/releases
|
(382)
|
(48)
|
nm
|
|
(193)
|
(189)
|
2.1%
|
45
|
nm
|
Operating profit before tax
|
3,585
|
3,029
|
18.4%
|
|
1,773
|
1,812
|
(2.2%)
|
1,699
|
4.4%
|
Tax charge
|
(910)
|
(801)
|
13.6%
|
|
(439)
|
(471)
|
(6.8%)
|
(462)
|
(5.0%)
|
Profit from continuing operations
|
2,675
|
2,228
|
20.1%
|
|
1,334
|
1,341
|
(0.5%)
|
1,237
|
7.8%
|
Profit from discontinued operations, net of tax
|
-
|
11
|
nm
|
|
-
|
-
|
nm
|
15
|
nm
|
Profit for the period
|
2,675
|
2,239
|
19.5%
|
|
1,334
|
1,341
|
(0.5%)
|
1,252
|
6.5%
|
|
|
|
|
|
|
|
|
|
|
Performance key metrics and ratios
|
|
|
|
|
|||||
Notable items within total income (1)
|
£23m
|
£130m
|
nm
|
|
(£5m)
|
£28m
|
nm
|
£69m
|
nm
|
Total income excluding notable items (1)
|
£7,962m
|
£7,004m
|
13.7%
|
|
£4,010m
|
£3,952m
|
1.5%
|
£3,590m
|
11.7%
|
Net interest margin (1)
|
2.28%
|
2.07%
|
21bps
|
|
2.28%
|
2.27%
|
1bp
|
2.10%
|
18bps
|
Average interest earning assets (1)
|
£542bn
|
£524bn
|
3.4%
|
|
£543bn
|
£542bn
|
0.2%
|
£528bn
|
2.8%
|
Cost:income ratio (excl. litigation and conduct) (1)
|
48.8%
|
55.5%
|
(6.7%)
|
|
49.1%
|
48.6%
|
0.5%
|
52.7%
|
(3.6%)
|
Loan impairment rate (1)
|
19bps
|
3bps
|
16bps
|
|
19bps
|
19bps
|
-
|
(5bps)
|
24bps
|
Profit attributable to ordinary shareholders
|
£2,488m
|
£2,099m
|
18.5%
|
|
£1,236m
|
£1,252m
|
(1.3%)
|
£1,181m
|
4.7%
|
Total earnings per share attributable to ordinary shareholders -
basic
|
30.9p
|
24.2p
|
6.7p
|
|
15.3p
|
15.5p
|
(0.2p)
|
13.7p
|
1.6p
|
Return on Tangible Equity (RoTE) (1)
|
18.1%
|
16.4%
|
1.7%
|
|
17.7%
|
18.5%
|
(0.8%)
|
18.5%
|
(0.8%)
|
Climate and sustainable funding and financing (2)
|
£16.9bn
|
£16.3bn
|
3.7%
|
|
£9.1bn
|
£7.8bn
|
16.7%
|
£9.7bn
|
(6.2%)
|
|
|
|
|
|
As at
|
||||
|
30 June
|
31 March
|
|
31 December
|
|
||||
|
2025
|
2025
|
Variance
|
2024
|
Variance
|
||||
Balance sheet
|
|
|
|
|
£bn
|
£bn
|
%
|
£bn
|
%
|
Total assets
|
|
|
|
|
730.8
|
710.0
|
2.9%
|
708.0
|
3.2%
|
Loans to customers - amortised cost
|
|
|
|
|
407.1
|
398.8
|
2.1%
|
400.3
|
1.7%
|
Loans to customers excluding central items (1,3)
|
|
|
|
|
380.1
|
371.9
|
2.2%
|
368.5
|
3.1%
|
Loans to customers and banks - amortised cost and
FVOCI
|
|
|
|
|
417.9
|
409.5
|
2.1%
|
410.2
|
1.9%
|
Total impairment provisions (4)
|
|
|
|
|
3.7
|
3.5
|
5.7%
|
3.4
|
8.8%
|
Expected credit loss (ECL) coverage ratio
|
|
|
|
|
0.87%
|
0.86%
|
1bp
|
0.83%
|
4bps
|
Assets under management and administration
(AUMA) (1)
|
|
|
|
|
51.8
|
48.5
|
6.8%
|
48.9
|
5.9%
|
Customer deposits
|
|
|
|
|
436.8
|
434.6
|
0.5%
|
433.5
|
0.8%
|
Customer deposits excluding central items (1,3)
|
|
|
|
|
435.8
|
433.4
|
0.6%
|
431.3
|
1.0%
|
Liquidity and funding
|
|
|
|
|
|
|
|
|
|
Liquidity Coverage Ratio (LCR)
|
|
|
|
|
147%
|
150%
|
(3.0%)
|
150%
|
(3.0%)
|
Liquidity portfolio
|
|
|
|
|
217
|
222
|
(2.3%)
|
222
|
(2.3%)
|
Net Stable Funding Ratio (NSFR)
|
|
|
|
|
134%
|
136%
|
(2.0%)
|
137%
|
(3.0%)
|
Loan:deposit ratio (excl. repos and reverse
repos) (1)
|
|
|
|
|
86%
|
85%
|
1%
|
85%
|
1%
|
Total wholesale funding
|
|
|
|
|
91
|
87
|
4.6%
|
86
|
5.8%
|
Short-term wholesale funding
|
|
|
|
|
35
|
33
|
6.1%
|
33
|
6.1%
|
Capital and leverage
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 (CET1) ratio (5)
|
|
|
|
|
13.6%
|
13.8%
|
(20bps)
|
13.6%
|
-
|
Total capital ratio (5)
|
|
|
|
|
19.7%
|
20.6%
|
(90bps)
|
19.7%
|
-
|
Pro forma CET1 ratio (excl. foreseeable items) (6)
|
|
|
|
|
14.6%
|
14.8%
|
(20bps)
|
14.3%
|
30bps
|
Risk-weighted assets (RWAs)
|
|
|
|
|
190.1
|
187.0
|
1.7%
|
183.2
|
3.8%
|
UK leverage ratio
|
|
|
|
|
5.0%
|
5.2%
|
(0.2%)
|
5.0%
|
-
|
Tangible net asset value (TNAV) per ordinary
share (1,7)
|
|
|
|
|
351p
|
347p
|
4p
|
329p
|
22p
|
Number of ordinary shares in issue (millions) (7)
|
|
|
|
|
8,088
|
8,067
|
0.3%
|
8,043
|
0.6%
|
(1)
|
Refer to the Non-IFRS financial
measures appendix for details of the basis of preparation and
reconciliation of non-IFRS financial measures and performance
metrics.
|
(2)
|
NatWest Group used its climate
and sustainable funding and financing inclusion (CSFFI) criteria to
determine the assets, activities and companies that are eligible to
be included within its target to provide £100 billion in
climate and sustainable funding and financing between 1 July 2021
and the end of 2025. This included both provision of committed (on
and off-balance sheet) funding and financing, including provision
of services for underwriting issuances and private placements. The
climate and sustainable funding and financing framework which
underpinned our £100 billion target has been retired and
replaced with our climate and transition finance framework,
available on natwestgroup.com.
|
(3)
|
Central items includes Treasury
repo activity.
|
(4)
|
Includes £0.1 billion
relating to off-balance sheet exposures (31 March 2025 - £0.1
billion; 31 December 2024 - £0.1 billion).
|
(5)
|
Refer to the Capital, liquidity
and funding risk section for details of the basis of
preparation.
|
(6)
|
The
pro forma CET1 ratio at 30 June 2025 excludes foreseeable items of
£1,994 million: £1,244 million for ordinary dividends and
£750 million foreseeable charges (31 March 2025 excludes
foreseeable items of £1,875 million for ordinary dividends; 31
December 2024 excludes foreseeable items of £1,249 million for
ordinary dividends).
|
(7)
|
The
number of ordinary shares in issue excludes own shares
held.
|
|
Half year ended
|
|
Quarter ended
|
|||
|
30 June
|
30 June
|
|
30 June
|
31 March
|
30 June
|
|
2025
|
2024
|
|
2025
|
2025
|
2024
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Total income
|
3,134
|
2,690
|
|
1,594
|
1,540
|
1,365
|
Operating expenses
|
(1,423)
|
(1,470)
|
|
(742)
|
(681)
|
(697)
|
of which: Other operating
expenses
|
(1,411)
|
(1,457)
|
|
(734)
|
(677)
|
(690)
|
Impairment losses
|
(226)
|
(122)
|
|
(117)
|
(109)
|
(59)
|
Operating profit
|
1,485
|
1,098
|
|
735
|
750
|
609
|
|
|
|
|
|
|
|
Return on equity (1)
|
23.8%
|
18.4%
|
|
23.2%
|
24.5%
|
20.3%
|
Net interest margin (1)
|
2.58%
|
2.26%
|
|
2.59%
|
2.58%
|
2.31%
|
Cost:income ratio
|
|
|
|
|
|
|
(excl. litigation and
conduct) (1)
|
45.0%
|
54.2%
|
|
46.0%
|
44.0%
|
50.5%
|
Loan impairment rate (1)
|
21bps
|
12bps
|
|
22bps
|
21bps
|
12bps
|
|
|
|
|
|
|
|
|
|
|
|
As at
|
||
|
|
|
|
30 June
|
31 March
|
31 December
|
|
|
|
|
2025
|
2025
|
2024
|
|
|
|
|
£bn
|
£bn
|
£bn
|
Net loans to customers (amortised cost)
|
|
|
|
214.3
|
210.4
|
208.4
|
Customer deposits
|
|
|
|
196.6
|
195.7
|
194.8
|
RWAs
|
|
69.4
|
66.8
|
65.5
|
|
Half year ended
|
|
Quarter ended
|
|||
|
30 June
|
30 June
|
|
30 June
|
31 March
|
30 June
|
|
2025
|
2024
|
|
2025
|
2025
|
2024
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Total income
|
539
|
444
|
|
274
|
265
|
236
|
of which:
AUMA income (2)
|
144
|
130
|
|
72
|
72
|
68
|
Operating expenses
|
(359)
|
(356)
|
|
(172)
|
(187)
|
(175)
|
of which:
Other operating expenses
|
(358)
|
(355)
|
|
(171)
|
(187)
|
(175)
|
Impairment (losses)/releases
|
(1)
|
11
|
|
-
|
(1)
|
5
|
Operating profit
|
179
|
99
|
|
102
|
77
|
66
|
|
|
|
|
|
|
|
Return on equity (2)
|
19.8%
|
10.5%
|
|
22.5%
|
17.1%
|
14.4%
|
Net interest margin (2)
|
2.57%
|
2.18%
|
|
2.56%
|
2.59%
|
2.30%
|
Cost:income ratio
|
|
|
|
|
|
|
(excl. litigation and
conduct) (2)
|
66.4%
|
80.0%
|
|
62.4%
|
70.6%
|
74.2%
|
Loan impairment rate (2)
|
1bp
|
(12bps)
|
|
-
|
2bps
|
(11bps)
|
AUMA net flows (£bn) (2)
|
2.1
|
1.3
|
|
1.3
|
0.8
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
As at
|
||
|
|
|
|
30 June
|
31 March
|
31 December
|
|
|
|
|
2025
|
2025
|
2024
|
|
|
|
|
£bn
|
£bn
|
£bn
|
Net loans to customers (amortised cost)
|
|
|
|
18.6
|
18.4
|
18.2
|
Customer deposits
|
|
|
|
41.3
|
41.2
|
42.4
|
Assets under management (AUM) (2)
|
|
39.0
|
36.7
|
37.0
|
||
Assets under administration (AUA) (2)
|
|
12.8
|
11.8
|
11.9
|
||
Total assets under management and administration
(AUMA) (2)
|
|
51.8
|
48.5
|
48.9
|
||
Total combined assets and liabilities (CAL) (2,3)
|
|
110.4
|
106.9
|
108.4
|
||
RWAs
|
|
11.5
|
11.3
|
11.0
|
|
Half year ended
|
|
Quarter ended
|
|||
|
30 June
|
30 June
|
|
30 June
|
31 March
|
30 June
|
|
2025
|
2024
|
|
2025
|
2025
|
2024
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Net interest income
|
2,955
|
2,543
|
|
1,496
|
1,459
|
1,297
|
Non-interest income
|
1,334
|
1,257
|
|
651
|
683
|
644
|
Total income
|
4,289
|
3,800
|
|
2,147
|
2,142
|
1,941
|
|
|
|
|
|
|
|
Operating expenses
|
(2,151)
|
(2,150)
|
|
(1,107)
|
(1,044)
|
(1,099)
|
of which:
Other operating expenses
|
(2,062)
|
(2,073)
|
|
(1,047)
|
(1,015)
|
(1,053)
|
Impairment (losses)/releases
|
(154)
|
57
|
|
(76)
|
(78)
|
96
|
Operating profit
|
1,984
|
1,707
|
|
964
|
1,020
|
938
|
|
|
|
|
|
|
|
Return on equity (1)
|
18.6%
|
16.2%
|
|
17.9%
|
19.3%
|
17.8%
|
Net interest margin (1)
|
2.33%
|
2.10%
|
|
2.35%
|
2.32%
|
2.12%
|
Cost:income ratio
|
|
|
|
|
|
|
(excl. litigation and
conduct) (1)
|
48.1%
|
54.6%
|
|
48.8%
|
47.4%
|
54.3%
|
Loan impairment rate (1)
|
21bps
|
(8bps)
|
|
20bps
|
22bps
|
(28bps)
|
|
|
|
|
|
|
|
|
|
|
|
As at
|
||
|
|
|
|
30 June
|
31 March
|
31 December
|
|
|
|
|
2025
|
2025
|
2024
|
|
|
|
|
£bn
|
£bn
|
£bn
|
Net loans to customers (amortised cost)
|
|
|
|
147.2
|
143.1
|
141.9
|
Customer deposits
|
|
197.9
|
196.5
|
194.1
|
||
Funded assets (1)
|
|
343.1
|
336.1
|
321.6
|
||
RWAs
|
|
|
|
107.8
|
107.3
|
104.7
|
|
Half year ended
|
|
Quarter ended
|
|||
|
30 June
|
30 June
|
|
30 June
|
31 March
|
30 June
|
|
2025
|
2024
|
|
2025
|
2025
|
2024
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Continuing operations
|
|
|
|
|
|
|
Total income
|
23
|
200
|
|
(10)
|
33
|
117
|
Operating expenses
|
(85)
|
(81)
|
|
(18)
|
(67)
|
(34)
|
of which:
Other operating expenses
|
(69)
|
(71)
|
|
(13)
|
(56)
|
(10)
|
Impairment (losses)/releases
|
(1)
|
6
|
|
-
|
(1)
|
3
|
Operating (loss)/profit
|
(63)
|
125
|
|
(28)
|
(35)
|
86
|
|
||||||
|
|
|
|
|
As at
|
|
|
|
|
|
30 June
|
31 March
|
31 December
|
|
|
|
|
2025
|
2025
|
2024
|
|
|
|
|
£bn
|
£bn
|
£bn
|
Net loans to customers (amortised cost)
|
|
|
27.0
|
26.9
|
31.8
|
|
Customer deposits
|
|
|
|
1.0
|
1.2
|
2.2
|
RWAs
|
|
|
|
1.4
|
1.6
|
2.0
|
|
Half year ended 30 June 2025
|
||||
|
|
Private Banking
|
|
|
|
|
Retail
|
& Wealth
|
Commercial
|
Central items
|
Total NatWest
|
|
Banking
|
Management (2)
|
& Institutional
|
& other
|
Group
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
Continuing operations
|
|
||||
Income statement
|
|
||||
Net interest income
|
2,922
|
363
|
2,955
|
(120)
|
6,120
|
Own credit adjustments
|
-
|
-
|
3
|
-
|
3
|
Other non-interest income
|
212
|
176
|
1,331
|
143
|
1,862
|
Total income
|
3,134
|
539
|
4,289
|
23
|
7,985
|
Direct expenses
|
(396)
|
(122)
|
(782)
|
(2,600)
|
(3,900)
|
Indirect expenses
|
(1,015)
|
(236)
|
(1,280)
|
2,531
|
-
|
Other operating expenses
|
(1,411)
|
(358)
|
(2,062)
|
(69)
|
(3,900)
|
Litigation and conduct costs
|
(12)
|
(1)
|
(89)
|
(16)
|
(118)
|
Operating expenses
|
(1,423)
|
(359)
|
(2,151)
|
(85)
|
(4,018)
|
Operating profit/(loss) before impairment losses
|
1,711
|
180
|
2,138
|
(62)
|
3,967
|
Impairment losses
|
(226)
|
(1)
|
(154)
|
(1)
|
(382)
|
Operating profit/(loss)
|
1,485
|
179
|
1,984
|
(63)
|
3,585
|
|
|
|
|
|
|
Income excluding notable items (1)
|
3,134
|
539
|
4,286
|
3
|
7,962
|
|
|
|
|
|
|
Additional information
|
|
||||
Return on Tangible Equity (1)
|
na
|
na
|
na
|
na
|
18.1%
|
Return on equity (1)
|
23.8%
|
19.8%
|
18.6%
|
nm
|
na
|
Cost:income ratio (excl. litigation and conduct) (1)
|
45.0%
|
66.4%
|
48.1%
|
nm
|
48.8%
|
Total assets (£bn)
|
238.6
|
29.1
|
414.9
|
48.2
|
730.8
|
Funded assets (£bn) (1)
|
238.6
|
29.1
|
343.1
|
47.0
|
657.8
|
Net loans to customers - amortised cost (£bn)
|
214.3
|
18.6
|
147.2
|
27.0
|
407.1
|
Loan impairment rate (1)
|
21bps
|
1bp
|
21bps
|
nm
|
19bps
|
Impairment provisions (£bn)
|
(1.9)
|
(0.1)
|
(1.7)
|
-
|
(3.7)
|
Impairment provisions - Stage 3 (£bn)
|
(1.1)
|
-
|
(1.1)
|
-
|
(2.2)
|
Customer deposits (£bn)
|
196.6
|
41.3
|
197.9
|
1.0
|
436.8
|
Risk-weighted assets (RWAs) (£bn)
|
69.4
|
11.5
|
107.8
|
1.4
|
190.1
|
RWA equivalent (RWAe) (£bn)
|
70.0
|
11.5
|
108.8
|
2.0
|
192.3
|
Employee numbers (FTEs - thousands)
|
11.8
|
2.1
|
12.8
|
32.5
|
59.2
|
Third party customer asset rate (1)
|
4.31%
|
4.78%
|
6.12%
|
nm
|
nm
|
Third party customer funding rate (1)
|
(1.83%)
|
(2.82%)
|
(1.65%)
|
nm
|
nm
|
Average interest earning assets (£bn) (1)
|
228.2
|
28.4
|
255.4
|
na
|
542.4
|
Net interest margin (1)
|
2.58%
|
2.57%
|
2.33%
|
na
|
2.28%
|
|
Half year ended 30 June 2024
|
||||
|
|
Private Banking
|
|
|
|
|
Retail
|
& Wealth
|
Commercial
|
Central items
|
Total NatWest
|
|
Banking
|
Management (2)
|
& Institutional
|
& other
|
Group
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
Continuing operations
|
|
|
|
|
|
Income statement
|
|
||||
Net interest income
|
2,475
|
285
|
2,543
|
105
|
5,408
|
Own credit adjustments
|
-
|
-
|
(7)
|
-
|
(7)
|
Other non-interest income
|
215
|
159
|
1,264
|
95
|
1,733
|
Total income
|
2,690
|
444
|
3,800
|
200
|
7,134
|
Direct expenses
|
(381)
|
(126)
|
(764)
|
(2,685)
|
(3,956)
|
Indirect expenses
|
(1,076)
|
(229)
|
(1,309)
|
2,614
|
-
|
Other operating expenses
|
(1,457)
|
(355)
|
(2,073)
|
(71)
|
(3,956)
|
Litigation and conduct costs
|
(13)
|
(1)
|
(77)
|
(10)
|
(101)
|
Operating expenses
|
(1,470)
|
(356)
|
(2,150)
|
(81)
|
(4,057)
|
Operating profit before impairment
losses/releases
|
1,220
|
88
|
1,650
|
119
|
3,077
|
Impairment (losses)/releases
|
(122)
|
11
|
57
|
6
|
(48)
|
Operating profit
|
1,098
|
99
|
1,707
|
125
|
3,029
|
|
|
||||
Income excluding notable items (1)
|
2,690
|
444
|
3,807
|
63
|
7,004
|
|
|
||||
Additional information
|
|
|
|
|
|
Return on Tangible Equity (1)
|
na
|
na
|
na
|
na
|
16.4%
|
Return on equity (1)
|
18.4%
|
10.5%
|
16.2%
|
nm
|
na
|
Cost:income ratio (excl. litigation and conduct) (1)
|
54.2%
|
80.0%
|
54.6%
|
nm
|
55.5%
|
Total assets (£bn)
|
226.5
|
27.2
|
381.9
|
54.7
|
690.3
|
Funded assets (£bn) (1)
|
226.5
|
27.2
|
315.5
|
53.6
|
622.8
|
Net loans to customers - amortised cost (£bn)
|
203.3
|
18.1
|
133.9
|
24.0
|
379.3
|
Loan impairment rate (1)
|
12bps
|
(12bps)
|
(8bps)
|
nm
|
3bps
|
Impairment provisions (£bn)
|
(1.7)
|
(0.1)
|
(1.5)
|
-
|
(3.3)
|
Impairment provisions - Stage 3 (£bn)
|
(1.0)
|
-
|
(0.9)
|
(0.1)
|
(2.0)
|
Customer deposits (£bn)
|
191.5
|
39.5
|
194.2
|
7.8
|
433.0
|
Risk-weighted assets (RWAs) (£bn)
|
62.3
|
11.0
|
104.9
|
2.6
|
180.8
|
RWA equivalent (RWAe) (£bn)
|
63.1
|
11.0
|
106.7
|
3.1
|
183.9
|
Employee numbers (FTEs - thousands)
|
12.6
|
2.2
|
12.8
|
33.0
|
60.6
|
Third party customer asset rate (1)
|
3.88%
|
4.99%
|
6.77%
|
nm
|
nm
|
Third party customer funding rate (1)
|
(2.08%)
|
(3.14%)
|
(1.93%)
|
nm
|
nm
|
Average interest earning assets (£bn) (1)
|
220.1
|
26.3
|
244.0
|
na
|
524.4
|
Net interest margin (1)
|
2.26%
|
2.18%
|
2.10%
|
na
|
2.07%
|
|
Quarter ended 30 June 2025
|
||||
|
|
Private Banking
|
|
|
|
|
Retail
|
& Wealth
|
Commercial
|
Central items
|
Total NatWest
|
|
Banking
|
Management (2)
|
& Institutional
|
& other
|
Group
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
Continuing operations
|
|
|
|
|
|
Income statement
|
|
||||
Net interest income
|
1,484
|
182
|
1,496
|
(68)
|
3,094
|
Own credit adjustments
|
-
|
-
|
(3)
|
-
|
(3)
|
Other non-interest income
|
110
|
92
|
654
|
58
|
914
|
Total income
|
1,594
|
274
|
2,147
|
(10)
|
4,005
|
Direct expenses
|
(230)
|
(63)
|
(403)
|
(1,269)
|
(1,965)
|
Indirect expenses
|
(504)
|
(108)
|
(644)
|
1,256
|
-
|
Other operating expenses
|
(734)
|
(171)
|
(1,047)
|
(13)
|
(1,965)
|
Litigation and conduct costs
|
(8)
|
(1)
|
(60)
|
(5)
|
(74)
|
Operating expenses
|
(742)
|
(172)
|
(1,107)
|
(18)
|
(2,039)
|
Operating profit/(loss) before impairment losses
|
852
|
102
|
1,040
|
(28)
|
1,966
|
Impairment losses
|
(117)
|
-
|
(76)
|
-
|
(193)
|
Operating profit/(loss)
|
735
|
102
|
964
|
(28)
|
1,773
|
|
|
|
|
|
|
Income excluding notable items (1)
|
1,594
|
274
|
2,150
|
(8)
|
4,010
|
|
|
|
|
|
|
Additional information
|
|
||||
Return on Tangible Equity (1)
|
na
|
na
|
na
|
na
|
17.7%
|
Return on equity (1)
|
23.2%
|
22.5%
|
17.9%
|
nm
|
na
|
Cost:income ratio (excl. litigation and conduct) (1)
|
46.0%
|
62.4%
|
48.8%
|
nm
|
49.1%
|
Total assets (£bn)
|
238.6
|
29.1
|
414.9
|
48.2
|
730.8
|
Funded assets (£bn) (1)
|
238.6
|
29.1
|
343.1
|
47.0
|
657.8
|
Net loans to customers - amortised cost (£bn)
|
214.3
|
18.6
|
147.2
|
27.0
|
407.1
|
Loan impairment rate (1)
|
22bps
|
-
|
20bps
|
nm
|
19bps
|
Impairment provisions (£bn)
|
(1.9)
|
(0.1)
|
(1.7)
|
-
|
(3.7)
|
Impairment provisions - Stage 3 (£bn)
|
(1.1)
|
-
|
(1.1)
|
-
|
(2.2)
|
Customer deposits (£bn)
|
196.6
|
41.3
|
197.9
|
1.0
|
436.8
|
Risk-weighted assets (RWAs) (£bn)
|
69.4
|
11.5
|
107.8
|
1.4
|
190.1
|
RWA equivalent (RWAe) (£bn)
|
70.0
|
11.5
|
108.8
|
2.0
|
192.3
|
Employee numbers (FTEs - thousands)
|
11.8
|
2.1
|
12.8
|
32.5
|
59.2
|
Third party customer asset rate (1)
|
4.32%
|
4.74%
|
6.00%
|
nm
|
nm
|
Third party customer funding rate (1)
|
(1.79%)
|
(2.74%)
|
(1.60%)
|
nm
|
nm
|
Average interest earning assets (£bn) (1)
|
230.0
|
28.5
|
255.6
|
na
|
543.2
|
Net interest margin (1)
|
2.59%
|
2.56%
|
2.35%
|
na
|
2.28%
|
|
Quarter ended 31 March 2025
|
||||
|
Private Banking
|
|
|
|
|
|
Retail
|
& Wealth
|
Commercial
|
Central items
|
Total NatWest
|
|
Banking
|
Management (2)
|
& Institutional
|
& other
|
Group
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
Continuing operations
|
|
||||
Income statement
|
|
||||
Net interest income
|
1,438
|
181
|
1,459
|
(52)
|
3,026
|
Own credit adjustments
|
-
|
-
|
6
|
-
|
6
|
Other non-interest income
|
102
|
84
|
677
|
85
|
948
|
Total income
|
1,540
|
265
|
2,142
|
33
|
3,980
|
Direct expenses
|
(166)
|
(59)
|
(379)
|
(1,331)
|
(1,935)
|
Indirect expenses
|
(511)
|
(128)
|
(636)
|
1,275
|
-
|
Other operating expenses
|
(677)
|
(187)
|
(1,015)
|
(56)
|
(1,935)
|
Litigation and conduct costs
|
(4)
|
-
|
(29)
|
(11)
|
(44)
|
Operating expenses
|
(681)
|
(187)
|
(1,044)
|
(67)
|
(1,979)
|
Operating profit/(loss) before impairment losses
|
859
|
78
|
1,098
|
(34)
|
2,001
|
Impairment losses
|
(109)
|
(1)
|
(78)
|
(1)
|
(189)
|
Operating profit/(loss)
|
750
|
77
|
1,020
|
(35)
|
1,812
|
|
|
||||
Income excluding notable items (1)
|
1,540
|
265
|
2,136
|
11
|
3,952
|
|
|
||||
Additional information
|
|
|
|
|
|
Return on Tangible Equity (1)
|
na
|
na
|
na
|
na
|
18.5%
|
Return on equity (1)
|
24.5%
|
17.1%
|
19.3%
|
nm
|
na
|
Cost:income ratio (excl. litigation and conduct) (1)
|
44.0%
|
70.6%
|
47.4%
|
nm
|
48.6%
|
Total assets (£bn)
|
234.3
|
28.9
|
397.9
|
48.9
|
710.0
|
Funded assets (£bn) (1)
|
234.3
|
28.9
|
336.1
|
47.9
|
647.2
|
Net loans to customers - amortised cost (£bn)
|
210.4
|
18.4
|
143.1
|
26.9
|
398.8
|
Loan impairment rate (1)
|
21bps
|
2bps
|
22bps
|
nm
|
19bps
|
Impairment provisions (£bn)
|
(1.9)
|
(0.1)
|
(1.5)
|
-
|
(3.5)
|
Impairment provisions - Stage 3 (£bn)
|
(1.1)
|
-
|
(1.0)
|
-
|
(2.1)
|
Customer deposits (£bn)
|
195.7
|
41.2
|
196.5
|
1.2
|
434.6
|
Risk-weighted assets (RWAs) (£bn)
|
66.8
|
11.3
|
107.3
|
1.6
|
187.0
|
RWA equivalent (RWAe) (£bn)
|
67.6
|
11.3
|
108.5
|
2.1
|
189.5
|
Employee numbers (FTEs - thousands)
|
11.9
|
2.2
|
12.8
|
32.5
|
59.4
|
Third party customer asset rate (1)
|
4.29%
|
4.83%
|
6.24%
|
nm
|
nm
|
Third party customer funding rate (1)
|
(1.87%)
|
(2.90%)
|
(1.71%)
|
nm
|
nm
|
Average interest earning assets (£bn) (1)
|
226.5
|
28.4
|
255.2
|
na
|
541.6
|
Net interest margin (1)
|
2.58%
|
2.59%
|
2.32%
|
na
|
2.27%
|
|
Quarter ended 30 June 2024
|
||||
|
Private Banking
|
|
|
|
|
|
Retail
|
& Wealth
|
Commercial
|
Central items
|
Total NatWest
|
|
Banking
|
Management (2)
|
& Institutional
|
& other
|
Group
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
Continuing operations
|
|
|
|
|
|
Income statement
|
|
||||
Net interest income
|
1,259
|
151
|
1,297
|
50
|
2,757
|
Own credit adjustments
|
-
|
-
|
(2)
|
-
|
(2)
|
Other non-interest income
|
106
|
85
|
646
|
67
|
904
|
Total income
|
1,365
|
236
|
1,941
|
117
|
3,659
|
Direct expenses
|
(192)
|
(65)
|
(380)
|
(1,291)
|
(1,928)
|
Indirect expenses
|
(498)
|
(110)
|
(673)
|
1,281
|
-
|
Other operating expenses
|
(690)
|
(175)
|
(1,053)
|
(10)
|
(1,928)
|
Litigation and conduct costs
|
(7)
|
-
|
(46)
|
(24)
|
(77)
|
Operating expenses
|
(697)
|
(175)
|
(1,099)
|
(34)
|
(2,005)
|
Operating profit before impairment
losses/releases
|
668
|
61
|
842
|
83
|
1,654
|
Impairment (losses)/releases
|
(59)
|
5
|
96
|
3
|
45
|
Operating profit
|
609
|
66
|
938
|
86
|
1,699
|
|
|
||||
Income excluding notable items (1)
|
1,365
|
236
|
1,943
|
46
|
3,590
|
|
|
||||
Additional information
|
|
|
|
|
|
Return on Tangible Equity (1)
|
na
|
na
|
na
|
na
|
18.5%
|
Return on equity (1)
|
20.3%
|
14.4%
|
17.8%
|
nm
|
na
|
Cost:income ratio (excl. litigation and conduct) (1)
|
50.5%
|
74.2%
|
54.3%
|
nm
|
52.7%
|
Total assets (£bn)
|
226.5
|
27.2
|
381.9
|
54.7
|
690.3
|
Funded assets (£bn) (1)
|
226.5
|
27.2
|
315.5
|
53.6
|
622.8
|
Net loans to customers - amortised cost (£bn)
|
203.3
|
18.1
|
133.9
|
24.0
|
379.3
|
Loan impairment rate (1)
|
12bps
|
(11bps)
|
(28bps)
|
nm
|
(5bps)
|
Impairment provisions (£bn)
|
(1.7)
|
(0.1)
|
(1.5)
|
-
|
(3.3)
|
Impairment provisions - Stage 3 (£bn)
|
(1.0)
|
-
|
(0.9)
|
(0.1)
|
(2.0)
|
Customer deposits (£bn)
|
191.5
|
39.5
|
194.2
|
7.8
|
433.0
|
Risk-weighted assets (RWAs) (£bn)
|
62.3
|
11.0
|
104.9
|
2.6
|
180.8
|
RWA equivalent (RWAe) (£bn)
|
63.1
|
11.0
|
106.7
|
3.1
|
183.9
|
Employee numbers (FTEs - thousands)
|
12.6
|
2.2
|
12.8
|
33.0
|
60.6
|
Third party customer asset rate (1)
|
3.97%
|
5.01%
|
6.73%
|
nm
|
nm
|
Third party customer funding rate (1)
|
(2.10%)
|
(3.15%)
|
(1.93%)
|
nm
|
nm
|
Average interest earning assets (£bn) (1)
|
219.6
|
26.5
|
246.0
|
na
|
527.6
|
Net interest margin (1)
|
2.31%
|
2.30%
|
2.12%
|
na
|
2.10%
|
Portfolio
|
Economic
loss drivers
|
Personal
mortgages
|
Unemployment
rate, sterling swap rate, house price index, real wage
|
Personal
unsecured
|
Unemployment
rate, sterling swap rate, real wage
|
Corporates
|
Stock
price index, gross domestic product (GDP)
|
Commercial
real estate
|
Stock
price index, commercial property price index, GDP
|
High level narrative - potential developments, vulnerabilities and
risks
|
|
|
|||
Growth
|
Outperformance sustained - the economy continues to grow at a robust
pace
|
Upside
|
|||
Steady growth - staying close to trend pace but with some
near-term slowdown
|
Base
case
|
||||
Stalling - lagged effect of higher inflation and cautious
consumer amidst global trade policy and geopolitical uncertainty
stalls the rebound
|
Downside
|
||||
Extreme stress - extreme fall in GDP, with policy support to
facilitate sharp recovery
|
Extreme
downside
|
||||
Inflation
|
Sticky - strong growth
and/or wage policies and/or interest rate cuts keep services
inflation well above target
|
Upside
|
|||
Battle won - Beyond near-term volatility, downward drift in
services inflation continues, ensuring 2% target is met on a
sustained basis
|
Base
case
|
||||
Structural factors - sustained bouts of energy, food and goods price
inflation on geopolitics/deglobalisation
|
Downside
|
||||
Close to deflation - inflationary pressures diminish amidst
pronounced weakness in demand
|
Extreme
downside
|
||||
Labour market
|
Tighter, still - job growth rebounds strongly, pushing
unemployment back down to 3.5%
|
Upside
|
|||
Cooling continues - gradual loosening prompts a gentle rise in
unemployment (but remains low), job growth
recovers
|
Base
case
|
||||
Job shedding - prolonged weakness in economy prompts
redundancies, reduced hours, building slack
|
Downside
|
||||
Depression - unemployment hits levels close to previous
peaks amid severe stress
|
Extreme
downside
|
||||
Rates
short-term
|
Limited cuts - higher growth and inflation keeps the Monetary
Policy Committee cautious
|
Upside
|
|||
Steady - approximately one cut per
quarter
|
Base
case
|
||||
Mid-cycle quickening - sharp declines through 2025 to support
recovery
|
Downside
|
||||
Sharp drop - drastic easing in policy to support a sharp
deterioration in the economy
|
Extreme
downside
|
||||
|
Above consensus - 4%
|
Upside
|
|||
Rates long-term
|
Middle - 3.5%
|
Base
case
|
|||
Close to
2010s - 1-2%/2.5%
|
Downside/Extreme
downside
|
||||
|
|
|
|
|
|
|
30 June 2025
|
|
31 December 2024
|
||||||||
|
|
Extreme
|
Weighted
|
|
|
Extreme
|
Weighted
|
||||
|
Upside
|
Base case
|
Downside
|
downside
|
average
|
|
Upside
|
Base case
|
Downside
|
downside
|
average
|
Five-year summary
|
%
|
%
|
%
|
%
|
%
|
|
%
|
%
|
%
|
%
|
%
|
GDP
|
2.1
|
1.3
|
0.6
|
(0.1)
|
1.2
|
|
2.0
|
1.3
|
0.5
|
(0.2)
|
1.1
|
Unemployment rate
|
3.8
|
4.6
|
5.4
|
7.1
|
4.9
|
|
3.6
|
4.3
|
5.0
|
6.7
|
4.6
|
House price index
|
5.7
|
3.4
|
0.5
|
(4.3)
|
2.5
|
|
5.8
|
3.5
|
0.8
|
(4.3)
|
2.7
|
Commercial real estate price
|
6.1
|
2.0
|
(0.3)
|
(4.8)
|
1.8
|
|
5.4
|
1.2
|
(1.0)
|
(5.7)
|
1.1
|
Consumer price index
|
2.4
|
2.2
|
3.7
|
1.7
|
2.5
|
|
2.4
|
2.2
|
3.5
|
1.6
|
2.4
|
Bank of England base rate
|
4.1
|
3.6
|
2.5
|
1.2
|
3.2
|
|
4.4
|
4.0
|
3.0
|
1.6
|
3.6
|
Stock price index
|
5.2
|
3.8
|
2.6
|
0.7
|
3.5
|
|
6.3
|
5.0
|
3.4
|
1.1
|
4.5
|
World GDP
|
3.7
|
3.0
|
2.3
|
1.4
|
2.8
|
|
3.8
|
3.2
|
2.5
|
1.6
|
3.0
|
Probability weight
|
21.7
|
45.0
|
20.7
|
12.6
|
|
|
23.2
|
45.0
|
19.1
|
12.7
|
|
|
|
|
|
Extreme
|
Weighted
|
|
Upside
|
Base case
|
Downside
|
downside
|
average
|
GDP - annual growth
|
%
|
%
|
%
|
%
|
%
|
2025
|
1.4
|
1.1
|
1.0
|
(0.8)
|
0.9
|
2026
|
2.9
|
1.1
|
(0.2)
|
(3.6)
|
0.6
|
2027
|
2.9
|
1.5
|
(0.4)
|
1.3
|
1.4
|
2028
|
1.8
|
1.4
|
0.9
|
1.4
|
1.4
|
2029
|
1.6
|
1.4
|
1.6
|
1.4
|
1.5
|
2030
|
1.5
|
1.4
|
1.5
|
1.4
|
1.4
|
|
|
||||
Unemployment rate
|
|
||||
-
annual average
|
|
|
|
|
|
2025
|
4.5
|
4.6
|
4.7
|
4.8
|
4.6
|
2026
|
3.7
|
4.7
|
5.4
|
7.0
|
4.9
|
2027
|
3.5
|
4.6
|
5.8
|
8.4
|
5.1
|
2028
|
3.5
|
4.5
|
5.6
|
7.9
|
4.9
|
2029
|
3.6
|
4.5
|
5.3
|
7.3
|
4.8
|
2030
|
3.6
|
4.4
|
5.1
|
6.7
|
4.7
|
|
|
||||
House price index
|
|
||||
-
four quarter change
|
|
|
|
|
|
2025
|
4.1
|
3.5
|
(0.3)
|
(2.6)
|
2.1
|
2026
|
7.9
|
3.4
|
(2.2)
|
(11.9)
|
1.4
|
2027
|
5.8
|
3.4
|
(2.7)
|
(15.9)
|
0.8
|
2028
|
5.2
|
3.4
|
3.6
|
4.2
|
4.0
|
2029
|
5.6
|
3.4
|
4.3
|
6.5
|
4.4
|
2030
|
5.5
|
3.4
|
4.2
|
6.2
|
4.3
|
|
|
||||
Commercial real estate price
|
|
||||
-
four quarter change
|
|
|
|
|
|
2025
|
10.6
|
2.3
|
(2.0)
|
(10.5)
|
1.6
|
2026
|
6.3
|
2.3
|
(6.5)
|
(24.8)
|
(1.5)
|
2027
|
5.7
|
2.6
|
2.2
|
4.1
|
3.4
|
2028
|
4.7
|
1.5
|
2.6
|
5.8
|
2.9
|
2029
|
3.3
|
1.6
|
2.5
|
5.5
|
2.6
|
2030
|
3.0
|
1.4
|
2.5
|
5.3
|
2.4
|
|
|
|
|
Extreme
|
Weighted
|
Consumer price index
|
Upside
|
Base case
|
Downside
|
downside
|
average
|
-
four quarter change
|
%
|
%
|
%
|
%
|
%
|
2025
|
3.2
|
2.9
|
4.2
|
2.4
|
3.2
|
2026
|
2.7
|
2.2
|
5.8
|
0.7
|
2.9
|
2027
|
2.3
|
2.0
|
3.0
|
1.6
|
2.2
|
2028
|
2.0
|
2.0
|
2.8
|
2.0
|
2.2
|
2029
|
2.0
|
2.0
|
2.5
|
2.0
|
2.1
|
2030
|
2.0
|
2.0
|
2.5
|
2.0
|
2.1
|
|
|
||||
Bank of England base rate
|
|
||||
-
annual average
|
|
|
|
|
|
2025
|
4.32
|
4.21
|
4.07
|
3.58
|
4.12
|
2026
|
4.00
|
3.52
|
2.25
|
0.11
|
2.93
|
2027
|
4.00
|
3.50
|
2.00
|
0.30
|
2.89
|
2028
|
4.00
|
3.50
|
2.00
|
0.64
|
2.94
|
2029
|
4.00
|
3.50
|
2.00
|
1.47
|
3.04
|
2030
|
4.00
|
3.50
|
2.44
|
2.03
|
3.20
|
|
|
||||
Stock price index
|
|
||||
-
four quarter change
|
|
|
|
|
|
2025
|
9.7
|
6.1
|
(3.1)
|
(19.3)
|
1.8
|
2026
|
5.7
|
3.3
|
(0.9)
|
(9.5)
|
1.7
|
2027
|
4.0
|
3.3
|
5.8
|
14.0
|
4.9
|
2028
|
3.5
|
3.3
|
5.8
|
12.3
|
4.7
|
2029
|
3.1
|
3.3
|
5.8
|
11.0
|
4.5
|
2030
|
3.3
|
3.3
|
5.8
|
10.1
|
4.5
|
|
|
|
Extreme
|
|
Weighted
|
|
Downside
|
|
downside
|
|
average
|
30 June 2025
|
%
|
Quarter
|
%
|
Quarter
|
%
|
GDP
|
-
|
Q2 2027
|
(4.8)
|
Q2 2026
|
-
|
Unemployment rate - peak
|
5.8
|
Q2 2027
|
8.5
|
Q3 2027
|
5.1
|
House price index
|
(5.0)
|
Q4 2027
|
(28.0)
|
Q1 2028
|
-
|
Commercial real estate price
|
(8.4)
|
Q4 2026
|
(33.5)
|
Q1 2027
|
-
|
Consumer price index
|
|
|
|
|
|
- highest four quarter
change
|
6.1
|
Q3 2026
|
3.2
|
Q2 2025
|
3.3
|
Bank of England base rate
|
|
|
|
|
|
- extreme
level
|
2.0
|
Q1 2025
|
0.1
|
Q1 2025
|
2.9
|
Stock price index
|
(6.6)
|
Q2 2026
|
(32.1)
|
Q2 2026
|
-
|
|
|
||||
31 December 2024
|
|
|
|
|
|
GDP
|
-
|
Q1 2024
|
(4.1)
|
Q4 2025
|
-
|
Unemployment rate - peak
|
5.6
|
Q4 2026
|
8.5
|
Q1 2027
|
4.9
|
House price index
|
(1.9)
|
Q2 2027
|
(25.6)
|
Q3 2027
|
-
|
Commercial real estate price
|
(10.5)
|
Q2 2026
|
(35.0)
|
Q3 2026
|
(1.8)
|
Consumer price index
|
|
|
|
|
|
- highest four quarter
change
|
6.1
|
Q1 2026
|
3.5
|
Q1 2024
|
3.5
|
Bank of England base rate
|
|
|
|
|
|
- extreme
level
|
2.0
|
Q1 2024
|
0.1
|
Q1 2024
|
2.9
|
Stock price index
|
(0.2)
|
Q4 2025
|
(27.4)
|
Q4 2025
|
-
|
|
Retail Banking
|
Private Banking
&
|
Commercial &
|
|
|
|
Mortgages
|
Other
|
Wealth Management
|
Institutional
|
Total
|
30 June 2025
|
£m
|
£m
|
£m
|
£m
|
£m
|
Deferred model calibrations
|
-
|
-
|
1
|
16
|
17
|
Economic uncertainty
|
55
|
30
|
7
|
142
|
234
|
Other adjustments
|
-
|
-
|
-
|
18
|
18
|
Total
|
55
|
30
|
8
|
176
|
269
|
Of which:
|
|
|
|
|
|
Stage
1
|
40
|
12
|
4
|
76
|
132
|
Stage
2
|
15
|
18
|
4
|
100
|
137
|
Stage
3
|
-
|
-
|
-
|
-
|
-
|
|
|||||
31 December 2024
|
|
|
|
|
|
Deferred model calibrations
|
-
|
-
|
1
|
18
|
19
|
Economic uncertainty
|
90
|
22
|
8
|
179
|
299
|
Other adjustments
|
-
|
-
|
-
|
18
|
18
|
Total
|
90
|
22
|
9
|
215
|
336
|
Of which:
|
|
|
|
|
|
Stage
1
|
58
|
9
|
5
|
94
|
166
|
Stage
2
|
26
|
13
|
4
|
119
|
162
|
Stage
3
|
6
|
-
|
-
|
2
|
8
|
|
|
|
Moderate
|
Moderate
|
Extreme
|
|
|
Base
|
upside
|
downside
|
downside
|
30 June 2025
|
Actual
|
scenario
|
scenario
|
scenario
|
scenario
|
Stage 1 modelled loans (£m)
|
|
|
|
|
|
Retail Banking - mortgages
|
171,904
|
173,172
|
175,663
|
170,228
|
159,515
|
Retail Banking - unsecured
|
10,677
|
10,796
|
11,132
|
10,502
|
9,508
|
Non-Personal - property
|
29,450
|
29,539
|
29,587
|
29,444
|
27,053
|
Non-Personal - non-property
|
138,575
|
138,975
|
139,344
|
138,554
|
121,078
|
|
350,606
|
352,482
|
355,726
|
348,728
|
317,154
|
Stage 1 modelled ECL (£m)
|
|
|
|
|
|
Retail Banking - mortgages
|
50
|
50
|
50
|
48
|
41
|
Retail Banking - unsecured
|
227
|
231
|
224
|
227
|
210
|
Non-Personal - property
|
76
|
61
|
52
|
78
|
169
|
Non-Personal - non-property
|
192
|
170
|
160
|
195
|
311
|
|
545
|
512
|
486
|
548
|
731
|
Stage 1 coverage
|
|
|
|
|
|
Retail Banking - mortgages
|
0.03%
|
0.03%
|
0.03%
|
0.03%
|
0.03%
|
Retail Banking - unsecured
|
2.13%
|
2.14%
|
2.01%
|
2.16%
|
2.21%
|
Non-Personal - property
|
0.26%
|
0.21%
|
0.18%
|
0.26%
|
0.62%
|
Non-Personal - non-property
|
0.14%
|
0.12%
|
0.11%
|
0.14%
|
0.26%
|
|
0.16%
|
0.15%
|
0.14%
|
0.16%
|
0.23%
|
Stage 2 modelled loans (£m)
|
|
|
|
|
|
Retail Banking - mortgages
|
21,320
|
20,052
|
17,561
|
22,996
|
33,709
|
Retail Banking - unsecured
|
3,381
|
3,262
|
2,926
|
3,556
|
4,550
|
Non-Personal - property
|
3,206
|
3,117
|
3,069
|
3,212
|
5,603
|
Non-Personal - non-property
|
12,199
|
11,799
|
11,430
|
12,220
|
29,696
|
|
40,106
|
38,230
|
34,986
|
41,984
|
73,558
|
Stage 2 modelled ECL (£m)
|
|
|
|
|
|
Retail Banking - mortgages
|
51
|
46
|
38
|
57
|
99
|
Retail Banking - unsecured
|
374
|
358
|
310
|
398
|
530
|
Non-Personal - property
|
59
|
51
|
46
|
60
|
131
|
Non-Personal - non-property
|
246
|
223
|
199
|
251
|
519
|
|
730
|
678
|
593
|
766
|
1,279
|
Stage 2 coverage
|
|
|
|
|
|
Retail Banking - mortgages
|
0.24%
|
0.23%
|
0.22%
|
0.25%
|
0.29%
|
Retail Banking - unsecured
|
11.06%
|
10.97%
|
10.59%
|
11.19%
|
11.65%
|
Non-Personal - property
|
1.84%
|
1.64%
|
1.50%
|
1.87%
|
2.34%
|
Non-Personal - non-property
|
2.02%
|
1.89%
|
1.74%
|
2.05%
|
1.75%
|
|
1.82%
|
1.77%
|
1.69%
|
1.82%
|
1.74%
|
Stage 1 and Stage 2 modelled loans (£m)
|
|
|
|
|
|
Retail Banking - mortgages
|
193,224
|
193,224
|
193,224
|
193,224
|
193,224
|
Retail Banking - unsecured
|
14,058
|
14,058
|
14,058
|
14,058
|
14,058
|
Non-Personal - property
|
32,656
|
32,656
|
32,656
|
32,656
|
32,656
|
Non-Personal - non-property
|
150,774
|
150,774
|
150,774
|
150,774
|
150,774
|
|
390,712
|
390,712
|
390,712
|
390,712
|
390,712
|
|
|
|
Moderate
|
Moderate
|
Extreme
|
|
|
Base
|
upside
|
downside
|
downside
|
30 June 2025
|
Actual
|
scenario
|
scenario
|
scenario
|
scenario
|
Stage 1 and Stage 2 modelled ECL (£m)
|
|
|
|
|
|
Retail Banking - mortgages
|
101
|
96
|
88
|
105
|
140
|
Retail Banking - unsecured
|
601
|
589
|
534
|
625
|
740
|
Non-Personal - property
|
135
|
112
|
98
|
138
|
300
|
Non-Personal - non-property
|
438
|
393
|
359
|
446
|
830
|
|
1,275
|
1,190
|
1,079
|
1,314
|
2,010
|
Stage 1 and Stage 2 coverage
|
|
|
|
|
|
Retail Banking - mortgages
|
0.05%
|
0.05%
|
0.05%
|
0.05%
|
0.07%
|
Retail Banking - unsecured
|
4.28%
|
4.19%
|
3.80%
|
4.45%
|
5.26%
|
Non-Personal - property
|
0.41%
|
0.34%
|
0.30%
|
0.42%
|
0.92%
|
Non-Personal - non-property
|
0.29%
|
0.26%
|
0.24%
|
0.30%
|
0.55%
|
|
0.33%
|
0.30%
|
0.28%
|
0.34%
|
0.51%
|
Reconciliation to Stage 1 and
|
|
|
|
|
|
Stage 2 ECL
(£m)
|
|
|
|
|
|
ECL on modelled exposures
|
1,275
|
1,190
|
1,079
|
1,314
|
2,010
|
ECL on non-modelled exposures
|
114
|
115
|
115
|
115
|
115
|
Total Stage 1 and Stage 2 ECL (£m)
|
1,389
|
1,305
|
1,194
|
1,429
|
2,125
|
Variance to actual total Stage 1 and
|
|
|
|
|
|
Stage 2 ECL
(£m)
|
-
|
(84)
|
(195)
|
40
|
736
|
Reconciliation to Stage 1 and
|
|
|
|
|
|
Stage 2 flow exposures
(£m)
|
|
|
|
|
|
Modelled loans
|
390,712
|
390,712
|
390,712
|
390,712
|
390,712
|
Non-modelled loans
|
23,392
|
23,392
|
23,392
|
23,392
|
23,392
|
Other asset classes
|
154,647
|
154,647
|
154,647
|
154,647
|
154,647
|
|
ECL provision
|
|
£m
|
At 1 January 2025
|
3,425
|
Acquisitions
|
81
|
Changes in economic forecasts
|
10
|
Changes in risk metrics and exposure: Stage 1 and Stage
2
|
(27)
|
Changes in risk metrics and exposure: Stage 3
|
404
|
Judgemental changes: changes in post model adjustments for Stage
1,
|
|
Stage 2 and Stage
3
|
(67)
|
Write-offs and other
|
(176)
|
At 30 June 2025
|
3,650
|
|
30 June 2025
|
|
31 December 2024
|
||||
|
Gross
|
ECL
|
Net
|
|
Gross
|
ECL
|
Net
|
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
Balance sheet total gross amortised cost and FVOCI
|
588.2
|
|
|
|
567.2
|
|
|
In scope of IFRS 9 ECL framework
|
578.2
|
|
|
|
564.4
|
|
|
% in scope
|
98%
|
|
|
|
100%
|
|
|
Loans to customers - in scope - amortised cost
|
411.2
|
3.6
|
407.6
|
|
404.2
|
3.4
|
400.8
|
Loans to customers - in scope - FVOCI
|
0.1
|
-
|
0.1
|
|
-
|
-
|
-
|
Loans to banks - in scope - amortised cost
|
6.6
|
-
|
6.6
|
|
6.0
|
-
|
6.0
|
Total loans - in scope
|
417.9
|
3.6
|
414.3
|
|
410.2
|
3.4
|
406.8
|
Stage 1
|
371.9
|
0.6
|
371.3
|
|
363.8
|
0.6
|
363.2
|
Stage 2
|
40.2
|
0.7
|
39.5
|
|
40.5
|
0.8
|
39.7
|
Stage 3
|
5.8
|
2.3
|
3.5
|
|
5.9
|
2.0
|
3.9
|
Other financial assets - in scope - amortised cost
|
117.5
|
-
|
117.5
|
|
116.4
|
-
|
116.4
|
Other financial assets - in scope - FVOCI
|
42.8
|
-
|
42.8
|
|
37.8
|
-
|
37.8
|
Total other financial assets - in scope
|
160.3
|
-
|
160.3
|
|
154.2
|
-
|
154.2
|
Stage 1
|
159.5
|
-
|
159.5
|
|
153.4
|
-
|
153.4
|
Stage 2
|
0.8
|
-
|
0.8
|
|
0.8
|
-
|
0.8
|
Out of scope of IFRS 9 ECL framework
|
10.0
|
na
|
10.0
|
|
2.8
|
na
|
2.8
|
Loans to customers - out of scope - amortised cost
|
(0.5)
|
na
|
(0.5)
|
|
(0.5)
|
na
|
(0.5)
|
Loans to banks - out of scope - amortised cost
|
0.8
|
na
|
0.8
|
|
0.1
|
na
|
0.1
|
Other financial assets - out of scope - amortised cost
|
9.4
|
na
|
9.4
|
|
3.2
|
na
|
3.2
|
Other financial assets - out of scope - FVOCI
|
0.3
|
na
|
0.3
|
|
-
|
na
|
-
|
|
|
|
|
|
|
|
Of which:
|
|||||||
|
|
|
|
|
|
|
Personal
|
|
Non-Personal
|
|||||
|
|
Private
|
|
|
|
|
|
Private
|
|
|
|
Private
|
|
|
|
|
Banking &
|
|
Central
|
|
|
|
Banking &
|
|
Central
|
|
Banking &
|
|
Central
|
|
Retail
|
Wealth
|
Commercial
|
items
|
|
|
Retail
|
Wealth
|
Commercial
|
items
|
|
Wealth
|
Commercial
|
items
|
|
Banking
|
Management
|
& Institutional
|
& other
|
Total
|
|
Banking
|
Management
|
& Institutional
|
& other
|
|
Management
|
& Institutional
|
& other
|
30 June 2025
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Loans - amortised cost and
FVOCI (1,2)
|
|
|||||||||||||
Stage 1
|
188,562
|
17,514
|
134,858
|
30,941
|
371,875
|
|
188,562
|
13,991
|
2,225
|
-
|
|
3,523
|
132,633
|
30,941
|
Stage 2
|
24,437
|
843
|
14,857
|
56
|
40,193
|
|
24,437
|
362
|
41
|
9
|
|
481
|
14,816
|
47
|
Stage 3
|
3,006
|
318
|
2,496
|
3
|
5,823
|
|
3,006
|
233
|
43
|
3
|
|
85
|
2,453
|
-
|
Of which: individual
|
-
|
243
|
1,279
|
-
|
1,522
|
|
-
|
158
|
5
|
-
|
|
85
|
1,274
|
-
|
Of which: collective
|
3,006
|
75
|
1,217
|
3
|
4,301
|
|
3,006
|
75
|
38
|
3
|
|
-
|
1,179
|
-
|
Total
|
216,005
|
18,675
|
152,211
|
31,000
|
417,891
|
|
216,005
|
14,586
|
2,309
|
12
|
|
4,089
|
149,902
|
30,988
|
ECL provisions (3)
|
|
|||||||||||||
Stage 1
|
360
|
15
|
258
|
15
|
648
|
|
360
|
3
|
2
|
-
|
|
12
|
256
|
15
|
Stage 2
|
425
|
9
|
306
|
1
|
741
|
|
425
|
1
|
-
|
-
|
|
8
|
306
|
1
|
Stage 3
|
1,128
|
42
|
1,090
|
1
|
2,261
|
|
1,128
|
22
|
16
|
-
|
|
20
|
1,074
|
1
|
Of which: individual
|
-
|
42
|
569
|
-
|
611
|
|
-
|
22
|
5
|
-
|
|
20
|
564
|
-
|
Of which: collective
|
1,128
|
-
|
521
|
1
|
1,650
|
|
1,128
|
-
|
11
|
-
|
|
-
|
510
|
1
|
Total
|
1,913
|
66
|
1,654
|
17
|
3,650
|
|
1,913
|
26
|
18
|
-
|
|
40
|
1,636
|
17
|
ECL provisions
coverage (4)
|
|
|||||||||||||
Stage 1 (%)
|
0.19
|
0.09
|
0.19
|
0.05
|
0.17
|
|
0.19
|
0.02
|
0.09
|
-
|
|
0.34
|
0.19
|
0.05
|
Stage 2 (%)
|
1.74
|
1.07
|
2.06
|
1.79
|
1.84
|
|
1.74
|
0.28
|
-
|
-
|
|
1.66
|
2.07
|
2.13
|
Stage 3 (%)
|
37.52
|
13.21
|
43.67
|
33.33
|
38.83
|
|
37.52
|
9.44
|
37.21
|
-
|
|
23.53
|
43.78
|
-
|
Total
|
0.89
|
0.35
|
1.09
|
0.05
|
0.87
|
|
0.89
|
0.18
|
0.78
|
-
|
|
0.98
|
1.09
|
0.05
|
Impairment (releases)/losses
|
|
|||||||||||||
ECL charge/(release) (5)
|
226
|
1
|
154
|
1
|
382
|
|
226
|
3
|
-
|
-
|
|
(2)
|
154
|
1
|
Stage 1
|
18
|
(5)
|
(80)
|
-
|
(67)
|
|
18
|
-
|
(1)
|
-
|
|
(5)
|
(79)
|
-
|
Stage 2
|
139
|
3
|
23
|
-
|
165
|
|
139
|
1
|
-
|
-
|
|
2
|
23
|
-
|
Stage 3
|
69
|
3
|
211
|
1
|
284
|
|
69
|
2
|
1
|
-
|
|
1
|
210
|
1
|
Of which: individual
|
-
|
3
|
191
|
-
|
194
|
|
-
|
2
|
-
|
-
|
|
1
|
191
|
-
|
Of which: collective
|
69
|
-
|
20
|
1
|
90
|
|
69
|
-
|
1
|
-
|
|
-
|
19
|
1
|
Total
|
226
|
1
|
154
|
1
|
382
|
|
226
|
3
|
-
|
-
|
|
(2)
|
154
|
1
|
Amounts written-off
|
94
|
1
|
97
|
-
|
192
|
|
94
|
1
|
-
|
-
|
|
-
|
97
|
-
|
Of which: individual
|
-
|
1
|
60
|
-
|
61
|
|
-
|
1
|
-
|
-
|
|
-
|
60
|
-
|
Of which: collective
|
94
|
-
|
37
|
-
|
131
|
|
94
|
-
|
-
|
-
|
|
-
|
37
|
-
|
|
|
Of which:
|
||||||||||||
|
Personal
|
|
Non-Personal
|
|||||||||||
|
Private
|
|
|
|
|
|
Private
|
|
|
|
Private
|
|
|
|
|
Banking &
|
|
Central
|
|
|
|
Banking &
|
|
Central
|
|
Banking &
|
|
Central
|
|
|
Retail
|
Wealth
|
Commercial
|
items
|
|
|
Retail
|
Wealth
|
Commercial
|
items
|
|
Wealth
|
Commercial
|
items
|
|
Banking
|
Management
|
& Institutional
|
& other
|
Total
|
|
Banking
|
Management
|
& Institutional
|
& other
|
|
Management
|
& Institutional
|
& other
|
31 December 2024
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Loans - amortised cost and
FVOCI (1,2)
|
|
|||||||||||||
Stage 1
|
182,366
|
17,155
|
128,988
|
35,312
|
363,821
|
|
182,366
|
13,726
|
2,226
|
-
|
|
3,429
|
126,762
|
35,312
|
Stage 2
|
24,242
|
844
|
15,339
|
49
|
40,474
|
|
24,242
|
352
|
42
|
-
|
|
492
|
15,297
|
49
|
Stage 3
|
3,268
|
322
|
2,340
|
-
|
5,930
|
|
3,268
|
251
|
52
|
-
|
|
71
|
2,288
|
-
|
Of which: individual
|
-
|
233
|
1,052
|
-
|
1,285
|
|
-
|
162
|
5
|
-
|
|
71
|
1,047
|
|
Of which: collective
|
3,268
|
89
|
1,288
|
-
|
4,645
|
|
3,268
|
89
|
47
|
-
|
|
-
|
1,241
|
-
|
Total
|
209,876
|
18,321
|
146,667
|
35,361
|
410,225
|
|
209,876
|
14,329
|
2,320
|
-
|
|
3,992
|
144,347
|
35,361
|
ECL provisions (3)
|
|
|||||||||||||
Stage 1
|
279
|
16
|
289
|
14
|
598
|
|
279
|
2
|
3
|
-
|
|
14
|
286
|
14
|
Stage 2
|
428
|
12
|
346
|
1
|
787
|
|
428
|
1
|
-
|
-
|
|
11
|
346
|
1
|
Stage 3
|
1,063
|
36
|
941
|
-
|
2,040
|
|
1,063
|
21
|
15
|
-
|
|
15
|
926
|
-
|
Of which: individual
|
-
|
36
|
415
|
-
|
451
|
|
-
|
21
|
7
|
-
|
|
15
|
408
|
-
|
Of which: collective
|
1,063
|
-
|
526
|
-
|
1,589
|
|
1,063
|
-
|
8
|
-
|
|
-
|
518
|
-
|
Total
|
1,770
|
64
|
1,576
|
15
|
3,425
|
|
1,770
|
24
|
18
|
-
|
|
40
|
1,558
|
15
|
ECL provisions
coverage (4)
|
|
|||||||||||||
Stage 1 (%)
|
0.15
|
0.09
|
0.22
|
0.04
|
0.16
|
|
0.15
|
0.01
|
0.13
|
-
|
|
0.41
|
0.23
|
0.04
|
Stage 2 (%)
|
1.77
|
1.42
|
2.26
|
2.04
|
1.94
|
|
1.77
|
0.28
|
-
|
-
|
|
2.24
|
2.26
|
2.04
|
Stage 3 (%)
|
32.53
|
11.18
|
40.21
|
-
|
34.40
|
|
32.53
|
8.37
|
28.85
|
-
|
|
21.13
|
40.47
|
-
|
Total
|
0.84
|
0.35
|
1.07
|
0.04
|
0.83
|
|
0.84
|
0.17
|
0.78
|
-
|
|
1.00
|
1.08
|
0.04
|
Half year ended 30 June 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment (releases)/losses
|
|
|||||||||||||
ECL (release)/charge (5)
|
122
|
(11)
|
(57)
|
(6)
|
48
|
|
122
|
1
|
-
|
-
|
|
(12)
|
(57)
|
(6)
|
Stage 1
|
(166)
|
(9)
|
(182)
|
(7)
|
(364)
|
|
(166)
|
(1)
|
-
|
-
|
|
(8)
|
(182)
|
(7)
|
Stage 2
|
178
|
(3)
|
14
|
1
|
190
|
|
178
|
1
|
-
|
-
|
|
(4)
|
14
|
1
|
Stage 3
|
110
|
1
|
111
|
-
|
222
|
|
110
|
1
|
-
|
-
|
|
-
|
111
|
-
|
Of which: individual
|
-
|
1
|
79
|
-
|
80
|
|
-
|
1
|
-
|
-
|
|
-
|
79
|
-
|
Of which: collective
|
110
|
-
|
32
|
-
|
142
|
|
110
|
-
|
-
|
-
|
|
-
|
32
|
-
|
Total
|
122
|
(11)
|
(57)
|
(6)
|
48
|
|
122
|
1
|
-
|
-
|
|
(12)
|
(57)
|
(6)
|
Amounts written-off
|
270
|
-
|
99
|
-
|
369
|
|
270
|
-
|
1
|
-
|
|
-
|
98
|
-
|
Of which: individual
|
-
|
-
|
64
|
-
|
64
|
|
-
|
-
|
1
|
-
|
|
-
|
63
|
-
|
Of which: collective
|
270
|
-
|
35
|
-
|
305
|
|
270
|
-
|
-
|
-
|
|
-
|
35
|
-
|
|
Personal
|
|
Non-Personal
|
|
|
||||||
|
|
Credit
|
Other
|
|
|
Corporate
|
Financial
|
|
|
|
|
|
Mortgages (1)
|
cards
|
personal
|
Total
|
|
and other
|
institutions
|
Sovereign
|
Total
|
|
Total
|
30 June 2025
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Loans by geography
|
213,336
|
8,137
|
11,439
|
232,912
|
|
112,911
|
70,884
|
1,184
|
184,979
|
|
417,891
|
-
UK
|
213,323
|
8,137
|
11,439
|
232,899
|
|
98,210
|
46,126
|
491
|
144,827
|
|
377,726
|
- Other
Europe
|
13
|
-
|
-
|
13
|
|
6,584
|
12,010
|
364
|
18,958
|
|
18,971
|
-
RoW
|
-
|
-
|
-
|
-
|
|
8,117
|
12,748
|
329
|
21,194
|
|
21,194
|
Loans by stage
|
213,336
|
8,137
|
11,439
|
232,912
|
|
112,911
|
70,884
|
1,184
|
184,979
|
|
417,891
|
- Stage
1
|
189,743
|
6,011
|
9,024
|
204,778
|
|
95,737
|
70,335
|
1,025
|
167,097
|
|
371,875
|
- Stage
2
|
21,477
|
1,917
|
1,455
|
24,849
|
|
14,780
|
422
|
142
|
15,344
|
|
40,193
|
- Stage
3
|
2,116
|
209
|
960
|
3,285
|
|
2,394
|
127
|
17
|
2,538
|
|
5,823
|
- Of which:
individual
|
138
|
-
|
25
|
163
|
|
1,222
|
120
|
17
|
1,359
|
|
1,522
|
- Of which:
collective
|
1,978
|
209
|
935
|
3,122
|
|
1,172
|
7
|
-
|
1,179
|
|
4,301
|
Loans - past due
analysis (2)
|
213,336
|
8,137
|
11,439
|
232,912
|
|
112,911
|
70,884
|
1,184
|
184,979
|
|
417,891
|
- Not past
due
|
210,041
|
7,872
|
10,438
|
228,351
|
|
109,838
|
69,858
|
1,167
|
180,863
|
|
409,214
|
- Past due
1-30 days
|
1,559
|
61
|
78
|
1,698
|
|
1,802
|
1,007
|
-
|
2,809
|
|
4,507
|
- Past due
31-90 days
|
620
|
65
|
117
|
802
|
|
390
|
9
|
-
|
399
|
|
1,201
|
- Past due
90-180 days
|
368
|
52
|
108
|
528
|
|
98
|
-
|
-
|
98
|
|
626
|
- Past due
>180 days
|
748
|
87
|
698
|
1,533
|
|
783
|
10
|
17
|
810
|
|
2,343
|
Loans - Stage 2
|
21,477
|
1,917
|
1,455
|
24,849
|
|
14,780
|
422
|
142
|
15,344
|
|
40,193
|
- Not past
due
|
20,093
|
1,836
|
1,331
|
23,260
|
|
13,906
|
410
|
142
|
14,458
|
|
37,718
|
- Past due
1-30 days
|
1,082
|
36
|
42
|
1,160
|
|
540
|
3
|
-
|
543
|
|
1,703
|
- Past due
31-90 days
|
302
|
45
|
82
|
429
|
|
334
|
9
|
-
|
343
|
|
772
|
Weighted average
life
|
|
|
|
|
|
|
|
|
|
|
|
- ECL measurement
(years)
|
8
|
4
|
5
|
5
|
|
6
|
4
|
nm
|
6
|
|
6
|
Weighted average 12 months PDs
|
|
|
|
|
|
|
|
|
|
|
|
- IFRS 9 (%)
|
0.52
|
3.35
|
4.75
|
0.77
|
|
1.19
|
0.18
|
6.13
|
0.82
|
|
0.80
|
- Basel (%)
|
0.68
|
3.77
|
3.33
|
0.88
|
|
1.08
|
0.16
|
6.13
|
0.75
|
|
0.82
|
ECL provisions by geography
|
386
|
472
|
1,099
|
1,957
|
|
1,527
|
144
|
22
|
1,693
|
|
3,650
|
-
UK
|
386
|
472
|
1,099
|
1,957
|
|
1,361
|
90
|
13
|
1,464
|
|
3,421
|
- Other
Europe
|
-
|
-
|
-
|
-
|
|
106
|
10
|
-
|
116
|
|
116
|
-
RoW
|
-
|
-
|
-
|
-
|
|
60
|
44
|
9
|
113
|
|
113
|
ECL provisions by
stage
|
386
|
472
|
1,099
|
1,957
|
|
1,527
|
144
|
22
|
1,693
|
|
3,650
|
- Stage
1
|
59
|
128
|
178
|
365
|
|
232
|
37
|
14
|
283
|
|
648
|
- Stage
2
|
51
|
197
|
178
|
426
|
|
305
|
8
|
2
|
315
|
|
741
|
- Stage
3
|
276
|
147
|
743
|
1,166
|
|
990
|
99
|
6
|
1,095
|
|
2,261
|
- Of which:
individual
|
12
|
-
|
15
|
27
|
|
482
|
96
|
6
|
584
|
|
611
|
- Of which:
collective
|
264
|
147
|
728
|
1,139
|
|
508
|
3
|
-
|
511
|
|
1,650
|
|
Personal
|
|
Non-Personal
|
|
|
||||||
|
|
Credit
|
Other
|
|
|
Corporate
|
Financial
|
|
|
|
|
|
Mortgages (1)
|
cards
|
personal
|
Total
|
|
and other
|
institutions
|
Sovereign
|
Total
|
|
Total
|
30 June 2025
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
ECL provisions coverage (%)
|
0.18
|
5.80
|
9.61
|
0.84
|
|
1.35
|
0.20
|
1.86
|
0.92
|
|
0.87
|
- Stage 1
(%)
|
0.03
|
2.13
|
1.97
|
0.18
|
|
0.24
|
0.05
|
1.37
|
0.17
|
|
0.17
|
- Stage 2
(%)
|
0.24
|
10.28
|
12.23
|
1.71
|
|
2.06
|
1.90
|
1.41
|
2.05
|
|
1.84
|
- Stage 3
(%)
|
13.04
|
70.33
|
77.40
|
35.49
|
|
41.35
|
77.95
|
35.29
|
43.14
|
|
38.83
|
ECL (release)/charge
|
(86)
|
143
|
172
|
229
|
|
101
|
52
|
-
|
153
|
|
382
|
-
UK
|
(86)
|
143
|
172
|
229
|
|
97
|
51
|
-
|
148
|
|
377
|
- Other
Europe
|
-
|
-
|
-
|
-
|
|
3
|
2
|
-
|
5
|
|
5
|
-
RoW
|
-
|
-
|
-
|
-
|
|
1
|
(1)
|
-
|
-
|
|
-
|
Amounts written-off
|
13
|
52
|
30
|
95
|
|
97
|
-
|
-
|
97
|
|
192
|
Loans by residual maturity
|
213,336
|
8,137
|
11,439
|
232,912
|
|
112,911
|
70,884
|
1,184
|
184,979
|
|
417,891
|
-
≤1 year
|
2,151
|
2,594
|
2,920
|
7,665
|
|
32,591
|
52,260
|
344
|
85,195
|
|
92,860
|
-
>1 and ≤5 year
|
8,453
|
5,543
|
6,873
|
20,869
|
|
49,964
|
13,956
|
497
|
64,417
|
|
85,286
|
-
>5 and ≤15 year
|
42,661
|
-
|
1,642
|
44,303
|
|
22,203
|
4,532
|
309
|
27,044
|
|
71,347
|
-
>15 year
|
160,071
|
-
|
4
|
160,075
|
|
8,153
|
136
|
34
|
8,323
|
|
168,398
|
Other financial assets by asset
quality (3)
|
-
|
-
|
-
|
-
|
|
4,584
|
25,530
|
130,211
|
160,325
|
|
160,325
|
-
AQ1-AQ4
|
-
|
-
|
-
|
-
|
|
4,582
|
25,400
|
130,211
|
160,193
|
|
160,193
|
-
AQ5-AQ8
|
-
|
-
|
-
|
-
|
|
2
|
130
|
-
|
132
|
|
132
|
Off-balance sheet
|
14,489
|
25,919
|
7,739
|
48,147
|
|
76,535
|
21,510
|
192
|
98,237
|
|
146,384
|
- Loan
commitments
|
14,489
|
25,919
|
7,701
|
48,109
|
|
73,735
|
20,157
|
192
|
94,084
|
|
142,193
|
- Contingent
liabilities
|
-
|
-
|
38
|
38
|
|
2,800
|
1,353
|
-
|
4,153
|
|
4,191
|
Off-balance sheet by asset
quality (3)
|
14,489
|
25,919
|
7,739
|
48,147
|
|
76,535
|
21,510
|
192
|
98,237
|
|
146,384
|
-
AQ1-AQ4
|
13,642
|
516
|
6,296
|
20,454
|
|
48,124
|
19,608
|
121
|
67,853
|
|
88,307
|
-
AQ5-AQ8
|
836
|
25,021
|
1,391
|
27,248
|
|
28,030
|
1,858
|
16
|
29,904
|
|
57,152
|
-
AQ9
|
1
|
13
|
23
|
37
|
|
26
|
-
|
55
|
81
|
|
118
|
-
AQ10
|
10
|
369
|
29
|
408
|
|
355
|
44
|
-
|
399
|
|
807
|
|
Personal
|
|
Non-Personal
|
|
|
||||||
|
|
Credit
|
Other
|
|
|
Corporate
|
Financial
|
|
|
|
|
|
Mortgages (1)
|
cards
|
personal
|
Total
|
|
and other
|
institutions
|
Sovereign
|
Total
|
|
Total
|
31 December 2024
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
Loans by geography
|
209,846
|
6,930
|
9,749
|
226,525
|
|
111,734
|
70,321
|
1,645
|
183,700
|
|
410,225
|
-
UK
|
209,846
|
6,930
|
9,749
|
226,525
|
|
97,409
|
43,412
|
562
|
141,383
|
|
367,908
|
- Other
Europe
|
-
|
-
|
-
|
-
|
|
6,311
|
14,747
|
766
|
21,824
|
|
21,824
|
-
RoW
|
-
|
-
|
-
|
-
|
|
8,014
|
12,162
|
317
|
20,493
|
|
20,493
|
Loans by stage
|
209,846
|
6,930
|
9,749
|
226,525
|
|
111,734
|
70,321
|
1,645
|
183,700
|
|
410,225
|
- Stage
1
|
186,250
|
4,801
|
7,267
|
198,318
|
|
94,991
|
69,021
|
1,491
|
165,503
|
|
363,821
|
- Stage
2
|
21,061
|
1,953
|
1,622
|
24,636
|
|
14,464
|
1,241
|
133
|
15,838
|
|
40,474
|
- Stage
3
|
2,535
|
176
|
860
|
3,571
|
|
2,279
|
59
|
21
|
2,359
|
|
5,930
|
- Of which:
individual
|
141
|
-
|
26
|
167
|
|
1,046
|
51
|
21
|
1,118
|
|
1,285
|
- Of which:
collective
|
2,394
|
176
|
834
|
3,404
|
|
1,233
|
8
|
-
|
1,241
|
|
4,645
|
Loans - past due
analysis (2)
|
209,846
|
6,930
|
9,749
|
226,525
|
|
111,734
|
70,321
|
1,645
|
183,700
|
|
410,225
|
- Not past
due
|
206,739
|
6,721
|
8,865
|
222,325
|
|
107,855
|
70,055
|
1,627
|
179,537
|
|
401,862
|
- Past due
1-30 days
|
1,404
|
50
|
70
|
1,524
|
|
2,530
|
211
|
-
|
2,741
|
|
4,265
|
- Past due
31-90 days
|
580
|
51
|
99
|
730
|
|
398
|
2
|
18
|
418
|
|
1,148
|
- Past due
90-180 days
|
408
|
41
|
96
|
545
|
|
139
|
49
|
-
|
188
|
|
733
|
- Past due
>180 days
|
715
|
67
|
619
|
1,401
|
|
812
|
4
|
-
|
816
|
|
2,217
|
Loans - Stage 2
|
21,061
|
1,953
|
1,622
|
24,636
|
|
14,464
|
1,241
|
133
|
15,838
|
|
40,474
|
- Not past
due
|
19,939
|
1,889
|
1,521
|
23,349
|
|
13,485
|
1,228
|
133
|
14,846
|
|
38,195
|
- Past due
1-30 days
|
853
|
31
|
37
|
921
|
|
640
|
11
|
-
|
651
|
|
1,572
|
- Past due
31-90 days
|
269
|
33
|
64
|
366
|
|
339
|
2
|
-
|
341
|
|
707
|
Weighted average life
|
|
||||||||||
- ECL measurement
(years)
|
8
|
4
|
6
|
6
|
|
6
|
2
|
nm
|
6
|
|
6
|
Weighted average 12 months PDs
|
|
||||||||||
- IFRS 9 (%)
|
0.51
|
3.23
|
4.59
|
0.76
|
|
1.24
|
0.16
|
5.51
|
0.86
|
|
0.80
|
- Basel (%)
|
0.68
|
3.65
|
3.18
|
0.87
|
|
1.11
|
0.15
|
4.16
|
0.76
|
|
0.82
|
ECL provisions by geography
|
462
|
381
|
969
|
1,812
|
|
1,504
|
90
|
19
|
1,613
|
|
3,425
|
-
UK
|
462
|
381
|
969
|
1,812
|
|
1,335
|
37
|
12
|
1,384
|
|
3,196
|
- Other
Europe
|
-
|
-
|
-
|
-
|
|
109
|
9
|
-
|
118
|
|
118
|
-
RoW
|
-
|
-
|
-
|
-
|
|
60
|
44
|
7
|
111
|
|
111
|
ECL provisions by
stage
|
462
|
381
|
969
|
1,812
|
|
1,504
|
90
|
19
|
1,613
|
|
3,425
|
- Stage
1
|
77
|
77
|
130
|
284
|
|
264
|
38
|
12
|
314
|
|
598
|
- Stage
2
|
60
|
186
|
183
|
429
|
|
344
|
12
|
2
|
358
|
|
787
|
- Stage
3
|
325
|
118
|
656
|
1,099
|
|
896
|
40
|
5
|
941
|
|
2,040
|
- Of which:
individual
|
11
|
-
|
17
|
28
|
|
382
|
36
|
5
|
423
|
|
451
|
- Of which:
collective
|
314
|
118
|
639
|
1,071
|
|
514
|
4
|
-
|
518
|
|
1,589
|
|
Personal
|
|
Non-Personal
|
|
|
||||||
|
|
Credit
|
Other
|
|
|
Corporate
|
Financial
|
|
|
|
|
|
Mortgages (1)
|
cards
|
personal
|
Total
|
|
and other
|
institutions
|
Sovereign
|
Total
|
|
Total
|
31 December 2024
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
ECL provisions
coverage (%)
|
0.22
|
5.50
|
9.94
|
0.80
|
|
1.35
|
0.13
|
1.16
|
0.88
|
|
0.83
|
- Stage 1
(%)
|
0.04
|
1.60
|
1.79
|
0.14
|
|
0.28
|
0.06
|
0.80
|
0.19
|
|
0.16
|
- Stage 2
(%)
|
0.28
|
9.52
|
11.28
|
1.74
|
|
2.38
|
0.97
|
1.50
|
2.26
|
|
1.94
|
- Stage 3
(%)
|
12.82
|
67.05
|
76.28
|
30.78
|
|
39.32
|
67.80
|
23.81
|
39.89
|
|
34.40
|
|
|||||||||||
Half year ended 30 June 2024
|
|
|
|
|
|
|
|
|
|
|
|
ECL
(release)/charge (4)
|
(19)
|
51
|
91
|
123
|
|
(95)
|
19
|
1
|
(75)
|
|
48
|
-
UK
|
(19)
|
51
|
91
|
123
|
|
(82)
|
(4)
|
-
|
(86)
|
|
37
|
- Other
Europe
|
-
|
-
|
-
|
-
|
|
(7)
|
(6)
|
-
|
(13)
|
|
(13)
|
-
RoW
|
-
|
-
|
-
|
-
|
|
(6)
|
29
|
1.0
|
24
|
|
24
|
Amounts written-off (4)
|
9
|
38
|
224
|
271
|
|
98
|
-
|
-
|
98
|
|
369
|
|
|||||||||||
31 December 2024
|
|
|
|
|
|
|
|
|
|
|
|
Loans by residual maturity
|
209,846
|
6,930
|
9,749
|
226,525
|
|
111,734
|
70,321
|
1,645
|
183,700
|
|
410,225
|
-
≤1 year
|
3,367
|
3,903
|
3,186
|
10,456
|
|
34,929
|
54,971
|
822
|
90,722
|
|
101,178
|
-
>1 and ≤5 year
|
11,651
|
3,027
|
5,551
|
20,229
|
|
48,075
|
10,967
|
488
|
59,530
|
|
79,759
|
-
>5 and ≤15 year
|
45,454
|
-
|
1,006
|
46,460
|
|
20,623
|
4,270
|
298
|
25,191
|
|
71,651
|
-
>15 year
|
149,374
|
-
|
6
|
149,380
|
|
8,107
|
113
|
37
|
8,257
|
|
157,637
|
Other financial assets by asset
quality (3)
|
-
|
-
|
-
|
-
|
|
3,644
|
31,102
|
119,502
|
154,248
|
|
154,248
|
-
AQ1-AQ4
|
-
|
-
|
-
|
-
|
|
3,639
|
30,743
|
119,502
|
153,884
|
|
153,884
|
-
AQ5-AQ8
|
-
|
-
|
-
|
-
|
|
5
|
359
|
-
|
364
|
|
364
|
Off-balance sheet
|
13,806
|
20,135
|
7,947
|
41,888
|
|
75,964
|
21,925
|
239
|
98,128
|
|
140,016
|
- Loan
commitments
|
13,806
|
20,135
|
7,906
|
41,847
|
|
72,940
|
20,341
|
239
|
93,520
|
|
135,367
|
- Contingent
liabilities
|
-
|
-
|
41
|
41
|
|
3,024
|
1,584
|
-
|
4,608
|
|
4,649
|
Off-balance sheet by asset
quality (3)
|
13,806
|
20,135
|
7,947
|
41,888
|
|
75,964
|
21,925
|
239
|
98,128
|
|
140,016
|
-
AQ1-AQ4
|
12,951
|
510
|
6,568
|
20,029
|
|
47,896
|
20,063
|
155
|
68,114
|
|
88,143
|
-
AQ5-AQ8
|
839
|
19,276
|
1,336
|
21,451
|
|
27,657
|
1,813
|
21
|
29,491
|
|
50,942
|
-
AQ9
|
1
|
12
|
17
|
30
|
|
19
|
-
|
63
|
82
|
|
112
|
-
AQ10
|
15
|
337
|
26
|
378
|
|
392
|
49
|
-
|
441
|
|
819
|
Internal
asset quality band
|
Probability
of default range
|
Indicative
S&P rating
|
|
Internal
asset quality band
|
Probability
of default range
|
Indicative
S&P rating
|
AQ1
|
0% -
0.034%
|
AAA to
AA
|
|
AQ6
|
1.076%
- 2.153%
|
BB- to
B+
|
AQ2
|
0.034%
- 0.048%
|
AA to
AA-
|
|
AQ7
|
2.153%
- 6.089%
|
B+ to
B
|
AQ3
|
0.048%
- 0.095%
|
A+ to
A
|
|
AQ8
|
6.089%
- 17.222%
|
B- to
CCC+
|
AQ4
|
0.095%
- 0.381%
|
BBB+ to
BBB-
|
|
AQ9
|
17.222%
- 100%
|
CCC to
C
|
AQ5
|
0.381%
- 1.076%
|
BB+ to
BB
|
|
AQ10
|
100%
|
D
|
|
Loans - amortised cost and FVOCI
|
|
Off-balance sheet
|
|
ECL provisions
|
|||||||
|
|
|
Loan
|
Contingent
|
|
|
||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
commitments
|
liabilities
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
30 June 2025
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
Personal
|
204,778
|
24,849
|
3,285
|
232,912
|
|
48,109
|
38
|
|
365
|
426
|
1,166
|
1,957
|
Mortgages (1)
|
189,743
|
21,477
|
2,116
|
213,336
|
|
14,489
|
-
|
|
59
|
51
|
276
|
386
|
Credit
cards
|
6,011
|
1,917
|
209
|
8,137
|
|
25,919
|
-
|
|
128
|
197
|
147
|
472
|
Other
personal
|
9,024
|
1,455
|
960
|
11,439
|
|
7,701
|
38
|
|
178
|
178
|
743
|
1,099
|
Non-Personal
|
167,097
|
15,344
|
2,538
|
184,979
|
|
94,084
|
4,153
|
|
283
|
315
|
1,095
|
1,693
|
Financial institutions (2)
|
70,335
|
422
|
127
|
70,884
|
|
20,157
|
1,353
|
|
37
|
8
|
99
|
144
|
Sovereigns
|
1,025
|
142
|
17
|
1,184
|
|
192
|
-
|
|
14
|
2
|
6
|
22
|
Corporate
and other
|
95,737
|
14,780
|
2,394
|
112,911
|
|
73,735
|
2,800
|
|
232
|
305
|
990
|
1,527
|
Of which:
|
|
|||||||||||
Commercial
real estate
|
16,855
|
1,274
|
368
|
18,497
|
|
6,637
|
161
|
|
64
|
26
|
135
|
225
|
Mobility and
logistics
|
13,990
|
2,280
|
121
|
16,391
|
|
10,036
|
499
|
|
25
|
35
|
39
|
99
|
Consumer
industries
|
12,882
|
2,592
|
445
|
15,919
|
|
10,891
|
517
|
|
32
|
71
|
202
|
305
|
Total
|
371,875
|
40,193
|
5,823
|
417,891
|
|
142,193
|
4,191
|
|
648
|
741
|
2,261
|
3,650
|
|
Loans - amortised cost and FVOCI
|
|
Off-balance sheet
|
|
ECL provisions
|
|||||||
|
|
|
Loan
|
Contingent
|
|
|
||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
commitments
|
liabilities
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
31 December 2024
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
Personal
|
198,318
|
24,636
|
3,571
|
226,525
|
|
41,847
|
41
|
|
284
|
429
|
1,099
|
1,812
|
Mortgages (1)
|
186,250
|
21,061
|
2,535
|
209,846
|
|
13,806
|
-
|
|
77
|
60
|
325
|
462
|
Credit
cards
|
4,801
|
1,953
|
176
|
6,930
|
|
20,135
|
-
|
|
77
|
186
|
118
|
381
|
Other
personal
|
7,267
|
1,622
|
860
|
9,749
|
|
7,906
|
41
|
|
130
|
183
|
656
|
969
|
Non-Personal
|
165,503
|
15,838
|
2,359
|
183,700
|
|
93,520
|
4,608
|
|
314
|
358
|
941
|
1,613
|
Financial institutions (2)
|
69,021
|
1,241
|
59
|
70,321
|
|
20,341
|
1,584
|
|
38
|
12
|
40
|
90
|
Sovereigns
|
1,491
|
133
|
21
|
1,645
|
|
239
|
-
|
|
12
|
2
|
5
|
19
|
Corporate
and other
|
94,991
|
14,464
|
2,279
|
111,734
|
|
72,940
|
3,024
|
|
264
|
344
|
896
|
1,504
|
Of which:
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
|||
Commercial
real estate
|
16,191
|
1,517
|
433
|
18,141
|
|
6,661
|
143
|
|
70
|
30
|
146
|
246
|
Mobility and
logistics
|
13,363
|
2,384
|
148
|
15,895
|
|
9,367
|
595
|
|
26
|
35
|
67
|
128
|
Consumer
industries
|
13,312
|
3,015
|
444
|
16,771
|
|
10,706
|
595
|
|
45
|
90
|
188
|
323
|
Total
|
363,821
|
40,474
|
5,930
|
410,225
|
|
135,367
|
4,649
|
|
598
|
787
|
2,040
|
3,425
|
|
Corporate and
|
Financial
|
|
|
|
other
|
institutions
|
Sovereign
|
Total
|
30 June 2025
|
£m
|
£m
|
£m
|
£m
|
Forbearance (flow)
|
2,287
|
66
|
14
|
2,367
|
Forbearance (stock)
|
4,267
|
117
|
14
|
4,398
|
Heightened Monitoring and Risk of Credit Loss
|
5,812
|
88
|
1
|
5,901
|
|
||||
31 December 2024
|
|
|
|
|
Forbearance (flow)
|
3,359
|
119
|
18
|
3,496
|
Forbearance (stock)
|
4,556
|
106
|
18
|
4,680
|
Heightened Monitoring and Risk of Credit Loss
|
5,931
|
150
|
1
|
6,082
|
|
30 June 2025
|
|
31 December 2024
|
||||||||
|
|
Private
|
|
|
|
|
|
Private
|
|
|
|
|
|
Banking
|
|
|
|
|
|
Banking
|
|
|
|
|
Retail
|
& Wealth
|
Commercial
|
Central items
|
|
|
Retail
|
& Wealth
|
Commercial
|
Central items
|
|
|
Banking
|
Management
|
& Institutional
|
& other
|
Total
|
|
Banking
|
Management
|
& Institutional
|
& other
|
Total
|
Personal lending
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
Mortgages
|
198,260
|
12,871
|
2,160
|
13
|
213,304
|
|
194,865
|
12,826
|
2,161
|
-
|
209,852
|
Of which:
|
|
|
|
|
|
|
|
|
|
|
|
Owner
occupied
|
179,036
|
11,475
|
1,466
|
12
|
191,989
|
|
176,137
|
11,348
|
1,457
|
-
|
188,942
|
Buy-to-let
|
19,224
|
1,396
|
694
|
1
|
21,315
|
|
18,728
|
1,478
|
704
|
-
|
20,910
|
Interest only
|
21,919
|
11,371
|
424
|
-
|
33,714
|
|
22,186
|
11,276
|
437
|
-
|
33,899
|
Mixed (1)
|
10,333
|
33
|
4
|
-
|
10,370
|
|
10,384
|
40
|
8
|
-
|
10,432
|
ECL provisions (2)
|
363
|
13
|
10
|
-
|
386
|
|
440
|
12
|
10
|
-
|
462
|
Other personal
lending (3)
|
17,774
|
1,479
|
233
|
-
|
19,486
|
|
15,045
|
1,301
|
242
|
-
|
16,588
|
ECL provisions (2)
|
1,551
|
13
|
3
|
-
|
1,567
|
|
1,330
|
12
|
3
|
-
|
1,345
|
Total personal lending
|
216,034
|
14,350
|
2,393
|
13
|
232,790
|
|
209,910
|
14,127
|
2,403
|
-
|
226,440
|
Mortgage LTV ratios
|
|
|
|
|
|
|
|
|
|
|
|
Owner occupied
|
56%
|
59%
|
57%
|
49%
|
56%
|
|
56%
|
59%
|
56%
|
-
|
56%
|
Stage
1
|
56%
|
59%
|
56%
|
-
|
56%
|
|
56%
|
59%
|
55%
|
-
|
56%
|
Stage
2
|
55%
|
58%
|
57%
|
34%
|
55%
|
|
55%
|
61%
|
56%
|
-
|
55%
|
Stage
3
|
50%
|
62%
|
65%
|
91%
|
51%
|
|
50%
|
64%
|
74%
|
-
|
51%
|
Buy-to-let
|
53%
|
60%
|
55%
|
35%
|
54%
|
|
53%
|
60%
|
52%
|
-
|
53%
|
Stage
1
|
54%
|
60%
|
54%
|
-
|
54%
|
|
54%
|
60%
|
51%
|
-
|
54%
|
Stage
2
|
52%
|
57%
|
54%
|
35%
|
52%
|
|
52%
|
57%
|
55%
|
-
|
52%
|
Stage
3
|
52%
|
57%
|
66%
|
35%
|
54%
|
|
52%
|
56%
|
59%
|
-
|
53%
|
Gross new mortgage
lending
|
15,991
|
745
|
125
|
-
|
16,861
|
|
26,440
|
1,395
|
257
|
-
|
28,092
|
Of which:
|
|
|
|
|
|
|
|
|
|
|
|
Owner
occupied
|
14,834
|
701
|
90
|
-
|
15,625
|
|
25,300
|
1,266
|
183
|
-
|
26,749
|
- LTV >
90%
|
818
|
-
|
-
|
-
|
818
|
|
888
|
-
|
-
|
-
|
888
|
Weighted average
LTV (4)
|
71%
|
66%
|
61%
|
-
|
71%
|
|
70%
|
63%
|
71%
|
-
|
70%
|
Buy-to-let
|
1,157
|
44
|
35
|
-
|
1,236
|
|
1,140
|
129
|
74
|
-
|
1,343
|
Weighted average
LTV (4)
|
62%
|
62%
|
61%
|
-
|
62%
|
|
61%
|
62%
|
56%
|
-
|
61%
|
Interest
only
|
1,182
|
677
|
19
|
-
|
1,878
|
|
1,575
|
1,238
|
42
|
-
|
2,855
|
Mixed (1)
|
520
|
-
|
1
|
-
|
521
|
|
1,150
|
-
|
1
|
-
|
1,151
|
|
30 June 2025
|
|
31 December 2024
|
||||||||
|
|
Private
|
|
|
|
|
|
Private
|
|
|
|
|
|
Banking
|
|
|
|
|
|
Banking
|
|
|
|
|
Retail
|
& Wealth
|
Commercial
|
Central items
|
|
|
Retail
|
& Wealth
|
Commercial
|
Central items
|
|
|
Banking
|
Management
|
& Institutional
|
& other
|
Total
|
|
Banking
|
Management
|
& Institutional
|
& other
|
Total
|
Mortgage forbearance
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
Forbearance flow (5)
|
196
|
12
|
1
|
-
|
209
|
|
473
|
8
|
6
|
-
|
487
|
Forbearance stock
|
1,764
|
14
|
12
|
1
|
1,791
|
|
1,680
|
20
|
15
|
-
|
1,715
|
Current
|
1,270
|
3
|
4
|
-
|
1,277
|
|
1,214
|
9
|
10
|
-
|
1,233
|
1-3 months in
arrears
|
159
|
11
|
1
|
-
|
171
|
|
146
|
9
|
-
|
-
|
155
|
> 3 months
in arrears
|
335
|
-
|
7
|
1
|
343
|
|
320
|
2
|
5
|
-
|
327
|
|
Mortgages
|
|
ECL provisions
|
|
ECL provisions
coverage
|
|||||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
30 June 2025
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
≤50%
|
66,045
|
8,771
|
965
|
75,781
|
|
16
|
13
|
126
|
155
|
|
-
|
0.1
|
13.1
|
0.2
|
>50% and ≤70%
|
63,404
|
7,796
|
684
|
71,884
|
|
21
|
19
|
86
|
126
|
|
-
|
0.2
|
12.6
|
0.2
|
>70% and ≤80%
|
25,372
|
2,496
|
145
|
28,013
|
|
10
|
9
|
19
|
38
|
|
-
|
0.4
|
13.1
|
0.1
|
>80% and ≤90%
|
17,133
|
1,806
|
80
|
19,019
|
|
7
|
9
|
13
|
29
|
|
-
|
0.5
|
16.3
|
0.2
|
>90% and ≤100%
|
2,873
|
243
|
19
|
3,135
|
|
1
|
1
|
4
|
6
|
|
-
|
0.4
|
21.1
|
0.2
|
>100%
|
11
|
2
|
9
|
22
|
|
-
|
-
|
5
|
5
|
|
-
|
-
|
55.6
|
22.7
|
Total with LTVs
|
174,838
|
21,114
|
1,902
|
197,854
|
|
55
|
51
|
253
|
359
|
|
-
|
0.2
|
13.3
|
0.2
|
Other
|
404
|
1
|
1
|
406
|
|
3
|
-
|
1
|
4
|
|
0.7
|
-
|
100.0
|
1.0
|
Total
|
175,242
|
21,115
|
1,903
|
198,260
|
|
58
|
51
|
254
|
363
|
|
-
|
0.2
|
13.3
|
0.2
|
|
||||||||||||||
31 December 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
≤50%
|
64,040
|
8,344
|
1,159
|
73,543
|
|
21
|
16
|
153
|
190
|
|
-
|
0.2
|
13.2
|
0.3
|
>50% and ≤70%
|
61,739
|
7,741
|
855
|
70,335
|
|
29
|
23
|
104
|
156
|
|
-
|
0.3
|
12.2
|
0.2
|
>70% and ≤80%
|
25,022
|
2,361
|
173
|
27,556
|
|
13
|
9
|
22
|
44
|
|
0.1
|
0.4
|
12.7
|
0.2
|
>80% and ≤90%
|
16,718
|
1,769
|
85
|
18,572
|
|
9
|
9
|
13
|
31
|
|
0.1
|
0.5
|
15.3
|
0.2
|
>90% and ≤100%
|
4,076
|
512
|
26
|
4,614
|
|
2
|
3
|
5
|
10
|
|
-
|
0.6
|
19.2
|
0.2
|
>100%
|
14
|
4
|
13
|
31
|
|
-
|
-
|
6
|
6
|
|
-
|
-
|
46.2
|
19.4
|
Total with LTVs
|
171,609
|
20,731
|
2,311
|
194,651
|
|
74
|
60
|
303
|
437
|
|
-
|
0.3
|
13.1
|
0.2
|
Other
|
212
|
1
|
1
|
214
|
|
2
|
-
|
1
|
3
|
|
0.9
|
-
|
100.0
|
1.4
|
Total
|
171,821
|
20,732
|
2,312
|
194,865
|
|
76
|
60
|
304
|
440
|
|
-
|
0.3
|
13.1
|
0.2
|
|
Gross loans
|
|
ECL provisions
|
|
ECL provisions coverage
|
||||||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
30 June 2025
|
£m
|
£m
|
£m
|
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
≤50%
|
7,393
|
200
|
51
|
|
7,644
|
|
25
|
4
|
8
|
37
|
|
0.3
|
2.0
|
15.7
|
0.5
|
>50% and ≤60%
|
4,166
|
165
|
40
|
|
4,371
|
|
19
|
4
|
4
|
27
|
|
0.5
|
2.4
|
10.0
|
0.6
|
>60% and ≤70%
|
689
|
76
|
23
|
|
788
|
|
3
|
2
|
7
|
12
|
|
0.4
|
2.6
|
30.4
|
1.5
|
>70% and ≤100%
|
298
|
122
|
51
|
|
471
|
|
1
|
4
|
17
|
22
|
|
0.3
|
3.3
|
33.3
|
4.7
|
>100%
|
122
|
8
|
113
|
|
243
|
|
1
|
-
|
57
|
58
|
|
0.8
|
-
|
50.4
|
23.9
|
Total with LTVs
|
12,668
|
571
|
278
|
|
13,517
|
|
49
|
14
|
93
|
156
|
|
0.4
|
2.5
|
33.5
|
1.2
|
Total portfolio
|
|
|
|
|
|
|
|
|
|
|
|
||||
average LTV
|
46%
|
59%
|
105%
|
|
48%
|
|
|
|
|
|
|
||||
Other investment (1)
|
2,169
|
335
|
37
|
|
2,541
|
|
5
|
5
|
15
|
25
|
|
0.2
|
1.5
|
40.5
|
1.0
|
Investment
|
14,837
|
906
|
315
|
|
16,058
|
|
54
|
19
|
108
|
181
|
|
0.4
|
2.1
|
34.3
|
1.1
|
Development and
|
|
|
|
|
|
|
|
|
|
|
|
||||
other (2)
|
2,018
|
368
|
53
|
|
2,439
|
|
10
|
7
|
27
|
44
|
|
0.5
|
1.9
|
50.9
|
1.8
|
Total
|
16,855
|
1,274
|
368
|
|
18,497
|
|
64
|
26
|
135
|
225
|
|
0.4
|
2.0
|
36.7
|
1.2
|
|
|||||||||||||||
31 December 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
≤50%
|
7,334
|
380
|
48
|
|
7,762
|
|
28
|
6
|
7
|
41
|
|
0.4
|
1.6
|
14.6
|
0.5
|
>50% and ≤60%
|
3,829
|
169
|
53
|
|
4,051
|
|
19
|
5
|
9
|
33
|
|
0.5
|
3.0
|
17.0
|
0.8
|
>60% and ≤70%
|
584
|
198
|
34
|
|
816
|
|
3
|
5
|
8
|
16
|
|
0.5
|
2.5
|
23.5
|
2.0
|
>70% and ≤100%
|
312
|
83
|
79
|
|
474
|
|
2
|
4
|
21
|
27
|
|
0.6
|
4.8
|
26.6
|
5.7
|
>100%
|
139
|
8
|
119
|
|
266
|
|
1
|
-
|
56
|
57
|
|
0.7
|
-
|
47.1
|
21.4
|
Total with LTVs
|
12,198
|
838
|
333
|
|
13,369
|
|
53
|
20
|
101
|
174
|
|
0.4
|
2.4
|
30.3
|
1.3
|
Total portfolio
|
|
|
|
|
|
|
|
|
|
|
|
||||
average LTV
|
46%
|
51%
|
102%
|
|
48%
|
|
|
|
|
|
|
||||
Other investment (1)
|
2,132
|
348
|
41
|
|
2,521
|
|
6
|
6
|
15
|
27
|
|
0.3
|
1.7
|
36.6
|
1.1
|
Investment
|
14,330
|
1,186
|
374
|
|
15,890
|
|
59
|
26
|
116
|
201
|
|
0.4
|
2.2
|
31.0
|
1.3
|
Development and
|
|
|
|
|
|
|
|
|
|
|
|
||||
other (2)
|
1,861
|
331
|
59
|
|
2,251
|
|
11
|
4
|
30
|
45
|
|
0.6
|
1.2
|
50.8
|
2.0
|
Total
|
16,191
|
1,517
|
433
|
|
18,141
|
|
70
|
30
|
146
|
246
|
|
0.4
|
2.0
|
33.7
|
1.4
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
Total
|
||||
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
NatWest Group total
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
At 1 January 2025
|
515,556
|
598
|
|
42,165
|
787
|
|
5,901
|
2,040
|
|
563,622
|
3,425
|
Currency translation and other adjustments
|
(2,318)
|
-
|
|
(28)
|
-
|
|
87
|
94
|
|
(2,259)
|
94
|
Transfers from Stage 1 to Stage 2
|
(18,664)
|
(104)
|
|
18,664
|
104
|
|
-
|
-
|
|
-
|
-
|
Transfers from Stage 2 to Stage 1
|
15,135
|
215
|
|
(15,135)
|
(215)
|
|
-
|
-
|
|
-
|
-
|
Transfers to Stage 3
|
(282)
|
(3)
|
|
(1,342)
|
(131)
|
|
1,624
|
134
|
|
-
|
-
|
Transfers from Stage 3
|
80
|
9
|
|
744
|
30
|
|
(824)
|
(39)
|
|
-
|
-
|
Net re-measurement of ECL on
stage transfer
|
|
(148)
|
|
277
|
|
274
|
|
403
|
|||
Changes in risk
parameters
|
|
(73)
|
|
(14)
|
|
148
|
|
61
|
|||
Other changes in net
exposure
|
17,488
|
154
|
|
(3,312)
|
(97)
|
|
(857)
|
(121)
|
|
13,319
|
(64)
|
Other (P&L only
items)
|
|
-
|
|
(1)
|
|
(17)
|
|
(18)
|
|||
Income statement (releases)/charges
|
|
(67)
|
|
165
|
|
284
|
|
382
|
|||
Transfers to disposal groups and fair value
|
-
|
-
|
|
-
|
-
|
|
-
|
-
|
|
-
|
-
|
Amounts written-off
|
-
|
-
|
|
-
|
-
|
|
(192)
|
(192)
|
|
(192)
|
(192)
|
Unwinding of discount
|
|
-
|
|
-
|
|
(77)
|
|
(77)
|
|||
At 30 June 2025
|
526,995
|
648
|
|
41,756
|
741
|
|
5,739
|
2,261
|
|
574,490
|
3,650
|
Net carrying amount
|
526,347
|
|
|
41,015
|
|
|
3,478
|
|
|
570,840
|
|
At 1 January 2024
|
504,345
|
709
|
|
40,294
|
976
|
|
5,621
|
1,960
|
|
550,260
|
3,645
|
2024 movements
|
(6,334)
|
(124)
|
|
(1,643)
|
(174)
|
|
90
|
(4)
|
|
(7,887)
|
(302)
|
At 30 June 2024
|
498,011
|
585
|
|
38,651
|
802
|
|
5,711
|
1,956
|
|
542,373
|
3,343
|
Net carrying amount
|
497,426
|
|
|
37,849
|
|
|
3,755
|
|
|
539,030
|
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
Total
|
||||
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
Retail Banking - mortgages
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
At 1 January 2025
|
171,333
|
76
|
|
20,992
|
60
|
|
2,303
|
305
|
|
194,628
|
441
|
Currency translation and other adjustments
|
-
|
-
|
|
-
|
-
|
|
52
|
51
|
|
52
|
51
|
Transfers from Stage 1 to Stage 2
|
(8,422)
|
(11)
|
|
8,422
|
11
|
|
-
|
-
|
|
-
|
-
|
Transfers from Stage 2 to Stage 1
|
6,890
|
11
|
|
(6,890)
|
(11)
|
|
-
|
-
|
|
-
|
-
|
Transfers to Stage 3
|
(8)
|
-
|
|
(453)
|
(4)
|
|
461
|
4
|
|
-
|
-
|
Transfers from Stage 3
|
16
|
-
|
|
625
|
10
|
|
(641)
|
(10)
|
|
-
|
-
|
Net re-measurement of ECL on
stage transfer
|
|
(2)
|
|
-
|
|
4
|
|
2
|
|||
Changes in risk
parameters
|
|
(13)
|
|
(12)
|
|
30
|
|
5
|
|||
Other changes in net
exposure
|
4,092
|
(3)
|
|
(1,359)
|
(3)
|
|
(271)
|
(80)
|
|
2,462
|
(86)
|
Other (P&L only
items)
|
|
-
|
|
-
|
|
(10)
|
|
(10)
|
|||
Income statement (releases)/charges
|
|
(18)
|
|
(15)
|
|
(56)
|
|
(89)
|
|||
Amounts written-off
|
-
|
-
|
|
-
|
-
|
|
(13)
|
(13)
|
|
(13)
|
(13)
|
Unwinding of discount
|
|
-
|
|
-
|
|
(37)
|
|
(37)
|
|||
At 30 June 2025
|
173,901
|
58
|
|
21,337
|
51
|
|
1,891
|
254
|
|
197,129
|
363
|
Net carrying amount
|
173,843
|
|
|
21,286
|
|
|
1,637
|
|
|
196,766
|
|
At 1 January 2024
|
174,038
|
87
|
|
17,827
|
60
|
|
2,068
|
250
|
|
193,933
|
397
|
2024 movements
|
(7,045)
|
(38)
|
|
2,490
|
8
|
|
173
|
30
|
|
(4,382)
|
-
|
At 30 June 2024
|
166,993
|
49
|
|
20,317
|
68
|
|
2,241
|
280
|
|
189,551
|
397
|
Net carrying amount
|
166,944
|
|
|
20,249
|
|
|
1,961
|
|
|
189,154
|
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
Total
|
||||
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
Retail Banking - credit cards
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
At 1 January 2025
|
4,523
|
76
|
|
2,034
|
186
|
|
162
|
117
|
|
6,719
|
379
|
Currency translation and other adjustments
|
-
|
-
|
|
-
|
-
|
|
3
|
3
|
|
3
|
3
|
Transfers from Stage 1 to Stage 2
|
(1,110)
|
(24)
|
|
1,110
|
24
|
|
-
|
-
|
|
-
|
-
|
Transfers from Stage 2 to Stage 1
|
675
|
55
|
|
(675)
|
(55)
|
|
-
|
-
|
|
-
|
-
|
Transfers to Stage 3
|
(16)
|
(1)
|
|
(99)
|
(35)
|
|
115
|
36
|
|
-
|
-
|
Transfers from Stage 3
|
2
|
1
|
|
5
|
2
|
|
(7)
|
(3)
|
|
-
|
-
|
Net re-measurement of ECL on
stage transfer
|
|
(37)
|
|
95
|
|
42
|
|
100
|
|||
Changes in risk
parameters
|
|
9
|
|
17
|
|
9
|
|
35
|
|||
Other changes in net
exposure
|
1,594
|
47
|
|
(381)
|
(37)
|
|
(10)
|
(1)
|
|
1,203
|
9
|
Other (P&L only
items)
|
|
-
|
|
-
|
|
(1)
|
|
(1)
|
|||
Income statement (releases)/charges
|
|
19
|
|
75
|
|
49
|
|
143
|
|||
Amounts written-off
|
-
|
-
|
|
-
|
-
|
|
(52)
|
(52)
|
|
(52)
|
(52)
|
Unwinding of discount
|
|
-
|
|
-
|
|
(5)
|
|
(5)
|
|||
At 30 June 2025
|
5,668
|
126
|
|
1,994
|
197
|
|
211
|
146
|
|
7,873
|
469
|
Net carrying amount
|
5,542
|
|
|
1,797
|
|
|
65
|
|
|
7,404
|
|
At 1 January 2024
|
3,475
|
70
|
|
2,046
|
204
|
|
146
|
89
|
|
5,667
|
363
|
2024 movements
|
648
|
11
|
|
(224)
|
(16)
|
|
23
|
16
|
|
447
|
11
|
At 30 June 2024
|
4,123
|
81
|
|
1,822
|
188
|
|
169
|
105
|
|
6,114
|
374
|
Net carrying amount
|
4,042
|
|
|
1,634
|
|
|
64
|
|
|
5,740
|
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
Total
|
||||
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
Retail Banking - other personal unsecured
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
At 1 January 2025
|
5,605
|
127
|
|
1,465
|
182
|
|
833
|
641
|
|
7,903
|
950
|
Currency translation and other adjustments
|
-
|
-
|
|
-
|
-
|
|
15
|
17
|
|
15
|
17
|
Transfers from Stage 1 to Stage 2
|
(998)
|
(44)
|
|
998
|
44
|
|
-
|
-
|
|
-
|
-
|
Transfers from Stage 2 to Stage 1
|
731
|
75
|
|
(731)
|
(75)
|
|
-
|
-
|
|
-
|
-
|
Transfers to Stage 3
|
(38)
|
(1)
|
|
(152)
|
(58)
|
|
190
|
59
|
|
-
|
-
|
Transfers from Stage 3
|
4
|
1
|
|
11
|
5
|
|
(15)
|
(6)
|
|
-
|
-
|
Net re-measurement of ECL on
stage transfer
|
|
(49)
|
|
104
|
|
26
|
|
81
|
|||
Changes in risk
parameters
|
|
(13)
|
|
(7)
|
|
60
|
|
40
|
|||
Other changes in net
exposure
|
1,808
|
80
|
|
(179)
|
(18)
|
|
(49)
|
(24)
|
|
1,580
|
38
|
Other (P&L only
items)
|
|
-
|
|
-
|
|
12
|
|
12
|
|||
Income statement (releases)/charges
|
|
18
|
|
79
|
|
74
|
|
171
|
|||
Amounts written-off
|
-
|
-
|
|
-
|
-
|
|
(29)
|
(29)
|
|
(29)
|
(29)
|
Unwinding of discount
|
|
-
|
|
-
|
|
(17)
|
|
(17)
|
|||
At 30 June 2025
|
7,112
|
176
|
|
1,412
|
177
|
|
945
|
727
|
|
9,469
|
1,080
|
Net carrying amount
|
6,936
|
|
|
1,235
|
|
|
218
|
|
|
8,389
|
|
At 1 January 2024
|
5,240
|
149
|
|
1,657
|
238
|
|
963
|
758
|
|
7,860
|
1,145
|
2024 movements
|
477
|
(4)
|
|
(432)
|
(38)
|
|
(118)
|
(117)
|
|
(73)
|
(159)
|
At 30 June 2024
|
5,717
|
145
|
|
1,225
|
200
|
|
845
|
641
|
|
7,787
|
986
|
Net carrying amount
|
5,572
|
|
|
1,025
|
|
|
204
|
|
|
6,801
|
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
Total
|
||||
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
Commercial & Institutional - corporate
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
At 1 January 2025
|
62,575
|
175
|
|
11,450
|
273
|
|
1,562
|
659
|
|
75,587
|
1,107
|
Currency translation and other adjustments
|
(574)
|
|
|
(22)
|
|
|
9
|
2
|
|
(587)
|
2
|
Inter-group transfers
|
84
|
|
|
27
|
1
|
|
-
|
-
|
|
111
|
1
|
Transfers from Stage 1 to Stage 2
|
(5,494)
|
(19)
|
|
5,494
|
19
|
|
-
|
-
|
|
-
|
-
|
Transfers from Stage 2 to Stage 1
|
4,080
|
51
|
|
(4,080)
|
(51)
|
|
-
|
-
|
|
-
|
-
|
Transfers to Stage 3
|
(146)
|
(1)
|
|
(457)
|
(28)
|
|
603
|
29
|
|
-
|
-
|
Transfers from Stage 3
|
31
|
4
|
|
58
|
11
|
|
(89)
|
(15)
|
|
-
|
-
|
Net re-measurement of ECL on
stage transfer
|
|
(42)
|
|
54
|
|
152
|
|
164
|
|||
Changes in risk
parameters
|
|
(33)
|
|
(7)
|
|
20
|
|
(20)
|
|||
Other changes in net
exposure
|
1,840
|
14
|
|
(990)
|
(33)
|
|
(326)
|
2
|
|
524
|
(17)
|
Other (P&L only
items)
|
|
-
|
|
-
|
|
(17)
|
|
(17)
|
|||
Income statement (releases)/charges
|
|
(61)
|
|
14
|
|
157
|
|
110
|
|||
Amounts written-off
|
-
|
|
|
(86)
|
(86)
|
|
(86)
|
(86)
|
|||
Unwinding of discount
|
|
|
|
(13)
|
|
(13)
|
|||||
At 30 June 2025
|
62,396
|
149
|
|
11,480
|
239
|
|
1,673
|
750
|
|
75,549
|
1,138
|
Net carrying amount
|
62,247
|
|
|
11,241
|
|
|
923
|
|
|
74,411
|
|
At 1 January 2024
|
61,402
|
226
|
|
12,275
|
344
|
|
1,454
|
602
|
|
75,131
|
1,172
|
2024 movements
|
1,914
|
(52)
|
|
(2,180)
|
(81)
|
|
6
|
9
|
|
(260)
|
(124)
|
At 30 June 2024
|
63,316
|
174
|
|
10,095
|
263
|
|
1,460
|
611
|
|
74,871
|
1,048
|
Net carrying amount
|
63,142
|
|
|
9,832
|
|
|
849
|
|
|
73,823
|
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
Total
|
||||
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
Commercial & Institutional - property
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
At 1 January 2025
|
27,468
|
77
|
|
2,980
|
61
|
|
590
|
225
|
|
31,038
|
363
|
Currency translation and other adjustments
|
5
|
-
|
|
-
|
-
|
|
8
|
13
|
|
13
|
13
|
Inter-group transfers
|
(79)
|
-
|
|
(11)
|
(1)
|
|
-
|
-
|
|
(90)
|
(1)
|
Transfers from Stage 1 to Stage 2
|
(1,429)
|
(4)
|
|
1,429
|
4
|
|
-
|
-
|
|
-
|
-
|
Transfers from Stage 2 to Stage 1
|
928
|
12
|
|
(928)
|
(12)
|
|
-
|
-
|
|
-
|
-
|
Transfers to Stage 3
|
(3)
|
-
|
|
(83)
|
(4)
|
|
86
|
4
|
|
-
|
-
|
Transfers from Stage 3
|
16
|
2
|
|
16
|
2
|
|
(32)
|
(4)
|
|
-
|
-
|
Net re-measurement of ECL on
stage transfer
|
|
(10)
|
|
17
|
|
9
|
|
16
|
|||
Changes in risk
parameters
|
|
(12)
|
|
(5)
|
|
7
|
|
(10)
|
|||
Other changes in net
exposure
|
1,425
|
6
|
|
(190)
|
(4)
|
|
(136)
|
(17)
|
|
1,099
|
(15)
|
Other (P&L only
items)
|
|
-
|
|
-
|
|
-
|
|
-
|
|||
Income statement (releases)/charges
|
|
(16)
|
|
8
|
|
(1)
|
|
(9)
|
|||
Amounts written-off
|
-
|
-
|
|
-
|
-
|
|
(10)
|
(10)
|
|
(10)
|
(10)
|
Unwinding of discount
|
|
-
|
|
-
|
|
(5)
|
|
(5)
|
|||
At 30 June 2025
|
28,331
|
71
|
|
3,213
|
58
|
|
506
|
222
|
|
32,050
|
351
|
Net carrying amount
|
28,260
|
|
|
3,155
|
|
|
284
|
|
|
31,699
|
|
At 1 January 2024
|
26,040
|
94
|
|
3,155
|
89
|
|
606
|
195
|
|
29,801
|
378
|
2024 movements
|
486
|
(26)
|
|
(180)
|
(27)
|
|
(43)
|
32
|
|
263
|
(21)
|
At 30 June 2024
|
26,526
|
68
|
|
2,975
|
62
|
|
563
|
227
|
|
30,064
|
357
|
Net carrying amount
|
26,458
|
|
|
2,913
|
|
|
336
|
|
|
29,707
|
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
Total
|
||||
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
Financial
|
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
|
assets
|
ECL
|
Commercial & Institutional - other
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
At 1 January 2025
|
93,724
|
37
|
|
1,739
|
12
|
|
123
|
57
|
|
95,586
|
106
|
Currency translation and other adjustments
|
(1,287)
|
-
|
|
(8)
|
-
|
|
-
|
8
|
|
(1,295)
|
8
|
Inter-group transfers
|
(5)
|
-
|
|
(16)
|
-
|
|
-
|
-
|
|
(21)
|
-
|
Transfers from Stage 1 to Stage 2
|
(541)
|
(1)
|
|
541
|
1
|
|
-
|
-
|
|
-
|
-
|
Transfers from Stage 2 to Stage 1
|
1,266
|
5
|
|
(1,266)
|
(5)
|
|
-
|
-
|
|
-
|
-
|
Transfers to Stage 3
|
(64)
|
-
|
|
(18)
|
(1)
|
|
82
|
1
|
|
-
|
-
|
Transfers from Stage 3
|
3
|
-
|
|
4
|
1
|
|
(7)
|
(1)
|
|
-
|
-
|
Net re-measurement of ECL on
stage transfer
|
|
(3)
|
|
2
|
|
38
|
|
37
|
|||
Changes in risk
parameters
|
|
(6)
|
|
-
|
|
17
|
|
11
|
|||
Other changes in net
exposure
|
(25)
|
6
|
|
(96)
|
(1)
|
|
(16)
|
-
|
|
(137)
|
5
|
Other (P&L only
items)
|
|
-
|
|
-
|
|
-
|
|
-
|
|||
Income statement (releases)/charges
|
|
(3)
|
|
1
|
|
55
|
|
53
|
|||
Amounts written-off
|
-
|
-
|
|
-
|
-
|
|
(1)
|
(1)
|
|
(1)
|
(1)
|
Unwinding of discount
|
|
-
|
|
-
|
|
(1)
|
|
(1)
|
|||
At 30 June 2025
|
93,071
|
38
|
|
880
|
9
|
|
181
|
118
|
|
94,132
|
165
|
Net carrying amount
|
93,033
|
|
|
871
|
|
|
63
|
|
|
93,967
|
|
At 1 January 2024
|
88,860
|
36
|
|
1,599
|
14
|
|
101
|
22
|
|
90,560
|
72
|
2024 movements
|
889
|
(3)
|
|
(628)
|
(5)
|
|
34
|
32
|
|
295
|
24
|
At 30 June 2024
|
89,749
|
33
|
|
971
|
9
|
|
135
|
54
|
|
90,855
|
96
|
Net carrying amount
|
89,716
|
|
|
962
|
|
|
81
|
|
|
90,759
|
|
|
Mortgages
|
|
Credit cards
|
|
Other
|
|
Total
|
||||
30 June 2025
|
£m
|
%
|
|
£m
|
%
|
|
£m
|
%
|
|
£m
|
%
|
Personal trigger (1)
|
|
|
|
|
|
|
|
||||
PD movement
|
14,701
|
68.3
|
|
1,412
|
73.7
|
|
771
|
53.0
|
|
16,884
|
67.9
|
PD persistence
|
4,076
|
19.0
|
|
372
|
19.4
|
|
279
|
19.2
|
|
4,727
|
19.0
|
Adverse credit bureau recorded with credit reference
agency
|
956
|
4.5
|
|
81
|
4.2
|
|
124
|
8.5
|
|
1,161
|
4.7
|
Forbearance support provided
|
227
|
1.1
|
|
2
|
0.1
|
|
10
|
0.7
|
|
239
|
1.0
|
Customers in collections
|
169
|
0.8
|
|
12
|
0.6
|
|
21
|
1.4
|
|
202
|
0.8
|
Collective SICR and other reasons (2)
|
1,217
|
5.7
|
|
38
|
2.0
|
|
236
|
16.2
|
|
1,491
|
6.0
|
Days past due >30
|
131
|
0.6
|
|
-
|
-
|
|
14
|
1.0
|
|
145
|
0.6
|
|
21,477
|
100.0
|
|
1,917
|
100.0
|
|
1,455
|
100.0
|
|
24,849
|
100.0
|
|
|||||||||||
31 December 2024
|
|
|
|
|
|
|
|
||||
Personal trigger (1)
|
|
||||||||||
PD movement
|
14,480
|
68.8
|
|
1,425
|
72.9
|
|
809
|
49.9
|
|
16,714
|
67.8
|
PD persistence
|
3,951
|
18.8
|
|
414
|
21.2
|
|
388
|
23.9
|
|
4,753
|
19.3
|
Adverse credit bureau recorded with credit reference
agency
|
936
|
4.4
|
|
71
|
3.6
|
|
119
|
7.3
|
|
1,126
|
4.6
|
Forbearance support provided
|
189
|
0.9
|
|
1
|
0.1
|
|
9
|
0.6
|
|
199
|
0.8
|
Customers in collections
|
169
|
0.8
|
|
3
|
0.2
|
|
2
|
0.1
|
|
174
|
0.7
|
Collective SICR and other reasons (2)
|
1,248
|
5.9
|
|
39
|
2.0
|
|
290
|
17.9
|
|
1,577
|
6.4
|
Days past due >30
|
88
|
0.4
|
|
-
|
-
|
|
5
|
0.3
|
|
93
|
0.4
|
|
21,061
|
100.0
|
|
1,953
|
100.0
|
|
1,622
|
100.0
|
|
24,636
|
100.0
|
|
Corporate and other (3)
|
|
Financial institutions
|
|
Sovereign
|
|
Total
|
||||
30 June 2025
|
£m
|
%
|
|
£m
|
%
|
|
£m
|
%
|
|
£m
|
%
|
Non-Personal
trigger (1)
|
|
|
|
|
|
|
|
||||
PD movement
|
11,814
|
80.0
|
|
284
|
67.3
|
|
141
|
99.3
|
|
12,239
|
79.9
|
PD persistence
|
226
|
1.5
|
|
3
|
0.7
|
|
-
|
-
|
|
229
|
1.5
|
Heightened Monitoring and Risk of Credit Loss
|
1,761
|
11.9
|
|
11
|
2.6
|
|
-
|
-
|
|
1,772
|
11.5
|
Forbearance support provided
|
345
|
2.3
|
|
-
|
-
|
|
-
|
-
|
|
345
|
2.2
|
Customers in collections
|
33
|
0.2
|
|
-
|
-
|
|
-
|
-
|
|
33
|
0.2
|
Collective SICR and other reasons (2)
|
380
|
2.6
|
|
124
|
29.4
|
|
1
|
0.7
|
|
505
|
3.3
|
Days past due >30
|
221
|
1.5
|
|
-
|
-
|
|
-
|
-
|
|
221
|
1.4
|
|
14,780
|
100.0
|
|
422
|
100.0
|
|
142
|
100.0
|
|
15,344
|
100.0
|
|
|||||||||||
31 December 2024
|
|
|
|
|
|
|
|
||||
Non-Personal
trigger (1)
|
|
||||||||||
PD movement
|
11,800
|
81.6
|
|
971
|
78.2
|
|
-
|
-
|
|
12,771
|
80.6
|
PD persistence
|
310
|
2.1
|
|
2
|
0.2
|
|
-
|
-
|
|
312
|
2.0
|
Heightened Monitoring and Risk of Credit Loss
|
1,599
|
11.1
|
|
83
|
6.7
|
|
132
|
99.2
|
|
1,814
|
11.5
|
Forbearance support provided
|
229
|
1.6
|
|
-
|
-
|
|
-
|
-
|
|
229
|
1.4
|
Customers in collections
|
34
|
0.2
|
|
-
|
-
|
|
-
|
-
|
|
34
|
0.2
|
Collective SICR and other reasons (2)
|
396
|
2.7
|
|
172
|
13.9
|
|
1
|
0.8
|
|
569
|
3.6
|
Days past due >30
|
96
|
0.7
|
|
13
|
1.0
|
|
-
|
-
|
|
109
|
0.7
|
|
14,464
|
100.0
|
|
1,241
|
100.0
|
|
133
|
100.0
|
|
15,838
|
100.0
|
|
Gross loans
|
|
ECL provisions
|
|
ECL provisions coverage
|
|||||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
30 June 2025
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
Mortgages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AQ1-AQ4
|
111,678
|
8,954
|
-
|
120,632
|
|
24
|
15
|
-
|
39
|
|
-
|
0.2
|
-
|
-
|
AQ5-AQ8
|
77,908
|
11,465
|
-
|
89,373
|
|
35
|
29
|
-
|
64
|
|
-
|
0.3
|
-
|
0.1
|
AQ9
|
157
|
1,058
|
-
|
1,215
|
|
-
|
7
|
-
|
7
|
|
-
|
0.7
|
-
|
0.6
|
AQ10
|
-
|
-
|
2,116
|
2,116
|
|
-
|
-
|
276
|
276
|
|
-
|
-
|
13.0
|
13.0
|
|
189,743
|
21,477
|
2,116
|
213,336
|
|
59
|
51
|
276
|
386
|
|
-
|
0.2
|
13.0
|
0.2
|
Credit cards
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AQ1-AQ4
|
130
|
-
|
-
|
130
|
|
1
|
-
|
-
|
1
|
|
0.8
|
-
|
-
|
0.8
|
AQ5-AQ8
|
5,858
|
1,817
|
-
|
7,675
|
|
126
|
178
|
-
|
304
|
|
2.2
|
9.8
|
-
|
4.0
|
AQ9
|
23
|
100
|
-
|
123
|
|
1
|
19
|
-
|
20
|
|
4.4
|
19.0
|
-
|
16.3
|
AQ10
|
-
|
-
|
209
|
209
|
|
-
|
-
|
147
|
147
|
|
-
|
-
|
70.3
|
70.3
|
|
6,011
|
1,917
|
209
|
8,137
|
|
128
|
197
|
147
|
472
|
|
2.1
|
10.3
|
70.3
|
5.8
|
Other personal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AQ1-AQ4
|
751
|
104
|
-
|
855
|
|
6
|
11
|
-
|
17
|
|
0.8
|
10.6
|
-
|
2.0
|
AQ5-AQ8
|
8,214
|
1,209
|
-
|
9,423
|
|
167
|
131
|
-
|
298
|
|
2.0
|
10.8
|
-
|
3.2
|
AQ9
|
59
|
142
|
-
|
201
|
|
5
|
36
|
-
|
41
|
|
8.5
|
25.4
|
-
|
20.4
|
AQ10
|
-
|
-
|
960
|
960
|
|
-
|
-
|
743
|
743
|
|
-
|
-
|
77.4
|
77.4
|
|
9,024
|
1,455
|
960
|
11,439
|
|
178
|
178
|
743
|
1,099
|
|
2.0
|
12.2
|
77.4
|
9.6
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AQ1-AQ4
|
112,559
|
9,058
|
-
|
121,617
|
|
31
|
26
|
-
|
57
|
|
-
|
0.3
|
-
|
0.1
|
AQ5-AQ8
|
91,980
|
14,491
|
-
|
106,471
|
|
328
|
338
|
-
|
666
|
|
0.4
|
2.3
|
-
|
0.6
|
AQ9
|
239
|
1,300
|
-
|
1,539
|
|
6
|
62
|
-
|
68
|
|
2.5
|
4.8
|
-
|
4.4
|
AQ10
|
-
|
-
|
3,285
|
3,285
|
|
-
|
-
|
1,166
|
1,166
|
|
-
|
-
|
35.5
|
35.5
|
|
204,778
|
24,849
|
3,285
|
232,912
|
|
365
|
426
|
1,166
|
1,957
|
|
0.2
|
1.7
|
35.5
|
0.8
|
|
Gross loans
|
|
ECL provisions
|
|
ECL provisions coverage
|
|||||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
31 December 2024
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
Mortgages
|
|
|||||||||||||
AQ1-AQ4
|
104,793
|
8,416
|
-
|
113,209
|
|
29
|
16
|
-
|
45
|
|
-
|
0.2
|
-
|
-
|
AQ5-AQ8
|
81,263
|
11,683
|
-
|
92,946
|
|
48
|
38
|
-
|
86
|
|
0.1
|
0.3
|
-
|
0.1
|
AQ9
|
194
|
962
|
-
|
1,156
|
|
-
|
6
|
-
|
6
|
|
-
|
0.6
|
-
|
0.5
|
AQ10
|
-
|
-
|
2,535
|
2,535
|
|
-
|
-
|
325
|
325
|
|
-
|
-
|
12.8
|
12.8
|
|
186,250
|
21,061
|
2,535
|
209,846
|
|
77
|
60
|
325
|
462
|
|
-
|
0.3
|
12.8
|
0.2
|
Credit cards
|
|
|||||||||||||
AQ1-AQ4
|
128
|
-
|
-
|
128
|
|
1
|
-
|
-
|
1
|
|
0.8
|
-
|
-
|
0.8
|
AQ5-AQ8
|
4,650
|
1,866
|
-
|
6,516
|
|
75
|
169
|
-
|
244
|
|
1.6
|
9.1
|
-
|
3.7
|
AQ9
|
23
|
87
|
-
|
110
|
|
1
|
17
|
-
|
18
|
|
4.4
|
19.5
|
-
|
16.4
|
AQ10
|
-
|
-
|
176
|
176
|
|
-
|
-
|
118
|
118
|
|
-
|
-
|
67.1
|
67.1
|
|
4,801
|
1,953
|
176
|
6,930
|
|
77
|
186
|
118
|
381
|
|
1.6
|
9.5
|
67.1
|
5.5
|
Other personal
|
|
|||||||||||||
AQ1-AQ4
|
691
|
127
|
-
|
818
|
|
6
|
14
|
-
|
20
|
|
0.9
|
11.0
|
-
|
2.4
|
AQ5-AQ8
|
6,521
|
1,359
|
-
|
7,880
|
|
120
|
134
|
-
|
254
|
|
1.8
|
9.9
|
-
|
3.2
|
AQ9
|
55
|
136
|
-
|
191
|
|
4
|
35
|
-
|
39
|
|
7.3
|
25.7
|
-
|
20.4
|
AQ10
|
-
|
-
|
860
|
860
|
|
-
|
-
|
656
|
656
|
|
-
|
-
|
76.3
|
76.3
|
|
7,267
|
1,622
|
860
|
9,749
|
|
130
|
183
|
656
|
969
|
|
1.8
|
11.3
|
76.3
|
9.9
|
Total
|
|
|||||||||||||
AQ1-AQ4
|
105,612
|
8,543
|
-
|
114,155
|
|
36
|
30
|
-
|
66
|
|
-
|
0.4
|
-
|
0.1
|
AQ5-AQ8
|
92,434
|
14,908
|
-
|
107,342
|
|
243
|
341
|
-
|
584
|
|
0.3
|
2.3
|
-
|
0.5
|
AQ9
|
272
|
1,185
|
-
|
1,457
|
|
5
|
58
|
-
|
63
|
|
1.8
|
4.9
|
-
|
4.3
|
AQ10
|
-
|
-
|
3,571
|
3,571
|
|
-
|
-
|
1,099
|
1,099
|
|
-
|
-
|
30.8
|
30.8
|
|
198,318
|
24,636
|
3,571
|
226,525
|
|
284
|
429
|
1,099
|
1,812
|
|
0.1
|
1.7
|
30.8
|
0.8
|
|
Gross loans
|
|
ECL provisions
|
|
ECL provisions coverage
|
|||||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
30 June 2025
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
Corporate and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AQ1-AQ4
|
40,896
|
2,555
|
-
|
43,451
|
|
28
|
18
|
-
|
46
|
|
0.1
|
0.7
|
-
|
0.1
|
AQ5-AQ8
|
54,804
|
11,982
|
-
|
66,786
|
|
204
|
268
|
-
|
472
|
|
0.4
|
2.2
|
-
|
0.7
|
AQ9
|
37
|
243
|
-
|
280
|
|
-
|
19
|
-
|
19
|
|
-
|
7.8
|
-
|
6.8
|
AQ10
|
-
|
-
|
2,394
|
2,394
|
|
-
|
-
|
990
|
990
|
|
-
|
-
|
41.4
|
41.4
|
|
95,737
|
14,780
|
2,394
|
112,911
|
|
232
|
305
|
990
|
1,527
|
|
0.2
|
2.1
|
41.4
|
1.4
|
Financial institutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AQ1-AQ4
|
64,735
|
260
|
-
|
64,995
|
|
20
|
3
|
-
|
23
|
|
-
|
1.2
|
-
|
-
|
AQ5-AQ8
|
5,599
|
161
|
-
|
5,760
|
|
17
|
5
|
-
|
22
|
|
0.3
|
3.1
|
-
|
0.4
|
AQ9
|
1
|
1
|
-
|
2
|
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
AQ10
|
-
|
-
|
127
|
127
|
|
-
|
-
|
99
|
99
|
|
-
|
-
|
78.0
|
78.0
|
|
70,335
|
422
|
127
|
70,884
|
|
37
|
8
|
99
|
144
|
|
0.1
|
1.9
|
78.0
|
0.2
|
Sovereign
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AQ1-AQ4
|
894
|
1
|
-
|
895
|
|
14
|
1
|
-
|
15
|
|
1.6
|
100.0
|
-
|
1.7
|
AQ5-AQ8
|
131
|
-
|
-
|
131
|
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
AQ 9
|
-
|
141
|
-
|
141
|
|
-
|
1
|
-
|
1
|
|
-
|
0.7
|
-
|
0.7
|
AQ10
|
-
|
-
|
17
|
17
|
|
-
|
-
|
6
|
6
|
|
-
|
-
|
35.3
|
35.3
|
|
1,025
|
142
|
17
|
1,184
|
|
14
|
2
|
6
|
22
|
|
1.4
|
1.4
|
35.3
|
1.9
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AQ1-AQ4
|
106,525
|
2,816
|
-
|
109,341
|
|
62
|
22
|
-
|
84
|
|
0.1
|
0.8
|
-
|
0.1
|
AQ5-AQ8
|
60,534
|
12,143
|
-
|
72,677
|
|
221
|
273
|
-
|
494
|
|
0.4
|
2.3
|
-
|
0.7
|
AQ9
|
38
|
385
|
-
|
423
|
|
-
|
20
|
-
|
20
|
|
-
|
5.2
|
-
|
4.7
|
AQ10
|
-
|
-
|
2,538
|
2,538
|
|
-
|
-
|
1,095
|
1,095
|
|
-
|
-
|
43.1
|
43.1
|
|
167,097
|
15,344
|
2,538
|
184,979
|
|
283
|
315
|
1,095
|
1,693
|
|
0.2
|
2.1
|
43.1
|
0.9
|
|
Gross loans
|
|
ECL provisions
|
|
ECL provisions coverage
|
|||||||||
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
|
Stage 1
|
Stage 2
|
Stage 3
|
Total
|
31 December 2024
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
%
|
%
|
%
|
%
|
Corporate and other
|
|
|||||||||||||
AQ1-AQ4
|
41,509
|
2,409
|
-
|
43,918
|
|
32
|
19
|
-
|
51
|
|
0.1
|
0.8
|
-
|
0.1
|
AQ5-AQ8
|
53,448
|
11,783
|
-
|
65,231
|
|
232
|
306
|
-
|
538
|
|
0.4
|
2.6
|
-
|
0.8
|
AQ9
|
34
|
272
|
-
|
306
|
|
-
|
19
|
-
|
19
|
|
-
|
7.0
|
-
|
6.2
|
AQ10
|
-
|
-
|
2,279
|
2,279
|
|
-
|
-
|
896
|
896
|
|
-
|
-
|
39.3
|
39.3
|
|
94,991
|
14,464
|
2,279
|
111,734
|
|
264
|
344
|
896
|
1,504
|
|
0.3
|
2.4
|
39.3
|
1.4
|
Financial institutions
|
|
|||||||||||||
AQ1-AQ4
|
64,845
|
233
|
-
|
65,078
|
|
21
|
2
|
-
|
23
|
|
-
|
0.9
|
-
|
-
|
AQ5-AQ8
|
4,176
|
996
|
-
|
5,172
|
|
17
|
9
|
-
|
26
|
|
0.4
|
0.9
|
-
|
0.5
|
AQ9
|
-
|
12
|
-
|
12
|
|
-
|
1
|
-
|
1
|
|
-
|
8.3
|
-
|
8.3
|
AQ10
|
-
|
-
|
59
|
59
|
|
-
|
-
|
40
|
40
|
|
-
|
-
|
67.8
|
67.8
|
|
69,021
|
1,241
|
59
|
70,321
|
|
38
|
12
|
40
|
90
|
|
0.1
|
1.0
|
67.8
|
0.1
|
Sovereign
|
|
|||||||||||||
AQ1-AQ4
|
1,364
|
1
|
-
|
1,365
|
|
12
|
1
|
-
|
13
|
|
0.9
|
100.0
|
-
|
1.0
|
AQ5-AQ8
|
127
|
-
|
-
|
127
|
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
AQ9
|
-
|
132
|
-
|
132
|
|
-
|
1
|
-
|
1
|
|
-
|
0.8
|
-
|
0.8
|
AQ10
|
-
|
-
|
21
|
21
|
|
-
|
-
|
5
|
5
|
|
-
|
-
|
23.8
|
23.8
|
|
1,491
|
133
|
21
|
1,645
|
|
12
|
2
|
5
|
19
|
|
0.8
|
1.5
|
23.8
|
1.2
|
Total
|
|
|||||||||||||
AQ1-AQ4
|
107,718
|
2,643
|
-
|
110,361
|
|
65
|
22
|
-
|
87
|
|
0.1
|
0.8
|
-
|
0.1
|
AQ5-AQ8
|
57,751
|
12,779
|
-
|
70,530
|
|
249
|
315
|
-
|
564
|
|
0.4
|
2.5
|
-
|
0.8
|
AQ9
|
34
|
416
|
-
|
450
|
|
-
|
21
|
-
|
21
|
|
-
|
5.1
|
-
|
4.7
|
AQ10
|
-
|
-
|
2,359
|
2,359
|
|
-
|
-
|
941
|
941
|
|
-
|
-
|
39.9
|
39.9
|
|
165,503
|
15,838
|
2,359
|
183,700
|
|
314
|
358
|
941
|
1,613
|
|
0.2
|
2.3
|
39.9
|
0.9
|
|
Reverse
repos
|
|
Repos
|
||||
|
|
Of
which:
|
Outside
netting
|
|
|
Of
which:
|
Outside
netting
|
|
Total
|
can
be offset
|
arrangements
|
|
Total
|
can
be offset
|
arrangements
|
30 June 2025
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Gross
|
95,498
|
94,568
|
930
|
|
86,696
|
83,992
|
2,704
|
IFRS offset
|
(33,802)
|
(33,802)
|
-
|
|
(33,802)
|
(33,802)
|
-
|
Carrying value
|
61,696
|
60,766
|
930
|
|
52,894
|
50,190
|
2,704
|
Master netting arrangements
|
(517)
|
(517)
|
-
|
|
(517)
|
(517)
|
-
|
Securities collateral
|
(59,424)
|
(59,424)
|
-
|
|
(49,673)
|
(49,673)
|
-
|
Potential for offset not recognised under IFRS
|
(59,941)
|
(59,941)
|
-
|
|
(50,190)
|
(50,190)
|
-
|
Net
|
1,755
|
825
|
930
|
|
2,704
|
-
|
2,704
|
|
|
|
|
|
|||
31 December 2024
|
|
|
|
|
|
|
|
Gross
|
87,901
|
87,861
|
40
|
|
68,024
|
67,321
|
703
|
IFRS offset
|
(23,883)
|
(23,883)
|
-
|
|
(23,883)
|
(23,883)
|
-
|
Carrying value
|
64,018
|
63,978
|
40
|
|
44,141
|
43,438
|
703
|
Master netting arrangements
|
(1,549)
|
(1,549)
|
-
|
|
(1,549)
|
(1,549)
|
-
|
Securities collateral
|
(62,217)
|
(62,217)
|
-
|
|
(41,889)
|
(41,889)
|
-
|
Potential for offset not recognised under IFRS
|
(63,766)
|
(63,766)
|
-
|
|
(43,438)
|
(43,438)
|
-
|
Net
|
252
|
212
|
40
|
|
703
|
-
|
703
|
|
30 June 2025
|
|
31 December 2024
|
||||||||
|
Notional
|
|
|
|
|
|
|
|
|||
|
GBP
|
USD
|
EUR
|
Other
|
Total
|
Assets
|
Liabilities
|
|
Notional
|
Assets
|
Liabilities
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£m
|
£m
|
|
£bn
|
£m
|
£m
|
Gross exposure
|
|
90,087
|
84,878
|
|
|
97,152
|
93,109
|
||||
IFRS offset
|
|
(17,077)
|
(18,895)
|
|
|
(18,746)
|
(21,027)
|
||||
Carrying value
|
4,137
|
3,397
|
5,907
|
1,165
|
14,606
|
73,010
|
65,983
|
|
13,628
|
78,406
|
72,082
|
Of which:
|
|
|
|
||||||||
Interest rate (1)
|
3,793
|
1,824
|
5,183
|
208
|
11,008
|
35,028
|
28,317
|
|
10,333
|
37,499
|
31,532
|
Exchange rate
|
341
|
1,569
|
717
|
957
|
3,584
|
37,897
|
37,496
|
|
3,279
|
40,797
|
40,306
|
Credit
|
1
|
4
|
7
|
-
|
12
|
85
|
170
|
|
14
|
110
|
244
|
Equity and commodity
|
2
|
-
|
-
|
-
|
2
|
-
|
-
|
|
2
|
-
|
-
|
Carrying value
|
4,137
|
3,397
|
5,907
|
1,165
|
14,606
|
73,010
|
65,983
|
|
13,628
|
78,406
|
72,082
|
Counterparty mark-to-market netting
|
|
(57,011)
|
(57,011)
|
|
(61,883)
|
(61,883)
|
|||||
Cash collateral
|
|
(9,041)
|
(4,723)
|
|
(10,005)
|
(5,801)
|
|||||
Securities collateral
|
|
(3,814)
|
(1,274)
|
|
|
(4,072)
|
(896)
|
||||
Net exposure
|
|
3,144
|
2,975
|
|
|
2,446
|
3,502
|
||||
Banks (2)
|
|
175
|
348
|
|
214
|
345
|
|||||
Other financial institutions (3)
|
|
1,839
|
1,286
|
|
1,429
|
1,456
|
|||||
Corporate (4)
|
|
1,071
|
1,318
|
|
769
|
1,669
|
|||||
Government (5)
|
|
59
|
23
|
|
|
34
|
32
|
||||
Net exposure
|
|
3,144
|
2,975
|
|
|
2,446
|
3,502
|
||||
UK
|
|
1,494
|
1,710
|
|
1,061
|
1,774
|
|||||
Europe
|
|
994
|
873
|
|
875
|
978
|
|||||
US
|
|
555
|
330
|
|
443
|
604
|
|||||
RoW
|
|
101
|
62
|
|
|
67
|
146
|
||||
Net exposure
|
|
3,144
|
2,975
|
|
|
2,446
|
3,502
|
||||
|
|
|
|||||||||
Asset quality of uncollateralised derivative assets
|
|
|
|||||||||
AQ1-AQ4
|
|
2,500
|
|
|
2,049
|
|
|||||
AQ5-AQ8
|
|
641
|
|
|
394
|
|
|||||
AQ9-AQ10
|
|
3
|
|
|
3
|
|
|||||
Net exposure
|
|
3,144
|
|
|
2,446
|
|
|
Central and local government
|
|
||||
|
UK
|
US
|
Other
|
Financial institutions
|
Corporate
|
Total
|
30 June 2025
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
AAA
|
-
|
-
|
2,610
|
1,572
|
-
|
4,182
|
AA to AA+
|
-
|
6,832
|
562
|
393
|
2
|
7,789
|
A to AA-
|
3,961
|
-
|
2,618
|
955
|
95
|
7,629
|
BBB- to A-
|
-
|
-
|
916
|
411
|
549
|
1,876
|
Non-investment grade
|
-
|
-
|
-
|
65
|
132
|
197
|
Total
|
3,961
|
6,832
|
6,706
|
3,396
|
778
|
21,673
|
|
||||||
31 December 2024
|
|
|
|
|
|
|
AAA
|
-
|
-
|
1,335
|
1,368
|
-
|
2,703
|
AA to AA+
|
-
|
3,734
|
74
|
569
|
2
|
4,379
|
A to AA-
|
2,077
|
-
|
1,266
|
381
|
519
|
4,243
|
BBB- to A-
|
-
|
-
|
831
|
562
|
885
|
2,278
|
Non-investment grade
|
-
|
-
|
-
|
108
|
167
|
275
|
Total
|
2,077
|
3,734
|
3,506
|
2,988
|
1,573
|
13,878
|
CET1 ratio
13.6%
(2024 - 13.6%)
|
The
CET1 ratio remained static due to a £0.9 billion increase in
CET1 capital offset by a £6.9 billion increase in RWAs.
The
CET1 capital increase was mainly driven by an attributable profit
to ordinary shareholders in the period of £2.5 billion and
other movements on reserves and regulatory adjustments of £0.4
billion partially offset by a share buyback of £0.8 billion
and a foreseeable ordinary dividend accrual of £1.2
billion.
|
||
|
|
||
RWAs
£190.1bn
(2024 - £183.2bn)
|
Total
RWAs increased by £6.9 billion to £190.1 billion during
H1 2025 reflecting: −
an
increase in credit risk RWA's of £4.6 billion, primarily
driven by lending growth, balances acquired from Sainsbury's Bank
and CRD IV model updates. These increases were partially offset by
reductions due to active RWA management, movements in risk metrics
and the impact of foreign exchange. −
an
increase in operational risk RWAs of £2.2 billion following
the annual recalculation. −
an
increase in counterparty credit risk RWAs of £0.5 billion
driven by an increase in over-the-counter transaction under the IMM
approach. −
a
decrease in market risk RWAs of £0.4 billion, driven by the
IRC, reflecting changes in government bond positions.
|
||
|
|
||
UK leverage ratio
5.0%
(2024 - 5.0%)
|
The
leverage ratio remained static due to a £1.6 billion increase
in Tier 1 capital offset by a £27.8 billion increase in
leverage exposure. The key drivers in the leverage exposure were an
increase in trading assets, other financial assets and other off
balance sheet items.
|
||
MREL ratio
32.4%
(2024 - 33.0%)
|
The
Minimum Requirements of own funds and Eligible Liabilities (MREL)
ratio decreased by 60 basis points driven by a £6.9 billion
increase in RWAs partially offset by a £1.2 billion increase
in MREL.
MREL
increased to £61.7 billion driven by a £0.9 billion
increase in CET1 capital, issuance of a £0.7 billion
Additional Tier 1 instrument and a €1.0 billion subordinated
debt Tier 2 instrument, and redemption of a £1.0 billion
subordinated debt Tier 2 instrument. There was a £0.2 billion
decrease in senior unsecured debt driven by new issuances totalling
£3.3 billion, offset by the redemption of a €1.5 billion
debt instrument, a $1.5 billion debt instrument no longer being
MREL eligible, and foreign exchange movements.
|
||
|
|
|
|
Liquidity portfolio
£216.6bn
(2024 - £222.3bn)
|
The
liquidity portfolio decreased by £5.7 billion to £216.6
billion compared with Q4 2024. Primary liquidity decreased by
£0.5 billion to £160.6 billion, driven by increased lending
(including balances acquired from Sainsbury's Bank) partially
offset by issuances. Secondary liquidity decreased by £5.2
billion due to reduced pre-positioned collateral at the Bank of
England.
|
||
|
|
|
|
LCR spot
147%
(2024 - 150%)
|
The
spot Liquidity Coverage Ratio (LCR) decreased by 3% to 147%, during
H1 2025, driven by increased lending
(including balances acquired from Sainsbury's Bank) partially
offset by issuances.
|
||
LCR average
150%
(2024 - 151%)
|
|||
|
|
|
|
NSFR spot
134%
(2024 - 137%)
|
The
spot Net Stable Funding Ratio (NSFR) decreased 3% to 134% driven by
increased lending (including balances acquired from Sainsbury's
Bank), partially offset by increased issuances.
|
||
NSFR average
136%
(2024 - 137%)
|
Type
|
CET1
|
Total Tier 1
|
Total capital
|
||
Pillar 1 requirements
|
4.5%
|
6.0%
|
8.0%
|
||
Pillar 2A requirements
|
1.8%
|
2.4%
|
3.2%
|
||
Minimum Capital Requirements
|
6.3%
|
8.4%
|
11.2%
|
||
Capital conservation buffer
|
2.5%
|
2.5%
|
2.5%
|
||
Countercyclical capital buffer (1)
|
1.7%
|
1.7%
|
1.7%
|
||
MDA threshold (2)
|
10.5%
|
|
n/a
|
|
n/a
|
Overall capital requirement
|
10.5%
|
12.6%
|
15.4%
|
||
Capital ratios at 30 June 2025
|
13.6%
|
16.7%
|
19.7%
|
||
Headroom (3,4)
|
3.1%
|
4.1%
|
4.3%
|
||
|
|
|
|
|
|
Type
|
CET1
|
Total Tier 1
|
Minimum ratio
|
2.44%
|
3.25%
|
Countercyclical leverage ratio buffer (1)
|
0.6%
|
0.6%
|
Total
|
3.04%
|
3.85%
|
Type
|
|
Liquidity Coverage Ratio (LCR)
|
100%
|
Net Stable Funding Ratio (NSFR)
|
100%
|
|
30 June
|
31 December
|
|
2025
|
2024
|
Capital adequacy
ratios (1)
|
%
|
%
|
CET1
|
13.6
|
13.6
|
Tier 1
|
16.7
|
16.5
|
Total
|
19.7
|
19.7
|
|
|
|
RWAs
|
£m
|
£m
|
Credit risk
|
152,785
|
148,078
|
Counterparty credit risk
|
7,626
|
7,103
|
Market risk
|
5,777
|
6,219
|
Operational risk
|
23,959
|
21,821
|
Total RWAs
|
190,147
|
183,221
|
|
|
|
Capital
|
£m
|
£m
|
CET1
|
25,799
|
24,928
|
Tier1
|
31,804
|
30,187
|
Total
|
37,531
|
36,105
|
|
|
|
Leverage ratios (2)
|
£m
|
£m
|
Tier 1 capital
|
31,804
|
30,187
|
UK leverage exposure
|
635,551
|
607,799
|
UK leverage ratio (%)
|
5.0%
|
5.0%
|
UK average Tier 1 capital
|
31,795
|
29,923
|
UK average leverage exposure
|
629,158
|
600,354
|
UK average leverage ratio (%)
|
5.1%
|
5.0%
|
|
30 June
|
31 December
|
|
2025
|
2024
|
Leverage
|
£m
|
£m
|
Cash and balances at central banks
|
90,706
|
92,994
|
Trading assets
|
56,706
|
48,917
|
Derivatives
|
73,010
|
78,406
|
Financial assets
|
486,305
|
469,599
|
Other assets
|
24,051
|
18,069
|
Total assets
|
730,778
|
707,985
|
Derivatives
|
|
|
- netting and variation
margin
|
(69,191)
|
(76,101)
|
- potential future
exposures
|
16,831
|
16,692
|
Securities financing transactions gross up
|
1,510
|
2,460
|
Other off balance sheet items
|
62,497
|
59,498
|
Regulatory deductions and other adjustments
|
(17,869)
|
(11,014)
|
Claims on central banks
|
(87,228)
|
(89,299)
|
Exclusion of bounce back loans
|
(1,777)
|
(2,422)
|
UK leverage exposure
|
635,551
|
607,799
|
UK leverage ratio (%)
|
5.0
|
5.0
|
|
CET1
|
AT1
|
Tier 2
|
Total
|
|
£m
|
£m
|
£m
|
£m
|
At 31 December 2024
|
24,928
|
5,259
|
5,918
|
36,105
|
Attributable profit for the period
|
2,488
|
-
|
-
|
2,488
|
Share buyback
|
(750)
|
-
|
-
|
(750)
|
Foreseeable ordinary dividends
|
(1,244)
|
-
|
-
|
(1,244)
|
Foreign exchange reserve
|
(82)
|
-
|
-
|
(82)
|
FVOCI reserve
|
95
|
-
|
-
|
95
|
Own credit
|
(4)
|
-
|
-
|
(4)
|
Share based remuneration and shares vested under employee share
schemes
|
142
|
-
|
-
|
142
|
Goodwill and intangibles deduction
|
80
|
-
|
-
|
80
|
Deferred tax assets
|
149
|
-
|
-
|
149
|
Prudential valuation adjustments
|
20
|
-
|
-
|
20
|
New issues of capital instruments
|
-
|
746
|
823
|
1,569
|
Redemption of capital instruments
|
-
|
-
|
(1,000)
|
(1,000)
|
Foreign exchange movements
|
-
|
-
|
(54)
|
(54)
|
Adjustment under IFRS 9 transitional arrangements
|
(33)
|
-
|
-
|
(33)
|
Expected loss less impairment
|
27
|
-
|
-
|
27
|
Other movements
|
(17)
|
-
|
40
|
23
|
At 30 June 2025
|
25,799
|
6,005
|
5,727
|
37,531
|
|
30 June
|
31 December
|
|
2025
|
2024
|
|
£
|
£
|
CET1
|
25,799
|
24,928
|
CET1 capital pre-distributions (1)
|
27,793
|
28,920
|
RWAs
|
190,147
|
183,221
|
|
|
|
|
%
|
%
|
CET1 ratio - opening
|
13.61
|
13.36
|
CET1 pre-distributions - closing
|
14.62
|
15.78
|
Capital generation pre-distributions (1)
|
1.01
|
2.43
|
|
30 June
|
31 December
|
|
2025
|
2024
|
|
£m
|
£m
|
Shareholders' equity (excluding non-controlling
interests)
|
|
|
Shareholders' equity
|
41,958
|
39,350
|
Other equity instruments
|
(6,029)
|
(5,280)
|
|
35,929
|
34,070
|
Regulatory adjustments and deductions
|
|
|
Own credit
|
24
|
28
|
Defined benefit pension fund adjustment
|
(157)
|
(147)
|
Cash flow hedging reserve
|
971
|
1,443
|
Deferred tax assets
|
(935)
|
(1,084)
|
Prudential valuation adjustments
|
(210)
|
(230)
|
Goodwill and other intangible assets
|
(7,464)
|
(7,544)
|
Expected loss less impairment
|
-
|
(27)
|
Foreseeable ordinary dividends
|
(1,244)
|
(1,249)
|
Adjustment for trust assets (1)
|
(365)
|
(365)
|
Foreseeable charges (2)
|
(750)
|
-
|
Adjustment under IFRS 9 transitional
arrangements
|
-
|
33
|
|
(10,130)
|
(9,142)
|
CET1 capital
|
25,799
|
24,928
|
Additional Tier 1 (AT1) capital
|
|
|
Qualifying instruments and related share premium
|
6,005
|
5,259
|
AT1 capital
|
6,005
|
5,259
|
Tier 1 capital
|
31,804
|
30,187
|
Qualifying Tier 2 capital
|
|
|
Qualifying instruments and related share premium
|
5,687
|
5,918
|
Other regulatory adjustments
|
40
|
-
|
Tier 2 capital
|
5,727
|
5,918
|
Total regulatory capital
|
37,531
|
36,105
|
|
30 June 2025
|
|
31 December 2024
|
||||||
|
|
Balance
|
Regulatory
|
MREL
|
|
|
Balance
|
Regulatory
|
MREL
|
|
Par value (1)
|
sheet value
|
value
|
Value (2)
|
|
Par value (1)
|
sheet value
|
value
|
Value (2)
|
|
£bn
|
£bn
|
£bn
|
£bn
|
|
£bn
|
£bn
|
£bn
|
£bn
|
CET1 capital (3)
|
25.8
|
25.8
|
25.8
|
25.8
|
|
24.9
|
24.9
|
24.9
|
24.9
|
Tier 1 capital: end-point CRR compliant AT1
|
|
|
|
|
|
|
|
|
|
of which: NatWest Group plc
(holdco)
|
6.0
|
6.0
|
6.0
|
6.0
|
|
5.3
|
5.3
|
5.3
|
5.3
|
of which: NatWest Group plc
operating subsidiaries
(opcos)
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
|
6.0
|
6.0
|
6.0
|
6.0
|
|
5.3
|
5.3
|
5.3
|
5.3
|
Tier 1 capital: end-point CRR non-compliant
|
|
|
|
||||||
of which:
holdco
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
of which:
opcos
|
0.1
|
0.1
|
-
|
-
|
|
0.1
|
0.1
|
-
|
-
|
|
0.1
|
0.1
|
-
|
-
|
|
0.1
|
0.1
|
-
|
-
|
Tier 2 capital: end-point CRR compliant
|
|
|
|
||||||
of which:
holdco
|
5.7
|
5.6
|
5.7
|
5.7
|
|
5.9
|
5.7
|
5.9
|
5.9
|
of which:
opcos
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
|
5.7
|
5.6
|
5.7
|
5.7
|
|
5.9
|
5.7
|
5.9
|
5.9
|
Tier 2 capital: end-point CRR non-compliant
|
|
|
|
||||||
of which:
holdco
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
of which:
opcos
|
0.2
|
0.3
|
-
|
-
|
|
0.2
|
0.3
|
-
|
-
|
|
0.2
|
0.3
|
-
|
-
|
|
0.2
|
0.3
|
-
|
-
|
Senior unsecured debt
securities
|
|
|
|
||||||
of which:
holdco
|
25.3
|
25.2
|
-
|
24.2
|
|
24.4
|
24.0
|
-
|
24.4
|
of which:
opcos
|
36.9
|
36.9
|
-
|
-
|
|
33.7
|
33.6
|
-
|
-
|
|
62.2
|
62.1
|
-
|
24.2
|
|
58.1
|
57.6
|
-
|
24.4
|
Tier 2 capital
|
|
|
|
||||||
Other regulatory
adjustments
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
|
|
|
|
||||||
Total
|
100.0
|
99.9
|
37.5
|
61.7
|
|
94.5
|
93.9
|
36.1
|
60.5
|
RWAs
|
|
190.1
|
|
183.2
|
|||||
UK leverage exposure
|
|
635.6
|
|
607.8
|
|||||
MREL as a ratio of RWAs
|
|
32.4%
|
|
33.0%
|
|||||
MREL as a ratio of UK leverage exposure
|
|
9.7%
|
|
9.9%
|
(1)
|
Par
value reflects the nominal value of securities issued.
|
(2)
|
MREL
value reflects NatWest Group's interpretation of the Bank of
England's approach to setting a MREL, published in December 2021
(Updating June 2018). Liabilities excluded from MREL include
instruments with less than one year remaining to maturity,
structured debt, operating company senior debt, and other
instruments that do not meet the MREL criteria. The MREL
calculation includes Tier 1 and Tier 2 securities before the
application of any regulatory caps or adjustments.
|
(3)
|
Shareholders'
equity was £42 billion (2024 - £39.4
billion).
|
|
|
|
|
|
NatWest
|
|
|
|
NatWest
|
NWM
|
RBS
|
|
NatWest
|
Holdings
|
NWB
|
RBS
|
NWM
|
Markets
|
Securities
|
International
|
|
|
Group plc
|
Limited
|
Plc
|
plc
|
Plc
|
N.V.
|
Inc. (6)
|
Limited (7)
|
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
|
Additional Tier 1
|
Externally issued
|
6.0
|
-
|
0.1
|
-
|
-
|
-
|
-
|
-
|
Additional Tier 1
|
Internally issued
|
-
|
4.4
|
3.8
|
0.5
|
2.1
|
0.2
|
-
|
0.3
|
|
|
6.0
|
4.4
|
3.9
|
0.5
|
2.1
|
0.2
|
-
|
0.3
|
Tier 2
|
Externally issued
|
5.6
|
-
|
-
|
-
|
-
|
0.2
|
-
|
-
|
Tier 2
|
Internally issued
|
-
|
4.9
|
4.1
|
0.5
|
1.0
|
0.1
|
0.3
|
-
|
|
5.6
|
4.9
|
4.1
|
0.5
|
1.0
|
0.3
|
0.3
|
-
|
|
Senior unsecured
|
Externally issued
|
25.2
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Senior unsecured
|
Internally issued
|
-
|
13.0
|
7.3
|
1.0
|
4.6
|
-
|
-
|
0.3
|
|
25.2
|
13.0
|
7.3
|
1.0
|
4.6
|
-
|
-
|
0.3
|
|
Total outstanding issuance
|
36.8
|
22.3
|
15.3
|
2.0
|
7.7
|
0.5
|
0.3
|
0.6
|
|
|
Counterparty
|
|
Operational
|
|
|
Credit risk
|
credit risk
|
Market risk
|
risk
|
Total
|
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
At 31 December 2024
|
148.1
|
7.1
|
6.2
|
21.8
|
183.2
|
Foreign exchange movement
|
(0.7)
|
-
|
-
|
-
|
(0.7)
|
Business movement
|
2.2
|
0.3
|
(0.4)
|
2.2
|
4.3
|
Risk parameter changes
|
(0.5)
|
-
|
-
|
-
|
(0.5)
|
Model updates
|
2.0
|
0.2
|
-
|
-
|
2.2
|
Acquisitions and disposals
|
1.6
|
-
|
-
|
-
|
1.6
|
At 30 June 2025
|
152.7
|
7.6
|
5.8
|
24.0
|
190.1
|
|
|
Private Banking
|
|
|
Total
|
|
Retail
|
& Wealth
|
Commercial
|
Central items
|
NatWest
|
|
Banking
|
Management
|
& Institutional
|
& other
|
Group
|
Total RWAs
|
£bn
|
£bn
|
£bn
|
£bn
|
£bn
|
At 31 December 2024
|
65.5
|
11.0
|
104.7
|
2.0
|
183.2
|
Foreign exchange movement
|
-
|
-
|
(0.7)
|
-
|
(0.7)
|
Business movement
|
1.5
|
0.5
|
2.9
|
(0.6)
|
4.3
|
Risk parameter changes
|
0.1
|
-
|
(0.6)
|
-
|
(0.5)
|
Model updates
|
0.7
|
-
|
1.5
|
-
|
2.2
|
Acquisitions and disposals
|
1.6
|
-
|
-
|
-
|
1.6
|
At 30 June 2025
|
69.4
|
11.5
|
107.8
|
1.4
|
190.1
|
Credit risk
|
60.2
|
9.9
|
81.4
|
1.2
|
152.7
|
Counterparty credit risk
|
0.3
|
-
|
7.3
|
-
|
7.6
|
Market risk
|
0.2
|
-
|
5.6
|
-
|
5.8
|
Operational risk
|
8.7
|
1.6
|
13.5
|
0.2
|
24.0
|
Total RWAs
|
69.4
|
11.5
|
107.8
|
1.4
|
190.1
|
|
|
30 June 2025
|
|
31 December 2024
|
||||
|
Short-term
|
Long-term
|
|
|
Short-term
|
Long-term
|
|
|
less than
|
more than
|
|
|
less than
|
more than
|
|
|
1 year
|
1 year
|
Total
|
|
1 year
|
1 year
|
Total
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Bank deposits
|
|
|
|
|
|
||
Repos
|
17,996
|
-
|
17,996
|
|
11,967
|
-
|
11,967
|
Other bank
deposits (1)
|
10,495
|
9,657
|
20,152
|
|
9,708
|
9,777
|
19,485
|
|
28,491
|
9,657
|
38,148
|
|
21,675
|
9,777
|
31,452
|
Customer deposits
|
|
|
|
|
|
|
|
Repos
|
988
|
-
|
988
|
|
1,363
|
-
|
1,363
|
Non-bank financial
institutions
|
53,457
|
10
|
53,467
|
|
48,761
|
241
|
49,002
|
Personal
|
231,226
|
2,991
|
234,217
|
|
231,483
|
2,451
|
233,934
|
Corporate
|
148,038
|
46
|
148,084
|
|
149,086
|
105
|
149,191
|
|
433,709
|
3,047
|
436,756
|
|
430,693
|
2,797
|
433,490
|
Trading liabilities (2)
|
|
|
|
|
|
|
|
Repos (3)
|
33,014
|
897
|
33,911
|
|
29,752
|
810
|
30,562
|
Derivative
collateral
|
11,597
|
-
|
11,597
|
|
12,509
|
-
|
12,509
|
Other bank customer
deposits
|
591
|
280
|
871
|
|
627
|
268
|
895
|
Debt securities in issue - Medium
term notes
|
9
|
242
|
251
|
|
20
|
237
|
257
|
|
45,211
|
1,419
|
46,630
|
|
42,908
|
1,315
|
44,223
|
Other financial liabilities
|
|
|
|
|
|
|
|
Customer
deposits
|
854
|
1,129
|
1,983
|
|
471
|
1,341
|
1,812
|
Debt securities in
issue:
|
|
|
|
|
|
|
|
Commercial paper and certificates
of deposit
|
11,093
|
298
|
11,391
|
|
10,889
|
377
|
11,266
|
Medium term
notes
|
13,401
|
37,153
|
50,554
|
|
11,118
|
34,967
|
46,085
|
Covered bonds
|
-
|
749
|
749
|
|
-
|
749
|
749
|
Securitisation
|
-
|
1,263
|
1,263
|
|
295
|
880
|
1,175
|
|
25,348
|
40,592
|
65,940
|
|
22,773
|
38,314
|
61,087
|
Subordinated liabilities
|
48
|
5,958
|
6,006
|
|
1,051
|
5,085
|
6,136
|
Total funding
|
532,807
|
60,673
|
593,480
|
|
519,100
|
57,288
|
576,388
|
Of which:
available in resolution (4)
|
|
|
29,778
|
|
|
|
29,742
|
|
Liquidity value
|
||||||
|
30 June 2025
|
|
31 December 2024
|
||||
|
NatWest
|
NWH
|
UK DoL
|
|
NatWest
|
NWH
|
UK DoL
|
|
Group (1)
|
Group (2)
|
Sub
|
|
Group (1)
|
Group (2)
|
Sub
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Cash and balances at central banks
|
86,589
|
55,027
|
54,353
|
|
88,617
|
58,313
|
57,523
|
High-quality government/MDB/PSE and GSE bonds (3)
|
61,527
|
44,580
|
44,580
|
|
58,818
|
43,275
|
43,275
|
Extremely high quality covered bonds
|
4,494
|
4,494
|
4,494
|
|
4,341
|
4,340
|
4,340
|
LCR level 1 assets
|
152,610
|
104,101
|
103,427
|
|
151,776
|
105,928
|
105,138
|
LCR level 2 Eligible Assets (4)
|
7,985
|
6,880
|
6,880
|
|
9,271
|
7,957
|
7,957
|
Primary liquidity (HQLA) (5)
|
160,595
|
110,981
|
110,307
|
|
161,047
|
113,885
|
113,095
|
Secondary liquidity
|
55,997
|
55,969
|
55,969
|
|
61,230
|
61,200
|
61,200
|
Total liquidity value
|
216,592
|
166,950
|
166,276
|
|
222,277
|
175,085
|
174,295
|
|
Half year ended
|
|||||||||||||
|
30 June 2025
|
|
30 June 2024
|
|
31 December 2024
|
|||||||||
|
|
|
|
Period
|
|
|
|
|
Period
|
|
|
|
|
Period
|
|
Average
|
Maximum
|
Minimum
|
end
|
|
Average
|
Maximum
|
Minimum
|
end
|
|
Average
|
Maximum
|
Minimum
|
end
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
Interest rate
|
4.7
|
6.3
|
2.7
|
2.8
|
|
24.1
|
28.2
|
17.6
|
17.6
|
|
10.3
|
17.4
|
4.0
|
4.0
|
Credit spread
|
49.1
|
53.8
|
41.4
|
48.8
|
|
55.6
|
60.2
|
50.7
|
50.7
|
|
48.0
|
50.0
|
45.3
|
48.4
|
Structural foreign
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
exchange rate
|
6.4
|
7.1
|
6.0
|
7.1
|
|
9.2
|
12.3
|
7.1
|
12.3
|
|
6.7
|
8.0
|
5.1
|
6.3
|
Equity
|
7.1
|
7.8
|
6.1
|
7.8
|
|
9.3
|
10.3
|
8.2
|
8.2
|
|
7.8
|
8.1
|
7.6
|
7.7
|
Pipeline risk (1)
|
3.8
|
5.9
|
0.6
|
3.1
|
|
5.9
|
12.7
|
3.4
|
12.7
|
|
11.2
|
17.3
|
5.3
|
6.1
|
Diversification (2)
|
(21.8)
|
|
|
(19.2)
|
|
(41.1)
|
|
|
(39.7)
|
|
(29.7)
|
|
|
(23.4)
|
Total
|
49.3
|
51.8
|
42.6
|
50.4
|
|
63.0
|
73.8
|
52.9
|
61.8
|
|
54.3
|
57.8
|
49.1
|
49.1
|
|
Half year ended
|
||||||||||||||||
|
30 June 2025
|
|
30 June 2024
|
|
31 December 2024
|
||||||||||||
|
|
|
Period
|
|
|
|
|
|
Period
|
|
|
|
|
|
Period
|
|
|
|
Incremental
|
Hedge
|
-end
|
Average
|
Total
|
|
Incremental
|
Hedge
|
-end
|
Average
|
Total
|
|
Incremental
|
Hedge
|
-end
|
Average
|
Total
|
|
income
|
income
|
notional
|
notional
|
yield
|
|
income
|
income
|
notional
|
notional
|
yield
|
|
income
|
income
|
notional
|
notional
|
yield
|
|
£m
|
£m
|
£bn
|
£bn
|
%
|
|
£m
|
£m
|
£bn
|
£bn
|
%
|
|
£m
|
£m
|
£bn
|
£bn
|
%
|
Equity
|
(262)
|
216
|
22
|
22
|
2.01
|
|
(364)
|
218
|
22
|
22
|
1.95
|
|
(330)
|
222
|
22
|
22
|
1.99
|
Product
|
(1,831)
|
1,900
|
172
|
171
|
2.24
|
|
(3,184)
|
1,392
|
175
|
176
|
1.58
|
|
(2,622)
|
1,647
|
172
|
172
|
1.90
|
Total
|
(2,093)
|
2,116
|
194
|
193
|
2.21
|
|
(3,548)
|
1,610
|
197
|
198
|
1.62
|
|
(2,952)
|
1,869
|
194
|
194
|
1.91
|
|
+25 basis points upward shift
|
|
-25 basis points downward shift
|
||||
|
Year 1
|
Year 2
|
Year 3
|
|
Year 1
|
Year 2
|
Year 3
|
30 June 2025
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Structural hedges
|
40
|
125
|
213
|
|
(40)
|
(125)
|
(213)
|
Managed margin
|
118
|
101
|
116
|
|
(136)
|
(97)
|
(98)
|
Total
|
158
|
226
|
329
|
|
(176)
|
(222)
|
(311)
|
|
|
|
|
|
|
|
|
31 December 2024
|
|
|
|
|
|
|
|
Structural hedges
|
41
|
125
|
212
|
|
(41)
|
(125)
|
(212)
|
Managed margin
|
121
|
116
|
124
|
|
(142)
|
(120)
|
(125)
|
Total
|
162
|
241
|
336
|
|
(183)
|
(245)
|
(337)
|
(1)
|
Earnings
sensitivity considers only the main drivers, namely structural
hedging and managed margin products.
|
|
Shifts in yield curve
|
||||||||
|
30 June 2025
|
|
31 December 2024
|
||||||
|
+25 basis
|
-25 basis
|
+100 basis
|
-100 basis
|
|
+25 basis
|
-25 basis
|
+100 basis
|
-100 basis
|
|
points
|
points
|
points
|
points
|
|
points
|
points
|
points
|
points
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
Euro
|
14
|
(12)
|
56
|
(53)
|
|
11
|
(7)
|
38
|
(43)
|
Sterling
|
130
|
(149)
|
501
|
(615)
|
|
131
|
(155)
|
531
|
(646)
|
US dollar
|
12
|
(12)
|
46
|
(51)
|
|
15
|
(16)
|
63
|
(71)
|
Other
|
2
|
(3)
|
11
|
(9)
|
|
5
|
(5)
|
19
|
(17)
|
Total
|
158
|
(176)
|
614
|
(728)
|
|
162
|
(183)
|
651
|
(777)
|
|
|
|
Structural foreign
|
|
Residual
|
|
Net investments in
|
Net investment
|
currency exposures
|
Economic
|
structural foreign
|
|
foreign operations
|
hedges
|
pre-economic hedges
|
hedges (1)
|
currency exposures
|
30 June 2025
|
£m
|
£m
|
£m
|
£m
|
£m
|
US dollar
|
1,716
|
(401)
|
1,315
|
(1,315)
|
-
|
Euro
|
4,321
|
(2,515)
|
1,806
|
-
|
1,806
|
Other non-sterling
|
867
|
(375)
|
492
|
-
|
492
|
Total
|
6,904
|
(3,291)
|
3,613
|
(1,315)
|
2,298
|
|
|
|
|
|
|
31 December 2024
|
|
|
|
|
|
US dollar
|
1,826
|
(598)
|
1,228
|
(1,228)
|
-
|
Euro
|
4,162
|
(2,351)
|
1,811
|
-
|
1,811
|
Other non-sterling
|
874
|
(372)
|
502
|
-
|
502
|
Total
|
6,862
|
(3,321)
|
3,541
|
(1,228)
|
2,313
|
|
Half year ended
|
|||||||||||||
|
30 June 2025
|
|
30 June 2024
|
|
31 December 2024
|
|||||||||
|
|
|
|
Period
|
|
|
|
|
Period
|
|
|
|
|
Period
|
|
Average
|
Maximum
|
Minimum
|
end
|
|
Average
|
Maximum
|
Minimum
|
end
|
|
Average
|
Maximum
|
Minimum
|
end
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
Interest rate
|
3.6
|
5.4
|
2.2
|
4.1
|
|
6.7
|
12.0
|
3.6
|
6.6
|
|
6.5
|
12.1
|
3.0
|
3.8
|
Credit spread
|
5.3
|
7.2
|
4.0
|
4.6
|
|
8.1
|
10.1
|
6.7
|
7.6
|
|
7.3
|
9.6
|
5.6
|
5.6
|
Currency
|
1.5
|
4.0
|
-
|
0.8
|
|
2.1
|
6.7
|
0.8
|
1.9
|
|
1.9
|
5.8
|
0.5
|
1.3
|
Equity
|
-
|
0.1
|
-
|
0.1
|
|
0.1
|
0.1
|
0.1
|
0.1
|
|
0.1
|
0.3
|
-
|
-
|
Diversification (1)
|
(3.9)
|
|
|
(4.0)
|
|
(6.8)
|
|
|
(5.5)
|
|
(5.8)
|
|
(5.4)
|
|
Total
|
6.5
|
9.7
|
4.3
|
5.6
|
|
10.2
|
16.2
|
7.0
|
10.7
|
|
10.0
|
16.1
|
5.3
|
5.3
|
|
|
|
NatWest Group plc
(Registrant)
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date:
|
25 July
2025
|
|
|
By:
|
/s/
Mark Stevens
|
|
|
|
|
|
|
|
|
|
|
|
|
Name:
|
Mark
Stevens
|
|
|
|
|
|
Title:
|
Assistant
Secretary
|
|