GROUP CHIEF EXECUTIVE'S STATEMENT
The
impact of the coronavirus pandemic on the global economy and on
people and businesses within the UK has been unprecedented. We
remain focused on working together with the Government and our
regulators to ensure that we continue to support our customers in
this challenging time.
Although
our performance has clearly been impacted by the pandemic and the
associated challenging economic environment, I am pleased that we
are now seeing an encouraging business recovery and, with
impairments significantly lower, a return to profitability in the
third quarter. In particular, we increased open mortgage book
lending by £3.5 billion in the quarter, with a 22 per cent
share of approvals building a strong pipeline for the fourth
quarter, and have supported businesses with an 18 per cent share of
Government support scheme lending. Given the financial performance
we were able to further strengthen our capital position to 15.2 per
cent and enhance our guidance for impairment and risk-weighted
assets.
The
pandemic has accelerated many trends around ways of working and
digital adoption and our long-run investment in digital
propositions has positioned the Group well to continue to support
our customers. As a result the number of digital users continued to
increase, the proportion of products sold digitally is rising and
customer satisfaction is at record levels. Our digital proposition
and focus on technological change will remain a priority as we
accelerate our transformation.
Societal
expectations of companies, particularly regarding sustainability,
continue to increase and we are taking action to build an inclusive
and more sustainable future. We have announced a Race Action plan
to drive cultural change, including a clear target to increase
Black representation in senior roles. To support the transition to
a more environmentally sustainable future, we have also announced
an ambitious goal to help reduce the carbon emissions we
finance by over 50 per cent by 2030.
Lloyds
Banking Group plays a vital role in the UK economy and I remain
very proud of the support that we have provided over the course of
2020. Once again I would like to express my gratitude to all of my
colleagues whose dedication and hard work ensures that we continue
to deliver vital services to our customers and communities, while
supporting those most in need throughout the pandemic.
Although
the outlook remains uncertain, our customer-focused strategy and
the strength of the Group's business model will allow us to
continue to help Britain recover and play our part in helping to
return the UK to prosperity. This is fully aligned with the Group's
long-term strategic objectives, the position of the franchise and
the interests of our shareholders.
António
Horta-Osório,
Group
Chief Executive
|
|
Nine months ended30 Sep 2020
|
|
Ninemonthsended30 Sep2019
|
|
Change
|
|
Threemonthsended30 Sep2020
|
|
Threemonthsended30 Sep2019
|
|
Change
|
||||||
|
£m
|
|
£m
|
|
%
|
|
£m
|
|
£m
|
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income
|
8,096
|
|
|
9,275
|
|
|
(13)
|
|
2,618
|
|
|
3,130
|
|
|
(16)
|
||
Other income
|
3,449
|
|
|
4,465
|
|
|
(23)
|
|
988
|
|
|
1,315
|
|
|
(25)
|
||
Operating lease depreciation
|
(734)
|
|
|
(731)
|
|
|
-
|
|
(208)
|
|
|
(258)
|
|
|
19
|
||
Net income
|
10,811
|
|
|
13,009
|
|
|
(17)
|
|
3,398
|
|
|
4,187
|
|
|
(19)
|
||
Operating costs
|
(5,557)
|
|
|
(5,817)
|
|
|
4
|
|
(1,858)
|
|
|
(1,911)
|
|
|
3
|
||
Remediation
|
(254)
|
|
|
(226)
|
|
|
(12)
|
|
(77)
|
|
|
(83)
|
|
|
7
|
||
Total costs
|
(5,811)
|
|
|
(6,043)
|
|
|
4
|
|
(1,935)
|
|
|
(1,994)
|
|
|
3
|
||
Trading surplus
|
5,000
|
|
|
6,966
|
|
|
(28)
|
|
1,463
|
|
|
2,193
|
|
|
(33)
|
||
Impairment
|
(4,119)
|
|
|
(950)
|
|
|
|
|
(301)
|
|
|
(371)
|
|
|
19
|
||
Underlying profit
|
881
|
|
|
6,016
|
|
|
(85)
|
|
1,162
|
|
|
1,822
|
|
|
(36)
|
||
Restructuring
|
(288)
|
|
|
(280)
|
|
|
(3)
|
|
(155)
|
|
|
(98)
|
|
|
(58)
|
||
Volatility and other items
|
(159)
|
|
|
(339)
|
|
|
53
|
|
29
|
|
|
126
|
|
|
77
|
||
Payment protection insurance provision
|
-
|
|
|
(2,450)
|
|
|
100
|
|
-
|
|
|
(1,800)
|
|
|
100
|
||
Statutory profit before tax
|
434
|
|
|
2,947
|
|
|
(85)
|
|
1,036
|
|
|
50
|
|
|
|
||
Tax credit / (expense)
|
273
|
|
|
(960)
|
|
|
|
|
(348)
|
|
|
(288)
|
|
|
(21)
|
||
Statutory profit / (loss) after tax
|
707
|
|
|
1,987
|
|
|
(64)
|
|
688
|
|
|
(238)
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Earnings / (loss) per share
|
0.5p
|
|
2.2p
|
|
(77)
|
|
0.8p
|
|
(0.5)p
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Banking net interest margin
|
2.54
|
%
|
|
2.89
|
%
|
|
(35)
bp
|
|
2.42
|
%
|
|
2.88
|
%
|
|
(46)
bp
|
||
Average interest-earning banking assets
|
£434
bn
|
|
£434
bn
|
|
-
|
|
£436
bn
|
|
£435
bn
|
|
-
|
||||||
Cost:income ratio
|
53.8
|
%
|
|
46.5
|
%
|
|
7.3pp
|
|
56.9
|
%
|
|
47.6
|
%
|
|
9.3pp
|
||
Asset quality ratio
|
1.24
|
%
|
|
0.29
|
%
|
|
95bp
|
|
0.27
|
%
|
|
0.33
|
%
|
|
(6)
bp
|
||
Underlying return on tangible equity
|
2.4%
|
|
15.7
|
%
|
|
(13.3)pp
|
|
9.3%
|
|
14.3
|
%
|
|
(5.0)pp
|
||||
Return on tangible equity
|
2.5%
|
|
6.8
|
%
|
|
(4.3)pp
|
|
7.4%
|
|
(2.8)%
|
|
10.2pp
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 Sep2020
|
|
At 30 Jun2020
|
|
Change%
|
|
|
|
At 31 Dec2019
|
|
Change%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans
and advances to customers1
|
£439
|
bn
|
|
£440
|
bn
|
|
-
|
|
|
|
£440
|
bn
|
|
-
|
||
Customer
deposits2
|
£447
|
bn
|
|
£441
|
bn
|
|
1
|
|
|
|
£412
|
bn
|
|
9
|
||
Loan to deposit ratio
|
98
|
%
|
|
100
|
%
|
|
(2)
|
pp
|
|
|
|
107
|
%
|
|
(9)
pp
|
|
CET1
ratio3,4
|
15.2
|
%
|
|
14.6
|
%
|
|
0.6pp
|
|
|
|
13.8
|
%
|
|
1.4pp
|
||
CET1
ratio pre IFRS 9 transitional relief3,4
|
14.0
|
%
|
|
13.4
|
%
|
|
0.6pp
|
|
|
|
13.4
|
%
|
|
0.6pp
|
||
Transitional
MREL ratio3,4
|
36.5
|
%
|
|
36.8
|
%
|
|
(0.3)pp
|
|
|
|
32.6
|
%
|
|
3.9pp
|
||
UK
leverage ratio3,4
|
5.6
|
%
|
|
5.4
|
%
|
|
0.2pp
|
|
|
|
5.2
|
%
|
|
0.4pp
|
||
Risk-weighted
assets3
|
£205
|
bn
|
|
£207
|
bn
|
|
(1)
|
|
|
|
£203
|
bn
|
|
1
|
||
Tangible net assets per share
|
52.2
|
p
|
|
51.6
|
p
|
|
0.6
|
p
|
|
|
|
50.8
|
p
|
|
1.4
p
|
|
Quarterended30 Sep2020
|
|
Quarterended30 Jun2020
|
|
Quarterended31 Mar2020
|
|
Quarterended31 Dec2019
|
|
Quarterended30 Sep2019
|
|
Quarterended30 Jun2019
|
|
Quarterended31 Mar2019
|
|||||||
|
£m
|
|
£m
|
|
£m
|
|
£m
|
|
£m
|
|
£m
|
|
£m
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest income
|
2,618
|
|
|
2,528
|
|
|
2,950
|
|
|
3,102
|
|
|
3,130
|
|
|
3,062
|
|
|
3,083
|
|
Other income
|
988
|
|
|
1,235
|
|
|
1,226
|
|
|
1,267
|
|
|
1,315
|
|
|
1,594
|
|
|
1,556
|
|
Operating lease depreciation
|
(208)
|
|
|
(302)
|
|
|
(224)
|
|
|
(236)
|
|
|
(258)
|
|
|
(254)
|
|
|
(219)
|
|
Net income
|
3,398
|
|
|
3,461
|
|
|
3,952
|
|
|
4,133
|
|
|
4,187
|
|
|
4,402
|
|
|
4,420
|
|
Operating costs
|
(1,858)
|
|
|
(1,822)
|
|
|
(1,877)
|
|
|
(2,058)
|
|
|
(1,911)
|
|
|
(1,949)
|
|
|
(1,957)
|
|
Remediation
|
(77)
|
|
|
(90)
|
|
|
(87)
|
|
|
(219)
|
|
|
(83)
|
|
|
(123)
|
|
|
(20)
|
|
Total costs
|
(1,935)
|
|
|
(1,912)
|
|
|
(1,964)
|
|
|
(2,277)
|
|
|
(1,994)
|
|
|
(2,072)
|
|
|
(1,977)
|
|
Trading surplus
|
1,463
|
|
|
1,549
|
|
|
1,988
|
|
|
1,856
|
|
|
2,193
|
|
|
2,330
|
|
|
2,443
|
|
Impairment
|
(301)
|
|
|
(2,388)
|
|
|
(1,430)
|
|
|
(341)
|
|
|
(371)
|
|
|
(304)
|
|
|
(275)
|
|
Underlying profit / (loss)
|
1,162
|
|
|
(839)
|
|
|
558
|
|
|
1,515
|
|
|
1,822
|
|
|
2,026
|
|
|
2,168
|
|
Restructuring
|
(155)
|
|
|
(70)
|
|
|
(63)
|
|
|
(191)
|
|
|
(98)
|
|
|
(56)
|
|
|
(126)
|
|
Volatility and other items
|
29
|
|
|
233
|
|
|
(421)
|
|
|
122
|
|
|
126
|
|
|
(126)
|
|
|
(339)
|
|
Payment protection insurance provision
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,800)
|
|
|
(550)
|
|
|
(100)
|
|
Statutory profit / (loss) before tax
|
1,036
|
|
|
(676)
|
|
|
74
|
|
|
1,446
|
|
|
50
|
|
|
1,294
|
|
|
1,603
|
|
Tax (expense) / credit
|
(348)
|
|
|
215
|
|
|
406
|
|
|
(427)
|
|
|
(288)
|
|
|
(269)
|
|
|
(403)
|
|
Statutory profit / (loss) after tax
|
688
|
|
|
(461)
|
|
|
480
|
|
|
1,019
|
|
|
(238)
|
|
|
1,025
|
|
|
1,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Banking net interest margin
|
2.42
|
%
|
|
2.40
|
%
|
|
2.79
|
%
|
|
2.85
|
%
|
|
2.88
|
%
|
|
2.89
|
%
|
|
2.91
|
%
|
Average interest-earning banking assets
|
£436
|
bn
|
|
£435
|
bn
|
|
£432
|
bn
|
|
£437
|
bn
|
|
£435
|
bn
|
|
£433
|
bn
|
|
£433
|
bn
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cost:income ratio
|
56.9
|
%
|
|
55.2
|
%
|
|
49.7
|
%
|
|
55.1
|
%
|
|
47.6
|
%
|
|
47.1
|
%
|
|
44.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Asset quality ratio
|
0.27
|
%
|
|
2.16
|
%
|
|
1.30
|
%
|
|
0.30
|
%
|
|
0.33
|
%
|
|
0.27
|
%
|
|
0.25
|
%
|
Gross asset quality ratio
|
0.28
|
%
|
|
2.19
|
%
|
|
1.35
|
%
|
|
0.39
|
%
|
|
0.40
|
%
|
|
0.38
|
%
|
|
0.30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Underlying return on tangible equity
|
9.3%
|
|
(6.0)%
|
|
4.7%
|
|
12.2%
|
|
14.3%
|
|
15.6%
|
|
17.0%
|
|||||||
Return on tangible equity
|
7.4%
|
|
(4.8)%
|
|
5.0%
|
|
11.0%
|
|
(2.8)%
|
|
10.5%
|
|
12.5%
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Loans
and advances to customers1
|
£439
|
bn
|
|
£440
|
bn
|
|
£443
|
bn
|
|
£440
|
bn
|
|
£447
|
bn
|
|
£441
|
bn
|
|
£441
|
bn
|
Customer
deposits2
|
£447
|
bn
|
|
£441
|
bn
|
|
£428
|
bn
|
|
£412
|
bn
|
|
£419
|
bn
|
|
£418
|
bn
|
|
£417
|
bn
|
Loan to deposit ratio
|
98
|
%
|
|
100
|
%
|
|
103
|
%
|
|
107
|
%
|
|
107
|
%
|
|
106
|
%
|
|
106
|
%
|
Risk-weighted
assets3
|
£205
|
bn
|
|
£207
|
bn
|
|
£209
|
bn
|
|
£203
|
bn
|
|
£209
|
bn
|
|
£207
|
bn
|
|
£208
|
bn
|
Tangible net assets per share
|
52.2
|
p
|
|
51.6
|
p
|
|
57.4
|
p
|
|
50.8
|
p
|
|
52.0
|
p
|
|
53.0
|
p
|
|
53.4
|
p
|
|
At 30 Sep2020
|
|
At 30 Jun2020
|
|
Change
|
|
At 30 Sep2019
|
|
Change
|
|
At 31 Dec2019
|
|
Change
|
||||
|
£bn
|
|
£bn
|
|
%
|
|
£bn
|
|
%
|
|
£bn
|
|
%
|
||||
Loans and advances to customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Open mortgage book
|
270.6
|
|
|
267.1
|
|
|
1
|
|
271.0
|
|
|
-
|
|
270.1
|
|
|
-
|
Closed mortgage book
|
17.0
|
|
|
17.5
|
|
|
(3)
|
|
19.1
|
|
|
(11)
|
|
18.5
|
|
|
(8)
|
Credit cards
|
14.8
|
|
|
15.2
|
|
|
(3)
|
|
17.7
|
|
|
(16)
|
|
17.7
|
|
|
(16)
|
UK Retail unsecured loans
|
8.2
|
|
|
8.2
|
|
|
-
|
|
8.4
|
|
|
(2)
|
|
8.4
|
|
|
(2)
|
UK motor finance
|
14.8
|
|
|
15.3
|
|
|
(3)
|
|
15.6
|
|
|
(5)
|
|
15.6
|
|
|
(5)
|
Overdrafts
|
1.0
|
|
|
1.0
|
|
|
-
|
|
1.3
|
|
|
(23)
|
|
1.3
|
|
|
(23)
|
Retail
other1
|
10.2
|
|
|
9.7
|
|
|
5
|
|
9.2
|
|
|
11
|
|
9.0
|
|
|
13
|
SME2
|
40.0
|
|
|
38.4
|
|
|
4
|
|
32.4
|
|
|
23
|
|
32.1
|
|
|
25
|
Mid
Corporates3
|
4.4
|
|
|
4.6
|
|
|
(4)
|
|
5.2
|
|
|
(15)
|
|
5.3
|
|
|
(17)
|
Corporate
and Institutional3
|
50.2
|
|
|
55.0
|
|
|
(9)
|
|
59.2
|
|
|
(15)
|
|
54.6
|
|
|
(8)
|
Commercial Banking other
|
4.6
|
|
|
5.0
|
|
|
(8)
|
|
5.2
|
|
|
(12)
|
|
5.2
|
|
|
(12)
|
Wealth
|
0.9
|
|
|
0.9
|
|
|
-
|
|
0.9
|
|
|
-
|
|
0.9
|
|
|
-
|
Central items
|
2.5
|
|
|
2.5
|
|
|
-
|
|
2.0
|
|
|
25
|
|
1.7
|
|
|
47
|
Loans and advances to customers4
|
439.2
|
|
|
440.4
|
|
|
-
|
|
447.2
|
|
|
(2)
|
|
440.4
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Customer deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Retail current accounts
|
91.7
|
|
|
87.5
|
|
|
5
|
|
76.1
|
|
|
20
|
|
76.9
|
|
|
19
|
Commercial
current accounts2,5
|
45.7
|
|
|
44.2
|
|
|
3
|
|
34.6
|
|
|
32
|
|
34.9
|
|
|
31
|
Retail relationship savings accounts
|
149.9
|
|
|
148.5
|
|
|
1
|
|
144.3
|
|
|
4
|
|
144.5
|
|
|
4
|
Retail tactical savings accounts
|
12.5
|
|
|
12.7
|
|
|
(2)
|
|
14.1
|
|
|
(11)
|
|
13.3
|
|
|
(6)
|
Commercial
deposits2,6
|
132.9
|
|
|
133.8
|
|
|
(1)
|
|
135.8
|
|
|
(2)
|
|
127.6
|
|
|
4
|
Wealth
|
13.6
|
|
|
13.5
|
|
|
1
|
|
13.6
|
|
|
-
|
|
13.7
|
|
|
(1)
|
Central items
|
0.9
|
|
|
0.9
|
|
|
-
|
|
0.7
|
|
|
29
|
|
0.9
|
|
|
-
|
Total customer deposits7
|
447.2
|
|
|
441.1
|
|
|
1
|
|
419.2
|
|
|
7
|
|
411.8
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total assets
|
868.9
|
|
|
873.0
|
|
|
-
|
|
858.5
|
|
|
1
|
|
833.9
|
|
|
4
|
Total liabilities
|
819.4
|
|
|
824.1
|
|
|
(1)
|
|
810.4
|
|
|
1
|
|
786.1
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Shareholders' equity
|
43.4
|
|
|
42.8
|
|
|
1
|
|
42.5
|
|
|
2
|
|
41.7
|
|
|
4
|
Other equity instruments
|
5.9
|
|
|
5.9
|
|
|
-
|
|
5.4
|
|
|
9
|
|
5.9
|
|
|
-
|
Non-controlling interests
|
0.2
|
|
|
0.2
|
|
|
-
|
|
0.2
|
|
|
-
|
|
0.2
|
|
|
-
|
Total equity
|
49.5
|
|
|
48.9
|
|
|
1
|
|
48.1
|
|
|
3
|
|
47.8
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ordinary shares in issue, excluding own shares
|
70,776m
|
|
70,735m
|
|
-
|
|
70,007m
|
|
1
|
|
70,031m
|
|
1
|
|
Ninemonthsended30 Sep2020
|
|
Ninemonthsended30 Sep2019
|
|
Change
|
|
Threemonthsended30 Sep2020
|
|
Threemonthsended30 Sep2019
|
|
Change
|
|||||
|
£m
|
|
£m
|
|
%
|
|
£m
|
|
£m
|
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Charges
pre-updated multiple economic scenarios1:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Retail2
|
976
|
|
|
816
|
|
|
(20)
|
|
398
|
|
|
260
|
|
|
(53)
|
|
Commercial Banking
|
211
|
|
|
194
|
|
|
(9)
|
|
5
|
|
|
129
|
|
|
96
|
|
Other
|
5
|
|
|
(60)
|
|
|
|
|
1
|
|
|
(18)
|
|
|
|
|
|
1,192
|
|
|
950
|
|
|
(25)
|
|
404
|
|
|
371
|
|
|
(9)
|
|
Coronavirus
impacted restructuring cases3
|
434
|
|
|
-
|
|
|
|
|
2
|
|
|
-
|
|
|
|
|
Updated economic outlook:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Retail
|
1,442
|
|
|
-
|
|
|
|
|
(75)
|
|
|
-
|
|
|
|
|
Commercial Banking
|
851
|
|
|
-
|
|
|
|
|
(30)
|
|
|
-
|
|
|
|
|
Other
|
200
|
|
|
-
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
2,493
|
|
|
-
|
|
|
|
|
(105)
|
|
|
-
|
|
|
|
|
Impairment charge
|
4,119
|
|
|
950
|
|
|
|
|
301
|
|
|
371
|
|
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Asset quality ratio
|
1.24
|
%
|
|
0.29
|
%
|
|
95bp
|
|
0.27
|
%
|
|
0.33
|
%
|
|
(6)bp
|
|
Gross asset quality ratio
|
1.27
|
%
|
|
0.36
|
%
|
|
91bp
|
|
0.28
|
%
|
|
0.40
|
%
|
|
(12)
bp
|
|
At 30 Sep
20201
|
|
At 30
Jun
20201
|
|
Change
|
|
At 31
Dec
20191
|
|
Change
|
||||
|
£m
|
|
£m
|
|
%
|
|
£m
|
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Stage 2 loans and advances to customers
|
66,291
|
|
|
67,858
|
|
|
(2)
|
|
38,440
|
|
|
72
|
|
Stage 2 loans and advances to customers as % of total
|
13.1
|
%
|
|
13.4
|
%
|
|
(0.3)
pp
|
|
7.7
|
%
|
|
5.4pp
|
|
Stage 2
ECL2 allowances
|
3,057
|
|
|
2,817
|
|
|
9
|
|
1,423
|
|
|
115
|
|
Stage 2
ECL2 allowances as %
of Stage 2 drawn balances
|
4.6
|
%
|
|
4.2
|
%
|
|
0.4pp
|
|
3.7
|
%
|
|
0.9pp
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stage 3 loans and advances to customers
|
9,074
|
|
|
9,538
|
|
|
(5)
|
|
8,754
|
|
|
4
|
|
Stage 3 loans and advances to customers as % of total
|
1.8
|
%
|
|
1.9
|
%
|
|
(0.1)
pp
|
|
1.8
|
%
|
|
-
|
|
Stage 3
ECL2 allowances
|
2,579
|
|
|
2,763
|
|
|
(7)
|
|
1,922
|
|
|
34
|
|
Stage 3
ECL2 allowances as %
of Stage 3 drawn balances3
|
29.0
|
%
|
|
29.6
|
%
|
|
(0.6)
pp
|
|
22.5
|
%
|
|
6.5pp
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total
loans and advances to customers4
|
505,655
|
|
|
508,076
|
|
|
-
|
|
498,805
|
|
|
1
|
|
Total
ECL2 allowances
|
7,084
|
|
|
7,186
|
|
|
(1)
|
|
4,142
|
|
|
71
|
|
Total
ECL2 allowances as %
of drawn balances
|
1.4
|
%
|
|
1.4
|
%
|
|
-
|
|
0.8
|
%
|
|
0.6pp
|
|
At 30 September 2020
|
|
At 30 June 2020
|
||||||||||
|
Drawn
|
|
Undrawn
|
|
Drawn as a % of Group loans and advances
|
|
Drawn
|
|
Undrawn
|
|
Drawn as a % of Group loans and advances
|
||
£bn
|
|
£bn
|
|
%
|
|
£bn
|
|
£bn
|
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
||
Retail non-food
|
2.3
|
|
1.7
|
|
0.5
|
|
|
2.4
|
|
1.8
|
|
0.5
|
|
Automotive
dealerships2
|
1.7
|
|
2.2
|
|
0.4
|
|
|
2.4
|
|
1.5
|
|
0.5
|
|
Oil and gas
|
1.4
|
|
2.7
|
|
0.3
|
|
|
1.4
|
|
2.7
|
|
0.3
|
|
Construction
|
1.3
|
|
1.7
|
|
0.3
|
|
|
1.3
|
|
1.7
|
|
0.3
|
|
Hotels
|
1.8
|
|
0.3
|
|
0.4
|
|
|
1.9
|
|
0.3
|
|
0.4
|
|
Passenger transport
|
1.3
|
|
0.6
|
|
0.3
|
|
|
1.3
|
|
0.6
|
|
0.3
|
|
Leisure
|
0.8
|
|
0.7
|
|
0.2
|
|
|
0.8
|
|
0.5
|
|
0.2
|
|
Restaurants and bars
|
0.8
|
|
0.4
|
|
0.2
|
|
|
0.8
|
|
0.5
|
|
0.2
|
|
Total
|
11.4
|
|
10.3
|
|
2.6
|
|
|
12.3
|
|
9.6
|
|
2.7
|
|
|
Mortgages
|
|
Cards
|
|
Loans
|
|
Motor
|
|
Total
|
|||||||||||||||
|
000s
|
£bn
|
|
000s
|
£bn
|
|
000s
|
£bn
|
|
000s
|
£bn
|
|
000s
|
£bn
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total payment holidays granted
|
477
|
62.7
|
|
|
320
|
1.6
|
|
|
264
|
2.1
|
|
|
132
|
2.2
|
|
|
1,193
|
68.6
|
|
|||||
First payment holiday still in force
|
14
|
1.9
|
|
|
24
|
0.1
|
|
|
23
|
0.2
|
|
|
12
|
0.2
|
|
|
73
|
2.4
|
|
|||||
Matured payment holidays - repaying
|
384
|
49.5
|
|
|
238
|
1.2
|
|
|
201
|
1.6
|
|
|
103
|
1.7
|
|
|
927
|
54.0
|
|
|||||
Matured payment holidays - extended
|
61
|
9.1
|
|
|
38
|
0.2
|
|
|
34
|
0.3
|
|
|
9
|
0.2
|
|
|
142
|
9.8
|
|
|||||
Matured payment holidays - missed payment
|
18
|
2.2
|
|
|
19
|
0.1
|
|
|
7
|
0.0
|
|
|
8
|
0.1
|
|
|
51
|
2.4
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As a percentage of total matured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Matured payment holidays - repaying
|
83
|
%
|
82
|
%
|
|
81
|
%
|
80
|
%
|
|
83
|
%
|
82
|
%
|
|
86
|
%
|
84
|
%
|
|
83
|
%
|
82
|
%
|
Matured payment holidays - extended
|
13
|
%
|
15
|
%
|
|
13
|
%
|
14
|
%
|
|
14
|
%
|
15
|
%
|
|
8
|
%
|
10
|
%
|
|
13
|
%
|
15
|
%
|
Matured payment holidays - missed payment
|
4
|
%
|
4
|
%
|
|
6
|
%
|
6
|
%
|
|
3
|
%
|
2
|
%
|
|
6
|
%
|
7
|
%
|
|
5
|
%
|
4
|
%
|
|
000s
|
|
£bn
|
|
|
|
|
Coronavirus Business Interruption Loan Scheme
|
9
|
|
2.0
|
Bounce Back Loan Scheme
|
278
|
|
8.4
|
|
At 30 Sep2020
|
|
At 31 Dec2019
|
|
Change%
|
|||
|
|
|
|
|
|
|||
Loans
and advances to customers1
|
£439
|
bn
|
|
£440
|
bn
|
|
-
|
|
Customer
deposits2
|
£447
|
bn
|
|
£412
|
bn
|
|
9
|
|
Loan to deposit ratio
|
98
|
%
|
|
107
|
%
|
|
(9)
pp
|
|
|
|
|
|
|
|
|||
Wholesale
funding3
|
£116
|
bn
|
|
£124
|
bn
|
|
(7)
|
|
Wholesale
funding <1 year maturity3
|
£36
|
bn
|
|
£39
|
bn
|
|
(9)
|
|
Of which money-market funding <1 year maturity3
|
£24
|
bn
|
|
£25
|
bn
|
|
(2)
|
|
Liquidity
coverage ratio - eligible assets4
|
£139
|
bn
|
|
£130
|
bn
|
|
6
|
|
Liquidity
coverage ratio5
|
138
|
%
|
|
137
|
%
|
|
1pp
|
|
At 30 Sep2020
|
|
At 31 Dec2019
|
|
Change%
|
|||
|
|
|
|
|
|
|||
CET1
ratio1,2
|
15.2
|
%
|
|
13.8
|
%
|
|
1.4pp
|
|
CET1
ratio pre IFRS 9 transitional relief1,2,3
|
14.0
|
%
|
|
13.4
|
%
|
|
0.6pp
|
|
Transitional
total capital ratio1,2
|
22.6
|
%
|
|
21.5
|
%
|
|
1.1pp
|
|
Transitional
MREL ratio1,2
|
36.5
|
%
|
|
32.6
|
%
|
|
3.9pp
|
|
UK
leverage ratio1,2
|
5.6
|
%
|
|
5.2
|
%
|
|
0.4pp
|
|
Risk-weighted
assets1
|
£205
|
bn
|
|
£203
|
bn
|
|
1
|
|
|
|
|
|
|
|
|||
Shareholders' equity
|
£43
|
bn
|
|
£42
|
bn
|
|
2
|
|
Tangible net assets per share
|
52.2
|
p
|
|
50.8
|
p
|
|
1.4
p
|
Pro forma CET1 ratio at 31 December 2019
|
13.8
|
%
|
Banking business underlying capital build excluding impairment
(bps)
|
143
|
|
Impairment charge (bps)
|
(167)
|
|
Banking business underlying capital build (bps)
|
(24)
|
|
RWA, pensions and other movements (bps)
|
2
|
|
IFRS 9 transitional relief (bps)
|
84
|
|
Reversal of FY 2019 ordinary dividend accrual (bps)
|
83
|
|
CET1 ratio at 30 September 2020
|
15.2
|
%
|
|
Ninemonthsended30 Sep2020
|
|
Ninemonthsended30 Sep2019
|
|
|
|
|
Group net interest income - statutory basis (£m)
|
9,173
|
|
7,425
|
Insurance gross up (£m)
|
(1,189)
|
|
1,559
|
Volatility and other items (£m)
|
112
|
|
291
|
Group net interest income - underlying basis (£m)
|
8,096
|
|
9,275
|
Non-banking net interest expense (£m)
|
151
|
|
103
|
Banking net interest income - underlying basis
(£m)
|
8,247
|
|
9,378
|
|
|
|
|
Net loans and advances to customers (£bn)1
|
439.2
|
|
447.2
|
Impairment provision and fair value adjustments
(£bn)
|
6.5
|
|
4.1
|
Non-banking items:
|
|
|
|
Fee-based
loans and advances (£bn)
|
(5.5)
|
|
(7.0)
|
Other
non-banking (£bn)
|
(3.7)
|
|
(3.5)
|
Gross banking loans and advances (£bn)
|
436.5
|
|
440.8
|
Averaging (£bn)
|
(2.2)
|
|
(6.8)
|
Average interest-earning banking assets (£bn)
|
434.3
|
|
434.0
|
|
|
|
|
Banking net interest margin (%)
|
2.54
|
|
2.89
|
|
Ninemonthsended30 Sep2020
|
|
Ninemonthsended30 Sep2019
|
|
|
|
|
Average shareholders' equity (£bn)
|
43.6
|
|
43.3
|
Average intangible assets (£bn)
|
(6.2)
|
|
(5.9)
|
Average tangible equity (£bn)
|
37.4
|
|
37.4
|
|
|
|
|
Underlying profit after tax (£m)
|
732
|
|
4,543
|
Add back amortisation of intangible assets (post tax)
(£m)
|
323
|
|
269
|
Less profit attributable to non-controlling interests and other
equity holders (£m)
|
(388)
|
|
(415)
|
Adjusted underlying profit after tax (£m)
|
667
|
|
4,397
|
|
|
|
|
Underlying return on tangible equity (%)
|
2.4
|
|
15.7
|
|
|
|
|
Group statutory profit after tax (£m)
|
707
|
|
1,987
|
Add back amortisation of intangible assets (post tax)
(£m)
|
323
|
|
269
|
Add back amortisation of purchased intangible assets (post tax)
(£m)
|
53
|
|
56
|
Less profit attributable to non-controlling interests and other
equity holders (£m)
|
(388)
|
|
(415)
|
Adjusted statutory profit after tax (£m)
|
695
|
|
1,897
|
|
|
|
|
Statutory return on tangible equity (%)
|
2.5
|
|
6.8
|
|
Ninemonthsended30 Sep2020
|
|
Ninemonthsended30 Sep2019
|
|
Change
|
|
Threemonthsended30 Sep2020
|
|
Threemonthsended30 Sep2019
|
|
Change
|
||||
|
£m
|
|
£m
|
|
%
|
|
£m
|
|
£m
|
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
||||
UK
Mortgages
|
624
|
|
|
(85)
|
|
|
|
|
21
|
|
|
(47)
|
|
|
|
Credit
cards
|
792
|
|
|
380
|
|
|
|
|
136
|
|
|
113
|
|
|
(20)
|
UK
Motor Finance
|
268
|
|
|
153
|
|
|
(75)
|
|
27
|
|
|
49
|
|
|
45
|
Other
|
734
|
|
|
368
|
|
|
(99)
|
|
139
|
|
|
145
|
|
|
4
|
|
2,418
|
|
|
816
|
|
|
|
|
323
|
|
|
260
|
|
|
(24)
|
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
||||
SME
|
288
|
|
|
(54)
|
|
|
|
|
31
|
|
|
(6)
|
|
|
|
Other
|
1,208
|
|
|
248
|
|
|
|
|
(54)
|
|
|
135
|
|
|
|
|
1,496
|
|
|
194
|
|
|
|
|
(23)
|
|
|
129
|
|
|
|
Insurance and Wealth
|
11
|
|
|
1
|
|
|
|
|
1
|
|
|
1
|
|
|
-
|
Central Items
|
194
|
|
|
(61)
|
|
|
|
|
-
|
|
|
(19)
|
|
|
100
|
Total impairment charge
|
4,119
|
|
|
950
|
|
|
|
|
301
|
|
|
371
|
|
|
19
|
|
ECLat 30 Sep2020
|
|
Net ECLincrease
|
|
Income Statement charge
|
|
Write-offsand other
|
|
ECLat 31 Dec2019
|
|||||
|
£m
|
|
£m
|
|
£m
|
|
£m
|
|
£m
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Retail:
|
|
|
|
|
|
|
|
|
|
|||||
UK
Mortgages
|
1,772
|
|
|
556
|
|
|
624
|
|
|
(68)
|
|
|
1,216
|
|
Credit
cards
|
1,039
|
|
|
433
|
|
|
792
|
|
|
(359)
|
|
|
606
|
|
UK
Motor Finance
|
557
|
|
|
170
|
|
|
268
|
|
|
(98)
|
|
|
387
|
|
Other
|
921
|
|
|
334
|
|
|
734
|
|
|
(400)
|
|
|
587
|
|
|
4,289
|
|
|
1,493
|
|
|
2,418
|
|
|
(925)
|
|
|
2,796
|
|
Commercial Banking
|
2,590
|
|
|
1,275
|
|
|
1,496
|
|
|
(221)
|
|
|
1,315
|
|
Other
|
257
|
|
|
207
|
|
|
205
|
|
|
2
|
|
|
50
|
|
Total1
|
7,136
|
|
|
2,975
|
|
|
4,119
|
|
|
(1,144)
|
|
|
4,161
|
|
|
Total
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
POCI1
|
|
Stage 2as % oftotal
|
|
Stage 3as % oftotal
|
|||||
|
£m
|
|
£m
|
|
£m
|
|
£m
|
|
£m
|
|
%
|
|
%
|
|||||
At 30 September 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross lending (underlying basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Retail:2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
UK
Mortgages
|
289,439
|
|
|
243,097
|
|
|
41,822
|
|
|
4,520
|
|
|
-
|
|
|
14.4
|
|
1.6
|
Credit
cards
|
15,571
|
|
|
11,847
|
|
|
3,408
|
|
|
316
|
|
|
-
|
|
|
21.9
|
|
2.0
|
UK
Motor Finance
|
15,350
|
|
|
12,276
|
|
|
2,838
|
|
|
236
|
|
|
-
|
|
|
18.5
|
|
1.5
|
Other3
|
28,192
|
|
|
25,691
|
|
|
2,051
|
|
|
450
|
|
|
-
|
|
|
7.3
|
|
1.6
|
|
348,552
|
|
|
292,911
|
|
|
50,119
|
|
|
5,522
|
|
|
-
|
|
|
14.4
|
|
1.6
|
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
SME
|
32,397
|
|
|
26,421
|
|
|
5,098
|
|
|
878
|
|
|
-
|
|
|
15.7
|
|
2.7
|
Other
|
61,079
|
|
|
47,424
|
|
|
11,061
|
|
|
2,594
|
|
|
-
|
|
|
18.1
|
|
4.2
|
|
93,476
|
|
|
73,845
|
|
|
16,159
|
|
|
3,472
|
|
|
-
|
|
|
17.3
|
|
3.7
|
Insurance and Wealth
|
888
|
|
|
802
|
|
|
13
|
|
|
73
|
|
|
-
|
|
|
1.5
|
|
8.2
|
Central items
|
62,739
|
|
|
62,732
|
|
|
-
|
|
|
7
|
|
|
-
|
|
|
-
|
|
-
|
Total gross lending (underlying basis)
|
505,655
|
|
|
430,290
|
|
|
66,291
|
|
|
9,074
|
|
|
-
|
|
|
13.1
|
|
1.8
|
Purchased or originated credit-impaired assets
|
-
|
|
|
(1,350)
|
|
|
(9,390)
|
|
|
(2,674)
|
|
|
13,414
|
|
|
|
|
|
Acquisition fair value adjustment
|
(568)
|
|
|
47
|
|
|
13
|
|
|
1
|
|
|
(629)
|
|
|
|
|
|
Total gross lending (statutory basis)
|
505,087
|
|
|
428,987
|
|
|
56,914
|
|
|
6,401
|
|
|
12,785
|
|
|
11.3
|
|
1.3
|
Expected credit loss allowance on drawn balances (statutory
basis)
|
(5,903)
|
|
|
(1,233)
|
|
|
(2,349)
|
|
|
(1,993)
|
|
|
(328)
|
|
|
|
|
|
Net balance sheet carrying value (statutory basis)
|
499,184
|
|
|
427,754
|
|
|
54,565
|
|
|
4,408
|
|
|
12,457
|
|
|
|
|
|
|
Total
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
POCI1
|
|
Stage 2as % oftotal
|
|
Stage 3as % oftotal
|
|||||
|
£m
|
|
£m
|
|
£m
|
|
£m
|
|
£m
|
|
%
|
|
%
|
|||||
At 30 June 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross lending (underlying basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Retail:2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
UK
Mortgages
|
286,379
|
|
|
237,787
|
|
|
44,035
|
|
|
4,557
|
|
|
-
|
|
|
15.4
|
|
1.6
|
Credit
cards
|
15,825
|
|
|
13,380
|
|
|
2,079
|
|
|
366
|
|
|
-
|
|
|
13.1
|
|
2.3
|
UK
Motor Finance
|
15,830
|
|
|
12,674
|
|
|
2,920
|
|
|
236
|
|
|
-
|
|
|
18.4
|
|
1.5
|
Other3
|
26,780
|
|
|
24,239
|
|
|
2,061
|
|
|
480
|
|
|
-
|
|
|
7.7
|
|
1.8
|
|
344,814
|
|
|
288,080
|
|
|
51,095
|
|
|
5,639
|
|
|
-
|
|
14.8
|
|
1.6
|
|
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
SME
|
31,769
|
|
|
25,742
|
|
|
5,181
|
|
|
846
|
|
|
-
|
|
|
16.3
|
|
2.7
|
Other
|
66,841
|
|
|
52,320
|
|
|
11,559
|
|
|
2,962
|
|
|
-
|
|
|
17.3
|
|
4.4
|
|
98,610
|
|
|
78,062
|
|
|
16,740
|
|
|
3,808
|
|
|
-
|
|
|
17.0
|
|
3.9
|
Insurance and Wealth
|
871
|
|
|
765
|
|
|
23
|
|
|
83
|
|
|
-
|
|
|
2.6
|
|
9.5
|
Central items
|
63,781
|
|
|
63,773
|
|
|
-
|
|
|
8
|
|
|
-
|
|
|
-
|
|
-
|
Total gross lending (underlying basis)
|
508,076
|
|
|
430,680
|
|
|
67,858
|
|
|
9,538
|
|
|
-
|
|
|
13.4
|
|
1.9
|
Purchased or originated credit-impaired assets
|
-
|
|
|
(1,210)
|
|
|
(9,728)
|
|
|
(2,757)
|
|
|
13,695
|
|
|
|
|
|
Acquisition fair value adjustment
|
(582)
|
|
|
59
|
|
|
9
|
|
|
2
|
|
|
(652)
|
|
|
|
|
|
Total gross lending (statutory basis)
|
507,494
|
|
|
429,529
|
|
|
58,139
|
|
|
6,783
|
|
|
13,043
|
|
|
11.5
|
|
1.3
|
Expected credit loss allowance on drawn balances (statutory
basis)
|
(5,986)
|
|
|
(1,332)
|
|
|
(2,168)
|
|
|
(2,161)
|
|
|
(325)
|
|
|
|
|
|
Net balance sheet carrying value (statutory basis)
|
501,508
|
|
|
428,197
|
|
|
55,971
|
|
|
4,622
|
|
|
12,718
|
|
|
|
|
|
|
Total
|
|
Stage 1
|
|
Stage 2
|
|
Stage 3
|
|
POCI
|
|
Stage 2as % oftotal
|
|
Stage 3as % oftotal
|
|||||
|
£m
|
|
£m
|
|
£m
|
|
£m
|
|
£m
|
|
%
|
|
%
|
|||||
At 31
December 20191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross lending (underlying basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Retail:2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
UK
Mortgages
|
289,845
|
|
|
258,760
|
|
|
26,838
|
|
|
4,247
|
|
|
-
|
|
|
9.3
|
|
1.5
|
Credit
cards
|
18,110
|
|
|
16,052
|
|
|
1,675
|
|
|
383
|
|
|
-
|
|
|
9.2
|
|
2.1
|
UK
Motor Finance
|
15,976
|
|
|
13,884
|
|
|
1,942
|
|
|
150
|
|
|
-
|
|
|
12.2
|
|
0.9
|
Other3
|
21,110
|
|
|
18,691
|
|
|
1,976
|
|
|
443
|
|
|
-
|
|
|
9.4
|
|
2.1
|
|
345,041
|
|
|
307,387
|
|
|
32,431
|
|
|
5,223
|
|
|
-
|
|
9.4
|
|
1.5
|
|
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
SME
|
30,433
|
|
|
27,206
|
|
|
2,507
|
|
|
720
|
|
|
-
|
|
|
8.2
|
|
2.4
|
Other
|
66,065
|
|
|
59,868
|
|
|
3,470
|
|
|
2,727
|
|
|
-
|
|
|
5.3
|
|
4.1
|
|
96,498
|
|
|
87,074
|
|
|
5,977
|
|
|
3,447
|
|
|
-
|
|
|
6.2
|
|
3.6
|
Insurance and Wealth
|
862
|
|
|
753
|
|
|
32
|
|
|
77
|
|
|
-
|
|
|
3.7
|
|
8.9
|
Central items
|
56,404
|
|
|
56,397
|
|
|
-
|
|
|
7
|
|
|
-
|
|
|
-
|
|
-
|
Total gross lending (underlying basis)
|
498,805
|
|
|
451,611
|
|
|
38,440
|
|
|
8,754
|
|
|
-
|
|
|
7.7
|
|
1.8
|
Purchased or originated credit-impaired assets
|
-
|
|
|
(1,718)
|
|
|
(9,903)
|
|
|
(2,740)
|
|
|
14,361
|
|
|
|
|
|
Acquisition fair value adjustment
|
(558)
|
|
|
82
|
|
|
6
|
|
|
1
|
|
|
(647)
|
|
|
|
|
|
Total gross lending (statutory basis)
|
498,247
|
|
|
449,975
|
|
|
28,543
|
|
|
6,015
|
|
|
13,714
|
|
|
5.7
|
|
1.2
|
Expected credit loss allowance on drawn balances (statutory
basis)
|
(3,259)
|
|
|
(675)
|
|
|
(995)
|
|
|
(1,447)
|
|
|
(142)
|
|
|
|
|
|
Net balance sheet carrying value (statutory basis)
|
494,988
|
|
|
449,300
|
|
|
27,548
|
|
|
4,568
|
|
|
13,572
|
|
|
|
|
|
|
Total
|
|
|
|
Stage 1
|
|
|
|
Stage 2
|
|
|
|
Stage 3
|
|
|
|
POCI
|
|||||
|
£m
|
|
%1
|
|
£m
|
|
%1
|
|
£m
|
|
%1
|
|
£m
|
|
%1,2
|
|
£m
|
|||||
At 30 September 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
ECL allowance (drawn and undrawn - underlying basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Retail:3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
UK
Mortgages
|
1,772
|
|
|
0.6
|
|
111
|
|
|
-
|
|
918
|
|
|
2.2
|
|
743
|
|
|
16.4
|
|
-
|
|
Credit
cards
|
1,039
|
|
|
6.7
|
|
261
|
|
|
2.2
|
|
669
|
|
|
19.6
|
|
109
|
|
|
44.1
|
|
-
|
|
UK
Motor Finance4
|
557
|
|
|
3.6
|
|
198
|
|
|
1.6
|
|
215
|
|
|
7.6
|
|
144
|
|
|
61.0
|
|
-
|
|
Other5
|
921
|
|
|
3.3
|
|
328
|
|
|
1.3
|
|
431
|
|
|
21.0
|
|
162
|
|
|
48.2
|
|
-
|
|
|
4,289
|
|
|
1.2
|
|
898
|
|
|
0.3
|
|
2,233
|
|
|
4.5
|
|
1,158
|
|
|
21.7
|
|
-
|
|
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
SME
|
529
|
|
|
1.6
|
|
137
|
|
|
0.5
|
|
261
|
|
|
5.1
|
|
131
|
|
|
14.9
|
|
-
|
|
Other
|
2,036
|
|
|
3.3
|
|
203
|
|
|
0.4
|
|
562
|
|
|
5.1
|
|
1,271
|
|
|
49.0
|
|
-
|
|
|
2,565
|
|
|
2.7
|
|
340
|
|
|
0.5
|
|
823
|
|
|
5.1
|
|
1,402
|
|
|
40.4
|
|
-
|
|
Insurance and Wealth
|
25
|
|
|
2.8
|
|
11
|
|
|
1.4
|
|
1
|
|
|
7.7
|
|
13
|
|
|
17.8
|
|
-
|
|
Central items
|
205
|
|
|
0.3
|
|
199
|
|
|
0.3
|
|
-
|
|
|
-
|
|
6
|
|
|
85.7
|
|
-
|
|
Total ECL allowance (drawn and undrawn - underlying
basis)
|
7,084
|
|
|
1.4
|
|
1,448
|
|
|
0.3
|
|
3,057
|
|
|
4.6
|
|
2,579
|
|
|
29.0
|
|
-
|
|
Purchased or originated credit-impaired assets
|
-
|
|
|
|
|
(2)
|
|
|
|
|
(411)
|
|
|
|
|
(544)
|
|
|
|
|
957
|
|
Acquisition fair value adjustment
|
(670)
|
|
|
|
|
(12)
|
|
|
|
|
(25)
|
|
|
|
|
(4)
|
|
|
|
|
(629)
|
|
Total ECL allowance (drawn and undrawn - statutory
basis)
|
6,414
|
|
|
1.3
|
|
1,434
|
|
|
0.3
|
|
2,621
|
|
|
4.6
|
|
2,031
|
|
|
32.7
|
|
328
|
|
|
Total
|
|
|
|
Stage 1
|
|
|
|
Stage 2
|
|
|
|
Stage 3
|
|
|
|
POCI
|
|||||
|
£m
|
|
%1
|
|
£m
|
|
%1
|
|
£m
|
|
%1
|
|
£m
|
|
%1,2
|
|
£m
|
|||||
At 30 June 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
ECL allowance(underlying basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Retail:3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
UK
Mortgages
|
1,763
|
|
|
0.6
|
|
108
|
|
|
-
|
|
907
|
|
|
2.1
|
|
748
|
|
|
16.4
|
|
-
|
|
Credit
cards
|
991
|
|
|
6.3
|
|
426
|
|
|
3.2
|
|
438
|
|
|
21.1
|
|
127
|
|
|
43.9
|
|
-
|
|
UK
Motor Finance4
|
563
|
|
|
3.6
|
|
194
|
|
|
1.5
|
|
217
|
|
|
7.4
|
|
152
|
|
|
64.4
|
|
-
|
|
Other5
|
897
|
|
|
3.4
|
|
341
|
|
|
1.4
|
|
383
|
|
|
18.6
|
|
173
|
|
|
49.3
|
|
-
|
|
|
4,214
|
|
|
1.2
|
|
1,069
|
|
|
0.4
|
|
1,945
|
|
|
3.8
|
|
1,200
|
|
|
22.1
|
|
-
|
|
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
SME
|
502
|
|
|
1.6
|
|
115
|
|
|
0.4
|
|
269
|
|
|
5.2
|
|
118
|
|
|
13.9
|
|
-
|
|
Other
|
2,238
|
|
|
3.3
|
|
210
|
|
|
0.4
|
|
602
|
|
|
5.2
|
|
1,426
|
|
|
48.1
|
|
-
|
|
|
2,740
|
|
|
2.8
|
|
325
|
|
|
0.4
|
|
871
|
|
|
5.2
|
|
1,544
|
|
|
40.5
|
|
-
|
|
Insurance and Wealth
|
25
|
|
|
2.9
|
|
11
|
|
|
1.4
|
|
1
|
|
|
4.3
|
|
13
|
|
|
15.7
|
|
-
|
|
Central items
|
207
|
|
|
0.3
|
|
201
|
|
|
0.3
|
|
-
|
|
|
-
|
|
6
|
|
|
75.0
|
|
-
|
|
Total ECL allowance (drawn and undrawn - underlying
basis)
|
7,186
|
|
|
1.4
|
|
1,606
|
|
|
0.4
|
|
2,817
|
|
|
4.2
|
|
2,763
|
|
|
29.6
|
|
-
|
|
Purchased or originated credit-impaired assets
|
-
|
|
|
|
|
-
|
|
|
|
|
(416)
|
|
|
|
|
(561)
|
|
|
|
|
977
|
|
Acquisition fair value adjustment
|
(699)
|
|
|
|
|
(23)
|
|
|
|
|
(18)
|
|
|
|
|
(6)
|
|
|
|
|
(652)
|
|
Total ECL allowance (drawn and undrawn - statutory
basis)
|
6,487
|
|
|
1.3
|
|
1,583
|
|
|
0.4
|
|
2,383
|
|
|
4.1
|
|
2,196
|
|
|
33.4
|
|
325
|
|
|
Total
|
|
|
|
Stage 1
|
|
|
|
Stage 2
|
|
|
|
Stage 3
|
|
|
|
POCI
|
|||||
|
£m
|
|
%1,2
|
|
£m
|
|
%1,2
|
|
£m
|
|
%1,2
|
|
£m
|
|
%1,2,3
|
|
£m
|
|||||
At 31 December 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
ECL allowance (drawn and undrawn - underlying basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Retail:4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
UK
Mortgages
|
1,216
|
|
|
0.4
|
|
26
|
|
|
-
|
|
614
|
|
|
2.3
|
|
576
|
|
|
13.6
|
|
-
|
|
Credit
cards
|
606
|
|
|
3.4
|
|
230
|
|
|
1.4
|
|
236
|
|
|
14.1
|
|
140
|
|
|
46.2
|
|
-
|
|
UK
Motor Finance5
|
387
|
|
|
2.4
|
|
216
|
|
|
1.6
|
|
87
|
|
|
4.5
|
|
84
|
|
|
56.0
|
|
-
|
|
Other6
|
587
|
|
|
2.8
|
|
194
|
|
|
1.0
|
|
233
|
|
|
11.8
|
|
160
|
|
|
50.3
|
|
-
|
|
|
2,796
|
|
|
0.8
|
|
666
|
|
|
0.2
|
|
1,170
|
|
|
3.6
|
|
960
|
|
|
19.1
|
|
-
|
|
Commercial
Banking:7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
SME
|
273
|
|
|
0.9
|
|
45
|
|
|
0.2
|
|
127
|
|
|
5.1
|
|
101
|
|
|
14.0
|
|
-
|
|
Other
|
1,040
|
|
|
1.6
|
|
70
|
|
|
0.1
|
|
125
|
|
|
3.6
|
|
845
|
|
|
31.0
|
|
-
|
|
|
1,313
|
|
|
1.4
|
|
115
|
|
|
0.1
|
|
252
|
|
|
4.2
|
|
946
|
|
|
27.4
|
|
-
|
|
Insurance and Wealth
|
17
|
|
|
2.0
|
|
6
|
|
|
0.8
|
|
1
|
|
|
3.1
|
|
10
|
|
|
13.0
|
|
-
|
|
Central items
|
16
|
|
|
-
|
|
10
|
|
|
-
|
|
-
|
|
-
|
|
6
|
|
|
85.7
|
|
-
|
|
|
Total ECL allowance (drawn and undrawn - underlying
basis)
|
4,142
|
|
|
0.8
|
|
797
|
|
|
0.2
|
|
1,423
|
|
|
3.7
|
|
1,922
|
|
|
22.5
|
|
-
|
|
Purchased or originated credit-impaired assets
|
-
|
|
|
|
|
-
|
|
|
|
|
(334)
|
|
|
|
|
(455)
|
|
|
|
|
789
|
|
Acquisition fair value adjustment
|
(706)
|
|
|
|
|
(27)
|
|
|
|
|
(17)
|
|
|
|
|
(15)
|
|
|
|
|
(647)
|
|
Total ECL allowance (drawn and undrawn - statutory
basis)
|
3,436
|
|
|
0.7
|
|
770
|
|
|
0.2
|
|
1,072
|
|
|
3.8
|
|
1,452
|
|
|
25.0
|
|
142
|
|
|
Up to date
|
|
1-30 days past due
|
|
Over 30 days past due
|
||||||||||||||||||||||||||
|
PD movements
|
|
Other1
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Grosslending
|
|
ECL
|
|
|
|
Grosslending
|
|
ECL
|
|
|
|
Grosslending
|
|
ECL
|
|
|
|
Grosslending
|
|
ECL
|
|
|
||||||||
£m
|
|
£m
|
|
%2
|
|
£m
|
|
£m
|
|
%2
|
|
£m
|
|
£m
|
|
%2
|
|
£m
|
|
£m
|
|
%2
|
|||||||||
At 30 September 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Underlying basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Retail:3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
UK
Mortgages
|
25,965
|
|
|
360
|
|
|
1.4
|
|
9,808
|
|
|
216
|
|
|
2.2
|
|
2,833
|
|
|
107
|
|
|
3.8
|
|
3,216
|
|
|
235
|
|
|
7.3
|
Credit
cards
|
2,870
|
|
|
518
|
|
|
18.0
|
|
423
|
|
|
107
|
|
|
25.3
|
|
84
|
|
|
28
|
|
|
33.3
|
|
31
|
|
|
16
|
|
|
51.6
|
UK
Motor Finance
|
888
|
|
|
79
|
|
|
8.9
|
|
1,777
|
|
|
69
|
|
|
3.9
|
|
136
|
|
|
46
|
|
|
33.8
|
|
37
|
|
|
21
|
|
|
56.8
|
Other4
|
935
|
|
|
221
|
|
|
23.6
|
|
784
|
|
|
105
|
|
|
13.4
|
|
215
|
|
|
70
|
|
|
32.6
|
|
117
|
|
|
35
|
|
|
29.9
|
|
30,658
|
|
|
1,178
|
|
|
3.8
|
|
12,792
|
|
|
497
|
|
|
3.9
|
|
3,268
|
|
|
251
|
|
|
7.7
|
|
3,401
|
|
|
307
|
|
|
9.0
|
CommercialBanking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
SME
|
4,818
|
|
|
241
|
|
|
5.0
|
|
148
|
|
|
7
|
|
|
4.7
|
|
60
|
|
|
8
|
|
|
13.3
|
|
72
|
|
|
5
|
|
|
6.9
|
Other
|
10,494
|
|
|
553
|
|
|
5.3
|
|
239
|
|
|
5
|
|
|
2.1
|
|
44
|
|
|
1
|
|
|
2.3
|
|
284
|
|
|
3
|
|
|
1.1
|
|
15,312
|
|
|
794
|
|
|
5.2
|
|
387
|
|
|
12
|
|
|
3.1
|
|
104
|
|
|
9
|
|
|
8.7
|
|
356
|
|
|
8
|
|
|
2.2
|
Insurance andWealth
|
-
|
|
|
-
|
|
|
-
|
|
13
|
|
|
1
|
|
|
7.7
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
Central items
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
Total (underlying basis)
|
45,970
|
|
|
1,972
|
|
|
4.3
|
|
13,192
|
|
|
510
|
|
|
3.9
|
|
3,372
|
|
|
260
|
|
|
7.7
|
|
3,757
|
|
|
315
|
|
|
8.4
|
POCI assets and acquisition fair value adjustment
|
(5,208)
|
|
|
(174)
|
|
|
|
|
(1,551)
|
|
|
(76)
|
|
|
|
|
(1,114)
|
|
|
(53)
|
|
|
|
|
(1,504)
|
|
|
(133)
|
|
|
|
Total (statutory basis)
|
40,762
|
|
|
1,798
|
|
|
4.4
|
|
11,641
|
|
|
434
|
|
|
3.7
|
|
2,258
|
|
|
207
|
|
|
9.2
|
|
2,253
|
|
|
182
|
|
|
8.1
|
|
Up to date
|
|
1-30 days past due
|
|
Over 30 days past due
|
||||||||||||||||||||||||||
|
PD movements
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Grosslending
|
|
ECL
|
|
|
|
Grosslending
|
|
ECL
|
|
|
|
Grosslending
|
|
ECL
|
|
|
|
Grosslending
|
|
ECL
|
|
|
||||||||
£m
|
|
£m
|
|
%
|
|
£m
|
|
£m
|
|
%
|
|
£m
|
|
£m
|
|
%
|
|
£m
|
|
£m
|
|
%
|
|||||||||
At 30 June 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Underlying basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Retail:1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
UK
Mortgages
|
26,507
|
|
|
352
|
|
|
1.3
|
|
11,122
|
|
|
210
|
|
|
1.9
|
|
2,403
|
|
|
78
|
|
|
3.2
|
|
4,003
|
|
|
267
|
|
|
6.7
|
Credit
cards
|
1,555
|
|
|
309
|
|
|
19.9
|
|
438
|
|
|
98
|
|
|
22.4
|
|
63
|
|
|
19
|
|
|
30.2
|
|
23
|
|
|
12
|
|
|
52.2
|
UK
Motor Finance
|
784
|
|
|
57
|
|
|
7.3
|
|
1,871
|
|
|
67
|
|
|
3.6
|
|
142
|
|
|
40
|
|
|
28.2
|
|
123
|
|
|
53
|
|
|
43.1
|
Other2
|
947
|
|
|
192
|
|
|
20.3
|
|
793
|
|
|
104
|
|
|
13.1
|
|
183
|
|
|
55
|
|
|
30.1
|
|
138
|
|
|
32
|
|
|
23.2
|
|
29,793
|
|
|
910
|
|
|
3.1
|
|
14,224
|
|
|
479
|
|
|
3.4
|
|
2,791
|
|
|
192
|
|
|
6.9
|
|
4,287
|
|
|
364
|
|
|
8.5
|
Commercial Banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
SME
|
4,702
|
|
|
234
|
|
|
5.0
|
|
245
|
|
|
11
|
|
|
4.5
|
|
139
|
|
|
17
|
|
|
12.2
|
|
95
|
|
|
7
|
|
|
7.4
|
Other
|
11,018
|
|
|
592
|
|
|
5.4
|
|
239
|
|
|
5
|
|
|
2.1
|
|
29
|
|
|
2
|
|
|
6.9
|
|
273
|
|
|
3
|
|
|
1.1
|
|
15,720
|
|
|
826
|
|
|
5.3
|
|
484
|
|
|
16
|
|
|
3.3
|
|
168
|
|
|
19
|
|
|
11.3
|
|
368
|
|
|
10
|
|
|
2.7
|
Insurance and Wealth
|
1
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
22
|
|
|
1
|
|
|
4.5
|
Central items
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
Total (underlying basis)
|
45,514
|
|
|
1,736
|
|
|
3.8
|
|
14,708
|
|
|
495
|
|
|
3.4
|
|
2,959
|
|
|
211
|
|
|
7.1
|
|
4,677
|
|
|
375
|
|
|
8.0
|
POCI assets and acquisition fair value adjustment
|
(5,468)
|
|
|
(175)
|
|
|
|
|
(1,519)
|
|
|
(73)
|
|
|
|
|
(914)
|
|
|
(38)
|
|
|
|
|
(1,818)
|
|
|
(148)
|
|
|
|
Total (statutory basis)
|
40,046
|
|
|
1,561
|
|
|
3.9
|
|
13,189
|
|
|
422
|
|
|
3.2
|
|
2,045
|
|
|
173
|
|
|
8.5
|
|
2,859
|
|
|
227
|
|
|
7.9
|
|
Up to date
|
|
1-30 days past due
|
|
Over 30 days past due
|
||||||||||||||||||||||||||
|
PD movements
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Grosslending
|
|
ECL
|
|
|
|
Grosslending
|
|
ECL
|
|
|
|
Grosslending
|
|
ECL
|
|
|
|
Grosslending
|
|
ECL
|
|
|
||||||||
£m
|
|
£m
|
|
%1
|
|
£m
|
|
£m
|
|
%1
|
|
£m
|
|
£m
|
|
%1
|
|
£m
|
|
£m
|
|
%1
|
|||||||||
At 31 December 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Underlying basis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Retail:2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
UK
Mortgages
|
16,100
|
|
|
192
|
|
|
1.2
|
|
3,730
|
|
|
171
|
|
|
4.6
|
|
3,517
|
|
|
84
|
|
|
2.4
|
|
3,491
|
|
|
167
|
|
|
4.8
|
Credit
cards
|
1,088
|
|
|
139
|
|
|
12.8
|
|
422
|
|
|
49
|
|
|
11.6
|
|
124
|
|
|
30
|
|
|
24.2
|
|
41
|
|
|
17
|
|
|
41.5
|
UK
Motor Finance
|
543
|
|
|
27
|
|
|
5.0
|
|
1,232
|
|
|
30
|
|
|
2.4
|
|
135
|
|
|
21
|
|
|
15.6
|
|
32
|
|
|
9
|
|
|
28.1
|
Other3
|
892
|
|
|
103
|
|
|
11.5
|
|
712
|
|
|
54
|
|
|
7.6
|
|
238
|
|
|
49
|
|
|
20.6
|
|
134
|
|
|
28
|
|
|
20.9
|
|
18,623
|
|
|
461
|
|
|
2.5
|
|
6,096
|
|
|
304
|
|
|
5.0
|
|
4,014
|
|
|
184
|
|
|
4.6
|
|
3,698
|
|
|
221
|
|
|
6.0
|
Commercial
Banking:4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
SME
|
2,014
|
|
|
104
|
|
|
5.2
|
|
410
|
|
|
17
|
|
|
4.1
|
|
56
|
|
|
6
|
|
|
10.7
|
|
27
|
|
|
-
|
|
|
-
|
Other
|
1,881
|
|
|
75
|
|
|
4.0
|
|
1,290
|
|
|
47
|
|
|
3.6
|
|
61
|
|
|
2
|
|
|
3.3
|
|
238
|
|
|
1
|
|
|
0.4
|
|
3,895
|
|
|
179
|
|
|
4.6
|
|
1,700
|
|
|
64
|
|
|
3.8
|
|
117
|
|
|
8
|
|
|
6.8
|
|
265
|
|
|
1
|
|
|
0.4
|
Insurance and Wealth
|
-
|
|
|
-
|
|
|
-
|
|
28
|
|
|
1
|
|
|
3.6
|
|
1
|
|
|
-
|
|
|
-
|
|
3
|
|
|
-
|
|
|
-
|
Central items
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
Total (underlying basis)
|
22,518
|
|
|
640
|
|
|
2.8
|
|
7,824
|
|
|
369
|
|
|
4.7
|
|
4,132
|
|
|
192
|
|
|
4.6
|
|
3,966
|
|
|
222
|
|
|
5.6
|
POCI assets and acquisition fair value adjustment
|
(5,248)
|
|
|
(120)
|
|
|
|
|
(1,137)
|
|
|
(66)
|
|
|
|
|
(1,641)
|
|
|
(54)
|
|
|
|
|
(1,871)
|
|
|
(111)
|
|
|
|
Total (statutory basis)
|
17,270
|
|
|
520
|
|
|
3.0
|
|
6,687
|
|
|
303
|
|
|
4.5
|
|
2,491
|
|
|
138
|
|
|
5.5
|
|
2,095
|
|
|
111
|
|
|
5.3
|
|
Base case
|
|
Upside
|
|
Downside
|
|
Modelled severe
|
|
Adjusted severe
|
|||||
|
%
|
|
%
|
|
%
|
|
%
|
|
%
|
|||||
At 30 September 2020
|
|
|
|
|
|
|
|
|
|
|||||
GDP
|
0.4
|
|
|
0.6
|
|
|
0.0
|
|
|
(0.4)
|
|
|
(0.8)
|
|
Interest rate
|
0.15
|
|
|
0.89
|
|
|
0.13
|
|
|
0.04
|
|
|
0.04
|
|
Unemployment rate
|
5.8
|
|
|
5.4
|
|
|
6.7
|
|
|
7.7
|
|
|
8.3
|
|
House price growth
|
0.7
|
|
|
4.7
|
|
|
(4.2)
|
|
|
(8.8)
|
|
|
(8.8)
|
|
Commercial real estate price growth
|
(0.7)
|
|
|
2.2
|
|
|
(3.4)
|
|
|
(7.8)
|
|
|
(7.8)
|
|
|
|
|
|
|
|
|
|
|
|
|||||
At 30 June 2020
|
|
|
|
|
|
|
|
|
|
|||||
GDP
|
0.4
|
|
|
0.8
|
|
|
0.3
|
|
|
(0.4)
|
|
|
(0.8)
|
|
Interest rate
|
0.15
|
|
|
1.06
|
|
|
0.16
|
|
|
0.03
|
|
|
0.03
|
|
Unemployment rate
|
6.0
|
|
|
5.5
|
|
|
7.1
|
|
|
8.1
|
|
|
8.8
|
|
House price growth
|
0.4
|
|
|
4.7
|
|
|
(4.8)
|
|
|
(9.6)
|
|
|
(9.6)
|
|
Commercial real estate price growth
|
(0.6)
|
|
|
2.7
|
|
|
(3.5)
|
|
|
(8.0)
|
|
|
(8.0)
|
|
|
|
|
|
|
|
|
|
|
|
|||||
At 31 December 2019
|
|
|
|
|
|
|
|
|
|
|||||
GDP
|
1.4
|
|
|
1.7
|
|
|
1.2
|
|
|
0.5
|
|
|
n/a
|
|
Interest rate
|
1.25
|
|
|
2.04
|
|
|
0.49
|
|
|
0.11
|
|
|
n/a
|
|
Unemployment rate
|
4.3
|
|
|
3.9
|
|
|
5.8
|
|
|
7.2
|
|
|
n/a
|
|
House price growth
|
1.0
|
|
|
4.8
|
|
|
(3.2)
|
|
|
(7.7)
|
|
|
n/a
|
|
Commercial real estate price growth
|
0.0
|
|
|
1.8
|
|
|
(3.8)
|
|
|
(7.1)
|
|
|
n/a
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
||||||||
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
||||||||
Base Case
|
%
|
|
%
|
|
%
|
|
%
|
|
%
|
|
%
|
|
%
|
|
%
|
||||||||
At 30 September 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
GDP
|
(2.2)
|
|
|
(20.4)
|
|
|
16.2
|
|
|
2.7
|
|
|
1.0
|
|
|
0.9
|
|
|
0.9
|
|
|
0.8
|
|
Interest rate
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
Unemployment rate
|
3.9
|
|
|
3.9
|
|
|
5.3
|
|
|
7.7
|
|
|
9.0
|
|
|
8.1
|
|
|
7.4
|
|
|
6.6
|
|
House price growth
|
2.8
|
|
|
2.6
|
|
|
5.4
|
|
|
2.0
|
|
|
1.0
|
|
|
0.3
|
|
|
(4.0)
|
|
|
(4.0)
|
|
Commercial real estate price growth
|
(5.0)
|
|
|
(7.8)
|
|
|
(8.9)
|
|
|
(12.0)
|
|
|
(10.2)
|
|
|
(7.3)
|
|
|
(5.7)
|
|
|
(0.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
At 30 June 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
GDP
|
(2.0)
|
|
|
(18.1)
|
|
|
10.9
|
|
|
3.2
|
|
|
1.6
|
|
|
1.5
|
|
|
1.1
|
|
|
0.7
|
|
Interest rate
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
Unemployment rate
|
3.9
|
|
|
7.5
|
|
|
8.5
|
|
|
9.0
|
|
|
8.0
|
|
|
7.4
|
|
|
6.6
|
|
|
6.2
|
|
House price growth
|
2.8
|
|
|
0.9
|
|
|
(2.4)
|
|
|
(6.0)
|
|
|
(6.3)
|
|
|
(4.0)
|
|
|
(1.1)
|
|
|
(0.1)
|
|
Commercial real estate price growth
|
(5.0)
|
|
|
(12.3)
|
|
|
(19.9)
|
|
|
(20.0)
|
|
|
(14.4)
|
|
|
(3.7)
|
|
|
7.7
|
|
|
10.0
|
|
|
2020
|
|
2021
|
|
2022
|
|
2020-22
|
||||
At 30 September 2020
|
%
|
|
%
|
|
%
|
|
%
|
||||
Base Case
|
|
|
|
|
|
|
|
||||
GDP
|
(10.0)
|
|
|
6.0
|
|
|
3.0
|
|
|
(1.7)
|
|
Interest rate
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
Unemployment rate
|
5.2
|
|
|
7.8
|
|
|
5.9
|
|
|
6.3
|
|
House price growth
|
2.0
|
|
|
(4.0)
|
|
|
1.0
|
|
|
(1.1)
|
|
Commercial real estate price growth
|
(12.0)
|
|
|
(0.6)
|
|
|
4.1
|
|
|
(8.9)
|
|
|
|
|
|
|
|
|
|
||||
Upside
|
|
|
|
|
|
|
|
||||
GDP
|
(9.9)
|
|
|
7.0
|
|
|
3.2
|
|
|
(0.5)
|
|
Interest rate
|
0.13
|
|
|
0.80
|
|
|
1.26
|
|
|
0.73
|
|
Unemployment rate
|
5.2
|
|
|
7.2
|
|
|
5.2
|
|
|
5.8
|
|
House price growth
|
3.2
|
|
|
0.2
|
|
|
6.7
|
|
|
10.4
|
|
Commercial real estate price growth
|
(5.8)
|
|
|
10.4
|
|
|
5.2
|
|
|
9.3
|
|
|
|
|
|
|
|
|
|
||||
Downside
|
|
|
|
|
|
|
|
||||
GDP
|
(10.5)
|
|
|
4.8
|
|
|
2.5
|
|
|
(3.8)
|
|
Interest rate
|
0.10
|
|
|
0.11
|
|
|
0.12
|
|
|
0.11
|
|
Unemployment rate
|
5.2
|
|
|
8.3
|
|
|
6.9
|
|
|
6.8
|
|
House price growth
|
1.2
|
|
|
(9.4)
|
|
|
(6.1)
|
|
|
(13.9)
|
|
Commercial real estate price growth
|
(15.7)
|
|
|
(8.7)
|
|
|
1.3
|
|
|
(22.0)
|
|
|
|
|
|
|
|
|
|
||||
Severe downside - modelled
|
|
|
|
|
|
|
|
||||
GDP
|
(10.8)
|
|
|
3.0
|
|
|
1.9
|
|
|
(6.3)
|
|
Interest rate
|
0.08
|
|
|
0.02
|
|
|
0.02
|
|
|
0.04
|
|
Unemployment rate
|
5.3
|
|
|
9.1
|
|
|
8.4
|
|
|
7.6
|
|
House price growth
|
0.3
|
|
|
(13.4)
|
|
|
(12.9)
|
|
|
(24.3)
|
|
Commercial real estate price growth
|
(20.8)
|
|
|
(19.7)
|
|
|
(4.1)
|
|
|
(39.0)
|
|
|
|
|
|
|
|
|
|
||||
Severe downside - adjusted
|
|
|
|
|
|
|
|
||||
GDP
|
(13.3)
|
|
|
(0.7)
|
|
|
5.2
|
|
|
(9.4)
|
|
Interest rate
|
0.08
|
|
|
0.02
|
|
|
0.02
|
|
|
0.04
|
|
Unemployment rate
|
5.4
|
|
|
11.6
|
|
|
9.2
|
|
|
8.7
|
|
House price growth
|
0.3
|
|
|
(13.4)
|
|
|
(12.9)
|
|
|
(24.3)
|
|
Commercial real estate price growth
|
(20.8)
|
|
|
(19.7)
|
|
|
(4.1)
|
|
|
(39.0)
|
|
|
2020
|
|
2021
|
|
2022
|
|
2020-22
|
||||
At 30 June 2020
|
%
|
|
%
|
|
%
|
|
%
|
||||
Base Case
|
|
|
|
|
|
|
|
||||
GDP
|
(10.0)
|
|
|
6.0
|
|
|
3.0
|
|
|
(1.8)
|
|
Interest rate
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
Unemployment rate
|
7.2
|
|
|
7.0
|
|
|
5.7
|
|
|
6.7
|
|
House price growth
|
(6.0)
|
|
|
(0.1)
|
|
|
2.9
|
|
|
(3.3)
|
|
Commercial real estate price growth
|
(20.0)
|
|
|
10.0
|
|
|
4.0
|
|
|
(8.5)
|
|
|
|
|
|
|
|
|
|
||||
Upside
|
|
|
|
|
|
|
|
||||
GDP
|
(9.5)
|
|
|
7.5
|
|
|
3.1
|
|
|
0.3
|
|
Interest rate
|
0.21
|
|
|
1.15
|
|
|
1.42
|
|
|
0.92
|
|
Unemployment rate
|
7.1
|
|
|
6.2
|
|
|
4.9
|
|
|
6.1
|
|
House price growth
|
(3.7)
|
|
|
5.0
|
|
|
9.0
|
|
|
10.2
|
|
Commercial real estate price growth
|
(8.4)
|
|
|
18.6
|
|
|
3.4
|
|
|
12.4
|
|
|
|
|
|
|
|
|
|
||||
Downside
|
|
|
|
|
|
|
|
||||
GDP
|
(10.2)
|
|
|
5.8
|
|
|
3.1
|
|
|
(2.0)
|
|
Interest rate
|
0.09
|
|
|
0.12
|
|
|
0.19
|
|
|
0.13
|
|
Unemployment rate
|
7.3
|
|
|
7.7
|
|
|
6.8
|
|
|
7.3
|
|
House price growth
|
(8.0)
|
|
|
(6.1)
|
|
|
(4.5)
|
|
|
(17.5)
|
|
Commercial real estate price growth
|
(27.2)
|
|
|
4.0
|
|
|
2.9
|
|
|
(22.1)
|
|
|
|
|
|
|
|
|
|
||||
Severe downside - modelled
|
|
|
|
|
|
|
|
||||
GDP
|
(10.9)
|
|
|
3.0
|
|
|
2.2
|
|
|
(6.2)
|
|
Interest rate
|
0.06
|
|
|
0.01
|
|
|
0.02
|
|
|
0.03
|
|
Unemployment rate
|
7.5
|
|
|
8.9
|
|
|
8.4
|
|
|
8.3
|
|
House price growth
|
(9.5)
|
|
|
(11.5)
|
|
|
(11.7)
|
|
|
(29.2)
|
|
Commercial real estate price growth
|
(36.2)
|
|
|
(7.8)
|
|
|
(1.4)
|
|
|
(41.9)
|
|
|
|
|
|
|
|
|
|
||||
Severe downside - adjusted
|
|
|
|
|
|
|
|
||||
GDP
|
(17.2)
|
|
|
4.1
|
|
|
5.2
|
|
|
(9.4)
|
|
Interest rate
|
0.06
|
|
|
0.01
|
|
|
0.02
|
|
|
0.03
|
|
Unemployment rate
|
8.0
|
|
|
11.6
|
|
|
9.2
|
|
|
9.6
|
|
House price growth
|
(9.5)
|
|
|
(11.5)
|
|
|
(11.7)
|
|
|
(29.2)
|
|
Commercial real estate price growth
|
(36.2)
|
|
|
(7.8)
|
|
|
(1.4)
|
|
|
(41.9)
|
|
|
Probability-weighted
|
|
Upside
|
|
Base case
|
|
Downside
|
|
Severe downside
|
|
£m
|
|
£m
|
|
£m
|
|
£m
|
|
£m
|
Underlying basis
|
|
|
|
|
|
|
|
|
|
UK Mortgages
|
1,772
|
|
1,441
|
|
1,597
|
|
1,936
|
|
2,802
|
Other Retail
|
2,517
|
|
2,309
|
|
2,504
|
|
2,629
|
|
2,844
|
Commercial Banking
|
2,590
|
|
2,205
|
|
2,469
|
|
2,793
|
|
3,497
|
Other
|
257
|
|
56
|
|
57
|
|
58
|
|
2,059
|
At 30 September 2020
|
7,136
|
|
6,011
|
|
6,627
|
|
7,416
|
|
11,202
|
|
|
|
|
|
|
|
|
|
|
UK Mortgages
|
1,763
|
|
1,425
|
|
1,581
|
|
1,916
|
|
2,866
|
Other Retail
|
2,451
|
|
2,255
|
|
2,430
|
|
2,557
|
|
2,788
|
Commercial Banking
|
2,763
|
|
2,416
|
|
2,656
|
|
2,954
|
|
3,553
|
Other
|
263
|
|
63
|
|
63
|
|
64
|
|
2,064
|
At 30 June 2020
|
7,240
|
|
6,159
|
|
6,730
|
|
7,491
|
|
11,271
|
|
|
|
|
|
|
|
|
|
|
UK Mortgages
|
1,216
|
|
964
|
|
1,111
|
|
1,300
|
|
2,036
|
Other Retail
|
1,580
|
|
1,502
|
|
1,551
|
|
1,623
|
|
1,771
|
Commercial Banking
|
1,315
|
|
1,211
|
|
1,258
|
|
1,382
|
|
1,597
|
Other
|
50
|
|
50
|
|
50
|
|
50
|
|
50
|
At 31 December 2019
|
4,161
|
|
3,727
|
|
3,970
|
|
4,355
|
|
5,454
|