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General information
The Company is a public limited company incorporated and domiciled in the UK. The address of its
registered office is Fairburn House, 5 Godwin Street, Bradford, England BD1 2AH. The Company is
listed on the London Stock Exchange.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "General information The Company is a public limited company incorporated and domiciled in the UK. The address of its registered office is Fairburn House, 5 Godwin Street, Bradford, England BD1 2AH. The Company is listed on the London Stock Exchange. Basis of preparation The financial statements of the Group and Company are prepared in accordance with International Accounting Standards and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and adopted by the UK; and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of derivative financial instruments and investments held at fair value through profit and loss. In assessing whether the Group is a going concern, the directors\u2019 review has been made on the basis that the Group continues to operate for the 12 months from the date of the approval of the financial statements. The directors considered the appropriateness of the going concern basis, the period of assessment, any reporting requirements, and solvency and liquidity risks, and included a variety of factors \u2013 forecasts and budgets, timing of cash flows and funding, the Group\u2019s primary market and any contingent liabilities. When considering the appropriateness of going concern, the directors have also considered the Group\u2019s ability to meet its regulatory requirements (both capital and liquidity) at all times and not just a positive net asset measure. The assessment of going concern for the Group for the purposes of the Annual Report and financial statements considered the following factors: 5 The Group\u2019s corporate plan as approved in January 2026, which sets out financial, capital, liquidity and funding projections, together with an overview of relevant risks. 5 The principal and emerging risks, which could impact the performance of the Group, with a focus on capital and liquidity. 5 The severe but plausible downside scenario, which is designed to assess the potential impact of certain underlying risks on the Group\u2019s capital and funding resources, together with the availability and effectiveness of mitigating actions. 5 Reverse stress testing analysis, which is designed to assess the point at which the Group is no longer a going concern. Having considered the Group\u2019s forecasts, the regulatory capital and liquidity of the Group and the regulatory outlook, the directors have a reasonable expectation that the Group will continue as a going concern for a period of at least 12 months from the date of approving these financial statements. Accordingly, the financial statements of the Group have been prepared on the going concern basis. Change in accounting policies Group principal accounting policies under IFRS have been consistently applied to all the years presented, except where set out below.
Exceptional items
The Group has transitioned to reporting solely on a statutory basis, removing adjustments for
goodwill write-offs, transformation and other exceptional costs, and amortisation of acquisition
intangibles. This follows actions taken in 2024 that resulted in a cleaner, lower-risk balance sheet and
improved transparency at both Group and product levels. Adjusted performance is now expected to
closely align with statutory results. The accounting policy for exceptional items is therefore no longer
in place. As this is a change in accounting policy, the comparatives have been represented; however,
there is no impact on recognition, measurement or total profit and loss in any period presented in this
report. The change reflects a change in presentation of the income statement and associated metrics.
Representation of items
Discontinued operations
The Group sold its loan portfolio in 1H25. In accordance with IFRS 5 Non-current Assets Held for Sale
and Discontinued Operations, this business segment is now presented as discontinued operations.
See note 2.
Segmental reporting
Following the sale of the Personal Loans business, the Group now comprises four segments: the three
core lending products \u2013 Credit Cards, Vehicle Finance, and Second Charge Mortgages \u2013 and the
Corporate Centre. The Corporate Centre includes the residual performance of the Retail Savings
business, Treasury results after product allocations, Snoop, and other immaterial or central items.
As a result, all previous periods have been represented onto a consistent basis. These changes do not
constitute a change in accounting policy and there is no impact on recognition, measurement or profit
and loss in any period presented in this report. See note 1.
Cash flow statement
The Group and Company cash flow statements have been restated. Refer to note 35 for details.
The impact of new standards not yet effective and not adopted by the
Group from 1 January 2026
IFRS 18 Presentation and Disclosures in Financial Statements
IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and
complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to
IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings
per Share.
IFRS 18 introduces new requirements to: 5 present specified categories and defined subtotals in the statement of profit or loss; 5 provide disclosures on Management-Defined Performance Measures (MPMs) in the notes to the financial statements; and 5 improve aggregation and disaggregation. An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions. The Group\u2019s assessment is ongoing and anticipates that the application of these amendments may have an impact on the presentation of its consolidated financial statements in future periods. There are no other new standards not yet effective and not adopted by the Group from 1 January 2026 that are expected to have a material impact on the Group. Basis of consolidation The consolidated income statement, consolidated statement of comprehensive income, consolidated statement of financial position, statement of changes in shareholders\u2019 equity, statement of cash flows and notes to the financial statements include the financial statements of the Company and all of its subsidiary undertakings drawn up from the date control passes to the Group until the date control ceases. Control is achieved when the Group: 5 has power over the investee; 5 is exposed, or has rights, to variable returns from its involvement with the investee; and 5 has the ability to use its power to affect returns. All intra-group transactions and balances and unrealised gains on transactions between Group companies are eliminated on consolidation. The accounting policies of subsidiaries are consistent with the accounting policies of the Group. A full list of the Group\u2019s subsidiaries is set out in note 37, together with further information on the basis on which they are considered to be controlled by the Company. Interest income Interest income is earned from Credit Cards, Vehicle Finance and Second Charge Mortgages products. It also includes interest received from Vanquis Bank Limited\u2019s liquid asset buffer, interest on gilts, interest on balances held in the Bank of England central reserve account, net fair value gains recognised in relation to the Group\u2019s derivative financial instruments, and other minor interest income.
Interest is calculated on Credit Card advances to customers and Second Charge Mortgages
balances using the effective interest rate on the daily balance outstanding.
Within Vehicle Finance, interest income is recognised in line with IFRS 16. Refer to Leases accounting
policy for details value.
Interest income is recognised on the gross receivable when accounts are in IFRS 9 Stages 1 and 2 and
on the net receivable for accounts in Stage 3.
Directly attributable acquisition costs are capitalised as part of receivables and amortised over the
life of the loan as a deduction to interest income.
Group interest income excludes intra-group transactions.
Company interest income includes intra-group transactions.
Interest expense
Interest expense principally comprises the interest on retail deposits, senior and public bonds,
securitisations and lease liability interest. For the Company, it also includes intra-group loan
arrangements, and is recognised on an effective interest rate basis.
Fee and commission income
Fee and commission income is earned from Credit Cards and is recognised at the time the charges
are made to customers on the basis that the performance obligation is complete.
Group fee income excludes intra-group transactions.
Dividend income
Dividend income is recognised in the income statement when the Company\u2019s right to receive payment
is established.
Goodwill
All acquisitions are accounted for using the purchase method of accounting.
Goodwill is an intangible asset and is measured as the excess of the fair value of the consideration
over the fair value of the acquired identifiable assets, liabilities and contingent liabilities at the date
of acquisition. Gains and losses on the disposal of a subsidiary include the carrying amount of
goodwill relating to the subsidiary sold.
Goodwill is allocated to cash-generating units for the purposes of impairment testing. The allocation
is made to those cash-generating units or groups of cash-generating units that are expected to
benefit from the business combination in which the goodwill arose.
Investments in subsidiaries The Company\u2019s investments in subsidiaries are stated at cost less provisions for impairment where required. Impairment provisions reflect the shortfall between the carrying value of the investment with the higher of: (i) fair value less costs to sell; and (ii) value in use of the subsidiary. Employee benefit trust The employee benefit trust (EBT) has been set up to hold shares in the Company in conjunction with the Group\u2019s employee share ownership arrangements, the assets, liabilities and transactions of the trust are accounted for within the accounts of the Company. Shares in Vanquis Banking Group plc held by the trustee of the Group\u2019s EBT are shown on the balance sheet as a deduction in arriving at total equity. Own shares are stated at cost . Leases The Group and Company as a lessee The Group and Company assess whether a contract contains a lease at inception of a contract. A right of use asset and a corresponding liability are recognised with respect to all lease arrangements where it is a lessee, except for short-term leases (leases with a lease term of 12 months or less) and leases of low-value assets (less than \u00a35,000). For these leases, the lease payment is recognised within operating expenses on a straight-line basis over the lease term. The lease liability is initially measured at the present value of the lease payments at the commencement date, discounted using the rate implicit in the lease. This rate could not be readily determined; therefore, the incremental borrowing rate has been used. This is defined as the rate of interest that the lessee would have to pay to borrow, over a similar term and with similar security, the funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic environment. For Vanquis Bank Limited, this would represent an average retail deposit rate; for all other companies this would be based on the assessment of their funding rate at the time. The lease payments included in the measurement of the lease liability comprise: 5 fixed lease payments; 5 variable lease payments; and 5 payment of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease, using the effective interest rate method, and reducing the carrying amount to reflect the lease payments made. The lease liability is remeasured whenever: 5 the lease term has changed, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; 5 the lease payments change due to changes in an index or rate, in which case the lease liability is remeasured by discounting the revised lease payments using the initial discount rate; and 5 the lease contract is modified and the modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right of use asset comprises the initial measurement of the corresponding lease liability and is subsequently measured at cost less accumulated depreciation and impairment losses. Right of use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The lease liability and right of use asset are presented as separate line items on the balance sheet. The interest on the lease and depreciation are charged to the income statement and presented within interest expense and operating costs respectively. The Group and Company as a lessor Vehicle Finance is considered a lessor for its Conditional Sale Agreements to customers. Finance lease income is presented within interest income. It is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases. Finance lease income is calculated with reference to the gross carrying amount of the lease receivables, except for credit-impaired financial assets for which interest income is calculated with reference to their amortised cost (i.e. after a deduction of the loss allowance). Refer to the accounting policy for the amounts receivable from customers for further detail. The Group sub-leases a portion of its office space and accounts for it as a finance lease. Other intangible assets Other intangible assets include acquisition intangibles in respect of the technology and brand of Snoop, standalone computer software and development costs of intangible assets across the Group. The fair value of Snoop\u2019s technology was estimated using multi-period excess earnings methodology. The fair value of Snoop\u2019s brand valuation was estimated using an income approach based on the Relief from Royalties Methodology. The estimated useful life of the technology was deemed to be nine years and of the brand was deemed to be five years. The assets are being amortised on a straight- line basis over their useful life. Computer software and computer software development assets represent the costs incurred to acquire or develop software and bring it into use. Directly attributable costs incurred in the development of software are capitalised as an intangible asset if the software will generate future economic benefits. Directly attributable costs include the cost of software development employees and an appropriate portion of relevant directly attributable overheads. Computer software and computer software development costs are amortised on a straight-line basis over their estimated useful economic life, which is generally estimated to be between three and 10 years. The residual values and economic lives of intangible assets are reviewed by management at each balance sheet date Other intangible assets are valued at cost less subsequent amortisation and impairment. Amortisation and impairment are charged to the income statement as part of operating costs. An impairment loss is recognised for the amount by which the asset\u2019s carrying value exceeds the higher of the asset\u2019s value in use and its fair value less costs to sell. Amounts receivable from customers Customer receivables under IFRS 9 are initially recognised at fair value, which represents the amount advanced to the customer plus directly attributable issue costs less an impairment provision for expected losses. The receivables are originated under a business model that intends to collect the contractual cash flows and includes only elements of principal and interest, so are subsequently measured at amortised cost less impairment provisions. The impairment provision recognised is based on the Probability of Default (PD), the Loss Given Default (LGD) and the Exposure at Default (EAD). IFRS 9 requires a three-stage ECL approach for measuring impairment: 5 Stage 1 \u2013 a 12-month ECL allowance is recognised where there is no significant increase in credit risk (SICR) since initial recognition. 5 Stage 2 \u2013 a lifetime ECL allowance is recognised for receivables where a SICR is identified since initial recognition. 5 Stage 3 \u2013 requires objective evidence that the receivable is credit impaired, at which point a lifetime ECL allowance is recognised. On initial recognition, all accounts are recognised in IFRS 9 Stage 1. The account moves to Stage 2 when a SICR becomes evident, such as a missed payment or a significant increase in PD but has not defaulted. In the absence of other factors indicating SICR, this will occur at 30 days past due. An account moves to Stage 3 and is deemed to have defaulted at 90 days past due, or when a payment arrangement is initiated, or when other unlikeliness to pay factors arise (like customer bankruptcy proceedings). Accounts are charged off when they meet certain criteria set out in the Group\u2019s charge-off policy and are generally expected to be sold to debt collection agencies. This is largely linked to the number of customer missed payments. A post-charge-off asset (PCOA) is recognised based on expected future cash flows. When an account is charged off both the reduction in gross receivable and the release of the impairment provision is recognised in the income statement, within impairment. In line with IFRS 9 5.5.4 this reflects a partial write off of the gross receivable, with a corresponding release in the associated impairment provision. Any additional charge as a result of the partial write off is also recognised within impairment in the income statement. The accounts remain held at amortised cost as the business model is unchanged. A customer\u2019s debt is written off when it is sold to debt collection agencies or when there is no further expectation of collections. Any subsequent recoveries are recognised as a credit to impairment when received
Credit Cards
On inception an expected loss impairment provision is recognised using PD/LGD/EAD models, which
forecast customer behaviour to calculate losses.
For Credit Cards, the PD is determined by utilising a customer\u2019s behavioural score used for
underwriting the Credit Card. The LGD discounts the EAD, which adjusts the current card balance
for future expected spend and interest. It does not include any future credit line increases.
Vehicle Finance
Vehicle Finance amounts receivable from customers includes finance leases. Finance leases are
initially measured at an amount equal to the net investment in the lease, using the interest rate
implicit in the finance lease.
Direct costs are included in the initial measurement of the net investment in the lease and reduce the
amount of income recognised over the lease term. Interest income is recognised over the lease term,
based on a pattern reflecting a constant periodic rate of return on the net investment in the lease.
Subsequent to initial recognition, the Group applies the impairment requirements of IFRS 9,
recognising an allowance for expected credit losses on the finance lease receivables.
Losses are recognised on inception of a loan based on the probability of a customer defaulting within
12 months. This is determined with reference to historical customer data and outcomes.
An account moves from Stage 1 to Stage 2 when there has been a SICR. Lifetime losses are
recognised for all accounts in Stages 2 and 3.
A customer is deemed to have defaulted when they become three monthly payments in arrears or
enter into a forbearance arrangement. Customer agreements that have been terminated, either
voluntarily by the customer settling their agreement early and where a balance remains, or through
the agreement being default terminated, are also included within Stage 3.
Second Charge Mortgages
For Second Charge Mortgages, the PD is determined on a portfolio basis and applied at account
level. The PD will increase if an account misses a payment and enters Stage 2 and will default at the
point three payments are missed. The LGD uses the whole LTV capturing the first and second charge
outstanding balances. The EAD reflects the estimated balance when three payments are missed.
Customers under forbearance
Customers are moved to IFRS 9 Stage 3 and lifetime losses are recognised in all products where
forbearance is provided to the customer or alternative payment arrangements are established.
Customers under temporary payment arrangements are separately identified according to the type
of arrangement. The carrying value of receivables under each type of payment arrangement is
calculated using historical cash flows under that payment arrangement, discounted at the original
effective interest rate.
Macroeconomic scenarios
Macroeconomic provisions are part of the core model and are recognised to reflect the expected
impact of future economic events on a customer\u2019s ability to make payments on their agreements
and the losses that are expected to be incurred.
Macroeconomic scenarios continued
The provisions consider the relationship between hazard rate, the number of people who were
employed last month but who are unemployed the following month (derived from unemployment).
In 2024, debt to income ratio, default and write off rates were also considered.
Property, plant and equipment
Property, plant and equipment is shown at cost less accumulated depreciation and impairment,
except for land, which is shown at cost less impairment.
Cost represents invoiced cost plus any other costs that are directly attributable to the acquisition of
the items. Repairs and maintenance costs are expensed as incurred.
Depreciation is calculated to write down assets to their estimated realisable values over their useful
economic lives.
The following principal bases are used:
%
Method
Land
Nil
\u2014
Leasehold improvements
Over the lease period
Straight line
Equipment (including computer hardware)
10 to 33 1/3
Straight line
Motor vehicles
25
Reducing balance
The residual values and useful economic lives of all assets are reviewed, and adjusted if appropriate,
at each balance sheet date. All items of property, plant and equipment, other than land, are tested
for impairment whenever events or changes in circumstances indicate that the carrying value may not
be recoverable. Land is subject to an annual impairment test. An impairment loss is recognised for the
amount by which the asset\u2019s carrying value exceeds the higher of the asset\u2019s value in use and its fair
value less costs to sell. Gains and losses on disposal of property, plant and equipment are
determined by comparing any proceeds with the carrying value of the asset and are recognised
within operating costs in the income statement.
Depreciation is charged to the income statement as part of operating costs.
Investments
Investment securities
The Group\u2019s investments in securities are held as part of its liquidity buffer, with the intention to collect
the contractual cash flows. These securities are carried at amortised cost, with income recognised on
an effective interest rate (EIR) basis.
Investments held at fair value through profit and loss
Visa Inc shares are measured at fair value in the balance sheet as a reliable estimate of the fair
value can be determined. Valuation adjustments arising as a result of routine mark-to-market
revaluation are recognised in the income statement.
Fair value changes including any impairment losses and foreign exchange gains or losses are recognised within other income in the income statement. The fair value of monetary assets denominated in foreign currency is determined through translation at the spot rate at the balance sheet date. Dividends on equity instruments are recognised in the income statement when the Group\u2019s right to receive the dividends is established. Derivative financial instruments and hedge accounting As permitted by IFRS 9, the Group continues to apply the requirements of IAS 39 to its hedging relationships. Derivatives are recognised at fair value with changes recognised in the income statement. Hedge accounting allows the derivative to be designated as a hedge of another financial instrument. At the inception of the hedge relationship, formal documentation is drawn up specifying the hedging strategy, the hedged item, the hedging instrument and the methodology that will be used to measure the effectiveness of the hedge relationship in offsetting changes in the fair value or cash flow of the hedged risk. The effectiveness of the hedging relationship is tested both at inception and throughout its life, and if at any point it is concluded that it is no longer highly effective in achieving its documented objective, hedge accounting is discontinued. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand, which includes amounts invested in the Bank of England reserve account held in accordance with the Prudential Regulation Authority\u2019s (PRA\u2019s) liquidity regime. Cash held as part of securitisations is not immediately available due to the terms of the arrangements. Bank overdrafts are presented in borrowings to the extent that there is no right of offset with cash balances. Amounts owed by or to group companies In the accounts of the Company, balances owed by other group companies are carried at amortised cost less impairment provisions. Expected credit losses on intercompany balances are assessed at each balance sheet date. In assessing SICR, both quantitative and qualitative indicators are considered including payment behaviour and the financial position of the borrower. This include any non-payments of capital or interest due and negative equity. In the absence of any other factors, SICR will be considered after a payment is 30 days past due. The PDs and LGDs are determined for each loan based on the subsidiary\u2019s available funding and cash flow forecasts. Balances owed to other group companies are carried at amortised cost. Borrowings Borrowings are recognised initially at fair value, being issue proceeds less any transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between proceeds less transaction costs and the redemption value is recognised in the income statement over the expected life of the borrowings using the effective interest rate. Retail deposits are recognised initially at fair value, being the cash received from the customer. Interest payable to the customer is recognised in the income statement over the deposit term on an effective interest rate basis. Dividends paid Dividend distributions to the Company\u2019s shareholders are recognised in the Group and the Company\u2019s financial statements as follows: 5 final dividend: when approved by the Company\u2019s shareholders at the AGM; and 5 interim dividend: when paid by the Company. Retirement benefits Defined benefit pension schemes The charge in the income statement in respect of defined benefit pension schemes comprises the actuarially assessed current service cost of working employees up to when the scheme was closed, together with the interest on pension liabilities offset by the interest on pension scheme assets. All charges are recognised within operating costs in the income statement. The retirement benefit asset recognised in the balance sheet in respect of defined benefit pension schemes is the fair value of the schemes\u2019 assets less the present value of the defined benefit obligation at the balance sheet date. A retirement benefit asset is recognised to the extent that the Group and Company have an unconditional right to a refund of the asset or if it will be recovered in future years as a result of reduced contributions to the pension scheme. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that have terms to maturity approximating to the terms of the related pension liability. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised immediately in the statement of comprehensive income. Past service costs are recognised immediately in the income statement. Defined contribution pension schemes Contributions to defined contribution pension schemes are charged to the income statement on an accruals basis. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Merger reserve The merger reserve was created following a rights issue and is considered distributable. Other equity instruments Other equity instruments is made up of the principal issuance amount net of issue costs of Additional Tier 1 capital issued by the Company in October 2025
Share-based payments
Equity-settled schemes
The Company grants options under employee savings-related share option schemes (typically
referred to as Save As You Earn schemes (SAYE)) and makes awards under the Deferred Bonus Plan
(DBP), the Long Term Incentive Scheme (LTIS), the Restricted Share Plan (RSP) and the Company Share
Option Plan (CSOP). All of these schemes are equity settled.
The cost of providing options and awards to Group and Company employees is charged to the
income statement of the entity over the vesting period of the related options and awards. The
corresponding credit is made to a share-based payment reserve within equity. The grant by the
Company of options and awards over its equity instruments to the employees of subsidiary
undertakings is treated as an investment in the Company\u2019s financial statements. The fair value of
employee services received, measured by reference to the fair value at the date of grant, is
recognised over the vesting period as an increase in investments in subsidiary undertakings, with a
corresponding adjustment to the share-based payment reserve within equity.
For LTIS schemes, performance conditions are based on share price, a risk underpin assessment
(which may include items such as relationships with key regulatory stakeholders, and the
demonstration of improved operational risk effectiveness and controls) and the overall assessment of
the Group\u2019s performance by the Remunerations Committee. The fair value of awards is determined
using a Market-Based FV Adjustment method. The value of the charge is adjusted at each balance
sheet date to reflect lapses and expected or actual levels of vesting.
The cost of options and awards is based on their fair value. A binomial model is used for calculating
the fair value of SAYE options, which have no performance conditions attached, and the RSP for which
vesting is based on the discretion of the Remuneration Committee. No charge has been recognised for
the CSOP as it is linked to the RSP awards granted at the same time. Any gains made by an employee
in relation to the CSOP reduce the number of shares exercisable under the RSP award.
The value of the charge is adjusted at each balance sheet date to reflect lapses and expected or
actual levels of vesting, with a corresponding adjustment to the share-based payment reserve.
Cancellations by employees of contributions to the Group\u2019s SAYE plans are treated as non-vesting
conditions and the Group recognises, in the year of cancellation, the amount of the expense that
would have otherwise been recognised over the remainder of the vesting period.
Modifications are assessed at the date of modification and any incremental charges are recognised
in the income statement.
A transfer is made from the share-based payment reserve to retained earnings when options and
awards vest, lapse or are cancelled. In respect of the SAYE options, the proceeds received, net of any
directly attributable transaction costs, are credited to share capital and share premium when the
options are exercised.
Taxation
The tax charge represents the sum of current and deferred tax.
Current tax
Current tax is calculated based on taxable profit for the year using tax rates that have been enacted
or substantively enacted by the balance sheet date. Taxable profit differs from profit before taxation
as reported in the income statement because it excludes items of income or expense that are taxable
or deductible in other years and it further excludes items that are never taxable or deductible.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying
amounts of assets and liabilities in the financial statements and the corresponding tax bases used
in the computation of taxable profit, and is accounted for using the balance sheet liability method.
Deferred tax is determined using tax rates (and laws) that have been enacted or substantively
enacted by the balance sheet date and are expected to apply when the related deferred tax asset is
realised or the deferred tax liability is settled. Deferred tax is also provided on temporary differences
arising on investments in subsidiaries, except where the timing of the reversal of the temporary
difference is controlled by the Company and it is probable that the temporary difference will not
reverse in the future.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be
available against which the related temporary differences or carried forward tax losses can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current
tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to
income taxes levied by the same taxation authority on either the taxable entity or different taxable
entities where there is an intention to settle the balances on a net basis.
Provisions for liabilities
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result
of a past event, it is probable that the Group will be required to settle that obligation and a reliable
estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle
the present obligation at the balance sheet date, taking into account the risks and uncertainties
surrounding the obligation. Where a provision is measured using the cash flows estimated to settle
the present obligation, its carrying amount is the present value of those cash flows (when the effect
of the time value of money is material).
Contingent liabilities
Contingent liabilities are possible obligations arising from past events whose existence will be
confirmed only by uncertain future events, or present obligations arising from past events that are
not recognised because either an outflow of economic benefits is not probable or the amount of the
obligation cannot be reliably measured. Contingent liabilities are not recognised in the balance sheet,
but information about them is disclosed unless the possibility of any economic outflow in relation to
settlement is remote.
Securitisations The Group has two securitisations in issue. The Group holds an exposure to the performance of these vehicles in the form of retained notes and has a contractual right to the variable returns of the vehicles. The transfers of the beneficial interest of amounts receivable from customers to the securitisations are not treated as sales by the Group and the assets not derecognised. The Group continues to recognise these assets within its own balance sheet after as it retains substantially all the risks and rewards through the receipt of interest income and deferred consideration from the securitisations for the transfer of the beneficial interest. The securitisations are fully consolidated into the Group accounts in accordance with IFRS 10. Critical accounting judgements and key sources of estimation uncertainty In applying the accounting policies set out above, the Group and Company make judgements (other than those involving estimates) that have a significant impact on the amounts recognised and make estimates and assumptions that affect the reported amounts of assets and liabilities. The estimates and judgements are based on historical experience; actual results may differ from these estimates. In preparing the Group\u2019s financial statements, the Group has considered the impact of the results of our scenario analysis and climate-related risks on our financial performance, and while the effects of climate change represent a source of uncertainty, there has not been a material impact on our financial judgements and estimates due to the physical and transition climate-related risks in the short to medium term. Due to the impact of any estimates in relation to Goodwill no longer being considered material, it is no longer included as a critical source of estimation uncertainty. Investment in subsidiaries is also no longer considered to be a critical source of estimation uncertainty for the Company. Amounts receivable from customers (note 14) Group: \u00a32,691.5m (2024: \u00a32,153.7m) Critical accounting judgements The Group reviews amounts receivable from customers for impairment at each balance sheet date. For the purposes of assessing the impairment, customers are categorised into IFRS 9 stages and cohorts which are considered to be the most reliable indication of future payment performance. The determination of expected credit losses involves complex modelling techniques and requires management to apply significant judgements to calculate expected credit losses. The most critical judgements are outlined below. The determination of the Significant Increase in Credit Risk (SICR) thresholds to be used in the models requires management judgement to optimise the performance and therefore effectiveness of the staging methodology. Assessments are made to determine whether there is objective evidence of a SICR, which indicates whether there has been an adverse effect on Probability of Default (PD). A SICR for customers is when there has been a significant increase in behavioural score, other qualitaitve triggers, or when one contractual monthly payment has been missed. For the purpose of IFRS 9, default is assumed when three contractual repayments have been missed.
The Group\u2019s impairment models are subject to periodic monitoring, independent validation and back
testing performed on model components (where appropriate), including PD, EAD and LGD to ensure
management judgements remain appropriate.
Limitations in the Group\u2019s impairment models or data inputs may be identified through the ongoing
assessment and validation of the output of the models. In these circumstances, management makes
appropriate adjustments to the Group\u2019s allowance for impairment losses to ensure that the overall
provision adequately reflects all material credit risks. These adjustments are determined by considering
the particular attributes of exposures that have not been adequately captured by the impairment
models, and range from changes to model inputs and parameters, at account level, through to more
qualitative post-model overlays. Those changes applied to model inputs and parameters are deemed
to be in-model overlays; more qualitative changes that have a higher degree of management
judgement are deemed to be post-model overlays. All adjustments are reviewed quarterly and are
subject to internal review and challenge to ensure that amounts are appropriately calculated.
A breakdown of the in-model and post-model overlays is included within note 14.
Credit performance across the Group remains stable and internal analysis shows no obvious signs of
credit quality deterioration.
Macroeconomic impairment provision adjustments are recognised in the core model to reflect an
increased PD, based on future macroeconomic scenarios.
The macroeconomic models have been redeveloped in 2025. The models use the following variables:
hazard rate, debt to income ratio, real earnings and for Cards only real base rate.
Management judgement was required to determine the appropriate macroeconomic indicators to be used
in the model by assessing their correlation with credit losses incurred by the business. Unemployment, linked
to hazard rate and debt to income ratio are judged to be a key macroeconomic indicator as analysis has
clearly evidenced a correlation between these metrics and credit losses incurred by the business.
In 2024, a model overlay of \u00a35.4m was recognised that looked at Credit Card write-off rates, utilising
data from a third party, Oxford Economics (OE). The OE model predicted industry level write-off rates
using a combination of interest rates on Credit Cards, unemployment rate, debt to income ratio
and a measure of macroeconomic volatility. The outputs from the OE model was calibrated to the
Company\u2019s entry to default rate, which was in turn used to derive the scalars applied to the lifetime
Probability of Default model.
Key sources of estimation uncertainty
The level of impairment recognised is calculated using models that utilise historical payment
performance to generate the estimated amount and timing of future cash flows from each cohort of
customers in each arrears stage. The models are regularly monitored to ensure they retain sufficient
accuracy. Sensitivity analysis has been performed in note 14, which shows the impact of a 1%
movement of gross exposure into Stage 2 from Stage 1 on the allowance accounts.
Vehicle Finance Stage 3 review in 2024 During 2024, a review was undertaken of the Vehicle Finance Stage 3 assets. Vehicle Finance had been exhibiting an ever-growing Stage 3 gross receivable balance, with a corresponding large and increasing ECL provision being held. As part of that review, receivables eligible for a potential debt sale were fully charged off, resulting in a post-charge-off asset (PCOA) being recognised. The charge-off process led to a partial write-off, with a reduction in gross receivables of c.\u00a3261m and a release of impairment provision of \u00a3237m. This resulted in a net charge of \u00a324m, which was recognised in the income statement within impairment charges. Macroeconomic assumptions The macroeconomic forecasts and scenarios used are provided by Oxford Economics. The base case, upside, downside and severe scenarios are utilised in the model calculate a Multiple Economic Scenario weighted ECL provision. The table below shows the scenario five-year peak and average unemployment assumptions adopted and the weightings applied to each.
Scenario for year ended 2025
Base
Upside
Downside
Severe
Weighting
60%
20%
15%
5%
2026
5.0
4.6
5.8
6.0
2027
4.8
3.9
6.5
7.0
2028
4.5
3.6
6.9
7.4
2029
4.4
3.6
6.7
7.2
2030
4.2
3.6
6.4
6.9
Five-year peak
5.1
4.8
6.9
7.4
Scenario for year ended 2024
Base
Upside
Downside
Severe
Weighting
60%
15%
20%
5%
2025
4.4
4.0
5.0
5.5
2026
4.5
4.1
6.3
7.6
2027
4.5
4.2
5.9
7.9
2028
4.5
4.2
5.3
6.8
2029
4.5
4.2
5.1
6.4
Five-year peak
4.5
4.3
6.5
8.3
The debt to income variables, across all scenarios, ranged from 12.5% at the start of 2026 to 13.7% at the end of 2030
The following table shows the scenario five-year peak and average expected entry to default rate
from the Oxford Economics model, used as an overlay in 2024.
Scenario for year ended 2024
Base
Upside
Downside
Severe
Weighting
60%
15%
20%
5%
2025
1.14%
1.08%
1.19%
1.20%
2026
1.15%
0.96%
1.32%
1.37%
2027
1.15%
0.90%
1.41%
1.48%
2028
1.13%
0.88%
1.44%
1.50%
2029
1.12%
0.88%
1.42%
1.48%
Five-year peak
1.16%
1.13%
1.45%
1.51%
Weightings applied to the macroeconomic assumptions were approved at the December 2025
Assumptions Committee meeting. Following review of the inputs into the newly implemented
macroeconomic model, the weightings were updated to increase the upside from 15% to 20%
with a corresponding reduction in the downside.
Sensitivity analysis has been performed on the weightings, which shows that applying a 100%
weighting to the severe scenario would increase the ECL provision by \u00a318.5m.
Provision: Vehicle finance compensation (note 26): \u00a33.0m (2024: \u00a3nil)
The FCA is consulting on an industry-wide scheme to compensate motor finance customers who were
treated unfairly between 2007 and 2024. The scheme would cover regulated motor finance agreements
taken out between 6 April 2007 and 1 November 2024 where commission was payable by the lender
to the broker.
The FCA has defined these as cases involving an undisclosed contractual tie and commission equal
to, or greater than, 50% of the total cost of credit and 22.5% of the loan.
For all other cases, the FCA proposes consumers are compensated the average of what the FCA
estimates the consumer has overpaid, or lost, and the commission paid, plus interest.
The FCA\u2019s consultation outlines a presumption of unfairness for motor finance agreements between
6 April 2007 and 1 November 2024 where:
5 discretionary commission arrangements (DCAs) were used;
5 high commission (where the commission is equal to or greater than 35% of the total cost of credit
and 10% of the loan) was paid; and
5 there was an exclusive or tied broker-lender relationship.
The Group did not participate in DCAs, nor did it enter into any exclusive or tied broker-lender
relationships (from initial review). The Group would therefore not be in scope for these elements of the
proposed FCA motor finance compensation scheme.
Key sources of estimation uncertainty
Significant challenge is expected to the consultation; therefore, a number of scenarios have been
included in the provision calculation and these have been probability weighted to determine an
appropriate provision to recognised.
The estimated provision represents management\u2019s best estimate of the potential redress based on
current information available and using a range of potential scenarios. The final calculation may vary
due to the need to perform a detailed calculation once the final outcome of the scheme is known.
If the scheme proposals and assumptions included in the consultation are to be fully implemented,
an additional liability of \u00a34.0m may arise, primarily due to increased operating costs associated with
customer outreach.
The provision assessment also excludes any potential costs in relation to FOS referrals. At this stage it
is not possible to reliably determine the number of customers that would go to FOS or the approach
FOS will take in applying their fees.
Other accounting judgements
EIR on loans and advances to customers \u2013 interest free or promotional periods
In accordance with IFRS 9, interest income is recognised in the income statement using the EIR
method for loans and advances to customers, including throughout interest-free promotional periods
when these are offered to customers.
The EIR is determined on inception as management\u2019s best estimate of future cash flows based on
historical information, where available, and considers the repayment activity and the retention of the
customer interest-free balance after the end of the promotional period. As such, the EIR method
introduces estimation uncertainty, which, if the actual cash flows differ from that estimate, could
result in an adjustment to the carrying value of the asset that reflects the value of interest recorded.
The Group\u2019s best estimate of the future cash flows is a profile running off over a period of seven
years. The interest-free promotional period is the most sensitive element of the total EIR methodology.
As at 31 December 2025, the Group reported an EIR adjustment in relation to Credit Cards loans and
advances to customers in respect of interest-free periods and upfront fees of \u00a310.0m (2024: \u00a32.1m).
Intangibles (note 20)
Group: \u00a365.0m (2024: \u00a361.5m)
All intangible assets have been reviewed for impairment under IAS 36.
Following the sale of the Personal Loans business in 1H25, the assets associated with that product
were reviewed for impairment and subsequently written off. A charge of \u00a31.2m has therefore been
recognised within discontinued operations.
In 2024, the Credit Cards mobile app was written off in full following a decision to rebuild this
functionality using a more efficient design and build approach leading to an overall better customer
experience. This resulted in a cost of \u00a38.5m being recognised in 1H24 results.
In addition, assets expected to be replaced by the Gateway platform in 2026 were reviewed \u2013 a
small number of these assets were written off, and the useful economic lives of other assets were
reassessed in light of their expected retirement by the Gateway platform. The impact of these in FY24
results was not material.
No impairment was recognised in continuing operations in FY25.
Provisions: Customer remediation complaints (note 26)
Over the past two years, the Group has experienced elevated levels of customer compensation claims
submitted by claims management companies (CMCs). The majority of these claims were speculative
in nature, largely driven by unmerited CMC activity, and related to a wide range of different matters
primarily related to aspects of the lending process, with no common theme or systemic issue identified.
While lending related complaints represented most cases through 2024 and into early 2025, changes
in CMC behaviour following the introduction of the new FOS charging structure led to a shift in the
overall mix. By the end of the year a greater proportion of complaints fell within BAU/service
categories in 2025. During 2024, the increase in costs and provision resulted from higher than
expected FOS fees for cases not upheld by us, which were or were expected to subsequently be
submitted to FOS for adjudication.
Since the change in the FOS fee charging structure from 1 April 2025, the Group has seen negligible
CMC referrals to the FOS. This element of the provision has therefore been reduced in the year.
The total cost to the Group of customer remediation costs, including resource and FOS fees, which
relate to a wide range of different matters, amounts to \u00a326.6m in 2025 (2024: \u00a347.4m), with FOS fees
reducing \u00a324.8m to \u00a36.4m.
A provision of \u00a31.8m (2024: \u00a37.4m) is held at the balance sheet date for: (i) customer compensation
claims received where compensation may be paid but that have not yet been assessed, upheld or
compensation amounts agreed (\u00a31.1m) (2024: \u00a35.1m); and (ii) expected FOS fees for future claims that
may be referred (\u00a30.7m) (2024: \u00a32.3m).
The provision is determined based on the complaints volume pipeline at the period end, estimated
uphold complaint rates, and average compensation amounts for each complaint type based on
historical data.
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Basis of preparation
The financial statements of the Group and Company are prepared in accordance with International
Accounting Standards and International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board and adopted by the UK; and the Companies Act 2006.
The financial statements have been prepared on a going concern basis under the historical cost
convention, as modified by the revaluation of derivative financial instruments and investments held
at fair value through profit and loss.
In assessing whether the Group is a going concern, the directors\u2019 review has been made on the basis
that the Group continues to operate for the 12 months from the date of the approval of the financial
statements. The directors considered the appropriateness of the going concern basis, the period of
assessment, any reporting requirements, and solvency and liquidity risks, and included a variety of
factors \u2013 forecasts and budgets, timing of cash flows and funding, the Group\u2019s primary market and
any contingent liabilities. When considering the appropriateness of going concern, the directors have
also considered the Group\u2019s ability to meet its regulatory requirements (both capital and liquidity)
at all times and not just a positive net asset measure.
The assessment of going concern for the Group for the purposes of the Annual Report and financial
statements considered the following factors:
5 The Group\u2019s corporate plan as approved in January 2026, which sets out financial, capital,
liquidity and funding projections, together with an overview of relevant risks.
5 The principal and emerging risks, which could impact the performance of the Group, with a focus
on capital and liquidity.
5 The severe but plausible downside scenario, which is designed to assess the potential impact
of certain underlying risks on the Group\u2019s capital and funding resources, together with the
availability and effectiveness of mitigating actions.
5 Reverse stress testing analysis, which is designed to assess the point at which the Group
is no longer a going concern.
Having considered the Group\u2019s forecasts, the regulatory capital and liquidity of the Group and
the regulatory outlook, the directors have a reasonable expectation that the Group will continue
as a going concern for a period of at least 12 months from the date of approving these financial
statements. Accordingly, the financial statements of the Group have been prepared on the going
concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "The financial statements of the Group and Company are prepared in accordance with International Accounting Standards and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and adopted by the UK; and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of derivative financial instruments and investments held at fair value through profit and loss. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "In assessing whether the Group is a going concern, the directors\u2019 review has been made on the basis that the Group continues to operate for the 12 months from the date of the approval of the financial statements. The directors considered the appropriateness of the going concern basis, the period of assessment, any reporting requirements, and solvency and liquidity risks, and included a variety of factors \u2013 forecasts and budgets, timing of cash flows and funding, the Group\u2019s primary market and any contingent liabilities. When considering the appropriateness of going concern, the directors have also considered the Group\u2019s ability to meet its regulatory requirements (both capital and liquidity) at all times and not just a positive net asset measure. The assessment of going concern for the Group for the purposes of the Annual Report and financial statements considered the following factors: 5 The Group\u2019s corporate plan as approved in January 2026, which sets out financial, capital, liquidity and funding projections, together with an overview of relevant risks. 5 The principal and emerging risks, which could impact the performance of the Group, with a focus on capital and liquidity. 5 The severe but plausible downside scenario, which is designed to assess the potential impact of certain underlying risks on the Group\u2019s capital and funding resources, together with the availability and effectiveness of mitigating actions. 5 Reverse stress testing analysis, which is designed to assess the point at which the Group is no longer a going concern. Having considered the Group\u2019s forecasts, the regulatory capital and liquidity of the Group and the regulatory outlook, the directors have a reasonable expectation that the Group will continue as a going concern for a period of at least 12 months from the date of approving these financial statements. Accordingly, the financial statements of the Group have been prepared on the going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "
Change in accounting policies
Group principal accounting policies under IFRS have been consistently applied to all the years
presented, except where set out below.
Exceptional items The Group has transitioned to reporting solely on a statutory basis, removing adjustments for goodwill write-offs, transformation and other exceptional costs, and amortisation of acquisition intangibles. This follows actions taken in 2024 that resulted in a cleaner, lower-risk balance sheet and improved transparency at both Group and product levels. Adjusted performance is now expected to closely align with statutory results. The accounting policy for exceptional items is therefore no longer in place. As this is a change in accounting policy, the comparatives have been represented; however, there is no impact on recognition, measurement or total profit and loss in any period presented in this report. The change reflects a change in presentation of the income statement and associated metrics. Representation of items Discontinued operations The Group sold its loan portfolio in 1H25. In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, this business segment is now presented as discontinued operations. See note 2. Segmental reporting Following the sale of the Personal Loans business, the Group now comprises four segments: the three core lending products \u2013 Credit Cards, Vehicle Finance, and Second Charge Mortgages \u2013 and the Corporate Centre. The Corporate Centre includes the residual performance of the Retail Savings business, Treasury results after product allocations, Snoop, and other immaterial or central items. As a result, all previous periods have been represented onto a consistent basis. These changes do not constitute a change in accounting policy and there is no impact on recognition, measurement or profit and loss in any period presented in this report. See note 1. Cash flow statement The Group and Company cash flow statements have been restated. Refer to note 35 for details. The impact of new standards not yet effective and not adopted by the Group from 1 January 2026 IFRS 18 Presentation and Disclosures in Financial Statements IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share.
IFRS 18 introduces new requirements to:
5 present specified categories and defined subtotals in the statement of profit or loss;
5 provide disclosures on Management-Defined Performance Measures (MPMs) in the notes to the
financial statements; and
5 improve aggregation and disaggregation.
An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January
2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised
IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective
application with specific transition provisions.
The Group\u2019s assessment is ongoing and anticipates that the application of these amendments may
have an impact on the presentation of its consolidated financial statements in future periods.
There are no other new standards not yet effective and not adopted by the Group from 1 January
2026 that are expected to have a material impact on the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "value": "Change in accounting policies Group principal accounting policies under IFRS have been consistently applied to all the years presented, except where set out below. Exceptional items The Group has transitioned to reporting solely on a statutory basis, removing adjustments for goodwill write-offs, transformation and other exceptional costs, and amortisation of acquisition intangibles. This follows actions taken in 2024 that resulted in a cleaner, lower-risk balance sheet and improved transparency at both Group and product levels. Adjusted performance is now expected to closely align with statutory results. The accounting policy for exceptional items is therefore no longer in place. As this is a change in accounting policy, the comparatives have been represented; however, there is no impact on recognition, measurement or total profit and loss in any period presented in this report. The change reflects a change in presentation of the income statement and associated metrics. Representation of items Discontinued operations The Group sold its loan portfolio in 1H25. In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, this business segment is now presented as discontinued operations. See note 2. Segmental reporting Following the sale of the Personal Loans business, the Group now comprises four segments: the three core lending products \u2013 Credit Cards, Vehicle Finance, and Second Charge Mortgages \u2013 and the Corporate Centre. The Corporate Centre includes the residual performance of the Retail Savings business, Treasury results after product allocations, Snoop, and other immaterial or central items. As a result, all previous periods have been represented onto a consistent basis. These changes do not constitute a change in accounting policy and there is no impact on recognition, measurement or profit and loss in any period presented in this report. See note 1. Cash flow statement The Group and Company cash flow statements have been restated. Refer to note 35 for details. The impact of new standards not yet effective and not adopted by the Group from 1 January 2026 IFRS 18 Presentation and Disclosures in Financial Statements IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share. IFRS 18 introduces new requirements to: 5 present specified categories and defined subtotals in the statement of profit or loss; 5 provide disclosures on Management-Defined Performance Measures (MPMs) in the notes to the financial statements; and 5 improve aggregation and disaggregation. An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions. The Group\u2019s assessment is ongoing and anticipates that the application of these amendments may have an impact on the presentation of its consolidated financial statements in future periods. There are no other new standards not yet effective and not adopted by the Group from 1 January 2026 that are expected to have a material impact on the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "The impact of new standards not yet effective and not adopted by the Group from 1 January 2026 IFRS 18 Presentation and Disclosures in Financial Statements IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share. IFRS 18 introduces new requirements to: 5 present specified categories and defined subtotals in the statement of profit or loss; 5 provide disclosures on Management-Defined Performance Measures (MPMs) in the notes to the financial statements; and 5 improve aggregation and disaggregation. An entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions. The Group\u2019s assessment is ongoing and anticipates that the application of these amendments may have an impact on the presentation of its consolidated financial statements in future periods. There are no other new standards not yet effective and not adopted by the Group from 1 January 2026 that are expected to have a material impact on the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "
Basis of consolidation
The consolidated income statement, consolidated statement of comprehensive income, consolidated
statement of financial position, statement of changes in shareholders\u2019 equity, statement of cash flows and
notes to the financial statements include the financial statements of the Company and all of its subsidiary
undertakings drawn up from the date control passes to the Group until the date control ceases.
Control is achieved when the Group:
5 has power over the investee;
5 is exposed, or has rights, to variable returns from its involvement with the investee; and
5 has the ability to use its power to affect returns.
All intra-group transactions and balances and unrealised gains on transactions between Group
companies are eliminated on consolidation.
The accounting policies of subsidiaries are consistent with the accounting policies of the Group.
A full list of the Group\u2019s subsidiaries is set out in note 37, together with further information on the
basis on which they are considered to be controlled by the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "
Interest income
Interest income is earned from Credit Cards, Vehicle Finance and Second Charge Mortgages
products. It also includes interest received from Vanquis Bank Limited\u2019s liquid asset buffer, interest on
gilts, interest on balances held in the Bank of England central reserve account, net fair value gains
recognised in relation to the Group\u2019s derivative financial instruments, and other minor interest income.
Interest is calculated on Credit Card advances to customers and Second Charge Mortgages balances using the effective interest rate on the daily balance outstanding. Within Vehicle Finance, interest income is recognised in line with IFRS 16. Refer to Leases accounting policy for details value. Interest income is recognised on the gross receivable when accounts are in IFRS 9 Stages 1 and 2 and on the net receivable for accounts in Stage 3. Directly attributable acquisition costs are capitalised as part of receivables and amortised over the life of the loan as a deduction to interest income. Group interest income excludes intra-group transactions. Company interest income includes intra-group transactions. Interest expense Interest expense principally comprises the interest on retail deposits, senior and public bonds, securitisations and lease liability interest. For the Company, it also includes intra-group loan arrangements, and is recognised on an effective interest rate basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "Interest income Interest income is earned from Credit Cards, Vehicle Finance and Second Charge Mortgages products. It also includes interest received from Vanquis Bank Limited\u2019s liquid asset buffer, interest on gilts, interest on balances held in the Bank of England central reserve account, net fair value gains recognised in relation to the Group\u2019s derivative financial instruments, and other minor interest income. Interest is calculated on Credit Card advances to customers and Second Charge Mortgages balances using the effective interest rate on the daily balance outstanding. Within Vehicle Finance, interest income is recognised in line with IFRS 16. Refer to Leases accounting policy for details value. Interest income is recognised on the gross receivable when accounts are in IFRS 9 Stages 1 and 2 and on the net receivable for accounts in Stage 3. Directly attributable acquisition costs are capitalised as part of receivables and amortised over the life of the loan as a deduction to interest income. Group interest income excludes intra-group transactions. Company interest income includes intra-group transactions. Interest expense Interest expense principally comprises the interest on retail deposits, senior and public bonds, securitisations and lease liability interest. For the Company, it also includes intra-group loan arrangements, and is recognised on an effective interest rate basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-502": { "value": "Interest expense Interest expense principally comprises the interest on retail deposits, senior and public bonds, securitisations and lease liability interest. For the Company, it also includes intra-group loan arrangements, and is recognised on an effective interest rate basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "Fee and commission income Fee and commission income is earned from Credit Cards and is recognised at the time the charges are made to customers on the basis that the performance obligation is complete. Group fee income excludes intra-group transactions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "Dividend income Dividend income is recognised in the income statement when the Company\u2019s right to receive payment is established.
Dividends paid
Dividend distributions to the Company\u2019s shareholders are recognised in the Group and the
Company\u2019s financial statements as follows:
5 final dividend: when approved by the Company\u2019s shareholders at the AGM; and
5 interim dividend: when paid by the Company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-503": { "value": "Goodwill All acquisitions are accounted for using the purchase method of accounting. Goodwill is an intangible asset and is measured as the excess of the fair value of the consideration over the fair value of the acquired identifiable assets, liabilities and contingent liabilities at the date of acquisition. Gains and losses on the disposal of a subsidiary include the carrying amount of goodwill relating to the subsidiary sold. Goodwill is allocated to cash-generating units for the purposes of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. Goodwill is tested annually for impairment and is carried at cost less accumulated impairment losses. Impairment is tested by comparing the carrying value of the asset to the discounted expected future cash flows from the relevant cash-generating unit. Expected future cash flows are derived from the Company\u2019s latest budget projections and the discount rate is based on the Company\u2019s risk-adjusted cost of equity at the balance sheet date. Any goodwill impairment or write-off is charged to the income statement as part of operating costs ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "Goodwill All acquisitions are accounted for using the purchase method of accounting. Goodwill is an intangible asset and is measured as the excess of the fair value of the consideration over the fair value of the acquired identifiable assets, liabilities and contingent liabilities at the date of acquisition. Gains and losses on the disposal of a subsidiary include the carrying amount of goodwill relating to the subsidiary sold. Goodwill is allocated to cash-generating units for the purposes of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. Goodwill is tested annually for impairment and is carried at cost less accumulated impairment losses. Impairment is tested by comparing the carrying value of the asset to the discounted expected future cash flows from the relevant cash-generating unit. Expected future cash flows are derived from the Company\u2019s latest budget projections and the discount rate is based on the Company\u2019s risk-adjusted cost of equity at the balance sheet date. Any goodwill impairment or write-off is charged to the income statement as part of operating costs . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "Goodwill All acquisitions are accounted for using the purchase method of accounting. Goodwill is an intangible asset and is measured as the excess of the fair value of the consideration over the fair value of the acquired identifiable assets, liabilities and contingent liabilities at the date of acquisition. Gains and losses on the disposal of a subsidiary include the carrying amount of goodwill relating to the subsidiary sold. Goodwill is allocated to cash-generating units for the purposes of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. Goodwill is tested annually for impairment and is carried at cost less accumulated impairment losses. Impairment is tested by comparing the carrying value of the asset to the discounted expected future cash flows from the relevant cash-generating unit. Expected future cash flows are derived from the Company\u2019s latest budget projections and the discount rate is based on the Company\u2019s risk-adjusted cost of equity at the balance sheet date. Any goodwill impairment or write-off is charged to the income statement as part of operating costs .
Other intangible assets
Other intangible assets include acquisition intangibles in respect of the technology and brand of
Snoop, standalone computer software and development costs of intangible assets across the Group.
The fair value of Snoop\u2019s technology was estimated using multi-period excess earnings methodology.
The fair value of Snoop\u2019s brand valuation was estimated using an income approach based on the
Relief from Royalties Methodology. The estimated useful life of the technology was deemed to be nine
years and of the brand was deemed to be five years. The assets are being amortised on a straight-
line basis over their useful life.
Computer software and computer software development assets represent the costs incurred to
acquire or develop software and bring it into use. Directly attributable costs incurred in the
development of software are capitalised as an intangible asset if the software will generate future
economic benefits. Directly attributable costs include the cost of software development employees
and an appropriate portion of relevant directly attributable overheads.
Computer software and computer software development costs are amortised on a straight-line basis
over their estimated useful economic life, which is generally estimated to be between three and 10
years. The residual values and economic lives of intangible assets are reviewed by management at
each balance sheet date .
Other intangible assets are valued at cost less subsequent amortisation and impairment.
Amortisation and impairment are charged to the income statement as part of operating costs. An
impairment loss is recognised for the amount by which the asset\u2019s carrying value exceeds the higher
of the asset\u2019s value in use and its fair value less costs to sell.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "
Investments in subsidiaries
The Company\u2019s investments in subsidiaries are stated at cost less provisions for impairment where
required. Impairment provisions reflect the shortfall between the carrying value of the investment with
the higher of: (i) fair value less costs to sell; and (ii) value in use of the subsidiary.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "Employee benefit trust The employee benefit trust (EBT) has been set up to hold shares in the Company in conjunction with the Group\u2019s employee share ownership arrangements, the assets, liabilities and transactions of the trust are accounted for within the accounts of the Company. Shares in Vanquis Banking Group plc held by the trustee of the Group\u2019s EBT are shown on the balance sheet as a deduction in arriving at total equity. Own shares are stated at cost Share-based payments Equity-settled schemes The Company grants options under employee savings-related share option schemes (typically referred to as Save As You Earn schemes (SAYE)) and makes awards under the Deferred Bonus Plan (DBP), the Long Term Incentive Scheme (LTIS), the Restricted Share Plan (RSP) and the Company Share Option Plan (CSOP). All of these schemes are equity settled. The cost of providing options and awards to Group and Company employees is charged to the income statement of the entity over the vesting period of the related options and awards. The corresponding credit is made to a share-based payment reserve within equity. The grant by the Company of options and awards over its equity instruments to the employees of subsidiary undertakings is treated as an investment in the Company\u2019s financial statements. The fair value of employee services received, measured by reference to the fair value at the date of grant, is recognised over the vesting period as an increase in investments in subsidiary undertakings, with a corresponding adjustment to the share-based payment reserve within equity. For LTIS schemes, performance conditions are based on share price, a risk underpin assessment (which may include items such as relationships with key regulatory stakeholders, and the demonstration of improved operational risk effectiveness and controls) and the overall assessment of the Group\u2019s performance by the Remunerations Committee. The fair value of awards is determined using a Market-Based FV Adjustment method. The value of the charge is adjusted at each balance sheet date to reflect lapses and expected or actual levels of vesting. The cost of options and awards is based on their fair value. A binomial model is used for calculating the fair value of SAYE options, which have no performance conditions attached, and the RSP for which vesting is based on the discretion of the Remuneration Committee. No charge has been recognised for the CSOP as it is linked to the RSP awards granted at the same time. Any gains made by an employee in relation to the CSOP reduce the number of shares exercisable under the RSP award. The value of the charge is adjusted at each balance sheet date to reflect lapses and expected or actual levels of vesting, with a corresponding adjustment to the share-based payment reserve. Cancellations by employees of contributions to the Group\u2019s SAYE plans are treated as non-vesting conditions and the Group recognises, in the year of cancellation, the amount of the expense that would have otherwise been recognised over the remainder of the vesting period. Modifications are assessed at the date of modification and any incremental charges are recognised in the income statement. A transfer is made from the share-based payment reserve to retained earnings when options and awards vest, lapse or are cancelled. In respect of the SAYE options, the proceeds received, net of any directly attributable transaction costs, are credited to share capital and share premium when the options are exercised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "
Leases
The Group and Company as a lessee
The Group and Company assess whether a contract contains a lease at inception of a contract. A
right of use asset and a corresponding liability are recognised with respect to all lease arrangements
where it is a lessee, except for short-term leases (leases with a lease term of 12 months or less) and
leases of low-value assets (less than \u00a35,000). For these leases, the lease payment is recognised within
operating expenses on a straight-line basis over the lease term.
The lease liability is initially measured at the present value of the lease payments at the
commencement date, discounted using the rate implicit in the lease. This rate could not be readily
determined; therefore, the incremental borrowing rate has been used. This is defined as the rate of
interest that the lessee would have to pay to borrow, over a similar term and with similar security, the
funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic
environment. For Vanquis Bank Limited, this would represent an average retail deposit rate; for all
other companies this would be based on the assessment of their funding rate at the time.
The lease payments included in the measurement of the lease liability comprise:
5 fixed lease payments;
5 variable lease payments; and
5 payment of penalties for terminating the lease, if the lease term reflects the exercise of an option
to terminate the lease.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on
the lease, using the effective interest rate method, and reducing the carrying amount to reflect the
lease payments made.
The lease liability is remeasured whenever:
5 the lease term has changed, in which case the lease liability is remeasured by discounting the
revised lease payments using a revised discount rate;
5 the lease payments change due to changes in an index or rate, in which case the lease liability is
remeasured by discounting the revised lease payments using the initial discount rate; and
5 the lease contract is modified and the modification is not accounted for as a separate lease, in
which case the lease liability is remeasured by discounting the revised lease payments using a
revised discount rate.
The right of use asset comprises the initial measurement of the corresponding lease liability and is
subsequently measured at cost less accumulated depreciation and impairment losses.
Right of use assets are depreciated over the shorter period of lease term and useful life of the
underlying asset.
The lease liability and right of use asset are presented as separate line items on the balance sheet.
The interest on the lease and depreciation are charged to the income statement and presented within
interest expense and operating costs respectively.
The Group and Company as a lessor
Vehicle Finance is considered a lessor for its Conditional Sale Agreements to customers. Finance lease
income is presented within interest income. It is allocated to accounting periods so as to reflect a
constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases.
Finance lease income is calculated with reference to the gross carrying amount of the lease
receivables, except for credit-impaired financial assets for which interest income is calculated with
reference to their amortised cost (i.e. after a deduction of the loss allowance).
Refer to the accounting policy for the amounts receivable from customers for further detail.
The Group sub-leases a portion of its office space and accounts for it as a finance lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "Other intangible assets Other intangible assets include acquisition intangibles in respect of the technology and brand of Snoop, standalone computer software and development costs of intangible assets across the Group. The fair value of Snoop\u2019s technology was estimated using multi-period excess earnings methodology. The fair value of Snoop\u2019s brand valuation was estimated using an income approach based on the Relief from Royalties Methodology. The estimated useful life of the technology was deemed to be nine years and of the brand was deemed to be five years. The assets are being amortised on a straight- line basis over their useful life. Computer software and computer software development assets represent the costs incurred to acquire or develop software and bring it into use. Directly attributable costs incurred in the development of software are capitalised as an intangible asset if the software will generate future economic benefits. Directly attributable costs include the cost of software development employees and an appropriate portion of relevant directly attributable overheads. Computer software and computer software development costs are amortised on a straight-line basis over their estimated useful economic life, which is generally estimated to be between three and 10 years. The residual values and economic lives of intangible assets are reviewed by management at each balance sheet date . Other intangible assets are valued at cost less subsequent amortisation and impairment. Amortisation and impairment are charged to the income statement as part of operating costs. An impairment loss is recognised for the amount by which the asset\u2019s carrying value exceeds the higher of the asset\u2019s value in use and its fair value less costs to sell. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "
Amounts receivable from customers
Customer receivables under IFRS 9 are initially recognised at fair value, which represents the amount
advanced to the customer plus directly attributable issue costs less an impairment provision for
expected losses. The receivables are originated under a business model that intends to collect the
contractual cash flows and includes only elements of principal and interest, so are subsequently
measured at amortised cost less impairment provisions. The impairment provision recognised is based
on the Probability of Default (PD), the Loss Given Default (LGD) and the Exposure at Default (EAD).
IFRS 9 requires a three-stage ECL approach for measuring impairment:
5 Stage 1 \u2013 a 12-month ECL allowance is recognised where there is no significant increase in credit
risk (SICR) since initial recognition.
5 Stage 2 \u2013 a lifetime ECL allowance is recognised for receivables where a SICR is identified since
initial recognition.
5 Stage 3 \u2013 requires objective evidence that the receivable is credit impaired, at which point a
lifetime ECL allowance is recognised.
On initial recognition, all accounts are recognised in IFRS 9 Stage 1.
The account moves to Stage 2 when a SICR becomes evident, such as a missed payment or a
significant increase in PD but has not defaulted. In the absence of other factors indicating SICR, this
will occur at 30 days past due.
An account moves to Stage 3 and is deemed to have defaulted at 90 days past due, or when a
payment arrangement is initiated, or when other unlikeliness to pay factors arise (like customer
bankruptcy proceedings).
Accounts are charged off when they meet certain criteria set out in the Group\u2019s charge-off policy and
are generally expected to be sold to debt collection agencies. This is largely linked to the number of
customer missed payments. A post-charge-off asset (PCOA) is recognised based on expected future
cash flows. When an account is charged off both the reduction in gross receivable and the release of
the impairment provision is recognised in the income statement, within impairment. In line with IFRS 9
5.5.4 this reflects a partial write off of the gross receivable, with a corresponding release in the
associated impairment provision. Any additional charge as a result of the partial write off is also
recognised within impairment in the income statement. The accounts remain held at amortised cost as
the business model is unchanged.
A customer\u2019s debt is written off when it is sold to debt collection agencies or when there is no further
expectation of collections. Any subsequent recoveries are recognised as a credit to impairment when
received .
Credit Cards On inception an expected loss impairment provision is recognised using PD/LGD/EAD models, which forecast customer behaviour to calculate losses. For Credit Cards, the PD is determined by utilising a customer\u2019s behavioural score used for underwriting the Credit Card. The LGD discounts the EAD, which adjusts the current card balance for future expected spend and interest. It does not include any future credit line increases. Vehicle Finance Vehicle Finance amounts receivable from customers includes finance leases. Finance leases are initially measured at an amount equal to the net investment in the lease, using the interest rate implicit in the finance lease. Direct costs are included in the initial measurement of the net investment in the lease and reduce the amount of income recognised over the lease term. Interest income is recognised over the lease term, based on a pattern reflecting a constant periodic rate of return on the net investment in the lease. Subsequent to initial recognition, the Group applies the impairment requirements of IFRS 9, recognising an allowance for expected credit losses on the finance lease receivables. Losses are recognised on inception of a loan based on the probability of a customer defaulting within 12 months. This is determined with reference to historical customer data and outcomes. An account moves from Stage 1 to Stage 2 when there has been a SICR. Lifetime losses are recognised for all accounts in Stages 2 and 3. A customer is deemed to have defaulted when they become three monthly payments in arrears or enter into a forbearance arrangement. Customer agreements that have been terminated, either voluntarily by the customer settling their agreement early and where a balance remains, or through the agreement being default terminated, are also included within Stage 3. Second Charge Mortgages For Second Charge Mortgages, the PD is determined on a portfolio basis and applied at account level. The PD will increase if an account misses a payment and enters Stage 2 and will default at the point three payments are missed. The LGD uses the whole LTV capturing the first and second charge outstanding balances. The EAD reflects the estimated balance when three payments are missed. Customers under forbearance Customers are moved to IFRS 9 Stage 3 and lifetime losses are recognised in all products where forbearance is provided to the customer or alternative payment arrangements are established. Customers under temporary payment arrangements are separately identified according to the type of arrangement. The carrying value of receivables under each type of payment arrangement is calculated using historical cash flows under that payment arrangement, discounted at the original effective interest rate. Macroeconomic scenarios Macroeconomic provisions are part of the core model and are recognised to reflect the expected impact of future economic events on a customer\u2019s ability to make payments on their agreements and the losses that are expected to be incurred. The provisions consider the relationship between hazard rate, the number of people who were employed last month but who are unemployed the following month (derived from unemployment). In 2024, debt to income ratio, default and write off rates were also considered. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "Property, plant and equipment Property, plant and equipment is shown at cost less accumulated depreciation and impairment, except for land, which is shown at cost less impairment. Cost represents invoiced cost plus any other costs that are directly attributable to the acquisition of the items. Repairs and maintenance costs are expensed as incurred. Depreciation is calculated to write down assets to their estimated realisable values over their useful economic lives. The following principal bases are used:
%
Method
Land
Nil
\u2014
Leasehold improvements
Over the lease period
Straight line
Equipment (including computer hardware)
10 to 33 1/3
Straight line
Motor vehicles
25
Reducing balance
The residual values and useful economic lives of all assets are reviewed, and adjusted if appropriate, at each balance sheet date. All items of property, plant and equipment, other than land, are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Land is subject to an annual impairment test. An impairment loss is recognised for the amount by which the asset\u2019s carrying value exceeds the higher of the asset\u2019s value in use and its fair value less costs to sell. Gains and losses on disposal of property, plant and equipment are determined by comparing any proceeds with the carrying value of the asset and are recognised within operating costs in the income statement. Depreciation is charged to the income statement as part of operating costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "Property, plant and equipment Property, plant and equipment is shown at cost less accumulated depreciation and impairment, except for land, which is shown at cost less impairment. Cost represents invoiced cost plus any other costs that are directly attributable to the acquisition of the items. Repairs and maintenance costs are expensed as incurred. Depreciation is calculated to write down assets to their estimated realisable values over their useful economic lives. The following principal bases are used:
%
Method
Land
Nil
\u2014
Leasehold improvements
Over the lease period
Straight line
Equipment (including computer hardware)
10 to 33 1/3
Straight line
Motor vehicles
25
Reducing balance
The residual values and useful economic lives of all assets are reviewed, and adjusted if appropriate, at each balance sheet date. All items of property, plant and equipment, other than land, are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Land is subject to an annual impairment test. An impairment loss is recognised for the amount by which the asset\u2019s carrying value exceeds the higher of the asset\u2019s value in use and its fair value less costs to sell. Gains and losses on disposal of property, plant and equipment are determined by comparing any proceeds with the carrying value of the asset and are recognised within operating costs in the income statement. Depreciation is charged to the income statement as part of operating costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "Investments Investment securities The Group\u2019s investments in securities are held as part of its liquidity buffer, with the intention to collect the contractual cash flows. These securities are carried at amortised cost, with income recognised on an effective interest rate (EIR) basis. Investments held at fair value through profit and loss Visa Inc shares are measured at fair value in the balance sheet as a reliable estimate of the fair value can be determined. Valuation adjustments arising as a result of routine mark-to-market revaluation are recognised in the income statement. Fair value changes including any impairment losses and foreign exchange gains or losses are recognised within other income in the income statement. The fair value of monetary assets denominated in foreign currency is determined through translation at the spot rate at the balance sheet date. Dividends on equity instruments are recognised in the income statement when the Group\u2019s right to receive the dividends is established. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "
Derivative financial instruments and hedge accounting
As permitted by IFRS 9, the Group continues to apply the requirements of IAS 39 to its
hedging relationships.
Derivatives are recognised at fair value with changes recognised in the income statement. Hedge
accounting allows the derivative to be designated as a hedge of another financial instrument. At the
inception of the hedge relationship, formal documentation is drawn up specifying the hedging strategy,
the hedged item, the hedging instrument and the methodology that will be used to measure the
effectiveness of the hedge relationship in offsetting changes in the fair value or cash flow of the
hedged risk. The effectiveness of the hedging relationship is tested both at inception and throughout
its life, and if at any point it is concluded that it is no longer highly effective in achieving its
documented objective, hedge accounting is discontinued.
Borrowings
Borrowings are recognised initially at fair value, being issue proceeds less any transaction costs
incurred. Borrowings are subsequently stated at amortised cost; any difference between proceeds
less transaction costs and the redemption value is recognised in the income statement over the
expected life of the borrowings using the effective interest rate.
Retail deposits are recognised initially at fair value, being the cash received from the customer.
Interest payable to the customer is recognised in the income statement over the deposit term on an
effective interest rate basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-511": { "value": "Derivative financial instruments and hedge accounting As permitted by IFRS 9, the Group continues to apply the requirements of IAS 39 to its hedging relationships. Derivatives are recognised at fair value with changes recognised in the income statement. Hedge accounting allows the derivative to be designated as a hedge of another financial instrument. At the inception of the hedge relationship, formal documentation is drawn up specifying the hedging strategy, the hedged item, the hedging instrument and the methodology that will be used to measure the effectiveness of the hedge relationship in offsetting changes in the fair value or cash flow of the hedged risk. The effectiveness of the hedging relationship is tested both at inception and throughout its life, and if at any point it is concluded that it is no longer highly effective in achieving its documented objective, hedge accounting is discontinued. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-504": { "value": "Derivative financial instruments and hedge accounting As permitted by IFRS 9, the Group continues to apply the requirements of IAS 39 to its hedging relationships. Derivatives are recognised at fair value with changes recognised in the income statement. Hedge accounting allows the derivative to be designated as a hedge of another financial instrument. At the inception of the hedge relationship, formal documentation is drawn up specifying the hedging strategy, the hedged item, the hedging instrument and the methodology that will be used to measure the effectiveness of the hedge relationship in offsetting changes in the fair value or cash flow of the hedged risk. The effectiveness of the hedging relationship is tested both at inception and throughout its life, and if at any point it is concluded that it is no longer highly effective in achieving its documented objective, hedge accounting is discontinued. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "Derivative financial instruments and hedge accounting As permitted by IFRS 9, the Group continues to apply the requirements of IAS 39 to its hedging relationships. Derivatives are recognised at fair value with changes recognised in the income statement. Hedge accounting allows the derivative to be designated as a hedge of another financial instrument. At the inception of the hedge relationship, formal documentation is drawn up specifying the hedging strategy, the hedged item, the hedging instrument and the methodology that will be used to measure the effectiveness of the hedge relationship in offsetting changes in the fair value or cash flow of the hedged risk. The effectiveness of the hedging relationship is tested both at inception and throughout its life, and if at any point it is concluded that it is no longer highly effective in achieving its documented objective, hedge accounting is discontinued. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, which includes amounts invested in
the Bank of England reserve account held in accordance with the Prudential Regulation Authority\u2019s
(PRA\u2019s) liquidity regime. Cash held as part of securitisations is not immediately available due to the
terms of the arrangements. Bank overdrafts are presented in borrowings to the extent that there
is no right of offset with cash balances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "
Amounts owed by or to group companies
In the accounts of the Company, balances owed by other group companies are carried at amortised
cost less impairment provisions. Expected credit losses on intercompany balances are assessed at each
balance sheet date. In assessing SICR, both quantitative and qualitative indicators are considered
including payment behaviour and the financial position of the borrower. This include any non-payments
of capital or interest due and negative equity. In the absence of any other factors, SICR will be
considered after a payment is 30 days past due. The PDs and LGDs are determined for each loan
based on the subsidiary\u2019s available funding and cash flow forecasts.
Balances owed to other group companies are carried at amortised cost.
", "dimensions": { "concept": "vanquisbanking:DescriptionOfAccountingPolicyForIntercompany", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-505": { "value": "Borrowings Borrowings are recognised initially at fair value, being issue proceeds less any transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between proceeds less transaction costs and the redemption value is recognised in the income statement over the expected life of the borrowings using the effective interest rate. Retail deposits are recognised initially at fair value, being the cash received from the customer. Interest payable to the customer is recognised in the income statement over the deposit term on an effective interest rate basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "Borrowings Borrowings are recognised initially at fair value, being issue proceeds less any transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between proceeds less transaction costs and the redemption value is recognised in the income statement over the expected life of the borrowings using the effective interest rate. Retail deposits are recognised initially at fair value, being the cash received from the customer. Interest payable to the customer is recognised in the income statement over the deposit term on an effective interest rate basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "
Retirement benefits
Defined benefit pension schemes
The charge in the income statement in respect of defined benefit pension schemes comprises the
actuarially assessed current service cost of working employees up to when the scheme was closed,
together with the interest on pension liabilities offset by the interest on pension scheme assets. All
charges are recognised within operating costs in the income statement.
The retirement benefit asset recognised in the balance sheet in respect of defined benefit pension
schemes is the fair value of the schemes\u2019 assets less the present value of the defined benefit
obligation at the balance sheet date. A retirement benefit asset is recognised to the extent that the
Group and Company have an unconditional right to a refund of the asset or if it will be recovered in
future years as a result of reduced contributions to the pension scheme.
The defined benefit obligation is calculated annually by independent actuaries using the projected
unit credit method. The present value of the defined benefit obligation is determined by discounting
the estimated future cash outflows using interest rates of high-quality corporate bonds that have
terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions
are recognised immediately in the statement of comprehensive income.
Past service costs are recognised immediately in the income statement.
Defined contribution pension schemes
Contributions to defined contribution pension schemes are charged to the income statement on an
accruals basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
shares are shown in equity as a deduction, net of tax, from the proceeds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "
Merger reserve
The merger reserve was created following a rights issue and is considered distributable.
", "dimensions": { "concept": "vanquisbanking:DescriptionOfAccountingPolicyForMergerReserve", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "Other equity instruments Other equity instruments is made up of the principal issuance amount net of issue costs of Additional Tier 1 capital issued by the Company in October 2025 .", "dimensions": { "concept": "vanquisbanking:DescriptionOfAccountingPolicyForOtherEquityInstruments", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "Taxation The tax charge represents the sum of current and deferred tax. Current tax Current tax is calculated based on taxable profit for the year using tax rates that have been enacted or substantively enacted by the balance sheet date. Taxable profit differs from profit before taxation as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax is also provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the related temporary differences or carried forward tax losses can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax is also provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the future. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the related temporary differences or carried forward tax losses can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "Provisions for liabilities Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "Contingent liabilities Contingent liabilities are possible obligations arising from past events whose existence will be confirmed only by uncertain future events, or present obligations arising from past events that are not recognised because either an outflow of economic benefits is not probable or the amount of the obligation cannot be reliably measured. Contingent liabilities are not recognised in the balance sheet, but information about them is disclosed unless the possibility of any economic outflow in relation to settlement is remote. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "
Securitisations
The Group has two securitisations in issue. The Group holds an exposure to the performance of these
vehicles in the form of retained notes and has a contractual right to the variable returns of the vehicles.
The transfers of the beneficial interest of amounts receivable from customers to the securitisations are
not treated as sales by the Group and the assets not derecognised. The Group continues to recognise
these assets within its own balance sheet after as it retains substantially all the risks and rewards
through the receipt of interest income and deferred consideration from the securitisations for the
transfer of the beneficial interest.
The securitisations are fully consolidated into the Group accounts in accordance with IFRS 10.
", "dimensions": { "concept": "vanquisbanking:DescriptionOfAccountingPolicyForSecuritisations", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "
Critical accounting judgements and key sources of estimation uncertainty
In applying the accounting policies set out above, the Group and Company make judgements (other
than those involving estimates) that have a significant impact on the amounts recognised and make
estimates and assumptions that affect the reported amounts of assets and liabilities.
The estimates and judgements are based on historical experience; actual results may differ from
these estimates.
In preparing the Group\u2019s financial statements, the Group has considered the impact of the results
of our scenario analysis and climate-related risks on our financial performance, and while the effects
of climate change represent a source of uncertainty, there has not been a material impact on our
financial judgements and estimates due to the physical and transition climate-related risks in the
short to medium term.
Due to the impact of any estimates in relation to Goodwill no longer being considered material, it is
no longer included as a critical source of estimation uncertainty. Investment in subsidiaries is also no
longer considered to be a critical source of estimation uncertainty for the Company.
Amounts receivable from customers (note 14)
Group: \u00a32,691.5m (2024: \u00a32,153.7m)
Critical accounting judgements
The Group reviews amounts receivable from customers for impairment at each balance sheet date.
For the purposes of assessing the impairment, customers are categorised into IFRS 9 stages and
cohorts which are considered to be the most reliable indication of future payment performance.
The determination of expected credit losses involves complex modelling techniques and requires
management to apply significant judgements to calculate expected credit losses. The most critical
judgements are outlined below.
The determination of the Significant Increase in Credit Risk (SICR) thresholds to be used in the models
requires management judgement to optimise the performance and therefore effectiveness of the
staging methodology. Assessments are made to determine whether there is objective evidence of a
SICR, which indicates whether there has been an adverse effect on Probability of Default (PD). A SICR
for customers is when there has been a significant increase in behavioural score, other qualitaitve
triggers, or when one contractual monthly payment has been missed.
For the purpose of IFRS 9, default is assumed when three contractual repayments have been missed.
The Group\u2019s impairment models are subject to periodic monitoring, independent validation and back testing performed on model components (where appropriate), including PD, EAD and LGD to ensure management judgements remain appropriate. Limitations in the Group\u2019s impairment models or data inputs may be identified through the ongoing assessment and validation of the output of the models. In these circumstances, management makes appropriate adjustments to the Group\u2019s allowance for impairment losses to ensure that the overall provision adequately reflects all material credit risks. These adjustments are determined by considering the particular attributes of exposures that have not been adequately captured by the impairment models, and range from changes to model inputs and parameters, at account level, through to more qualitative post-model overlays. Those changes applied to model inputs and parameters are deemed to be in-model overlays; more qualitative changes that have a higher degree of management judgement are deemed to be post-model overlays. All adjustments are reviewed quarterly and are subject to internal review and challenge to ensure that amounts are appropriately calculated. A breakdown of the in-model and post-model overlays is included within note 14. Credit performance across the Group remains stable and internal analysis shows no obvious signs of credit quality deterioration. Macroeconomic impairment provision adjustments are recognised in the core model to reflect an increased PD, based on future macroeconomic scenarios. The macroeconomic models have been redeveloped in 2025. The models use the following variables: hazard rate, debt to income ratio, real earnings and for Cards only real base rate. Management judgement was required to determine the appropriate macroeconomic indicators to be used in the model by assessing their correlation with credit losses incurred by the business. Unemployment, linked to hazard rate and debt to income ratio are judged to be a key macroeconomic indicator as analysis has clearly evidenced a correlation between these metrics and credit losses incurred by the business. In 2024, a model overlay of \u00a35.4m was recognised that looked at Credit Card write-off rates, utilising data from a third party, Oxford Economics (OE). The OE model predicted industry level write-off rates using a combination of interest rates on Credit Cards, unemployment rate, debt to income ratio and a measure of macroeconomic volatility. The outputs from the OE model was calibrated to the Company\u2019s entry to default rate, which was in turn used to derive the scalars applied to the lifetime Probability of Default model. Key sources of estimation uncertainty The level of impairment recognised is calculated using models that utilise historical payment performance to generate the estimated amount and timing of future cash flows from each cohort of customers in each arrears stage. The models are regularly monitored to ensure they retain sufficient accuracy. Sensitivity analysis has been performed in note 14, which shows the impact of a 1% movement of gross exposure into Stage 2 from Stage 1 on the allowance accounts.
Vehicle Finance Stage 3 review in 2024
During 2024, a review was undertaken of the Vehicle Finance Stage 3 assets. Vehicle Finance had
been exhibiting an ever-growing Stage 3 gross receivable balance, with a corresponding large and
increasing ECL provision being held. As part of that review, receivables eligible for a potential debt
sale were fully charged off, resulting in a post-charge-off asset (PCOA) being recognised. The
charge-off process led to a partial write-off, with a reduction in gross receivables of c.\u00a3261m and a
release of impairment provision of \u00a3237m. This resulted in a net charge of \u00a324m, which was
recognised in the income statement within impairment charges.
Macroeconomic assumptions
The macroeconomic forecasts and scenarios used are provided by Oxford Economics. The base case,
upside, downside and severe scenarios are utilised in the model calculate a Multiple Economic
Scenario weighted ECL provision.
The table below shows the scenario five-year peak and average unemployment assumptions
adopted and the weightings applied to each.
Scenario for year ended 2025
Base
Upside
Downside
Severe
Weighting
60%
20%
15%
5%
2026
5.0
4.6
5.8
6.0
2027
4.8
3.9
6.5
7.0
2028
4.5
3.6
6.9
7.4
2029
4.4
3.6
6.7
7.2
2030
4.2
3.6
6.4
6.9
Five-year peak
5.1
4.8
6.9
7.4
Scenario for year ended 2024
Base
Upside
Downside
Severe
Weighting
60%
15%
20%
5%
2025
4.4
4.0
5.0
5.5
2026
4.5
4.1
6.3
7.6
2027
4.5
4.2
5.9
7.9
2028
4.5
4.2
5.3
6.8
2029
4.5
4.2
5.1
6.4
Five-year peak
4.5
4.3
6.5
8.3
The debt to income variables, across all scenarios, ranged from 12.5% at the start of 2026 to 13.7% at
the end of 2030 .
The following table shows the scenario five-year peak and average expected entry to default rate from the Oxford Economics model, used as an overlay in 2024.
Scenario for year ended 2024
Base
Upside
Downside
Severe
Weighting
60%
15%
20%
5%
2025
1.14%
1.08%
1.19%
1.20%
2026
1.15%
0.96%
1.32%
1.37%
2027
1.15%
0.90%
1.41%
1.48%
2028
1.13%
0.88%
1.44%
1.50%
2029
1.12%
0.88%
1.42%
1.48%
Five-year peak
1.16%
1.13%
1.45%
1.51%
Weightings applied to the macroeconomic assumptions were approved at the December 2025 Assumptions Committee meeting. Following review of the inputs into the newly implemented macroeconomic model, the weightings were updated to increase the upside from 15% to 20% with a corresponding reduction in the downside. Sensitivity analysis has been performed on the weightings, which shows that applying a 100% weighting to the severe scenario would increase the ECL provision by \u00a318.5m. Provision: Vehicle finance compensation (note 26): \u00a33.0m (2024: \u00a3nil) The FCA is consulting on an industry-wide scheme to compensate motor finance customers who were treated unfairly between 2007 and 2024. The scheme would cover regulated motor finance agreements taken out between 6 April 2007 and 1 November 2024 where commission was payable by the lender to the broker. The FCA has defined these as cases involving an undisclosed contractual tie and commission equal to, or greater than, 50% of the total cost of credit and 22.5% of the loan. For all other cases, the FCA proposes consumers are compensated the average of what the FCA estimates the consumer has overpaid, or lost, and the commission paid, plus interest. The FCA\u2019s consultation outlines a presumption of unfairness for motor finance agreements between 6 April 2007 and 1 November 2024 where: 5 discretionary commission arrangements (DCAs) were used; 5 high commission (where the commission is equal to or greater than 35% of the total cost of credit and 10% of the loan) was paid; and 5 there was an exclusive or tied broker-lender relationship. The Group did not participate in DCAs, nor did it enter into any exclusive or tied broker-lender relationships (from initial review). The Group would therefore not be in scope for these elements of the proposed FCA motor finance compensation scheme. Key sources of estimation uncertainty Significant challenge is expected to the consultation; therefore, a number of scenarios have been included in the provision calculation and these have been probability weighted to determine an appropriate provision to recognised. The estimated provision represents management\u2019s best estimate of the potential redress based on current information available and using a range of potential scenarios. The final calculation may vary due to the need to perform a detailed calculation once the final outcome of the scheme is known. If the scheme proposals and assumptions included in the consultation are to be fully implemented, an additional liability of \u00a34.0m may arise, primarily due to increased operating costs associated with customer outreach. The provision assessment also excludes any potential costs in relation to FOS referrals. At this stage it is not possible to reliably determine the number of customers that would go to FOS or the approach FOS will take in applying their fees. Other accounting judgements EIR on loans and advances to customers \u2013 interest free or promotional periods In accordance with IFRS 9, interest income is recognised in the income statement using the EIR method for loans and advances to customers, including throughout interest-free promotional periods when these are offered to customers. The EIR is determined on inception as management\u2019s best estimate of future cash flows based on historical information, where available, and considers the repayment activity and the retention of the customer interest-free balance after the end of the promotional period. As such, the EIR method introduces estimation uncertainty, which, if the actual cash flows differ from that estimate, could result in an adjustment to the carrying value of the asset that reflects the value of interest recorded. The Group\u2019s best estimate of the future cash flows is a profile running off over a period of seven years. The interest-free promotional period is the most sensitive element of the total EIR methodology. As at 31 December 2025, the Group reported an EIR adjustment in relation to Credit Cards loans and advances to customers in respect of interest-free periods and upfront fees of \u00a310.0m (2024: \u00a32.1m). Intangibles (note 20) Group: \u00a365.0m (2024: \u00a361.5m) All intangible assets have been reviewed for impairment under IAS 36. Following the sale of the Personal Loans business in 1H25, the assets associated with that product were reviewed for impairment and subsequently written off. A charge of \u00a31.2m has therefore been recognised within discontinued operations. In 2024, the Credit Cards mobile app was written off in full following a decision to rebuild this functionality using a more efficient design and build approach leading to an overall better customer experience. This resulted in a cost of \u00a38.5m being recognised in 1H24 results. In addition, assets expected to be replaced by the Gateway platform in 2026 were reviewed \u2013 a small number of these assets were written off, and the useful economic lives of other assets were reassessed in light of their expected retirement by the Gateway platform. The impact of these in FY24 results was not material. No impairment was recognised in continuing operations in FY25. Provisions: Customer remediation complaints (note 26) Over the past two years, the Group has experienced elevated levels of customer compensation claims submitted by claims management companies (CMCs). The majority of these claims were speculative in nature, largely driven by unmerited CMC activity, and related to a wide range of different matters primarily related to aspects of the lending process, with no common theme or systemic issue identified. While lending related complaints represented most cases through 2024 and into early 2025, changes in CMC behaviour following the introduction of the new FOS charging structure led to a shift in the overall mix. By the end of the year a greater proportion of complaints fell within BAU/service categories in 2025. During 2024, the increase in costs and provision resulted from higher than expected FOS fees for cases not upheld by us, which were or were expected to subsequently be submitted to FOS for adjudication. Since the change in the FOS fee charging structure from 1 April 2025, the Group has seen negligible CMC referrals to the FOS. This element of the provision has therefore been reduced in the year. The total cost to the Group of customer remediation costs, including resource and FOS fees, which relate to a wide range of different matters, amounts to \u00a326.6m in 2025 (2024: \u00a347.4m), with FOS fees reducing \u00a324.8m to \u00a36.4m. A provision of \u00a31.8m (2024: \u00a37.4m) is held at the balance sheet date for: (i) customer compensation claims received where compensation may be paid but that have not yet been assessed, upheld or compensation amounts agreed (\u00a31.1m) (2024: \u00a35.1m); and (ii) expected FOS fees for future claims that may be referred (\u00a30.7m) (2024: \u00a32.3m). The provision is determined based on the complaints volume pipeline at the period end, estimated uphold complaint rates, and average compensation amounts for each complaint type based on historical data.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "Key sources of estimation uncertainty Significant challenge is expected to the consultation; therefore, a number of scenarios have been included in the provision calculation and these have been probability weighted to determine an appropriate provision to recognised. The estimated provision represents management\u2019s best estimate of the potential redress based on current information available and using a range of potential scenarios. The final calculation may vary due to the need to perform a detailed calculation once the final outcome of the scheme is known. If the scheme proposals and assumptions included in the consultation are to be fully implemented, an additional liability of \u00a34.0m may arise, primarily due to increased operating costs associated with customer outreach. The provision assessment also excludes any potential costs in relation to FOS referrals. At this stage it is not possible to reliably determine the number of customers that would go to FOS or the approach FOS will take in applying their fees. Other accounting judgements EIR on loans and advances to customers \u2013 interest free or promotional periods In accordance with IFRS 9, interest income is recognised in the income statement using the EIR method for loans and advances to customers, including throughout interest-free promotional periods when these are offered to customers. The EIR is determined on inception as management\u2019s best estimate of future cash flows based on historical information, where available, and considers the repayment activity and the retention of the customer interest-free balance after the end of the promotional period. As such, the EIR method introduces estimation uncertainty, which, if the actual cash flows differ from that estimate, could result in an adjustment to the carrying value of the asset that reflects the value of interest recorded. The Group\u2019s best estimate of the future cash flows is a profile running off over a period of seven years. The interest-free promotional period is the most sensitive element of the total EIR methodology. As at 31 December 2025, the Group reported an EIR adjustment in relation to Credit Cards loans and advances to customers in respect of interest-free periods and upfront fees of \u00a310.0m (2024: \u00a32.1m). Intangibles (note 20) Group: \u00a365.0m (2024: \u00a361.5m) All intangible assets have been reviewed for impairment under IAS 36. Following the sale of the Personal Loans business in 1H25, the assets associated with that product were reviewed for impairment and subsequently written off. A charge of \u00a31.2m has therefore been recognised within discontinued operations. In 2024, the Credit Cards mobile app was written off in full following a decision to rebuild this functionality using a more efficient design and build approach leading to an overall better customer experience. This resulted in a cost of \u00a38.5m being recognised in 1H24 results. In addition, assets expected to be replaced by the Gateway platform in 2026 were reviewed \u2013 a small number of these assets were written off, and the useful economic lives of other assets were reassessed in light of their expected retirement by the Gateway platform. The impact of these in FY24 results was not material. No impairment was recognised in continuing operations in FY25. Provisions: Customer remediation complaints (note 26) Over the past two years, the Group has experienced elevated levels of customer compensation claims submitted by claims management companies (CMCs). The majority of these claims were speculative in nature, largely driven by unmerited CMC activity, and related to a wide range of different matters primarily related to aspects of the lending process, with no common theme or systemic issue identified. While lending related complaints represented most cases through 2024 and into early 2025, changes in CMC behaviour following the introduction of the new FOS charging structure led to a shift in the overall mix. By the end of the year a greater proportion of complaints fell within BAU/service categories in 2025. During 2024, the increase in costs and provision resulted from higher than expected FOS fees for cases not upheld by us, which were or were expected to subsequently be submitted to FOS for adjudication. Since the change in the FOS fee charging structure from 1 April 2025, the Group has seen negligible CMC referrals to the FOS. This element of the provision has therefore been reduced in the year. The total cost to the Group of customer remediation costs, including resource and FOS fees, which relate to a wide range of different matters, amounts to \u00a326.6m in 2025 (2024: \u00a347.4m), with FOS fees reducing \u00a324.8m to \u00a36.4m. A provision of \u00a31.8m (2024: \u00a37.4m) is held at the balance sheet date for: (i) customer compensation claims received where compensation may be paid but that have not yet been assessed, upheld or compensation amounts agreed (\u00a31.1m) (2024: \u00a35.1m); and (ii) expected FOS fees for future claims that may be referred (\u00a30.7m) (2024: \u00a32.3m). The provision is determined based on the complaints volume pipeline at the period end, estimated uphold complaint rates, and average compensation amounts for each complaint type based on historical data.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "
Financial risk management
The Group\u2019s activities expose it to a variety of financial risks, which can be categorised as credit risk,
funding and liquidity risk, market risk and capital risk. The objective of the Group\u2019s risk management
and internal control framework is to identify and assess the risks facing the Group and to minimise
the potential adverse effects of these risks on the Group\u2019s financial performance. Financial risk
management is overseen by the Risk Committee with day-to-day management delegated to the
Credit Risk Committee (CRC) and Assets and Liabilities Committee (ALCO) both of which met 10 times
during 2025.
Further details of the risk management and internal control framework are described on pages 54
to 61.
(a) Credit risk
Credit risk is the risk that the Group will suffer loss in the event that a customer or counterparty fails
to meet their contractual financial obligations.
(i) Amounts receivable from customers
The Group\u2019s maximum exposure to credit risk on amounts receivable from customers as at
31 December 2025 was \u00a32,691.5m (2024: \u00a32,153.7m).
The Risk Committee has delegated responsibility to the Credit Risk Committee (CRC) for day-to-day
credit risk management. The CRC is responsible for setting the Credit Risk Policy and ensuring that the
approach to lending is within sound risk and financial parameters and key metrics are reviewed to
ensure compliance with policy.
A customer\u2019s risk profile and credit lines are evaluated at the point of application and, for revolving
limits, at various times during the agreement. Internally generated scorecards based on historical
payment patterns and other behavioural characteristics of customers are used to assess the
applicant\u2019s potential default risk and their ability to manage a specific credit line. For new customers,
the scorecards incorporate data from the applicant and sourced from external credit bureaux.
Certain policy rules, including customer profile, proposed loan size and vehicle type (where applicable),
are also assessed in the decisioning process, as well as affordability checks to ensure that, at the time
of application, the loan repayments are affordable. For existing customer lending, the scorecards
also incorporate data on actual payment performance and product utilisation, together with data
sourced from an external credit bureaux each month to refresh a customer\u2019s payment performance
position with other lenders. Credit lines can go up as well as down according to risk assessment.
Arrears management is conducted by way of a combination of letters, inbound and outbound
telephony, SMS, email and outsourced debt collection agency activities. Contact is made with the
customer to discuss the reasons for non-payment and specific strategies are employed to support
the customer in returning to a good standing and retaining use of the vehicle (where applicable).
These include appropriate forbearance arrangements, or where the contract has become
unsustainable for the customer, an appropriate exit strategy is implemented.
(ii) Counterparty risk
Counterparty credit risk arises as a result of cash deposits and collateral placed with banks, reserves
held with the Bank of England (BoE) and exposures to UK Government bonds (gilts).
The Group\u2019s maximum exposure to credit risk on bank and Government counterparties as at
31 December 2025 was \u00a31,078.6m (2024: \u00a31,017.7m).
Counterparty credit risk is managed by the ALCO and is governed by a Wholesale Counterparty
Credit Risk Policy, which ensures that the Group\u2019s exposures are to high-quality counterparties with
the level of permitted exposure to a counterparty firmly linked to the strength of its credit rating. In
addition, there is a maximum exposure limit for all institutions, regardless of credit rating. This is linked
to the Group\u2019s regulatory capital base, in line with the Group\u2019s regulatory reporting requirements on
large exposures to the PRA.
(b) Funding and liquidity risk
Funding and liquidity risk is the risk that the Group will have insufficient financial resources available
to fulfil its operational plans and/or to meet its financial obligations as they fall due.
The Funding Plan, Internal Liquidity Adequacy Assessment Process (ILAAP), Recovery Plan and
Solvent Exit Analysis are approved by the Board with day-to-day management delegated to the
Treasury function, who discharges and informs the decision-making through the ALCO. The ALCO is
responsible for approving the Funding and Liquidity Risk Policy and monitoring funding and liquidity
risk metrics against limits set by the Board, including the Group\u2019s ability to meeting regulatory
requirements, to ensure that the Group is able to continue to fund the growth of the business and
meet retail deposit and wholesale funding outflows.
The Group and Vanquis Bank are PRA-regulated institutions. They are required to maintain a liquid
asset portfolio of high-quality liquid assets (HQLA), a Liquid Asset Buffer (LAB) and other liquid
resources, determined by daily stress tests detailed in the Group and Bank ILAAP. The ILAAP
determines the liquid resources that must be maintained by the Group to meet the Overall Liquidity
Adequacy Rule (OLAR) and to ensure that it can meet its liabilities as they fall due.
Both the Group and Vanquis Bank are required to meet the liquidity coverage ratio (LCR). The LCR
requires institutions to hold a buffer of HQLA to meet net liquidity outflows during a 30-day period.
The Group and Vanquis Bank have developed systems and controls to monitor the LCR and report to
the PRA. As at 31 December 2025, the Group, on a consolidated basis, and Vanquis Bank, on an
individual basis, had an LCR of 306% (2024: 359%) and 271% (2024: 338%) respectively.
As at 31 December 2025, the liquid asset portfolio, comprised of cash at the Bank of England and
investment securities (gilts), amounted to \u00a31,001.2m (2024: \u00a3948.7m). HQLA have been in significant
surplus to the minimum regulatory requirements throughout 2025.
Whilst the Group has diversified its liquid assets to comprise reserves held with the Bank of England
and gilts, it continues to be significantly funded by its retail deposits, at 89.7% (December 2024: 92%)
of total funding, of which its offering has been diversified further to include Easy Access accounts as
well fixed-term.
Balances with central banks are immediately available, while investment securities can be readily
monetised, including by use of Bank of England liquidity facilities.
A maturity analysis of the undiscounted contractual cash flows of the Group\u2019s financial liabilities is
shown below:
Financial liabilities
Repayable Over 5
on demand <1 year 1\u20132 years 2\u20135 years years Total
2025 \u2013 Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Retail deposits
530.7
1,929.6
494.3
132.0
\u2014
3,086.6
Bank and other borrowings:
\u2013 bank facilities
0.9
\u2014
\u2014
\u2014
\u2014
0.9
\u2013 securitisation
\u2014
82.8
129.9
\u2014
\u2014
212.7
\u2013 Tier 2 capital
\u2014
12.6
12.6
37.7
157.3
220.2
Total bank and other
borrowings
0.9
95.4
142.5
37.7
157.3
433.8
Trade and other payables
\u2014
45.1
\u2014
\u2014
\u2014
45.1
Lease liabilities
\u2014
5.0
6.3
8.7
3.2
23.2
Derivative financial
instruments
\u2014
0.5
1.5
0.7
(0.1)
2.6
Total
531.6
2,075.6
644.6
179.1
160.4
3,591.3
Repayable Over 5
on demand <1 year 1\u20132 years 2\u20135 years years Total
2024 \u2013 Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Retail deposits
780.9
1,165.2
414.6
144.2
\u2014
2,504.9
Bank and other borrowings:
\u2013 bank facilities
1.1
\u2014
\u2014
\u2014
\u2014
1.1
\u2013 securitisation
\u2014
11.2
78.6
127.2
\u2014
217.0
\u2013 Tier 2 capital
\u2014
17.8
17.8
53.3
244.4
333.3
\u2013 central bank facilities
\u2014
5.1
\u2014
\u2014
\u2014
5.1
Total bank and other
borrowings
1.1
34.1
96.4
180.5
244.4
556.5
Trade and other payables
\u2014
41.0
\u2014
\u2014
\u2014
41.0
Lease liabilities
\u2014
12.5
4.5
9.2
9.0
35.2
Derivative financial
instruments
\u2014
5.8
(0.7)
0.1
\u2014
5.2
Total
782.0
1,258.6
514.8
334.0
253.4
3,142.8
The unutilised Credit Card commitments are included in note 14.
Repayable Over 5
on demand <1 year 1\u20132 years 2\u20135 years years Total
2025 \u2013 Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank and other borrowings:
\u2013 Tier 2 capital
\u2014
12.6
12.6
37.7
157.3
220.2
Trade and other payables
\u2014
13.0
\u2014
\u2014
\u2014
13.0
Derivative financial
instruments
\u2014
(2.2)
(0.6)
\u2014
\u2014
(2.8)
Total
\u2014
23.4
12.0
37.7
157.3
230.4
Repayable Over 5
on demand <1 year 1\u20132 years 2\u20135 years years Total
2024 \u2013 Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank and other borrowings:
\u2013 Tier 2 capital
\u2014
17.8
17.8
53.3
244.4
333.3
Trade and other payables
\u2014
18.0
\u2014
\u2014
\u2014
18.0
Lease liabilities
\u2014
4.7
0.8
2.4
4.8
12.7
Derivative financial
instruments
\u2014
5.8
(0.5)
0.1
\u2014
5.4
Total
\u2014
46.3
18.1
55.8
249.2
369.4
(c) Market risk
Market risk is the risk of financial loss associated with adverse changes in the value of assets and
liabilities held by the Group due to movements in market factors such as foreign exchange risk,
interest rates (duration risk), customer behaviour (optionality risk) and the movement in rate spreads
across types of assets or liabilities (basis risk and credit spread risk).
The Group does not have a trading book and therefore is only exposed to non-traded market risk.
Market risk principally arises through Interest Rate Risk in the Banking Book (IRRBB) and the
management of assets to support liquidity requirements, including Credit Spread Risk in the Banking
Book (CSRBB). It comprises the sensitivity of the current and future net interest income and economic
value to movements in market interest rates. The major contributors to interest rate risk are:
5 the mismatch, or duration, between repricing dates of interest-bearing assets and liabilities;
5 basis risk or assets and liabilities repricing to different reference rates, for example, customer
asset and liability products repricing against BoE base rate and Sterling Overnight Index Average
(SONIA); and
5 customer optionality, for example the right to repay borrowing in advance of contractual
maturity dates.
Interest rate risk
Interest rate risk is the risk of potential loss through unhedged or mismatched asset and liability
positions that are sensitive to changes in interest rates. Primarily, the Group is at risk of a change in
external interest rates, which leads to an increase in the Group\u2019s cost of borrowing without an
offsetting increase in revenue. The Group\u2019s exposure to foreign exchange risk is de minimis.
Day-to-day management of market risk is delegated to the Treasury function, who discharges and
informs the decision-making through the ALCO. The ALCO is responsible for approving the Market Risk
Policy and monitoring the interest rate risk position, including the risk appetite metrics set for both
earnings at risk (EaR), market value sensitivity (MVS), economic value of equity and basis risk.
Treasury seeks to limit its net exposure to changes in interest rates. This is achieved through a
combination of diversified funding sources, including issuing fixed-rate debt and using derivative
financial instruments, such as interest rate swaps, to manage its exposures within approved limits.
Derivative financial instruments are not used for speculative purposes. The Group elects to apply fair
value hedge accounting for the majority of its risk management activity that uses derivatives.
The Group\u2019s risk management and internal control framework for IRRBB continues to evolve in line
with updates in regulatory guidance on methods expected to be used by banks to measure, manage,
monitor and control such risks.
The Group measures market risks through a combination of economic value and earnings-based measures:
5 economic value (EV) \u2013 a range of parallel and non-parallel interest rate stresses are applied to
assess the change in market value from assets, liabilities and off-balance sheet items repricing at
different times; and
5 net interest income (NII) \u2013 impact on earnings from a range of interest rate stresses.
The Group monitors these measures on at least a monthly basis, which were as follows at 31 December:
2025 2024
\u00a3m \u00a3m
Economic value sensitivity
+200bps parallel shift in yield curve
(2.1)
0.7
-200bps parallel shift in yield curve
10.7
8.2
Net interest income sensitivity (over 12-month period)
+100bps parallel shift in yield curve
(1.2)
1.1
-100bps parallel shift in yield curve
3.8
1.6
Exposures to structured entities At 31 December 2025, the Group has in issue two securitisations to diversify its sources of funding. As at the end of 2025, the Group has securitised a total \u00a3796.7m of receivables (2024: \u00a3839.1m), in exchange for receiving \u00a3200.0m (2024: \u00a3200.0m) of funding from external sources, including \u00a3480.2m of receivables in a wholly retained securitisation which is pledged as collateral with the BoE to provide access to the Sterling Monetary Framework. The Group holds an exposure to the performance of these vehicles in the form of retained notes and has a contractual right to the variable returns of the vehicles. This risk is limited to the performance of the underlying assets, which have not been derecognised in the financial statements. The Group has no exposure to other contractual risks associated with the vehicles; no additional credit enhancements have been provided beyond the exposure created by the retained notes.
2025
2024
Receivables Notes in Receivables Notes in
secured issue secured issue
Vehicle \u00a3m \u00a3m \u00a3m \u00a3m
Oban Cards 2021-1 Holdings Limited
480.2
453.1
518.2
453.1
Moneybarn Financing Limited
316.5
316.5
320.9
320.9
(d) Capital risk To support the delivery of the Group\u2019s purpose, the Group operates a financial model that is founded on investing in customer-led businesses offering attractive returns, which aligns an appropriate capital structure focused on optimising shareholder value, in a safe and sustainable manner. The Group\u2019s objective in respect of capital risk management is to maintain an efficient and secure capital structure and adequate buffer over the regulatory capital requirements set by the PRA .
The following table reconciles the Group\u2019s equity to the regulatory capital resources for the Group.
2025 2024
Regulatory capital (unaudited) \u00a3m \u00a3m
Total equity
487.3
441.2
Retirement benefit asset
(6.4)
(27.8)
Deferred tax on retirement benefit asset
1.6
7.0
Goodwill
(1.2)
(1.2)
Intangible assets
(65.0)
(61.5)
Deferred tax on intangible asset
4.5
4.9
Deferred tax assets not arising from temporary differences
(20.1)
(18.3)
Other financial instruments
(58.6)
\u2014
Foreseeable distributions on other financial instruments
(0.8)
\u2014
Common Equity Tier 1 capital
341.3
344.3
Additional Tier 1 capital
58.6
\u2014
Tier 1 capital
399.9
344.3
Tier 2 capital
141.5
200.0
Total regulatory capital
541.4
544.3
Risk-weighted exposures
2,073.5
1,834.8
CET1 ratio
16.5%
18.8%
Total capital ratio
26.1%
29.7%
As part of the supervision by the PRA, the Group, consistent with other regulated financial institutions,
is required to make annual Pillar 3 disclosures, which complement Basel\u2019s Pillar 1 and Pillar 2
frameworks. These disclosures set out information on the Group\u2019s regulatory capital, risk exposures
and risk management processes. Pillar 3 disclosures for the Group, for the year ended 31 December
2025, are published as a separate document and are available on the Group\u2019s website.
The Group\u2019s Capital Risk Policy helps to ensure capital resources are sufficient to support planned
levels of growth. It also sets out the framework in which the Group aims to maintain a secure funding
and capital structure and establishes defined capital risk appetite. Adherence to the policy ensures
that the Group maintains minimum capital levels and the capital held at business levels is adequate
to support underlying requirements and growth in that business. Internal capital is allocated to
business lines and risk categories, calibrated to maximise return on equity while remaining within the
risk appetite. The distribution of dividends is aligned with the Group\u2019s growth targets, whilst continuing
to meet the required capital levels in line with regulatory requirements and internal risk appetite.
The Group is subject to supervision by the PRA on a consolidated basis, as a group containing an
authorised bank. For regulatory purposes, the Company is designated as a CRR consolidation entity,
as defined by the PRA rulebook. As part of this supervision, the regulator will issue a total capital
requirement (TCR) setting the amount of regulatory capital which the Group is required to hold at all
times, in order to safeguard depositors from loss in the event of severe losses being incurred by the
Group. The minimum regulatory capital requirement imposed by the PRA on firms is the sum of the
TCR, the combined Capital Requirements Directive (CRD) buffer requirements as applicable and the
PRA buffer requirements as applicable. This requirement is set in accordance with the international
Basel 3 rules, issued by the Basel Committee on Banking Supervision (BCBS), which, following the
implementation of the Financial Services Act 2021 on 1 January 2022, are implemented through the
PRA rulebook.
Regulatory capital is monitored by the Board, the Risk Committee and ALCO. The Group regularly
forecasts regulatory capital requirements as part of its budgeting and strategic planning process
and the Company and the Group are required to report quarterly to the PRA on their level of
regulatory capital.
The minimum amount of regulatory capital held by the Group and Vanquis Bank Limited represents
the higher of the imposed requirement and their respective internal assessments of minimum capital
requirements based upon an assessment of risks facing the Group. As required by the PRA, under the
Basel III regulatory framework, the Company undertakes an Internal Capital Adequacy Assessment
Process (ICAAP). This considers all risks facing the business, including credit, operational, counterparty,
conduct, pension and market risks, and assesses the capital requirement for such risks in the event
of downside stresses should such requirement exceed that set out under the Pillar 1 framework.
The ICAAP is approved by the Risk Committee and the Board.
The Group complied with its externally imposed capital requirements during the current and prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "(a) Credit risk Credit risk is the risk that the Group will suffer loss in the event that a customer or counterparty fails to meet their contractual financial obligations. (i) Amounts receivable from customers The Group\u2019s maximum exposure to credit risk on amounts receivable from customers as at 31 December 2025 was \u00a32,691.5m (2024: \u00a32,153.7m). The Risk Committee has delegated responsibility to the Credit Risk Committee (CRC) for day-to-day credit risk management. The CRC is responsible for setting the Credit Risk Policy and ensuring that the approach to lending is within sound risk and financial parameters and key metrics are reviewed to ensure compliance with policy. A customer\u2019s risk profile and credit lines are evaluated at the point of application and, for revolving limits, at various times during the agreement. Internally generated scorecards based on historical payment patterns and other behavioural characteristics of customers are used to assess the applicant\u2019s potential default risk and their ability to manage a specific credit line. For new customers, the scorecards incorporate data from the applicant and sourced from external credit bureaux. Certain policy rules, including customer profile, proposed loan size and vehicle type (where applicable), are also assessed in the decisioning process, as well as affordability checks to ensure that, at the time of application, the loan repayments are affordable. For existing customer lending, the scorecards also incorporate data on actual payment performance and product utilisation, together with data sourced from an external credit bureaux each month to refresh a customer\u2019s payment performance position with other lenders. Credit lines can go up as well as down according to risk assessment. Arrears management is conducted by way of a combination of letters, inbound and outbound telephony, SMS, email and outsourced debt collection agency activities. Contact is made with the customer to discuss the reasons for non-payment and specific strategies are employed to support the customer in returning to a good standing and retaining use of the vehicle (where applicable). These include appropriate forbearance arrangements, or where the contract has become unsustainable for the customer, an appropriate exit strategy is implemented. (ii) Counterparty risk Counterparty credit risk arises as a result of cash deposits and collateral placed with banks, reserves held with the Bank of England (BoE) and exposures to UK Government bonds (gilts). The Group\u2019s maximum exposure to credit risk on bank and Government counterparties as at 31 December 2025 was \u00a31,078.6m (2024: \u00a31,017.7m). Counterparty credit risk is managed by the ALCO and is governed by a Wholesale Counterparty Credit Risk Policy, which ensures that the Group\u2019s exposures are to high-quality counterparties with the level of permitted exposure to a counterparty firmly linked to the strength of its credit rating. In addition, there is a maximum exposure limit for all institutions, regardless of credit rating. This is linked to the Group\u2019s regulatory capital base, in line with the Group\u2019s regulatory reporting requirements on large exposures to the PRA. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "(b) Funding and liquidity risk Funding and liquidity risk is the risk that the Group will have insufficient financial resources available to fulfil its operational plans and/or to meet its financial obligations as they fall due. The Funding Plan, Internal Liquidity Adequacy Assessment Process (ILAAP), Recovery Plan and Solvent Exit Analysis are approved by the Board with day-to-day management delegated to the Treasury function, who discharges and informs the decision-making through the ALCO. The ALCO is responsible for approving the Funding and Liquidity Risk Policy and monitoring funding and liquidity risk metrics against limits set by the Board, including the Group\u2019s ability to meeting regulatory requirements, to ensure that the Group is able to continue to fund the growth of the business and meet retail deposit and wholesale funding outflows. The Group and Vanquis Bank are PRA-regulated institutions. They are required to maintain a liquid asset portfolio of high-quality liquid assets (HQLA), a Liquid Asset Buffer (LAB) and other liquid resources, determined by daily stress tests detailed in the Group and Bank ILAAP. The ILAAP determines the liquid resources that must be maintained by the Group to meet the Overall Liquidity Adequacy Rule (OLAR) and to ensure that it can meet its liabilities as they fall due. Both the Group and Vanquis Bank are required to meet the liquidity coverage ratio (LCR). The LCR requires institutions to hold a buffer of HQLA to meet net liquidity outflows during a 30-day period. The Group and Vanquis Bank have developed systems and controls to monitor the LCR and report to the PRA. As at 31 December 2025, the Group, on a consolidated basis, and Vanquis Bank, on an individual basis, had an LCR of 306% (2024: 359%) and 271% (2024: 338%) respectively. As at 31 December 2025, the liquid asset portfolio, comprised of cash at the Bank of England and investment securities (gilts), amounted to \u00a31,001.2m (2024: \u00a3948.7m). HQLA have been in significant surplus to the minimum regulatory requirements throughout 2025. Whilst the Group has diversified its liquid assets to comprise reserves held with the Bank of England and gilts, it continues to be significantly funded by its retail deposits, at 89.7% (December 2024: 92%) of total funding, of which its offering has been diversified further to include Easy Access accounts as well fixed-term. Balances with central banks are immediately available, while investment securities can be readily monetised, including by use of Bank of England liquidity facilities. A maturity analysis of the undiscounted contractual cash flows of the Group\u2019s financial liabilities is shown below: Financial liabilities
Repayable Over 5
on demand <1 year 1\u20132 years 2\u20135 years years Total
2025 \u2013 Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Retail deposits
530.7
1,929.6
494.3
132.0
\u2014
3,086.6
Bank and other borrowings:
\u2013 bank facilities
0.9
\u2014
\u2014
\u2014
\u2014
0.9
\u2013 securitisation
\u2014
82.8
129.9
\u2014
\u2014
212.7
\u2013 Tier 2 capital
\u2014
12.6
12.6
37.7
157.3
220.2
Total bank and other
borrowings
0.9
95.4
142.5
37.7
157.3
433.8
Trade and other payables
\u2014
45.1
\u2014
\u2014
\u2014
45.1
Lease liabilities
\u2014
5.0
6.3
8.7
3.2
23.2
Derivative financial
instruments
\u2014
0.5
1.5
0.7
(0.1)
2.6
Total
531.6
2,075.6
644.6
179.1
160.4
3,591.3
Repayable Over 5
on demand <1 year 1\u20132 years 2\u20135 years years Total
2024 \u2013 Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Retail deposits
780.9
1,165.2
414.6
144.2
\u2014
2,504.9
Bank and other borrowings:
\u2013 bank facilities
1.1
\u2014
\u2014
\u2014
\u2014
1.1
\u2013 securitisation
\u2014
11.2
78.6
127.2
\u2014
217.0
\u2013 Tier 2 capital
\u2014
17.8
17.8
53.3
244.4
333.3
\u2013 central bank facilities
\u2014
5.1
\u2014
\u2014
\u2014
5.1
Total bank and other
borrowings
1.1
34.1
96.4
180.5
244.4
556.5
Trade and other payables
\u2014
41.0
\u2014
\u2014
\u2014
41.0
Lease liabilities
\u2014
12.5
4.5
9.2
9.0
35.2
Derivative financial
instruments
\u2014
5.8
(0.7)
0.1
\u2014
5.2
Total
782.0
1,258.6
514.8
334.0
253.4
3,142.8
The unutilised Credit Card commitments are included in note 14.
Repayable Over 5
on demand <1 year 1\u20132 years 2\u20135 years years Total
2025 \u2013 Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank and other borrowings:
\u2013 Tier 2 capital
\u2014
12.6
12.6
37.7
157.3
220.2
Trade and other payables
\u2014
13.0
\u2014
\u2014
\u2014
13.0
Derivative financial
instruments
\u2014
(2.2)
(0.6)
\u2014
\u2014
(2.8)
Total
\u2014
23.4
12.0
37.7
157.3
230.4
Repayable Over 5
on demand <1 year 1\u20132 years 2\u20135 years years Total
2024 \u2013 Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank and other borrowings:
\u2013 Tier 2 capital
\u2014
17.8
17.8
53.3
244.4
333.3
Trade and other payables
\u2014
18.0
\u2014
\u2014
\u2014
18.0
Lease liabilities
\u2014
4.7
0.8
2.4
4.8
12.7
Derivative financial
instruments
\u2014
5.8
(0.5)
0.1
\u2014
5.4
Total
\u2014
46.3
18.1
55.8
249.2
369.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "(c) Market risk Market risk is the risk of financial loss associated with adverse changes in the value of assets and liabilities held by the Group due to movements in market factors such as foreign exchange risk, interest rates (duration risk), customer behaviour (optionality risk) and the movement in rate spreads across types of assets or liabilities (basis risk and credit spread risk). The Group does not have a trading book and therefore is only exposed to non-traded market risk. Market risk principally arises through Interest Rate Risk in the Banking Book (IRRBB) and the management of assets to support liquidity requirements, including Credit Spread Risk in the Banking Book (CSRBB). It comprises the sensitivity of the current and future net interest income and economic value to movements in market interest rates. The major contributors to interest rate risk are: 5 the mismatch, or duration, between repricing dates of interest-bearing assets and liabilities; 5 basis risk or assets and liabilities repricing to different reference rates, for example, customer asset and liability products repricing against BoE base rate and Sterling Overnight Index Average (SONIA); and 5 customer optionality, for example the right to repay borrowing in advance of contractual maturity dates. Interest rate risk Interest rate risk is the risk of potential loss through unhedged or mismatched asset and liability positions that are sensitive to changes in interest rates. Primarily, the Group is at risk of a change in external interest rates, which leads to an increase in the Group\u2019s cost of borrowing without an offsetting increase in revenue. The Group\u2019s exposure to foreign exchange risk is de minimis. Day-to-day management of market risk is delegated to the Treasury function, who discharges and informs the decision-making through the ALCO. The ALCO is responsible for approving the Market Risk Policy and monitoring the interest rate risk position, including the risk appetite metrics set for both earnings at risk (EaR), market value sensitivity (MVS), economic value of equity and basis risk. Treasury seeks to limit its net exposure to changes in interest rates. This is achieved through a combination of diversified funding sources, including issuing fixed-rate debt and using derivative financial instruments, such as interest rate swaps, to manage its exposures within approved limits. Derivative financial instruments are not used for speculative purposes. The Group elects to apply fair value hedge accounting for the majority of its risk management activity that uses derivatives. The Group\u2019s risk management and internal control framework for IRRBB continues to evolve in line with updates in regulatory guidance on methods expected to be used by banks to measure, manage, monitor and control such risks. The Group measures market risks through a combination of economic value and earnings-based measures: 5 economic value (EV) \u2013 a range of parallel and non-parallel interest rate stresses are applied to assess the change in market value from assets, liabilities and off-balance sheet items repricing at different times; and 5 net interest income (NII) \u2013 impact on earnings from a range of interest rate stresses.
The Group monitors these measures on at least a monthly basis, which were as follows at 31 December:
2025 2024
\u00a3m \u00a3m
Economic value sensitivity
+200bps parallel shift in yield curve
(2.1)
0.7
-200bps parallel shift in yield curve
10.7
8.2
Net interest income sensitivity (over 12-month period)
+100bps parallel shift in yield curve
(1.2)
1.1
-100bps parallel shift in yield curve
3.8
1.6
Exposures to structured entities
At 31 December 2025, the Group has in issue two securitisations to diversify its sources of funding.
As at the end of 2025, the Group has securitised a total \u00a3796.7m of receivables (2024: \u00a3839.1m), in
exchange for receiving \u00a3200.0m (2024: \u00a3200.0m) of funding from external sources, including \u00a3480.2m
of receivables in a wholly retained securitisation which is pledged as collateral with the BoE to
provide access to the Sterling Monetary Framework.
The Group holds an exposure to the performance of these vehicles in the form of retained notes and
has a contractual right to the variable returns of the vehicles. This risk is limited to the performance of
the underlying assets, which have not been derecognised in the financial statements. The Group has
no exposure to other contractual risks associated with the vehicles; no additional credit
enhancements have been provided beyond the exposure created by the retained notes.
2025
2024
Receivables Notes in Receivables Notes in
secured issue secured issue
Vehicle \u00a3m \u00a3m \u00a3m \u00a3m
Oban Cards 2021-1 Holdings Limited
480.2
453.1
518.2
453.1
Moneybarn Financing Limited
316.5
316.5
320.9
320.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "(d) Capital risk To support the delivery of the Group\u2019s purpose, the Group operates a financial model that is founded on investing in customer-led businesses offering attractive returns, which aligns an appropriate capital structure focused on optimising shareholder value, in a safe and sustainable manner. The Group\u2019s objective in respect of capital risk management is to maintain an efficient and secure capital structure and adequate buffer over the regulatory capital requirements set by the PRA The Group\u2019s Capital Risk Policy helps to ensure capital resources are sufficient to support planned levels of growth. It also sets out the framework in which the Group aims to maintain a secure funding and capital structure and establishes defined capital risk appetite. Adherence to the policy ensures that the Group maintains minimum capital levels and the capital held at business levels is adequate to support underlying requirements and growth in that business. Internal capital is allocated to business lines and risk categories, calibrated to maximise return on equity while remaining within the risk appetite. The distribution of dividends is aligned with the Group\u2019s growth targets, whilst continuing to meet the required capital levels in line with regulatory requirements and internal risk appetite. The Group is subject to supervision by the PRA on a consolidated basis, as a group containing an authorised bank. For regulatory purposes, the Company is designated as a CRR consolidation entity, as defined by the PRA rulebook. As part of this supervision, the regulator will issue a total capital requirement (TCR) setting the amount of regulatory capital which the Group is required to hold at all times, in order to safeguard depositors from loss in the event of severe losses being incurred by the Group. The minimum regulatory capital requirement imposed by the PRA on firms is the sum of the TCR, the combined Capital Requirements Directive (CRD) buffer requirements as applicable and the PRA buffer requirements as applicable. This requirement is set in accordance with the international Basel 3 rules, issued by the Basel Committee on Banking Supervision (BCBS), which, following the implementation of the Financial Services Act 2021 on 1 January 2022, are implemented through the PRA rulebook. Regulatory capital is monitored by the Board, the Risk Committee and ALCO. The Group regularly forecasts regulatory capital requirements as part of its budgeting and strategic planning process and the Company and the Group are required to report quarterly to the PRA on their level of regulatory capital. The minimum amount of regulatory capital held by the Group and Vanquis Bank Limited represents the higher of the imposed requirement and their respective internal assessments of minimum capital requirements based upon an assessment of risks facing the Group. As required by the PRA, under the Basel III regulatory framework, the Company undertakes an Internal Capital Adequacy Assessment Process (ICAAP). This considers all risks facing the business, including credit, operational, counterparty, conduct, pension and market risks, and assesses the capital requirement for such risks in the event of downside stresses should such requirement exceed that set out under the Pillar 1 framework. The ICAAP is approved by the Risk Committee and the Board. The Group complied with its externally imposed capital requirements during the current and prior year. The following table reconciles the Group\u2019s equity to the regulatory capital resources for the Group.
2025 2024
Regulatory capital (unaudited) \u00a3m \u00a3m
Total equity
487.3
441.2
Retirement benefit asset
(6.4)
(27.8)
Deferred tax on retirement benefit asset
1.6
7.0
Goodwill
(1.2)
(1.2)
Intangible assets
(65.0)
(61.5)
Deferred tax on intangible asset
4.5
4.9
Deferred tax assets not arising from temporary differences
(20.1)
(18.3)
Other financial instruments
(58.6)
\u2014
Foreseeable distributions on other financial instruments
(0.8)
\u2014
Common Equity Tier 1 capital
341.3
344.3
Additional Tier 1 capital
58.6
\u2014
Tier 1 capital
399.9
344.3
Tier 2 capital
141.5
200.0
Total regulatory capital
541.4
544.3
Risk-weighted exposures
2,073.5
1,834.8
CET1 ratio
16.5%
18.8%
Total capital ratio
26.1%
29.7%
As part of the supervision by the PRA, the Group, consistent with other regulated financial institutions, is required to make annual Pillar 3 disclosures, which complement Basel\u2019s Pillar 1 and Pillar 2 frameworks. These disclosures set out information on the Group\u2019s regulatory capital, risk exposures and risk management processes. Pillar 3 disclosures for the Group, for the year ended 31 December 2025, are published as a separate document and are available on the Group\u2019s website. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "
1 Segment reporting
IFRS 8 requires segment reporting to be based on the internal financial information reported to the
chief operating decision maker. The Group\u2019s chief operating decision maker is deemed to be the
Group ExCo, whose primary responsibility is to support the CEO in managing the Group\u2019s day-to-day
operations and analyse trading performance. The Group\u2019s segments are set out below, which are the
segments reported in the Group\u2019s management accounts used by the Group ExCo as the primary
means for analysing trading performance. The Group ExCo assesses profit performance using profit
before tax measured on a basis consistent with the disclosure in the Group financial statements.
During 1H25 the Group reviewed and reallocated interest income, interest expense and costs to
different product segments as reported under IFRS 8. As a result, all previous periods have been
represented onto a consistent basis. These changes do not constitute a change in accounting policy
and there is no impact on recognition, measurement or profit and loss in any period presented in this
report. This representation is a further step in Vanquis\u2019 ongoing commitment to enhance disclosures
and to provide a more transparent reporting of the Group\u2019s continuing operations by product.
Following the sale of the Personal Loans business, the Group now comprises four segments: the three
core lending products \u2013 Credit Cards, Vehicle Finance, and Second Charge Mortgages \u2013 and the
Corporate Centre. The Corporate Centre includes the residual performance of the Retail Savings
business, Treasury results after product allocations, Snoop, and other immaterial or central items.
To more accurately reflect the interest income and funding costs of each lending product, the Group
updated the following:
5 Interest income from non-product Treasury items has been moved from Credit Cards to the
Corporate Centre.
5 Interest expense to better represent the cost of funding across products using funds transfer
pricing, allowing for duration matching of assets and natural hedging across exposures. Interest
expense related to Tier 2 capital, previously reported entirely within the Corporate Centre, has
been partially reallocated to individual products and the cost of the Vehicle Finance
securitisation, previously allocated solely to Vehicle Finance, has been spread across all products,
reflecting shared benefit from the funding structure.
5 Operating costs that were not directly attributable to a product and previously held in the
Corporate Centre have been reallocated, based on either business size using a blended average
of credit risk-weighted assets (RWAs), to reflect capital consumption, or total income, to reflect
revenue contribution or service usage.
The Group has transitioned to reporting solely on a statutory basis. This follows actions taken in 2024
that resulted in a cleaner, lower-risk balance sheet and improved transparency at both Group and
product levels. Adjusted performance is now expected to closely align with statutory results.
Accordingly, the 2024 income statement and key metrics have been represented on a statutory basis,
removing adjustments for goodwill write-offs, transformation and other exceptional costs, and
amortisation of acquisition intangibles. The 2024 adjusting items, comprising the goodwill write-off,
transformation and other exceptional costs, and amortisation of acquisition intangibles, in addition to
other one-off cost items, have remained within the Corporate Centre.
The impact of the 2024 Vehicle Finance receivables review, affecting both income and impairment,
has remained within the Vehicle Finance segment.
2025
Second
Credit Vehicle Charge Corporate
Cards Finance Mortgages Centre Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest income
370.8
123.9
28.4
44.1
567.2
Interest expense
(51.6)
(28.2)
(17.8)
(51.2)
(148.8)
Net interest income
319.2
95.7
10.6
(7.1)
418.4
Fee and commission income
35.6
\u2014
1.0
1.7
38.3
Fee and commission expense
(2.3)
\u2014
\u2014
(0.2)
(2.5)
Net fee and commission income
33.3
\u2014
1.0
1.5
35.8
Other income
\u2014
\u2014
\u2014
0.7
0.7
Total income
352.5
95.7
11.6
(4.9)
454.9
Impairment charges
(139.6)
(41.5)
(0.7)
0.7
(181.1)
Risk-adjusted income
212.9
54.2
10.9
(4.2)
273.8
Operating costs
(174.7)
(66.9)
(5.5)
(18.4)
(265.5)
Statutory profit/(loss) before taxation
from continuing operations
38.2
(12.7)
5.4
(22.6)
8.3
Taxation
(0.3)
Statutory profit after taxation from
continuing operations
8.0
Statutory profit after taxation from
discontinued operations
0.7
Statutory profit after taxation
8.7
2024
1
Second
Credit Vehicle Charge Corporate
Cards Finance Mortgages Centre Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest income
365.7
133.1
4.8
46.3
549.9
Interest expense
(53.2)
(31.4)
(3.4)
(54.0)
(142.0)
Net interest income
312.5
101.7
1.4
(7.7)
407.9
Fee and commission income
36.7
\u2014
\u2014
1.6
38.3
Fee and commission expense
(1.7)
\u2014
\u2014
(0.2)
(1.9)
Net fee and commission income
35.0
\u2014
\u2014
1.4
36.4
Other income
\u2014
\u2014
\u2014
2.1
2.1
Total income
347.5
101.7
1.4
(4.2)
446.4
Impairment charges
(123.9)
(60.4)
(0.2)
(0.8)
(185.3)
Risk-adjusted income
223.6
41.3
1.2
(5.0)
261.1
Operating costs
(193.5)
(80.1)
(0.6)
(124.9)
(399.1)
Statutory profit/(loss) before taxation
from continuing operations
30.1
(38.8)
0.6
(129.9)
(138.0)
Taxation
17.4
Statutory loss after taxation from
continuing operations
(120.6)
Statutory profit after taxation from
discontinued operations
1.3
Statutory loss after taxation
(119.3)
1 Refer to material accounting policy information for detail of the representation.
Revenue between business segments is not material.
Segment assets
Segment liabilities
Net assets/(liabilities)
2025 2024 2025 2024 2025 2024
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Credit Cards, Personal Loans and
Second Charge Mortgages
3,165.4
2,514.8
(2,727.4)
(2,161.8)
438.0
353.0
Vehicle Finance
728.8
775.5
(615.4)
(646.4)
113.4
129.1
Corporate Centre
(41.2)
(2.6)
(22.9)
(38.3)
(64.1)
(40.9)
Total before intra-group elimination
3,853.0
3,287.7
(3,365.7)
(2,846.5)
487.3
441.2
Intra-group elimination
88.7
87.6
(88.7)
(87.6)
\u2014
\u2014
Total Group
3,941.7
3,375.3
(3,454.4)
(2,934.1)
487.3
441.2
The presentation of segment net assets reflects the statutory assets, liabilities and net assets of each
of the Group\u2019s divisions. This results in an intra-group elimination reflecting the difference between the
central intercompany funding provided to the divisions and the external funding raised centrally.
Credit Cards, Personal Loans and Second Charge Mortgages are recognised within Vanquis Bank
Limited and are therefore combined for balance sheet reporting purposes.
The Group\u2019s businesses operate principally in the UK.
Capital expenditure Depreciation Amortisation
2025 2024 2025 2024 2025 2024
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Credit Cards, Personal Loans and
Second Charge Mortgages
16.0
12.7
1.7
1.4
8.7
8.2
Vehicle Finance
\u2014
0.8
0.2
0.9
\u2014
0.1
Corporate Centre
2.5
1.2
0.2
0.6
1.8
8.6
Total Group
18.5
14.7
2.1
2.9
10.5
16.9
Capital expenditure comprises expenditure on intangible assets of \u00a315.2m (2024: \u00a312.5m) and
property, plant and equipment of \u00a33.3m (2024: \u00a32.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "
2 Discontinued operations
The Group sold its Personal Loans portfolio in March 2025 and in accordance with IFRS 5 Non-current
Assets Held for Sale and Discontinued Operations, this business segment is presented as discontinued
operations. The results from discontinued operations, which are included in the Group income
statement, are set out below.
Group
2025 2024
\u00a3m \u00a3m
Interest income
1.4
15.5
Interest expense
(0.3)
(3.4)
Net interest income
1.1
12.1
Fee and commission income
\u2014
\u2014
Fee and commission expense
\u2014
\u2014
Net fee and commission income
\u2014
\u2014
Other income
\u2014
\u2014
Total income
1.1
12.1
Impairment credit/(charges)
3.1
(5.7)
Risk-adjusted income
4.2
6.4
Operating costs
(3.3)
(4.7)
Statutory profit before taxation
0.9
1.7
Tax charge
(0.2)
(0.4)
Statutory profit after taxation
0.7
1.3
Following the Group\u2019s strategy update in March 2024, management announced that the Personal Loans business was under review and the loan portfolio was placed into run off. The Group completed the sale of the Personal Loans portfolio in March 2025. On completion, the net receivables disposed of totalled \u00a334.8m, and the Company received net consideration of \u00a337.8m. A gain on disposal of \u00a30.5m has been recognised, reflecting the difference between the consideration received, the carrying amount of the net assets derecognised and disposal costs of \u00a32.5m, including a write down of associated intangible assets of \u00a31.2m. The gain is presented within impairment credits, partly offset by operating costs in the income statement for discontinued operations. Cash generated from operations includes \u00a39.1m (2024: \u00a360.4m) from discontinued operations, reflecting net cash generated from customer receivables and associated costs, and \u00a337.8m of consideration received on completion of the sale of the Personal Loans portfolio in March 2025. There were no investing or financing cash flows relating to discontinued operations", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "
3 Interest income
Group
2025
2024
1
Interest receivable from: \u00a3m \u00a3m
Customer receivables (note 14)
523.0
502.8
Cash balances held on deposit and other (note 12)
37.9
44.8
Investment securities (note 13)
5.8
\u2014
Net fair value gains on derivative financial instruments (note 23)
0.5
2.3
Total income from continuing operations
567.2
549.9
Total income from discontinued operations
1.4
15.5
Total interest income
568.6
565.4
1 Refer to material accounting policy information for detail of the representation.
Interest income from; (i) Credit Cards and Second Charge Mortgage customer receivables; (ii) cash
balances held on deposit and other; (iii) investment securities income; and (iv) income from
discontinued operations is calculated using the EIR method.
Interest income from Credit Cards and Second Charge Mortgage customer receivables is recognised
by applying the effective interest rate (EIR) to the carrying value of a loan. The EIR is calculated at
inception and represents the rate that exactly discounts the future contractual cash receipts from a
loan to the amount of cash advanced under that loan, plus directly attributable issue costs (e.g.
aggregator/broker fees).
Vehicle Finance interest income from customer receivables of \u00a3123.9m (2024: \u00a3133.1m) is recognised in
line with IFRS 16.
4 Interest expense
Group
2025 2024
Interest payable on: \u00a3m \u00a3m
Retail deposits
115.6
97.5
Tier 2
19.1
21.0
Securitisation
12.5
14.3
Bank of England facility
0.9
6.2
Lease liabilities finance costs
0.7
3.0
Total interest expense from continuing operations
148.8
142.0
Total interest expense from discontinued operations
0.3
3.4
Total interest expense
149.1
145.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "3 Interest income
Group
2025
2024
1
Interest receivable from: \u00a3m \u00a3m
Customer receivables (note 14)
523.0
502.8
Cash balances held on deposit and other (note 12)
37.9
44.8
Investment securities (note 13)
5.8
\u2014
Net fair value gains on derivative financial instruments (note 23)
0.5
2.3
Total income from continuing operations
567.2
549.9
Total income from discontinued operations
1.4
15.5
Total interest income
568.6
565.4
1 Refer to material accounting policy information for detail of the representation. Interest income from; (i) Credit Cards and Second Charge Mortgage customer receivables; (ii) cash balances held on deposit and other; (iii) investment securities income; and (iv) income from discontinued operations is calculated using the EIR method. Interest income from Credit Cards and Second Charge Mortgage customer receivables is recognised by applying the effective interest rate (EIR) to the carrying value of a loan. The EIR is calculated at inception and represents the rate that exactly discounts the future contractual cash receipts from a loan to the amount of cash advanced under that loan, plus directly attributable issue costs (e.g. aggregator/broker fees). Vehicle Finance interest income from customer receivables of \u00a3123.9m (2024: \u00a3133.1m) is recognised in line with IFRS 16", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-513": { "value": "3 Interest income
Group
2025
2024
1
Interest receivable from: \u00a3m \u00a3m
Customer receivables (note 14)
523.0
502.8
Cash balances held on deposit and other (note 12)
37.9
44.8
Investment securities (note 13)
5.8
\u2014
Net fair value gains on derivative financial instruments (note 23)
0.5
2.3
Total income from continuing operations
567.2
549.9
Total income from discontinued operations
1.4
15.5
Total interest income
568.6
565.4
1 Refer to material accounting policy information for detail of the representation. Interest income from; (i) Credit Cards and Second Charge Mortgage customer receivables; (ii) cash balances held on deposit and other; (iii) investment securities income; and (iv) income from discontinued operations is calculated using the EIR method. Interest income from Credit Cards and Second Charge Mortgage customer receivables is recognised by applying the effective interest rate (EIR) to the carrying value of a loan. The EIR is calculated at inception and represents the rate that exactly discounts the future contractual cash receipts from a loan to the amount of cash advanced under that loan, plus directly attributable issue costs (e.g. aggregator/broker fees). Vehicle Finance interest income from customer receivables of \u00a3123.9m (2024: \u00a3133.1m) is recognised in line with IFRS 16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-506": { "value": "3 Interest income
Group
2025
2024
1
Interest receivable from: \u00a3m \u00a3m
Customer receivables (note 14)
523.0
502.8
Cash balances held on deposit and other (note 12)
37.9
44.8
Investment securities (note 13)
5.8
\u2014
Net fair value gains on derivative financial instruments (note 23)
0.5
2.3
Total income from continuing operations
567.2
549.9
Total income from discontinued operations
1.4
15.5
Total interest income
568.6
565.4
1 Refer to material accounting policy information for detail of the representation. Interest income from; (i) Credit Cards and Second Charge Mortgage customer receivables; (ii) cash balances held on deposit and other; (iii) investment securities income; and (iv) income from discontinued operations is calculated using the EIR method. Interest income from Credit Cards and Second Charge Mortgage customer receivables is recognised by applying the effective interest rate (EIR) to the carrying value of a loan. The EIR is calculated at inception and represents the rate that exactly discounts the future contractual cash receipts from a loan to the amount of cash advanced under that loan, plus directly attributable issue costs (e.g. aggregator/broker fees). Vehicle Finance interest income from customer receivables of \u00a3123.9m (2024: \u00a3133.1m) is recognised in line with IFRS 16. 4 Interest expense
Group
2025 2024
Interest payable on: \u00a3m \u00a3m
Retail deposits
115.6
97.5
Tier 2
19.1
21.0
Securitisation
12.5
14.3
Bank of England facility
0.9
6.2
Lease liabilities finance costs
0.7
3.0
Total interest expense from continuing operations
148.8
142.0
Total interest expense from discontinued operations
0.3
3.4
Total interest expense
149.1
145.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "
4 Interest expense
Group
2025 2024
Interest payable on: \u00a3m \u00a3m
Retail deposits
115.6
97.5
Tier 2
19.1
21.0
Securitisation
12.5
14.3
Bank of England facility
0.9
6.2
Lease liabilities finance costs
0.7
3.0
Total interest expense from continuing operations
148.8
142.0
Total interest expense from discontinued operations
0.3
3.4
Total interest expense
149.1
145.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-512": { "value": "4 Interest expense
Group
2025 2024
Interest payable on: \u00a3m \u00a3m
Retail deposits
115.6
97.5
Tier 2
19.1
21.0
Securitisation
12.5
14.3
Bank of England facility
0.9
6.2
Lease liabilities finance costs
0.7
3.0
Total interest expense from continuing operations
148.8
142.0
Total interest expense from discontinued operations
0.3
3.4
Total interest expense
149.1
145.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "
5 Net fee and commission income
Fee income is recognised at the time the charges are made to the customer on the basis the
performance obligation is complete.
Group
2025 2024
\u00a3m \u00a3m
Fee and commission income
38.3
38.3
Fee and commission expense
(2.5)
(1.9)
Net fee and commission income
35.8
36.4
Fee income predominantly relates to Credit Cards and reflects default and overlimit fees as well as
other ancillary income streams and interchange income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-507": { "value": "5 Net fee and commission income Fee income is recognised at the time the charges are made to the customer on the basis the performance obligation is complete.
Group
2025 2024
\u00a3m \u00a3m
Fee and commission income
38.3
38.3
Fee and commission expense
(2.5)
(1.9)
Net fee and commission income
35.8
36.4
Fee income predominantly relates to Credit Cards and reflects default and overlimit fees as well as other ancillary income streams and interchange income. 6 Profit before taxation
Group
2025
2024
1
Profit before taxation is stated after charging/(crediting): \u00a3m \u00a3m
Amortisation of other intangible assets:
\u2013 computer software (note 20)
9.1
9.3
\u2013 acquisition intangibles (note 20)
1.3
6.2
Depreciation of property, plant and equipment (note 17)
2.1
2.9
Loss on disposal of property, plant and equipment (note 17)
0.3
0.3
Loss on disposal of intangibles (note 20)
\u2014
\u2014
Depreciation of right of use assets (note 18)
4.3
4.6
Impairment of right of use assets (note 18)
\u2014
3.5
Lease liability finance costs (note 4)
0.7
3.0
Impairment of amounts receivable from customers (note 14)
181.8
184.1
Employment costs (note 11 (b))
119.7
121.7
1 Refer to material accounting policy information for detail of the representation. All of the above activities relate to continuing activities.
Group
2025 2024
Auditor\u2019s remuneration \u00a3m \u00a3m
Fees payable to the Company\u2019s auditor for the audit of Company and
consolidated financial statements
0.4
0.5
Fees payable to the Company\u2019s auditor and its associates for other services:
\u2013 audit of Company\u2019s subsidiaries pursuant to legislation
2.0
1.8
\u2013 other non-audit services
0.4
0.4
Total auditor\u2019s remuneration
2.8
2.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "
6 Profit before taxation
Group
2025
2024
1
Profit before taxation is stated after charging/(crediting): \u00a3m \u00a3m
Amortisation of other intangible assets:
\u2013 computer software (note 20)
9.1
9.3
\u2013 acquisition intangibles (note 20)
1.3
6.2
Depreciation of property, plant and equipment (note 17)
2.1
2.9
Loss on disposal of property, plant and equipment (note 17)
0.3
0.3
Loss on disposal of intangibles (note 20)
\u2014
\u2014
Depreciation of right of use assets (note 18)
4.3
4.6
Impairment of right of use assets (note 18)
\u2014
3.5
Lease liability finance costs (note 4)
0.7
3.0
Impairment of amounts receivable from customers (note 14)
181.8
184.1
Employment costs (note 11 (b))
119.7
121.7
1 Refer to material accounting policy information for detail of the representation.
All of the above activities relate to continuing activities.
Group
2025 2024
Auditor\u2019s remuneration \u00a3m \u00a3m
Fees payable to the Company\u2019s auditor for the audit of Company and
consolidated financial statements
0.4
0.5
Fees payable to the Company\u2019s auditor and its associates for other services:
\u2013 audit of Company\u2019s subsidiaries pursuant to legislation
2.0
1.8
\u2013 other non-audit services
0.4
0.4
Total auditor\u2019s remuneration
2.8
2.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "
Group
2025 2024
Auditor\u2019s remuneration \u00a3m \u00a3m
Fees payable to the Company\u2019s auditor for the audit of Company and
consolidated financial statements
0.4
0.5
Fees payable to the Company\u2019s auditor and its associates for other services:
\u2013 audit of Company\u2019s subsidiaries pursuant to legislation
2.0
1.8
\u2013 other non-audit services
0.4
0.4
Total auditor\u2019s remuneration
2.8
2.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "
7 Tax
2025 2024
Tax (charge)/credit in the income statement \u00a3m \u00a3m
Continuing operations:
Current tax \u2013 UK
0.2
3.7
Deferred tax (note 24) \u2013 UK
(0.5)
13.7
Total tax (charge)/credit in relation to continuing operations
(0.3)
17.4
Discontinued operations:
Current tax \u2013 UK
(0.2)
(0.4)
Deferred tax (note 24) \u2013 UK
\u2014
\u2014
Total tax charge in relation to discontinued operations
(0.2)
(0.4)
Total tax (charge)/credit
(0.5)
17.0
1 Refer to material accounting policy information for detail of the representation.
2025
2024
Continuing Discontinued Continuing Discontinued
operations operations Total operations operations Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Profit/(loss) on ordinary
activities before tax
8.3
0.9
9.2
(138.0)
1.7
(136.3)
Profit/(loss) before tax
multiplied by standard rate
of corporation tax in the UK
of 25%
(2.1)
(0.2)
(2.3)
34.5
(0.4)
34.1
Effect of:
\u2013 impairment of deferred
tax assets (note (a))
0.8
\u2014
0.8
(0.3)
\u2014
(0.3)
\u2013 adjustments in respect
of prior years (note (b))
0.3
\u2014
0.3
1.3
\u2014
1.3
\u2013 amounts recognised in
equity (note (c))
0.5
\u2014
0.5
\u2014
\u2014
\u2014
\u2013 non-taxable income
(note (d))
0.5
\u2014
0.5
\u2014
\u2014
\u2014
\u2013 non-deductible general
expenses (note (e))
(0.3)
\u2014
(0.3)
(18.4)
\u2014
(18.4)
\u2013 benefit of capital losses
(note (f))
\u2014
\u2014
\u2014
1.1
\u2014
1.1
\u2013 non-deductible asset
write-off (note (g))
\u2014
\u2014
\u2014
(0.8)
\u2014
(0.8)
Total tax (charge)/credit
(0.3)
(0.2)
(0.5)
17.4
(0.4)
17.0
1 Refer to material accounting policy information for detail of the representation.
(a) Impairment of deferred tax assets
In 2024, the tax charge in respect of the impairment of deferred tax assets of \u00a30.3m related to share
scheme awards where future deductions were expected to be lower than previously anticipated and
other deferred tax assets that were not recognised. In 2025, the tax credit of \u00a30.8m relates to the
reversal of previous impairments of deferred tax assets in respect of share scheme awards where
future deductions are now expected to be greater than previously anticipated.
(b) Adjustment in respect of prior years
In 2025, the tax credit of \u00a30.3m (2024: tax credit of \u00a31.3m) in respect of prior years comprises (a) a tax
charge of \u00a30.8m due to a lower share price on vesting of share awards than originally anticipated,
net of (b) a tax credit of \u00a31.1m relating to non-taxable releases of unpresented cheque accruals in
respect of the Repayment Option Plan remediation programme for which tax deductions were
previously not available due to the application of the bank compensation provisions.
In 2024, the tax credit of \u00a31.3m in respect of prior years comprises: (a) a \u00a30.9m reinstatement of
deferred tax assets in respect of tax losses of discontinued operations previously written off that
have now been used to shelter prior year tax liabilities; (b) a \u00a30.8m tax credit from claiming capital
allowances super deductions in prior years; (c) a tax charge of \u00a30.8m due to lower tax deductions
in respect of share scheme awards as a result of a lower than anticipated share price on vesting;
and (d) a tax credit of \u00a30.4m related to the finalisation of tax liabilities for prior periods.
(c) Amounts recognised in equity
The tax credit of \u00a30.5m (2024: \u00a3nil) in respect of amounts recognised in equity represents the tax
benefit of interest on the AT1 notes and associated issue costs that have been recognised in equity
but that are deductible for tax purposes.
(d) Non-taxable income
The tax credit of \u00a30.5m (2024: \u00a3nil) relates to non-taxable releases of unpresented cheque accruals
in respect of the Repayment Option Plan remediation programme for which tax deductions were
previously not available due to the application of the bank compensation provisions.
(e) Non-deductible general expenses
In 2025, these relate primarily to depreciation of assets that do not qualify for capital allowances
and other non-deductible costs. In 2024, they primarily relate to the write-off of goodwill on
consolidation and the adjustment to the consideration in respect of the acquisition of Snoop,
neither of which are deductible for tax purposes.
(f) Benefit of capital losses
The conversion and subsequent sale in 2024 of a further tranche of the preferred stock in Visa Inc
gave rise to capital gains, which were significantly offset by brought-forward capital losses in respect
of which a deferred tax asset was not previously recognised. This gave rise to a beneficial impact
on the tax charge in 2024 of \u00a31.1m.
(g) Non-deductible asset write-offs
In 2024, a tax charge of \u00a30.8m arose in respect of some of the write-offs of various assets and
legacy balance sheet items which are non-deductible for tax purposes.
The tax credit on items taken directly to other comprehensive income is as follows:
Group
2025 2024
\u00a3m \u00a3m
Deferred tax credit on actuarial movements on retirement benefit asset
5.5
2.9
Total tax credit on items taken directly to other comprehensive income
5.5
2.9
24 Deferred tax
Deferred tax is a future tax liability or asset resulting from temporary differences between the
accounting value of assets and liabilities and their value for tax purposes or from tax losses carried
forward at the reporting date. No expiry date applies to these losses.
Deferred tax arises primarily in respect of: (a) property, plant and equipment that is depreciated on a
different basis for tax purposes; (b) the Group\u2019s retirement benefit asset; (c) Vanquis Bank\u2019s investment
in the preference shares in Visa Inc, which are recognised at fair value for accounting purposes but
which are taxed only on disposal; (d) the opening balance sheet adjustments to restate the IAS 39
balance sheet to an IFRS 9 basis for which tax deductions are typically available over 10 years; and
(e) other temporary differences including: (i) deductions for employee share awards that are recognised
differently for tax purposes; (ii) certain cost provisions for which tax deductions are only available
when the costs are paid; (iii) the opening balance sheet adjustment in respect of the change of
accounting treatment of directly attributable acquisition costs in Vanquis Bank, which is taxable over
10 years; (iv) the opening balance sheet adjustment in respect of the adoption of IFRS 16 (Leases)
which is deductible over the average period of the relevant leases; (v) the balance guaranteed swap
entered into as part of the Vehicle Finance securitisation; and (vi) certain intangible fixed asset
additions where tax deductions have been accelerated.
In addition, a deferred tax liability is recognised in respect of the acquisition of Snoop relating to the
intangible asset in respect of software development costs, which are amortised in future periods but
for which tax deductions are not available. The deferred tax liability recognised at 31 December 2023
relating primarily to the broker relationships intangible asset acquired as part of the Vehicle Finance
purchase unwound during 2024.
Deferred tax balances have been measured at the mainstream corporation tax rate of 25% except to
the extent the temporary differences of the Cards business on which deferred tax has been calculated
are expected to reverse when profits from Cards are forecast to be above the bank corporation tax
surcharge threshold of \u00a3100m, in which case deferred tax will be measured at the combined
mainstream corporation tax rate (25%) and bank corporation tax surcharge rate (3%) of 28%.
The movement in the deferred tax balance during the year can be analysed as follows:
Group
Company
Asset/(liability)
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
At 1 January 25.0 8.4 (5.6) (7.8)
(Charge)/credit to the income statement (0.5) 13.7 (0.6) (0.7)
Transfer to other Group companies \u2014 \u2014 (0.3) \u2014
Credit to other comprehensive income 5.5 2.9 5.5 2.9
At 31 December 30.0 25.0 (1.0) (5.6)
2025
Accelerated Retirement Other
capital Visa Tax benefit temporary
allowances shares losses IFRS 9 obligations differences Total
Group \u2013 asset/(liability) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
2.7
(0.5)
19.5
14.6
(7.0)
(4.3)
25.0
Credit/(charge) to the
income statement
0.5
(0.1)
1.6
(4.9)
(0.1)
2.5
(0.5)
Credit to other
comprehensive income
\u2014
\u2014
\u2014
\u2014
5.5
\u2014
5.5
At 31 December
3.2
(0.6)
21.1
9.7
(1.6)
(1.8)
30.0
2024
Accelerated Retirement Other
capital Visa Tax benefit temporary
allowances shares losses IFRS 9 obligations differences Total
Group \u2013 asset/(liability) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
1.4
(1.4)
1.9
19.6
(9.6)
(3.5)
8.4
Credit/(charge) to the
income statement
1.3
0.9
17.6
(5.0)
(0.3)
(0.8)
13.7
Credit to other
comprehensive income
\u2014
\u2014
\u2014
\u2014
2.9
\u2014
2.9
At 31 December
2.7
(0.5)
19.5
14.6
(7.0)
(4.3)
25.0
There was no impact on the deferred tax asset in 2025 or 2024 due to changes in UK tax rates.
Deferred tax assets on losses and other temporary differences
Deferred tax assets comprise deferred tax assets on carried forward losses of \u00a321.1m (2024: \u00a319.5m)
and deferred tax assets on temporary differences of \u00a38.9m (2024: \u00a35.5m). These have been recognised
on the basis that the Group\u2019s detailed forecasts for the three years to 31 December 2028 and the less
detailed forecasts for 2029 and 2030 in the corporate plan approved by the Board in January 2026
show that there are expected to be sufficient taxable profits available in future periods against which
the carry forward of losses can be utilised after taking into account the reversal of the temporary
differences and the Group loss restriction rules, which restrict the extent to which carried forward
losses can be offset against Group taxable profits in any particular accounting period. No expiry
date applies to these losses.
At 31 December 2025, there were \u00a331.7m (2024: \u00a331.7m) of pre-acquisition carried forward UK tax
losses in Snoop for which a deferred tax asset has not been recognised as there are restrictions that
apply to the utilisation of pre-acquisition tax losses and therefore the offset against future profits is
not sufficiently certain at this stage.
No deferred tax asset has been recognised in respect of the Group\u2019s capital losses carried forward
of \u00a3378.0m (2024: \u00a3123.0m) as it is not probable that future chargeable gains will be realised against
which these losses can be utilised. No expiry date applies to these losses.
An analysis of the deferred tax liability for the Company is set out below:
2025
Accelerated Other Retirement
capital temporary benefit
allowances differences obligations Total
Company \u2013 asset/(liability) \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
0.4
1.0
(7.0)
(5.6)
(Charge)/credit to the income statement
\u2014
(0.5)
(0.1)
(0.6)
Transfer to other Group companies
(0.4)
0.1
\u2014
(0.3)
Credit to other comprehensive income
\u2014
\u2014
5.5
5.5
At 31 December
\u2014
0.6
(1.6)
(1.0)
2024
Accelerated Other Retirement
capital temporary benefit
allowances differences obligations Total
Company \u2013 asset/(liability) \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
0.3
1.5
(9.6)
(7.8)
(Charge)/credit to the income statement
0.1
(0.5)
(0.3)
(0.7)
Transfer to other Group companies
\u2014
\u2014
\u2014
\u2014
Credit to other comprehensive income
\u2014
\u2014
2.9
2.9
At 31 December
0.4
1.0
(7.0)
(5.6)
There was no impact on the deferred tax liability in 2025 or 2024 due to the changes in UK tax rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "8 Earnings/(loss) per share Basic earnings/(loss) per share EPS/(LPS) is calculated by dividing the profit/(loss) for the year attributable to equity shareholders by the weighted average number of ordinary shares outstanding during the year less the number of shares held by the Employee Benefit Trust, which are used to satisfy the Group\u2019s share awards. Diluted EPS/(LPS) calculates the effect on EPS/(LPS) assuming conversion of all dilutive potential ordinary shares. Dilutive potential ordinary shares are calculated as follows: (i) For share awards outstanding under performance-related share incentive schemes such as the Deferred Bonus Plan (DBP), the Long Term Incentive Scheme (LTIS), the Restricted Share Plan (RSP) and the Company Share Option Plan (CSOP), the number of dilutive potential ordinary shares is calculated based on the number of shares that would be issuable if: (i) the end of the reporting period is assumed to be the end of the schemes\u2019 performance period; and (ii) the performance targets have been met as at that date. (ii) For share options outstanding under non-performance-related schemes such as the Save As You Earn scheme (SAYE), a calculation is performed to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company\u2019s shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated is compared with the number of share options outstanding, with the difference being the dilutive potential ordinary shares. Potential ordinary shares are treated as
Reconciliations of basic and diluted EPS/(LPS) for the continuing operations and the Group are set
out below:
2025 2024
Weighted Weighted
average average
number of Per share number of Per share
Earnings shares amount Loss shares amount
Continuing operations \u00a3m m pence \u00a3m m pence
Basic earnings/(loss)
per share
7.5
254.0
3.0
(120.6)
255.5
(47.2)
Dilutive effect of share
options and awards
12.4
\u2014
Diluted earnings/(loss)
per share
7.5
266.4
2.8
(120.6)
255.5
(47.2)
2025
2024
Weighted Weighted
average average
number of Per share number of Per share
Earnings shares amount Loss shares amount
Group \u00a3m m pence \u00a3m m pence
Basic earnings/(loss)
per share
8.2
254.0
3.2
(119.3)
255.5
(46.7)
Dilutive effect of share
options and awards
12.4
\u2014
Diluted earnings/(loss)
per share
8.2
266.4
3.1
(119.3)
255.5
(46.7)
The EPS for discontinued operations in 2025 was 0.3p (2024: 0.5p) and diluted EPS was 0.3p
(2024: 0.5p).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "
10 Directors\u2019 remuneration
The remuneration of the directors, who are the key management personnel of the Group, is set out
below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.
Group and Company
2025 2024
\u00a3m \u00a3m
Salary and other benefits
2.7
2.4
Share-based payment charge
1.2
1.0
Total directors\u2019 remuneration
3.9
3.4
Salary and other benefits comprise salary/fees, bonus, benefits earned in the year and pension
salary supplements for executive directors.
The share-based payment charge reflects the expected vesting of the Group\u2019s share-based incentives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "
11 Employee information
(a) Average monthly number of employees in the Group
Group
Company
2025
2024
2025
2024
Full time
1,151
1,248
107
162
Part time
128
127
11
11
Total
1,279
1,375
118
173
(b) Employment costs
Group Company
2025
2024
1
2025
2024
1
\u00a3m \u00a3m \u00a3m \u00a3m
Aggregate gross wages and salaries paid to the
Group\u2019s employees
99.5
96.4
14.2
16.1
Employer\u2019s National Insurance contributions
11.8
10.0
1.3
2.1
Pension charge
5.8
6.4
2.7
1.6
Share-based payment charge (note 31)
2.2
2.7
1.2
1.5
Redundancy costs
0.4
6.2
\u2014
3.0
Total employment costs from continuing operations
119.7
121.7
19.4
24.3
Total employment costs from discontinued operations
\u2014
1.1
\u2014
\u2014
Total employment costs
119.7
122.8
19.4
24.3
1 Refer to material accounting policy information for detail of the representation.
The pension charge comprises the retirement benefit charge for defined benefit schemes and
contributions to the stakeholder pension plan.
The share-based payment charge relates entirely to equity-settled schemes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "9 Dividends
Group
2025 2024
\u00a3m \u00a3m
2023 \u2013 final 1.0p per share
\u2014
2.5
Dividends paid
\u2014
2.5
The directors are not recommending a final dividend in respect of the financial year ended 31 December 2025", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "
12 Cash and cash equivalents
Cash and cash equivalents includes cash at bank and held in short-term deposits and Vanquis Bank
Limited\u2019s liquid asset buffer, including other liquid resources.
Group Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Central bank reserves
746.8
948.7
\u2014
\u2014
Cash at bank
57.7
55.2
4.3
10.5
Total cash and cash equivalents
804.5
1,003.9
4.3
10.5
In addition to cash and cash equivalents, the Group had \u00a30.9m of bank overdrafts at 31 December 2025
(2024: \u00a31.0m) and the Company had \u00a3nil bank overdrafts (2024: \u00a3nil), both of which are disclosed within
bank and other borrowings (see note 28).
All cash and cash equivalents are held with investment grade rated banks and are held in Pound sterling.
Vanquis Bank Limited\u2019s total liquid asset buffer is held in the Bank of England central reserve account
and amounted to \u00a3746.8m at 31 December 2025 (2024: \u00a3948.7m).
Cash and cash equivalents of \u00a351.1m (2024: \u00a345.1m), held as part of securitisations, is not immediately
available due to the terms of the arrangements.
Cash and cash equivalents are non-interest bearing other than in respect of the cash held on deposit
and the amounts held by Vanquis Bank Limited as a liquid asset buffer and other liquid resources
that bear interest at rates linked to the Bank of England base rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "13 Investment securities The Group\u2019s investment securities comprise UK Government securities (gilts) which are held as part of Vanquis Bank\u2019s liquidity buffer.
Principal amount Carrying value
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
UK Government securities
250.0
\u2014
253.3
\u2014
Fair value adjustment for portfolio hedged risk (note\ue01f23)
\u2014
\u2014
1.3
\u2014
250.0
\u2014
254.6
\u2014
All the gilts bear credit risk and are classified as Stage 1 exposures for IFRS 9 impairment purposes. As the securities are UK sovereign exposures, the Probability of Default has been assessed to be so low that no significant impairment provision is required. The gilts bear interest at a fixed rate, the average maturity of the gilts is 2.9 years (2024: n/a), and the average fixed rate coupon is 4.15% (2024: n/a). Hedging arrangements in respect of these securities are described in note 23
16 Investments
Group
2025 2024
\u00a3m \u00a3m
Visa shares
2.4
2.3
Total investments
2.4
2.3
Visa shares
The Visa Inc shares represent preferred stock in Visa Inc held by Vanquis Bank Limited. The valuation
of the preferred stock has been determined using the common stock\u2019s value as an approximation
as both classes of stock have similar dividend rights. However, adjustments have been made for:
(i) illiquidity, as the preferred stock is not tradeable on an open market and can only be transferred
to other Visa members; and (ii) future litigation costs that could affect the valuation of the stock prior
to conversion.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "
14 Amounts receivable from customers
2025 2024
Due Due in Due Due in
within more than within more than
one year one year Total one year one year Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Credit Cards
1,384.3
\u2014
1,384.3
1,149.9
\u2014
1,149.9
Vehicle Finance
213.4
475.1
688.5
227.5
507.9
735.4
Second Charge Mortgages
\u2014
618.5
618.5
\u2014
225.3
225.3
Total
1,597.7
1,093.6
2,691.3
1,377.4
733.2
2,110.6
Discontinued operations
\u2014
\u2014
\u2014
9.7
34.3
44.0
Fair value adjustment for portfolio
hedged risk (note 23)
(0.2)
0.4
0.2
(0.8)
(0.1)
(0.9)
Total reported amounts receivable
from customers
1,597.5
1,094.0
2,691.5
1,386.3
767.4
2,153.7
The fair value adjustment for the portfolio hedged risk relates to the Second Charge Mortgages
receivable and the unamortised hedged accounting adjustment in relation to the balance
guaranteed swap, where hedge accounting has been discontinued (see note 23).
The gross amounts receivable from customers and allowance account which form the net amounts
receivable from customers are as follows:
2025
Second
Credit Vehicle Charge Total
Discontinued
Cards Finance Mortgages
continuing
operations
Group
Group \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
Gross amounts receivable
from customers
1,553.8
761.6
619.4
2,934.8
\u2014
2,934.8
Allowance account
(169.5)
(73.1)
(0.9)
(243.5)
\u2014
(243.5)
Reported amounts receivable
from customers
1,384.3
688.5
618.5
2,691.3
\u2014
2,691.3
2024
Second
Credit Vehicle Charge Total
Discontinued
Cards Finance Mortgages
continuing
operations
Group
Group \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
Gross amounts receivable
from customers
1,309.9
831.9
225.5
2,367.3
49.1
2,416.4
Allowance account
(160.0)
(96.5)
(0.2)
(256.7)
(5.1)
(261.8)
Reported amounts receivable
from customers
1,149.9
735.4
225.3
2,110.6
44.0
2,154.6
The Group has pledged \u00a3796.7m (2024: \u00a3839.1m) of receivables as collateral under the securitisation
funding arrangements described in note 28.
Credit Cards
Amounts receivable from customers for Credit Cards can be reconciled as follows:
2025
2024 (represented)
1
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
Credit Cards \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross carrying amount
At 1 January
1,136.6
99.8
73.5
1,309.9
1,199.5
161.2
114.1
1,474.8
Originations
116.9
\u2014
\u2014
116.9
21.9
\u2014
\u2014
21.9
Drawdowns
2,131.0
64.7
5.1
2,200.8
2,000.2
76.5
8.5
2,085.2
Net transfers and
changes in credit risk:
\u2013 from Stage 1 to Stage 2
(333.8)
333.8
\u2014
\u2014
(376.7)
376.7
\u2014
\u2014
\u2013 from Stage 1 to Stage 3
(41.2)
\u2014
41.2
\u2014
(44.9)
\u2014
44.9
\u2014
\u2013 from Stage 2 to Stage 1
187.3
(187.3)
\u2014
\u2014
290.1
(290.1)
\u2014
\u2014
\u2013 from Stage 2 to Stage 3
\u2014
(122.9)
122.9
\u2014
\u2014
(158.6)
158.6
\u2014
\u2013 from Stage 3 to Stage 1
10.7
\u2014
(10.7)
\u2014
16.7
\u2014
(16.7)
\u2014
\u2013
from Stage 3 to Stage 2
\u2014
3.5
(3.5)
\u2014
\u2014
5.9
(5.9)
\u2014
Write-offs
(14.6)
(12.4)
(19.2)
(46.2)
(11.7)
(9.6)
(36.4)
(57.7)
Write-offs (debt sale)
\u2014
\u2014
(127.2)
(127.2)
\u2014
\u2014
(157.7)
(157.7)
Repayments
(2,212.9)
(82.4)
(24.9)
(2,320.2)
(2,320.5)
(107.1)
(31.1)
(2,458.7)
Interest and fee income
360.7
44.2
1.5
406.4
352.9
46.6
2.9
402.4
Other movements
10.8
(1.9)
4.5
13.4
9.1
(1.7)
(7.7)
(0.3)
At 31 December
1,351.5
139.1
63.2
1,553.8
1,136.6
99.8
73.5
1,309.9
Allowance account
At 1 January
(73.3)
(44.7)
(42.0)
(160.0)
(84.7)
(57.5)
(54.9)
(197.1)
Movements through
income statement:
Originations
(21.1)
\u2014
\u2014
(21.1)
(4.8)
\u2014
\u2014
(4.8)
Drawdowns and net
transfers and changes
in credit risk:
\u2013 from Stage 1 to Stage 2
57.7
(57.7)
\u2014
\u2014
66.2
(66.2)
\u2014
\u2014
\u2013 from Stage 1 to Stage 3
6.0
\u2014
(6.0)
\u2014
7.0
\u2014
(7.0)
\u2014
\u2013 from Stage 2 to Stage 1
(66.0)
66.0
\u2014
\u2014
(94.3)
94.3
\u2014
\u2014
\u2013
from Stage 2 to Stage 3
\u2014
76.3
(76.3)
\u2014
\u2014
108.5
(108.5)
\u2014
\u2013 from Stage 3 to Stage 1
(3.8)
\u2014
3.8
\u2014
(5.1)
\u2014
5.1
\u2014
\u2013 from Stage 3 to Stage 2
\u2014
(1.2)
1.2
\u2014
\u2014
(2.5)
2.5
\u2014
\u2013 remeasurements
within existing stage
8.6
(102.3)
(28.4)
(122.1)
21.7
(107.5)
(35.7)
(121.5)
\u2013 post-model overlays
2.6
9.8
3.2
15.6
19.0
(20.1)
(2.5)
(3.6)
\u2013 write-offs
(13.3)
(5.8)
(5.7)
(24.8)
(9.9)
(3.3)
(6.6)
(19.8)
\u2013 debt sales
\u2014
\u2014
4.7
4.7
\u2014
\u2014
16.1
16.1
\u2013 derecognition of
Stage 3 interest \u2014 \u2014 2.2 2.2 \u2014 \u2014 3.3 3.3
2025 2024 (represented) 1 Credit Cards Stage 1 \u00a3m Stage 2 \u00a3m Stage 3 \u00a3m Total \u00a3m Stage 1 \u00a3m Stage 2 \u00a3m Stage 3 \u00a3m Total \u00a3m \u2013 recoveries \u2014 \u2014 3.7 3.7 \u2014 \u2014 3.1 3.1 \u2013 revaluations \u2014 \u2014 2.6 2.6 \u2014 \u2014 3.2 3.2 \u2013 other movements \u2014 \u2014 (0.4) (0.4) \u2014 \u2014 0.1 0.1 Total movements through income statement (29.3) (14.9) (95.4) (139.6) (0.2) 3.2 (126.9) (123.9) Movements through allowance account: \u2013 write-offs (regular) 14.9 12.4 19.2 46.5 12.0 9.7 36.4 58.1 \u2013 write-offs (debt sale) \u2014 \u2014 130.1 130.1 \u2014 \u2014 173.2 173.2 \u2013 debt sale proceeds \u2014 \u2014 (38.4) (38.4) \u2014 \u2014 (60.6) (60.6) \u2013 derecognition of Stage 3 interest \u2014 \u2014 (2.2) (2.2) \u2014 \u2014 (3.3) (3.3) \u2013 other \u2014 \u2014 (5.9) (5.9) (0.4) (0.1) (5.9) (6.4) Allowance account at 31 December (87.7) (47.2) (34.6) (169.5) (73.3) (44.7) (42.0) (160.0) Reported amounts receivable from customers at 31 December 1,263.8 91.9 28.6 1,384.3 1,063.3 55.1 31.5 1,149.9 Reported amounts receivable from customers at 1 January 1,063.3 55.1 31.5 1,149.9 1,114.8 103.7 59.2 1,277.7 1 Drawdowns, net transfers and changes in credit risk in the allowance account reconciliation have been represented to show direct ECL transfers between stages at point of transfer, with remeasurements within existing stage reflecting subsequent allowance changes and balance movements. In the amounts receivable from customers reconciliation above: 5 originations relate to the closing gross carrying and allowance amounts in the first month of being a new customer; 5 other movements to gross carrying amount primarily relate to recognition of deferred acquisition costs; and 5 remeasurements within existing stage capture both allowance changes arising from stage transfers and those driven by balance movements. Total Credit Cards interest and fee income from customers of \u00a3406.4m (2024: \u00a3402.4m) comprises \u00a3370.8m (2024: \u00a3365.7m) interest income and \u00a335.6m (2024: \u00a336.7m) of fee and commission income. As at 31 December 2025 unutilised Credit Card commitments were \u00a31,871.5m (2024: \u00a31,476.3m). An increase of 1% of the gross exposure into Stage 2 from Stage 1 would result in an increase in the allowance account of \u00a33.7m (2024: \u00a34.3m) based on applying the difference between the coverage ratios from Stage 1 to Stage 2 to the movement in gross exposure. A breakdown of the in-model and post-model overlays for Credit Cards is shown below:
2025 2024
Credit Cards \u00a3m \u00a3m
Core model
173.2
155.6
Post-model overlays
(3.7)
4.4
Total allowance account
169.5
160.0
2025 2024
\u00a3m \u00a3m
Post-model overlays:
Persistent debt (note (a))
(2.8)
\u2014
Balance transfer new originations (note (b))
(2.3)
\u2014
Loss Given Default calibration (note (c))
1.4
\u2014
Macroeconomic model redevelopment (note (d))
\u2014
4.0
Other
\u2014
0.4
Total post-model overlays
(3.7)
4.4
(a) Persistent debt As part of ongoing model enhancements, a review of persistent debt accounts at 36 months was undertaken. The Exposure at Default (EAD) framework was recalibrated to better reflect expected balance and utilisation at default for these accounts. (b) Balance transfer (BT) new originations A calibration was required for newer lower-risk BT accounts as the observed default rates were lower than the model was predicting. The overlay adjusts the 12-month Probability of Default for these accounts in Stage 1. (c) Loss Given Default (LGD) calibration A LGD refresh was performed to calibrate expected cash recoveries to latest available data. (d) Macroeconomic model redevelopment The macroeconomic model has been redeveloped and the model overlay released. A breakdown of the gross receivable by internal credit risk rating is shown below:
2025
2024 (represented)
1
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
Credit Cards \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Good
1,170.5
104.4
\u2014
1,274.9
995.9
70.0
\u2014
1,065.9
Satisfactory
181.0
34.7
\u2014
215.7
140.7
29.8
\u2014
170.5
Lower quality
\u2014
\u2014
63.2
63.2
\u2014
\u2014
73.5
73.5
Total
1,351.5
139.1
63.2
1,553.8
1,136.6
99.8
73.5
1,309.9
1 2024 represented to align with internal credit risk ratings adopted in 2025
Internal credit risk rating is based on probability of default metrics, aligned to internal
management reporting.
Vehicle Finance
Amounts receivable from customers for Vehicle Finance can be reconciled as follows:
2025
2024 (represented)
1
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
Vehicle Finance \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Gross carrying amount
At 1 January
606.3
120.1
105.5
831.9
391.7
224.8
527.7
1,144.2
Originations
295.2
\u2014
\u2014
295.2
311.1
\u2014
\u2014
311.1
Transfers due to
changes in credit risk:
\u2013 from Stage 1 to Stage 2
(303.1)
303.1
\u2014
\u2014
(63.6)
63.6
\u2014
\u2014
\u2013 from Stage 1 to Stage 3
(16.2)
\u2014
16.2
\u2014
(22.0)
\u2014
22.0
\u2013 from Stage 2 to Stage 1
173.4
(173.4)
\u2014
\u2014
125.8
(125.8)
\u2014
\u2014
\u2013
from Stage 2 to Stage 3
\u2014
(95.7)
95.7
\u2014
\u2014
(15.9)
15.9
\u2014
\u2013 from Stage 3 to Stage 1
1.7
\u2014
(1.7)
\u2014
38.3
\u2014
(38.3)
\u2014
\u2013
from Stage 3 to Stage 2
\u2014
11.4
(11.4)
\u2014
\u2014
41.7
(41.7)
\u2014
Write-offs
(7.9)
(3.1)
(74.5)
(85.5)
\u2014
\u2014
(374.9)
(374.9)
Repayments
(308.8)
(63.7)
(57.3)
(429.8)
(279.8)
(97.8)
(74.7)
(452.3)
Interest and fee income
88.9
30.4
4.6
123.9
72.2
30.3
30.6
133.1
Other movements
26.9
0.3
(1.3)
25.9
32.6
(0.8)
38.9
70.7
At 31 December
556.4
129.4
75.8
761.6
606.3
120.1
105.5
831.9
Allowance account
At 1 January
(18.2)
(21.5)
(56.8)
(96.5)
(18.2)
(27.0)
(322.9)
(368.1)
Movements through
income statement:
\u2013 originations
(25.9)
\u2014
\u2014
(25.9)
(40.0)
\u2014
\u2014
(40.0)
Drawdowns and net
transfers and changes
in credit risk:
\u2013 from Stage 1 to Stage 2
16.4
(16.4)
\u2014
\u2014
15.9
(15.9)
\u2014
\u2014
\u2013 from Stage 1 to Stage 3
0.6
\u2014
(0.6)
\u2014
1.9
\u2014
(1.9)
\u2014
\u2013 from Stage 2 to Stage 1
(24.1)
24.1
\u2014
\u2014
(38.8)
38.8
\u2014
\u2014
\u2013 from Stage 2 to Stage 3
23.6
(23.6)
\u2014
\u2014
27.3
(27.3)
\u2014
\u2013 from Stage 3 to Stage 1
(0.1)
\u2014
0.1
\u2014
(11.1)
\u2014
11.1
\u2014
\u2013 from Stage 3 to Stage 2
\u2014
(1.0)
1.0
\u2014
\u2014
(20.1)
20.1
\u2014
\u2013 remeasurements
within existing stage
37.5
(31.7)
(17.6)
(11.8)
72.7
(23.6)
(73.5)
(24.4)
\u2013 post-model overlays
0.2
3.2
0.1
3.5
(0.6)
(1.0)
(3.9)
(5.5)
\u2013 write-offs \u2014 \u2014 (14.0) (14.0) \u2014 \u2014 (30.4) (30.4)
\u2013 debt sales \u2014 \u2014 (0.3) (0.3) \u2014 \u2014 0.1 0.1
2025 2024 (represented) 1 Vehicle Finance Stage 1 \u00a3m Stage 2 \u00a3m Stage 3 \u00a3m Total \u00a3m Stage 1 \u00a3m Stage 2 \u00a3m Stage 3 \u00a3m Total \u00a3m \u2013 derecognition of Stage 3 interest \u2014 \u2014 6.0 6.0 \u2014 \u2014 18.5 18.5 \u2013 recoveries \u2014 \u2014 (2.7) (2.7) \u2014 \u2014 (0.2) (0.2) \u2013 revaluations \u2014 \u2014 3.7 3.7 \u2014 \u2014 21.7 21.7 \u2013 other movements \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 0.2 0.2 Total amount recorded in impairment charges 4.6 1.8 (47.9) (41.5) \u2014 5.5 (65.5) (60.0) Movements through allowance account: \u2013 write-offs \u2014 \u2014 71.7 71.7 \u2014 \u2014 374.9 374.9 \u2013 debt sale proceeds \u2014 \u2014 (11.9) (11.9) \u2014 \u2014 (6.7) (6.7) \u2013 derecognition of Stage 3 interest \u2014 \u2014 (6.0) (6.0) \u2014 \u2014 (18.5) (18.5) \u2013 other changes \u2014 \u2014 11.1 11.1 \u2014 \u2014 (18.1) (18.1) Allowance account at 31 December (13.6) (19.7) (39.8) (73.1) (18.2) (21.5) (56.8) (96.5) Reported amounts receivable from customers at 31 December 542.8 109.7 36.0 688.5 588.1 98.6 48.7 735.4 Reported amounts receivable from customers at 1 January 588.1 98.6 48.7 735.4 373.5 197.8 204.8 776.1 1 Drawdowns, net transfers and changes in credit risk in the allowance account reconciliation have been represented to show direct ECL transfers between stages at point of transfer, with remeasurements within existing stage reflecting subsequent allowance changes and balance movements. In the amounts receivable from customers reconciliation above: 5 other movements to gross carrying amount primarily relate to recognition of broker costs; and 5 remeasurements within existing stage capture both allowance changes arising from stage transfers and those driven by balance movements. Total Vehicle Finance interest and fee income from customers of \u00a3123.9m (2024: \u00a3133.1m) comprises \u00a3123.9m (2024: \u00a3133.1m) interest income and \u00a3nil (2024: \u00a3nil) of other income.
An increase of 1% of the gross exposure into Stage 2 from Stage 1 would result in an increase in the
allowance account of \u00a30.7m (2024: \u00a30.9m) based on applying the difference between the coverage
ratios from Stage 1 to Stage 2 to the movement in gross exposure.
A breakdown of the in-model and post-model overlays for Vehicle Finance is shown below:
2025 2024
Vehicle Finance \u00a3m \u00a3m
Core model
73.3
93.3
Post-model overlays
(0.2)
3.2
Total allowance account
73.1
96.5
2025 2024
\u00a3m \u00a3m
Post-model overlays:
LGD recalibration (note (a))
2.3
(0.6)
Forced sale discount model calibration (note (b))
(1.1)
\u2014
Stage 2 SICR recalibration (note (c))
(1.0)
\u2014
12-month PD recalibration (note (d))
\u2014
2.8
Macroeconomic LGD implementation (note (e))
\u2014
(0.9)
Macroeconomic model redevelopment (note (f))
\u2014
1.4
Other
(0.4)
0.5
Total post-model overlays
(0.2)
3.2
(a) LGD recalibration
Following the introduction of the charge-off process and the revised definition of default during 2024,
calibrations were required to components of the LGD model. A PMA has been recognised until the
model can be updated.
(b) Forced sale discount (FSD) model calibration
The external car valuations used in the FSD model were revised at the end of 2025. The input data
used in the model therefore needs to be calibrated to the revised valuations. A PMA has been
recognised until the model can be updated.
(c) Stage 2 SICR recalibration
A new acquisition scorecard was implemented during the year, the SICR threshold therefore need to
be calibrated to appropriately move accounts into Stage 2 when they breach the SICR thresholds.
A PMA has been recognised until the model can be updated.
(d) 12-month PD recalibration
Monitoring of the 12-month PD model indicated a recalibration was required for the \u2018up-to-date\u2019
segment. The PMA was removed as the changes were reflected into the models.
Second Charge Mortgages
Amounts receivable from customers for Second Charge Mortgages can be reconciled as follows:
2025
Stage 1 Stage 2 Stage 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Gross carrying amount
At 1 January
224.2
1.2
0.1
225.5
Originations
440.7
\u2014
\u2014
440.7
Net transfers and changes in credit risk:
\u2013 from Stage 1 to 2
(5.4)
5.4
\u2014
\u2014
\u2013 from Stage 1 to 3
(1.4)
\u2014
1.4
\u2014
Repayments
(91.5)
(0.6)
(0.2)
(92.3)
Interest income
28.1
0.3
\u2014
28.4
Other movements
16.9
0.2
\u2014
17.1
At 31 December
611.6
6.5
1.3
619.4
Allowance account
At 1 January
(0.1)
(0.1)
\u2014
(0.2)
Movements through income statement:
Originations
(0.2)
\u2014
\u2014
(0.2)
Net transfers and changes in credit risk:
\u2013 remeasurements within stages
\u2014
(0.4)
(0.1)
(0.5)
Total movement through income statement
(0.2)
(0.4)
(0.1)
(0.7)
Allowance account at 31 December
(0.3)
(0.5)
(0.1)
(0.9)
Reported amounts receivable from customers at 31 December
611.3
6.0
1.2
618.5
Reported amounts receivable from customers at 1 January
224.1
1.1
0.1
225.3
(e) Macroeconomic LGD implementation
Refinements were made to the macroeconomic LGD model implementation to: (i) reflect an upside
scenario; (ii) refine the shape of the scenarios; and (iii) enhance how the scenarios were being applied.
The PMA was released as the changes were reflected into the models.
(f) Macroeconomic model redevelopment
The macroeconomic model has been redeveloped and the model overlay released.
A breakdown of the gross receivable by internal credit risk rating is shown below:
2025 2024
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
Vehicle Finance \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Good quality
486.2
25.1
\u2014
511.3
516.9
11.1
\u2014
528.0
Satisfactory quality
69.6
36.9
\u2014
106.5
78.9
35.8
\u2014
114.7
Lower quality
0.6
35.5
\u2014
36.1
10.4
39.7
\u2014
50.1
Below standard
\u2014
31.9
75.8
107.7
0.1
33.5
105.5
139.1
Gross carrying amount
556.4
129.4
75.8
761.6
606.3
120.1
105.5
831.9
Internal credit risk rating is based on the internal credit score of a customer at the balance sheet date.
Vehicle Finance accounts for its lease receivables under IFRS 16. As a result a maturity analysis of the
amounts receivable under the finance leases is required and is shown below:
2025 2024
\u00a3m \u00a3m
Due within one year
370.7
397.7
Due within one to two years
300.9
316.1
Due within two to three years
222.8
255.6
Due within three to four years
137.6
146.2
Due between four to five years
45.1
45.8
Total
1,077.1
1,161.4
Unearned finance cost
(315.5)
(329.5)
Total lease receivable
761.6
831.9
No finance agreements entered into have a term greater than five years (2024: none over five years).
A breakdown of the gross Second Charge Mortgages receivable by internal credit risk rating is
shown below:
2025
Stage 1 Stage 2 Stage 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Good
611.6
\u2014
\u2014
611.6
Satisfactory
\u2014
6.5
\u2014
6.5
Lower quality
\u2014
\u2014
1.3
1.3
Total
611.6
6.5
1.3
619.4
2024
Stage 1 Stage 2 Stage 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Good
224.2
\u2014
\u2014
224.2
Satisfactory
\u2014
1.2
\u2014
1.2
Lower quality
\u2014
\u2014
0.1
0.1
Total
224.2
1.2
0.1
225.5
Low-quality receivables relate to defaulted accounts and are therefore assigned as Stage 3;
satisfactory receivables consist of non-defaulted accounts in arrears; high-quality receivables consist
of accounts not in arrears.
The movement in directly attributable acquisition costs included within amounts receivable from
customers can be analysed as follows:
2025
2024
Second Second
Credit Vehicle Charge Total Credit Vehicle Charge Total
Cards Finance Mortgages Continuing Cards Finance Mortgages Continuing
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Brought forward
25.5
49.7
8.4
83.6
32.3
56.0
0.1
88.4
Capitalised
11.6
28.1
16.2
55.9
5.8
31.6
9.2
46.6
Amortised
(8.6)
(28.5)
(4.6)
(41.7)
(12.6)
(31.4)
(0.9)
(44.9)
Written off
\u2014
(3.8)
\u2014
(3.8)
\u2014
(6.5)
\u2014
(6.5)
Carried forward
28.5
45.5
20.0
94.0
25.5
49.7
8.4
83.6
DAC asset
(discontinued
operations)
\u2014
0.4
Total DAC asset
94.0
84.0
2024
Stage 1 Stage 2 Stage 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
Gross carrying amount
At 1 January
2.8
\u2014
\u2014
2.8
Originations
217.7
\u2014
\u2014
217.7
Net transfers and changes in credit risk:
\u2014
\u2014
\u2014
\u2014
\u2013 from Stage 1 to 2
(1.2)
1.2
\u2014
\u2014
\u2013 from Stage 1 to 3
(0.1)
\u2014
0.1
\u2014
Repayments
(8.9)
\u2014
\u2014
(8.9)
Interest income
4.8
\u2014
\u2014
4.8
Other movements
9.1
\u2014
\u2014
9.1
At 31 December
224.2
1.2
0.1
225.5
Allowance account
At 1 January
\u2014
\u2014
\u2014
\u2014
Movements through income statement:
Originations
(0.1)
\u2014
\u2014
(0.1)
Net transfers and changes in credit risk:
\u2014
\u2014
\u2014
\u2014
\u2013 from Stage 1 to 2
\u2014
(0.1)
\u2014
(0.1)
Total movement through income statement
(0.1)
(0.1)
\u2014
(0.2)
Allowance account at 31 December
(0.1)
(0.1)
\u2014
(0.2)
Reported amounts receivable from customers at 31 December
224.1
1.1
0.1
225.3
Reported amounts receivable from customers at 1 January
2.8
\u2014
\u2014
2.8
Other movements in gross receivables predominantly relate to the capitalisation of deferred
acquisition costs.
Total Second Charge Mortgages interest and fee income from customers of \u00a329.4m (2024: \u00a34.8m)
comprises solely of interest income.
An increase of 1% of the gross exposure into Stage 2 from Stage 1 would result in an increase in the
allowance account of \u00a30.5m (2024: \u00a3nil) based on applying the difference between the coverage
ratios from Stage 1 to Stage 2 to the movement in gross exposure.
There are no post-model overlays for Second Charge Mortgages in the current or prior year.
The impairment charge in respect of amounts receivable from customers can be analysed as follows:
Group
2025 2024
Impairment charge on amounts receivable from customers \u00a3m \u00a3m
Credit Cards
139.6
123.9
Vehicle Finance
41.5
60.0
Second Charge Mortgages
0.7
0.2
Total impairment charge from continuing operations
181.8
184.1
Total impairment (credit)/charge from discontinued operations
(3.1)
5.7
Total impairment charge
178.7
189.8
The impairment in the income statement of \u00a3181.1m (2024: \u00a3185.3m) includes \u00a30.7m credit (2024: \u00a30.8m
charge) in relation to loans held within trade and other receivables (note 15).
The average effective interest rate for the year ended 31 December 2025 was 26.6% for Credit Cards
(2024: 28.3%), 23% for Vehicle Finance (2024: 24%) and 8.1% for Second Charge Mortgages (2024: 8.9%).
The average period to maturity of the amounts receivable from customers within Vehicle Finance is 33
months (2024: 34 months) and within Second Charge Mortgages is 18.5 years (2024: 18.4 years). Within
Credit Cards, for the majority of customers, there is no fixed term for repayment other than a general
requirement for customers to make a monthly minimum repayment towards their outstanding balance.
This is currently the greater of 1% of the amount owed plus any fees and interest charges in the
month and \u00a310.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "
15 Trade and other receivables
Group Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables
2.6
\u2014
\u2014
\u2014
Collateral
23.2
15.9
3.0
9.4
External counterparty loans
\u2014
18.3
\u2014
\u2014
Stock
2.1
2.0
\u2014
\u2014
Finance lease receivable (note (a))
5.2
6.2
\u2014
\u2014
Amounts placed on deposit by Group undertaking
\u2014
\u2014
39.0
23.0
Amounts owed by Group undertakings
\u2014
\u2014
726.3
731.2
Prepayments
26.9
28.9
1.5
4.8
Accrued income
1.2
1.2
\u2014
\u2014
Total trade and other receivables
61.2
72.5
769.8
768.4
Amounts placed on deposit by Group undertaking represents funds placed on deposit via Vanquis
Bank with the Bank of England. On a Group basis these amounts are presented within cash and
cash equivalents.
Collateral represents cash collateral the Group has provided to its banking counterparties as security
against the mark-to-market exposure on its derivative financial instruments of \u00a311.8m (2024: \u00a39.4m)
and collateral required by Visa to support settlement activity of \u00a311.4m (2024: \u00a36.5m).
External counterparty loans represents the loan made to one of the Group\u2019s Second Charge
Mortgage originators that was repaid during the year.
Stock represents vehicles held by Moneybarn where customer agreements have been terminated and
Credit Card plastics held by Vanquis Bank.
There are \u00a3nil amounts past due in respect of trade and other receivables (2024: \u00a3nil). An impairment
provision of \u00a3nil (2024: \u00a31.2m) is held against external counterparty loans.
Amounts owed by Group undertakings are unsecured and repayable on demand or within one year,
and generally accrue interest at rates linked to SONIA. The Company has assessed the estimated
credit losses for these intercompany loans and an impairment provision of \u00a3nil (2024: \u00a3nil) has been
recognised. Amounts owed by Group undertakings consist of \u00a3726.3m (2024: \u00a3731.2m) categorised as
Stage 1 against which no provision is recognised. No amounts have been categorised as Stage 2 or
Stage 3. No provision has been recognised as the loan entities have sufficient expected cash flow to
service their obligations and/or sufficient realisable net assets to sell in the event of a default. There
has also been no quantitative or qualitative indicators of SICR.
(a) Finance lease receivable
In 2022, the Group entered into a finance lease arrangement to sub-lease 50% of the existing floor
space of its London office. As a result, the Group recognises a lease receivable, representing the
amount of the Group\u2019s net investment outstanding in respect of the finance lease; 50% of the
corresponding right of use asset was also derecognised (see note 18).
A maturity analysis of the amounts receivable under the finance lease is shown below:
Group
2025 2024
\u00a3m \u00a3m
Due within one year
1.0
1.0
Due within one to two years
1.0
1.0
Due within two to three years
1.0
1.0
Due within three to four years
1.0
1.0
Due within four to five years
1.0
1.0
After five years
0.4
1.5
5.4
6.5
Unearned finance costs
(0.2)
(0.3)
Total lease receivable
5.2
6.2
Undiscounted lease payments analysed as:
2025 2024
\u00a3m \u00a3m
Recoverable after 12 months
4.4
5.5
Recoverable within 12 months
1.0
1.0
Total
5.4
6.5
Net investment in the lease analysed as:
2025 2024
\u00a3m \u00a3m
Recoverable after 12 months
4.3
5.3
Recoverable within 12 months
0.9
0.9
Total
5.2
6.2
The finance lease arrangement does not include variable payments. The average effective interest
rate contracted approximates to 1.1% per annum.
No impairment provision has been recognised against the lease receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "15 Trade and other receivables
Group Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade and other receivables
2.6
\u2014
\u2014
\u2014
Collateral
23.2
15.9
3.0
9.4
External counterparty loans
\u2014
18.3
\u2014
\u2014
Stock
2.1
2.0
\u2014
\u2014
Finance lease receivable (note (a))
5.2
6.2
\u2014
\u2014
Amounts placed on deposit by Group undertaking
\u2014
\u2014
39.0
23.0
Amounts owed by Group undertakings
\u2014
\u2014
726.3
731.2
Prepayments
26.9
28.9
1.5
4.8
Accrued income
1.2
1.2
\u2014
\u2014
Total trade and other receivables
61.2
72.5
769.8
768.4
Amounts placed on deposit by Group undertaking represents funds placed on deposit via Vanquis Bank with the Bank of England. On a Group basis these amounts are presented within cash and cash equivalents. Collateral represents cash collateral the Group has provided to its banking counterparties as security against the mark-to-market exposure on its derivative financial instruments of \u00a311.8m (2024: \u00a39.4m) and collateral required by Visa to support settlement activity of \u00a311.4m (2024: \u00a36.5m). External counterparty loans represents the loan made to one of the Group\u2019s Second Charge Mortgage originators that was repaid during the year. Stock represents vehicles held by Moneybarn where customer agreements have been terminated and Credit Card plastics held by Vanquis Bank. There are \u00a3nil amounts past due in respect of trade and other receivables (2024: \u00a3nil). An impairment provision of \u00a3nil (2024: \u00a31.2m) is held against external counterparty loans. Amounts owed by Group undertakings are unsecured and repayable on demand or within one year, and generally accrue interest at rates linked to SONIA. The Company has assessed the estimated credit losses for these intercompany loans and an impairment provision of \u00a3nil (2024: \u00a3nil) has been recognised. Amounts owed by Group undertakings consist of \u00a3726.3m (2024: \u00a3731.2m) categorised as Stage 1 against which no provision is recognised. No amounts have been categorised as Stage 2 or Stage 3. No provision has been recognised as the loan entities have sufficient expected cash flow to service their obligations and/or sufficient realisable net assets to sell in the event of a default. There has also been no quantitative or qualitative indicators of SICR. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "
17 Property, plant and equipment
Leasehold Equipment
land and and
buildings vehicles Total
Group \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2025
8.1
21.8
29.9
Additions
2.1
1.2
3.3
Disposals
(0.2)
(12.0)
(12.2)
At 31 December 2025
10.0
11.0
21.0
Accumulated depreciation and impairment
At 1 January 2025
2.6
20.2
22.8
Charged to the income statement \u2013 depreciation
0.8
1.3
2.1
Reclassification between asset classes
2.5
(2.5)
\u2014
Disposals
(0.2)
(11.7)
(11.9)
At 31 December 2025
5.7
7.3
13.0
Net book value at 31 December 2025
4.3
3.7
8.0
Net book value at 1 January 2025
5.5
1.6
7.1
The loss on disposal of property, plant and equipment in 2025 amounted to \u00a30.3m (2024: \u00a30.3m).
The loss comprised proceeds received of \u00a3nil (2024: \u00a3nil) less the net book value of disposals of \u00a30.3m
(2024: \u00a30.3m).
The profit on disposal of property, plant and equipment in 2025 amounted to \u00a3nil (2024: \u00a3nil) and
represented proceeds received of \u00a3nil (2024: \u00a3nil) less the net book value of disposals of \u00a3nil (2024: \u00a3nil).
A review of the Company\u2019s fixed asset register as part of a transfer of assets within the Group
identified a number of assets that were fully depreciated and had been disposed of.
Leasehold Equipment
land and and
buildings vehicles Total
Company \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
0.2
12.2
12.4
Additions
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
\u2014
At 31 December 2024
0.2
12.2
12.4
Accumulated depreciation
At 1 January 2024
0.1
11.6
11.7
Charged to the income statement
\u2014
0.2
0.2
Disposals
\u2014
\u2014
\u2014
At 31 December 2024
0.1
11.8
11.9
Net book value at 31 December 2024
0.1
0.4
0.5
Net book value at 1 January 2024
0.1
0.6
0.7
Additions in 2025 and 2024 principally comprise expenditure in respect of the routine replacement
of IT equipment.
A review of accumulated depreciation categorisation as part of a transfer of assets within the
Group led to reclassifications between asset classes to ensure accumulated depreciation and cost
categorisations were aligned. These changes did not affect total PPE balance presented on the
balance sheet in either 2025 and 2024.
Leasehold Equipment
land and and
buildings vehicles Total
Group \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2024
8.3
21.9
30.2
Additions
\u2014
2.2
2.2
Disposals
(0.2)
(2.3)
(2.5)
At 31 December 2024
8.1
21.8
29.9
Accumulated depreciation and impairment
At 1 January 2024
2.0
20.1
22.1
Charged to the income statement \u2013 depreciation
0.8
2.1
2.9
Disposals
(0.2)
(2.0)
(2.2)
At 31 December 2024
2.6
20.2
22.8
Net book value at 31 December 2024
5.5
1.6
7.1
Net book value at 1 January 2024
6.3
1.8
8.1
Leasehold Equipment
land and and
buildings vehicles Total
Company \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2025
0.2
12.2
12.4
Additions
1.9
\u2014
1.9
Transfers to Group companies
(1.9)
(0.9)
(2.8)
Disposals
(0.2)
(11.3)
(11.5)
At 31 December 2025
\u2014
\u2014
\u2014
Accumulated depreciation
At 1 January 2025
0.1
11.8
11.9
Charged to the income statement \u2013 depreciation
0.1
0.1
0.2
Transfers to Group companies
\u2014
(0.6)
(0.6)
Disposals
(0.2)
(11.3)
(11.5)
At 31 December 2025
\u2014
\u2014
\u2014
Net book value at 31 December 2025
\u2014
\u2014
\u2014
Net book value at 1 January 2025
0.1
0.4
0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "
18 Right of use assets
Group Company
2025 2024 2025 2024
Group \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
74.1
72.8
24.5
23.8
Additions and revaluations
\u2014
1.3
\u2014
0.7
Transfers to Group companies
\u2014
\u2014
(9.7)
\u2014
Disposals
(14.8)
\u2014
(14.8)
\u2014
At 31 December
59.3
74.1
\u2014
24.5
Accumulated depreciation and impairment
At 1 January
57.7
49.6
17.1
12.9
Disposals
(14.8)
\u2014
(14.8)
\u2014
Transfers to Group companies
\u2014
\u2014
(3.6)
\u2014
Charged to the income statement \u2013 continuing
operations
4.3
4.6
1.3
1.3
Charged to the income statement \u2013 impairment
\u2014
3.5
\u2014
2.9
At 31 December
47.2
57.7
\u2014
17.1
Net book value at 31 December
12.1
16.4
\u2014
7.4
Net book value at 1 January
16.4
23.2
7.4
10.9
Lease liabilities are disclosed in note 27.
Disposals in both the Group and the Company amounted to \u00a314.8m (2024: \u00a3nil) and relate to the
cessation of a property lease for the Bradford Head Office which has been relocated.
The additions and revaluations in 2024 related to a revaluation of a property leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "20 Other intangible assets
2025 2024
Acquisition Computer Acquisition Computer
intangibles software Total intangibles software Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
86.1
82.1
168.2
86.1
85.1
171.2
Additions
\u2014
15.2
15.2
\u2014
12.5
12.5
Adjustment
\u2014
(0.6)
(0.6)
\u2014
\u2014
\u2014
Disposals
\u2014
(5.7)
(5.7)
\u2014
(15.5)
(15.5)
At 31 December
86.1
91.0
177.1
86.1
82.1
168.2
Accumulated amortisation
and impairment
At 1 January
76.6
30.1
106.7
70.4
26.4
96.8
Charged to the income
statement \u2013 amortisation
1.3
9.2
10.5
6.2
10.7
16.9
Charged to the income
statement \u2013 impairment
\u2014
\u2014
\u2014
\u2014
8.5
8.5
Adjustment
\u2014
(0.6)
(0.6)
\u2014
\u2014
\u2014
Disposals
\u2014
(4.5)
(4.5)
\u2014
(15.5)
(15.5)
At 31 December
77.9
34.2
112.1
76.6
30.1
106.7
Net book value at
31 December
8.2
56.8
65.0
9.5
52.0
61.5
Net book value at 1 January
9.5
52.0
61.5
15.7
58.7
74.4
Acquisition intangibles represent the fair value of the broker relationships arising on the acquisition of Moneybarn in 2014 and internally generated Platform and technology in relation to Snoop in 2023. The Moneybarn acquisition intangible asset was being amortised over an estimated useful life of 10 years; the asset was fully amortised in 2024. The Snoop intangible asset comprised \u00a310.1m of internally generated core platform and technology, and \u00a31.0m in relation to the \u2018Snoop\u2019 brand name arising on the acquisition of Snoop in 2023. These are being amortised over nine and five years respectively. Research and development expenditure recognised within operating costs during 2025 was \u00a30.7m (2024: \u00a30.7m). Additions to computer software in the year of \u00a315.2m (2024: \u00a312.5m) comprise \u00a315.2m (2024: \u00a312.5m) of internally generated assets and \u00a3nil (2024: \u00a3nil) of externally purchased software. Computer software amortisation charges of \u00a39.2m (2024: \u00a310.7m) include \u00a30.2m (2024: \u00a31.4m) which relate to the discontinued Personal Loans portfolio. The computer software loss on disposal of \u00a31.2m (2024: \u00a3nil) related entirely to the discontinued Personal Loans portfolio where the assets were written off in full and disposed. The loss comprised proceeds received of \u00a3nil (2024: \u00a3nil) less the net book value of disposals of \u00a31.2m (2024: \u00a3nil). The \u00a315.2m (2024: \u00a312.5m) of internally generated assets predominantly relates to the development of the Gateway platform. The net book value of this asset is \u00a350.7m as at 31 December 2025 and it is being amortised over an estimated useful life of 10 years from the date each component is available for use. A review of costs and accumulated amortisation as part of a transfer of assets within the Group led to an adjustment of \u00a30.6m between costs and accumulated amortisation. These changes did not affect the total other intangible assets balance presented on the balance sheet in either 2025 and 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "
19 Goodwill
Group
2025 2024
\u00a3m \u00a3m
Cost
At 1 January
3.3
74.5
Additions
\u2014
\u2014
Write-off
(2.1)
(71.2)
At 31 December
1.2
3.3
Accumulated impairment
At 1 January
2.1
2.1
Write-off
(2.1)
\u2014
At 31 December
\u2014
2.1
Net book value at 31 December
1.2
1.2
Net book value at 1 January
1.2
72.4
Goodwill with a net book value of \u00a31.2m in 2025 relates to the acquisition of Usnoop Limited in 2023.
Goodwill is tested annually for impairment, or more frequently if there are any indications that goodwill
might be impaired. The recoverable amount is determined from a value in use calculation. The key
assumptions used in the value in use calculation relate to the cash flows of the cash-generating unit,
discount rates and growth rates adopted.
Management adopts pre-tax discount rates that reflect the time value of money and the risks specific
to the business.
The cash flow forecasts are based on the most recent financial budgets approved by the Group
Board for the next five years and extrapolate cash flows for the following five years using a terminal
growth rate of 1.5% (2024: 2%). The rate used to discount the forecast cash flows is 13.1% (2024:
13.5%); this represents the Company\u2019s risk-adjusted cost of capital. The pre-tax equivalent rate is
17.5% (2024: 18%).
Moneybarn goodwill was impaired in full in 2024 due to lower cash flows in the latest budget as the
Group prioritises capital deployment for growth into Second Charge Mortgages and Credit Cards in
the near term.
During 2025 the \u00a32.1m of cost and accumulated impairment in relation to Cheque Exchange Limited
was written off following the decision to close the business.
20 Other intangible assets
2025 2024
Acquisition Computer Acquisition Computer
intangibles software Total intangibles software Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
86.1
82.1
168.2
86.1
85.1
171.2
Additions
\u2014
15.2
15.2
\u2014
12.5
12.5
Adjustment
\u2014
(0.6)
(0.6)
\u2014
\u2014
\u2014
Disposals
\u2014
(5.7)
(5.7)
\u2014
(15.5)
(15.5)
At 31 December
86.1
91.0
177.1
86.1
82.1
168.2
Accumulated amortisation
and impairment
At 1 January
76.6
30.1
106.7
70.4
26.4
96.8
Charged to the income
statement \u2013 amortisation
1.3
9.2
10.5
6.2
10.7
16.9
Charged to the income
statement \u2013 impairment
\u2014
\u2014
\u2014
\u2014
8.5
8.5
Adjustment
\u2014
(0.6)
(0.6)
\u2014
\u2014
\u2014
Disposals
\u2014
(4.5)
(4.5)
\u2014
(15.5)
(15.5)
At 31 December
77.9
34.2
112.1
76.6
30.1
106.7
Net book value at
31 December
8.2
56.8
65.0
9.5
52.0
61.5
Net book value at 1 January
9.5
52.0
61.5
15.7
58.7
74.4
Acquisition intangibles represent the fair value of the broker relationships arising on the acquisition of
Moneybarn in 2014 and internally generated Platform and technology in relation to Snoop in 2023.
The Moneybarn acquisition intangible asset was being amortised over an estimated useful life of 10
years; the asset was fully amortised in 2024.
The Snoop intangible asset comprised \u00a310.1m of internally generated core platform and technology,
and \u00a31.0m in relation to the \u2018Snoop\u2019 brand name arising on the acquisition of Snoop in 2023. These
are being amortised over nine and five years respectively.
Research and development expenditure recognised within operating costs during 2025 was \u00a30.7m
(2024: \u00a30.7m).
Additions to computer software in the year of \u00a315.2m (2024: \u00a312.5m) comprise \u00a315.2m (2024: \u00a312.5m)
of internally generated assets and \u00a3nil (2024: \u00a3nil) of externally purchased software.
Computer software amortisation charges of \u00a39.2m (2024: \u00a310.7m) include \u00a30.2m (2024: \u00a31.4m) which
relate to the discontinued Personal Loans portfolio.
The computer software loss on disposal of \u00a31.2m (2024: \u00a3nil) related entirely to the discontinued
Personal Loans portfolio where the assets were written off in full and disposed. The loss comprised
proceeds received of \u00a3nil (2024: \u00a3nil) less the net book value of disposals of \u00a31.2m (2024: \u00a3nil).
The \u00a315.2m (2024: \u00a312.5m) of internally generated assets predominantly relates to the development of the
Gateway platform. The net book value of this asset is \u00a350.7m as at 31 December 2025 and it is being
amortised over an estimated useful life of 10 years from the date each component is available for use.
A review of costs and accumulated amortisation as part of a transfer of assets within the Group led to
an adjustment of \u00a30.6m between costs and accumulated amortisation. These changes did not affect the
total other intangible assets balance presented on the balance sheet in either 2025 and 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "19 Goodwill
Group
2025 2024
\u00a3m \u00a3m
Cost
At 1 January
3.3
74.5
Additions
\u2014
\u2014
Write-off
(2.1)
(71.2)
At 31 December
1.2
3.3
Accumulated impairment
At 1 January
2.1
2.1
Write-off
(2.1)
\u2014
At 31 December
\u2014
2.1
Net book value at 31 December
1.2
1.2
Net book value at 1 January
1.2
72.4
Goodwill with a net book value of \u00a31.2m in 2025 relates to the acquisition of Usnoop Limited in 2023. Goodwill is tested annually for impairment, or more frequently if there are any indications that goodwill might be impaired. The recoverable amount is determined from a value in use calculation. The key assumptions used in the value in use calculation relate to the cash flows of the cash-generating unit, discount rates and growth rates adopted. Management adopts pre-tax discount rates that reflect the time value of money and the risks specific to the business. The cash flow forecasts are based on the most recent financial budgets approved by the Group Board for the next five years and extrapolate cash flows for the following five years using a terminal growth rate of 1.5% (2024: 2%). The rate used to discount the forecast cash flows is 13.1% (2024: 13.5%); this represents the Company\u2019s risk-adjusted cost of capital. The pre-tax equivalent rate is 17.5% (2024: 18%). Moneybarn goodwill was impaired in full in 2024 due to lower cash flows in the latest budget as the Group prioritises capital deployment for growth into Second Charge Mortgages and Credit Cards in the near term. During 2025 the \u00a32.1m of cost and accumulated impairment in relation to Cheque Exchange Limited was written off following the decision to close the business. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "21 Investment in subsidiaries
Company
2025 2024
\u00a3m \u00a3m
Cost
At 1 January
349.7
265.3
Additions
70.3
85.9
Disposals
(78.4)
(1.5)
At 31 December
341.6
349.7
Accumulated impairment losses
At 1 January
101.8
23.7
Charge to the income statement
17.2
78.5
Disposals
(78.4)
(0.4)
At 31 December
40.6
101.8
Net book value at 31 December
301.0
247.9
Net book value at 1 January
247.9
241.6
The additions in 2025 relate to: (i) a \u00a360m subscription for Additional Tier 1 (AT1) capital issued by Vanquis Bank Limited following the Group\u2019s external issuance of AT1 in October 2025 which has been accounted for as a \u00a360m contribution made by the Company in Provident Financial Holdings Limited; (ii) \u00a310m due the transfer of the investment in Provfin Limited from another Group company as part of a Group reorganisation, in advance of those companies being placed into members\u2019 voluntary liquidation; and (ii) \u00a30.3m additions (2024: disposal \u00a31.1m) in relation to the movement in share options/awards provided to the subsidiary employees. Under IFRS 2, the fair value of the share options/awards issued is required to be treated as a capital contribution and an investment in the relevant subsidiary, net of any share options/awards that have vested. The movements in 2024 reflect steps taken to make two non-trading companies solvent in advance of them entering members\u2019 voluntary liquidation. This included the subscription of \u00a33.2m of shares in Yes Car Credit Limited and \u00a375.2m of shares in Provident Yes Car Credit Limited, both of which were subsequently impaired based on the value of the underlying assets of the companies. Additions in 2024 also included steps taken to increase the investment value of Provident Financial Holdings Limited by \u00a37.5m as part of the transfer of trade and assets of its subsidiary, PFG Corporate Services Limited, to Vanquis Bank Limited
Due to indicators of impairment, an investment valuation review was performed at the balance sheet
date for the investment held in Provident Financial Holdings Limited utilising the higher of the discounted
future cash flow forecasts of the underlying business or fair value. Whilst no impairment is required,
sensitivity analysis has been performed based on the assumptions used in the cash flow valuations.
A 100 bps movement in the discount rate would move the valuations by \u00a384m. Sufficient headroom
would remain to not require impairment.
Impairment of \u00a317.2m was recognised in relation to non-trading companies as part of the Group
reorganisation.
The cost, accumulated impairment losses and carrying value of investments at 31 December 2025 are
shown below:
Accumulated
impairment Carrying
Cost losses value
Company \u00a3m \u00a3m \u00a3m
Provident Financial Holdings Limited
298.6
\u2014
298.6
Provident Financial Group Limited
29.9
(29.9)
\u2014
Provfin Limited
10.1
(10.1)
\u2014
Other
3.0
(0.6)
2.4
Net book value at 31 December
341.6
(40.6)
301.0
The following are the subsidiary undertakings, which, in the opinion of the directors, principally affect
the profit or assets of the Group or are a guaranteeing subsidiary of the Group\u2019s certain borrowings.
A full list of subsidiary undertakings in included in note 38. All subsidiaries are consolidated and
held directly by the Company except for those noted below, which are held by wholly owned
intermediate companies.
Country of Class %
Company
Activity
incorporation of capital Holding
Vanquis Bank Limited
Financial services
England
Ordinary
100
1
Moneybarn No. 1 Limited
Financial services
England
Ordinary
100
1
Provident Financial Holdings Limited
Intermediate holding company
England
Ordinary
100
1 Shares held by wholly owned intermediate companies.
The above companies operate principally in their country of incorporation.
38 Details of subsidiary undertakings
The subsidiary undertakings of the Group at 31 December 2025 are shown below. The Company is the
parent or ultimate parent of all subsidiaries and they are all 100% owned by the Group.
Company
Company name number
Registered at No. 5 Godwin Street, Bradford BD1 2AH:
Provident Financial Holdings Limited
13061852
Provident SPV Limited
1,2
12988335
Vanquis Bank Limited
1
2558509
N&N Simple Financial Solution Limited
1
3803565
Cheque Exchange Limited
1
2927947
PFG Corporate Services Limited
1,2
13423666
Provfin Limited
2
1879771
Provident Financial Group Limited
2
194214
Aquis Cards Limited
7036307
Registered at Athena House, Bedford Road, Petersfield, Hampshire GU32 3LJ:
Moneybarn No. 1 Limited
1
4496573
Duncton Group Limited
1
6308608
Moneybarn Group Limited
1,2
4525773
Moneybarn Limited
1,2
2766324
Registered at 10 Norwich Street, London EC4A 1BD:
Usnoop Limited
1
11797870
Registered at C/O DWF LLP, 2 Semple Street, Edinburgh EH3 8BL:
Lawson Fisher Limited
SC004758
1 Companies whose immediate parent is not Vanquis Banking Group plc.
2 As part of the continued rationalisation of the Group these companies have been placed into members\u2019 voluntary liquidation.
The following companies act as a vehicle to allow the securitisation of the Moneybarn customer
receivables and Vanquis Bank Limited\u2019s drawings under central bank facilities. These companies are
not owned by Vanquis Banking Group plc but form part of the consolidated Group due to meeting
the requirements of IFRS 10 Consolidated Financial Statements.
Company
Company name number
Registered at 8th Floor, 100 Bishopsgate, London, England EC2N 4AG:
Moneybarn Financing Limited
12323134
Company
Company name number
Registered at 10th Floor, 5 Churchill Place, London, England E14 5HU:
Oban Cards 2021-1 Holdings Limited
12754762
Oban Cards 2021-1 PLC
12757121
Oban Cards Receivables Trustee Limited
12756504
The following subsidiaries are taking an audit exemption and are therefore exempt from the
requirement to the audit of accounts under section 479A of the Companies Act 2006.
Company
Company name number
N&N Simple Financial Solution Limited
3803565
Usnoop Limited
11797870
Duncton Group Limited
6308608
Cheque Exchange Limited
2927947
Lawson Fisher Limited
SC004758
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "
22 Retirement benefit asset
(a) Pension schemes \u2013 defined benefit
The retirement benefit asset reflects the difference between the present value of the Group\u2019s
obligation to current and past employees to provide a defined benefit pension and the fair value of
assets held to meet that obligation. As at 31 December 2025, the fair value of the assets exceeded
the obligation and hence a net pension asset has been recorded.
The Group operates a defined benefit scheme, the Provident Financial Staff Pension Scheme.
The scheme is of the funded, defined benefit type. It is now also closed to future accrual.
The scheme provides pension benefits that were accrued on a final salary and, more recently, on a
cash balance basis. It was fully closed to future accrual in 2021 and benefits are no longer linked to
final salary, although accrued benefits are subject to statutory inflationary increases.
The scheme is a UK registered pension scheme under UK legislation. The scheme is governed by a
Trust Deed and Rules, with trustees responsible for the operation and governance of the scheme.
The trustees work closely with the Group on funding and investment strategy decisions. The most
recent actuarial valuation of the scheme was carried out as at 1 June 2024 by a qualified independent
actuary. The valuation used for the purposes of IAS 19 Employee Benefits has been based on the
results of the 2024 valuation to take account of the requirements of IAS 19 in order to assess the
liabilities of the scheme at the balance sheet date. Scheme assets are stated at fair value as at the
balance sheet date.
The Group is entitled to a refund of any surplus, subject to tax, if the scheme winds up after all
benefits have been paid. As a result, the Group recognises surplus assets under IAS 19.
The Group is exposed to a number of risks, the most significant of which are as follows:
5 Investment risk \u2013 the liabilities for IAS 19 purposes are calculated using a discount rate set
with reference to corporate bond yields. If the assets underperform this yield a deficit will arise.
The scheme has a long-term objective to reduce the level of investment risk by investing in assets
that better match liabilities.
5 Change in bond yields \u2013 a decrease in corporate bond yields will increase the liabilities, although
this will be partly offset by an increase in matching assets.
5 Inflation risk \u2013 some of the liabilities are linked to inflation. If inflation increases then liabilities
will increase, although this will be partly offset by an increase in assets. As part of a long-term
de-risking strategy, the scheme has increased its portfolio in inflation matched assets.
5 Life expectancies \u2013 the scheme\u2019s final salary benefits provide pensions for the rest of members\u2019
lives (and for their spouses\u2019 lives). If members live longer than assumed, then the liabilities in
respect of final salary benefits increase.
The net retirement benefit asset recognised in the balance sheet of the Group and the Company is as follows:
Group and Company
2025
2024
\u00a3m
%
\u00a3m
%
Equities
45.0
10
63.7
14
Corporate bonds
152.1
34
46.6
10
Government bonds
241.8
54
316.8
70
Cash and money market funds
7.1
2
26.6
6
Total fair value of scheme assets
446.0
100
453.7
100
Present value of funded defined benefit obligation
(439.6)
(425.9)
Net retirement benefit asset recognised in the balance sheet
6.4
27.8
The Company and the pension trustees have agreed a low-risk investment strategy that involves hedging the inflation and interest rate risks associated with the liabilities of the pension scheme, whilst also holding a modest allocation to growth funds, such as equities. This position is reviewed periodically by the trustees, which consult the Company as part of this process. The valuation of the retirement benefit asset has decreased from \u00a327.8m at 31 December 2024 to \u00a36.4m at 31 December 2025. A high-level reconciliation of the movement is as follows:
Group and Company
2025 2024
\u00a3m \u00a3m
Pension asset as at 1 January 27.8 38.2
Cash contributions made by the Group
0.8
0.8
Return on assets being held to meet pension obligations in excess of discount rate
(5.5)
(54.6)
Change in demographic assumptions
(9.2)
(0.9)
(Decrease)/increase in discount rate used to discount future liabilities
(1.7)
48.2
Change in inflation rate used to forecast pensions
5.8
(4.5)
Actuarial/membership experience
(11.5)
0.2
Other
(0.1)
0.4
Pension asset as at 31 December
6.4
27.8
The amounts recognised in the income statement were as follows:
Group and Company
2025 2024
\u00a3m \u00a3m
Administration costs and taxes
(1.6)
(1.3)
Interest on scheme liabilities
(23.0)
(21.7)
Interest on scheme assets
24.5
23.4
(Charge)/credit recognised in the income statement
(0.1)
0.4
The (charge)/credit recognised in the income statement of the Group and the Company has been included within operating costs. Movements in the fair value of scheme assets were as follows:
Group and Company
2025 2024
\u00a3m \u00a3m
Fair value of scheme assets at 1 January
453.7
512.9
Interest on scheme assets
24.5
23.4
Actuarial movement on scheme assets
(5.5)
(54.6)
Contributions by the Group/Company
0.8
0.8
Net benefits paid out
(27.5)
(28.8)
Fair value of scheme assets at 31 December
446.0
453.7
The Group contributions over 2026 are expected to be \u00a31.3m. Movements in the present value of the defined benefit obligation were as follows:
Group and Company
2025 2024
\u00a3m \u00a3m
Present value of the defined benefit obligation at 1 January
(425.9)
(474.7)
Administration costs and taxes
(1.6)
(1.3)
Interest on scheme liabilities
(23.0)
(21.7)
Actuarial movement \u2013 experience
(11.5)
0.2
Actuarial movement \u2013 demographic assumptions
(9.2)
(0.9)
Actuarial movement \u2013 financial assumptions
4.1
43.7
Net benefits paid out
27.5
28.8
Present value of the defined benefit obligation at 31 December
(439.6)
(425.9)
The liabilities of the scheme are based on the current value of expected benefit payments over the next 80 years. The weighted average duration of the scheme liabilities is approximately 11 years (2024: 12 years). The principal actuarial assumptions used at the balance sheet date were as follows:
Group and Company
2025 2024
% %
Price inflation \u2013 RPI
2.85
3.20
Price inflation \u2013 CPI
2.30
2.75
Rate of increase to pensions in payment
2.80
3.00
Inflationary increases to pensions in deferment
2.20
2.75
Discount rate
5.50
5.55
The pension increase assumption shown above applies to pensions increasing in payment each year in line with RPI up to 5%. Pensions accrued prior to 2000 are substantially subject to fixed 5% increases each year. In deferment, increases prior to retirement are linked to CPI. The mortality assumptions are based on the Self-Administered Pension Scheme (SAPS) series 4 tables (2024: SAPS series 3 tables): 5 female non-pensioners: 110% of the \u2018Middle\u2019 table (2024: 105% of the \u2018Middle\u2019 table); 5 male non-pensioners: 113% of the \u2018Middle\u2019 table (2024: 105% of the \u2018Middle\u2019 table); 5 female pensioners: 110% of the \u2018Middle\u2019 table (2024: 102% of the \u2018Middle\u2019 table); and 5 male pensioners: 99% of the \u2018All\u2019 table (2024: 99% of the \u2018All\u2019 table). The above multipliers and table types were chosen following a study of the scheme\u2019s membership. Where the multiplier is greater than 100%, this reflects a shorter life expectancy within the scheme compared to average pension schemes, with the opposite being true where the multiplier is less than 100%. Also, the use of the \u2018Middle\u2019 table typically leads to slightly lower life expectancy compared to using the corresponding \u2018All\u2019 table. Future improvements in mortality are based on the Continuous Mortality Investigation (CMI) 2024 model with a long-term trend of 1.00% p.a., the core parameters for the initial addition and smoothing parameter. All other available parameters for the mortality improvements model were adopted at the default (core) level. Under these mortality assumptions, the life expectancies of members are as follows:
Male
Female
2025 2024 2025 2024
Group and Company years years years years
Current pensioner aged 65
21.5
21.2
23.0
23.0
Current member aged 45 from age 65
21.5
21.2
24.2
24.0
The table below shows the sensitivity on the defined benefit obligation (not including any impact on
assets) of changes in the key assumptions. Depending on the scenario, there would also be
compensating asset movements.
Group and Company
2025 2024
\u00a3m \u00a3m
Discount rate decreased by 0.5%
24.3
24.4
Inflation increased by 0.1%
2.1
2.2
Life expectancy increased by one year
18.4
16.4
The actual return on scheme assets compared to the expected return is as follows:
Group and Company
2025 2024
\u00a3m \u00a3m
Interest on scheme assets
24.5
23.4
Actuarial movement on scheme assets
(5.5)
(54.6)
Actual return on scheme assets
19.0
(31.2)
Actuarial gains and losses are recognised through other comprehensive income in the period in which
they occur.
An analysis of the amounts recognised in the statement of other comprehensive income is as follows:
Group and Company
2025 2024
\u00a3m \u00a3m
Actuarial movement on scheme assets
(5.5)
(54.6)
Actuarial movement on scheme liabilities
(16.6)
43.0
Total movement recognised in other comprehensive income in the year
(22.1)
(11.6)
Cumulative movement recognised in other comprehensive income
(182.0)
(159.9)
The experience adjustments for the net retirement benefit asset is as follows:
Group and Company
2025 2024
\u00a3m \u00a3m
Fair value of scheme assets
446.0
453.7
Present value of funded defined benefit obligation
(439.6)
(425.9)
Retirement benefit asset recognised in the balance sheet
6.4
27.8
Experience (losses)/gains on scheme assets:
\u2013 amount (\u00a3m)
(5.5)
(54.6)
\u2013 percentage of scheme assets (%)
(1.2)
(12.0)
Experience losses/(gains) on scheme liabilities:
\u2013 amount (\u00a3m)
11.5
(0.2)
\u2013 percentage of scheme liabilities (%)
2.6
\u2014
In June 2023, the UK High Court issued a ruling in the case of Virgin Media Limited v NTL Pension
Trustees II Limited and others relating to the validity of certain historical pension changes. This was
subject to appeal in 2024 and the original ruling was upheld. The Group has determined there to be
no impact on the pension scheme as a result of the ruling.
(b) Pension schemes \u2013 defined contribution
The Group operates a Group Personal Pension Plan into which Group companies contribute a
proportion of pensionable earnings of the member (typically ranging between 5.1% and 10.6%)
dependent on the proportion of pensionable earnings contributed by the member through a salary
sacrifice arrangement (typically ranging between 3% and 8%). The assets of the scheme are held
separately from those of the Group and Company.
The Group also operates a separate pension scheme for auto-enrolment into which the Company
and subsidiaries contribute a proportion of qualifying earnings of the member of 4%. The assets of
the scheme are held separately from those of the Group or the Company. The pension charge in the
consolidated income statement represents contributions paid by the Group in respect of these plans
and amounted to \u00a35.7m for the year ended 31 December 2025 (2024: \u00a36.9m). Contributions made by
the Company amounted to \u00a30.9m (2024: \u00a32.0m). \u00a30.8m of contributions were payable to the fund at
the year end (2024: \u00a3nil).
The Group contributed \u00a3nil in 2025 into individual personal pension plans in the year (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "(a) Pension schemes \u2013 defined benefit The retirement benefit asset reflects the difference between the present value of the Group\u2019s obligation to current and past employees to provide a defined benefit pension and the fair value of assets held to meet that obligation. As at 31 December 2025, the fair value of the assets exceeded the obligation and hence a net pension asset has been recorded. The Group operates a defined benefit scheme, the Provident Financial Staff Pension Scheme. The scheme is of the funded, defined benefit type. It is now also closed to future accrual. The scheme provides pension benefits that were accrued on a final salary and, more recently, on a cash balance basis. It was fully closed to future accrual in 2021 and benefits are no longer linked to final salary, although accrued benefits are subject to statutory inflationary increases. The scheme is a UK registered pension scheme under UK legislation. The scheme is governed by a Trust Deed and Rules, with trustees responsible for the operation and governance of the scheme. The trustees work closely with the Group on funding and investment strategy decisions. The most recent actuarial valuation of the scheme was carried out as at 1 June 2024 by a qualified independent actuary. The valuation used for the purposes of IAS 19 Employee Benefits has been based on the results of the 2024 valuation to take account of the requirements of IAS 19 in order to assess the liabilities of the scheme at the balance sheet date. Scheme assets are stated at fair value as at the balance sheet date. The Group is entitled to a refund of any surplus, subject to tax, if the scheme winds up after all benefits have been paid. As a result, the Group recognises surplus assets under IAS 19. The Group is exposed to a number of risks, the most significant of which are as follows: 5 Investment risk \u2013 the liabilities for IAS 19 purposes are calculated using a discount rate set with reference to corporate bond yields. If the assets underperform this yield a deficit will arise. The scheme has a long-term objective to reduce the level of investment risk by investing in assets that better match liabilities. 5 Change in bond yields \u2013 a decrease in corporate bond yields will increase the liabilities, although this will be partly offset by an increase in matching assets. 5 Inflation risk \u2013 some of the liabilities are linked to inflation. If inflation increases then liabilities will increase, although this will be partly offset by an increase in assets. As part of a long-term de-risking strategy, the scheme has increased its portfolio in inflation matched assets. 5 Life expectancies \u2013 the scheme\u2019s final salary benefits provide pensions for the rest of members\u2019 lives (and for their spouses\u2019 lives). If members live longer than assumed, then the liabilities in respect of final salary benefits increase.
The net retirement benefit asset recognised in the balance sheet of the Group and the Company is
as follows:
Group and Company
2025
2024
\u00a3m
%
\u00a3m
%
Equities
45.0
10
63.7
14
Corporate bonds
152.1
34
46.6
10
Government bonds
241.8
54
316.8
70
Cash and money market funds
7.1
2
26.6
6
Total fair value of scheme assets
446.0
100
453.7
100
Present value of funded defined benefit obligation
(439.6)
(425.9)
Net retirement benefit asset recognised in the balance sheet
6.4
27.8
The Company and the pension trustees have agreed a low-risk investment strategy that involves
hedging the inflation and interest rate risks associated with the liabilities of the pension scheme,
whilst also holding a modest allocation to growth funds, such as equities. This position is reviewed
periodically by the trustees, which consult the Company as part of this process.
The valuation of the retirement benefit asset has decreased from \u00a327.8m at 31 December 2024 to
\u00a36.4m at 31 December 2025. A high-level reconciliation of the movement is as follows:
Group and Company
2025 2024
\u00a3m \u00a3m
Pension asset as at 1 January 27.8 38.2
Cash contributions made by the Group
0.8
0.8
Return on assets being held to meet pension obligations in excess of discount rate
(5.5)
(54.6)
Change in demographic assumptions
(9.2)
(0.9)
(Decrease)/increase in discount rate used to discount future liabilities
(1.7)
48.2
Change in inflation rate used to forecast pensions
5.8
(4.5)
Actuarial/membership experience
(11.5)
0.2
Other
(0.1)
0.4
Pension asset as at 31 December
6.4
27.8
The amounts recognised in the income statement were as follows:
Group and Company
2025 2024
\u00a3m \u00a3m
Administration costs and taxes
(1.6)
(1.3)
Interest on scheme liabilities
(23.0)
(21.7)
Interest on scheme assets
24.5
23.4
(Charge)/credit recognised in the income statement
(0.1)
0.4
The (charge)/credit recognised in the income statement of the Group and the Company has been
included within operating costs.
Movements in the fair value of scheme assets were as follows:
Group and Company
2025 2024
\u00a3m \u00a3m
Fair value of scheme assets at 1 January
453.7
512.9
Interest on scheme assets
24.5
23.4
Actuarial movement on scheme assets
(5.5)
(54.6)
Contributions by the Group/Company
0.8
0.8
Net benefits paid out
(27.5)
(28.8)
Fair value of scheme assets at 31 December
446.0
453.7
The Group contributions over 2026 are expected to be \u00a31.3m.
Movements in the present value of the defined benefit obligation were as follows:
Group and Company
2025 2024
\u00a3m \u00a3m
Present value of the defined benefit obligation at 1 January
(425.9)
(474.7)
Administration costs and taxes
(1.6)
(1.3)
Interest on scheme liabilities
(23.0)
(21.7)
Actuarial movement \u2013 experience
(11.5)
0.2
Actuarial movement \u2013 demographic assumptions
(9.2)
(0.9)
Actuarial movement \u2013 financial assumptions
4.1
43.7
Net benefits paid out
27.5
28.8
Present value of the defined benefit obligation at 31 December
(439.6)
(425.9)
The liabilities of the scheme are based on the current value of expected benefit payments over the
next 80 years. The weighted average duration of the scheme liabilities is approximately 11 years
(2024: 12 years).
The principal actuarial assumptions used at the balance sheet date were as follows:
Group and Company
2025 2024
% %
Price inflation \u2013 RPI
2.85
3.20
Price inflation \u2013 CPI
2.30
2.75
Rate of increase to pensions in payment
2.80
3.00
Inflationary increases to pensions in deferment
2.20
2.75
Discount rate
5.50
5.55
The pension increase assumption shown above applies to pensions increasing in payment each year
in line with RPI up to 5%. Pensions accrued prior to 2000 are substantially subject to fixed 5%
increases each year. In deferment, increases prior to retirement are linked to CPI.
The mortality assumptions are based on the Self-Administered Pension Scheme (SAPS) series 4 tables
(2024: SAPS series 3 tables):
5 female non-pensioners: 110% of the \u2018Middle\u2019 table (2024: 105% of the \u2018Middle\u2019 table);
5 male non-pensioners: 113% of the \u2018Middle\u2019 table (2024: 105% of the \u2018Middle\u2019 table);
5 female pensioners: 110% of the \u2018Middle\u2019 table (2024: 102% of the \u2018Middle\u2019 table); and
5 male pensioners: 99% of the \u2018All\u2019 table (2024: 99% of the \u2018All\u2019 table).
The above multipliers and table types were chosen following a study of the scheme\u2019s membership.
Where the multiplier is greater than 100%, this reflects a shorter life expectancy within the scheme
compared to average pension schemes, with the opposite being true where the multiplier is less than
100%. Also, the use of the \u2018Middle\u2019 table typically leads to slightly lower life expectancy compared to
using the corresponding \u2018All\u2019 table.
Future improvements in mortality are based on the Continuous Mortality Investigation (CMI) 2024
model with a long-term trend of 1.00% p.a., the core parameters for the initial addition and smoothing
parameter. All other available parameters for the mortality improvements model were adopted at
the default (core) level.
Under these mortality assumptions, the life expectancies of members are as follows:
Male
Female
2025 2024 2025 2024
Group and Company years years years years
Current pensioner aged 65
21.5
21.2
23.0
23.0
Current member aged 45 from age 65
21.5
21.2
24.2
24.0
The table below shows the sensitivity on the defined benefit obligation (not including any impact on assets) of changes in the key assumptions. Depending on the scenario, there would also be compensating asset movements.
Group and Company
2025 2024
\u00a3m \u00a3m
Discount rate decreased by 0.5%
24.3
24.4
Inflation increased by 0.1%
2.1
2.2
Life expectancy increased by one year
18.4
16.4
The actual return on scheme assets compared to the expected return is as follows:
Group and Company
2025 2024
\u00a3m \u00a3m
Interest on scheme assets
24.5
23.4
Actuarial movement on scheme assets
(5.5)
(54.6)
Actual return on scheme assets
19.0
(31.2)
Actuarial gains and losses are recognised through other comprehensive income in the period in which they occur. An analysis of the amounts recognised in the statement of other comprehensive income is as follows:
Group and Company
2025 2024
\u00a3m \u00a3m
Actuarial movement on scheme assets
(5.5)
(54.6)
Actuarial movement on scheme liabilities
(16.6)
43.0
Total movement recognised in other comprehensive income in the year
(22.1)
(11.6)
Cumulative movement recognised in other comprehensive income
(182.0)
(159.9)
The experience adjustments for the net retirement benefit asset is as follows:
Group and Company
2025 2024
\u00a3m \u00a3m
Fair value of scheme assets
446.0
453.7
Present value of funded defined benefit obligation
(439.6)
(425.9)
Retirement benefit asset recognised in the balance sheet
6.4
27.8
Experience (losses)/gains on scheme assets:
\u2013 amount (\u00a3m)
(5.5)
(54.6)
\u2013 percentage of scheme assets (%)
(1.2)
(12.0)
Experience losses/(gains) on scheme liabilities:
\u2013 amount (\u00a3m)
11.5
(0.2)
\u2013 percentage of scheme liabilities (%)
2.6
\u2014
In June 2023, the UK High Court issued a ruling in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others relating to the validity of certain historical pension changes. This was subject to appeal in 2024 and the original ruling was upheld. The Group has determined there to be no impact on the pension scheme as a result of the ruling. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "(b) Pension schemes \u2013 defined contribution The Group operates a Group Personal Pension Plan into which Group companies contribute a proportion of pensionable earnings of the member (typically ranging between 5.1% and 10.6%) dependent on the proportion of pensionable earnings contributed by the member through a salary sacrifice arrangement (typically ranging between 3% and 8%). The assets of the scheme are held separately from those of the Group and Company. The Group also operates a separate pension scheme for auto-enrolment into which the Company and subsidiaries contribute a proportion of qualifying earnings of the member of 4%. The assets of the scheme are held separately from those of the Group or the Company. The pension charge in the consolidated income statement represents contributions paid by the Group in respect of these plans and amounted to \u00a35.7m for the year ended 31 December 2025 (2024: \u00a36.9m). Contributions made by the Company amounted to \u00a30.9m (2024: \u00a32.0m). \u00a30.8m of contributions were payable to the fund at the year end (2024: \u00a3nil). The Group contributed \u00a3nil in 2025 into individual personal pension plans in the year (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-508": { "value": "
23 Derivative financial instruments
The Group enters into derivative financial instruments, primarily interest rate swaps, exclusively for
risk management purposes. These instruments are used to mitigate specifically identified interest rate
risks arising from recognised assets and liabilities. The Group does not engage in derivative trading.
The Group is counterparty to 24 (2024: 10) derivative financial instruments.
All derivatives are recognised on the balance sheet at fair value using valuation techniques based
on observable market data. The Group applies standard discounted cash flow methodologies, using
externally sourced SONIA yield curves and OIS discount factors. Where the criteria under IAS 39
are met, hedge accounting is applied. Where derivatives form part of an economic hedging strategy
but do not qualify for hedge accounting, they are measured at fair value through profit or loss.
The Group designates:
5 Portfolio fair value hedges of interest rate risk
5 Fair value hedges of specific financial assets or liabilities
In 2025, the Group entered into three new categories of interest rate swaps, all of which are
designated in hedge accounting relationships:
1) To diversify excess liquidity investments, the Group began purchasing UK Government Bonds (Gilts).
Interest rate risk arising from these holdings was managed through par-to-par interest rate swaps
with terms aligned to the underlying gilts. As at 31 December 2025, 12 such swaps were in place.
2) Following growth in the Second Charge Mortgage portfolio, the Group entered into six interest
rate swaps to manage the associated interest rate risk.
3) The Group also transacted two external deposit swaps to manage interest rate risk arising
from retail customer deposit balances.
As result of AT1 issuance in October 2025, \u00a358.5m of Tier 2 capital was repaid and the notional of the
Tier 2 swap was reduced by the same amount.
During the year, all internal retail deposit swaps were fully settled. All externally facing derivatives
held by Vanquis Banking Group plc were novated to Vanquis Bank Limited in December 2025 at the
prevailing market value on the date of transfer, resulting in no impact to the income statement.
The analysis below distinguishes between derivatives accounted for as fair value hedges and those
measured at fair value through profit or loss .
Group Company
2025
2024
2025
2024
Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities
Fair value of derivatives \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in hedge
accounting relationships
Fair value portfolio hedges
Interest rate swaps
Fixed to floating
\u2014
(0.5)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Floating to fixed
0.2
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total derivatives in
portfolio fair value hedging
relationships
0.2
(0.5)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Individual fair value hedges
Fixed to floating
0.1
(3.0)
\u2014
\u2014
\u2014
(0.4)
\u2014
\u2014
Floating to fixed
1.5
\u2014
\u2014
(1.3)
1.5
\u2014
\u2014
(1.3)
Total derivatives in hedge
accounting relationships
1.8
(3.5)
\u2014
(1.3)
1.5
(0.4)
\u2014
(1.3)
Other derivatives
Interest rate swaps
2.1
(2.6)
\u2014
(0.5)
2.2
\u2014
0.6
(0.4)
Total recognised
derivative assets/
(liabilities)
3.9
(6.1)
\u2014
(1.8)
3.7
(0.4)
0.6
(1.7)
Group
Company
2025
2024
2025
2024
Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities
Hedged items \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Monetary amount of
risk relating to
Fair value portfolio hedges
Second Charge Mortgages
59.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Retail deposits
\u2014
(150.0)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total hedged items in
portfolio hedges
59.0
(150.0)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Individual fair value hedges
Gilts
250.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Tier 2
\u2014
(141.5)
\u2014
(200.0)
\u2014
(141.5)
\u2014
(200.0)
Total derivatives in hedge
accounting relationships
250.0
(141.5)
\u2014
(200.0)
\u2014
(141.5)
\u2014
(200.0)
Macro fair value hedges The Group applies macro fair value hedge accounting to portfolios of fixed-rate Second Charge Mortgages and fixed-rate retail deposits. The hedged items represent designated portions of these portfolios allocated to defined repricing time buckets. The hedged risk is exposure to changes in fair value attributable to movements in the designated benchmark interest rate (SONIA). Interest rate swaps are used as hedging instruments. The hedge ratio is determined by reference to the interest rate risk position within each repricing time bucket. The amount designated as hedged reflects the proportion of the interest rate risk exposure that the Group chooses to hedge in line with its asset and liability management strategy. An economic relationship exists because changes in the fair value of the designated portion of the portfolios attributable to movements in the benchmark rate are expected to be offset by changes in the fair value of the swaps. Sources of hedge ineffectiveness may include: 5 behavioural assumptions, including mortgage prepayment risk and early withdrawal of deposits; 5 differences between expected and actual repricing profiles; 5 basis differences between contractual product rates and the designated benchmark rate; 5 yield curve shape changes; 5 differences in yield curve construction or interpolation methodologies used in the valuation of hedged items and hedging instruments
Group
Company
2025
2024
2025
2024
Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities
Notional value of derivatives \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in hedge
accounting relationships
Fair value portfolio hedges
Interest rate swaps
Fixed to floating
\u2014
59.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Floating to fixed
150.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total derivatives in
portfolio fair value
hedging relationships
150.0
59.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Individual fair value hedges
Fixed to floating
35.0
273.5
\u2014
\u2014
\u2014
58.5
\u2014
\u2014
Floating to fixed
200.0
\u2014
\u2014
200.0
200.0
\u2014
\u2014
200.0
Total derivatives in hedge
accounting relationships
385.0
332.5
\u2014
200.0
200.0
58.5
\u2014
200.0
Other derivatives
Interest rate swaps
289.2
297.7
\u2014
296.4
400.0
58.5
70.0
356.4
Total derivative notional
674.2
630.2
\u2014
496.4
600.0
117.0
70.0
556.4
The associated fair value adjustment for hedged risk and the balance sheet balance this is included against is outlined below:
Group Company
2025 2024 2025 2024
Fair value adjustment for hedged risk \u00a3m \u00a3m \u00a3m \u00a3m
On amounts receivable from customers (note 14)
0.2
(0.9)
\u2014
\u2014
On bank and other borrowings (note 28)
0.2
2.5
0.2
2.5
On investment securities (note 13)
1.3
\u2014
\u2014
\u2014
On retail deposits (note 28)
(0.2)
\u2014
\u2014
\u2014
The tables below set out the carrying amounts of hedged items in fair value hedge relationships at year end. The amounts represent the monetary exposure to interest rate risk designated as the hedged item for each relationship. Micro fair value hedges The Group designates individual fixed-rate instruments in micro fair value hedge relationships. These include Tier 2 borrowings and UK Government bonds (Gilts). The hedged risk is exposure to changes in fair value attributable to movements in the designated benchmark interest rate (SONIA). Interest rate swaps are used as hedging instruments. The hedge ratio is determined by aligning the nominal amount of the swap with the principal amount of the hedged instrument. The Group generally applies a 1:1 hedge ratio, consistent with its risk management strategy. An economic relationship exists because changes in the fair value of the hedged instrument attributable to the benchmark rate are expected to be offset by changes in the fair value of the swap. This relationship is assessed using discounted cash flow modelling based on observable market yield curves. Sources of hedge ineffectiveness may include: 5 differences between the contractual coupon and the designated benchmark rate; 5 timing differences in cash flows or reset dates; 5 differences in yield curve construction or interpolation methodologies. The total Group hedge ineffectiveness in 2025 was \u00a3nil (2024: \u00a3nil). Had hedge accounting not been applied, the Group would have recognised a total charge of \u00a30.5m (2024: \u00a31.3m) in the income statement reflecting the movement in the derivative. Swaps not designated in hedge accounting relationships The Group also holds certain interest rate swaps that are not currently designated in hedge accounting relationships. The securitisation Balance Guarantee Swap (front BGS) was originally entered into to hedge interest rate risk within the securitisation special purpose vehicle (SPV). It resized in line with changes in the size and expected maturity profile of the underlying loan portfolio. The front BGS was previously designated in a portfolio fair value hedge relationship under IAS 39. Hedge accounting was discontinued in September 2022. Since discontinuation, the swap has not been designated in a hedge relationship and changes in fair value are recognised directly in the income statement.
The cumulative fair value hedge adjustment recognised up to the date of discontinuation is being
amortised over the remaining life of the underlying receivables. The unamortised balance of \u00a30.2m
(2024: \u00a30.9m) is included within amounts receivable from customers (note 14).
The Group entered into a corresponding Balance Guarantee Swap (back BGS) specifically to offset
the front BGS on consolidation. The front BGS addressed a risk present in the SPV financial
statements that does not exist at consolidated Group level. Accordingly, no hedge accounting is
applied to either instrument in the consolidated financial statements .
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "23 Derivative financial instruments The Group enters into derivative financial instruments, primarily interest rate swaps, exclusively for risk management purposes. These instruments are used to mitigate specifically identified interest rate risks arising from recognised assets and liabilities. The Group does not engage in derivative trading. The Group is counterparty to 24 (2024: 10) derivative financial instruments. All derivatives are recognised on the balance sheet at fair value using valuation techniques based on observable market data. The Group applies standard discounted cash flow methodologies, using externally sourced SONIA yield curves and OIS discount factors. Where the criteria under IAS 39 are met, hedge accounting is applied. Where derivatives form part of an economic hedging strategy but do not qualify for hedge accounting, they are measured at fair value through profit or loss. The Group designates: 5 Portfolio fair value hedges of interest rate risk 5 Fair value hedges of specific financial assets or liabilities In 2025, the Group entered into three new categories of interest rate swaps, all of which are designated in hedge accounting relationships: 1) To diversify excess liquidity investments, the Group began purchasing UK Government Bonds (Gilts). Interest rate risk arising from these holdings was managed through par-to-par interest rate swaps with terms aligned to the underlying gilts. As at 31 December 2025, 12 such swaps were in place. 2) Following growth in the Second Charge Mortgage portfolio, the Group entered into six interest rate swaps to manage the associated interest rate risk. 3) The Group also transacted two external deposit swaps to manage interest rate risk arising from retail customer deposit balances. As result of AT1 issuance in October 2025, \u00a358.5m of Tier 2 capital was repaid and the notional of the Tier 2 swap was reduced by the same amount. During the year, all internal retail deposit swaps were fully settled. All externally facing derivatives held by Vanquis Banking Group plc were novated to Vanquis Bank Limited in December 2025 at the prevailing market value on the date of transfer, resulting in no impact to the income statement. The analysis below distinguishes between derivatives accounted for as fair value hedges and those measured at fair value through profit or loss Group Company
2025
2024
2025
2024
Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities
Fair value of derivatives \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in hedge
accounting relationships
Fair value portfolio hedges
Interest rate swaps
Fixed to floating
\u2014
(0.5)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Floating to fixed
0.2
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total derivatives in
portfolio fair value hedging
relationships
0.2
(0.5)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Individual fair value hedges
Fixed to floating
0.1
(3.0)
\u2014
\u2014
\u2014
(0.4)
\u2014
\u2014
Floating to fixed
1.5
\u2014
\u2014
(1.3)
1.5
\u2014
\u2014
(1.3)
Total derivatives in hedge
accounting relationships
1.8
(3.5)
\u2014
(1.3)
1.5
(0.4)
\u2014
(1.3)
Other derivatives
Interest rate swaps
2.1
(2.6)
\u2014
(0.5)
2.2
\u2014
0.6
(0.4)
Total recognised
derivative assets/
(liabilities)
3.9
(6.1)
\u2014
(1.8)
3.7
(0.4)
0.6
(1.7)
Group
Company
2025
2024
2025
2024
Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities
Hedged items \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Monetary amount of
risk relating to
Fair value portfolio hedges
Second Charge Mortgages
59.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Retail deposits
\u2014
(150.0)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total hedged items in
portfolio hedges
59.0
(150.0)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Individual fair value hedges
Gilts
250.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Tier 2
\u2014
(141.5)
\u2014
(200.0)
\u2014
(141.5)
\u2014
(200.0)
Total derivatives in hedge
accounting relationships
250.0
(141.5)
\u2014
(200.0)
\u2014
(141.5)
\u2014
(200.0)
Macro fair value hedges The Group applies macro fair value hedge accounting to portfolios of fixed-rate Second Charge Mortgages and fixed-rate retail deposits. The hedged items represent designated portions of these portfolios allocated to defined repricing time buckets. The hedged risk is exposure to changes in fair value attributable to movements in the designated benchmark interest rate (SONIA). Interest rate swaps are used as hedging instruments. The hedge ratio is determined by reference to the interest rate risk position within each repricing time bucket. The amount designated as hedged reflects the proportion of the interest rate risk exposure that the Group chooses to hedge in line with its asset and liability management strategy. An economic relationship exists because changes in the fair value of the designated portion of the portfolios attributable to movements in the benchmark rate are expected to be offset by changes in the fair value of the swaps. Sources of hedge ineffectiveness may include: 5 behavioural assumptions, including mortgage prepayment risk and early withdrawal of deposits; 5 differences between expected and actual repricing profiles; 5 basis differences between contractual product rates and the designated benchmark rate; 5 yield curve shape changes; 5 differences in yield curve construction or interpolation methodologies used in the valuation of hedged items and hedging instruments
Group
Company
2025
2024
2025
2024
Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities
Notional value of derivatives \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in hedge
accounting relationships
Fair value portfolio hedges
Interest rate swaps
Fixed to floating
\u2014
59.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Floating to fixed
150.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total derivatives in
portfolio fair value
hedging relationships
150.0
59.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Individual fair value hedges
Fixed to floating
35.0
273.5
\u2014
\u2014
\u2014
58.5
\u2014
\u2014
Floating to fixed
200.0
\u2014
\u2014
200.0
200.0
\u2014
\u2014
200.0
Total derivatives in hedge
accounting relationships
385.0
332.5
\u2014
200.0
200.0
58.5
\u2014
200.0
Other derivatives
Interest rate swaps
289.2
297.7
\u2014
296.4
400.0
58.5
70.0
356.4
Total derivative notional
674.2
630.2
\u2014
496.4
600.0
117.0
70.0
556.4
The associated fair value adjustment for hedged risk and the balance sheet balance this is included against is outlined below:
Group Company
2025 2024 2025 2024
Fair value adjustment for hedged risk \u00a3m \u00a3m \u00a3m \u00a3m
On amounts receivable from customers (note 14)
0.2
(0.9)
\u2014
\u2014
On bank and other borrowings (note 28)
0.2
2.5
0.2
2.5
On investment securities (note 13)
1.3
\u2014
\u2014
\u2014
On retail deposits (note 28)
(0.2)
\u2014
\u2014
\u2014
The tables below set out the carrying amounts of hedged items in fair value hedge relationships at year end. The amounts represent the monetary exposure to interest rate risk designated as the hedged item for each relationship. Micro fair value hedges The Group designates individual fixed-rate instruments in micro fair value hedge relationships. These include Tier 2 borrowings and UK Government bonds (Gilts). The hedged risk is exposure to changes in fair value attributable to movements in the designated benchmark interest rate (SONIA). Interest rate swaps are used as hedging instruments. The hedge ratio is determined by aligning the nominal amount of the swap with the principal amount of the hedged instrument. The Group generally applies a 1:1 hedge ratio, consistent with its risk management strategy. An economic relationship exists because changes in the fair value of the hedged instrument attributable to the benchmark rate are expected to be offset by changes in the fair value of the swap. This relationship is assessed using discounted cash flow modelling based on observable market yield curves. Sources of hedge ineffectiveness may include: 5 differences between the contractual coupon and the designated benchmark rate; 5 timing differences in cash flows or reset dates; 5 differences in yield curve construction or interpolation methodologies. The total Group hedge ineffectiveness in 2025 was \u00a3nil (2024: \u00a3nil). Had hedge accounting not been applied, the Group would have recognised a total charge of \u00a30.5m (2024: \u00a31.3m) in the income statement reflecting the movement in the derivative. Swaps not designated in hedge accounting relationships The Group also holds certain interest rate swaps that are not currently designated in hedge accounting relationships. The securitisation Balance Guarantee Swap (front BGS) was originally entered into to hedge interest rate risk within the securitisation special purpose vehicle (SPV). It resized in line with changes in the size and expected maturity profile of the underlying loan portfolio. The front BGS was previously designated in a portfolio fair value hedge relationship under IAS 39. Hedge accounting was discontinued in September 2022. Since discontinuation, the swap has not been designated in a hedge relationship and changes in fair value are recognised directly in the income statement. The cumulative fair value hedge adjustment recognised up to the date of discontinuation is being amortised over the remaining life of the underlying receivables. The unamortised balance of \u00a30.2m (2024: \u00a30.9m) is included within amounts receivable from customers (note 14). The Group entered into a corresponding Balance Guarantee Swap (back BGS) specifically to offset the front BGS on consolidation. The front BGS addressed a risk present in the SPV financial statements that does not exist at consolidated Group level. Accordingly, no hedge accounting is applied to either instrument in the consolidated financial statements ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "23 Derivative financial instruments The Group enters into derivative financial instruments, primarily interest rate swaps, exclusively for risk management purposes. These instruments are used to mitigate specifically identified interest rate risks arising from recognised assets and liabilities. The Group does not engage in derivative trading. The Group is counterparty to 24 (2024: 10) derivative financial instruments. All derivatives are recognised on the balance sheet at fair value using valuation techniques based on observable market data. The Group applies standard discounted cash flow methodologies, using externally sourced SONIA yield curves and OIS discount factors. Where the criteria under IAS 39 are met, hedge accounting is applied. Where derivatives form part of an economic hedging strategy but do not qualify for hedge accounting, they are measured at fair value through profit or loss. The Group designates: 5 Portfolio fair value hedges of interest rate risk 5 Fair value hedges of specific financial assets or liabilities In 2025, the Group entered into three new categories of interest rate swaps, all of which are designated in hedge accounting relationships: 1) To diversify excess liquidity investments, the Group began purchasing UK Government Bonds (Gilts). Interest rate risk arising from these holdings was managed through par-to-par interest rate swaps with terms aligned to the underlying gilts. As at 31 December 2025, 12 such swaps were in place. 2) Following growth in the Second Charge Mortgage portfolio, the Group entered into six interest rate swaps to manage the associated interest rate risk. 3) The Group also transacted two external deposit swaps to manage interest rate risk arising from retail customer deposit balances. As result of AT1 issuance in October 2025, \u00a358.5m of Tier 2 capital was repaid and the notional of the Tier 2 swap was reduced by the same amount. During the year, all internal retail deposit swaps were fully settled. All externally facing derivatives held by Vanquis Banking Group plc were novated to Vanquis Bank Limited in December 2025 at the prevailing market value on the date of transfer, resulting in no impact to the income statement. The analysis below distinguishes between derivatives accounted for as fair value hedges and those measured at fair value through profit or loss .
Group Company
2025
2024
2025
2024
Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities
Fair value of derivatives \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in hedge
accounting relationships
Fair value portfolio hedges
Interest rate swaps
Fixed to floating
\u2014
(0.5)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Floating to fixed
0.2
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total derivatives in
portfolio fair value hedging
relationships
0.2
(0.5)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Individual fair value hedges
Fixed to floating
0.1
(3.0)
\u2014
\u2014
\u2014
(0.4)
\u2014
\u2014
Floating to fixed
1.5
\u2014
\u2014
(1.3)
1.5
\u2014
\u2014
(1.3)
Total derivatives in hedge
accounting relationships
1.8
(3.5)
\u2014
(1.3)
1.5
(0.4)
\u2014
(1.3)
Other derivatives
Interest rate swaps
2.1
(2.6)
\u2014
(0.5)
2.2
\u2014
0.6
(0.4)
Total recognised
derivative assets/
(liabilities)
3.9
(6.1)
\u2014
(1.8)
3.7
(0.4)
0.6
(1.7)
Group
Company
2025
2024
2025
2024
Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities
Hedged items \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Monetary amount of
risk relating to
Fair value portfolio hedges
Second Charge Mortgages
59.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Retail deposits
\u2014
(150.0)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total hedged items in
portfolio hedges
59.0
(150.0)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Individual fair value hedges
Gilts
250.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Tier 2
\u2014
(141.5)
\u2014
(200.0)
\u2014
(141.5)
\u2014
(200.0)
Total derivatives in hedge
accounting relationships
250.0
(141.5)
\u2014
(200.0)
\u2014
(141.5)
\u2014
(200.0)
Macro fair value hedges The Group applies macro fair value hedge accounting to portfolios of fixed-rate Second Charge Mortgages and fixed-rate retail deposits. The hedged items represent designated portions of these portfolios allocated to defined repricing time buckets. The hedged risk is exposure to changes in fair value attributable to movements in the designated benchmark interest rate (SONIA). Interest rate swaps are used as hedging instruments. The hedge ratio is determined by reference to the interest rate risk position within each repricing time bucket. The amount designated as hedged reflects the proportion of the interest rate risk exposure that the Group chooses to hedge in line with its asset and liability management strategy. An economic relationship exists because changes in the fair value of the designated portion of the portfolios attributable to movements in the benchmark rate are expected to be offset by changes in the fair value of the swaps. Sources of hedge ineffectiveness may include: 5 behavioural assumptions, including mortgage prepayment risk and early withdrawal of deposits; 5 differences between expected and actual repricing profiles; 5 basis differences between contractual product rates and the designated benchmark rate; 5 yield curve shape changes; 5 differences in yield curve construction or interpolation methodologies used in the valuation of hedged items and hedging instruments.
Group
Company
2025
2024
2025
2024
Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities
Notional value of derivatives \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivatives in hedge
accounting relationships
Fair value portfolio hedges
Interest rate swaps
Fixed to floating
\u2014
59.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Floating to fixed
150.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total derivatives in
portfolio fair value
hedging relationships
150.0
59.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Individual fair value hedges
Fixed to floating
35.0
273.5
\u2014
\u2014
\u2014
58.5
\u2014
\u2014
Floating to fixed
200.0
\u2014
\u2014
200.0
200.0
\u2014
\u2014
200.0
Total derivatives in hedge
accounting relationships
385.0
332.5
\u2014
200.0
200.0
58.5
\u2014
200.0
Other derivatives
Interest rate swaps
289.2
297.7
\u2014
296.4
400.0
58.5
70.0
356.4
Total derivative notional
674.2
630.2
\u2014
496.4
600.0
117.0
70.0
556.4
The associated fair value adjustment for hedged risk and the balance sheet balance this is included
against is outlined below:
Group Company
2025 2024 2025 2024
Fair value adjustment for hedged risk \u00a3m \u00a3m \u00a3m \u00a3m
On amounts receivable from customers (note 14)
0.2
(0.9)
\u2014
\u2014
On bank and other borrowings (note 28)
0.2
2.5
0.2
2.5
On investment securities (note 13)
1.3
\u2014
\u2014
\u2014
On retail deposits (note 28)
(0.2)
\u2014
\u2014
\u2014
The tables below set out the carrying amounts of hedged items in fair value hedge relationships at
year end. The amounts represent the monetary exposure to interest rate risk designated as the
hedged item for each relationship.
Micro fair value hedges
The Group designates individual fixed-rate instruments in micro fair value hedge relationships. These
include Tier 2 borrowings and UK Government bonds (Gilts).
The hedged risk is exposure to changes in fair value attributable to movements in the designated
benchmark interest rate (SONIA).
Interest rate swaps are used as hedging instruments.
The hedge ratio is determined by aligning the nominal amount of the swap with the principal amount
of the hedged instrument. The Group generally applies a 1:1 hedge ratio, consistent with its risk
management strategy.
An economic relationship exists because changes in the fair value of the hedged instrument
attributable to the benchmark rate are expected to be offset by changes in the fair value of the
swap. This relationship is assessed using discounted cash flow modelling based on observable
market yield curves.
Sources of hedge ineffectiveness may include:
5 differences between the contractual coupon and the designated benchmark rate;
5 timing differences in cash flows or reset dates;
5 differences in yield curve construction or interpolation methodologies.
The total Group hedge ineffectiveness in 2025 was \u00a3nil (2024: \u00a3nil).
Had hedge accounting not been applied, the Group would have recognised a total charge of \u00a30.5m
(2024: \u00a31.3m) in the income statement reflecting the movement in the derivative.
Swaps not designated in hedge accounting relationships
The Group also holds certain interest rate swaps that are not currently designated in hedge
accounting relationships.
The securitisation Balance Guarantee Swap (front BGS) was originally entered into to hedge interest
rate risk within the securitisation special purpose vehicle (SPV). It resized in line with changes in the
size and expected maturity profile of the underlying loan portfolio.
The front BGS was previously designated in a portfolio fair value hedge relationship under IAS 39. Hedge
accounting was discontinued in September 2022. Since discontinuation, the swap has not been designated
in a hedge relationship and changes in fair value are recognised directly in the income statement.
The cumulative fair value hedge adjustment recognised up to the date of discontinuation is being amortised over the remaining life of the underlying receivables. The unamortised balance of \u00a30.2m (2024: \u00a30.9m) is included within amounts receivable from customers (note 14). The Group entered into a corresponding Balance Guarantee Swap (back BGS) specifically to offset the front BGS on consolidation. The front BGS addressed a risk present in the SPV financial statements that does not exist at consolidated Group level. Accordingly, no hedge accounting is applied to either instrument in the consolidated financial statements 28 Borrowings Group Company 2025 \u00a3m 2024 \u00a3m 2025 \u00a3m 2024 \u00a3m Retail deposits 3,019.7 2,428.2 \u2014 \u2014 Fair value adjustment for hedged risk (note 23) 0.2 \u2014 \u2014 \u2014 Total retail deposits 3,019.9 2,428.2 \u2014 \u2014 Bank and other borrowings 347.7 412.5 146.8 207.2 Fair value adjustment for hedged risk (note 23) (0.2) (2.5) (0.2) (2.5) Total 347.5 410.0 146.6 204.7 Total reported retail deposits and borrowings 3,367.4 2,838.2 146.6 204.7 (a) Facilities and borrowings A breakdown of retail deposits and borrowings is shown below: Group 2025 \u00a3m 2024 \u00a3m Retail deposits: 2,985.9 2,398.9 \u2013 accrued interest 33.6 29.3 Total retail deposits (note (b)) 3,019.7 2,428.2 Bank and other borrowings: \u2013 Vehicle Finance securitisation (note (e)) 200.0 200.0 \u2013 Tier 2 (note (f)) 141.5 200.0 \u2013 central bank facilities (note (g)) \u2014 5.0 \u2013 bank overdrafts 0.9 1.1 \u2013 accrued interest 5.9 8.5 \u2013 arrangement fees (0.6) (2.1) Total bank and other borrowings 347.7 412.5 Total retail deposits and borrowings 3,367.4 2,840.7 (b) Retail deposits Vanquis Bank Limited is a PRA-regulated bank and is majority funded through retail deposits. As at 31 December 2025, \u00a33,019.7m (2024: \u00a32,428.2m) of term, ISA, notice and Easy Access account deposits had been taken. The deposits in issue at 31 December 2025 have been issued at rates of between 0.4% and 6.2% The Group makes drawings under the Indexed Long-Term Repo (ILTR) programme from time to time for liquidity purposes. Drawings under the ILTR have a maturity of six months on drawdown and a rate of interest set in an auction process. At 31 December 2025 the Group had no (2024: \u00a35.0m) ILTR drawings. (h) Undrawn committed borrowing facilities The Group and Company had no undrawn committed borrowing facilities at the end of 2025 or 2024. (i) Weighted average interest rates and periods to maturity The weighted average interest rate and the weighted average period to maturity of the Group and Company\u2019s fixed-rate retail deposits and borrowings are as follows:
Group
Company
2025
2024
2025
2024
Weighted Weighted Weighted Weighted Weighted Weighted Weighted Weighted
average average average average average average average average
interest period to interest period to interest period to interest period to
rate maturity rate maturity rate maturity rate maturity
% years % years % years % years
Sterling
4.8
1.4
5.0
1.2
8.9
6.0
8.9
7.0
(j) Fair values The fair values of the Group and Company\u2019s retail deposits and borrowings are compared to their book values as follows:
Group 2025 Company 2025
Book value Fair value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Retail deposits
3,019.9
2,986.3
\u2014
\u2014
Bank loans and overdrafts
0.9
0.9
\u2014
\u2014
Securitisation
200.0
202.7
\u2014
\u2014
Tier 2
146.6
150.0
146.6
150.0
Central bank facilities
\u2014
\u2014
\u2014
\u2014
Total
3,367.4
3,339.9
146.6
150.0
Group 2024 Company 2024
Book value Fair value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Retail deposits
2,428.2
2,400.4
\u2014
\u2014
Bank loans and overdrafts
1.1
1.1
\u2014
\u2014
Securitisation
200.0
199.1
\u2014
\u2014
Tier 2
204.7
168.8
204.7
168.8
Central bank facilities
4.2
4.2
\u2014
\u2014
Total
2,838.2
2,773.6
204.7
168.8
All the above numbers include interest, fees and fair value adjustment for hedged risk . As at 31 December 2025, the weighted average period to maturity of the Group\u2019s committed facilities, including retail deposits, was 0.9 years (2024: 1.3 years) and for the Company\u2019s committed facilities was 6.0 years (2024: 7.0 years). Excluding retail deposits, the weighted average period to maturity of the Group\u2019s committed facilities was 3.4 years (2024: 4.7 years). (d) Interest rate and currency profile The interest rate exposure on retail deposits and borrowings is as follows:
Group Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Fixed
1,669.6
1,644.7
146.8
207.2
Floating
1,697.8
1,196.0
\u2014
\u2014
Total
3,367.4
2,840.7
146.8
207.2
All retail deposits and borrowings are in sterling; therefore, there is no foreign exchange exposure in the current or prior year. (e) Vehicle Finance securitisation The Group renegotiated the bilateral securitisation facility in December 2024; the facility has a 12-month amortisation period (if not refinanced) commencing in June 2026 and an ultimate maturity date in June 2027. (f) Tier 2 On 7 October 2021, the Group issued Tier 2 subordinated bonds for a total amount of \u00a3200m. The bonds have a 10.25-year maturity that is callable at the Group\u2019s discretion between five and 5.25 years, and that pays a coupon of 8.875%. The issuance was written from the Group\u2019s \u00a32bn EMTN programme. On 2 October 2025 following a tender offer, \u00a358.5m of the Tier 2 subordinated bonds were purchased by the Company for cash and subsequently cancelled leaving a total remaining in aggregate principal amount of \u00a3141.5m outstanding. (g) Central bank facilities In January 2021, Vanquis Bank Limited, via a special purpose entity, issued a series of asset backed floating rate notes as part of the securitisation of Credit Card receivables. The senior notes issued in the transaction have been rated AAAsf/Aaa(sf)/AAAsf by Fitch Ratings, Kroll Bond Rating Agency and Standard & Poor\u2019s, respectively, and the bonds are listed on the London Stock Exchange. During the year, the Group has utilised facilities provided by the Bank of England through its Sterling Monetary Framework. These facilities enable either funding on or off-balance sheet liquidity to be provided to Vanquis Bank Limited on the security of eligible collateral, currently in the form of designated pools of the Bank\u2019s notes described above, with the amount available based on the value of the security given, subject, where appropriate, to a haircut 29 Financial instruments (a) Classification and measurement The following table sets out the carrying value of the Group\u2019s financial assets and liabilities in accordance with the categories of financial instruments set out in IFRS 9. Assets and liabilities outside the scope of IFRS 9 are shown within non-financial assets/liabilities:
2025
Items held Amortised Non-financial
at FVTPL cost assets/liabilities Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and balances at central banks
\u2014
804.5
\u2014
804.5
Investment securities
\u2014
254.6
\u2014
254.6
Amounts receivable from customers
\u2014
2,691.5
\u2014
2,691.5
Trade and other receivables
\u2014
32.2
29.0
61.2
Investments
2.4
\u2014
\u2014
2.4
Current tax asset
\u2014
\u2014
0.9
0.9
Property, plant and equipment
\u2014
\u2014
8.0
8.0
Right of use assets
\u2014
\u2014
12.1
12.1
Goodwill
\u2014
\u2014
1.2
1.2
Other intangible assets
\u2014
\u2014
65.0
65.0
Derivative financial instruments
3.9
\u2014
\u2014
3.9
Retirement benefit asset
\u2014
\u2014
6.4
6.4
Deferred tax assets
\u2014
\u2014
30.0
30.0
Total assets
6.3
3,782.8
152.6
3,941.7
Liabilities
Trade and other payables
\u2014
45.1
6.7
51.8
Provisions
\u2014
\u2014
7.9
7.9
Lease liabilities
\u2014
21.2
\u2014
21.2
Retail deposits
\u2014
3,019.9
\u2014
3,019.9
Bank and other borrowings
\u2014
347.5
\u2014
347.5
Derivative financial instruments
6.1
\u2014
\u2014
6.1
Total liabilities
6.1
3,433.7
14.6
3,454.4
The carrying value for all financial assets represents the maximum exposure to credit risk. The Group has pledged \u00a3796.7m (2024 \u00a3839.1m) of receivables as collateral under the securitisation funding arrangements described in note 28. Trade receivables includes cash placed with banking counterparties as security against the mark to market exposure on its derivative financial instruments of \u00a311.8m (2024: \u00a39.4m) and collateral required by Visa to support settlement activity of \u00a311.4m (2024: \u00a36.5m). No other assets were pledged as collateral at 31 December 2025 or 31 December 2024
2024
Items held Amortised Non-financial
at FVTPL cost assets/liabilities Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
\u2014
1,003.9
\u2014
1,003.9
Investment securities
\u2014
\u2014
\u2014
\u2014
Amounts receivable from customers
\u2014
2,153.7
\u2014
2,153.7
Trade and other receivables
\u2014
41.6
30.9
72.5
Investments
2.3
\u2014
\u2014
2.3
Current tax asset
\u2014
\u2014
3.9
3.9
Property, plant and equipment
\u2014
\u2014
7.1
7.1
Right of use assets
\u2014
\u2014
16.4
16.4
Goodwill
\u2014
\u2014
1.2
1.2
Other intangible assets
\u2014
\u2014
61.5
61.5
Retirement benefit asset
\u2014
\u2014
27.8
27.8
Deferred tax assets
\u2014
\u2014
25.0
25.0
Total assets
2.3
3,199.2
173.8
3,375.3
Liabilities
Trade and other payables
\u2014
41.0
5.1
46.1
Provisions
\u2014
\u2014
15.5
15.5
Lease liabilities
\u2014
32.5
\u2014
32.5
Retail deposits
\u2014
2,428.2
\u2014
2,428.2
Bank and other borrowings
\u2014
410.0
\u2014
410.0
Derivative financial instruments
1.8
\u2014
\u2014
1.8
Total liabilities
1.8
2,911.7
20.6
2,934.1
Assets and liabilities outside the scope of IFRS 9 are shown within non-financial assets/liabilities:
2025
Non-
Items financial
held at Amortised assets/
FVTPL cost liabilities Total
Company \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
\u2014
4.3
\u2014
4.3
Trade and other receivables
\u2014
768.3
1.5
769.8
Property, plant and equipment
\u2014
\u2014
\u2014
\u2014
Right of use assets
\u2014
\u2014
\u2014
\u2014
Other intangible assets
\u2014
\u2014
\u2014
\u2014
Investment in subsidiaries
\u2014
\u2014
301.0
301.0
Retirement benefit asset
\u2014
\u2014
6.4
6.4
Derivative financial instruments
3.7
\u2014
\u2014
3.7
Total assets
3.7
772.6
308.9
1,085.2
Liabilities
Trade and other payables
\u2014
13.0
0.2
13.2
Provisions
\u2014
\u2014
1.1
1.1
Lease liabilities
\u2014
\u2014
\u2014
\u2014
Bank and other borrowings
\u2014
146.6
\u2014
146.6
Derivative financial instruments
0.4
\u2014
\u2014
0.4
Current tax liabilities
\u2014
\u2014
13.9
13.9
Deferred tax liabilities
\u2014
\u2014
1.0
1.0
Total liabilities
0.4
159.6
16.2
176.2
2024
Non-
Items financial
held at Amortised assets/
FVTPL cost liabilities Total
Company \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
\u2014
10.5
\u2014
10.5
Trade and other receivables
\u2014
763.6
4.8
768.4
Property, plant and equipment
\u2014
\u2014
0.5
0.5
Right of use assets
\u2014
\u2014
7.4
7.4
Other intangible assets
\u2014
\u2014
1.4
1.4
Investment in subsidiaries
\u2014
\u2014
247.9
247.9
Retirement benefit asset
\u2014
\u2014
27.8
27.8
Derivative financial instruments
0.6
\u2014
\u2014
0.6
Total assets
0.6
774.1
289.8
1,064.5
Liabilities
Trade and other payables
\u2014
18.0
2.9
20.9
Provisions
\u2014
\u2014
5.6
5.6
Lease liabilities
\u2014
11.3
\u2014
11.3
Bank and other borrowings
\u2014
204.7
\u2014
204.7
Derivative financial instruments
1.7
\u2014
\u2014
1.7
Current tax liabilities
\u2014
\u2014
8.2
8.2
Deferred tax liabilities
\u2014
\u2014
5.6
5.6
Total liabilities
1.7
234.0
22.3
258.0
Transfers between the different levels of the fair value hierarchy would be made when the inputs used to measure the fair value no longer satisfy the conditions required to be classified in a certain level within the hierarchy. Balance guarantee swaps The securitisation and Group balance guarantee swaps are classed as Level 3 instruments as, whilst the swaps are linked to SONIA, they have a non-standard repayment curve that is tailored to match the expected repayment profile of the Vehicle Finance receivables. This is a combination of the remaining contractual term and an assumption about prepayment rates. Both of these are deemed to be unobservable inputs with the prepayment rate being the significant input. A 5% movement on the prepayment rate would not have a material impact on the Group\u2019s and Company\u2019s profit before tax. Visa Inc shares The valuation has been determined using a combination of observable and non-observable inputs. As the common stock share price of Visa Inc is readily available, this input is deemed to be observable. However, certain assumptions have been made in respect of the illiquidity adjustment to the share price and the likelihood of future litigation costs. These inputs are therefore deemed to be significant unobservable inputs. The following table sets out their movement during the year:
Group
2025 2024
\u00a3m \u00a3m
At 1 January
2.3
5.4
Gain recognised in income statement
0.1
1.2
Disposal of investment
\u2014
(4.3)
At 31 December
2.4
2.3
The illiquidity adjustment for the shares still held has been estimated at around 6% and the expected future litigation costs have been estimated at around 15% of the Visa Inc share price. These assumptions are consistent with 2024. The higher the illiquidity and future litigation costs the lower the fair value. A sensitivity to the unobservable inputs, in isolation, would not have a material impact on the Group\u2019s profit before tax .
(b) Fair values of financial assets and liabilities held at fair value
The Group and Company hold certain financial assets and liabilities at fair value, grouped into Levels
1 to 3 of the fair value hierarchy on the degree to which the fair value is observable.
The following financial assets and liabilities are held at fair value:
Group
2025 2024
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Investments held at fair value through P&L:
\u2013 Visa Inc shares
\u2014
\u2014
2.4
\u2014
\u2014
2.3
Derivatives held at fair value through P&L:
\u2013 Securitisation balance guarantee swap
\u2014
\u2014
(2.7)
\u2014
\u2014
(0.3)
\u2013 Group balance guarantee swap
\u2014
\u2014
2.1
\u2014
\u2014
(0.2)
\u2013 Tier 2 swap
\u2014
1.1
\u2014
\u2014
(1.3)
\u2014
\u2013 Investment securities swaps
\u2014
(2.5)
\u2014
\u2014
\u2014
\u2014
\u2013 Second Charge Mortgage swaps
\u2014
(0.5)
\u2014
\u2014
\u2014
\u2014
\u2013 Deposit swaps
\u2014
0.2
\u2014
\u2014
\u2014
\u2014
Total
\u2014
(1.7)
1.8
\u2014
(1.3)
1.8
Company
2025 2024
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivatives held at fair value through P&L:
\u2013 Group balance guarantee swap
\u2014
\u2014
2.1
\u2014
\u2014
(0.2)
\u2013 Tier 2 swap
\u2014
1.1
\u2014
\u2014
(1.3)
\u2014
\u2013 Internal deposit swaps
\u2014
\u2014
\u2014
\u2014
0.4
\u2014
Total
\u2014
1.1
2.1
\u2014
(0.9)
(0.2)
Level 1 fair value measurements are those derived from quoted market prices in active markets for
identical assets and liabilities.
Level 2 fair value measurements are those derived from inputs other than quoted market prices
included in Level 1 that are observable for the asset or liability either directly or indirectly. The Tier 2,
Investment securities, Second Charge Mortgage and external deposit swaps, which are over-the-
counter vanilla swaps that are not publicly traded, are classified as Level 2 instruments as their
valuation can be easily reproduced with publicly available information.
Level 3 fair value measurements are those derived from valuation techniques that include inputs for
the asset or liability that are not based on observable market data (unobservable inputs). Visa Inc
shares and the balance guarantee swaps are classified as Level 3 instruments.
(c) Fair values of financial assets and liabilities not held at fair value
The table below shows the fair value of financial assets and liabilities not presented at fair value in
the balance sheet:
2025 2024
Fair value Book value Fair value Book value
Group \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
804.5
804.5
1,003.9
1,003.9
Investment securities
254.3
254.6
\u2014
\u2014
Amounts receivable from customers
2,808.0
2,691.5
2,488.5
2,153.7
Trade and other receivables
32.2
32.2
41.6
41.6
Total assets
3,899.0
3,782.8
3,534.0
3,199.2
Liabilities
Retail deposits
2,986.3
3,019.9
2,400.4
2,428.2
Bank and other borrowings
353.6
347.5
373.2
410.0
Trade and other payables
45.1
45.1
41.0
41.0
Lease liabilities
21.2
21.2
32.5
32.5
Total liabilities
3,406.2
3,433.7
2,847.1
2,911.7
2025 2024
Fair value Book value Fair value Book value
Company \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
4.3
4.3
10.5
10.5
Trade and other receivables
768.3
768.3
763.6
763.6
Total assets
772.6
772.6
774.1
774.1
Liabilities
Bank and other borrowings
150.0
146.6
168.8
204.7
Trade and other payables
13.0
13.0
18.0
18.0
Lease liabilities
\u2014
\u2014
11.3
11.3
Total liabilities
163.0
159.6
198.1
234.0
Key considerations in the calculation of fair values of those financial assets and liabilities not presented
at fair value in the balance sheet are set out below. Where there is no significant difference between
carrying value and fair value no additional information has been presented.
The fair value of investment securities is classed as Level 1 as it has been derived using quoted
market prices
Interest rate swaps
The Group is counterparty to 24 external swaps. These swaps are detailed below:
5 Tier 2 swap: transacted to hedge the interest rate risk on the Tier 2 capital;
5 Securitisation balance guarantee swap: transacted to manage the interest rate risk on the
Vehicle Finance securitisation; and
5 Group balance guarantee swap: transacted to reverse the interest rate risk position in the Group
accounts created by the securitisation balance guarantee swap.
5 Investment securities swaps: transacted to hedge interest rate risk of UK government bonds (Gilts);
5 Second Charge Mortgage swaps: transacted to hedge interest rate risk of second-charge
mortgages portfolio;
5 Deposit swaps: transacted to hedge interest rate risk of retail deposits.
The Group balance guarantee swap was transacted at historical rates and, in compensation, the
Group received cash consideration for taking on a liability.
The following table sets out the movement during the year:
Group Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(1.8)
(0.5)
(1.1)
(2.0)
Fair value (loss)/gain recognised in income statement
(0.4)
(1.3)
4.4
0.9
At 31 December
(2.2)
(1.8)
3.3
(1.1)
The fair value loss recognised in the Group\u2019s income statement of \u00a30.4m (2024: loss of \u00a31.3m) is before
the application of hedge accounting. The effect of applying hedge accounting resulted in a loss of
\u00a30.5m (2024: gain of \u00a30.2m). The fair value gain recognised in the Company\u2019s income statement of
\u00a34.4m (2024: loss of \u00a30.9m) is before the application of hedge accounting. The effect of applying
hedge accounting resulted in a loss of \u00a32.3m (2024: gain of \u00a32.4m).
The Company accounts do not include the securitisation balance guarantee swap, and therefore do
not benefit from the natural hedging that is achieved on consolidation .
A reconciliation of the movement in retail deposits is set out below:
2025 2024
Group \u00a3m \u00a3m
At 1 January
2,428.2
1,950.5
Funds received
1,627.2
1,107.5
Capitalised and accrued interest
64.8
51.9
Withdrawals
(1,100.5)
(681.7)
At 31 December
3,019.7
2,428.2
(c) Maturity profile
The maturity of retail deposits and borrowings, together with the maturity of facilities, is as follows:
2025 2024
Borrowing Borrowing
facilities facilities
available Borrowings available Borrowings
Group \u00a3m \u00a3m \u00a3m \u00a3m
Repayable:
On demand (uncommitted)
531.4
531.4
377.1
377.1
In less than one year
1,860.0
1,860.0
1,462.9
1,462.9
Between one and two years
672.4
672.4
621.4
621.4
Between two and five years
123.2
123.2
143.6
143.6
In more than five years
141.5
141.5
200.0
200.0
Accrued interest
\u2014
39.5
\u2014
37.8
Arrangement fees
\u2014
(0.6)
\u2014
(2.1)
Total Group 3,328.5 3,367.4 2,805.0 2,840.7
Retail deposits and borrowings are stated after deducting \u00a30.6m (2024: \u00a32.1m) of unamortised
arrangement fees and the addition of accrued interest of \u00a339.5m (2024: \u00a337.8m).
2025 2024
Borrowing Borrowing
facilities facilities
available Borrowings available Borrowings
Company \u00a3m \u00a3m \u00a3m \u00a3m
Repayable:
On demand (uncommitted)
\u2014
\u2014
\u2014
\u2014
In less than one year
\u2014
\u2014
\u2014
\u2014
Between one and two years
\u2014
\u2014
\u2014
\u2014
Between two and five years
\u2014
\u2014
\u2014
\u2014
In more than five years
141.5
141.5
200.0
200.0
Accrued interest
\u2014
5.9
\u2014
8.2
Arrangement fees
\u2014
(0.6)
\u2014
(1.0)
Total Company
141.5
146.8
200.0
207.2
The fair value of amounts receivable from customers has been derived by discounting expected future cash flows (net of collection costs) at the credit risk-adjusted discount rate at the balance sheet date. They are categorised within Level 3 as the expected future cash flows and discount rate are deemed to be significant unobservable inputs. The fair value of retail deposits has been calculated by discounting the expected future cash flows at the relevant market interest rate yield curves prevailing at the balance sheet date and they are categorised within Level 3 of the fair value hierarchy as the expected future cash flows are deemed to be significant unobservable inputs. Within bank and other borrowings, the Tier 2 capital is classed as Level 1 as it is valued with quoted market prices. Central bank facilities are floating rate instruments with a fair value equivalent to book value. The fair value of the securitisation notes was calculated using a discounted cash flow and is classed as Level 3. Whilst it uses publicly available information for the discount rate, the cash flow forecast is not publicly available ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "24 Deferred tax Deferred tax is a future tax liability or asset resulting from temporary differences between the accounting value of assets and liabilities and their value for tax purposes or from tax losses carried forward at the reporting date. No expiry date applies to these losses. Deferred tax arises primarily in respect of: (a) property, plant and equipment that is depreciated on a different basis for tax purposes; (b) the Group\u2019s retirement benefit asset; (c) Vanquis Bank\u2019s investment in the preference shares in Visa Inc, which are recognised at fair value for accounting purposes but which are taxed only on disposal; (d) the opening balance sheet adjustments to restate the IAS 39 balance sheet to an IFRS 9 basis for which tax deductions are typically available over 10 years; and (e) other temporary differences including: (i) deductions for employee share awards that are recognised differently for tax purposes; (ii) certain cost provisions for which tax deductions are only available when the costs are paid; (iii) the opening balance sheet adjustment in respect of the change of accounting treatment of directly attributable acquisition costs in Vanquis Bank, which is taxable over 10 years; (iv) the opening balance sheet adjustment in respect of the adoption of IFRS 16 (Leases) which is deductible over the average period of the relevant leases; (v) the balance guaranteed swap entered into as part of the Vehicle Finance securitisation; and (vi) certain intangible fixed asset additions where tax deductions have been accelerated. In addition, a deferred tax liability is recognised in respect of the acquisition of Snoop relating to the intangible asset in respect of software development costs, which are amortised in future periods but for which tax deductions are not available. The deferred tax liability recognised at 31 December 2023 relating primarily to the broker relationships intangible asset acquired as part of the Vehicle Finance purchase unwound during 2024. Deferred tax balances have been measured at the mainstream corporation tax rate of 25% except to the extent the temporary differences of the Cards business on which deferred tax has been calculated are expected to reverse when profits from Cards are forecast to be above the bank corporation tax surcharge threshold of \u00a3100m, in which case deferred tax will be measured at the combined mainstream corporation tax rate (25%) and bank corporation tax surcharge rate (3%) of 28%. The movement in the deferred tax balance during the year can be analysed as follows: Group Company Asset/(liability) 2025 \u00a3m 2024 \u00a3m 2025 \u00a3m 2024 \u00a3m At 1 January 25.0 8.4 (5.6) (7.8) (Charge)/credit to the income statement (0.5) 13.7 (0.6) (0.7) Transfer to other Group companies \u2014 \u2014 (0.3) \u2014 Credit to other comprehensive income 5.5 2.9 5.5 2.9 At 31 December 30.0 25.0 (1.0) (5.6)
2025
Accelerated Retirement Other
capital Visa Tax benefit temporary
allowances shares losses IFRS 9 obligations differences Total
Group \u2013 asset/(liability) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
2.7
(0.5)
19.5
14.6
(7.0)
(4.3)
25.0
Credit/(charge) to the
income statement
0.5
(0.1)
1.6
(4.9)
(0.1)
2.5
(0.5)
Credit to other
comprehensive income
\u2014
\u2014
\u2014
\u2014
5.5
\u2014
5.5
At 31 December
3.2
(0.6)
21.1
9.7
(1.6)
(1.8)
30.0
2024
Accelerated Retirement Other
capital Visa Tax benefit temporary
allowances shares losses IFRS 9 obligations differences Total
Group \u2013 asset/(liability) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
1.4
(1.4)
1.9
19.6
(9.6)
(3.5)
8.4
Credit/(charge) to the
income statement
1.3
0.9
17.6
(5.0)
(0.3)
(0.8)
13.7
Credit to other
comprehensive income
\u2014
\u2014
\u2014
\u2014
2.9
\u2014
2.9
At 31 December
2.7
(0.5)
19.5
14.6
(7.0)
(4.3)
25.0
There was no impact on the deferred tax asset in 2025 or 2024 due to changes in UK tax rates. Deferred tax assets on losses and other temporary differences Deferred tax assets comprise deferred tax assets on carried forward losses of \u00a321.1m (2024: \u00a319.5m) and deferred tax assets on temporary differences of \u00a38.9m (2024: \u00a35.5m). These have been recognised on the basis that the Group\u2019s detailed forecasts for the three years to 31 December 2028 and the less detailed forecasts for 2029 and 2030 in the corporate plan approved by the Board in January 2026 show that there are expected to be sufficient taxable profits available in future periods against which the carry forward of losses can be utilised after taking into account the reversal of the temporary differences and the Group loss restriction rules, which restrict the extent to which carried forward losses can be offset against Group taxable profits in any particular accounting period. No expiry date applies to these losses. At 31 December 2025, there were \u00a331.7m (2024: \u00a331.7m) of pre-acquisition carried forward UK tax losses in Snoop for which a deferred tax asset has not been recognised as there are restrictions that apply to the utilisation of pre-acquisition tax losses and therefore the offset against future profits is not sufficiently certain at this stage. No deferred tax asset has been recognised in respect of the Group\u2019s capital losses carried forward of \u00a3378.0m (2024: \u00a3123.0m) as it is not probable that future chargeable gains will be realised against which these losses can be utilised. No expiry date applies to these losses. An analysis of the deferred tax liability for the Company is set out below:
2025
Accelerated Other Retirement
capital temporary benefit
allowances differences obligations Total
Company \u2013 asset/(liability) \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
0.4
1.0
(7.0)
(5.6)
(Charge)/credit to the income statement
\u2014
(0.5)
(0.1)
(0.6)
Transfer to other Group companies
(0.4)
0.1
\u2014
(0.3)
Credit to other comprehensive income
\u2014
\u2014
5.5
5.5
At 31 December
\u2014
0.6
(1.6)
(1.0)
2024
Accelerated Other Retirement
capital temporary benefit
allowances differences obligations Total
Company \u2013 asset/(liability) \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
0.3
1.5
(9.6)
(7.8)
(Charge)/credit to the income statement
0.1
(0.5)
(0.3)
(0.7)
Transfer to other Group companies
\u2014
\u2014
\u2014
\u2014
Credit to other comprehensive income
\u2014
\u2014
2.9
2.9
At 31 December
0.4
1.0
(7.0)
(5.6)
There was no impact on the deferred tax liability in 2025 or 2024 due to the changes in UK tax rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-509": { "value": "24 Deferred tax Deferred tax is a future tax liability or asset resulting from temporary differences between the accounting value of assets and liabilities and their value for tax purposes or from tax losses carried forward at the reporting date. No expiry date applies to these losses. Deferred tax arises primarily in respect of: (a) property, plant and equipment that is depreciated on a different basis for tax purposes; (b) the Group\u2019s retirement benefit asset; (c) Vanquis Bank\u2019s investment in the preference shares in Visa Inc, which are recognised at fair value for accounting purposes but which are taxed only on disposal; (d) the opening balance sheet adjustments to restate the IAS 39 balance sheet to an IFRS 9 basis for which tax deductions are typically available over 10 years; and (e) other temporary differences including: (i) deductions for employee share awards that are recognised differently for tax purposes; (ii) certain cost provisions for which tax deductions are only available when the costs are paid; (iii) the opening balance sheet adjustment in respect of the change of accounting treatment of directly attributable acquisition costs in Vanquis Bank, which is taxable over 10 years; (iv) the opening balance sheet adjustment in respect of the adoption of IFRS 16 (Leases) which is deductible over the average period of the relevant leases; (v) the balance guaranteed swap entered into as part of the Vehicle Finance securitisation; and (vi) certain intangible fixed asset additions where tax deductions have been accelerated. In addition, a deferred tax liability is recognised in respect of the acquisition of Snoop relating to the intangible asset in respect of software development costs, which are amortised in future periods but for which tax deductions are not available. The deferred tax liability recognised at 31 December 2023 relating primarily to the broker relationships intangible asset acquired as part of the Vehicle Finance purchase unwound during 2024. Deferred tax balances have been measured at the mainstream corporation tax rate of 25% except to the extent the temporary differences of the Cards business on which deferred tax has been calculated are expected to reverse when profits from Cards are forecast to be above the bank corporation tax surcharge threshold of \u00a3100m, in which case deferred tax will be measured at the combined mainstream corporation tax rate (25%) and bank corporation tax surcharge rate (3%) of 28%. The movement in the deferred tax balance during the year can be analysed as follows: Group Company Asset/(liability) 2025 \u00a3m 2024 \u00a3m 2025 \u00a3m 2024 \u00a3m At 1 January 25.0 8.4 (5.6) (7.8) (Charge)/credit to the income statement (0.5) 13.7 (0.6) (0.7) Transfer to other Group companies \u2014 \u2014 (0.3) \u2014 Credit to other comprehensive income 5.5 2.9 5.5 2.9 At 31 December 30.0 25.0 (1.0) (5.6)
2025
Accelerated Retirement Other
capital Visa Tax benefit temporary
allowances shares losses IFRS 9 obligations differences Total
Group \u2013 asset/(liability) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
2.7
(0.5)
19.5
14.6
(7.0)
(4.3)
25.0
Credit/(charge) to the
income statement
0.5
(0.1)
1.6
(4.9)
(0.1)
2.5
(0.5)
Credit to other
comprehensive income
\u2014
\u2014
\u2014
\u2014
5.5
\u2014
5.5
At 31 December
3.2
(0.6)
21.1
9.7
(1.6)
(1.8)
30.0
2024
Accelerated Retirement Other
capital Visa Tax benefit temporary
allowances shares losses IFRS 9 obligations differences Total
Group \u2013 asset/(liability) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
1.4
(1.4)
1.9
19.6
(9.6)
(3.5)
8.4
Credit/(charge) to the
income statement
1.3
0.9
17.6
(5.0)
(0.3)
(0.8)
13.7
Credit to other
comprehensive income
\u2014
\u2014
\u2014
\u2014
2.9
\u2014
2.9
At 31 December
2.7
(0.5)
19.5
14.6
(7.0)
(4.3)
25.0
There was no impact on the deferred tax asset in 2025 or 2024 due to changes in UK tax rates. Deferred tax assets on losses and other temporary differences Deferred tax assets comprise deferred tax assets on carried forward losses of \u00a321.1m (2024: \u00a319.5m) and deferred tax assets on temporary differences of \u00a38.9m (2024: \u00a35.5m). These have been recognised on the basis that the Group\u2019s detailed forecasts for the three years to 31 December 2028 and the less detailed forecasts for 2029 and 2030 in the corporate plan approved by the Board in January 2026 show that there are expected to be sufficient taxable profits available in future periods against which the carry forward of losses can be utilised after taking into account the reversal of the temporary differences and the Group loss restriction rules, which restrict the extent to which carried forward losses can be offset against Group taxable profits in any particular accounting period. No expiry date applies to these losses. At 31 December 2025, there were \u00a331.7m (2024: \u00a331.7m) of pre-acquisition carried forward UK tax losses in Snoop for which a deferred tax asset has not been recognised as there are restrictions that apply to the utilisation of pre-acquisition tax losses and therefore the offset against future profits is not sufficiently certain at this stage. No deferred tax asset has been recognised in respect of the Group\u2019s capital losses carried forward of \u00a3378.0m (2024: \u00a3123.0m) as it is not probable that future chargeable gains will be realised against which these losses can be utilised. No expiry date applies to these losses. An analysis of the deferred tax liability for the Company is set out below:
2025
Accelerated Other Retirement
capital temporary benefit
allowances differences obligations Total
Company \u2013 asset/(liability) \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
0.4
1.0
(7.0)
(5.6)
(Charge)/credit to the income statement
\u2014
(0.5)
(0.1)
(0.6)
Transfer to other Group companies
(0.4)
0.1
\u2014
(0.3)
Credit to other comprehensive income
\u2014
\u2014
5.5
5.5
At 31 December
\u2014
0.6
(1.6)
(1.0)
2024
Accelerated Other Retirement
capital temporary benefit
allowances differences obligations Total
Company \u2013 asset/(liability) \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
0.3
1.5
(9.6)
(7.8)
(Charge)/credit to the income statement
0.1
(0.5)
(0.3)
(0.7)
Transfer to other Group companies
\u2014
\u2014
\u2014
\u2014
Credit to other comprehensive income
\u2014
\u2014
2.9
2.9
At 31 December
0.4
1.0
(7.0)
(5.6)
There was no impact on the deferred tax liability in 2025 or 2024 due to the changes in UK tax rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "
25 Trade and other payables
Group Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
17.3
6.1
1.5
0.5
Amounts owed to Group undertakings
\u2014
\u2014
9.7
14.5
Other payables including taxation and social security
6.7
5.1
0.2
2.9
Accruals
27.8
34.9
1.8
3.0
Total trade and other payables
51.8
46.1
13.2
20.9
The amounts owed to Group undertakings are unsecured and accrue interest at rates linked to SONIA.
Included within accruals are \u00a31.8m (2024: \u00a38.1m) of Finance Ombudsman Service (FOS) case fees for
amounts payable on cases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "25 Trade and other payables
Group Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
17.3
6.1
1.5
0.5
Amounts owed to Group undertakings
\u2014
\u2014
9.7
14.5
Other payables including taxation and social security
6.7
5.1
0.2
2.9
Accruals
27.8
34.9
1.8
3.0
Total trade and other payables
51.8
46.1
13.2
20.9
The amounts owed to Group undertakings are unsecured and accrue interest at rates linked to SONIA. Included within accruals are \u00a31.8m (2024: \u00a38.1m) of Finance Ombudsman Service (FOS) case fees for amounts payable on cases.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "
26 Provisions
Group \u2013 2025
Provisions
Vehicle
Finance
redress
\u00a3m
Customer
compliance
\u00a3m
Dilapidations Redundancy Others Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
\u2014
7.4
6.4
1.3
0.4
15.5
Created in the year
3.0
12.7
0.2
\u2014
\u2014
15.9
Reclassified in the year
\u2014
0.4
\u2014
\u2014
(0.4)
\u2014
Utilised in the year
\u2014
(15.8)
(1.0)
(1.0)
\u2014
(17.8)
Released in the year
\u2014
(2.9)
(2.6)
(0.2)
\u2014
(5.7)
At 31 December
3.0
1.8
3.0
0.1
\u2014
7.9
Group \u2013 2024
Customer Legal
compliance Dilapidations Redundancy Scheme settlement Others Total
Provisions \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
3.5
0.2
\u2014
1.0
\u2014
1.1
5.8
Created in the year
16.0
6.2
6.2
\u2014
1.5
0.1
30.0
Reclassified in the year
\u2014
\u2014
\u2014
\u2014
(1.4)
\u2014
(1.4)
Utilised in the year
(12.1)
\u2014
(4.9)
\u2014
\u2014
(0.6)
(17.6)
Released in the year
\u2014
\u2014
\u2014
(1.0)
(0.1)
(0.2)
(1.3)
At 31 December
7.4
6.4
1.3
\u2014
\u2014
0.4
15.5
Company
2025 2024
Redundancy Dilapidations Total Redundancy Dilapidations Total
Provisions \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
0.3
5.3
5.6
\u2014
\u2014
\u2014
Created in the year
\u2014
0.2
0.2
2.5
5.3
7.8
Transferred in the year
(0.2)
(0.7)
(0.9)
Utilised in the year
\u2014
(1.1)
(1.1)
(2.2)
\u2014
(2.2)
Released in the year
(0.1)
(2.6)
(2.7)
\u2014
\u2014
\u2014
At 31 December
\u2014
1.1
1.1
0.3
5.3
5.6
Vehicle Finance redress: \u00a33.0m (2024: \u00a3nil) The Group Vehicle Finance redress provision relates to the FCA consultation on a motor finance compensation scheme announced in October 2025. This provision is the result of several probability weighted scenarios and includes the operational cost of outreach, implementation and execution of the scheme. Assuming the proposed base case redress calculation within the consultation, including an estimate of 85% of eligible consumers taking part in the scheme and simple interest applied at 1% above the base rate, the estimated costs would be \u00a37.0m. Refer to material accounting policy information on page 150 for further details. Customer compliance: \u00a31.8m (2024: \u00a37.4m) The customer remediation provision reflects expected costs associated with general customer compliance matters, encompassing both customer redress obligations and related FOS fees. The provision increased temporarily during 2024 due to a rise in unmerited claims submitted by CMCs however, the implementation of the revised FOS charging structure in 2025 has resulted in a material reduction in such claims and associated costs. Dilapidations: \u00a33.0m (2024: \u00a36.4m); Company: \u00a31.1m (2024: \u00a35.3m) Dilapidations provisions being held for all properties. The \u00a32.6m (2024: \u00a3nil) release relates to the cessation of the No1 Godwin Street lease where lower expected costs were incurred when the property was vacated. Redundancy: \u00a30.1m (2024: \u00a31.3m); Company: \u00a3nil (2024: \u00a30.3m) Costs expected to be paid out as part of redundancy programmes during the year. Other: \u00a3nil (2024: \u00a30.4m) This predominantly relates to smaller provisions held. Legal settlement: \u00a3nil (2024: \u00a3nil) Amounts were recognised in 2024 for an expected settlement with a third party. The amount was agreed and the provision transferred to accruals in advance of being settled in early 2025. The Scheme of Arrangement (the Scheme): Group: \u00a3nil (2024: \u00a3nil); Company: \u00a3nil (2024: \u00a3nil) Customer settlements in relation to the Scheme of Arrangement commenced in 2022. All remaining provision was released in 2024 and the Scheme closed", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "26 Provisions Group \u2013 2025 Provisions Vehicle Finance redress \u00a3m Customer compliance \u00a3m
Dilapidations Redundancy Others Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
\u2014
7.4
6.4
1.3
0.4
15.5
Created in the year
3.0
12.7
0.2
\u2014
\u2014
15.9
Reclassified in the year
\u2014
0.4
\u2014
\u2014
(0.4)
\u2014
Utilised in the year
\u2014
(15.8)
(1.0)
(1.0)
\u2014
(17.8)
Released in the year
\u2014
(2.9)
(2.6)
(0.2)
\u2014
(5.7)
At 31 December
3.0
1.8
3.0
0.1
\u2014
7.9
Group \u2013 2024
Customer Legal
compliance Dilapidations Redundancy Scheme settlement Others Total
Provisions \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
3.5
0.2
\u2014
1.0
\u2014
1.1
5.8
Created in the year
16.0
6.2
6.2
\u2014
1.5
0.1
30.0
Reclassified in the year
\u2014
\u2014
\u2014
\u2014
(1.4)
\u2014
(1.4)
Utilised in the year
(12.1)
\u2014
(4.9)
\u2014
\u2014
(0.6)
(17.6)
Released in the year
\u2014
\u2014
\u2014
(1.0)
(0.1)
(0.2)
(1.3)
At 31 December
7.4
6.4
1.3
\u2014
\u2014
0.4
15.5
Company
2025 2024
Redundancy Dilapidations Total Redundancy Dilapidations Total
Provisions \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
0.3
5.3
5.6
\u2014
\u2014
\u2014
Created in the year
\u2014
0.2
0.2
2.5
5.3
7.8
Transferred in the year
(0.2)
(0.7)
(0.9)
Utilised in the year
\u2014
(1.1)
(1.1)
(2.2)
\u2014
(2.2)
Released in the year
(0.1)
(2.6)
(2.7)
\u2014
\u2014
\u2014
At 31 December
\u2014
1.1
1.1
0.3
5.3
5.6
Vehicle Finance redress: \u00a33.0m (2024: \u00a3nil)
The Group Vehicle Finance redress provision relates to the FCA consultation on a motor finance
compensation scheme announced in October 2025. This provision is the result of several probability
weighted scenarios and includes the operational cost of outreach, implementation and execution of
the scheme. Assuming the proposed base case redress calculation within the consultation, including
an estimate of 85% of eligible consumers taking part in the scheme and simple interest applied at 1%
above the base rate, the estimated costs would be \u00a37.0m. Refer to material accounting policy
information on page 150 for further details.
Customer compliance: \u00a31.8m (2024: \u00a37.4m)
The customer remediation provision reflects expected costs associated with general customer
compliance matters, encompassing both customer redress obligations and related FOS fees. The
provision increased temporarily during 2024 due to a rise in unmerited claims submitted by CMCs
however, the implementation of the revised FOS charging structure in 2025 has resulted in a material
reduction in such claims and associated costs.
Dilapidations: \u00a33.0m (2024: \u00a36.4m); Company: \u00a31.1m (2024: \u00a35.3m)
Dilapidations provisions being held for all properties. The \u00a32.6m (2024: \u00a3nil) release relates to the
cessation of the No1 Godwin Street lease where lower expected costs were incurred when the
property was vacated.
Redundancy: \u00a30.1m (2024: \u00a31.3m); Company: \u00a3nil (2024: \u00a30.3m)
Costs expected to be paid out as part of redundancy programmes during the year.
Other: \u00a3nil (2024: \u00a30.4m)
This predominantly relates to smaller provisions held.
Legal settlement: \u00a3nil (2024: \u00a3nil)
Amounts were recognised in 2024 for an expected settlement with a third party. The amount was
agreed and the provision transferred to accruals in advance of being settled in early 2025.
The Scheme of Arrangement (the Scheme): Group: \u00a3nil (2024: \u00a3nil); Company: \u00a3nil (2024: \u00a3nil)
Customer settlements in relation to the Scheme of Arrangement commenced in 2022. All remaining
provision was released in 2024 and the Scheme closed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "
27 Lease liabilities
A maturity analysis of the lease liabilities is shown below:
Group Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Due within one year
5.0
12.5
\u2014
4.7
Due between one and five years
15.0
13.7
\u2014
3.2
Due in more than five years
3.2
9.0
\u2014
4.8
Total
23.2
35.2
\u2014
12.7
Unearned finance cost
(2.0)
(2.7)
\u2014
(1.4)
Total lease liabilities
21.2
32.5
\u2014
11.3
Right of use assets are disclosed in note 18.
Lease payments for the Group of \u00a310.7m (2024: \u00a312.7m) include: (i) capital repayments of \u00a310.0m
(2024: \u00a39.7m); (ii) interest of \u00a30.7m (2024: \u00a33.0m); and (iii) short-term lease cash outflows of \u00a3nil
(2024: \u00a3nil). At 31 December 2025, the Group is also committed to \u00a3nil (2024: \u00a3nil) for short-term leases.
Total cash outflows for the Company amounted to \u00a33.5m (2024: \u00a35.2m) and include: (i) capital
repayments of \u00a33.3m (2024: \u00a33.0m); and (ii) interest of \u00a30.2m (2024: \u00a32.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "
28 Borrowings
Group
Company
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Retail deposits 3,019.7 2,428.2 \u2014 \u2014
Fair value adjustment for hedged risk (note 23) 0.2 \u2014 \u2014 \u2014
Total retail deposits 3,019.9 2,428.2 \u2014 \u2014
Bank and other borrowings 347.7 412.5 146.8 207.2
Fair value adjustment for hedged risk (note 23) (0.2) (2.5) (0.2) (2.5)
Total 347.5 410.0 146.6 204.7
Total reported retail deposits and borrowings 3,367.4 2,838.2 146.6 204.7
(a) Facilities and borrowings
A breakdown of retail deposits and borrowings is shown below:
Group
2025
\u00a3m
2024
\u00a3m
Retail deposits: 2,985.9 2,398.9
\u2013 accrued interest 33.6 29.3
Total retail deposits (note (b)) 3,019.7 2,428.2
Bank and other borrowings:
\u2013 Vehicle Finance securitisation (note (e)) 200.0 200.0
\u2013 Tier 2 (note (f)) 141.5 200.0
\u2013 central bank facilities (note (g)) \u2014 5.0
\u2013 bank overdrafts 0.9 1.1
\u2013 accrued interest 5.9 8.5
\u2013 arrangement fees (0.6) (2.1)
Total bank and other borrowings 347.7 412.5
Total retail deposits and borrowings 3,367.4 2,840.7
(b) Retail deposits
Vanquis Bank Limited is a PRA-regulated bank and is majority funded through retail deposits. As at
31 December 2025, \u00a33,019.7m (2024: \u00a32,428.2m) of term, ISA, notice and Easy Access account deposits
had been taken. The deposits in issue at 31 December 2025 have been issued at rates of between
0.4% and 6.2% .
The Group makes drawings under the Indexed Long-Term Repo (ILTR) programme from time to time for liquidity purposes. Drawings under the ILTR have a maturity of six months on drawdown and a rate of interest set in an auction process. At 31 December 2025 the Group had no (2024: \u00a35.0m) ILTR drawings. (h) Undrawn committed borrowing facilities The Group and Company had no undrawn committed borrowing facilities at the end of 2025 or 2024. (i) Weighted average interest rates and periods to maturity The weighted average interest rate and the weighted average period to maturity of the Group and Company\u2019s fixed-rate retail deposits and borrowings are as follows:
Group
Company
2025
2024
2025
2024
Weighted Weighted Weighted Weighted Weighted Weighted Weighted Weighted
average average average average average average average average
interest period to interest period to interest period to interest period to
rate maturity rate maturity rate maturity rate maturity
% years % years % years % years
Sterling
4.8
1.4
5.0
1.2
8.9
6.0
8.9
7.0
(j) Fair values The fair values of the Group and Company\u2019s retail deposits and borrowings are compared to their book values as follows:
Group 2025 Company 2025
Book value Fair value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Retail deposits
3,019.9
2,986.3
\u2014
\u2014
Bank loans and overdrafts
0.9
0.9
\u2014
\u2014
Securitisation
200.0
202.7
\u2014
\u2014
Tier 2
146.6
150.0
146.6
150.0
Central bank facilities
\u2014
\u2014
\u2014
\u2014
Total
3,367.4
3,339.9
146.6
150.0
Group 2024 Company 2024
Book value Fair value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Retail deposits
2,428.2
2,400.4
\u2014
\u2014
Bank loans and overdrafts
1.1
1.1
\u2014
\u2014
Securitisation
200.0
199.1
\u2014
\u2014
Tier 2
204.7
168.8
204.7
168.8
Central bank facilities
4.2
4.2
\u2014
\u2014
Total
2,838.2
2,773.6
204.7
168.8
All the above numbers include interest, fees and fair value adjustment for hedged risk
As at 31 December 2025, the weighted average period to maturity of the Group\u2019s committed facilities,
including retail deposits, was 0.9 years (2024: 1.3 years) and for the Company\u2019s committed facilities
was 6.0 years (2024: 7.0 years). Excluding retail deposits, the weighted average period to maturity of
the Group\u2019s committed facilities was 3.4 years (2024: 4.7 years).
(d) Interest rate and currency profile
The interest rate exposure on retail deposits and borrowings is as follows:
Group Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Fixed
1,669.6
1,644.7
146.8
207.2
Floating
1,697.8
1,196.0
\u2014
\u2014
Total
3,367.4
2,840.7
146.8
207.2
All retail deposits and borrowings are in sterling; therefore, there is no foreign exchange exposure in
the current or prior year.
(e) Vehicle Finance securitisation
The Group renegotiated the bilateral securitisation facility in December 2024; the facility has a
12-month amortisation period (if not refinanced) commencing in June 2026 and an ultimate maturity
date in June 2027.
(f) Tier 2
On 7 October 2021, the Group issued Tier 2 subordinated bonds for a total amount of \u00a3200m. The
bonds have a 10.25-year maturity that is callable at the Group\u2019s discretion between five and 5.25
years, and that pays a coupon of 8.875%. The issuance was written from the Group\u2019s \u00a32bn EMTN
programme. On 2 October 2025 following a tender offer, \u00a358.5m of the Tier 2 subordinated bonds
were purchased by the Company for cash and subsequently cancelled leaving a total remaining in
aggregate principal amount of \u00a3141.5m outstanding.
(g) Central bank facilities
In January 2021, Vanquis Bank Limited, via a special purpose entity, issued a series of asset backed
floating rate notes as part of the securitisation of Credit Card receivables. The senior notes issued in
the transaction have been rated AAAsf/Aaa(sf)/AAAsf by Fitch Ratings, Kroll Bond Rating Agency
and Standard & Poor\u2019s, respectively, and the bonds are listed on the London Stock Exchange.
During the year, the Group has utilised facilities provided by the Bank of England through its Sterling
Monetary Framework. These facilities enable either funding on or off-balance sheet liquidity to be
provided to Vanquis Bank Limited on the security of eligible collateral, currently in the form of
designated pools of the Bank\u2019s notes described above, with the amount available based on the
value of the security given, subject, where appropriate, to a haircut .
A reconciliation of the movement in retail deposits is set out below:
2025 2024
Group \u00a3m \u00a3m
At 1 January
2,428.2
1,950.5
Funds received
1,627.2
1,107.5
Capitalised and accrued interest
64.8
51.9
Withdrawals
(1,100.5)
(681.7)
At 31 December
3,019.7
2,428.2
(c) Maturity profile
The maturity of retail deposits and borrowings, together with the maturity of facilities, is as follows:
2025 2024
Borrowing Borrowing
facilities facilities
available Borrowings available Borrowings
Group \u00a3m \u00a3m \u00a3m \u00a3m
Repayable:
On demand (uncommitted)
531.4
531.4
377.1
377.1
In less than one year
1,860.0
1,860.0
1,462.9
1,462.9
Between one and two years
672.4
672.4
621.4
621.4
Between two and five years
123.2
123.2
143.6
143.6
In more than five years
141.5
141.5
200.0
200.0
Accrued interest
\u2014
39.5
\u2014
37.8
Arrangement fees
\u2014
(0.6)
\u2014
(2.1)
Total Group 3,328.5 3,367.4 2,805.0 2,840.7 Retail deposits and borrowings are stated after deducting \u00a30.6m (2024: \u00a32.1m) of unamortised arrangement fees and the addition of accrued interest of \u00a339.5m (2024: \u00a337.8m).
2025 2024
Borrowing Borrowing
facilities facilities
available Borrowings available Borrowings
Company \u00a3m \u00a3m \u00a3m \u00a3m
Repayable:
On demand (uncommitted)
\u2014
\u2014
\u2014
\u2014
In less than one year
\u2014
\u2014
\u2014
\u2014
Between one and two years
\u2014
\u2014
\u2014
\u2014
Between two and five years
\u2014
\u2014
\u2014
\u2014
In more than five years
141.5
141.5
200.0
200.0
Accrued interest
\u2014
5.9
\u2014
8.2
Arrangement fees
\u2014
(0.6)
\u2014
(1.0)
Total Company
141.5
146.8
200.0
207.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-510": { "value": "28 Borrowings Group Company 2025 \u00a3m 2024 \u00a3m 2025 \u00a3m 2024 \u00a3m Retail deposits 3,019.7 2,428.2 \u2014 \u2014 Fair value adjustment for hedged risk (note 23) 0.2 \u2014 \u2014 \u2014 Total retail deposits 3,019.9 2,428.2 \u2014 \u2014 Bank and other borrowings 347.7 412.5 146.8 207.2 Fair value adjustment for hedged risk (note 23) (0.2) (2.5) (0.2) (2.5) Total 347.5 410.0 146.6 204.7 Total reported retail deposits and borrowings 3,367.4 2,838.2 146.6 204.7 (a) Facilities and borrowings A breakdown of retail deposits and borrowings is shown below: Group 2025 \u00a3m 2024 \u00a3m Retail deposits: 2,985.9 2,398.9 \u2013 accrued interest 33.6 29.3 Total retail deposits (note (b)) 3,019.7 2,428.2 Bank and other borrowings: \u2013 Vehicle Finance securitisation (note (e)) 200.0 200.0 \u2013 Tier 2 (note (f)) 141.5 200.0 \u2013 central bank facilities (note (g)) \u2014 5.0 \u2013 bank overdrafts 0.9 1.1 \u2013 accrued interest 5.9 8.5 \u2013 arrangement fees (0.6) (2.1) Total bank and other borrowings 347.7 412.5 Total retail deposits and borrowings 3,367.4 2,840.7 (b) Retail deposits Vanquis Bank Limited is a PRA-regulated bank and is majority funded through retail deposits. As at 31 December 2025, \u00a33,019.7m (2024: \u00a32,428.2m) of term, ISA, notice and Easy Access account deposits had been taken. The deposits in issue at 31 December 2025 have been issued at rates of between 0.4% and 6.2% .
The Group makes drawings under the Indexed Long-Term Repo (ILTR) programme from time to time
for liquidity purposes. Drawings under the ILTR have a maturity of six months on drawdown and a
rate of interest set in an auction process. At 31 December 2025 the Group had no (2024: \u00a35.0m)
ILTR drawings.
(h) Undrawn committed borrowing facilities
The Group and Company had no undrawn committed borrowing facilities at the end of 2025 or 2024.
(i) Weighted average interest rates and periods to maturity
The weighted average interest rate and the weighted average period to maturity of the Group and
Company\u2019s fixed-rate retail deposits and borrowings are as follows:
Group
Company
2025
2024
2025
2024
Weighted Weighted Weighted Weighted Weighted Weighted Weighted Weighted
average average average average average average average average
interest period to interest period to interest period to interest period to
rate maturity rate maturity rate maturity rate maturity
% years % years % years % years
Sterling
4.8
1.4
5.0
1.2
8.9
6.0
8.9
7.0
(j) Fair values
The fair values of the Group and Company\u2019s retail deposits and borrowings are compared to their
book values as follows:
Group 2025 Company 2025
Book value Fair value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Retail deposits
3,019.9
2,986.3
\u2014
\u2014
Bank loans and overdrafts
0.9
0.9
\u2014
\u2014
Securitisation
200.0
202.7
\u2014
\u2014
Tier 2
146.6
150.0
146.6
150.0
Central bank facilities
\u2014
\u2014
\u2014
\u2014
Total
3,367.4
3,339.9
146.6
150.0
Group 2024 Company 2024
Book value Fair value Book value Fair value
\u00a3m \u00a3m \u00a3m \u00a3m
Retail deposits
2,428.2
2,400.4
\u2014
\u2014
Bank loans and overdrafts
1.1
1.1
\u2014
\u2014
Securitisation
200.0
199.1
\u2014
\u2014
Tier 2
204.7
168.8
204.7
168.8
Central bank facilities
4.2
4.2
\u2014
\u2014
Total
2,838.2
2,773.6
204.7
168.8
All the above numbers include interest, fees and fair value adjustment for hedged risk .
As at 31 December 2025, the weighted average period to maturity of the Group\u2019s committed facilities, including retail deposits, was 0.9 years (2024: 1.3 years) and for the Company\u2019s committed facilities was 6.0 years (2024: 7.0 years). Excluding retail deposits, the weighted average period to maturity of the Group\u2019s committed facilities was 3.4 years (2024: 4.7 years). (d) Interest rate and currency profile The interest rate exposure on retail deposits and borrowings is as follows:
Group Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Fixed
1,669.6
1,644.7
146.8
207.2
Floating
1,697.8
1,196.0
\u2014
\u2014
Total
3,367.4
2,840.7
146.8
207.2
All retail deposits and borrowings are in sterling; therefore, there is no foreign exchange exposure in the current or prior year. (e) Vehicle Finance securitisation The Group renegotiated the bilateral securitisation facility in December 2024; the facility has a 12-month amortisation period (if not refinanced) commencing in June 2026 and an ultimate maturity date in June 2027. (f) Tier 2 On 7 October 2021, the Group issued Tier 2 subordinated bonds for a total amount of \u00a3200m. The bonds have a 10.25-year maturity that is callable at the Group\u2019s discretion between five and 5.25 years, and that pays a coupon of 8.875%. The issuance was written from the Group\u2019s \u00a32bn EMTN programme. On 2 October 2025 following a tender offer, \u00a358.5m of the Tier 2 subordinated bonds were purchased by the Company for cash and subsequently cancelled leaving a total remaining in aggregate principal amount of \u00a3141.5m outstanding. (g) Central bank facilities In January 2021, Vanquis Bank Limited, via a special purpose entity, issued a series of asset backed floating rate notes as part of the securitisation of Credit Card receivables. The senior notes issued in the transaction have been rated AAAsf/Aaa(sf)/AAAsf by Fitch Ratings, Kroll Bond Rating Agency and Standard & Poor\u2019s, respectively, and the bonds are listed on the London Stock Exchange. During the year, the Group has utilised facilities provided by the Bank of England through its Sterling Monetary Framework. These facilities enable either funding on or off-balance sheet liquidity to be provided to Vanquis Bank Limited on the security of eligible collateral, currently in the form of designated pools of the Bank\u2019s notes described above, with the amount available based on the value of the security given, subject, where appropriate, to a haircut .
2024
Items held Amortised Non-financial
at FVTPL cost assets/liabilities Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
\u2014
1,003.9
\u2014
1,003.9
Investment securities
\u2014
\u2014
\u2014
\u2014
Amounts receivable from customers
\u2014
2,153.7
\u2014
2,153.7
Trade and other receivables
\u2014
41.6
30.9
72.5
Investments
2.3
\u2014
\u2014
2.3
Current tax asset
\u2014
\u2014
3.9
3.9
Property, plant and equipment
\u2014
\u2014
7.1
7.1
Right of use assets
\u2014
\u2014
16.4
16.4
Goodwill
\u2014
\u2014
1.2
1.2
Other intangible assets
\u2014
\u2014
61.5
61.5
Retirement benefit asset
\u2014
\u2014
27.8
27.8
Deferred tax assets
\u2014
\u2014
25.0
25.0
Total assets
2.3
3,199.2
173.8
3,375.3
Liabilities
Trade and other payables
\u2014
41.0
5.1
46.1
Provisions
\u2014
\u2014
15.5
15.5
Lease liabilities
\u2014
32.5
\u2014
32.5
Retail deposits
\u2014
2,428.2
\u2014
2,428.2
Bank and other borrowings
\u2014
410.0
\u2014
410.0
Derivative financial instruments
1.8
\u2014
\u2014
1.8
Total liabilities
1.8
2,911.7
20.6
2,934.1
(a) Classification and measurement The following table sets out the carrying value of the Group\u2019s financial assets and liabilities in accordance with the categories of financial instruments set out in IFRS 9. Assets and liabilities outside the scope of IFRS 9 are shown within non-financial assets/liabilities:
2025
Items held Amortised Non-financial
at FVTPL cost assets/liabilities Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and balances at central banks
\u2014
804.5
\u2014
804.5
Investment securities
\u2014
254.6
\u2014
254.6
Amounts receivable from customers
\u2014
2,691.5
\u2014
2,691.5
Trade and other receivables
\u2014
32.2
29.0
61.2
Investments
2.4
\u2014
\u2014
2.4
Current tax asset
\u2014
\u2014
0.9
0.9
Property, plant and equipment
\u2014
\u2014
8.0
8.0
Right of use assets
\u2014
\u2014
12.1
12.1
Goodwill
\u2014
\u2014
1.2
1.2
Other intangible assets
\u2014
\u2014
65.0
65.0
Derivative financial instruments
3.9
\u2014
\u2014
3.9
Retirement benefit asset
\u2014
\u2014
6.4
6.4
Deferred tax assets
\u2014
\u2014
30.0
30.0
Total assets
6.3
3,782.8
152.6
3,941.7
Liabilities
Trade and other payables
\u2014
45.1
6.7
51.8
Provisions
\u2014
\u2014
7.9
7.9
Lease liabilities
\u2014
21.2
\u2014
21.2
Retail deposits
\u2014
3,019.9
\u2014
3,019.9
Bank and other borrowings
\u2014
347.5
\u2014
347.5
Derivative financial instruments
6.1
\u2014
\u2014
6.1
Total liabilities
6.1
3,433.7
14.6
3,454.4
The carrying value for all financial assets represents the maximum exposure to credit risk. The Group has pledged \u00a3796.7m (2024 \u00a3839.1m) of receivables as collateral under the securitisation funding arrangements described in note 28. Trade receivables includes cash placed with banking counterparties as security against the mark to market exposure on its derivative financial instruments of \u00a311.8m (2024: \u00a39.4m) and collateral required by Visa to support settlement activity of \u00a311.4m (2024: \u00a36.5m). No other assets were pledged as collateral at 31 December 2025 or 31 December 2024
2024
Non-
Items financial
held at Amortised assets/
FVTPL cost liabilities Total
Company \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
\u2014
10.5
\u2014
10.5
Trade and other receivables
\u2014
763.6
4.8
768.4
Property, plant and equipment
\u2014
\u2014
0.5
0.5
Right of use assets
\u2014
\u2014
7.4
7.4
Other intangible assets
\u2014
\u2014
1.4
1.4
Investment in subsidiaries
\u2014
\u2014
247.9
247.9
Retirement benefit asset
\u2014
\u2014
27.8
27.8
Derivative financial instruments
0.6
\u2014
\u2014
0.6
Total assets
0.6
774.1
289.8
1,064.5
Liabilities
Trade and other payables
\u2014
18.0
2.9
20.9
Provisions
\u2014
\u2014
5.6
5.6
Lease liabilities
\u2014
11.3
\u2014
11.3
Bank and other borrowings
\u2014
204.7
\u2014
204.7
Derivative financial instruments
1.7
\u2014
\u2014
1.7
Current tax liabilities
\u2014
\u2014
8.2
8.2
Deferred tax liabilities
\u2014
\u2014
5.6
5.6
Total liabilities
1.7
234.0
22.3
258.0
Assets and liabilities outside the scope of IFRS 9 are shown within non-financial assets/liabilities:
2025
Non-
Items financial
held at Amortised assets/
FVTPL cost liabilities Total
Company \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
\u2014
4.3
\u2014
4.3
Trade and other receivables
\u2014
768.3
1.5
769.8
Property, plant and equipment
\u2014
\u2014
\u2014
\u2014
Right of use assets
\u2014
\u2014
\u2014
\u2014
Other intangible assets
\u2014
\u2014
\u2014
\u2014
Investment in subsidiaries
\u2014
\u2014
301.0
301.0
Retirement benefit asset
\u2014
\u2014
6.4
6.4
Derivative financial instruments
3.7
\u2014
\u2014
3.7
Total assets
3.7
772.6
308.9
1,085.2
Liabilities
Trade and other payables
\u2014
13.0
0.2
13.2
Provisions
\u2014
\u2014
1.1
1.1
Lease liabilities
\u2014
\u2014
\u2014
\u2014
Bank and other borrowings
\u2014
146.6
\u2014
146.6
Derivative financial instruments
0.4
\u2014
\u2014
0.4
Current tax liabilities
\u2014
\u2014
13.9
13.9
Deferred tax liabilities
\u2014
\u2014
1.0
1.0
Total liabilities
0.4
159.6
16.2
176.2
Transfers between the different levels of the fair value hierarchy would be made when the inputs used to measure the fair value no longer satisfy the conditions required to be classified in a certain level within the hierarchy. Balance guarantee swaps The securitisation and Group balance guarantee swaps are classed as Level 3 instruments as, whilst the swaps are linked to SONIA, they have a non-standard repayment curve that is tailored to match the expected repayment profile of the Vehicle Finance receivables. This is a combination of the remaining contractual term and an assumption about prepayment rates. Both of these are deemed to be unobservable inputs with the prepayment rate being the significant input. A 5% movement on the prepayment rate would not have a material impact on the Group\u2019s and Company\u2019s profit before tax. Visa Inc shares The valuation has been determined using a combination of observable and non-observable inputs. As the common stock share price of Visa Inc is readily available, this input is deemed to be observable. However, certain assumptions have been made in respect of the illiquidity adjustment to the share price and the likelihood of future litigation costs. These inputs are therefore deemed to be significant unobservable inputs. The following table sets out their movement during the year:
Group
2025 2024
\u00a3m \u00a3m
At 1 January
2.3
5.4
Gain recognised in income statement
0.1
1.2
Disposal of investment
\u2014
(4.3)
At 31 December
2.4
2.3
The illiquidity adjustment for the shares still held has been estimated at around 6% and the expected future litigation costs have been estimated at around 15% of the Visa Inc share price. These assumptions are consistent with 2024. The higher the illiquidity and future litigation costs the lower the fair value. A sensitivity to the unobservable inputs, in isolation, would not have a material impact on the Group\u2019s profit before tax (b) Fair values of financial assets and liabilities held at fair value The Group and Company hold certain financial assets and liabilities at fair value, grouped into Levels 1 to 3 of the fair value hierarchy on the degree to which the fair value is observable. The following financial assets and liabilities are held at fair value:
Group
2025 2024
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Investments held at fair value through P&L:
\u2013 Visa Inc shares
\u2014
\u2014
2.4
\u2014
\u2014
2.3
Derivatives held at fair value through P&L:
\u2013 Securitisation balance guarantee swap
\u2014
\u2014
(2.7)
\u2014
\u2014
(0.3)
\u2013 Group balance guarantee swap
\u2014
\u2014
2.1
\u2014
\u2014
(0.2)
\u2013 Tier 2 swap
\u2014
1.1
\u2014
\u2014
(1.3)
\u2014
\u2013 Investment securities swaps
\u2014
(2.5)
\u2014
\u2014
\u2014
\u2014
\u2013 Second Charge Mortgage swaps
\u2014
(0.5)
\u2014
\u2014
\u2014
\u2014
\u2013 Deposit swaps
\u2014
0.2
\u2014
\u2014
\u2014
\u2014
Total
\u2014
(1.7)
1.8
\u2014
(1.3)
1.8
Company
2025 2024
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivatives held at fair value through P&L:
\u2013 Group balance guarantee swap
\u2014
\u2014
2.1
\u2014
\u2014
(0.2)
\u2013 Tier 2 swap
\u2014
1.1
\u2014
\u2014
(1.3)
\u2014
\u2013 Internal deposit swaps
\u2014
\u2014
\u2014
\u2014
0.4
\u2014
Total
\u2014
1.1
2.1
\u2014
(0.9)
(0.2)
Level 1 fair value measurements are those derived from quoted market prices in active markets for identical assets and liabilities. Level 2 fair value measurements are those derived from inputs other than quoted market prices included in Level 1 that are observable for the asset or liability either directly or indirectly. The Tier 2, Investment securities, Second Charge Mortgage and external deposit swaps, which are over-the- counter vanilla swaps that are not publicly traded, are classified as Level 2 instruments as their valuation can be easily reproduced with publicly available information. Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Visa Inc shares and the balance guarantee swaps are classified as Level 3 instruments. (c) Fair values of financial assets and liabilities not held at fair value The table below shows the fair value of financial assets and liabilities not presented at fair value in the balance sheet:
2025 2024
Fair value Book value Fair value Book value
Group \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
804.5
804.5
1,003.9
1,003.9
Investment securities
254.3
254.6
\u2014
\u2014
Amounts receivable from customers
2,808.0
2,691.5
2,488.5
2,153.7
Trade and other receivables
32.2
32.2
41.6
41.6
Total assets
3,899.0
3,782.8
3,534.0
3,199.2
Liabilities
Retail deposits
2,986.3
3,019.9
2,400.4
2,428.2
Bank and other borrowings
353.6
347.5
373.2
410.0
Trade and other payables
45.1
45.1
41.0
41.0
Lease liabilities
21.2
21.2
32.5
32.5
Total liabilities
3,406.2
3,433.7
2,847.1
2,911.7
2025 2024
Fair value Book value Fair value Book value
Company \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
4.3
4.3
10.5
10.5
Trade and other receivables
768.3
768.3
763.6
763.6
Total assets
772.6
772.6
774.1
774.1
Liabilities
Bank and other borrowings
150.0
146.6
168.8
204.7
Trade and other payables
13.0
13.0
18.0
18.0
Lease liabilities
\u2014
\u2014
11.3
11.3
Total liabilities
163.0
159.6
198.1
234.0
Key considerations in the calculation of fair values of those financial assets and liabilities not presented at fair value in the balance sheet are set out below. Where there is no significant difference between carrying value and fair value no additional information has been presented. The fair value of investment securities is classed as Level 1 as it has been derived using quoted market prices Interest rate swaps The Group is counterparty to 24 external swaps. These swaps are detailed below: 5 Tier 2 swap: transacted to hedge the interest rate risk on the Tier 2 capital; 5 Securitisation balance guarantee swap: transacted to manage the interest rate risk on the Vehicle Finance securitisation; and 5 Group balance guarantee swap: transacted to reverse the interest rate risk position in the Group accounts created by the securitisation balance guarantee swap. 5 Investment securities swaps: transacted to hedge interest rate risk of UK government bonds (Gilts); 5 Second Charge Mortgage swaps: transacted to hedge interest rate risk of second-charge mortgages portfolio; 5 Deposit swaps: transacted to hedge interest rate risk of retail deposits. The Group balance guarantee swap was transacted at historical rates and, in compensation, the Group received cash consideration for taking on a liability. The following table sets out the movement during the year:
Group Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(1.8)
(0.5)
(1.1)
(2.0)
Fair value (loss)/gain recognised in income statement
(0.4)
(1.3)
4.4
0.9
At 31 December
(2.2)
(1.8)
3.3
(1.1)
The fair value loss recognised in the Group\u2019s income statement of \u00a30.4m (2024: loss of \u00a31.3m) is before the application of hedge accounting. The effect of applying hedge accounting resulted in a loss of \u00a30.5m (2024: gain of \u00a30.2m). The fair value gain recognised in the Company\u2019s income statement of \u00a34.4m (2024: loss of \u00a30.9m) is before the application of hedge accounting. The effect of applying hedge accounting resulted in a loss of \u00a32.3m (2024: gain of \u00a32.4m). The Company accounts do not include the securitisation balance guarantee swap, and therefore do not benefit from the natural hedging that is achieved on consolidation . A reconciliation of the movement in retail deposits is set out below:
2025 2024
Group \u00a3m \u00a3m
At 1 January
2,428.2
1,950.5
Funds received
1,627.2
1,107.5
Capitalised and accrued interest
64.8
51.9
Withdrawals
(1,100.5)
(681.7)
At 31 December
3,019.7
2,428.2
(c) Maturity profile
The maturity of retail deposits and borrowings, together with the maturity of facilities, is as follows:
2025 2024
Borrowing Borrowing
facilities facilities
available Borrowings available Borrowings
Group \u00a3m \u00a3m \u00a3m \u00a3m
Repayable:
On demand (uncommitted)
531.4
531.4
377.1
377.1
In less than one year
1,860.0
1,860.0
1,462.9
1,462.9
Between one and two years
672.4
672.4
621.4
621.4
Between two and five years
123.2
123.2
143.6
143.6
In more than five years
141.5
141.5
200.0
200.0
Accrued interest
\u2014
39.5
\u2014
37.8
Arrangement fees
\u2014
(0.6)
\u2014
(2.1)
Total Group 3,328.5 3,367.4 2,805.0 2,840.7 Retail deposits and borrowings are stated after deducting \u00a30.6m (2024: \u00a32.1m) of unamortised arrangement fees and the addition of accrued interest of \u00a339.5m (2024: \u00a337.8m).
2025 2024
Borrowing Borrowing
facilities facilities
available Borrowings available Borrowings
Company \u00a3m \u00a3m \u00a3m \u00a3m
Repayable:
On demand (uncommitted)
\u2014
\u2014
\u2014
\u2014
In less than one year
\u2014
\u2014
\u2014
\u2014
Between one and two years
\u2014
\u2014
\u2014
\u2014
Between two and five years
\u2014
\u2014
\u2014
\u2014
In more than five years
141.5
141.5
200.0
200.0
Accrued interest
\u2014
5.9
\u2014
8.2
Arrangement fees
\u2014
(0.6)
\u2014
(1.0)
Total Company
141.5
146.8
200.0
207.2
The fair value of amounts receivable from customers has been derived by discounting expected future cash flows (net of collection costs) at the credit risk-adjusted discount rate at the balance sheet date. They are categorised within Level 3 as the expected future cash flows and discount rate are deemed to be significant unobservable inputs. The fair value of retail deposits has been calculated by discounting the expected future cash flows at the relevant market interest rate yield curves prevailing at the balance sheet date and they are categorised within Level 3 of the fair value hierarchy as the expected future cash flows are deemed to be significant unobservable inputs. Within bank and other borrowings, the Tier 2 capital is classed as Level 1 as it is valued with quoted market prices. Central bank facilities are floating rate instruments with a fair value equivalent to book value. The fair value of the securitisation notes was calculated using a discounted cash flow and is classed as Level 3. Whilst it uses publicly available information for the discount rate, the cash flow forecast is not publicly available .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "
29 Financial instruments
(a) Classification and measurement
The following table sets out the carrying value of the Group\u2019s financial assets and liabilities in
accordance with the categories of financial instruments set out in IFRS 9. Assets and liabilities outside
the scope of IFRS 9 are shown within non-financial assets/liabilities:
2025
Items held Amortised Non-financial
at FVTPL cost assets/liabilities Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and balances at central banks
\u2014
804.5
\u2014
804.5
Investment securities
\u2014
254.6
\u2014
254.6
Amounts receivable from customers
\u2014
2,691.5
\u2014
2,691.5
Trade and other receivables
\u2014
32.2
29.0
61.2
Investments
2.4
\u2014
\u2014
2.4
Current tax asset
\u2014
\u2014
0.9
0.9
Property, plant and equipment
\u2014
\u2014
8.0
8.0
Right of use assets
\u2014
\u2014
12.1
12.1
Goodwill
\u2014
\u2014
1.2
1.2
Other intangible assets
\u2014
\u2014
65.0
65.0
Derivative financial instruments
3.9
\u2014
\u2014
3.9
Retirement benefit asset
\u2014
\u2014
6.4
6.4
Deferred tax assets
\u2014
\u2014
30.0
30.0
Total assets
6.3
3,782.8
152.6
3,941.7
Liabilities
Trade and other payables
\u2014
45.1
6.7
51.8
Provisions
\u2014
\u2014
7.9
7.9
Lease liabilities
\u2014
21.2
\u2014
21.2
Retail deposits
\u2014
3,019.9
\u2014
3,019.9
Bank and other borrowings
\u2014
347.5
\u2014
347.5
Derivative financial instruments
6.1
\u2014
\u2014
6.1
Total liabilities
6.1
3,433.7
14.6
3,454.4
The carrying value for all financial assets represents the maximum exposure to credit risk.
The Group has pledged \u00a3796.7m (2024 \u00a3839.1m) of receivables as collateral under the securitisation
funding arrangements described in note 28. Trade receivables includes cash placed with banking
counterparties as security against the mark to market exposure on its derivative financial instruments
of \u00a311.8m (2024: \u00a39.4m) and collateral required by Visa to support settlement activity of \u00a311.4m
(2024: \u00a36.5m).
No other assets were pledged as collateral at 31 December 2025 or 31 December 2024 .
2024
Items held Amortised Non-financial
at FVTPL cost assets/liabilities Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
\u2014
1,003.9
\u2014
1,003.9
Investment securities
\u2014
\u2014
\u2014
\u2014
Amounts receivable from customers
\u2014
2,153.7
\u2014
2,153.7
Trade and other receivables
\u2014
41.6
30.9
72.5
Investments
2.3
\u2014
\u2014
2.3
Current tax asset
\u2014
\u2014
3.9
3.9
Property, plant and equipment
\u2014
\u2014
7.1
7.1
Right of use assets
\u2014
\u2014
16.4
16.4
Goodwill
\u2014
\u2014
1.2
1.2
Other intangible assets
\u2014
\u2014
61.5
61.5
Retirement benefit asset
\u2014
\u2014
27.8
27.8
Deferred tax assets
\u2014
\u2014
25.0
25.0
Total assets
2.3
3,199.2
173.8
3,375.3
Liabilities
Trade and other payables
\u2014
41.0
5.1
46.1
Provisions
\u2014
\u2014
15.5
15.5
Lease liabilities
\u2014
32.5
\u2014
32.5
Retail deposits
\u2014
2,428.2
\u2014
2,428.2
Bank and other borrowings
\u2014
410.0
\u2014
410.0
Derivative financial instruments
1.8
\u2014
\u2014
1.8
Total liabilities
1.8
2,911.7
20.6
2,934.1
Assets and liabilities outside the scope of IFRS 9 are shown within non-financial assets/liabilities:
2025
Non-
Items financial
held at Amortised assets/
FVTPL cost liabilities Total
Company \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
\u2014
4.3
\u2014
4.3
Trade and other receivables
\u2014
768.3
1.5
769.8
Property, plant and equipment
\u2014
\u2014
\u2014
\u2014
Right of use assets
\u2014
\u2014
\u2014
\u2014
Other intangible assets
\u2014
\u2014
\u2014
\u2014
Investment in subsidiaries
\u2014
\u2014
301.0
301.0
Retirement benefit asset
\u2014
\u2014
6.4
6.4
Derivative financial instruments
3.7
\u2014
\u2014
3.7
Total assets
3.7
772.6
308.9
1,085.2
Liabilities
Trade and other payables
\u2014
13.0
0.2
13.2
Provisions
\u2014
\u2014
1.1
1.1
Lease liabilities
\u2014
\u2014
\u2014
\u2014
Bank and other borrowings
\u2014
146.6
\u2014
146.6
Derivative financial instruments
0.4
\u2014
\u2014
0.4
Current tax liabilities
\u2014
\u2014
13.9
13.9
Deferred tax liabilities
\u2014
\u2014
1.0
1.0
Total liabilities
0.4
159.6
16.2
176.2
2024
Non-
Items financial
held at Amortised assets/
FVTPL cost liabilities Total
Company \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
\u2014
10.5
\u2014
10.5
Trade and other receivables
\u2014
763.6
4.8
768.4
Property, plant and equipment
\u2014
\u2014
0.5
0.5
Right of use assets
\u2014
\u2014
7.4
7.4
Other intangible assets
\u2014
\u2014
1.4
1.4
Investment in subsidiaries
\u2014
\u2014
247.9
247.9
Retirement benefit asset
\u2014
\u2014
27.8
27.8
Derivative financial instruments
0.6
\u2014
\u2014
0.6
Total assets
0.6
774.1
289.8
1,064.5
Liabilities
Trade and other payables
\u2014
18.0
2.9
20.9
Provisions
\u2014
\u2014
5.6
5.6
Lease liabilities
\u2014
11.3
\u2014
11.3
Bank and other borrowings
\u2014
204.7
\u2014
204.7
Derivative financial instruments
1.7
\u2014
\u2014
1.7
Current tax liabilities
\u2014
\u2014
8.2
8.2
Deferred tax liabilities
\u2014
\u2014
5.6
5.6
Total liabilities
1.7
234.0
22.3
258.0
Transfers between the different levels of the fair value hierarchy would be made when the inputs used to measure the fair value no longer satisfy the conditions required to be classified in a certain level within the hierarchy. Balance guarantee swaps The securitisation and Group balance guarantee swaps are classed as Level 3 instruments as, whilst the swaps are linked to SONIA, they have a non-standard repayment curve that is tailored to match the expected repayment profile of the Vehicle Finance receivables. This is a combination of the remaining contractual term and an assumption about prepayment rates. Both of these are deemed to be unobservable inputs with the prepayment rate being the significant input. A 5% movement on the prepayment rate would not have a material impact on the Group\u2019s and Company\u2019s profit before tax. Visa Inc shares The valuation has been determined using a combination of observable and non-observable inputs. As the common stock share price of Visa Inc is readily available, this input is deemed to be observable. However, certain assumptions have been made in respect of the illiquidity adjustment to the share price and the likelihood of future litigation costs. These inputs are therefore deemed to be significant unobservable inputs. The following table sets out their movement during the year:
Group
2025 2024
\u00a3m \u00a3m
At 1 January
2.3
5.4
Gain recognised in income statement
0.1
1.2
Disposal of investment
\u2014
(4.3)
At 31 December
2.4
2.3
The illiquidity adjustment for the shares still held has been estimated at around 6% and the expected future litigation costs have been estimated at around 15% of the Visa Inc share price. These assumptions are consistent with 2024. The higher the illiquidity and future litigation costs the lower the fair value. A sensitivity to the unobservable inputs, in isolation, would not have a material impact on the Group\u2019s profit before tax (b) Fair values of financial assets and liabilities held at fair value The Group and Company hold certain financial assets and liabilities at fair value, grouped into Levels 1 to 3 of the fair value hierarchy on the degree to which the fair value is observable. The following financial assets and liabilities are held at fair value:
Group
2025 2024
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Investments held at fair value through P&L:
\u2013 Visa Inc shares
\u2014
\u2014
2.4
\u2014
\u2014
2.3
Derivatives held at fair value through P&L:
\u2013 Securitisation balance guarantee swap
\u2014
\u2014
(2.7)
\u2014
\u2014
(0.3)
\u2013 Group balance guarantee swap
\u2014
\u2014
2.1
\u2014
\u2014
(0.2)
\u2013 Tier 2 swap
\u2014
1.1
\u2014
\u2014
(1.3)
\u2014
\u2013 Investment securities swaps
\u2014
(2.5)
\u2014
\u2014
\u2014
\u2014
\u2013 Second Charge Mortgage swaps
\u2014
(0.5)
\u2014
\u2014
\u2014
\u2014
\u2013 Deposit swaps
\u2014
0.2
\u2014
\u2014
\u2014
\u2014
Total
\u2014
(1.7)
1.8
\u2014
(1.3)
1.8
Company
2025 2024
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivatives held at fair value through P&L:
\u2013 Group balance guarantee swap
\u2014
\u2014
2.1
\u2014
\u2014
(0.2)
\u2013 Tier 2 swap
\u2014
1.1
\u2014
\u2014
(1.3)
\u2014
\u2013 Internal deposit swaps
\u2014
\u2014
\u2014
\u2014
0.4
\u2014
Total
\u2014
1.1
2.1
\u2014
(0.9)
(0.2)
Level 1 fair value measurements are those derived from quoted market prices in active markets for identical assets and liabilities. Level 2 fair value measurements are those derived from inputs other than quoted market prices included in Level 1 that are observable for the asset or liability either directly or indirectly. The Tier 2, Investment securities, Second Charge Mortgage and external deposit swaps, which are over-the- counter vanilla swaps that are not publicly traded, are classified as Level 2 instruments as their valuation can be easily reproduced with publicly available information. Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Visa Inc shares and the balance guarantee swaps are classified as Level 3 instruments. (c) Fair values of financial assets and liabilities not held at fair value The table below shows the fair value of financial assets and liabilities not presented at fair value in the balance sheet:
2025 2024
Fair value Book value Fair value Book value
Group \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
804.5
804.5
1,003.9
1,003.9
Investment securities
254.3
254.6
\u2014
\u2014
Amounts receivable from customers
2,808.0
2,691.5
2,488.5
2,153.7
Trade and other receivables
32.2
32.2
41.6
41.6
Total assets
3,899.0
3,782.8
3,534.0
3,199.2
Liabilities
Retail deposits
2,986.3
3,019.9
2,400.4
2,428.2
Bank and other borrowings
353.6
347.5
373.2
410.0
Trade and other payables
45.1
45.1
41.0
41.0
Lease liabilities
21.2
21.2
32.5
32.5
Total liabilities
3,406.2
3,433.7
2,847.1
2,911.7
2025 2024
Fair value Book value Fair value Book value
Company \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
4.3
4.3
10.5
10.5
Trade and other receivables
768.3
768.3
763.6
763.6
Total assets
772.6
772.6
774.1
774.1
Liabilities
Bank and other borrowings
150.0
146.6
168.8
204.7
Trade and other payables
13.0
13.0
18.0
18.0
Lease liabilities
\u2014
\u2014
11.3
11.3
Total liabilities
163.0
159.6
198.1
234.0
Key considerations in the calculation of fair values of those financial assets and liabilities not presented at fair value in the balance sheet are set out below. Where there is no significant difference between carrying value and fair value no additional information has been presented. The fair value of investment securities is classed as Level 1 as it has been derived using quoted market prices Interest rate swaps The Group is counterparty to 24 external swaps. These swaps are detailed below: 5 Tier 2 swap: transacted to hedge the interest rate risk on the Tier 2 capital; 5 Securitisation balance guarantee swap: transacted to manage the interest rate risk on the Vehicle Finance securitisation; and 5 Group balance guarantee swap: transacted to reverse the interest rate risk position in the Group accounts created by the securitisation balance guarantee swap. 5 Investment securities swaps: transacted to hedge interest rate risk of UK government bonds (Gilts); 5 Second Charge Mortgage swaps: transacted to hedge interest rate risk of second-charge mortgages portfolio; 5 Deposit swaps: transacted to hedge interest rate risk of retail deposits. The Group balance guarantee swap was transacted at historical rates and, in compensation, the Group received cash consideration for taking on a liability. The following table sets out the movement during the year:
Group Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(1.8)
(0.5)
(1.1)
(2.0)
Fair value (loss)/gain recognised in income statement
(0.4)
(1.3)
4.4
0.9
At 31 December
(2.2)
(1.8)
3.3
(1.1)
The fair value loss recognised in the Group\u2019s income statement of \u00a30.4m (2024: loss of \u00a31.3m) is before the application of hedge accounting. The effect of applying hedge accounting resulted in a loss of \u00a30.5m (2024: gain of \u00a30.2m). The fair value gain recognised in the Company\u2019s income statement of \u00a34.4m (2024: loss of \u00a30.9m) is before the application of hedge accounting. The effect of applying hedge accounting resulted in a loss of \u00a32.3m (2024: gain of \u00a32.4m). The Company accounts do not include the securitisation balance guarantee swap, and therefore do not benefit from the natural hedging that is achieved on consolidation The fair value of amounts receivable from customers has been derived by discounting expected future cash flows (net of collection costs) at the credit risk-adjusted discount rate at the balance sheet date. They are categorised within Level 3 as the expected future cash flows and discount rate are deemed to be significant unobservable inputs. The fair value of retail deposits has been calculated by discounting the expected future cash flows at the relevant market interest rate yield curves prevailing at the balance sheet date and they are categorised within Level 3 of the fair value hierarchy as the expected future cash flows are deemed to be significant unobservable inputs. Within bank and other borrowings, the Tier 2 capital is classed as Level 1 as it is valued with quoted market prices. Central bank facilities are floating rate instruments with a fair value equivalent to book value. The fair value of the securitisation notes was calculated using a discounted cash flow and is classed as Level 3. Whilst it uses publicly available information for the discount rate, the cash flow forecast is not publicly available ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-515": { "value": "Interest rate swaps The Group is counterparty to 24 external swaps. These swaps are detailed below: 5 Tier 2 swap: transacted to hedge the interest rate risk on the Tier 2 capital; 5 Securitisation balance guarantee swap: transacted to manage the interest rate risk on the Vehicle Finance securitisation; and 5 Group balance guarantee swap: transacted to reverse the interest rate risk position in the Group accounts created by the securitisation balance guarantee swap. 5 Investment securities swaps: transacted to hedge interest rate risk of UK government bonds (Gilts); 5 Second Charge Mortgage swaps: transacted to hedge interest rate risk of second-charge mortgages portfolio; 5 Deposit swaps: transacted to hedge interest rate risk of retail deposits. The Group balance guarantee swap was transacted at historical rates and, in compensation, the Group received cash consideration for taking on a liability. The following table sets out the movement during the year:
Group Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(1.8)
(0.5)
(1.1)
(2.0)
Fair value (loss)/gain recognised in income statement
(0.4)
(1.3)
4.4
0.9
At 31 December
(2.2)
(1.8)
3.3
(1.1)
The fair value loss recognised in the Group\u2019s income statement of \u00a30.4m (2024: loss of \u00a31.3m) is before the application of hedge accounting. The effect of applying hedge accounting resulted in a loss of \u00a30.5m (2024: gain of \u00a30.2m). The fair value gain recognised in the Company\u2019s income statement of \u00a34.4m (2024: loss of \u00a30.9m) is before the application of hedge accounting. The effect of applying hedge accounting resulted in a loss of \u00a32.3m (2024: gain of \u00a32.4m). The Company accounts do not include the securitisation balance guarantee swap, and therefore do not benefit from the natural hedging that is achieved on consolidation (c) Fair values of financial assets and liabilities not held at fair value The table below shows the fair value of financial assets and liabilities not presented at fair value in the balance sheet:
2025 2024
Fair value Book value Fair value Book value
Group \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
804.5
804.5
1,003.9
1,003.9
Investment securities
254.3
254.6
\u2014
\u2014
Amounts receivable from customers
2,808.0
2,691.5
2,488.5
2,153.7
Trade and other receivables
32.2
32.2
41.6
41.6
Total assets
3,899.0
3,782.8
3,534.0
3,199.2
Liabilities
Retail deposits
2,986.3
3,019.9
2,400.4
2,428.2
Bank and other borrowings
353.6
347.5
373.2
410.0
Trade and other payables
45.1
45.1
41.0
41.0
Lease liabilities
21.2
21.2
32.5
32.5
Total liabilities
3,406.2
3,433.7
2,847.1
2,911.7
2025 2024
Fair value Book value Fair value Book value
Company \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
4.3
4.3
10.5
10.5
Trade and other receivables
768.3
768.3
763.6
763.6
Total assets
772.6
772.6
774.1
774.1
Liabilities
Bank and other borrowings
150.0
146.6
168.8
204.7
Trade and other payables
13.0
13.0
18.0
18.0
Lease liabilities
\u2014
\u2014
11.3
11.3
Total liabilities
163.0
159.6
198.1
234.0
Key considerations in the calculation of fair values of those financial assets and liabilities not presented at fair value in the balance sheet are set out below. Where there is no significant difference between carrying value and fair value no additional information has been presented. The fair value of investment securities is classed as Level 1 as it has been derived using quoted market prices The fair value of amounts receivable from customers has been derived by discounting expected future cash flows (net of collection costs) at the credit risk-adjusted discount rate at the balance sheet date. They are categorised within Level 3 as the expected future cash flows and discount rate are deemed to be significant unobservable inputs. The fair value of retail deposits has been calculated by discounting the expected future cash flows at the relevant market interest rate yield curves prevailing at the balance sheet date and they are categorised within Level 3 of the fair value hierarchy as the expected future cash flows are deemed to be significant unobservable inputs. Within bank and other borrowings, the Tier 2 capital is classed as Level 1 as it is valued with quoted market prices. Central bank facilities are floating rate instruments with a fair value equivalent to book value. The fair value of the securitisation notes was calculated using a discounted cash flow and is classed as Level 3. Whilst it uses publicly available information for the discount rate, the cash flow forecast is not publicly available ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-514": { "value": "Interest rate swaps The Group is counterparty to 24 external swaps. These swaps are detailed below: 5 Tier 2 swap: transacted to hedge the interest rate risk on the Tier 2 capital; 5 Securitisation balance guarantee swap: transacted to manage the interest rate risk on the Vehicle Finance securitisation; and 5 Group balance guarantee swap: transacted to reverse the interest rate risk position in the Group accounts created by the securitisation balance guarantee swap. 5 Investment securities swaps: transacted to hedge interest rate risk of UK government bonds (Gilts); 5 Second Charge Mortgage swaps: transacted to hedge interest rate risk of second-charge mortgages portfolio; 5 Deposit swaps: transacted to hedge interest rate risk of retail deposits. The Group balance guarantee swap was transacted at historical rates and, in compensation, the Group received cash consideration for taking on a liability. The following table sets out the movement during the year:
Group Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(1.8)
(0.5)
(1.1)
(2.0)
Fair value (loss)/gain recognised in income statement
(0.4)
(1.3)
4.4
0.9
At 31 December
(2.2)
(1.8)
3.3
(1.1)
The fair value loss recognised in the Group\u2019s income statement of \u00a30.4m (2024: loss of \u00a31.3m) is before the application of hedge accounting. The effect of applying hedge accounting resulted in a loss of \u00a30.5m (2024: gain of \u00a30.2m). The fair value gain recognised in the Company\u2019s income statement of \u00a34.4m (2024: loss of \u00a30.9m) is before the application of hedge accounting. The effect of applying hedge accounting resulted in a loss of \u00a32.3m (2024: gain of \u00a32.4m). The Company accounts do not include the securitisation balance guarantee swap, and therefore do not benefit from the natural hedging that is achieved on consolidation (c) Fair values of financial assets and liabilities not held at fair value The table below shows the fair value of financial assets and liabilities not presented at fair value in the balance sheet:
2025 2024
Fair value Book value Fair value Book value
Group \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
804.5
804.5
1,003.9
1,003.9
Investment securities
254.3
254.6
\u2014
\u2014
Amounts receivable from customers
2,808.0
2,691.5
2,488.5
2,153.7
Trade and other receivables
32.2
32.2
41.6
41.6
Total assets
3,899.0
3,782.8
3,534.0
3,199.2
Liabilities
Retail deposits
2,986.3
3,019.9
2,400.4
2,428.2
Bank and other borrowings
353.6
347.5
373.2
410.0
Trade and other payables
45.1
45.1
41.0
41.0
Lease liabilities
21.2
21.2
32.5
32.5
Total liabilities
3,406.2
3,433.7
2,847.1
2,911.7
2025 2024
Fair value Book value Fair value Book value
Company \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and cash equivalents
4.3
4.3
10.5
10.5
Trade and other receivables
768.3
768.3
763.6
763.6
Total assets
772.6
772.6
774.1
774.1
Liabilities
Bank and other borrowings
150.0
146.6
168.8
204.7
Trade and other payables
13.0
13.0
18.0
18.0
Lease liabilities
\u2014
\u2014
11.3
11.3
Total liabilities
163.0
159.6
198.1
234.0
Key considerations in the calculation of fair values of those financial assets and liabilities not presented at fair value in the balance sheet are set out below. Where there is no significant difference between carrying value and fair value no additional information has been presented. The fair value of investment securities is classed as Level 1 as it has been derived using quoted market prices The fair value of amounts receivable from customers has been derived by discounting expected future cash flows (net of collection costs) at the credit risk-adjusted discount rate at the balance sheet date. They are categorised within Level 3 as the expected future cash flows and discount rate are deemed to be significant unobservable inputs. The fair value of retail deposits has been calculated by discounting the expected future cash flows at the relevant market interest rate yield curves prevailing at the balance sheet date and they are categorised within Level 3 of the fair value hierarchy as the expected future cash flows are deemed to be significant unobservable inputs. Within bank and other borrowings, the Tier 2 capital is classed as Level 1 as it is valued with quoted market prices. Central bank facilities are floating rate instruments with a fair value equivalent to book value. The fair value of the securitisation notes was calculated using a discounted cash flow and is classed as Level 3. Whilst it uses publicly available information for the discount rate, the cash flow forecast is not publicly available ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "30 Share capital
2025 2024
Issued and Issued and
Group and Company fully paid fully paid
Ordinary shares of 20 8\u204411p each
\u2013 \u00a3m
53.2
53.2
\u2013 number (m)
256.5
256.5
The movement in the number of shares in issue during the year was as follows:
2025 2024
Group and Company m m
At 1 January
256.5
256.5
Shares issued pursuant to the exercise/vesting of options and awards
\u2014
\u2014
At 31 December
256.5
256.5
There were 10,870 shares issued under the 2023 SAYE scheme in 2025. There were no shares issued in 2024. Vanquis Banking Group plc sponsors the Vanquis Banking Group plc 2007 Employee Benefit Trust (EBT), which is a discretionary trust established for the benefit of the employees of the Group. The Company has appointed JTC Trust Company (CI) Limited to act as trustee of the EBT. The trustee has waived the right to receive dividends on the shares it holds. As at 31 December 2025, the EBT held 6,161,954 (2024: 1,020,669) shares in the Company with a nominal value of \u00a31.3m (2024: \u00a30.2m) and a market value of \u00a37.4m (2024: \u00a30.5m). The shares have been acquired by the EBT to meet obligations under the Vanquis Banking Group Deferred Bonus Plan and the Vanquis Banking Group Restricted Share Plan
The AT1 securities carry discretionary, non-cumulative coupons, which are payable semi-annually at a fixed
rate of 10.875% per annum. The Group may elect, at its sole discretion, to cancel any coupon payment
without constituting an event of default. The instruments do not have a fixed maturity date; however,
the Group has an option to redeem them after 1 November 2030, subject to regulatory approval.
The AT1 instruments include a loss absorption feature whereby, upon the occurrence of a trigger
event (being the Group\u2019s Common Equity Tier 1 ratio falling below 7%), the securities will be either
written down or converted into ordinary shares, as specified in the terms and conditions.
The carrying amount of the AT1 instruments at 31 December 2025 was \u00a358.6m (2024: \u00a3nil), which
represents the \u00a360m issuance less directly attributable issue costs of \u00a31.4m. There were no other
equity instruments outstanding in the prior year.
32 Other equity instruments
Group
2025 2024
\u00a3m \u00a3m
At 1 January
\u2014
\u2014
Issued in the year
58.6
\u2014
Profit attributable to other equity holders
0.5
\u2014
Distributions on other equity instruments
(0.5)
\u2014
At 31 December
58.6
\u2014
On 1 October 2025, the Group issued Additional Tier 1 (AT1) capital securities with a nominal value of \u00a360m. These instruments are perpetual, subordinated and classified as equity in accordance with IAS 32 as they do not contain any contractual obligation to deliver cash or another financial asset", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "30 Share capital
2025 2024
Issued and Issued and
Group and Company fully paid fully paid
Ordinary shares of 20 8\u204411p each
\u2013 \u00a3m
53.2
53.2
\u2013 number (m)
256.5
256.5
The movement in the number of shares in issue during the year was as follows:
2025 2024
Group and Company m m
At 1 January
256.5
256.5
Shares issued pursuant to the exercise/vesting of options and awards
\u2014
\u2014
At 31 December
256.5
256.5
There were 10,870 shares issued under the 2023 SAYE scheme in 2025. There were no shares issued in 2024. Vanquis Banking Group plc sponsors the Vanquis Banking Group plc 2007 Employee Benefit Trust (EBT), which is a discretionary trust established for the benefit of the employees of the Group. The Company has appointed JTC Trust Company (CI) Limited to act as trustee of the EBT. The trustee has waived the right to receive dividends on the shares it holds. As at 31 December 2025, the EBT held 6,161,954 (2024: 1,020,669) shares in the Company with a nominal value of \u00a31.3m (2024: \u00a30.2m) and a market value of \u00a37.4m (2024: \u00a30.5m). The shares have been acquired by the EBT to meet obligations under the Vanquis Banking Group Deferred Bonus Plan and the Vanquis Banking Group Restricted Share Plan ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "
31 Share-based payments
The Group issues share options and awards to employees as part of its employee remuneration
packages. The Group operates four equity-settled share schemes: the Long Term Incentive Scheme
(LTIS); the Restricted Share Plan (RSP) and Company Share Option Plan (CSOP); employees\u2019 savings-
related share option schemes typically referred to as Save As You Earn schemes (SAYE); and the
Deferred Bonus Plan (DBP).
When an equity-settled share option or award is granted, a fair value is calculated based on the
share price at grant date, the probability of the option/award vesting, the Group\u2019s recent share price
volatility, and the risk associated with the option/award. A fair value is calculated based on the
value of awards granted and adjusted at each balance sheet date for the probability of vesting
against performance conditions.
The fair value of all options/awards is charged to the income statement on a straight-line basis over
the vesting period of the underlying option/award.
During 2025, awards/options have been granted under the RSP scheme and the SAYE (2024: awards/
options have been granted under the RSP scheme).
Equity-settled schemes
The charge to the income statement in 2025 for equity-settled schemes was \u00a32.3m for the Group
(2024: \u00a32.7m) and \u00a31.0m for the Company (2024: \u00a31.5m).
The fair value per award/option granted and the assumptions used in the calculation of the
equity-settled share-based payment charges for the Group and the Company are as follows:
2025
2024
Group
SAYE
RSP
RSP
Grant date
9 Oct 2025
9 Sep 2025
7 May 2024
Share price at grant date (\u00a3)
1.25
1.09
0.50
Exercise price (\u00a3)
0.94
\u2014
\u2014
Vesting period (years)
3 & 5
3
3
Expected volatility
58.5%\u201363.2%
\u2014
\u2014
Award/option life (years)
3 or 5
3
3
Expected life (years)
3 or 5
3
3
Risk-free rate
3.7%\u20133.8%
\u2014
\u2014
Expected dividends expressed as a dividend yield
4.8%\u20135.9%
\u2014
\u2014
Fair value per award/option (\u00a3)
0.29\u20130.30
1.12
0.48
The expected volatility is based on historical volatility over the last three or five years depending on the
length of the option/award. The expected life is the average expected period to exercise. The risk-free
rate of return is the yield on zero coupon UK Government bonds of a similar duration to the life of the
share option.
A reconciliation of award/share option movements during the year is shown below:
RSP/CSOP
1
DBP/PSP
1
LTIS
1
SAYE
Weighted
average
exercise
price
Group
Number
Number
Number
Number
\u00a3
Outstanding at 1 January 2025
9,155,405
664,572
2,821,336
3,331,381
0.93
Awarded/granted
2,920,840
\u2014
\u2014
2,522,601
0.94
Lapsed
(1,881,296)
\u2014
\u2014
(801,004)
1.05
Vested
\u2014
(348,911)
\u2014
\u2014
\u2014
Exercised
(1,077,049)
\u2014
\u2014
(10,870)
0.87
Outstanding at 31 December 2025
9,117,900
315,661
2,821,336
5,042,108
0.91
Exercisable at 31 December 2025
82,938
\u2014
\u2014
\u2014
\u2014
1 The RSP/CSOP, DBP/PSP and LTIS schemes all carry a \u00a3nil value exercise price.
RSP/CSOP
1
DBP/PSP
1
LTIS
1
SAYE
Weighted
average
exercise
price
Group
Number
Number
Number
Number
\u00a3
Outstanding at 1 January 2024
6,479,601
664,572
2,821,336
5,795,672
1.04
Awarded/granted
5,093,207
\u2014
\u2014
\u2014
\u2014
Lapsed
(1,660,998)
\u2014
\u2014
(2,464,291)
1.19
Vested
\u2014
\u2014
\u2014
\u2014
\u2014
Exercised
(756,405)
\u2014
\u2014
\u2014
\u2014
Outstanding at 31 December 2024
9,155,405
664,572
2,821,336
3,331,381
0.93
Exercisable at 31 December 2024
166,038
\u2014
\u2014
86,387
1.01
1 The RSP/CSOP, DBP/PSP and LTIS scheme awards have a \u00a3nil value exercise price.
The amounts included in the RSP/CSOP table reflect the total amount of shares awarded under
both schemes.
Share awards outstanding under the LTIS at 31 December 2025 had an exercise price of \u00a3nil (2024:
\u00a3nil) and a weighted average remaining contractual life of 1.7 years (2024: 2.7 years). Share options
outstanding under the SAYE schemes at 31 December 2025 had exercise prices ranging from 87p to
284p (2024: 87p to 284p) and a weighted average remaining contractual life of 2.4 years (2024: 0.9
years). Share awards outstanding under the DBP schemes at 31 December 2025 had an exercise price
of \u00a3nil (2024: \u00a3nil) and a weighted average remaining contractual life of 0.3 years (2024: 0.7 years).
Share awards outstanding under the RSP at 31 December 2025 have an exercise price of \u00a3nil (2024:
\u00a3nil) and a weighted average remaining contractual life of 1.5 years (2024: 1.6 years). Share awards
outstanding under the CSOP schemes at 31 December 2025 had exercise prices of 259p (2024: 48p to
296p) and a weighted average remaining contractual life of 0.3 years (2024: 1.6 years).
RSP/CSOP
1
DBP/PSP
1
SAYE
Weighted
average
exercise
price
Company
Number
Number
Number
\u00a3
Outstanding at 1 January 2025
6,140,869
571,865
733,350
0.93
Awarded/granted
2,098,150
\u2014
247,004
0.94
Lapsed
(1,159,963)
\u2014
(402,017)
0.99
Vested
\u2014
(256,204)
\u2014
\u2014
Exercised
(778,873)
\u2014
\u2014
\u2014
Transferred
(2,246,002)
\u2014
(578,337)
0.92
Outstanding at 31 December 2025
4,054,181
315,661
\u2014
\u2014
Exercisable at 31 December 2025
18,215
\u2014
\u2014
\u2014
1 The RSP/CSOP and DBP/PSP scheme awards have a \u00a3nil value exercise price.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "
33 Related party transactions
The Company recharges the pension scheme referred to in note 22 with a proportion of the costs of
administration and professional fees incurred by the Company. The total amount recharged during
the year was \u00a30.3m (2024: \u00a30.3m) and the Company amount payable to the pension scheme at
31 December 2025 was \u00a3nil (2024: \u00a3nil).
Details of the transactions between the Company and its subsidiary undertakings, which comprise
management recharges and interest charges on intra-group balances, along with any balances
outstanding at 31 December, are set out below:
2025 2024
Management Interest Outstanding Management Interest Outstanding
recharge credit balance recharge credit balance
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Vanquis Bank
9.5
(1.0)
33.8
37.5
(1.9)
23.2
Moneybarn
15.0
\u2014
\u2014
18.1
\u2014
\u2014
Provident Financial
Holdings
\u2014
(79.9)
726.3
\u2014
(63.7)
729.2
Other central companies
\u2014
0.2
(4.5)
(14.1)
0.3
(12.7)
Total related party
transactions
24.5
(80.7)
755.6
41.5
(65.3)
739.7
The outstanding balance represents the gross intercompany balance receivable to/(payable by) the
Company. The amounts receivable from Vanquis Bank include \u00a339.0m (2024: \u00a323.0m) in relation to
amounts placed on deposit via Vanquis Bank, with the Bank of England and the year-end
management recharges.
A facility of \u00a3100m is provided from the Company via Provident Financial Holdings (PFH), the
intermediate holding company, to its subsidiary Moneybarn No. 1 Limited and \u00a350m and \u00a3114m of
facilities were provided directly to PFH from the Company. During 2024 and up to December 2025 a
facility of \u00a385m facility was provided via PFH to PFG Corporate Services Limited until it was placed in
members\u2019 voluntary liquidation. The intercompany loans accrue interest at the Company\u2019s monthly
weighted average cost of funds plus a margin.
31 Share-based payments continued
Equity-settled schemes continued
RSP/CSOP
1
DBP/PSP
1
SAYE
Weighted
average
exercise
price
Company
Number
Number
Number
\u00a3
Outstanding at 1 January 2024
4,286,055
571,865
1,019,026
1.10
Awarded/granted
3,513,681
\u2014
\u2014
\u2014
Lapsed
(1,190,461)
\u2014
(285,676)
1.15
Vested
\u2014
\u2014
\u2014
\u2014
Exercised
(468,406)
\u2014
\u2014
\u2014
Outstanding at 31 December 2024
6,140,869
571,865
733,350
0.93
Exercisable at 31 December 2024
107,486
\u2014
12,587
1.43
1 The RSP/CSOP and DBP/PSP scheme awards have a \u00a3nil value exercise price.
There were no share options outstanding under the SAYE schemes at 31 December 2025. The awards
had an exercise price of \u00a3nil (2024: 87p to 284p) and a weighted average remaining contractual life
of nil years (2024: 0.9 years). Share awards outstanding under the DBP/PSP schemes at 31 December
2025 had an exercise price of \u00a3nil (2024: \u00a3nil) and a weighted average remaining contractual life of
0.3 years (2024: 0.8 years). Share awards outstanding under the RSP schemes at 31 December 2025
had an exercise price of \u00a3nil (2024: \u00a3nil) and a weighted average remaining contractual life of 1.3 years
(2024: 1.6 years). Share awards outstanding under the CSOP schemes at 31 December 2025 had exercise
price of 259p (2024: 48p to 296p) and a weighted average remaining contractual life of 0.3 years
(2024: 1.6 years).
The net charge to the income statement for both intercompany and investment provisions in 2025 is \u00a317.2m (2024: \u00a30.2m). Dividends were received totalling \u00a318.4m (2024: \u00a31.7m) in relation to non-trading and dormant companies as part of the pre-liquidation steps before the companies were placed into members\u2019 voluntary liquidation. Additionally, PFH approved and paid dividends to the Company totalling \u00a320.0m (2024: \u00a340.0m) and PFH received equivalent dividends from Vanquis Bank. There are no transactions with directors other than those disclosed in the Directors\u2019 Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "33 Related party transactions The Company recharges the pension scheme referred to in note 22 with a proportion of the costs of administration and professional fees incurred by the Company. The total amount recharged during the year was \u00a30.3m (2024: \u00a30.3m) and the Company amount payable to the pension scheme at 31 December 2025 was \u00a3nil (2024: \u00a3nil). Details of the transactions between the Company and its subsidiary undertakings, which comprise management recharges and interest charges on intra-group balances, along with any balances outstanding at 31 December, are set out below:
2025 2024
Management Interest Outstanding Management Interest Outstanding
recharge credit balance recharge credit balance
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Vanquis Bank
9.5
(1.0)
33.8
37.5
(1.9)
23.2
Moneybarn
15.0
\u2014
\u2014
18.1
\u2014
\u2014
Provident Financial
Holdings
\u2014
(79.9)
726.3
\u2014
(63.7)
729.2
Other central companies
\u2014
0.2
(4.5)
(14.1)
0.3
(12.7)
Total related party
transactions
24.5
(80.7)
755.6
41.5
(65.3)
739.7
The outstanding balance represents the gross intercompany balance receivable to/(payable by) the Company. The amounts receivable from Vanquis Bank include \u00a339.0m (2024: \u00a323.0m) in relation to amounts placed on deposit via Vanquis Bank, with the Bank of England and the year-end management recharges. A facility of \u00a3100m is provided from the Company via Provident Financial Holdings (PFH), the intermediate holding company, to its subsidiary Moneybarn No. 1 Limited and \u00a350m and \u00a3114m of facilities were provided directly to PFH from the Company. During 2024 and up to December 2025 a facility of \u00a385m facility was provided via PFH to PFG Corporate Services Limited until it was placed in members\u2019 voluntary liquidation. The intercompany loans accrue interest at the Company\u2019s monthly weighted average cost of funds plus a margin. 31 Share-based payments continued Equity-settled schemes continued
RSP/CSOP
1
DBP/PSP
1
SAYE
Weighted
average
exercise
price
Company
Number
Number
Number
\u00a3
Outstanding at 1 January 2024
4,286,055
571,865
1,019,026
1.10
Awarded/granted
3,513,681
\u2014
\u2014
\u2014
Lapsed
(1,190,461)
\u2014
(285,676)
1.15
Vested
\u2014
\u2014
\u2014
\u2014
Exercised
(468,406)
\u2014
\u2014
\u2014
Outstanding at 31 December 2024
6,140,869
571,865
733,350
0.93
Exercisable at 31 December 2024
107,486
\u2014
12,587
1.43
1 The RSP/CSOP and DBP/PSP scheme awards have a \u00a3nil value exercise price. There were no share options outstanding under the SAYE schemes at 31 December 2025. The awards had an exercise price of \u00a3nil (2024: 87p to 284p) and a weighted average remaining contractual life of nil years (2024: 0.9 years). Share awards outstanding under the DBP/PSP schemes at 31 December 2025 had an exercise price of \u00a3nil (2024: \u00a3nil) and a weighted average remaining contractual life of 0.3 years (2024: 0.8 years). Share awards outstanding under the RSP schemes at 31 December 2025 had an exercise price of \u00a3nil (2024: \u00a3nil) and a weighted average remaining contractual life of 1.3 years (2024: 1.6 years). Share awards outstanding under the CSOP schemes at 31 December 2025 had exercise price of 259p (2024: 48p to 296p) and a weighted average remaining contractual life of 0.3 years (2024: 1.6 years).
The net charge to the income statement for both intercompany and investment provisions in 2025 is
\u00a317.2m (2024: \u00a30.2m).
Dividends were received totalling \u00a318.4m (2024: \u00a31.7m) in relation to non-trading and dormant
companies as part of the pre-liquidation steps before the companies were placed into members\u2019
voluntary liquidation. Additionally, PFH approved and paid dividends to the Company totalling
\u00a320.0m (2024: \u00a340.0m) and PFH received equivalent dividends from Vanquis Bank.
There are no transactions with directors other than those disclosed in the Directors\u2019 Remuneration Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "
34 Contingent liabilities
During the ordinary course of business the Group is subject to other complaints and threatened or
actual legal proceedings (including class or group action claims) brought by or on behalf of current
or former employees, customers, investors or third parties. This extends to legal and regulatory reviews,
challenges, investigations and enforcement actions combined with tax authorities taking a view that
is different to the view the Group has taken on the tax treatment in its tax returns. It also extends to
tax authorities taking the view that VAT-exempt supplies received by the Group from UK-based
suppliers should be subject to VAT.
All such material matters are periodically assessed, with the assistance of external professional
advisors, where appropriate, to determine the likelihood of the Group incurring a liability.
In those instances where it is concluded that it is more likely than not that a payment will be made,
a provision is established for management\u2019s best estimate of the amount required at the relevant
balance sheet date.
In some cases it may not be possible to form a view, for example because the facts are unclear or
because further time is needed to properly assess the merits of the case, and no provisions are held
in relation to such matters. However, the Group does not currently expect the final outcome of any
such case to have a material adverse effect on its financial position, operations or cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "34 Contingent liabilities During the ordinary course of business the Group is subject to other complaints and threatened or actual legal proceedings (including class or group action claims) brought by or on behalf of current or former employees, customers, investors or third parties. This extends to legal and regulatory reviews, challenges, investigations and enforcement actions combined with tax authorities taking a view that is different to the view the Group has taken on the tax treatment in its tax returns. It also extends to tax authorities taking the view that VAT-exempt supplies received by the Group from UK-based suppliers should be subject to VAT. All such material matters are periodically assessed, with the assistance of external professional advisors, where appropriate, to determine the likelihood of the Group incurring a liability. In those instances where it is concluded that it is more likely than not that a payment will be made, a provision is established for management\u2019s best estimate of the amount required at the relevant balance sheet date. In some cases it may not be possible to form a view, for example because the facts are unclear or because further time is needed to properly assess the merits of the case, and no provisions are held in relation to such matters. However, the Group does not currently expect the final outcome of any such case to have a material adverse effect on its financial position, operations or cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "
35 Reconciliation of profit/(loss) after taxation to cash generated from/
(used in) operations
Group
1
Company
1
2025 2024 2025 2024
Note \u00a3m \u00a3m \u00a3m \u00a3m
Profit/(loss) after taxation
8.7
(119.3)
65.8
62.3
Adjusted for:
\u2013 tax charge/(credit)
7
0.5
(17.0)
14.5
10.0
\u2013 dividends received
33
\u2014
\u2014
(38.3)
(41.7)
\u2013 share-based payment charge
31
2.2
2.7
1.2
1.5
\u2013 retirement benefit charge/(credit)
22
0.1
(0.4)
0.1
(0.4)
\u2013 amortisation of intangible assets
20
10.5
16.9
0.2
0.3
\u2013 impairment of intangible assets
20
\u2014
8.5
\u2014
\u2014
\u2013 provisions created in the year
26
15.9
30.0
0.1
7.8
\u2013 provisions released in the year
26
(5.7)
(1.3)
(2.7)
\u2014
\u2013 provisions utilised in the year
26
(17.8)
(17.6)
(1.1)
(2.2)
\u2013 depreciation of property, plant and
equipment and right of use assets
17, 18
6.4
7.5
1.5
1.5
\u2013 impairment of right of use assets
18
\u2014
3.5
\u2014
2.9
\u2013 loss on disposal of property, plant
and equipment
17
0.3
0.3
\u2014
\u2014
\u2013 loss on disposal of intangible assets
20
1.2
\u2014
\u2014
\u2014
\u2013 provision for investment impairment
21
\u2014
\u2014
17.2
78.5
\u2013 provision for intercompany impairment
15
\u2014
\u2014
\u2014
(78.3)
\u2013 non-cash interest expense
(4.0)
(1.8)
(2.9)
0.5
\u2013 derivatives and hedging movements
23
0.4
(2.5)
(2.1)
(2.4)
\u2013 fair value movements on Visa shares
16
(0.1)
(1.2)
\u2014
\u2014
\u2013 contributions into the retirement benefit scheme
22
(0.8)
(0.8)
(0.8)
(0.8)
\u2013 goodwill write-off
19
\u2014
71.2
\u2014
\u2014
Changes in operating assets and liabilities:
\u2013 amounts receivable from customers
14
(536.6)
4.4
\u2014
\u2014
\u2013 trade and other receivables
15
10.6
(16.9)
(61.0)
136.4
\u2013 trade and other payables
25
5.7
0.6
(6.0)
(214.5)
\u2013 movement in retail deposits
28
591.5
477.7
\u2014
\u2014
Cash generated from/(used in) operations
89.0
444.5
(14.3)
(38.6)
1 Detail on restatement set out below.
The following changes have been made to the line items presented in the statement of cash flows,
with corresponding restatement of the cash flows for the comparative period:
5 Finance income and finance costs are no longer separately disclosed within operating cash flows.
The total amount of interest received (2024: Group: \u00a3637.8m; Company: \u00a39.1m) and interest paid
(2024: Group: \u00a3103.0m; Company: \u00a38.5m) in the year is now disclosed as a memo item underneath
the statement of cash flows. The Group\u2019s 2024 disclosed total interest received has increased
significantly as it now includes \u00a3588.9m of interest received on amounts receivable from customers;
\u00a32.3m has also been removed from this disclosure as it related to non-cash items.
5 As part of this representation, any non-cash interest is now presented as a separate reconciling
item between loss after tax and cash generated from operations. In addition, capitalised
interest on retail deposits is now included as part of the movement in retail deposits line within
this reconciliation.
5 The derivatives and hedging movements line within the reconciliation between loss after tax and
cash generated from operations now solely represents the non-cash movement in the year on
derivatives and hedge accounting adjustments.
5 Group cash outflows in relation to internally generated intangibles have been represented from
operating cash flows to investing cash flows, in line with the nature of the expenditure.
The affected financial statement line items are as follows:
Group
Company
As As
previously previously
presented Adjustment Restated presented Adjustment Restated
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Reconciliation of profit/(loss)
after tax
Finance costs
145.4
(145.4)
\u2014
28.0
(28.0)
\u2014
Finance income
(47.2)
47.2
\u2014
(69.1)
69.1
\u2014
Internally generated
intangible additions
(12.5)
12.5
\u2014
\u2014
\u2014
\u2014
Non-cash interest expense
\u2014
(1.8)
(1.8)
\u2014
0.5
0.5
Derivatives and
hedging movement
1.2
(3.7)
(2.5)
(4.7)
2.3
(2.4)
Trade and other payables
\u2014
\u2014
\u2014
195.4
(59.0)
136.4
Movement in retail deposits
425.8
51.9
477.7
\u2014
\u2014
\u2014
Statement of cash flows
Cash flow from
operating activities:
Cash generated from/(used in)
operations
483.8
(39.3)
444.5
(23.5)
(15.1)
(38.6)
Finance costs paid
(103.0)
103.0
\u2014
(31.0)
31.0
\u2014
Finance income received
51.2
(51.2)
\u2014
15.9
(15.9)
\u2014
Cash flows from
investing activities:
Purchase of intangible assets
\u2014
(12.5)
(12.5)
\u2014
\u2014
\u2014
There is no impact on the income statement, statement of comprehensive income, earnings per share
or balance sheet as a result of these changes.
The above changes were identified following an enquiry from the Corporate Reporting Review Team
of the FRC, as part of its regular review and assessment of the quality of corporate reporting in the
UK. The FRC has confirmed that its enquiries have now been closed.
When reviewing the 2024 Annual Report and Accounts, the FRC has made clear the limitations of its
review as follows:
5 its review is based on the 2024 Annual Report and Accounts and does not benefit from detailed
knowledge of the Group\u2019s business or an understanding of the underlying transactions entered into;
5 communications from the FRC provide no assurance that the Group\u2019s 2024 Annual Report and
Accounts are correct in all material respects and are written on the basis that the FRC (including
its officers, employees and agents) accepts no liability for reliance on them by the Group or any
third party, including but not limited to investors and shareholders; and
5 the FRC\u2019s role is not to verify the information provided to it but to consider compliance with
reporting requirements.
The increase in amounts receivable from customers of \u00a3536.6m (2024: \u00a34.4m decrease) includes the
non-cash movement in the impairment provision as set out below.
2025 2024
Group \u00a3m \u00a3m
Cash movement in amounts receivable from customers
(518.4)
322.9
Non-cash provision movement \u2013 allowance account
(18.2)
(318.5)
Net movement in amounts receivable from customers
(536.6)
4.4
The table below details changes in the Group and Company\u2019s liabilities arising from financing
activities, including both cash and non-cash changes. Liabilities arising from financing activities are
those for which cash flows were, or future cash flows will be, classified in the cash flow statement as
cash flows from financing activities.
Bank
and other Lease
borrowings liabilities
(note 28) (note 27) Total
Group \u00a3m \u00a3m \u00a3m
1 January 2025
(410.0)
(32.5)
(442.5)
Cash changes
Financing cash flows
63.5
\u2014
63.5
Lease payments
\u2014
10.0
10.0
Non-cash changes
Amortised fees
(1.5)
\u2014
(1.5)
Interest paid
2.6
0.7
3.3
Included within overdrafts
0.2
\u2014
0.2
Derivatives
(2.3)
\u2014
(2.3)
Lease additions and disposals
\u2014
0.6
0.6
31 December 2025
(347.5)
(21.2)
(368.7)
Bank
and other Lease
borrowings liabilities
(note 28) (note 27) Total
Group \u00a3m \u00a3m \u00a3m
1 January 2024
(582.5)
(40.9)
(623.4)
Cash changes
Financing cash flows
169.0
\u2014
169.0
Lease payments
\u2014
12.7
12.7
Non-cash changes
Amortised fees
(0.7)
\u2014
(0.7)
Interest paid
2.3
(3.0)
(0.7)
Included within overdrafts
0.4
\u2014
0.4
Derivatives
1.5
\u2014
1.5
Lease additions and disposals
\u2014
(1.3)
(1.3)
31 December 2024
(410.0)
(32.5)
(442.5)
Bank
and other Lease
borrowings liabilities
(note 28) (note 27) Total
Company \u00a3m \u00a3m \u00a3m
1 January 2025
(204.7)
(11.3)
(216.0)
Cash changes
Financing cash flows
58.5
\u2014
58.5
Lease payments
\u2014
3.3
3.3
Non-cash changes
Amortised fees
(0.4)
\u2014
(0.4)
Interest paid
2.3
0.2
2.5
Included within overdrafts
\u2014
\u2014
\u2014
Derivatives
(2.3)
\u2014
(2.3)
Lease additions and disposals
\u2014
7.8
7.8
31 December 2025
(146.6)
\u2014
(146.6)
Bank
and other Lease
borrowings liabilities
(note 28) (note 27) Total
Company \u00a3m \u00a3m \u00a3m
1 January 2024
(205.7)
(13.6)
(219.3)
Cash changes
Financing cash flows
\u2014
\u2014
\u2014
Lease payments
\u2014
3.4
3.4
Non-cash changes
Amortised fees
(0.5)
\u2014
(0.5)
Interest paid
\u2014
(0.4)
(0.4)
Included within overdrafts
\u2014
\u2014
\u2014
Derivatives
1.5
\u2014
1.5
Lease additions and disposals
\u2014
(0.7)
(0.7)
31 December 2024
(204.7)
(11.3)
(216.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "
36 Country-by-Country Reporting
The Capital Requirements (Country-by-Country Reporting) Regulations 2013 came into effect on
1 January 2014 and place certain reporting obligations on financial institutions as defined by EU
Regulation No. 575/2013 (the capital requirements regulation). The objective of the country-by-country
reporting requirements is to provide increased transparency regarding the source of the financial
institution\u2019s income and the locations of its operations.
Vanquis Banking Group plc is a UK registered entity. Details of its subsidiaries are given in note 38
and the activities of the Group are described in the Strategic Report on pages 1 to 17.
The activities of the Group, described as required by the Regulations for the year ended 31 December
2025 were:
United Kingdom
2025 2024
Interest payable on: \u00a3m \u00a3m
Total operating income (including discontinued operations)
456.0
458.6
Profit/(loss) before tax (including discontinued operations)
9.2
(136.3)
Corporation tax received
4.0
8.2
Public subsidies received
\u2014
\u2014
Average number of employees
1,279
1,375
", "dimensions": { "concept": "vanquisbanking:DisclosureOfCountryByCountryReporting", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "
37 Post-balance sheet events
There have been no significant events since the balance sheet date that require disclosure in these
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "value": "38 Details of subsidiary undertakings The subsidiary undertakings of the Group at 31 December 2025 are shown below. The Company is the parent or ultimate parent of all subsidiaries and they are all 100% owned by the Group.
Company
Company name number
Registered at No. 5 Godwin Street, Bradford BD1 2AH:
Provident Financial Holdings Limited
13061852
Provident SPV Limited
1,2
12988335
Vanquis Bank Limited
1
2558509
N&N Simple Financial Solution Limited
1
3803565
Cheque Exchange Limited
1
2927947
PFG Corporate Services Limited
1,2
13423666
Provfin Limited
2
1879771
Provident Financial Group Limited
2
194214
Aquis Cards Limited
7036307
Registered at Athena House, Bedford Road, Petersfield, Hampshire GU32 3LJ:
Moneybarn No. 1 Limited
1
4496573
Duncton Group Limited
1
6308608
Moneybarn Group Limited
1,2
4525773
Moneybarn Limited
1,2
2766324
Registered at 10 Norwich Street, London EC4A 1BD:
Usnoop Limited
1
11797870
Registered at C/O DWF LLP, 2 Semple Street, Edinburgh EH3 8BL:
Lawson Fisher Limited
SC004758
1 Companies whose immediate parent is not Vanquis Banking Group plc. 2 As part of the continued rationalisation of the Group these companies have been placed into members\u2019 voluntary liquidation. The following companies act as a vehicle to allow the securitisation of the Moneybarn customer receivables and Vanquis Bank Limited\u2019s drawings under central bank facilities. These companies are not owned by Vanquis Banking Group plc but form part of the consolidated Group due to meeting the requirements of IFRS 10 Consolidated Financial Statements.
Company
Company name number
Registered at 8th Floor, 100 Bishopsgate, London, England EC2N 4AG:
Moneybarn Financing Limited
12323134
Company
Company name number
Registered at 10th Floor, 5 Churchill Place, London, England E14 5HU:
Oban Cards 2021-1 Holdings Limited
12754762
Oban Cards 2021-1 PLC
12757121
Oban Cards Receivables Trustee Limited
12756504
The following subsidiaries are taking an audit exemption and are therefore exempt from the requirement to the audit of accounts under section 479A of the Companies Act 2006.
Company
Company name number
N&N Simple Financial Solution Limited
3803565
Usnoop Limited
11797870
Duncton Group Limited
6308608
Cheque Exchange Limited
2927947
Lawson Fisher Limited
SC004758
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800U93SZC44VXN635", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }