Interest receivable and similar income | 3 | ||
Interest payable and similar charges | 4 | ( | ( |
Net interest income | |||
Fair value (losses)/gains on financial instruments | 5 | ( | |
Other operating income | 6 | ||
Total income | |||
Administrative expenses | 7 | ( | ( |
Provisions | 34 | ( | |
Impairment of financial assets | 21 | ( | ( |
Integration costs | 10 | ( | |
Profit before taxation | |||
Taxation | 11 | ( | ( |
Profit for the year | |||
Other comprehensive expense | |||
Items which may be reclassified to profit or loss: | |||
Fair value changes on financial instruments measured at fair value through other comprehensive income (FVOCI): | |||
Arising in the year | 16 | ( | |
Amounts reclassified to profit or loss for investment securities at FVOCI | ( | ||
Tax on items in other comprehensive expense | |||
Revaluation of foreign operations | ( | ( | |
Other comprehensive expense | ( | ( | |
Total comprehensive income for the year |
2023 | 2022 | ||
£m | £m | ||
Dividend, pence per share | 13 | ||
Earnings per share, pence per share | |||
Basic | 12 | ||
Diluted | 12 |
2023 | 2022 | ||
£m | £m | ||
Assets | |||
Cash in hand | |||
Loans and advances to credit institutions | 15 | ||
Investment securities | 16 | ||
Loans and advances to customers | 17 | ||
Fair value adjustments on hedged assets | 23 | ( | ( |
Derivative assets | 22 | ||
Other assets | 24 | ||
Current taxation asset | |||
Deferred taxation asset | 25 | ||
Property, plant and equipment | 26 | ||
Intangible assets | 27 | ||
Total assets | |||
Liabilities | |||
Amounts owed to credit institutions | 28 | ||
Amounts owed to retail depositors | 29 | ||
Fair value adjustments on hedged liabilities | 23 | ( | |
Amounts owed to other customers | 30 | ||
Debt securities in issue | 31 | ||
Derivative liabilities | 22 | ||
Lease liabilities | 32 | ||
Other liabilities | 33 | ||
Provisions | 34 | ||
Deferred taxation liability | 35 | ||
Senior notes | 36 | ||
Subordinated liabilities | 37 | ||
Perpetual Subordinated Bonds | 38 | ||
Equity | |||
Share capital | 40 | ||
Share premium | 40 | ||
Other equity instruments | 41 | ||
Retained earnings | |||
Other reserves | 42 | ( | ( |
Shareholders’ funds | |||
Total equity and liabilities |
Capital | Foreign | Share-based | ||||||||
Share | redemption and | Own | exchange | FVOCI | payment | Retained | Other equity | |||
capital | premium | transfer reserve | shares | reserve | reserve | reserve | earnings | instruments | Total | |
£m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |
At 1 January 2022 | ( | ( | ( | |||||||
Profit for the year | ||||||||||
Other comprehensive expense | ( | ( | ( | |||||||
Tax on items in other comprehensive expense | ||||||||||
Total comprehensive (expense)/income | ( | ( | ||||||||
Coupon paid on Additional Tier 1 (AT1) securities | ( | ( | ||||||||
Dividends paid | ( | ( | ||||||||
Share-based payments | ( | |||||||||
Own shares | ( | |||||||||
Share repurchase | ( | ( | ( | |||||||
At 31 December 2022 | ( | ( | ( | |||||||
Profit for the year | ||||||||||
Other comprehensive expense | ( | ( | ( | |||||||
Tax on items in other comprehensive expense | ||||||||||
Total comprehensive (expense)/income | ( | ( | ||||||||
Coupon paid on AT1 securities | ( | ( | ||||||||
Dividends paid | ( | ( | ||||||||
Share-based payments | ||||||||||
Own shares | ( | |||||||||
Share repurchase | ( | ( | ( | |||||||
Tax recognised in equity | ||||||||||
At 31 December 2023 | ( | ( | ( |
2023 | 2022 | ||
£m | £m | ||
Cash flows from operating activities | |||
Profit before taxation | |||
Adjustments for non-cash and other items | 49 | ||
Changes in operating assets and liabilities | 49 | ( | ( |
Cash generated from operating activities | |||
Net tax paid | ( | ( | |
Net cash generated from operating activities | |||
Cash flows from investing activities | |||
Maturity and sales of investment securities | |||
Purchases of investment securities | ( | ( | |
Interest received on investment securities | |||
Purchases of property, plant and equipment and intangible assets | 26,27 | ( | ( |
Net cash from investing activities | ( | ||
Cash flows from financing activities | |||
Financing received | 39 | ||
Financing repaid | 39 | ( | ( |
Interest paid on financing | 39 | ( | ( |
Share repurchase | ( | ( | |
Coupon paid on AT1 securities | ( | ( | |
Dividends paid | 13 | ( | ( |
2023 | 2022 | ||
£m | £m | ||
Proceeds from issuance of shares under employee | |||
Save As You Earn (SAYE) schemes | |||
Repayments of principal portion of lease liabilities | ( | ( | |
Net cash from financing activities | ( | ( | |
Net (decrease)/increase in cash and cash equivalents | ( | ||
Cash and cash equivalents at the beginning | |||
of the year | 14 | ||
Cash and cash equivalents at the end of the year | 14 | ||
Movement in cash and cash equivalents | ( |
2023 | 2022 | |
£m | £m | |
OSB | 25.6 | 28.0 |
CCFS | 11.6 | 10.7 |
Group | 37.2 | 38.7 |
100% | |||||
100% | 100% | 100% | Severe | ||
Base case | Upside | Downside | downside | ||
scenario | scenario | scenario | scenario | ||
Total loans before provisions, £m | 25,897.1 | 25,897.1 | 25,897.1 | 25,897.1 | 25,897.1 |
Modelled ECL, £m | 97.2 | 76.8 | 60.5 | 138.1 | 206.8 |
Individually assessed provisions ECL, £m | 25.1 | 25.1 | 25.1 | 25.1 | 25.1 |
Post Model Adjustments ECL, £m | 23.5 | 18.3 | 12.9 | 34.4 | 55.0 |
Total ECL, £m | 145.8 | 120.2 | 98.5 | 197.6 | 286.9 |
ECL coverage, % | 0.56 | 0.46 | 0.38 | 0.76 | 1.11 |
As at 31 December 2022 | |||||
Total loans before provisions, £m | 23,728.1 | 23,728.1 | 23,728.1 | 23,728.1 | 23,728.1 |
Modelled ECL, £m | 54.4 | 41.7 | 32.8 | 79.3 | 120.0 |
Individually assessed provisions ECL 1 , £m | 45.8 | 45.8 | 45.8 | 45.8 | 45.8 |
Post Model Adjustments ECL 1 , £m | 29.8 | 20.9 | 15.5 | 46.4 | 75.2 |
Total ECL, £m | 130.0 | 108.4 | 94.1 | 171.5 | 241.0 |
ECL coverage, % | 0.55 | 0.46 | 0.40 | 0.72 | 1.02 |
2023 | 2022 | |
£m | £m | |
At amortised cost: | ||
On OSB mortgages | 757.6 | 591.6 |
On CCFS mortgages | 431.1 | 411.2 |
On finance leases | 12.3 | 9.4 |
On investment securities | 12.5 | 4.7 |
On other liquid assets | 159.6 | 39.3 |
Amortisation of fair value adjustments on CCFS loan book at Combination | (57.4) | (61.5) |
Amortisation of fair value adjustments on hedged assets | (2.6) | (34.1) |
1,313.1 | 960.6 | |
At FVTPL: | ||
Net income on derivative financial instruments | ||
– lending activities | 442.8 | 106.6 |
At FVOCI: | ||
On investment securities | 11.1 | 2.1 |
1,767.0 | 1,069.3 |
2023 | 2022 | |
£m | £m | |
At amortised cost: | ||
On retail deposits | 762.3 | 257.7 |
On BoE borrowings | 196.5 | 64.8 |
On wholesale borrowings | 29.9 | 3.9 |
On debt securities in issue | 21.5 | 7.7 |
On subordinated liabilities | 17.1 | 1.1 |
On senior notes | 9.1 | – |
On PSBs | 0.7 | 0.7 |
On lease liabilities | 0.2 | 0.2 |
Amortisation of fair value adjustments on CCFS customer | ||
deposits at Combination | (0.5) | (1.0) |
Amortisation of fair value adjustments on hedged liabilities | (0.6) | (0.8) |
1,036.2 | 334.3 | |
At FVTPL: | ||
Net expense on derivative financial instruments | ||
– savings activities | 71.5 | 25.1 |
Net expense on derivative financial instruments | ||
– subordinated liabilities and senior notes | 0.7 | – |
1,108.4 | 359.4 |
2023 | 2022 | |
£m | £m | |
Fair value changes in hedged assets | 580.3 | (620.6) |
Hedging of assets | (590.2) | 621.9 |
Fair value changes in hedged liabilities | (82.7) | 33.0 |
Hedging of liabilities | 94.6 | (42.4) |
Ineffective portion of hedges | 2.0 | (8.1) |
Net (losses)/gains on unmatched swaps | (11.1) | 57.1 |
Amortisation of inception adjustments | (4.3) | 1.2 |
Amortisation of acquisition-related inception adjustments | 6.4 | 10.2 |
Amortisation of de-designated hedge relationships | – | (0.1) |
Fair value movements on mortgages at FVTPL | 0.6 | (0.9) |
Fair value movements on loans and advances to credit institutions at FVTPL | 0.5 | – |
Debit and credit valuation adjustment | 1.5 | (0.5) |
(4.4) | 58.9 |
2023 | 2022 | |
£m | £m | |
Interest received on mortgages held at FVTPL | 0.9 | 0.6 |
Fees and commissions receivable | 3.0 | 6.0 |
3.9 | 6.6 |
2023 | 2022 | |
£m | £m | |
Staff costs | 122.2 | 109.3 |
Facilities costs | 7.9 | 6.4 |
Marketing costs | 5.8 | 4.5 |
Support costs | 43.0 | 31.2 |
Professional fees | 32.9 | 30.2 |
Other costs | 10.9 | 12.8 |
Depreciation (see note 26) | 6.2 | 5.2 |
Amortisation (see note 27) | 5.7 | 8.2 |
234.6 | 207.8 |
2023 | 2022 | |
£’000 | £’000 | |
Fees payable to the Company’s auditor for the audit of the Company’s annual accounts | 81 | 75 |
Fees payable to the Company’s auditor for the audit of the accounts of subsidiaries | 3,788 | 3,340 |
Total audit fees | 3,869 | 3,415 |
Audit-related assurance services | 487 | 254 |
Other assurance services | 366 | 259 |
Other non-audit services | 42 | 33 |
Total non-audit fees | 895 | 546 |
Total fees payable to the Company’s auditor | 4,764 | 3,961 |
2023 | 2022 | |
£m | £m | |
Salaries, incentive pay and other benefits | 101.2 | 87.3 |
Share-based payments | 5.6 | 8.1 |
Social security costs | 10.5 | 9.5 |
Other pension costs | 4.9 | 4.4 |
122.2 | 109.3 |
2023 | 2022 | |
UK | 1,461 | 1,274 |
India | 811 | 622 |
2,272 | 1,896 |
2023 | 2022 | |
£’000 | £’000 | |
Short-term employee benefits | 3,207 | 3,213 |
Post-employment benefits | 114 | 109 |
Share-based payments | 1,421 | 2,291 |
4,742 | 5,613 |
2023 | 2022 | |
£m | £m | |
Sharesave Scheme | 0.9 | 0.6 |
Deferred Share Bonus Plan | 3.0 | 4.2 |
Performance Share Plan | 1.7 | 3.3 |
5.6 | 8.1 |
Deferred Share | Performance | |||
Sharesave Scheme | Bonus Plan | Share Plan | ||
Weighted average | ||||
Number | exercise price, £ | Number | Number | |
At 1 January 2023 | 2,147,972 | 3.08 | 763,390 | 5,391,269 |
Granted | 1,851,510 | 2.72 | 652,227 | 2,381,500 |
Exercised/Vested | (729,619) | 2.31 | (518,524) | (568,782) |
Forfeited | (468,276) | 3.90 | (1,931) | (456,719) |
At 31 December 2023 | 2,801,587 | 2.91 | 895,162 | 6,747,268 |
Exercisable at: | ||||
31 December 2023 | 200,676 | 2.31 | – | – |
At 1 January 2022 | 2,421,260 | 2.65 | 797,116 | 5,225,080 |
Granted | 596,692 | 4.29 | 478,901 | 1,761,174 |
Exercised/Vested | (624,664) | 2.67 | (511,034) | (1,181,949) |
Forfeited | (245,316) | 2.82 | (1,593) | (413,036) |
At 31 December 2022 | 2,147,972 | 3.08 | 763,390 | 5,391,269 |
Exercisable at: | ||||
31 December 2022 | 35,015 | 2.85 | – | – |
2023 | 2022 | |||
Weighted | Weighted | |||
average | average | |||
remaining | remaining | |||
contractual life | contractual life | |||
Exercise price | Number | (years) | Number | (years) |
Sharesave Scheme | ||||
229 – 429 pence | ||||
(2022: 229 – 429 pence) | 2,801,587 | 2.3 | 2,147,972 | 1.8 |
Deferred Share Bonus Plan | ||||
Nil | 895,162 | 1.1 | 763,390 | 0.9 |
Performance Share Plan | ||||
Nil | 6,747,268 | 2.5 | 5,391,269 | 2.7 |
10,444,017 | 2.3 | 8,302,631 | 2.3 |
2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||
Contractual life, years | 3 | 3 | 3 | 3 | 5 | 3 | 5 | 5 | 5 |
Share price at issue, £ | 3.40 | 5.36 | 5.13 | 2.86 | 2.86 | 3.32 | 3.32 | 4.19 | 3.93 |
Exercise price, £ | 2.72 | 4.29 | 3.96 | 2.29 | 2.29 | 2.65 | 2.65 | 3.35 | 3.15 |
Expected volatility, % | 46.5 | 31.4 | 37.9 | 57.6 | 57.6 | 31.9 | 31.9 | 16.5 | 17. 3 |
Risk-free rate, % | 4.8 | 5.3 | 1.3 | 0.1 | 0.2 | 0.8 | 0.8 | 1.4 | 1.2 |
Dividend yield, % | 9.9 | 7.3 | 4.5 | 3.3 | 3.3 | 4.8 | 4.8 | 4.4 | 4.1 |
Grant date fair value, £ | 0.85 | 0.68 | 1.46 | 1.22 | 1.34 | 0.90 | 0.91 | 0.43 | 0.70 |
2020 | 2019 | 2017 | |
Contractual life, years | 3 | 3 | 5 |
Mid-market share price, £ | 2.58 | 3.96 | 4.04 |
Attrition rate, % | – | 8.4 | 11.8 |
Dividend yield, % | 5.6 | 4.7 | 4.0 |
Grant date fair value, £ | 2.21 | 3.47 | 3.37 |
2023 | 2022 | 2021 | 2020 | 2019 | |
Contractual life, years | 3–7 | 3–7 | 3–7 | 3–7 | 3 |
Mid-market share price, £ | 5.01 | 5.58 | 4.94 | 2.58 | 3.96 |
Attrition rate, % | 6 | 6.9 | 12.8 | 7.3 | 8.4 |
Expected volatility, % | 35.4 | 37.4 | 59.5 | 43.9 | 26.8 |
Dividend yield, % | 8.7 | 4.7 | 3.8 | 5.6 | 4.7 |
Vesting rate – TSR % | 62.7 | 32.3 | 40.8 | 27.8 | 44.9 |
Grant date fair value, £ | 3.08 | 4.64 | 4.26 | 2.06 | 3.47 |
2023 | 2022 | |
£m | £m | |
Consultant fees | – | 4.9 |
Staff costs | – | 3.0 |
– | 7.9 |
2023 | 2022 | |
£m | £m | |
Corporation tax | 105.7 | 141.4 |
Corporation taxation - prior year adjustments | (0.4) | (0.9) |
Total current tax | 105.3 | 140.5 |
Deferred tax | ||
Deferred taxation | 0.7 | (1.2) |
Deferred taxation – prior year adjustments | – | (0.3) |
Release of deferred tax on CCFS Combination | (14.3) | (17.5) |
Total deferred tax | (13.6) | (19.0) |
Total tax charge | 91.7 | 121.5 |
2023 | 2022 | |
£m | £m | |
Profit before taxation | 374.3 | 531.5 |
Profit multiplied by the standard rate | ||
of UK Corporation Tax 23.5% (2022: 19%) | 88.0 | 101.0 |
Bank surcharge | 8.4 | 30.2 |
Taxation effects of: | ||
Expenses not deductible for taxation purposes | 0.3 | 0.5 |
Securitisation profits not taxable | (2.5) | (2.2) |
Timing differences on capital items | (0.8) | (0.4) |
Utilisation of brought forward tax losses | (0.3) | (0.3) |
2023 | 2022 | |
£m | £m | |
Tax adjustments in respect of share based payments | 0.4 | 0.3 |
Fair value adjustments on acquisition amounts | 14.3 | 14.0 |
Adjustments in respect of earlier years | (0.4) | (0.9) |
Tax on coupon paid on AT1 securities | (2.1) | (1.7) |
Total current tax charge | 105.3 | 140.5 |
Movements in deferred taxes | 0.7 | (0.8) |
Deferred taxation – prior year adjustments | – | (0.3) |
Release of deferred taxation on CCFS Combination | (14.3) | (12.8) |
Impact of deferred tax rate change | – | (5.1) |
Total tax charge | 91.7 | 121.5 |
2023 | 2022 | |
£m | £m | |
Statutory profit after tax | 282.6 | 410.0 |
Less: Coupon on AT1 securities classified as equity | (9.0) | (9.0) |
Statutory profit attributable to ordinary shareholders | 273.6 | 401.0 |
2023 | 2022 | |
Weighted average number of shares, millions | ||
Basic | 414.2 | 441.5 |
Dilutive impact of share-based payment schemes | 7.0 | 5.1 |
Diluted | 421.2 | 446.6 |
Earnings per share, pence per share | ||
Basic | 66.1 | 90.8 |
Diluted | 65.0 | 89.8 |
2023 | 2022 | |||
Pence per | Pence per | |||
£m | share | £m | share | |
Final dividend for the prior year | 93.8 | 21.8 | 94.8 | 21.1 |
Special dividend for the prior year | 50.3 | 11.7 | – | – |
Interim dividend for the current year | 40.9 | 10.2 | 38.3 | 8.7 |
185.0 | 133.1 |
2023 | 2022 | |
£m | £m | |
Retained earnings | 1,358.6 | 1,359.3 |
Own shares | (1.0) | (2.2) |
Distributable reserves | 1,357.6 | 1,357.1 |
2023 | 2022 | |
£m | £m | |
Cash in hand | 0.4 | 0.4 |
Unencumbered loans and advances to credit institutions | 2,513.6 | 2,953.7 |
Investment securities | – | 90.0 |
2,514.0 | 3,044.1 |
2023 | 2022 | |
£m | £m | |
Unencumbered: | ||
BoE call account | 2,256.3 | 2,806.5 |
Call accounts | 92.2 | 73.2 |
Cash held in special purpose vehicles (SPVs) | 147.8 | 63.8 |
Term deposits | 17.3 | 10.2 |
Encumbered: | ||
BoE cash ratio deposit | 69.6 | 62.8 |
Cash held in SPVs | 31.8 | 111.8 |
Cash margin given | 198.6 | 237.4 |
2,813.6 | 3,365.7 |
2023 | 2022 | |
£m | £m | |
Held at amortised cost: | ||
RMBS loan notes | 325.4 | 262.6 |
Less: Expected credit losses | – | – |
325.4 | 262.6 | |
Held at FVOCI: | ||
UK Sovereign debt | 296.0 | 149.8 |
Held at FVTPL: | ||
RMBS loan notes | 0.3 | 0.5 |
621.7 | 412.9 |
2023 | 2022 | |
£m | £m | |
At 1 January | 412.9 | 491.4 |
Additions | 664.3 | 686.5 |
Disposals and maturities | (456.3) | (764.4) |
Movement in accrued interest | 1.0 | (0.9) |
Changes in fair value | (0.2) | 0.3 |
At 31 December | 621.7 | 412.9 |
2023 | 2022 | |
£m | £m | |
Held at amortised cost: | ||
Loans and advances (see note 18) | 25,674.4 | 23,564.9 |
Finance leases (see note 19) | 222.7 | 163.2 |
25,897.1 | 23,728.1 | |
Less: Expected credit losses (see note 20) | (145.8) | (130.0) |
25,751.3 | 23,598.1 | |
Held at FVTPL: | ||
Residential mortgages | 13.7 | 14.6 |
25,765.0 | 23,612.7 |
2023 | 2022 | |||||
OSB | CCFS | Total | OSB | CCFS | Total | |
£m | £m | £m | £m | £m | £m | |
Gross carrying amount | ||||||
Stage 1 | 11,048.7 | 9,313.8 | 20,362.5 | 10,188.4 | 8,375.5 | 18,563.9 |
Stage 2 | 2,712.6 | 1,819.3 | 4,531.9 | 2,508.9 | 1,907.4 | 4,416.3 |
Stage 3 | 491.9 | 217.2 | 709.1 | 345.7 | 156.0 | 501.7 |
Stage 3 (POCI) | 33.4 | 37.5 | 70.9 | 38.5 | 44.5 | 83.0 |
14,286.6 | 11,387.8 | 25,674.4 | 13,081.5 | 10,483.4 | 23,564.9 |
2023 | 2022 | |
£m | £m | |
BoE under TFSME and ILTR | 6,092.4 | 6,439.7 |
Securitisation | 841.7 | 265.4 |
6,934.1 | 6,705.1 |
Stage 1 | Stage 2 | Stage 3 | Stage 3 (POCI) | Total | |
£m | £m | £m | £m | £m | |
At 1 January 2022 | 18,078.9 | 2,412.1 | 459.5 | 97.4 | 21,047.9 |
Originations | 5,829.6 | – | – | – | 5,829.6 |
Repayments | |||||
and write-offs | (2,855.3) | (353.6) | (89.3) | (14.4) | (3,312.6) |
Transfers: | |||||
– To Stage 1 | 1,121.6 | (1,098.0) | (23.6) | – | – |
– To Stage 2 | (3,524.0) | 3,574.6 | (50.6) | – | – |
– To Stage 3 | (86.9) | (118.8) | 205.7 | – | – |
At 31 December 2022 | 18,563.9 | 4,416.3 | 501.7 | 83.0 | 23,564.9 |
Originations | 4,561.7 | – | – | – | 4,561.7 |
Acquisitions | 175.8 | – | – | – | 175.8 |
Repayments | |||||
and write-offs | (2,041.6) | (447.2) | (127.1) | (12.1) | (2,628.0) |
Transfers: | |||||
– To Stage 1 | 1,534.7 | (1,520.4) | (14.3) | – | – |
– To Stage 2 | (2,299.0) | 2,347.5 | (48.5) | – | – |
– To Stage 3 | (133.0) | (264.3) | 397.3 | – | – |
At 31 December 2023 | 20,362.5 | 4,531.9 | 709.1 | 70.9 | 25,674.4 |
2023 | 2022 | |
£m | £m | |
Gross investment in finance leases, receivable | ||
Less than one year | 83.6 | 60.7 |
Between one and two years | 68.6 | 49.5 |
Between two and three years | 51.7 | 36.0 |
Between three and four years | 31.4 | 23.4 |
Between four and five years | 12.0 | 9.9 |
More than five years | 2.3 | 1.3 |
249.6 | 180.8 | |
Unearned finance income | (26.9) | (17.6) |
Net investment in finance leases | 222.7 | 163.2 |
Net investment in finance leases, receivable | ||
Less than one year | 71.7 | 52.4 |
Between one and two years | 60.4 | 44.4 |
Between two and three years | 47.1 | 33.2 |
Between three and four years | 29.7 | 22.3 |
Between four and five years | 11.6 | 9.6 |
More than five years | 2.2 | 1.3 |
222.7 | 163.2 |
2023 | 2022 | |||||
Weighted | Weighted | |||||
ECL | ECL | ECL | ECL | |||
provision | Weighting | provision | provision | Weighting | provision | |
£m | % | £m | £m | % | £m | |
Scenarios | ||||||
Upside | 60.5 | 30 | 18.2 | 32.8 | 30 | 9.8 |
Base case | 76.8 | 40 | 30.7 | 41.7 | 40 | 16.7 |
Downside scenario | 138.1 | 20 | 27.6 | 79.3 | 20 | 15.9 |
Severe downside scenario | 206.8 | 10 | 20.7 | 120.0 | 10 | 12.0 |
Total weighted provisions | 97.2 | 54.4 | ||||
Other Provisions: | ||||||
Individually assessed | ||||||
provisions | 25.1 | 45.8 | ||||
Post model adjustments | 23.5 | 29.8 | ||||
Total provision | 145.8 | 130.0 |
2023 | 2022 | |||||
OSB | CCFS | Total | OSB | CCFS | Total | |
£m | £m | £m | £m | £m | £m | |
Stage 1 | 15.8 | 6.6 | 22.4 | 5.9 | 1.3 | 7.2 |
Stage 2 | 39.2 | 15.1 | 54.3 | 35.3 | 15.6 | 50.9 |
Stage 3 | 55.1 | 11.6 | 66.7 | 60.5 | 7. 8 | 68.3 |
Stage 3 (POCI) | 1.0 | 1.4 | 2.4 | 1.5 | 2.1 | 3.6 |
111.1 | 34.7 | 145.8 | 103.2 | 26.8 | 130.0 |
Stage 3 | |||||
Stage 1 | Stage 2 | Stage 3 | (POCI) | Total | |
£m | £m | £m | £m | £m | |
At 1 January 2022 | 12.1 | 25.0 | 60.4 | 4.0 | 101.5 |
Originations | 6.9 | – | – | – | 6.9 |
Repayments and write-offs | (1.3) | (3.0) | (6.9) | (0.3) | (11.5) |
Re-measurement of loss allowance | (15.1) | 26.4 | 17.5 | (0.7) | 28.1 |
Transfers: | |||||
– To Stage 1 | 10.0 | (9.2) | (0.8) | – | – |
– To Stage 2 | (2.0) | 3.9 | (1.9) | – | – |
– To Stage 3 | (0.1) | (2.1) | 2.2 | – | – |
Changes in assumptions | |||||
and model parameters | (3.3) | 9.9 | (2.2) | 0.6 | 5.0 |
At 31 December 2022 | 7. 2 | 50.9 | 68.3 | 3.6 | 130.0 |
Originations | 10.2 | – | – | – | 10.2 |
Acquisitions | 1.2 | – | – | – | 1.2 |
Repayments and write-offs | (0.6) | (4.1) | (39.7) | (0.7) | (45.1) |
Re-measurement of loss allowance | (9.7) | 30.1 | 29.9 | 0.2 | 50.5 |
Transfers: | |||||
– To Stage 1 | 13.0 | (12.4) | (0.6) | – | – |
– To Stage 2 | (0.8) | 2.2 | (1.4) | – | – |
– To Stage 3 | (0.2) | (6.7) | 6.9 | – | – |
Changes in assumptions | |||||
and model parameters | 2.1 | (5.7) | 3.3 | (0.7) | (1.0) |
At 31 December 2023 | 22.4 | 54.3 | 66.7 | 2.4 | 145.8 |
2023 | 2022 | |||||
Carrying | Carrying | |||||
value | ECL | Coverage | value | ECL | Coverage | |
£m | £m | % | £m | £m | % | |
Criteria: | ||||||
Relative/absolute | ||||||
PD movement | 4,343.5 | 53.2 | 1.22 | 3,090.2 | 42.9 | 1.39 |
Qualitative measures | 139.3 | 0.8 | 0.57 | 1, 277.6 | 7.5 | 0.59 |
30 days past due backstop | 55.1 | 0.3 | 0.54 | 49.3 | 0.5 | 1.01 |
Total | 4,5 37.9 | 54.3 | 1.20 | 4,417.1 | 50.9 | 1.15 |
2023 | 2022 | |
£m | £m | |
Write-offs in year | 33.6 | 2.1 |
Increase in ECL provision | 15.2 | 27.7 |
48.8 | 29.8 |
Net amount of | Contracts | ||||
financial assets | subject to | Cash collateral | |||
/ (liabilities) | master netting | paid / | |||
presented | agreements not | (received) not | |||
in the | offset in the | offset in the | |||
Gross amount | Consolidated | Consolidated | Consolidated | ||
of recognised | Statement | Statement | Statement | ||
financial assets | of Financial | of Financial | of Financial | ||
/ (liabilities) | Position | Position | Position | Net amount | |
£m | £m | £m | £m | £m | |
At 31 December 2023 | |||||
Derivative assets: | |||||
Interest rate risk hedging | 530.6 | 530.6 | (45.7) | (212.8) | 272.1 |
Derivative liabilities: | |||||
Interest rate risk hedging | (199.9) | (199.9) | 45.7 | 216.1 | 61.9 |
At 31 December 2022 | |||||
Derivative assets: | |||||
Interest rate risk hedging | 888.1 | 888.1 | (104.9) | (545.7) | 237.5 |
Derivative liabilities: | |||||
Interest rate risk hedging | (106.6) | (106.6) | 104.9 | 206.9 | 205.2 |
Total | Less than | 3 – 12 | 1 – 5 | More than | |
nominal | 3 months | months | years | 5 years | |
£m | £m | £m | £m | £m | |
At 31 December 2023 | |||||
Derivative assets | 17,568.6 | 812.3 | 8,181.3 | 8,560.0 | 15.0 |
Derivative liabilities | 8,913.6 | 1,148.0 | 2,300.0 | 5,108.6 | 357.0 |
26,482.2 | 1,960.3 | 10,481.3 | 13,668.6 | 372.0 | |
At 31 December 2022 | |||||
Derivative assets | 15,662.6 | 464.8 | 3,400.3 | 11,590.5 | 207.0 |
Derivative liabilities | 9,518.0 | 1,503.0 | 6,001.0 | 1,789.0 | 225.0 |
25,180.6 | 1,967.8 | 9,401.3 | 13,379.5 | 432.0 |
2023 | 2022 | |
£m | £m | |
Hedged assets | ||
Current hedge relationships | (253.1) | (8 27.9) |
Swap inception adjustment | 40.4 | 44.1 |
Cancelled hedge relationships | (30.8) | (5.2) |
Fair value adjustments on hedged assets | (243.5) | (789.0) |
Hedged liabilities | ||
Current hedge relationships | (22.2) | 58.0 |
Swap inception adjustment | 0.3 | (2.3) |
Cancelled hedge relationships | – | (0.6) |
Fair value adjustments on hedged liabilities | (21.9) | 55.1 |
2023 | 2022 | |||
Hedged | Hedging | Hedged | Hedging | |
item | instrument | item | instrument | |
Loans and advances to customers | £m | £m | £m | £m |
Carrying amount of hedged item/nominal | ||||
value of hedging instrument | 15,390.4 | 15,425.6 | 14,493.8 | 14,667.7 |
Cumulative fair value adjustments of hedged | ||||
item/fair value of hedging instrument | (253.1) | 312.7 | (827.9) | 833.2 |
Changes in the fair value adjustment of hedged | ||||
item/hedging instrument used for recognising | ||||
the hedge ineffectiveness for the period | 580.3 | (590.5) | (620.6) | 621.9 |
Cumulative fair value on cancelled hedge | ||||
relationships | (30.8) | – | (5.2) | – |
2023 | 2022 | |
Hedged assets | £m | £m |
At 1 January | (5.2) | 78.2 |
New cancellations | (23.0) | (49.3) |
Amortisation | (2.6) | (34.1) |
At 31 December | (30.8) | (5.2) |
2023 | 2022 | |||
Hedged | Hedging | Hedged | Hedging | |
item | instrument | item | instrument | |
Customer deposits | £m | £m | £m | £m |
Carrying amount of hedged item/nominal | ||||
value of hedging instrument | 8,955.5 | 8.947.0 | 9,167. 3 | 9,180.0 |
Cumulative fair value adjustments of hedged | ||||
item/fair value of hedging instrument | (6.7) | 16.9 | 58.0 | (67.9) |
Changes in the fair value adjustment of hedged | ||||
item/hedging instrument used for recognising | ||||
the hedge ineffectiveness for the period | (67.2) | 78.8 | 33.0 | (42.4) |
2023 | 2022 | |||
Hedged | Hedging | Hedged | Hedging | |
item | instrument | item | instrument | |
Senior notes and subordinated liabilities | £m | £m | £m | £m |
Carrying amount of hedged item/nominal | ||||
value of hedging instrument | 365.0 | 365.0 | – | – |
Cumulative fair value adjustments of hedged | ||||
item/fair value of hedging instrument | (15.5) | 15.6 | – | – |
Changes in the fair value adjustment of hedged | ||||
item/hedging instrument used for recognising | ||||
the hedge ineffectiveness for the period | (15.5) | 15.8 | – | – |
2023 | 2022 | |
£m | £m | |
Falling due within one year: | ||
Prepayments | 9.9 | 7.8 |
Other assets | 11.9 | 1.8 |
Falling due more than one year: | ||
Prepayments | 5.8 | 5.4 |
27.6 | 15.0 |
Losses | Share- | IFRS 9 | ||||
carried | Accelerated | based | transitional | |||
forward | depreciation | payments | adjustments | Others | Total | |
£m | £m | £m | £m | £m | £m | |
At 1 January 2022 | 0.5 | 0.5 | 5.0 | 0.7 | (1.1) | 5.6 |
Profit or loss (charge)/credit | – | (0.5) | 0.5 | (0.1) | 1.6 | 1.5 |
Tax taken directly to OCI | – | – | – | – | 0.1 | 0.1 |
Tax taken directly to equity | – | – | (0.9) | – | – | (0.9) |
At 31 December 2022 | 0.5 | – | 4.6 | 0.6 | 0.6 | 6.3 |
Profit or loss (charge)/credit | (0.2) | (0.6) | 0.2 | (0.1) | – | (0.7) |
Transferred from deferred | ||||||
tax liability | – | – | – | – | (1.7) | (1.7) |
Tax taken directly to OCI | – | – | – | – | 0.1 | 0.1 |
Tax taken directly to equity | – | – | (0.1) | – | – | (0.1) |
At 31 December 2023 | 0.3 | (0.6) | 4.7 | 0.5 | (1.0) | 3.9 |
Right of use assets | ||||||
Freehold | ||||||
land and | Leasehold | Equipment | Property | Other | ||
buildings | improvements | and fixtures | leases | leases | Total | |
£m | £m | £m | £m | £m | £m | |
Cost | ||||||
At 1 January 2022 | 16.5 | 2.9 | 15.2 | 13.2 | 1.2 | 49.0 |
Additions | 3.5 | 0.1 | 2.9 | 0.9 | 3.5 | 10.9 |
Disposals and write-offs | – | – | (1.7) | (0.3) | (0.1) | (2.1) |
Foreign exchange difference | – | – | 0.1 | – | – | 0.1 |
At 31 December 2022 | 20.0 | 3.0 | 16.5 | 13.8 | 4.6 | 57.9 |
Additions | 0.3 | – | 5.7 | 2.0 | 1.2 | 9.2 |
Disposals and write-offs | – | – | (3.3) | – | (0.1) | (3.4) |
Foreign exchange | ||||||
difference | – | – | (0.1) | – | – | (0.1) |
At 31 December 2023 | 20.3 | 3.0 | 18.8 | 15.8 | 5.7 | 63.6 |
Depreciation | ||||||
At 1 January 2022 | 1.5 | 1.0 | 7.6 | 3.6 | 0.2 | 13.9 |
Charged in year | 0.2 | 0.2 | 3.0 | 1.6 | 0.2 | 5.2 |
Disposals and write-offs | – | – | (1.7) | (0.3) | (0.1) | (2.1) |
At 31 December 2022 | 1.7 | 1.2 | 8.9 | 4.9 | 0.3 | 17.0 |
Charged in year | 0.3 | 0.3 | 3.5 | 1.9 | 0.2 | 6.2 |
Disposals and write-offs | – | – | (3.3) | – | (0.1) | (3.4) |
At 31 December 2023 | 2.0 | 1.5 | 9.1 | 6.8 | 0.4 | 19.8 |
Net book value | ||||||
At 31 December 2023 | 18.3 | 1.5 | 9.7 | 9.0 | 5.3 | 43.8 |
At 31 December 2022 | 18.3 | 1.8 | 7.6 | 8.9 | 4.3 | 40.9 |
Computer | ||||
Development | software and | Assets arising on | ||
costs | licences | Combination | Total | |
£m | £m | £m | £m | |
Cost | ||||
At 1 January 2022 | 3.7 | 16.0 | 23.4 | 43.1 |
Additions | 0.1 | 1.7 | – | 1.8 |
Disposals and write-offs | – | (3.6) | (1.9) | (5.5) |
At 31 December 2022 | 3.8 | 14.1 | 21.5 | 39.4 |
Additions | 19.1 | 0.7 | – | 19.8 |
Transfer during the year | (2.2) | 2.2 | – | – |
Disposals and write-offs | – | (3.4) | (0.1) | (3.5) |
At 31 December 2023 | 20.7 | 13.6 | 21.4 | 55.7 |
Amortisation | ||||
At 1 January 2022 | 0.6 | 8.8 | 15.3 | 24.7 |
Charged in year | 0.7 | 3.2 | 4.3 | 8.2 |
Disposals and write-offs | – | (3.6) | (1.9) | (5.5) |
At 31 December 2022 | 1.3 | 8.4 | 17.7 | 27.4 |
Charged in year | 0.7 | 2.8 | 2.2 | 5.7 |
Disposals and write-offs | – | (3.4) | (0.1) | (3.5) |
At 31 December 2023 | 2.0 | 7.8 | 19.8 | 29.6 |
Net book value | ||||
At 31 December 2023 | 18.7 | 5.8 | 1.6 | 26.1 |
At 31 December 2022 | 2.5 | 5.7 | 3.8 | 12.0 |
2023 | 2022 | |
£m | £m | |
BoE TFSME | 3,352.0 | 4,232.0 |
BoE ILTR | 10.1 | 300.9 |
Commercial repo | 0.1 | 10.2 |
Loans from credit institutions | – | 0.1 |
3,362.2 | 4,543.2 | |
Cash collateral and margin received | 212.8 | 549.7 |
3,575.0 | 5,092.9 |
2023 | 2022 | |||||
OSB | CCFS | Total | OSB | CCFS | Total | |
£m | £m | £m | £m | £m | £m | |
Fixed rate deposits | 8,846.6 | 7,493.9 | 16,340.5 | 8,085.9 | 5,899.6 | 13,985.5 |
Variable rate deposits | 3,399.9 | 2,386.2 | 5,786.1 | 3,046.3 | 2,724.0 | 5,770.3 |
12,246.5 | 9,880.1 | 22,126.6 | 11,132.2 | 8,623.6 | 19,755.8 |
2023 | 2022 | |
£m | £m | |
Fixed rate deposits | 58.8 | 100.9 |
Variable rate deposits | 4.5 | 12.2 |
63.3 | 113.1 |
2023 | 2022 | |
£m | £m | |
Asset-backed loan notes at amortised cost | 818.5 | 265.9 |
Amount due for settlement within 12 months | 109.5 | – |
Amount due for settlement after 12 months | 709.0 | 265.9 |
818.5 | 265.9 |
2023 | 2022 | |
£m | £m | |
Canterbury Finance No.3 plc | – | 21.0 |
Canterbury Finance No.4 plc | 167.5 | 103.1 |
CMF 2020-1 plc | 109.5 | 141.8 |
CMF 2023-1 plc | 291.3 | – |
Keys Warehouse No.1 Limited | 250.2 | – |
818.5 | 265.9 |
2023 | 2022 | |
£m | £m | |
At 1 January | 9.9 | 10.7 |
New leases | 3.3 | 0.9 |
Lease repayments | (2.2) | (1.9) |
Interest accruals | 0.2 | 0.2 |
At 31 December | 11.2 | 9.9 |
2023 | 2022 | |
£m | £m | |
Falling due within one year: | ||
Accruals | 26.5 | 28.0 |
Deferred income | 0.4 | 0.6 |
Other creditors | 12.7 | 10.1 |
39.6 | 38.7 |
2023 | 2022 | |||||||
ECL on | ECL on | |||||||
Other | undrawn | Other | undrawn | |||||
regulatory | loan | regulatory | loan | |||||
FSCS | provisions | facilities | Total | FSCS | provisions | facilities | Total | |
£m | £m | £m | £m | £m | £m | £m | £m | |
At 1 January | – | – | 0.4 | 0.4 | 0.1 | 1.5 | 0.4 | 2.0 |
Charge/(credit) | – | – | 0.4 | 0.4 | (0.1) | (1.5) | – | (1.6) |
At 31 December | – | – | 0.8 | 0.8 | – | – | 0.4 | 0.4 |
CCFS Combination | |
£m | |
At 1 January 2022 | 39.8 |
Profit or loss credit | (17.5) |
At 31 December 2022 | 22.3 |
Profit or loss credit | (14.3) |
Transfer to Deferred tax asset | (1.7) |
At 31 December 2023 | 6.3 |
2023 | 2022 | |
£m | £m | |
Fixed rate: | ||
Senior notes 2028 (9.5%) | 307.5 | – |
2023 | 2022 | |
£m | £m | |
At 1 January | – | – |
Addition | 298.4 | – |
Movement in accrued interest | 9.1 | – |
At 31 December | 307.5 | – |
2023 | 2022 | |
£m | £m | |
Fixed rate: | ||
Subordinated liabilities 2033 (9.993%) | 259.5 | – |
2023 | 2022 | |
£m | £m | |
At 1 January | – | 10.3 |
Addition | 248.7 | – |
Movement in accrued interest | 10.8 | – |
Repayment of debt | – | (10.3) |
At 31 December | 259.5 | – |
2023 | 2022 | |
£m | £m | |
Sterling PSBs (4.6007%) | 15.2 | 15.2 |
Debt | ||||||
Amounts owed to | securities in | Senior notes | Subordinated | |||
credit institutions | issue (see | (see note | liabilities (see | PSBs (see | ||
(see note 28) | note 31) | 36) | note 37) | note 38) | Total | |
£m | £m | £m | £m | £m | £m | |
At 1 January 2022 | 4,204.2 | 460.3 | – | 10.3 | 15.2 | 4,690.0 |
Cash movements: | ||||||
Principal drawdowns | 429.5 | – | – | – | – | 429.5 |
Principal repayments | (120.5) | (193.6) | – | (10.1) | – | (324.2) |
Interest paid | (34.8) | (8.5) | – | (1.3) | (0.7) | (45.3) |
Non-cash movements: | ||||||
Interest charged | 64.8 | 7.7 | – | 1.1 | 0.7 | 74.3 |
At 31 December 2022 | 4,543.2 | 265.9 | – | – | 15.2 | 4,824.3 |
Cash movements: | ||||||
Principal drawdowns | 189.9 | 591.6 | 298.4 | 248.7 | – | 1,328.6 |
Principal repayments | (1,390.2) | (40.1) | – | – | – | (1,430.3) |
Interest paid | (178.0) | (20.4) | – | (6.3) | (0.7) | (205.4) |
Non-cash movements: | ||||||
Interest charged | 197.3 | 21.5 | 9.1 | 17.1 | 0.7 | 245.7 |
At 31 December 2023 | 3,362.2 | 818.5 | 307.5 | 259.5 | 15.2 | 4,762.9 |
Number of shares | Nominal | Premium | |
issued and | value | ||
Ordinary shares | fully paid | £m | £m |
At 1 January 2022 | 448,627,855 | 4.5 | 0.7 |
Shares cancelled under repurchase programme | (20,671,224) | (0.2) | – |
Shares issued under OSBG employee share plans | 1,911,994 | – | 1.7 |
At 31 December 2022 | 429,868,625 | 4.3 | 2.4 |
Shares cancelled under repurchase programme | (38,243,031) | (0.4) | – |
Shares issued under OSBG employee share plans | 1,562,087 | – | 1.4 |
At 31 December 2023 | 393,187,681 | 3.9 | 3.8 |
2023 | 2022 | |
Additional Tier 1 securities | £m | £m |
6% Perpetual subordinated contingent convertible securities | 150.0 | 150.0 |
2023 | 2022 | |
£m | £m | |
Share-based payment | 14.2 | 13.2 |
Capital redemption & transfer | (1,354.7) | (1,355.1) |
Own shares | (1.0) | (2.2) |
FVOCI | 0.2 | 0.3 |
Foreign exchange | (2.1) | (1.3) |
(1,343.4) | (1,345.1) |
2023 | 2022 | |
£m | £m | |
Land and buildings: due within: | ||
One year | 0.2 | 0.3 |
Two to five years | 0.2 | 0.3 |
0.4 | 0.6 |
2023 | 2022 | |
£m | £m | |
OSB mortgages | 580.2 | 741.6 |
CCFS mortgages | 391.8 | 455.1 |
Asset finance | 27.4 | 15.5 |
999.4 | 1,212.2 |
2023 | ||||||
OSB | CCFS | Total | ||||
Gross | Capped | Gross | Capped | Gross | Capped | |
carrying | collateral | carrying | collateral | carrying | collateral | |
amount | held | amount | held | amount | held | |
£m | £m | £m | £m | £m | £m | |
Stage 1 | 11,263.0 | 11,228.7 | 9,313.8 | 9,313.8 | 20,576.8 | 20,542.5 |
Stage 2 | 2,718.6 | 2 ,717.0 | 1,819.3 | 1,818.6 | 4,537.9 | 4,535.6 |
Stage 3 | 494.3 | 488.8 | 217. 2 | 217.2 | 711.5 | 706.0 |
Stage 3 (POCI) | 33.4 | 33.0 | 37.5 | 37.4 | 70.9 | 70.4 |
14,509.3 | 14,467.5 | 11,387.8 | 11, 387.0 | 25,897.1 | 25,854.5 |
2022 | ||||||
OSB | CCFS | Total | ||||
Gross | Capped | Gross | Capped | Gross | Capped | |
carrying | collateral | carrying | collateral | carrying | collateral | |
amount | held | amount | held | amount | held | |
£m | £m | £m | £m | £m | £m | |
Stage 1 | 10,346.8 | 10,320.4 | 8,375.5 | 8,374.4 | 18,722.3 | 18,694.8 |
Stage 2 | 2,509.7 | 2,508.5 | 1,907.4 | 1,907.1 | 4,417.1 | 4,415.6 |
Stage 3 | 349.7 | 319.2 | 156.0 | 156.0 | 505.7 | 475.2 |
Stage 3 (POCI) | 38.5 | 37.5 | 44.5 | 44.4 | 83.0 | 81.9 |
13,244.7 | 13,185.6 | 10,483.4 | 10,481.9 | 23,728.1 | 23,667.5 |
2023 | 2022 | ||||||||
OSB | CCFS | Total | OSB | CCFS | Total | ||||
£m | £m | £m | % | £m | £m | £m | % | ||
Band | |||||||||
0% – 50% | 2,454.7 | 1,105.5 | 3,560.2 | 14 | 2,768.8 | 914.7 | 3,683.5 | 16 | |
50% – 60% | 2,275.8 | 1,454.5 | 3,730.3 | 14 | 2,770.7 | 1,361.1 | 4,131.8 | 17 | |
60% – 70% | 4,414.4 | 3,244.0 | 7,658.4 | 30 | 4,647.5 | 3,561.7 | 8,209.2 | 35 | |
70% – 80% | 3,822.1 | 5,000.9 | 8,823.0 | 34 | 2,150.7 | 4,27 | 7.3 | 6,428.0 | 26 |
80% – 90% | 1,045.7 | 573.2 | 1,618.9 | 6 | 548.3 | 365.5 | 913.8 | 4 | |
90% – 100% | 222.0 | 8.8 | 230.8 | 1 | 181.3 | 2.5 | 183.8 | 1 | |
>100% | 274.6 | 0.9 | 275.5 | 1 | 177.4 | 0.6 | 178.0 | 1 | |
Total loans | |||||||||
before provisions | 14,509.3 | 11,387.8 | 25,897.1 | 100 | 13,244.7 | 10,483.4 | 23,728.1 | 100 |
2023 | 2022 | ||||||||
BTL/SME | Residential | Total | BTL/SME | Residential | Total | ||||
OSB | £m | £m | £m | % | £m | £m | £m | % | |
Band | |||||||||
0% – 50% | 1,078.1 | 1,376.6 | 2,454.7 | 17 | 1,301.4 | 1,467.4 | 2,768.8 | 21 | |
50% – 60% | 2,027.5 | 248.3 | 2,275.8 | 16 | 2,497.2 | 273.5 | 2,770.7 | 21 | |
60% – 70% | 4,181.4 | 233.0 | 4,414.4 | 30 | 4,386.0 | 261.5 | 4,647.5 | 36 | |
70% – 80% | 3,616.9 | 205.2 | 3,822.1 | 26 | 1,97 | 7.1 | 173.6 | 2,150.7 | 16 |
80% – 90% | 826.3 | 219.4 | 1,045.7 | 7 | 418.1 | 130.2 | 548.3 | 4 | |
90% – 100% | 174.8 | 47.2 | 222.0 | 2 | 167.3 | 14.0 | 181.3 | 1 | |
>100% | 270.1 | 4.5 | 274.6 | 2 | 172.9 | 4.5 | 17 7.4 | 1 | |
Total loans | |||||||||
before provisions | 12,175.1 | 2,334.2 | 14,509.3 | 100 | 10,920.0 | 2,324.7 | 13,244.7 | 100 |
2023 | |||||
Residential | Funding | ||||
Buy-to-Let | Commercial | development | lines | Total | |
OSB | £m | £m | £m | £m | £m |
Band | |||||
0% – 50% | 968.1 | 93.4 | 8.2 | 8.4 | 1,078.1 |
50% – 60% | 1, 8 57.3 | 106.6 | 61.1 | 2.5 | 2,027.5 |
60% – 70% | 3,800.3 | 169.7 | 210.5 | 0.9 | 4,181.4 |
70% – 80% | 3,271.4 | 323.6 | – | 21.9 | 3,616.9 |
80% – 90% | 596.0 | 230.3 | – | – | 826.3 |
90% – 100% | 68.7 | 106.1 | – | – | 174.8 |
>100% | 202.7 | 66.0 | 1.0 | 0.4 | 270.1 |
Total loans before provisions | 10,764.5 | 1,095.7 | 280.8 | 34.1 | 12,175.1 |
2022 | ||||||
Residential | Funding | |||||
Buy-to-Let | Commercial | development | lines | Total | ||
£m | £m | £m | £m | £m | ||
Band | ||||||
0% – 50% | 1,137.6 | 114.7 | 16.1 | 33.0 | 1,301.4 | |
50% – 60% | 2,324.1 | 112.8 | 57.2 | 3.1 | 2,497.2 | |
60% – 70% | 4,111.4 | 164.4 | 110.2 | – | 4,386.0 | |
70% – 80% | 1,741.5 | 235.6 | – | – | 1,97 | 7.1 |
80% – 90% | 232.8 | 151.6 | – | 33.7 | 418.1 | |
90% – 100% | 7 7.1 | 63.8 | – | 26.4 | 167.3 | |
>100% | 130.5 | 38.4 | 1.0 | 3.0 | 172.9 | |
Total loans before provisions | 9,755.0 | 881.3 | 184.5 | 99.2 | 10,920.0 |
2023 | 2022 | |||||
First | Second | First | Second | |||
charge | charge | Total | charge | charge | Total | |
OSB | £m | £m | £m | £m | £m | £m |
Band | ||||||
0% – 50% | 1,292.6 | 84.0 | 1,376.6 | 1,357.6 | 109.8 | 1,4 67.4 |
50% – 60% | 219.9 | 28.4 | 248.3 | 238.1 | 35.4 | 273.5 |
60% – 70% | 218.3 | 14.7 | 233.0 | 242.9 | 18.6 | 261.5 |
70% – 80% | 199.5 | 5.7 | 205.2 | 168.3 | 5.3 | 173.6 |
80% – 90% | 218.1 | 1.3 | 219.4 | 128.8 | 1.4 | 130.2 |
90% – 100% | 46.8 | 0.4 | 47.2 | 13.4 | 0.6 | 14.0 |
>100% | 3.9 | 0.6 | 4.5 | 3.8 | 0.7 | 4.5 |
Total loans before provisions | 2,199.1 | 135.1 | 2,334.2 | 2,152.9 | 171.8 | 2,324.7 |
2023 | ||||||
Second | ||||||
charge | ||||||
Buy-to-Let | Residential | Bridging | lending | Total | ||
CCFS | £m | £m | £m | £m | £m | % |
Band | ||||||
0% – 50% | 360.3 | 573.9 | 138.1 | 33.2 | 1,105.5 | 10 |
50% – 60% | 838.1 | 527.7 | 66.8 | 21.9 | 1,454.5 | 13 |
60% – 70% | 2,365.6 | 782.7 | 79.9 | 15.8 | 3,244.0 | 28 |
70% – 80% | 4,098.0 | 849.2 | 43.4 | 10.3 | 5,000.9 | 44 |
80% – 90% | 271.7 | 296.0 | 2.3 | 3.2 | 573.2 | 5 |
90% – 100% | 3.5 | 3.3 | 2.0 | – | 8.8 | – |
>100% | – | 0.3 | 0.6 | – | 0.9 | – |
Total loans | ||||||
before provisions | 7,937.2 | 3,033.1 | 333.1 | 84.4 | 11,387.8 | 100 |
2022 | ||||||
Second | ||||||
charge | ||||||
Buy–to–Let | Residential | Bridging | lending | Total | ||
CCFS | £m | £m | £m | £m | £m | % |
Band | ||||||
0% – 50% | 308.6 | 498.3 | 62.9 | 44.9 | 914.7 | 9 |
50% – 60% | 799.5 | 501.8 | 29.9 | 29.9 | 1,361.1 | 13 |
60% – 70% | 2,5 87.6 | 924.2 | 25.6 | 24.3 | 3,561.7 | 34 |
70% – 80% | 3,613.8 | 622.9 | 26.9 | 13.7 | 4, 27 7.3 | 41 |
80% – 90% | 215.1 | 146.8 | 2.4 | 1.2 | 365.5 | 3 |
90% – 100% | 0.2 | 0.8 | 1.5 | – | 2.5 | – |
>100% | – | 0.1 | 0.5 | – | 0.6 | – |
Total loans | ||||||
before provisions | 7, 524.8 | 2,694.9 | 149.7 | 114.0 | 10,483.4 | 100 |
Number of | At 31 December | Number of | At 31 December | |
accounts | 2023 | accounts | 2022 | |
Forbearance type | 2023 | £m | 2022 | £m |
Interest-only switch | 384 | 62.9 | 70 | 12.2 |
Interest rate reduction | 290 | 36.5 | 91 | 7.5 |
Term extension | 164 | 15.6 | 53 | 2.9 |
Payment deferral | 459 | 89.9 | 194 | 34.0 |
Voluntary-assisted sale | – | – | 5 | 1.2 |
Payment concession | ||||
(reduced monthly payments) | 112 | 22.9 | 55 | 12.0 |
Capitalisation of interest | 17 | 2.4 | 27 | 9.0 |
Full or partial debt forgiveness | 126 | 4.5 | 359 | 9.6 |
Total | 1,552 | 234.7 | 854 | 88.4 |
Loan type | ||||
First charge owner-occupier | 880 | 116.5 | 217 | 27.8 |
Second charge owner-occupier | 252 | 6.9 | 460 | 8.9 |
Buy-to-Let | 279 | 79.2 | 107 | 37.1 |
Commercial | 141 | 32.1 | 70 | 14.6 |
Total | 1,552 | 234.7 | 854 | 88.4 |
2023 | 2022 | |||||||
OSB | CCFS | Total | OSB | CCFS | Total | |||
Region | £m | £m | £m | % | £m | £m | £m | % |
East Anglia | 480.1 | 1,236.2 | 1,716.3 | 7 | 453.5 | 1,136.4 | 1,589.9 | 7 |
East Midlands | 723.4 | 774.7 | 1,498.1 | 6 | 609.9 | 691.6 | 1,301.5 | 6 |
Greater London | 6,185.6 | 3,416.4 | 9,602.0 | 37 | 5,559.3 | 3,293.0 | 8,852.3 | 38 |
Guernsey | 18.2 | – | 18.2 | – | 21.5 | – | 21.5 | – |
Jersey | 67.8 | – | 67.8 | – | 75.6 | – | 75.6 | – |
North East | 195.7 | 299.6 | 495.3 | 2 | 169.8 | 274.5 | 444.3 | 2 |
North West | 983.4 | 1,031.0 | 2,014.4 | 8 | 906.6 | 921.8 | 1,828.4 | 7 |
Northern Ireland | 9.4 | – | 9.4 | – | 10.0 | – | 10.0 | – |
Scotland | 61.1 | 298.1 | 359.2 | 1 | 36.9 | 261.3 | 298.2 | 1 |
South East | 2 ,907.8 | 1,834.0 | 4,741.8 | 18 | 2,802.8 | 1,681.5 | 4,484.3 | 19 |
South West | 959.4 | 751.2 | 1,710.6 | 7 | 893.7 | 659.6 | 1,553.3 | 7 |
Wales | 327.4 | 315.0 | 642.4 | 3 | 297.5 | 284.7 | 582.2 | 2 |
West Midlands | 992.6 | 851.0 | 1,843.6 | 7 | 908.9 | 761.3 | 1,670.2 | 7 |
Yorks and Humberside | 374.7 | 580.6 | 955.3 | 4 | 335.5 | 517.7 | 853.2 | 4 |
Total loans | ||||||||
before provisions | 14,286.6 | 11,387.8 | 25,674.4 | 100 | 13,081.5 | 10,483.4 | 23,564.9 | 100 |
Stage 3 | PD lower | PD upper | |||||
Stage 1 | Stage 2 | Stage 3 | (POCI) | Total | range | range | |
2023 | £m | £m | £m | £m | £m | % | % |
OSB | |||||||
Excellent | 4,609.0 | 257.1 | – | – | 4,866.1 | – | 0.3 |
Good | 6,062.0 | 1,397.6 | – | – | 7,459.6 | 0.3 | 2.0 |
Satisfactory | 543.1 | 505.9 | – | – | 1,049.0 | 2.0 | 7.4 |
Lower | 48.9 | 558.0 | – | – | 606.9 | 7.4 | 100.0 |
Impaired | – | – | 494.3 | – | 494.3 | 100.0 | 100.0 |
POCI | – | – | – | 33.4 | 33.4 | 100.0 | 100.0 |
CCFS | |||||||
Excellent | 6,204.6 | 633.1 | – | – | 6,837.7 | – | 0.3 |
Good | 2,934.3 | 653.7 | – | – | 3,588.0 | 0.3 | 2.0 |
Satisfactory | 168.2 | 213.5 | – | – | 381.7 | 2.0 | 7.4 |
Lower | 6.7 | 319.0 | – | – | 325.7 | 7.4 | 100.0 |
Impaired | – | – | 217.2 | – | 217.2 | 100.0 | 100.0 |
POCI | – | – | – | 37.5 | 37.5 | 100.0 | 100.0 |
20,576.8 | 4,537.9 | 711.5 | 70.9 | 25,897.1 |
Stage 3 | PD lower | PD upper | |||||
Stage 1 | Stage 2 | Stage 3 | (POCI) | Total | range | range | |
2022 | £m | £m | £m | £m | £m | % | % |
OSB | |||||||
Excellent | 4,136.6 | 470.6 | – | – | 4,607. 2 | – | 0.3 |
Good | 5,848.5 | 1,248.4 | – | – | 7,096.9 | 0.3 | 2.0 |
Satisfactory | 331.8 | 374.2 | – | – | 706.0 | 2.0 | 7.4 |
Lower | 29.9 | 416.5 | – | – | 446.4 | 7.4 | 100.0 |
Impaired | – | – | 349.7 | – | 349.7 | 100.0 | 100.0 |
POCI | – | – | – | 38.5 | 38.5 | 100.0 | 100.0 |
CCFS | |||||||
Excellent | 5,800.2 | 910.1 | – | – | 6,710.3 | – | 0.3 |
Good | 2,394.2 | 668.2 | – | – | 3,062.4 | 0.3 | 2.0 |
Satisfactory | 151.4 | 143.9 | – | – | 295.3 | 2.0 | 7.4 |
Lower | 29.7 | 185.2 | – | – | 214.9 | 7.4 | 100.0 |
Impaired | – | – | 156.0 | – | 156.0 | 100.0 | 100.0 |
POCI | – | – | – | 44.5 | 44.5 | 100.0 | 100.0 |
18,722.3 | 4,417.1 | 505.7 | 83.0 | 23,728.1 |
Excellent | Good | Satisfactory | Total | |
2023 | £m | £m | £m | £m |
Investment securities | 621.7 | – | – | 621.7 |
Loans and advances to credit institutions | 2,446.7 | 357.7 | 9.2 | 2,813.6 |
Derivative assets | 239.7 | 290.9 | – | 530.6 |
3,308.1 | 648.6 | 9.2 | 3,965.9 |
Excellent | Good | Satisfactory | Total | |
2022 | £m | £m | £m | £m |
Investment securities | 412.9 | – | – | 412.9 |
Loans and advances to credit institutions | 2,923.2 | 435.4 | 7.1 | 3,365.7 |
Derivative assets | 400.1 | 488.0 | – | 888.1 |
3,736.2 | 923.4 | 7.1 | 4,666.7 |
2023 | 2022 | |||
£m | % | £m | % | |
BoE | 2,325.9 | 68 | 2,869.3 | 76 |
Other banks | 487.7 | 14 | 496.4 | 13 |
Central government | 296.0 | 9 | 149.8 | 4 |
Securitisation | 325.7 | 9 | 263.1 | 7 |
Total | 3,435.3 | 100 | 3,778.6 | 100 |
2023 | 2022 | |||
£m | % | £m | % | |
United Kingdom | 3,418.0 | 99 | 3,765.7 | 100 |
India | 17.3 | 1 | 12.9 | – |
Total | 3,435.3 | 100 | 3,778.6 | 100 |
Carrying | Less than | 3 – 12 | 1 – 5 | More than | ||
amount | On demand | 3 months | months | years | 5 years | |
2023 | £m | £m | £m | £m | £m | £m |
Financial liability by type | ||||||
Amounts owed to retail depositors | 22,126.6 | 4,220.7 | 6,119.6 | 9,110.9 | 2,675.4 | – |
Amounts owed to credit institutions | 3,575.0 | – | 106.4 | 10.0 | 3,458.6 | – |
Amounts owed to other customers | 63.3 | – | 45.1 | 18.2 | – | – |
Derivative liabilities | 199.9 | – | 6.0 | 18.9 | 164.9 | 10.1 |
Debt securities in issue | 818.5 | – | – | – | 818.5 | – |
Lease liabilities | 11.2 | – | 0.4 | 1.7 | 7.9 | 1.2 |
Senior notes | 307.5 | – | 9.0 | – | 298.5 | – |
Subordinated liabilities | 259.5 | – | 10.7 | – | 248.8 | – |
PSBs | 15.2 | – | – | 15.2 | – | – |
Total liabilities | 27,376.7 | 4,220.7 | 6,297.2 | 9,174.9 | 7,672.6 | 11.3 |
Financial asset by type | ||||||
Cash in hand | 0.4 | 0.4 | – | – | – | – |
Loans and advances | ||||||
to credit institutions | 2,813.6 | 2,623.7 | 19.7 | – | 128.8 | 41.4 |
Investment securities | 621.7 | – | 101.2 | 301.7 | 218.8 | – |
Loans and advances | ||||||
to customers | 25,765.0 | – | 249.6 | 469.1 | 1,383.1 | 23,663.2 |
Derivative assets | 530.6 | – | 6.6 | 79.4 | 444.6 | – |
Total assets | 29,731.3 | 2,624.1 | 37 7.1 | 850.2 | 2,175.3 | 23,704.6 |
Cumulative liquidity gap | (1,596.6) | ( 7,516.7 ) | (15,841.4) | (21,338.7) | 2,354.6 |
Carrying | Less than | 3 – 12 | 1 – 5 | More than | ||
amount | On demand | 3 months | months | years | 5 years | |
2022 | £m | £m | £m | £m | £m | £m |
Financial liability by type | ||||||
Amounts owed to retail depositors | 19,755.8 | 6,770.7 | 2,632.4 | 7,8 07.7 | 2,545.0 | – |
Amounts owed to credit institutions | 5,092.9 | – | 191.4 | 310.3 | 4,218.9 | 372.3 |
Amounts owed to other customers | 113.1 | – | 29.7 | 76.5 | 6.9 | – |
Derivative liabilities | 106.6 | – | 7.5 | 46.3 | 43.8 | 9.0 |
Debt securities in issue | 265.9 | – | 0.3 | – | 265.6 | – |
Lease liabilities | 9.9 | – | – | – | 0.9 | 9.0 |
Subordinated liabilities | – | – | – | – | – | – |
PSBs | 15.2 | – | – | – | 15.2 | – |
Total liabilities | 25,359.4 | 6,770.7 | 2,861.3 | 8,240.8 | 7,096.3 | 390.3 |
Financial asset by type | ||||||
Cash in hand | 0.4 | 0.4 | – | – | – | – |
Loans and advances | ||||||
to credit institutions | 3,365.7 | 3,104.0 | 71.4 | – | – | 190.3 |
Investment securities | 412.9 | 0.5 | 144.8 | 22.1 | 245.5 | – |
Loans and advances | ||||||
to customers | 23,612.7 | 2.3 | 223.8 | 421.8 | 1,341.6 | 21,623.2 |
Derivative assets | 888.1 | – | 2.7 | 55.5 | 828.2 | 1.7 |
Total assets | 28,279.8 | 3,107.2 | 442.7 | 499.4 | 2,415.3 | 21,815.2 |
Cumulative liquidity gap | (3,663.5) | (6,082.1) | (13,823.5) | (18,504.5) | 2,920.4 |
Gross | ||||||
Carrying | inflow/ | Up to | 3 – 12 | 1 – 5 | More than | |
amount | outflow | 3 months | months | years | 5 years | |
2023 | £m | £m | £m | £m | £m | £m |
Financial liability by type | ||||||
Amounts owed to retail depositors | 22,126.6 | 22,453.2 | 10,385.4 | 9,313.9 | 2,753.9 | – |
Amounts owed to credit institutions | 3,575.0 | 3,888.6 | 106.4 | 122.1 | 3,660.1 | – |
Amounts owed to other customers | 63.3 | 63.3 | 45.1 | 18.2 | – | – |
Derivative liabilities | 199.9 | 195.7 | 2.3 | 4.7 | 186.1 | 2.6 |
Debt securities in issue | 818.5 | 1,048.4 | 151.5 | 103.4 | 793.5 | – |
Lease liabilities | 11.2 | 12.6 | 0.4 | 1.7 | 8.3 | 2.2 |
Senior notes | 307.5 | 414.1 | 14.3 | 14.3 | 385.5 | – |
Subordinated liabilities | 259.5 | 368.7 | 12.5 | 12.5 | 343.7 | – |
PSBs | 15.2 | 15.6 | 0.3 | 15.3 | – | – |
Total liabilities | 27,376.7 | 28,460.2 | 10,718.2 | 9,606.1 | 8,131.1 | 4.8 |
Off-balance sheet | ||||||
loan commitments | 999.4 | 999.4 | 999.4 | – | – | – |
Financial asset by type | ||||||
Cash in hand | 0.4 | 0.4 | 0.4 | – | – | – |
Loans and advances | ||||||
to credit institutions | 2,813.6 | 2,813.6 | 2,643.4 | – | 128.8 | 41.4 |
Investment securities | 621.7 | 678.9 | 106.4 | 320.0 | 252.5 | – |
Loans and advances | ||||||
to customers | 25,765.0 | 66,593.7 | 561.8 | 1,931.8 | 9,532.1 | 54,568.0 |
Derivative assets | 530.6 | 540.7 | 99.1 | 247.5 | 193.6 | 0.5 |
Total assets | 29,731.3 | 70,627.3 | 3,411.1 | 2,499.3 | 10,107.0 | 54,609.9 |
Gross | ||||||
Carrying | inflow/ | Up to | 3 – 12 | More than | ||
amount | outflow | 3 months | months | 1 – 5 years | 5 years | |
2022 | £m | £m | £m | £m | £m | £m |
Financial liability by type | ||||||
Amounts owed to retail depositors | 19,755.8 | 20,083.0 | 9,566.2 | 7,911.0 | 2,605.8 | – |
Amounts owed to credit institutions | 5,092.9 | 5,459.8 | 2 27.1 | 410.9 | 4,449.5 | 372.3 |
Amounts owed to other customers | 113.1 | 113.1 | 29.7 | 76.5 | 6.9 | – |
Derivative liabilities | 106.6 | 103.9 | 16.2 | 39.1 | 46.7 | 1.9 |
Debt securities in issue | 265.9 | 277.3 | 34.4 | 64.5 | 178.4 | – |
Lease liabilities | 9.9 | 11.4 | 0.5 | 1.5 | 8.8 | 0.6 |
Subordinated liabilities | – | – | – | – | – | – |
PSBs | 15.2 | 16.1 | 0.3 | 0.3 | 15.5 | – |
Total liabilities | 25,359.4 | 26,064.6 | 9,874.4 | 8,503.8 | 7,311.6 | 374.8 |
Off-balance sheet | ||||||
loan commitments | 1,212.2 | 1,212.2 | 1,212.2 | – | – | – |
Financial asset by type | ||||||
Cash in hand | 0.4 | 0.4 | 0.4 | – | – | – |
Loans and advances | ||||||
to credit institutions | 3,365.7 | 3,365.7 | 3,175.4 | – | – | 190.3 |
Investment securities | 412.9 | 444.3 | 148.2 | 30.2 | 265.9 | – |
Loans and advances | ||||||
to customers | 23,612.7 | 57,940.1 | 430.7 | 1,657. 2 | 8,028.9 | 47,823.3 |
Derivative assets | 888.1 | 820.5 | 76.9 | 259.4 | 484.6 | (0.4) |
Total assets | 28,279.8 | 62,571.0 | 3,831.6 | 1,946.8 | 8,779.4 | 48,013.2 |
2023 | |||||
Encumbered | Unencumbered | ||||
Pledged as | Available as | ||||
collateral | Other | collateral | Other | Total | |
£m | £m | £m | £m | £m | |
Cash in hand | – | – | 0.4 | – | 0.4 |
Loans and advances | |||||
to credit institutions | 198.6 | 101.4 | 2,256.3 | 257. 3 | 2,813.6 |
Investment securities | 27.1 | – | 594.6 | – | 621.7 |
Loans and advances | |||||
to customers | 6,934.1 | – | 17,808.8 | 1,022.1 | 25,765.0 |
Derivative assets | – | – | – | 530.6 | 530.6 |
Non-financial assets | – | – | – | (141.5) | (141.5) |
7,159.8 | 101.4 | 20,660.1 | 1,668.5 | 29,589.8 |
2022 | |||||
Encumbered | Unencumbered | ||||
Pledged as | Available as | ||||
collateral | Other | collateral | Other | Total | |
£m | £m | £m | £m | £m | |
Cash in hand | – | – | 0.4 | – | 0.4 |
Loans and advances | |||||
to credit institutions | 237.4 | 174.6 | 2,806.5 | 147.2 | 3,365.7 |
Investment securities | 46.4 | – | 366.5 | – | 412.9 |
Loans and advances | |||||
to customers | 6,705.1 | – | 16,424.5 | 483.1 | 23,612.7 |
Derivative assets | – | – | – | 888.1 | 888.1 |
Non-financial assets | – | – | – | (713.1) | (713.1) |
6,988.9 | 174.6 | 19,597.9 | 805.3 | 27,566 . 7 |
2023 | 2022 | |
£m | £m | |
Unencumbered balances with central banks | 2,256.3 | 2,806.5 |
Unencumbered cash and balances with other banks | 257.3 | 147.2 |
Other cash and cash equivalents | 0.4 | 0.4 |
Unencumbered investment securities | 594.6 | 366.5 |
3,108.6 | 3,320.6 |
2023 | 2022 | |
£m | £m | |
OSB | 2.3 | 13.5 |
CCFS | 1.8 | 1.9 |
4.1 | 15.4 |
Exposure for earnings at risk as at 31 December 2023 is measured by the impact of a +/- |
2023 | 2022 | |
£m | £m | |
OSB | 6.5 | 7.5 |
CCFS | 9.2 | 8.8 |
15.7 | 16.3 |
2023 | 2022 | |
£m | £m | |
OSB | 24.6 | 26.2 |
CCFS | 25.6 | 24.1 |
50.2 | 50.3 |
2023 | 2022 | |
£m | £m | |
OSB | 7.7 | 5.8 |
CCFS | 4.8 | 4.5 |
12.5 | 10.3 |
2023 | ||||||
Total | ||||||
Designated | Mandatorily | Amortised | carrying | |||
FVTPL | FVTPL | FVOCI | cost | amount | ||
Note | £m | £m | £m | £m | £m | |
Assets | ||||||
Cash in hand | – | – | – | 0.4 | 0.4 | |
Loans and advances | ||||||
to credit institutions | 15 | 10.7 | – | – | 2,802.9 | 2,813.6 |
Investment securities | 16 | 0.3 | – | 296.0 | 325.4 | 621.7 |
Loans and advances | ||||||
to customers | 17 | 13.7 | – | – | 25,751.3 | 25,765.0 |
Derivative assets | 22 | – | 530.6 | – | – | 530.6 |
Other assets | 24 | – | – | – | 11.9 | 11.9 |
24.7 | 530.6 | 296.0 | 28,891.9 | 29,743.2 |
2023 | ||||||
Total | ||||||
Designated | Mandatorily | Amortised | carrying | |||
FVTPL | FVTPL | FVOCI | cost | amount | ||
£m | £m | £m | £m | £m | ||
Liabilities | ||||||
Amounts owed to retail depositors | 29 | – | – | – | 22,126.6 | 22,126.6 |
Amounts owed to credit institutions | 28 | – | – | – | 3,575.0 | 3,575.0 |
Amounts owed to other customers | 30 | – | – | – | 63.3 | 63.3 |
Debt securities in issue | 31 | – | – | – | 818.5 | 818.5 |
Derivative liabilities | 22 | – | 199.9 | – | – | 199.9 |
Other liabilities | 33 | – | – | – | 39.2 | 39.2 |
Senior notes | 36 | – | – | – | 307.5 | 307.5 |
Subordinated liabilities | 37 | – | – | – | 259.5 | 259.5 |
PSBs | 38 | – | – | – | 15.2 | 15.2 |
– | 199.9 | – | 27,204.8 | 27,404.7 |
2022 | ||||||
Total | ||||||
Designated | Mandatorily | Amortised | carrying | |||
FVTPL | FVTPL | FVOCI | cost | amount | ||
Note | £m | £m | £m | £m | £m | |
Assets | ||||||
Cash in hand | – | – | – | 0.4 | 0.4 | |
Loans and advances | ||||||
to credit institutions | 15 | – | – | – | 3,365.7 | 3,365.7 |
Investment securities | 16 | 0.5 | – | 149.8 | 262.6 | 412.9 |
Loans and advances | ||||||
to customers | 17 | 14.6 | – | – | 23,598.1 | 23,612.7 |
Derivative assets | 22 | – | 888.1 | – | – | 888.1 |
Other assets | 24 | – | – | – | 1.8 | 1.8 |
15.1 | 888.1 | 149.8 | 2 7,228.6 | 28,281.6 | ||
Liabilities | ||||||
Amounts owed to retail depositors | 29 | – | – | – | 19,755.8 | 19,755.8 |
Amounts owed to credit institutions | 28 | – | – | – | 5,092.9 | 5,092.9 |
Amounts owed to other customers | 30 | – | – | – | 113.1 | 113.1 |
Debt securities in issue | 31 | – | – | – | 265.9 | 265.9 |
Derivative liabilities | 22 | – | 106.6 | – | – | 106.6 |
Other liabilities | 33 | – | – | – | 38.1 | 38.1 |
Subordinated liabilities | 37 | – | – | – | – | – |
PSBs | 38 | – | – | – | 15.2 | 15.2 |
– | 106.6 | – | 25,281.0 | 25,387.6 |
2023 | 2022 | |||
Carrying | Estimated | Carrying | Estimated | |
value | fair value | value | fair value | |
£m | £m | £m | £m | |
Assets | ||||
Cash in hand | 0.4 | 0.4 | 0.4 | 0.4 |
Loans and advances | ||||
to credit institutions | 2,802.9 | 2,802.9 | 3,365.7 | 3,365.7 |
Investment securities | 325.4 | 325.2 | 262.6 | 260.5 |
Loans and advances | ||||
to customers | 25,751.3 | 24,900.0 | 23,598.1 | 22,746.0 |
Other assets | 11.9 | 11.9 | 1.8 | 1.8 |
28,891.9 | 28,040.4 | 2 7, 228.6 | 26,374.4 | |
Liabilities | ||||
Amounts owed to retail depositors | 22,126.6 | 22,125.4 | 19,755.8 | 19,693.0 |
Amounts owed to credit institutions | 3,575.0 | 3,575.0 | 5,092.9 | 5,092.9 |
Amounts owed to other customers | 63.3 | 63.3 | 113.1 | 113.1 |
Debt securities in issue | 818.5 | 818.5 | 265.9 | 265.9 |
Other liabilities | 39.2 | 39.2 | 38.1 | 38.1 |
Senior notes | 307.5 | 309.1 | – | – |
Subordinated liabilities | 259.5 | 246.0 | – | – |
PSBs | 15.2 | 14.4 | 15.2 | 14.0 |
27,204.8 | 27,190.9 | 25,281.0 | 25,217.0 |
Carrying | Principal | |||||
amount | amount | Level 1 | Level 2 | Level 3 | Total | |
2023 | £m | £m | £m | £m | £m | £m |
Financial assets | ||||||
Loans and advances | ||||||
to credit institutions | 10.7 | 10.1 | – | 10.7 | – | 10.7 |
Investment securities | 296.3 | 300.3 | 296.0 | – | 0.3 | 296.3 |
Loans and advances | ||||||
to customers | 13.7 | 16.3 | – | – | 13.7 | 13.7 |
Derivative assets | 530.6 | 17,568.6 | – | 530.6 | – | 530.6 |
851.3 | 17,895. 3 | 296.0 | 541.3 | 14.0 | 851.3 | |
Financial liabilities | ||||||
Derivative liabilities | 199.9 | 8,913.6 | – | 199.9 | – | 199.9 |
Carrying | Principal | |||||
amount | amount | Level 1 | Level 2 | Level 3 | Total | |
2022 | £m | £m | £m | £m | £m | £m |
Financial assets | ||||||
Investment securities | 150.3 | 150.5 | 149.8 | – | 0.5 | 150.3 |
Loans and advances | ||||||
to customers | 14.6 | 17.7 | – | – | 14.6 | 14.6 |
Derivative assets | 888.1 | 15,662.6 | – | 888.1 | – | 888.1 |
1,053.0 | 15,830.8 | 149.8 | 888.1 | 15.1 | 1,053.0 | |
Financial liabilities | ||||||
Derivative liabilities | 106.6 | 9,518.0 | – | 106.6 | – | 106.6 |
Carrying | Principal | Estimated fair value | ||||
amount | amount | Level 1 | Level 2 | Level 3 | Total | |
2023 | £m | £m | £m | £m | £m | £m |
Financial assets | ||||||
Cash in hand | 0.4 | 0.4 | – | 0.4 | – | 0.4 |
Loans and advances | ||||||
to credit institutions | 2,802.9 | 2,785.8 | – | 2,802.9 | – | 2,802.9 |
Investment securities | 325.4 | 323.7 | – | 325.2 | – | 325.2 |
Loans and advances | ||||||
to customers | 25,751.3 | 25,928.2 | – | 2,112.9 | 22 ,787.1 | 24,900.0 |
Other assets | 11.9 | 11.9 | – | 11.9 | – | 11.9 |
28,891.9 | 29,050.0 | – | 5,253.3 | 22,787.1 | 28,040.4 | |
Financial liabilities | ||||||
Amounts owed to retail depositors | 22,126.6 | 21,766.3 | – | 5,786.2 | 16,339.2 | 22,125.4 |
Amounts owed to credit institutions | 3,575.0 | 3,524.8 | – | 3,575.0 | – | 3,575.0 |
Amounts owed to other customers | 63.3 | 61.6 | – | – | 63.3 | 63.3 |
Debt securities in issue | 818.5 | 818.2 | – | 818.5 | – | 818.5 |
Other liabilities | 39.2 | 39.2 | – | 39.2 | – | 39.2 |
Senior notes | 307.5 | 300.0 | – | 309.1 | – | 309.1 |
Subordinated liabilities | 259.5 | 250.0 | – | 246.0 | – | 246.0 |
PSBs | 15.2 | 15.0 | – | 14.4 | – | 14.4 |
27, 204.8 | 26,775.1 | – | 10,788.4 | 16,402.5 | 27,190.9 |
Estimated fair value | ||||||
Carrying | Principal | |||||
amount | amount | Level 1 | Level 2 | Level 3 | Total | |
2022 | £m | £m | £m | £m | £m | £m |
Financial assets | ||||||
Cash in hand | 0.4 | 0.4 | – | 0.4 | – | 0.4 |
Loans and advances | ||||||
to credit institutions | 3,365.7 | 3,360.9 | – | 3,365.7 | – | 3,365.7 |
Investment securities | 262.6 | 262.1 | – | 260.5 | – | 260.5 |
Loans and advances | ||||||
to customers | 23,598.1 | 23,646.2 | – | 2,515.0 | 20,231.0 | 22,746.0 |
Other assets | 1.8 | 1.8 | – | 1.8 | – | 1.8 |
27, 228.6 | 27,271.4 | – | 6,143.4 | 20,231.0 | 26,374.4 | |
Financial liabilities | ||||||
Amounts owed to retail depositors | 19,755.8 | 19,620.8 | – | 5,770.3 | 13,922.7 | 19,693.0 |
Amounts owed to credit institutions | 5,092.9 | 5,057.8 | – | 5,092.9 | – | 5,092.9 |
Amounts owed to other customers | 113.1 | 112.1 | – | – | 113.1 | 113.1 |
Debt securities in issue | 265.9 | 265.4 | – | 265.9 | – | 265.9 |
Other liabilities | 38.1 | 38.1 | – | 38.1 | – | 38.1 |
Subordinated liabilities | – | – | – | – | – | – |
PSBs | 15.2 | 15.0 | 14.0 | – | – | 14.0 |
25,281.0 | 25,109.2 | 14.0 | 11,167. 2 | 14,035.8 | 25, 217.0 |
OSB | CCFS | Combination | Total | |
2023 | £m | £m | £m | £m |
Balances at the reporting date | ||||
Gross loans and advances | ||||
to customers | 14,509.3 | 11,377.2 | 24.3 | 25,910.8 |
Expected credit losses | (111.1) | (35.8) | 1.1 | (145.8) |
Loans and advances to customers | 14,398.2 | 11,341.4 | 25.4 | 25,765.0 |
Capital expenditure | 25.6 | 0.2 | – | 25.8 |
Depreciation and amortisation | 6.9 | 3.3 | 1.7 | 11.9 |
Profit or loss for the year | ||||
Net interest income/(expense) | 473.8 | 240.9 | (56.1) | 658.6 |
Other (expense)/income | (3.1) | (3.8) | 6.4 | (0.5) |
Total income/(expense) | 470.7 | 237.1 | (49.7) | 658.1 |
Impairment of financial assets | (41.6) | (6.9) | (0.3) | (48.8) |
Contribution to profit | 429.1 | 230.2 | (50.0) | 609.3 |
Administrative expenses | (132.5) | (100.4) | (1.7) | (234.6) |
Provisions | (0.3) | (0.1) | – | (0.4) |
Profit/(loss) before taxation | 296.3 | 129.7 | (51.7) | 374.3 |
Taxation | (75.6) | (30.7) | 14.6 | (91.7) |
Profit/(loss) for the year | 220.7 | 99.0 | (37.1) | 282.6 |
OSB | CCFS | Combination | Total | |
2022 | £m | £m | £m | £m |
Balances at the reporting date | ||||
Gross loans and advances | ||||
to customers | 13,244.7 | 10,416.3 | 81.7 | 23,742.7 |
Expected credit losses | (103.2) | (28.0) | 1.2 | (130.0) |
Loans and advances to customers | 13,141.5 | 10,388.3 | 82.9 | 23,612.7 |
Capital expenditure | 7.6 | 0.7 | – | 8.3 |
Depreciation and amortisation | 6.2 | 3.4 | 3.8 | 13.4 |
Profit or loss for the year | ||||
Net interest income/(expense) | 460.7 | 308.4 | (59.2) | 709.9 |
Other income | 8.9 | 46.2 | 10.4 | 65.5 |
Total income/(expense) | 469.6 | 354.6 | (48.8) | 775.4 |
Impairment of financial assets | (22.3) | (8.4) | 0.9 | (29.8) |
Contribution to profit | 447.3 | 346.2 | (47.9) | 745.6 |
Administrative expenses | (130.9) | (73.1) | (3.8) | (207.8) |
Provisions | 1.6 | – | – | 1.6 |
Integration costs | (6.8) | (1.1) | – | ( 7.9) |
Profit/(loss) before taxation | 311.2 | 272.0 | (51.7) | 531.5 |
Taxation | (70.1) | (70.2) | 18.8 | (121.5) |
Profit/(loss) for the year | 241.1 | 201.8 | (32.9) | 410.0 |
Jurisdiction | Country | Name | Activities |
UK | England | OSB GROUP PLC | Holding company |
OneSavings Bank plc | Mortgage lending and deposit | ||
taking | |||
5D Finance Limited | Mortgage servicer and provider | ||
Broadlands Finance Limited | Mortgage administration services | ||
Charter Court Financial | Intermediate holding company | ||
Services Group Plc | |||
Charter Court Financial | Mortgage lending and deposit | ||
Services Limited | taking | ||
Charter Mortgages Limited | Mortgage administration and | ||
analytical services | |||
Easioption Limited | Intermediate holding company | ||
Exact Mortgage Experts Limited | Group service company | ||
Guernsey Home Loans Limited | Mortgage provider | ||
Heritable Development | Mortgage originator and servicer | ||
Finance Limited | |||
Inter Bay Financial I Limited | Intermediate holding company | ||
InterBay Asset Finance Limited | Asset finance and mortgage | ||
provider | |||
Interbay Funding, Ltd | Mortgage servicer | ||
Interbay ML, Ltd | Mortgage provider | ||
Jersey Home Loans Limited | Mortgage provider | ||
Prestige Finance Limited | Mortgage originator and servicer | ||
Reliance Property Loans Limited | Mortgage provider | ||
Rochester Mortgages Limited | Mortgage provider | ||
Guernsey | Guernsey Home Loans Limited | Mortgage provider | |
Jersey | Jersey Home Loans Limited | Mortgage provider |
Jurisdiction | Country | Name | Activities |
UK | England | Canterbury Finance No. 2 plc | |
Canterbury Finance No. 3 plc | |||
Canterbury Finance No. 4 plc | |||
Canterbury Finance No. 5 plc | Special purpose vehicle | ||
CMF 2020-1 plc | |||
CMF 2023-1 plc | |||
Keys Warehouse No.1 Limited | |||
UK | England | WSE Bourton Road Limited | Land lease investment |
India | India | OSB India Private Limited | Back office processing |
2023 | UK | India | Consolidation | Total |
Average number of employees | 1,461 | 811 | – | 2,272 |
Turnover 1 , £m | 657.3 | 18.7 | (17.9) | 658.1 |
Profit/(loss) before tax, £m | 373.5 | 3.1 | (2.3) | 374.3 |
Corporation tax paid, £m | 102.8 | 0.8 | – | 103.6 |
2022 | UK | India | Consolidation | Total |
Average number of employees | 1,274 | 622 | – | 1,896 |
Turnover 1 , £m | 775.1 | 13.6 | (13.3) | 775.4 |
Profit/(loss) before tax, £m | 531.2 | 2.2 | (1.9) | 531.5 |
Corporation tax paid, £m | 142.0 | 0.5 | – | 142.5 |
UK | India | Total | |
2023 | £m | £m | £m |
Tax charge | 90.9 | 0.8 | 91.7 |
Effects of: | |||
Other timing differences | 13.6 | – | 13.6 |
Tax outside of profit or loss | (0.5) | – | (0.5) |
Prior year tax included within tax charge | 0.4 | – | 0.4 |
Tax in relation to future periods prepaid | (1.6) | – | (1.6) |
Tax paid | 102.8 | 0.8 | 103.6 |
UK | India | Total | |
2022 | £m | £m | £m |
Tax charge | 121.0 | 0.5 | 121.5 |
Effects of: | |||
Other timing differences | 19.0 | – | 19.0 |
Tax outside of profit or loss | (0.9) | – | (0.9) |
Prior year tax paid during the year | 1.0 | – | 1.0 |
Prior year tax included within tax charge | 0.9 | – | 0.9 |
Tax in relation to future periods prepaid | 1.0 | – | 1.0 |
Tax paid | 142.0 | 0.5 | 142.5 |
2023 | 2022 | |
£m | £m | |
Adjustments for non-cash and other items: | ||
Depreciation and amortisation | 11.9 | 13.4 |
Interest on investment securities | (23.6) | (6.8) |
Interest on subordinated liabilities | 17.1 | 1.1 |
Interest on PSBs | 0.7 | 0.7 |
Interest on securitised debt | 21.5 | 7.7 |
Interest on senior notes | 9.1 | – |
Interest on financing debt | 197.3 | 68.7 |
Impairment charge on loans | 48.8 | 29.8 |
Administrative expenses | 0.8 | 1.3 |
Provisions | 0.4 | (1.6) |
Interest on lease liabilities | – | 0.2 |
Fair value losses/(gains) on financial instruments | 4.4 | (58.9) |
Share-based payments | 5.6 | 8.1 |
Total adjustments for non-cash and other items | 294.0 | 63.7 |
Changes in operating assets and liabilities: | ||
Decrease/(increase) in loans and advances to credit institutions | 112.5 | (204.6) |
Increase in loans and advances to customers | (2,200.5) | (2,563.1) |
Increase in amounts owed to retail depositors | 2,370.8 | 2,229.4 |
(Decrease)/increase in cash collateral and margin received | (336.9) | 434.3 |
Net increase in other assets | (12.6) | (4.7) |
Net (decrease)/increase in derivatives and hedged items | (23.2) | 59.1 |
Net (decrease)/increase in amounts owed to other customers | (49.8) | 16.6 |
Net increase in other liabilities | 0.9 | 9.1 |
Exchange differences on working capital | (0.7) | (0.3) |
Total changes in operating assets and liabilities | (139.5) | (24.2) |
2023 | 2022 | |
£’000 | £’000 | |
Short-term employee benefits | 4,451 | 4,000 |
Post-employment benefits | 62 | 62 |
Share-based payments | 1,291 | 2,667 |
5,804 | 6,729 |
(Unaudited) | (Unaudited) | |
2023 | 2022 | |
£m | £m | |
CET1 capital | ||
Called up share capital | 3.9 | 4.3 |
Share premium, capital contribution | ||
and share-based payment reserve | 18.0 | 15.6 |
Retained earnings | 3,330.2 | 3,389.4 |
Transfer reserve | (1,354.7) | (1,355.1) |
Other reserves | (2.9) | (3.2) |
Total equity attributable to ordinary shareholders | 1,994.5 | 2,051.0 |
Foreseeable dividends | (85.7) | (144.0) |
IFRS 9 transitional adjustment | – | 1.4 |
COVID-19 ECL transitional adjustment | 23.8 | 25.9 |
Deductions from CET1 capital | ||
Prudent valuation adjustment | (0.5) | (1.0) |
Intangible assets | (26.1) | (12.0) |
Deferred tax asset | (0.3) | (0.6) |
CET1 capital | 1,905.7 | 1,920.7 |
(Unaudited) | (Unaudited) | |
2023 | 2022 | |
£m | £m | |
AT1 capital | ||
AT1 securities | 150.0 | 150.0 |
Total Tier 1 capital | 2,055.7 | 2,070.7 |
Tier 2 capital | ||
Tier 2 securities | 250.0 | – |
Total Tier 2 capital | 250.0 | – |
Total regulatory capital | 2,305.7 | 2,070.7 |
Risk-weighted assets (unaudited) | 11,845.6 | 10,494.7 |
(Unaudited) | (Unaudited) | |
2023 | 2022 | |
£m | £m | |
At 1 January | 1,920.7 | 1,781.7 |
Movement in retained earnings | (59.2) | 174.3 |
Share premium from Sharesave Scheme vesting | 1.4 | 1.7 |
Movement in other reserves | 1.3 | 0.6 |
Movement in foreseeable dividends | 58.3 | (49.3) |
IFRS 9 transitional adjustment | (1.4) | (1.5) |
COVID-19 ECL transitional adjustment | (2.1) | 6.9 |
Movement in prudent valuation adjustment | 0.5 | – |
Net (increase)/decrease in intangible assets | (14.1) | 6.4 |
Movement in deferred tax asset for carried forward losses | 0.3 | (0.1) |
At 31 December | 1,905.7 | 1,920.7 |
(Unaudited) | (Unaudited) | |
2023 | 2022 | |
£m | £m | |
Total regulatory capital | 2,305.7 | 2,070.7 |
Eligible liabilities | 300.0 | – |
Total own funds and eligible liabilities | 2,605.7 | 2,070.7 |
Intercompany | ||
Investment in | loans (payable)/ | |
subsidiaries | receivable | |
£m | £m | |
At 1 January 2022 | 1,582.6 | (0.6) |
Additions | 8.1 | (2.1) |
Repayments | – | 1.9 |
At 31 December 2022 | 1,590.7 | (0.8) |
Additions | 4.3 | 571.3 |
Repayments | – | (5.4) |
At 31 December 2023 | 1,595.0 | 565.1 |
Direct investments | Activity | Registered office | Ownership |
OneSavings Bank plc | Mortgage lending | Reliance House | 100% |
and deposit taking | |||
Indirect investments | Activity | Registered office | Ownership |
5D Finance Limited | Mortgage servicer and provider | Reliance House | 100% |
Broadlands Finance Limited | Mortgage administration services | Charter Court | 100% |
Canterbury Finance No.2 plc | Special purpose vehicle | Churchill Place | – |
Canterbury Finance No.3 plc | Special purpose vehicle | Churchill Place | – |
Canterbury Finance No.4 plc | Special purpose vehicle | Churchill Place | – |
Canterbury Finance No.5 plc | Special purpose vehicle | Churchill Place | – |
Keys Warehouse No.1 Limited | Special purpose vehicle | Churchill Place | – |
Charter Court Financial | Holding company | Charter Court | 100% |
Services Group Plc | |||
Charter Court Financial | Mortgage lending | Charter Court | 100% |
Services Limited | and deposit taking | ||
Charter Mortgages Limited | Mortgage administration | Charter Court | 100% |
and analytical services | |||
CMF 2020-1 plc | Special purpose vehicle | Churchill Place | – |
CMF 2023-1 plc | Special purpose vehicle | Churchill Place | – |
Indirect investments | Activity | Registered office | Ownership |
Easioption Limited | Holding company | Reliance House | 100% |
Exact Mortgage Experts | Group service company | Charter Court | 100% |
Limited | |||
Guernsey Home Loans | Mortgage provider | Reliance House | 100% |
Limited | |||
Guernsey Home Loans | Mortgage provider | Guernsey | 100% |
Limited (Guernsey) | |||
Heritable Development | Mortgage originator | Reliance House | 100% |
Finance Limited | and servicer | ||
Inter Bay Financial I Limited | Holding company | Reliance House | 100% |
InterBay Asset Finance | Asset finance and | Reliance House | 100% |
Limited | mortgage provider | ||
Interbay Funding, Ltd | Mortgage servicer | Reliance House | 100% |
Interbay ML, Ltd | Mortgage provider | Reliance House | 100% |
Jersey Home Loans Limited | Mortgage provider | Reliance House | 100% |
Jersey Home Loans Limited | Mortgage provider | Jersey | 100% |
(Jersey) | |||
OSB India Private Limited | Back office processing | India | 100% |
Prestige Finance Limited | Mortgage originator | Reliance House | 100% |
and servicer | |||
Reliance Property Loans | Mortgage provider | Reliance House | 100% |
Limited | |||
Rochester Mortgages Limited | Mortgage provider | Reliance House | 100% |
WSE Bourton Road Limited | Land lease investment | OSB House | 100% |
Direct investments | Activity | Registered office | Ownership |
OneSavings Bank plc | Mortgage lending | Reliance House | 100% |
and deposit taking | |||
Indirect investments | Activity | Registered office | Ownership |
5D Finance Limited | Mortgage servicer | Reliance House | 100% |
Broadlands Finance Limited | Mortgage administration | Charter Court | 100% |
services | |||
Canterbury Finance No.2 plc | Special purpose vehicle | Churchill Place | – |
Canterbury Finance No.3 plc | Special purpose vehicle | Churchill Place | – |
Canterbury Finance No.4 plc | Special purpose vehicle | Churchill Place | – |
Canterbury Finance No.5 plc | Special purpose vehicle | Churchill Place | – |
Charter Court Financial | Holding company | Charter Court | 100% |
Services Group Plc | |||
Charter Court Financial | Mortgage lending | Charter Court | 100% |
Services Limited | and deposit taking | ||
Charter Mortgages Limited | Mortgage administration | Charter Court | 100% |
and analytical services | |||
CMF 2020-1 plc | Special purpose vehicle | Churchill Place | – |
Easioption Limited | Holding company | Reliance House | 100% |
Exact Mortgage Experts | Group service company | Charter Court | 100% |
Limited | |||
Guernsey Home Loans Limited | Mortgage provider | Reliance House | 100% |
Guernsey Home Loans Limited | Mortgage provider | Guernsey | 100% |
(Guernsey) | |||
Heritable Development | Mortgage originator | Reliance House | 100% |
Finance Limited | and servicer | ||
Inter Bay Financial I Limited | Holding company | Reliance House | 100% |
Inter Bay Financial II Limited | Holding company | Reliance House | 100% |
InterBay Asset Finance Limited | Asset finance and | Reliance House | 100% |
mortgage provider |
Indirect investments | Activity | Registered office | Ownership |
Interbay Funding, Ltd | Mortgage servicer | Reliance House | 100% |
Interbay Group Holdings | Holding company | Reliance House | 100% |
Limited | |||
Interbay Holdings Ltd | Holding company | Reliance House | 100% |
Interbay ML, Ltd | Mortgage provider | Reliance House | 100% |
Jersey Home Loans Limited | Mortgage provider | Reliance House | 100% |
Jersey Home Loans Limited | Mortgage provider | Jersey | 100% |
(Jersey) | |||
OSB India Private Limited | Back office processing | India | 100% |
Prestige Finance Limited | Mortgage originator | Reliance House | 100% |
and servicer | |||
Reliance Property Loans | Mortgage provider | Reliance House | 100% |
Limited | |||
WSE Bourton Road Limited | Land lease investment | OSB House | 100% |
Rochester Mortgages Limited | Mortgage provider | Reliance House | 100% |
2023 | 2022 | |
£m | £m | |
Fixed rate: | ||
Senior notes 2028 (9.5%) | 307.5 | – |