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Note 1: Basis of preparation
The consolidated financial statements of Lloyds Banking Group plc and its subsidiary undertakings (the Group) have been prepared in
accordance with international accounting standards in conformity with the requirements of the Companies Act 2006. The financial
statements have also been prepared in accordance with IFRS
\u00ae
Accounting Standards as issued by the International Accounting Standards
Board (IASB).
The financial information has been prepared under the historical cost convention, as modified by the revaluation of investment properties,
insurance and reinsurance contract assets and liabilities measured at their fulfilment values in accordance with IFRS 17, financial assets
measured at fair value through other comprehensive income, trading securities and certain other financial assets and liabilities at fair value
through profit or loss and all derivative contracts. The directors consider that it is appropriate to continue to adopt the going concern basis
in preparing the financial statements. In reaching this assessment, the directors have considered the Group\u2019s capital and funding position,
the impact of climate change upon the Group\u2019s future performance and the results from stress testing scenarios.
The Group\u2019s accounting policies are consistent with those applied by the Group in its financial statements for the year ended 31 December
2023 and there have been no changes in the Group\u2019s methods of computation.
The IASB has issued a number of minor amendments to the IFRS Accounting Standards effective 1 January 2024, including IFRS 16 Lease
Liability in a Sale and Leaseback, IAS 1 Non-current Liabilities with Covenants, and IAS 1 Classification of Liabilities as Current or Non-
current. These amendments do not have a significant impact on the Group.
Future accounting developments
There are a number of new accounting pronouncements issued by the IASB with an effective date of 1 January 2027. This includes IFRS 18
Presentation and Disclosure in Financial Statements which replaces IAS 1 Presentation of Financial Statements and IFRS 19 Subsidiaries
without Public Accountability: Disclosures. The impact of these standards is being assessed and they have not yet been endorsed for use in
the UK.
The IASB has issued its annual improvements and a number of amendments to the IFRS Accounting Standards effective on or after 1
January 2025, including Amendments to IFRS 9 Financial Instruments (effective 1 January 2026) and Amendments to IFRS 7 Financial
Instruments Disclosure (effective 1 January 2026) and IAS 21 The Effects of Changes in Foreign Exchange Rates (effective 1 January 2025).
These improvements and amendments are not expected to have a significant impact on the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-903": { "value": "The consolidated financial statements of Lloyds Banking Group plc and its subsidiary undertakings (the Group) have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006. The financial statements have also been prepared in accordance with IFRS\u00ae Accounting Standards as issued by the International Accounting Standards Board (IASB). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-941": { "value": "Future accounting developments There are a number of new accounting pronouncements issued by the IASB with an effective date of 1 January 2027. This includes IFRS 18 Presentation and Disclosure in Financial Statements which replaces IAS 1 Presentation of Financial Statements and IFRS 19 Subsidiaries without Public Accountability: Disclosures. The impact of these standards is being assessed and they have not yet been endorsed for use in the UK. The IASB has issued its annual improvements and a number of amendments to the IFRS Accounting Standards effective on or after 1 January 2025, including Amendments to IFRS 9 Financial Instruments (effective 1 January 2026) and Amendments to IFRS 7 Financial Instruments Disclosure (effective 1 January 2026) and IAS 21 The Effects of Changes in Foreign Exchange Rates (effective 1 January 2025). These improvements and amendments are not expected to have a significant impact on the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-904": { "value": "Future accounting developments There are a number of new accounting pronouncements issued by the IASB with an effective date of 1 January 2027. This includes IFRS 18 Presentation and Disclosure in Financial Statements which replaces IAS 1 Presentation of Financial Statements and IFRS 19 Subsidiaries without Public Accountability: Disclosures. The impact of these standards is being assessed and they have not yet been endorsed for use in the UK. The IASB has issued its annual improvements and a number of amendments to the IFRS Accounting Standards effective on or after 1 January 2025, including Amendments to IFRS 9 Financial Instruments (effective 1 January 2026) and Amendments to IFRS 7 Financial Instruments Disclosure (effective 1 January 2026) and IAS 21 The Effects of Changes in Foreign Exchange Rates (effective 1 January 2025). These improvements and amendments are not expected to have a significant impact on the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-856": { "value": "
Note 2: Accounting policies
The Group\u2019s accounting policies are set out below. These accounting policies have been applied consistently.
(A) Consolidation
The assets, liabilities and results of Group undertakings (including structured entities) are included in the financial statements on the basis
of accounts made up to the reporting date. Group undertakings include subsidiaries, associates and joint ventures. Details of the Group\u2019s
subsidiaries and related undertakings are given on pages 318 to 331.
Subsidiaries are entities controlled by the Group. The Group controls an entity when it has power over the entity, is exposed to, or has
rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through the exercise of its power.
This generally accompanies a shareholding of more than one half of the voting rights although in certain circumstances a holding of less
than one half of the voting rights may still result in the ability of the Group to exercise control. The existence and effect of potential voting
rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. The Group
reassesses whether or not it controls an entity if facts and circumstances indicate that there have been changes to any of the above
elements. Subsidiaries are fully consolidated from the date on which control is transferred to the Group; they are deconsolidated from the
date that control ceases.
The Group consolidates collective investment vehicles if its beneficial ownership interests give it substantive rights to remove the external
fund manager of the investment activities of the fund. Where a subsidiary of the Group is the fund manager of a collective investment
vehicle, the Group considers a number of factors in determining whether it acts as principal, and therefore controls the collective
investment vehicle, including: an assessment of the scope of the Group\u2019s decision-making authority over the investment vehicle; the rights
held by other parties including substantive removal rights without cause over the Group acting as fund manager; the remuneration to
which the Group is entitled in its capacity as decision-maker; and the Group\u2019s exposure to variable returns from the beneficial interest that
it holds in the investment vehicle. Consolidation may be appropriate in circumstances where the Group has less than a majority beneficial
interest. Where a collective investment vehicle is consolidated the interests of parties other than the Group are reported in other liabilities
and the movement in those interests in movement in third party interests in consolidated funds.
Structured entities are entities that are designed so that their activities are not governed by way of voting rights. In assessing whether the
Group has power over such entities in which it has an interest, the Group considers factors such as the purpose and design of the entity; its
practical ability to direct the relevant activities of the entity; the nature of the relationship with the entity; and the size of its exposure to
the variability of returns of the entity.
The treatment of transactions with non-controlling interests depends on whether, as a result of the transaction, the Group loses control of
the subsidiary. Changes in the parent\u2019s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity
transactions; any difference between the amount by which the non-controlling interests are adjusted and the fair value of the
consideration paid or received is recognised directly in equity and attributed to the owners of the parent entity. Where the Group loses
control of the subsidiary, at the date when control is lost the amount of any non-controlling interest in that former subsidiary is
derecognised and any investment retained in the former subsidiary is remeasured to its fair value; the gain or loss that is recognised in profit
or loss on the partial disposal of the subsidiary includes the gain or loss on the remeasurement of the retained interest.
Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated.
The acquisition method of accounting is used to account for business combinations by the Group. The consideration for the acquisition of a
subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration
includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are
expensed as incurred except those relating to the issuance of debt instruments (see (E)(4) below) or share capital (see (P) below).
Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair value at the acquisition
date.
(B) Goodwill
Goodwill arises on business combinations and represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of
the identifiable assets, liabilities and contingent liabilities acquired. Where the fair value of the Group\u2019s share of the identifiable assets,
liabilities and contingent liabilities of the acquired entity is greater than the cost of acquisition, the excess is recognised immediately in the
income statement.
Goodwill is recognised as an asset at cost and is tested at least annually for impairment. For impairment testing, goodwill is allocated to the
cash-generating unit (CGU) or groups of CGUs that are expected to benefit from the business combination. The Group\u2019s CGUs are largely
product based for its Retail and Insurance businesses and client based for its Commercial Banking business. An impairment loss is
recognised if the carrying amount of a CGU is determined to be greater than its recoverable amount. The recoverable amount of a CGU is
the higher of its fair value less costs to sell and its value in use. If an impairment is identified the carrying value of the goodwill is written
down immediately through the income statement and this is not subsequently reversed. At the date of disposal of a subsidiary, the carrying
value of attributable goodwill is included in the calculation of the profit or loss on disposal.
(C) Other intangible assets
Intangible assets which have been determined to have a finite useful life are amortised on a straight-line basis over their estimated useful
life as follows: up to seven years for capitalised software; 10 to 15 years for brands and other intangible assets.
Intangible assets with finite useful lives are reviewed at each reporting date to assess whether there is any indication that they are
impaired. If any such indication exists the recoverable amount of the asset is determined and in the event that the asset\u2019s carrying amount
is greater than its recoverable amount, it is written down immediately. Certain brands have been determined to have an indefinite useful
life and are not amortised. Such intangible assets are assessed annually to determine whether the asset is impaired and to reconfirm that
an indefinite useful life remains appropriate. In the event that an indefinite life is inappropriate, a finite life is determined and a further
impairment review is performed on the asset.
(D) Revenue recognition
(1) Net interest income
Interest income and expense are recognised in the income statement using the effective interest method for all interest-bearing financial
instruments, except for those classified at fair value through profit or loss. The effective interest method is a method of calculating the
amortised cost of a financial asset or liability and of allocating the interest income or interest expense over the expected life of the financial
instrument. The effective interest rate is the rate that exactly discounts the estimated future cash payments or receipts over the expected
life of the financial instrument to the gross carrying amount of the financial asset (before adjusting for expected credit losses) or to the
amortised cost of the financial liability, including early redemption fees, other fees, and premiums and discounts that are an integral part of
the overall return. In the case of financial assets that are purchased or originated credit-impaired, the effective interest rate is the rate that
discounts the estimated future cash flows to the amortised cost of the instrument. Direct incremental transaction costs related to the
acquisition, issue or disposal of a financial instrument are also taken into account. Interest income from non-credit-impaired financial assets
is recognised by applying the effective interest rate to the gross carrying amount of the asset; for credit-impaired financial assets, the
effective interest rate is applied to the net carrying amount after deducting the allowance for expected credit losses. Impairment policies
are set out in (H) below.
(2) Fee and commission income and expense
Fees and commissions receivable which are not an integral part of the effective interest rate are recognised as income as the Group fulfils
its performance obligations. The Group\u2019s principal performance obligations arising from contracts with customers are in respect of value
added current accounts, credit cards and debit cards. These fees are received, and the Group provides the service, monthly; the fees are
recognised in income on this basis. The Group also receives certain fees in respect of its asset finance business where the performance
obligations are typically fulfilled towards the end of the customer contract; these fees are recognised in income on this basis. Where it is
unlikely that the loan commitments will be drawn, loan commitment fees are recognised in fee and commission income over the life of the
facility, rather than as an adjustment to the effective interest rate for the lending expected to be drawn. Incremental costs incurred to
generate fee and commission income are charged to fee and commission expense as they are incurred.
(3) Other
Dividend income is recognised when the right to receive payment is established.
Revenue recognition policies specific to trading income are set out in (E)(3) below, those relating to leases are set out in (J)(1) below and
those relating to life insurance and general insurance business are set out in (M) below.
(E) Financial assets and liabilities
On initial recognition, financial assets are classified as measured at amortised cost, fair value through other comprehensive income or fair
value through profit or loss, depending on the Group\u2019s business model for managing those financial assets and whether the resultant cash
flows represent solely payments of principal and interest on principal outstanding. The Group assesses its business models at a portfolio
level based on its objectives for the relevant portfolio, how the performance of the portfolio is managed and reported, and the frequency
of asset sales. Financial assets with embedded derivatives are considered in their entirety when considering their cash flow characteristics.
The Group reclassifies financial assets only when its business model for managing those assets changes. A reclassification will only take
place when the change is significant to the Group\u2019s operations and will occur at a portfolio level and not for individual instruments;
reclassifications are expected to be rare. Equity investments are measured at fair value through profit or loss unless the Group elects at
initial recognition to account for the instruments at fair value through other comprehensive income. For these instruments, principally
strategic investments, dividends are recognised in profit or loss but fair value gains and losses are not subsequently reclassified to profit or
loss following derecognition of the investment.
The Group initially recognises loans and advances, deposits, debt securities in issue and subordinated liabilities when the Group becomes a
party to the contractual provisions of the instrument. Regular way purchases and sales of securities and other financial assets and trading
liabilities are recognised on trade date, being the date that the Group is committed to purchase or sell an asset.
Financial assets are derecognised when the contractual right to receive cash flows from those assets has expired or when the Group has
transferred its contractual right to receive the cash flows from the assets and either: substantially all of the risks and rewards of ownership
have been transferred; or the Group has neither retained nor transferred substantially all of the risks and rewards, but has transferred
control. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires.
(1) Financial instruments measured at amortised cost
Financial assets that are held to collect contractual cash flows where those cash flows represent solely payments of principal and interest
are measured at amortised cost. A basic lending arrangement results in contractual cash flows that are solely payments of principal and
interest on the principal amount outstanding. Where the contractual cash flows introduce exposure to risks or volatility unrelated to a basic
lending arrangement such as changes in equity prices or commodity prices, the payments do not comprise solely principal and interest.
Financial assets measured at amortised cost are predominantly loans and advances to customers and banks, reverse repurchase
agreements and certain debt securities used by the Group to manage its liquidity. Loans and advances and reverse repurchase agreements
are initially recognised when cash is advanced to the borrower at fair value inclusive of transaction costs. Interest income is accounted for
using the effective interest method (see (D) above).
Financial liabilities are measured at amortised cost, except for trading liabilities and other financial liabilities designated at fair value
through profit or loss on initial recognition which are held at fair value.
(2) Financial assets measured at fair value through other comprehensive income
Financial assets that are held to collect contractual cash flows and for subsequent sale where those cash flows represent solely payments of
principal and interest are recognised in the balance sheet at their fair value, inclusive of transaction costs. Interest calculated using the
effective interest method and foreign exchange gains and losses on assets denominated in foreign currencies are recognised in the income
statement. All other gains and losses arising from changes in fair value are recognised directly in other comprehensive income, until the
financial asset is either sold or matures, at which time, other than in respect of equity shares, the cumulative gain or loss previously
recognised in other comprehensive income is recognised in the income statement. The cumulative revaluation amount in respect of equity
shares is transferred directly to retained profits. The Group recognises a charge for expected credit losses in the income statement (see (H)
below). As the asset is measured at fair value, the charge does not adjust the carrying value of the asset, and this is reflected in other
comprehensive income.
(3) Financial instruments measured at fair value through profit or loss
Financial assets are classified at fair value through profit or loss where they do not meet the criteria to be measured at amortised cost or
fair value through other comprehensive income or where they are designated at fair value through profit or loss to reduce an accounting
mismatch. All derivatives are carried at fair value through profit or loss, other than those in effective cash flow hedging relationships.
Derivatives are carried on the balance sheet as assets when their fair value is positive and as liabilities when their fair value is negative. Refer
to note 17 (Fair values of financial assets and liabilities) for details of valuation techniques and significant inputs to valuation models.
Derivatives embedded in a financial asset are not considered separately; the financial asset is considered in its entirety when determining
whether its cash flows are solely payments of principal and interest. Derivatives embedded in financial liabilities and insurance contracts
(unless the embedded derivative is itself an insurance contract) are treated as separate derivatives when their economic characteristics and
risks are not closely related to those of the host contract and the host contract is not carried at fair value through profit or loss. These
embedded derivatives are measured at fair value with changes in fair value recognised in the income statement.
The assets backing the insurance and investment contracts issued by the Group do not meet the criteria to be measured at amortised cost
or fair value through other comprehensive income as they are managed on a fair value basis and accordingly are measured at fair value
through profit or loss. Similarly, trading securities, which are debt securities and equity shares acquired principally for the purpose of selling
in the short term or which are part of a portfolio which is managed for short-term gains, do not meet these criteria and are also measured
at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised in the balance sheet at their
fair value. Fair value gains and losses together with interest coupons and dividend income are recognised in the income statement within
net trading income.
Financial liabilities are measured at fair value through profit or loss where they are trading liabilities or where they are designated at fair
value through profit or loss in order to reduce an accounting mismatch; where the liabilities are part of a group of liabilities (or assets and
liabilities) which is managed, and its performance evaluated, on a fair value basis; or where the liabilities contain one or more embedded
derivatives that significantly modify the cash flows arising under the contract and would otherwise need to be separately accounted for.
Financial liabilities measured at fair value through profit or loss are recognised in the balance sheet at their fair value. Fair value gains and
losses are recognised in the income statement within net trading income in the period in which they occur, except in the case of financial
liabilities designated at fair value through profit or loss where gains and losses attributable to changes in own credit risk are recognised in
other comprehensive income.
The fair values of assets and liabilities traded in active markets are based on current bid and offer prices, respectively, which include the
expected effects of potential changes to laws and regulations, risks associated with climate change and other factors. If the market is not
active the Group establishes a fair value by using valuation techniques. The fair values of derivative financial instruments are adjusted
where appropriate to reflect credit risk (via credit valuation adjustments (CVAs), debit valuation adjustments (DVAs) and funding valuation
adjustments (FVAs)), market liquidity and other risks.
(4) Borrowings
Borrowings (which include deposits from banks, customer deposits, repurchase agreements, debt securities in issue and subordinated
liabilities) are recognised initially at fair value, being their issue proceeds net of transaction costs incurred. These instruments are
subsequently stated at amortised cost using the effective interest method.
Preference shares and other instruments which carry a mandatory coupon or are redeemable on a specific date are classified as financial
liabilities. The coupon on these instruments is recognised in the income statement as interest expense. Securities which carry a
discretionary coupon and have no fixed maturity or redemption date are classified as other equity instruments. Interest payments on these
securities are recognised as distributions from equity in the period in which they are paid.
An exchange of financial liabilities on substantially different terms is accounted for as an extinguishment of the original financial liability
and the recognition of a new financial liability. The difference between the carrying amount of a financial liability extinguished and the new
financial liability is recognised in profit or loss together with any related costs or fees incurred. When a financial liability is exchanged for an
equity instrument, the new equity instrument is recognised at fair value and any difference between the carrying value of the liability and
the fair value of the new equity instrument is recognised in profit or loss.
(5) Sale and repurchase agreements (including securities lending and borrowing)
Securities sold subject to repurchase agreements (repos) continue to be recognised on the balance sheet where substantially all of the risks
and rewards are retained. Funds received for repos carried at fair value are included within trading liabilities.
Securities purchased under agreements to resell (reverse repos), where the Group does not acquire substantially all of the risks and rewards
of ownership, are measured at amortised cost or at fair value. Those measured at fair value are recognised within trading securities. The
difference between sale and repurchase price is treated as interest and accrued over the life of the agreements using the effective interest
method.
Securities borrowing and lending transactions are typically secured; collateral takes the form of securities or cash advanced or received.
Securities lent to counterparties are retained on the balance sheet. Securities borrowed are not recognised on the balance sheet, unless
these are sold to third parties, in which case the obligation to return them is recorded at fair value as a trading liability. Cash collateral given
or received is treated as a loan and advance measured at amortised cost or customer deposit.
(F) Hedge accounting
As permitted by IFRS 9, the Group continues to apply the requirements of IAS 39 to its hedging relationships.
Changes in the fair value of all derivative instruments, other than those in effective cash flow hedging relationships, are recognised
immediately in the income statement. As noted in (2) below, the change in fair value of a derivative in an effective cash flow hedging
relationship is allocated between the income statement and other comprehensive income.
Hedge accounting allows one financial instrument, generally a derivative such as a swap, to be designated as a hedge of another financial
instrument such as a loan or deposit or a portfolio of such instruments. 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. Note 19 provides details of the types of derivatives held by the
Group and presents separately those designated in hedge relationships.
(1) Fair value hedges
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together
with the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk; this also applies if the hedged
asset is classified as a financial asset at fair value through other comprehensive income. If the hedge no longer meets the criteria for hedge
accounting, changes in the fair value of the hedged item attributable to the hedged risk are no longer recognised in the income statement.
The cumulative adjustment that has been made to the carrying amount of the hedged item is amortised to the income statement using the
effective interest method over the period to maturity.
(2) Cash flow hedges
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other
comprehensive income in the cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognised immediately in the
income statement. Amounts accumulated in equity are reclassified to the income statement in the periods in which the hedged item
affects profit or loss. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time remains in equity and is recognised in the income statement when the forecast
transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative
gain or loss that was reported in equity is immediately transferred to the income statement.
(G) Offset
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right of offset
and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. Cash collateral on exchange
traded derivative transactions is presented gross unless the collateral cash flows are always settled net with the derivative cash flows. In
certain situations, even though master netting agreements exist, the lack of management intention to settle on a net basis results in the
financial assets and liabilities being reported gross on the balance sheet.
(H) Impairment of financial assets
The impairment charge in the income statement reflects the change in expected credit losses, including those arising from fraud. Expected
credit losses are recognised for loans and advances to customers and banks, other financial assets held at amortised cost, financial assets
(other than equity investments) measured at fair value through other comprehensive income, and certain loan commitments and financial
guarantee contracts. Expected credit losses are calculated as an unbiased and probability-weighted estimate using an appropriate
probability of default, adjusted to take into account a range of possible future economic scenarios, and applying this to the estimated
exposure of the Group at the point of default after taking into account the value of any collateral held, repayments, or other mitigants of
loss and including the impact of discounting using the effective interest rate.
At initial recognition, allowance (or provision in the case of some loan commitments and financial guarantees) is made for expected credit
losses resulting from default events that are possible within the next 12 months (12-month expected credit losses). In the event of a
significant increase in credit risk since origination, allowance (or provision) is made for expected credit losses resulting from all possible
default events over the expected life of the financial instrument (lifetime expected credit losses). Financial assets where 12-month
expected credit losses are recognised are considered to be Stage 1; financial assets which are considered to have experienced a significant
increase in credit risk since initial recognition are in Stage 2; and financial assets which have defaulted or are otherwise considered to be
credit-impaired are allocated to Stage 3. Some Stage 3 assets, mainly in Commercial Banking, are subject to individual rather than
collective assessment. Such cases are subject to a risk-based impairment sanctioning process, and these are reviewed and updated at least
quarterly, or more frequently if there is a significant change in the credit profile. The collective assessment of impairment aggregates
financial instruments with similar risk characteristics, such as whether the facility is revolving in nature or secured and the type of security
held against financial assets.
An assessment of whether credit risk has increased significantly since initial recognition considers the change in the risk of default occurring
over the remaining expected life of the financial instrument. In determining whether there has been a significant increase in credit risk, the
Group uses quantitative tests based on relative and absolute probability of default (PD) movements linked to internal credit ratings
together with qualitative indicators such as watchlists and other indicators of historical delinquency, credit weakness or financial difficulty.
The use of internal credit ratings and qualitative indicators ensures alignment between the assessment of staging and the Group\u2019s
management of credit risk which utilises these internal metrics within distinct retail and commercial portfolio risk management practices.
However, unless identified at an earlier stage, the credit risk of financial assets is deemed to have increased significantly when more than 30
days past due. The use of a payment holiday in and of itself has not been judged to indicate a significant increase in credit risk, with the
underlying long-term credit risk deemed to be driven by economic conditions and captured through the use of forward-looking models.
These portfolio-level models are capturing the anticipated volume of increased defaults and therefore an appropriate assessment of staging
and expected credit loss. Where the credit risk subsequently improves such that it no longer represents a significant increase in credit risk
since initial recognition, the asset is transferred back to Stage 1.
Assets are transferred to Stage 3 when they have defaulted or are otherwise considered to be credit-impaired. Default is considered to
have occurred when there is evidence that the customer is experiencing financial difficulty which is likely to affect significantly the ability to
repay the amount due. IFRS 9 contains a rebuttable presumption that default occurs no later than when a payment is 90 days past due
which the Group uses for all its products. In addition, other indicators of mortgage default are added including end-of-term payments on
past due interest-only accounts and loans considered non-performing due to recent arrears or forbearance. The use of payment holidays is
not considered to be an automatic trigger of regulatory default and therefore does not automatically trigger Stage 3. Days past due will also
not accumulate on any accounts that have taken a payment holiday including those already past due.
In certain circumstances, the Group will renegotiate the original terms of a customer\u2019s loan, either as part of an ongoing customer
relationship or in response to adverse changes in the circumstances of the borrower. In the latter circumstances, the loan will remain
classified as either Stage 2 or Stage 3 until the credit risk has improved such that it no longer represents a significant increase since
origination (for a return to Stage 1), or the loan is no longer credit-impaired (for a return to Stage 2). On renegotiation the gross carrying
amount of the loan is recalculated as the present value of the renegotiated or modified contractual cash flows, which are discounted at the
original effective interest rate. Renegotiation may also lead to the loan and associated allowance being derecognised and a new loan being
recognised initially at fair value.
Purchased or originated credit-impaired financial assets (POCI) include financial assets that are purchased or originated at a deep discount
that reflects incurred credit losses. At initial recognition, POCI assets do not carry an impairment allowance; instead, lifetime expected
credit losses are incorporated into the calculation of the effective interest rate. All changes in lifetime expected credit losses subsequent to
the assets\u2019 initial recognition are recognised as an impairment charge.
A loan or advance is normally written off, either partially or in full, against the related allowance when the proceeds from realising any
available security have been received or there is no realistic prospect of recovery and the amount of the loss has been determined.
Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded in the income statement. For
both secured and unsecured retail balances, the write-off takes place only once an extensive set of collections processes has been
completed, or the status of the account reaches a point where policy dictates that continuing attempts to recover are no longer
appropriate. For commercial lending, a write-off occurs if the loan facility with the customer is restructured, the asset is under
administration and the only monies that can be received are the amounts estimated by the administrator, the underlying assets are
disposed and a decision is made that no further settlement monies will be received, or external evidence (for example, third party
valuations) is available that there has been an irreversible decline in expected cash flows.
(I) Property, plant and equipment
Property, plant and equipment (other than investment property) is included at cost less accumulated depreciation. The value of land
(included in premises) is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate the
difference between the cost and the residual value over their estimated useful lives, as follows: the shorter of 50 years and the remaining
period of the lease for freehold/long and short leasehold premises; the shorter of 10 years and, if lease renewal is not likely, the remaining
period of the lease for leasehold improvements; 10 to 20 years for fixtures and furnishings; and 2 to 8 years for other equipment and motor
vehicles.
The assets\u2019 residual values and useful lives are reviewed and, if appropriate, revised at each balance sheet date.
Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. In assessing the recoverable amount of assets the Group considers the effects of potential or actual changes in legislation,
customer behaviour, climate-related risks and other factors on the asset\u2019s cash-generating unit (CGU). In the event that an asset\u2019s CGU
carrying amount is determined to be greater than its recoverable amount the asset is written down immediately.
Investment property comprises freehold and long leasehold land and buildings that are held either to earn rental income or for capital
accretion or both, primarily within the life insurance funds. Investment property is carried at fair value based on current prices for similar
properties, adjusted for the specific characteristics of the property (such as location or condition). If this information is not available, the
Group uses alternative valuation methods such as discounted cash flow projections or recent prices in less active markets. These valuations
are reviewed at least annually by independent professionally qualified valuers. Investment property being redeveloped for continuing use as
investment property, or for which the market has become less active, continues to be valued at fair value.
(J) Leases
Under IFRS 16, a lessor is required to determine if a lease is a finance or operating lease. A lessee is not required to make this determination.
(1) As lessor
Assets leased to customers are classified as finance leases if the lease agreements transfer substantially all of the risks and rewards of
ownership to the lessee but not necessarily legal title. All other leases are classified as operating leases. When assets are subject to finance
leases, the present value of the lease payments, together with any unguaranteed residual value, is recognised as a receivable, net of
allowances for expected credit losses and residual value impairment, within loans and advances to banks and customers. The difference
between the gross receivable and the present value of the receivable is recognised as unearned finance lease income. Finance lease income
is recognised in interest income over the term of the lease using the net investment method (before tax) so as to give a constant rate of
return on the net investment in the lease. Unguaranteed residual values are reviewed regularly to identify any impairment.
Operating lease assets are included within other assets at cost and depreciated over their estimated useful lives. The depreciation charge is
based on the asset\u2019s residual value and the life of the lease. Operating lease rental income is recognised on a straight-line basis over the life
of the lease.
The Group evaluates non-lease arrangements such as outsourcing and similar contracts to determine if they contain a lease which is then
accounted for separately.
(2) As lessee
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the
Group. Assets and liabilities arising from a lease are initially measured on a present value basis. The lease payments are discounted using the
interest rate implicit in the lease, if that rate can be determined, or the Group\u2019s incremental borrowing rate appropriate for the right-of-use
asset arising from the lease, and the liability recognised within other liabilities.
Lease payments are allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as
to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is
depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or
loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office
furniture.
(K) Employee benefits
Short-term employee benefits, such as salaries, paid absences, performance-based cash awards and social security costs, are recognised
over the period in which the employees provide the related services.
(1) Pension schemes
The Group operates a number of post-retirement benefit schemes for its employees including both defined benefit and defined
contribution pension plans. A defined benefit scheme is a pension plan that defines an amount of pension benefit that an employee will
receive on retirement, dependent on one or more factors such as age, years of pensionable service and pensionable salary. A defined
contribution plan is a pension plan into which the Group pays fixed contributions; there is no legal or constructive obligation to pay further
contributions.
(i) Defined benefit schemes
Scheme assets are included at their fair value and scheme liabilities are measured on an actuarial basis using the projected unit credit
method. The defined benefit scheme liabilities are discounted using rates equivalent to the market yields at the balance sheet date on high
quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity
approximating to the terms of the related pension liability. The Group\u2019s income statement charge includes the current service cost of
providing pension benefits, past service costs, net interest expense (income), and plan administration costs that are not deducted from the
return on plan assets. Past service costs, which represents the change in the present value of the defined benefit obligation resulting from a
plan amendment or curtailment, are recognised when the plan amendment or curtailment occurs. Net interest expense (income) is
calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset.
Remeasurements, comprising actuarial gains and losses, the return on plan assets (excluding amounts included in net interest expense
(income) and net of the cost of managing the plan assets), and the effect of changes to the asset ceiling (if applicable) are reflected
immediately in the balance sheet with a charge or credit recognised in other comprehensive income in the period in which they occur.
Remeasurements recognised in other comprehensive income are reflected immediately in retained profits and will not subsequently be
reclassified to profit or loss.
The Group\u2019s balance sheet includes the net surplus or deficit, being the difference between the fair value of scheme assets and the
discounted value of scheme liabilities at the balance sheet date. Surpluses are only recognised to the extent that they are recoverable
through reduced contributions in the future or through refunds from the schemes. In assessing whether a surplus is recoverable, the Group
considers (i) its current right to obtain a refund or a reduction in future contributions and (ii) the rights of other parties existing at the
balance sheet date. In determining the rights of third parties existing at the balance sheet date, the Group does not anticipate any future
acts by other parties.
(ii) Defined contribution schemes
The costs of the Group\u2019s defined contribution plans are charged to the income statement in the period in which they fall due.
(2) Share-based compensation
The Group operates a number of equity-settled, share-based compensation plans in respect of services received from certain of its
employees. The value of the employee services received in exchange for equity instruments granted under these plans is recognised as an
expense over the vesting period of the instruments, with a corresponding increase in equity. This expense is determined by reference to the
fair value of the number of equity instruments that are expected to vest. The fair value of equity instruments granted is based on market
prices, if available, at the date of grant. In the absence of market prices, the fair value of the instruments at the date of grant is estimated
using an appropriate valuation technique, such as a Black-Scholes option pricing model or a Monte Carlo simulation. The determination of
fair values excludes the impact of any non-market vesting conditions, which are included in the assumptions used to estimate the number
of options that are expected to vest. At each balance sheet date, this estimate is reassessed and if necessary revised. Any revision of the
original estimate is recognised in the income statement, together with a corresponding adjustment to equity. Cancellations by employees
of contributions to the Group\u2019s Save As You Earn 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 charged to the income statement.
(L) Taxation
Tax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement except to the
extent that the tax arises from a transaction or event which is recognised, in the same or a different period, outside the income statement
(either in other comprehensive income, directly in equity, or through a business combination), in which case the tax appears in the same
statement as the transaction that gave rise to it. The tax consequences of the Group\u2019s dividend payments (including distributions on other
equity instruments), if any, are charged or credited to the statement in which the profit distributed originally arose.
Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period as adjusted
for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or substantively enacted at
the balance sheet date.
Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination of the
uncertainty by His Majesty\u2019s Revenue and Customs (HMRC) or other relevant tax authority, it is more likely than not that an economic
outflow will occur. Provisions reflect management\u2019s best estimate of the ultimate liability based on their interpretation of tax law,
precedent and guidance, informed by external tax advice as necessary. Changes in facts and circumstances underlying these provisions are
reassessed at each balance sheet date, and the provisions are remeasured as required to reflect current information.
For the Group\u2019s long-term insurance businesses, the tax expense is analysed between tax that is payable in respect of policyholders\u2019 returns
and tax that is payable on the shareholders\u2019 returns. This allocation is based on an assessment of the rates of tax which will be applied to
the returns under the current UK tax rules.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the
balance sheet. Deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted at the balance sheet
date, and which are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary differences
arising on investments in subsidiaries where the reversal of the temporary difference can be controlled and it is probable that the difference
will not reverse in the foreseeable future. Deferred tax liabilities are not recognised on temporary differences that arise from goodwill which
is not deductible for tax purposes.
Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible temporary
differences can be utilised, and are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of assets and
liabilities acquired other than in a business combination, or where at the time of the transaction they give rise to equal taxable and
deductible temporary differences. Deferred tax is not discounted.
The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar 2
income taxes currently required by IAS 12 Income Taxes.
(M) Insurance
The Group undertakes both life insurance and general insurance business. Insurance and participating investment contracts, and
reinsurance contracts issued and held, are accounted for under IFRS 17 Insurance Contracts.
Products sold by the life insurance business are classified into three categories:
\u2022 Insurance contracts are contracts that transfer significant insurance risk and may also transfer financial risk. The Group defines
significant insurance risk as the possibility of having to pay benefits on the occurrence of an insured event which are significantly higher
than the benefits payable if the insured event were not to occur. Once a contract has been classified as an insurance contract, it remains
an insurance contract until all obligations are extinguished unless that contract is derecognised due to a contract modification. These
contracts are classified as either direct participating contracts or contracts without direct participation features. Contracts without
direct participation features are accounted for using the general measurement model (GMM) for life contracts or the premium
allocation approach (PAA) for general insurance contracts. Direct participating contracts are contracts for which, at inception, the
contractual terms specify the policyholders participate in a clearly identified pool of underlying items. Under the terms of these
contracts the policyholders are entitled to a substantial share of the returns and change in fair value of the underlying items. These
contracts are accounted for under the variable fee approach (VFA)
\u2022 Participating investment contracts are investment contracts that contain a discretionary participation feature (DPF). They do not
transfer significant insurance risk, but contain a contractual right to receive, as a supplement to an amount not subject to the discretion
of the Group, additional amounts that are expected to be a significant portion of the total contractual benefits. The timing or amount
of these additional amounts are at the discretion of the Group and are contractually based on the returns on a specified pool of
contracts or type of contract, returns on a specified pool of assets held by the Group or profit or loss of a fund
\u2022 For certain insurance and investment contracts, the contract can be partly invested in units which contain a DPF and partly in units
without. In these circumstances, where the contract also contains features that transfer significant insurance risk, they are classified as
insurance contracts. Where this is not the case, and the discretionary cash flows are expected to be a significant portion of the total
contractual benefits, they are classified as participating investment contracts. Where the discretionary cash flows are not expected to
be a significant portion of the total contractual benefits, they are classified as financial instruments. An investment component is
defined as the amount that an insurance contract requires the entity to repay to a policyholder in all circumstances, regardless of
whether an insured event occurs. The investment component of the insurance and participating investment contract is non-distinct and
is not separated. The Group applies judgement to determine the investment component for each contract considering the extent to
which insurance and investment components are highly interrelated or not applying factors such as: whether the policyholder is able to
benefit from one component unless the other component is present; and whether the value of the investment component is dependent
on the timing of the insured event. The value of the non-distinct investment component is determined on the following bases: for
immediate annuities, full claim amount when within the guaranteed period; for unit-linked and With-Profits contracts, policyholder\u2019s
account value
The general insurance business issues only insurance contracts.
(1) Life insurance business
(i) Accounting for insurance and participating investment contracts
Recognition
The Group aggregates insurance and participating investment contracts into portfolios of contracts subject to similar risks and managed
together. Each portfolio of insurance contracts is divided into annual cohorts (by year of issue). Annual cohorts are divided into groups of
insurance and participating investment contracts based on profitability expectations at initial recognition. The directly attributable costs of
selling, underwriting and starting a group of insurance and participating investment contracts are allocated to the group of insurance and
participating investment contracts using a systematic and rational method.
On initial recognition, a group of insurance and participating investment contracts is measured as the total of the fulfilment cash flows and
the contractual service margin (CSM). The measurement includes all future cash flows that are within the contract boundary of each
contract in the group. The fulfilment cash flows comprise unbiased and probability-weighted estimates of future cash flows, discounted to
present value to reflect the time value of money and financial risks, plus an explicit risk adjustment for non-financial risk. The discount rate
applied reflects the time value of money, the characteristics of the cash flows, the liquidity characteristics of the insurance and
participating investment contracts and, where appropriate, is consistent with observable current market prices. The risk adjustment for
non-financial risk for a group of insurance and participating investment contracts is the compensation required for bearing the uncertainty
about the amount and timing of the cash flows that arises from non-financial risk. Diversification benefit is calculated based on Group level
diversification of risks. To determine the risk adjustments for non-financial risk for reinsurance contracts, the Group applies these
techniques both gross and net of excess of loss reinsurance and derives the amount of risk being transferred to the reinsurer as the
difference between the two results. The CSM of a group of insurance and participating investment contracts represents the unearned profit
that the Group expects to recognise as it provides insurance contract services under those contracts in the future.
Contract boundaries
The measurement of a group of contracts includes all future cash flows within the boundary of each contract in the group.
Cash flows are within the contract boundary:
\u2022 For an insurance contract, if arising from substantive rights and obligations that exist during the reporting period in which the Group can
compel the policyholder to pay premiums or has a substantive obligation to provide insurance contract services
\u2022 For a participating investment contract, if resulting from a substantive obligation of the Group to deliver cash at a present or future date
A substantive obligation to provide insurance contract services ends when the Group has the practical ability to reassess the risks of the
particular policyholder, and can set a price or level of benefits that fully reflects those reassessed risks; or the Group has the practical ability
to reassess the risks of the portfolio that contains the contract and can set a price or level of benefits that fully reflects the risks of that
portfolio, and the pricing of the premiums up to the reassessment date does not take into account risks that relate to periods after the
reassessment date.
For certain unitised With-Profits and unit-linked policies, a guaranteed minimum pension is payable at a vesting date. For certain
conventional With-Profits pensions, policyholders have the option to convert to an annuity on guaranteed terms. There is no contract
boundary at the vesting date of these policies; the pre and post vesting date phases are treated as a single insurance contract.
The contract boundary of each group is reassessed at the end of each reporting period.
Measurement
The carrying amount of a group of insurance and participating investment contracts at each reporting date is the sum of the liability for
remaining coverage (LRC) and the liability for incurred claims (LIC). The LRC comprises the fulfilment cash flows that relate to services that
will be provided under the contracts in future periods and any remaining CSM at that date. The LIC includes the fulfilment cash flows for
incurred claims and expenses that have not yet been paid, including claims that have been incurred but not yet reported. The fulfilment
cash flows of groups of insurance and participating investment contracts are measured at the reporting date using current estimates of
future cash flows, current discount rates and current estimates of the risk adjustment for non-financial risk. Changes in fulfilment cash flows
are recognised as follows:
\u2022 Changes related to future service are adjusted against the CSM unless the group is onerous in which case such changes are recognised in
the insurance service result in profit or loss
\u2022 Changes related to past or current service are recognised in the insurance service result in profit or loss
\u2022 The effects of the time value of money and financial risk are recognised as net finance income or expense from insurance, participating
investment and reinsurance contracts in profit or loss
The carrying amount of the CSM is remeasured at the end of each reporting period. For contracts measured under the GMM, interest is
accreted on the carrying amount of the CSM using the discount rate curve determined at the date of initial recognition of the group of
contracts. The CSM is also adjusted for the changes in fulfilment cash flows relating to future service at the locked-in discount rates
determined at initial recognition, unless the increases in fulfilment cash flows cause a group of contracts to become onerous or decreases in
fulfilment cash flows are allocated to the loss component of the liability for remaining coverage.
The majority of the Group\u2019s With-Profits and unit-linked insurance and participating investment contracts are direct participating contracts
under which the Group\u2019s obligation to the policyholder is the payment of an amount equal to the fair value of the underlying items, less a
variable fee. On subsequent remeasurement of a group of direct participating contracts (measured under VFA), changes to the fulfilment
cash flows, discounted at current rates, reflecting changes in the obligation to pay the policyholder an amount equal to the fair value of the
underlying items are recognised in the income statement, within net finance income or expense from insurance, participating investment
and reinsurance contracts. The CSM is adjusted for changes in the amount of the Group\u2019s share of the fair value of the underlying items,
which relate to future services, except where such changes result in recognition or reversal of the loss component for onerous groups, or
where the Group applies the risk mitigation option. For certain contracts with direct participation features, the Group mitigates financial
risks using equity and currency hedges. The Group does not adjust the CSM for changes in the fulfilment cash flows and/or entity\u2019s share of
the underlying items that reflect some of the changes in the effect of time value of money and financial risk. These amounts are instead
reflected in profit or loss. The CSM is also adjusted for those fulfilment cash flows that do not vary based on the returns on underlying items
that relate to future service (including the effect of time value of money and financial risks not arising from underlying items, such as the
impact of minimum return guarantees), except where such changes result in recognition or reversal of the loss component for onerous
groups. Changes in fulfilment cash flows relating to future service adjust the CSM using current discount rates.
For contracts measured under the GMM or VFA at the end of each reporting period the appropriate proportion of the CSM is recognised in
the income statement to reflect the amount of profit related to the insurance contract services provided in the period. This is calculated
using coverage units, a measure used to determine the allocation of the CSM over the remaining coverage periods. The number of coverage
units in a group is the quantity of insurance contract services provided by the contracts in the group, determined by considering for each
contract the quantity of the benefits provided and its expected coverage period.
Derecognition
The Group derecognises an insurance and participating investment contract when it is extinguished (that is, when the obligation specified
in the contract expires or is discharged or cancelled) or if its terms are modified in a way that would have changed the accounting for the
contract significantly had the new terms always existed.
If a contract is derecognised, then the fulfilment cash flows of the group are adjusted to eliminate the present value of the future cash flows
and risk adjustment of the contract derecognised from the group, and the CSM of the group is adjusted for the change in fulfilment cash
flows, except where such changes are allocated to the loss component.
If a contract is derecognised because its terms are modified, then the CSM of the existing group is also adjusted for the premium that
would have been charged had the Group entered into a contract with the new contract\u2019s terms at the date of modification, less any
additional premium charged for the modification. A new modified contract is recognised assuming the Group received the premium that
would have been charged had the Group entered into a contract with the new contract\u2019s terms at the date of the modification.
Where the adjustments to CSM result in the CSM being reduced to nil, any further adjustments are recognised in the income statement in
insurance service expense.
(2) General insurance contracts
General insurance contracts issued by the Group are presented on the balance sheet within liabilities arising from insurance and
participating investment contracts. The Group applies the PAA to the measurement of general insurance contracts, which either have a
coverage period of each contract in the group of one year or less or have an annual re-pricing option.
For a group of general insurance contracts that is not onerous at initial recognition, the Group measures the LRC as any premium received
at initial recognition, less any insurance acquisition cash flows at that date, plus any other asset or liability previously recognised for cash
flows related to the group of contracts that the Group pays or receives before the group of insurance contracts is recognised.
The Group estimates the LIC using the methodology described in the Measurement section for life insurance contracts above.
Where, during the coverage period, facts and circumstances indicate that a group of insurance contracts is onerous, the Group recognises a
loss in the income statement for the net outflow, resulting in the carrying amount of the liability for the group being equal to the fulfilment
cash flows. A loss component is established by the Group within the LRC for such onerous group.
On subsequent measurement, the Group measures the carrying amount of the LRC at the end of each reporting period as the LRC at the
beginning of the period plus premiums received in the period, less insurance acquisition cash flows, plus any amounts relating to the
amortisation of the insurance acquisition cash flows recognised as an expense in the reporting period for the group, less the amount
recognised as insurance revenue for the services provided in the period. For onerous groups, the LRC is also adjusted for the remeasurement
of the loss component.
(3) Reinsurance
(i) Reinsurance contracts issued
Reinsurance contracts issued by the Group (where insurance risk is transferred to the Group) are accounted for under the GMM as
insurance contracts. These contracts are presented within other assets or liabilities arising from insurance and participating investment
contracts.
(ii) Reinsurance contracts held
The classification of contracts entered into by the Group with reinsurers under which the Group is compensated for amounts payable on
one or more other contracts issued by the Group is dependent on whether the contract with the reinsurer transfers significant insurance
risk to the reinsurer. Where the reinsurance contract transfers significant insurance risk (reinsurance contracts held), it is accounted for
under the GMM, as modified for reinsurance contracts held. The Group adjusts the CSM of the group to which a reinsurance contract held
belongs and as a result recognises income, when it recognises a loss on initial recognition of onerous underlying contracts.
Contracts that do not transfer significant insurance risk to the reinsurer are recognised within financial assets at fair value through profit or
loss as they are within a portfolio of financial assets that is managed, and whose performance is evaluated, on a fair value basis. These
contracts, while legally reinsurance contracts, do not meet the definition of a reinsurance contract under IFRS Accounting Standards.
Investment returns (including movements in fair value and investment income) allocated to these contracts are recognised on the face of
the income statement within net trading income.
(4) Non-participating investment contracts
The Group\u2019s non-participating investment contracts are primarily unit-linked. These contracts are accounted for under IFRS 9 as financial
liabilities whose value is contractually linked to the fair values of financial assets within the Group\u2019s unitised investment funds. The value of
the unit-linked financial liabilities is determined using current unit prices multiplied by the number of units attributed to the contract
holders at the balance sheet date. Their value is never less than the amount payable on surrender, discounted for the required notice period
where applicable. Investment returns (including movements in fair value and investment income) allocated to those contracts are
recognised in the income statement through change in non-participating investment contracts.
Deposits and withdrawals are not accounted for through the income statement but are accounted for directly in the balance sheet as
adjustments to the non-participating investment contract liability.
The Group receives investment management fees in the form of an initial adjustment or charge to the amount invested. These fees are in
respect of services rendered in conjunction with the issue and management of investment contracts where the Group actively manages the
consideration received from its customers to fund a return that is based on the investment profile that the customer selected on
origination of the contract. These services comprise an indeterminate number of acts over the lives of the individual contracts and,
therefore, the Group defers these fees and recognises them over the estimated lives of the contracts, in line with the provision of
investment management services.
Costs which are directly attributable and incremental to securing new non-participating investment contracts are deferred. This asset is
subsequently amortised over the period of the provision of investment management services and its recoverability is reviewed in
circumstances where its carrying amount may not be recoverable. If the asset is greater than its recoverable amount it is written down
immediately through fee and commission expense in the income statement. All other costs are recognised as expenses when incurred.
(N) Foreign currency translation
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic
environment in which the entity operates (the functional currency). Foreign currency transactions are translated into the appropriate
functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from
the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in
foreign currencies are recognised in the income statement, except when recognised in other comprehensive income as qualifying cash flow
hedges. Non-monetary assets that are measured at fair value are translated using the exchange rate at the date that the fair value was
determined. Translation differences on equities and similar non-monetary items held at fair value through profit and loss are recognised in
profit or loss as part of the fair value gain or loss. Translation differences on non-monetary financial assets measured at fair value through
other comprehensive income, such as equity shares, are included in the fair value reserve in equity unless the asset is a hedged item in a fair
value hedge.
The results and financial position of all Group entities that have a functional currency different from the presentation currency are
translated into the presentation currency as follows: the assets and liabilities of foreign operations, including goodwill and fair value
adjustments arising on the acquisition of a foreign entity, are translated into sterling at foreign exchange rates ruling at the balance sheet
date; and the income and expenses of foreign operations are translated into sterling at average exchange rates unless these do not
approximate to the foreign exchange rates ruling at the dates of the transactions, in which case income and expenses are translated at the
dates of the transactions.
Foreign exchange differences arising on the translation of a foreign operation are recognised in other comprehensive income and
accumulated in a separate component of equity together with exchange differences arising from the translation of borrowings and other
currency instruments designated as hedges of such investments. On disposal or liquidation of a foreign operation, the cumulative amount
of exchange differences relating to that foreign operation is reclassified from equity and included in determining the profit or loss arising on
disposal or liquidation.
(O) Provisions and contingent liabilities
Provisions are recognised in respect of present obligations arising from past events where it is probable that outflows of resources will be
required to settle the obligations and they can be reliably estimated.
Contingent liabilities are possible obligations whose existence depends on the outcome of uncertain future events or those present
obligations where the outflows of resources are uncertain or cannot be measured reliably. Contingent liabilities are not recognised in the
financial statements but are disclosed unless they are remote.
Provision is made for expected credit losses in respect of irrevocable undrawn loan commitments and financial guarantee contracts (see (H)
above).
(P) Share capital
Incremental costs directly attributable to the issue of new shares or options or to the acquisition of a business are shown in equity as a
deduction, net of tax, from the proceeds. Dividends paid on the Group\u2019s ordinary shares are recognised as a reduction in equity in the
period in which they are paid.
Where the Company or any member of the Group purchases the Company\u2019s share capital, the consideration paid is deducted from
shareholders\u2019 equity as treasury shares until they are cancelled; if these shares are subsequently sold or reissued, any consideration received
is included in shareholders\u2019 equity.
(Q) Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash equivalents comprise cash and non-mandatory deposits held with central
banks, mandatory deposits held with central banks in demand accounts and amounts due from banks with an original maturity of less than
three months that are available to finance the Group\u2019s day-to-day operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-858": { "value": "(A) Consolidation The assets, liabilities and results of Group undertakings (including structured entities) are included in the financial statements on the basis of accounts made up to the reporting date. Group undertakings include subsidiaries, associates and joint ventures. Details of the Group\u2019s subsidiaries and related undertakings are given on pages 318 to 331. Subsidiaries are entities controlled by the Group. The Group controls an entity when it has power over the entity, is exposed to, or has rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through the exercise of its power. This generally accompanies a shareholding of more than one half of the voting rights although in certain circumstances a holding of less than one half of the voting rights may still result in the ability of the Group to exercise control. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. The Group reassesses whether or not it controls an entity if facts and circumstances indicate that there have been changes to any of the above elements. Subsidiaries are fully consolidated from the date on which control is transferred to the Group; they are deconsolidated from the date that control ceases. The Group consolidates collective investment vehicles if its beneficial ownership interests give it substantive rights to remove the external fund manager of the investment activities of the fund. Where a subsidiary of the Group is the fund manager of a collective investment vehicle, the Group considers a number of factors in determining whether it acts as principal, and therefore controls the collective investment vehicle, including: an assessment of the scope of the Group\u2019s decision-making authority over the investment vehicle; the rights held by other parties including substantive removal rights without cause over the Group acting as fund manager; the remuneration to which the Group is entitled in its capacity as decision-maker; and the Group\u2019s exposure to variable returns from the beneficial interest that it holds in the investment vehicle. Consolidation may be appropriate in circumstances where the Group has less than a majority beneficial interest. Where a collective investment vehicle is consolidated the interests of parties other than the Group are reported in other liabilities and the movement in those interests in movement in third party interests in consolidated funds. Structured entities are entities that are designed so that their activities are not governed by way of voting rights. In assessing whether the Group has power over such entities in which it has an interest, the Group considers factors such as the purpose and design of the entity; its practical ability to direct the relevant activities of the entity; the nature of the relationship with the entity; and the size of its exposure to the variability of returns of the entity. The treatment of transactions with non-controlling interests depends on whether, as a result of the transaction, the Group loses control of the subsidiary. Changes in the parent\u2019s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions; any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the parent entity. Where the Group loses control of the subsidiary, at the date when control is lost the amount of any non-controlling interest in that former subsidiary is derecognised and any investment retained in the former subsidiary is remeasured to its fair value; the gain or loss that is recognised in profit or loss on the partial disposal of the subsidiary includes the gain or loss on the remeasurement of the retained interest. Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. The acquisition method of accounting is used to account for business combinations by the Group. The consideration for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred except those relating to the issuance of debt instruments (see (E)(4) below) or share capital (see (P) below). Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-905": { "value": "Subsidiaries are entities controlled by the Group. The Group controls an entity when it has power over the entity, is exposed to, or has rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through the exercise of its power. This generally accompanies a shareholding of more than one half of the voting rights although in certain circumstances a holding of less than one half of the voting rights may still result in the ability of the Group to exercise control. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. The Group reassesses whether or not it controls an entity if facts and circumstances indicate that there have been changes to any of the above elements. Subsidiaries are fully consolidated from the date on which control is transferred to the Group; they are deconsolidated from the date that control ceases. The Group consolidates collective investment vehicles if its beneficial ownership interests give it substantive rights to remove the external fund manager of the investment activities of the fund. Where a subsidiary of the Group is the fund manager of a collective investment vehicle, the Group considers a number of factors in determining whether it acts as principal, and therefore controls the collective investment vehicle, including: an assessment of the scope of the Group\u2019s decision-making authority over the investment vehicle; the rights held by other parties including substantive removal rights without cause over the Group acting as fund manager; the remuneration to which the Group is entitled in its capacity as decision-maker; and the Group\u2019s exposure to variable returns from the beneficial interest that it holds in the investment vehicle. Consolidation may be appropriate in circumstances where the Group has less than a majority beneficial interest. Where a collective investment vehicle is consolidated the interests of parties other than the Group are reported in other liabilities and the movement in those interests in movement in third party interests in consolidated funds. Structured entities are entities that are designed so that their activities are not governed by way of voting rights. In assessing whether the Group has power over such entities in which it has an interest, the Group considers factors such as the purpose and design of the entity; its practical ability to direct the relevant activities of the entity; the nature of the relationship with the entity; and the size of its exposure to the variability of returns of the entity. The treatment of transactions with non-controlling interests depends on whether, as a result of the transaction, the Group loses control of the subsidiary. Changes in the parent\u2019s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions; any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the parent entity. Where the Group loses control of the subsidiary, at the date when control is lost the amount of any non-controlling interest in that former subsidiary is derecognised and any investment retained in the former subsidiary is remeasured to its fair value; the gain or loss that is recognised in profit or loss on the partial disposal of the subsidiary includes the gain or loss on the remeasurement of the retained interest. Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. The acquisition method of accounting is used to account for business combinations by the Group. The consideration for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred except those relating to the issuance of debt instruments (see (E)(4) below) or share capital (see (P) below). Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-942": { "value": "(B) Goodwill Goodwill arises on business combinations and represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired. Where the fair value of the Group\u2019s share of the identifiable assets, liabilities and contingent liabilities of the acquired entity is greater than the cost of acquisition, the excess is recognised immediately in the income statement. Goodwill is recognised as an asset at cost and is tested at least annually for impairment. For impairment testing, goodwill is allocated to the cash-generating unit (CGU) or groups of CGUs that are expected to benefit from the business combination. The Group\u2019s CGUs are largely product based for its Retail and Insurance businesses and client based for its Commercial Banking business. An impairment loss is recognised if the carrying amount of a CGU is determined to be greater than its recoverable amount. The recoverable amount of a CGU is the higher of its fair value less costs to sell and its value in use. If an impairment is identified the carrying value of the goodwill is written down immediately through the income statement and this is not subsequently reversed. At the date of disposal of a subsidiary, the carrying value of attributable goodwill is included in the calculation of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-906": { "value": "(B) Goodwill Goodwill arises on business combinations and represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired. Where the fair value of the Group\u2019s share of the identifiable assets, liabilities and contingent liabilities of the acquired entity is greater than the cost of acquisition, the excess is recognised immediately in the income statement. Goodwill is recognised as an asset at cost and is tested at least annually for impairment. For impairment testing, goodwill is allocated to the cash-generating unit (CGU) or groups of CGUs that are expected to benefit from the business combination. The Group\u2019s CGUs are largely product based for its Retail and Insurance businesses and client based for its Commercial Banking business. An impairment loss is recognised if the carrying amount of a CGU is determined to be greater than its recoverable amount. The recoverable amount of a CGU is the higher of its fair value less costs to sell and its value in use. If an impairment is identified the carrying value of the goodwill is written down immediately through the income statement and this is not subsequently reversed. At the date of disposal of a subsidiary, the carrying value of attributable goodwill is included in the calculation of the profit or loss on disposal. (C) Other intangible assets Intangible assets which have been determined to have a finite useful life are amortised on a straight-line basis over their estimated useful life as follows: up to seven years for capitalised software; 10 to 15 years for brands and other intangible assets. Intangible assets with finite useful lives are reviewed at each reporting date to assess whether there is any indication that they are impaired. If any such indication exists the recoverable amount of the asset is determined and in the event that the asset\u2019s carrying amount is greater than its recoverable amount, it is written down immediately. Certain brands have been determined to have an indefinite useful life and are not amortised. Such intangible assets are assessed annually to determine whether the asset is impaired and to reconfirm that an indefinite useful life remains appropriate. In the event that an indefinite life is inappropriate, a finite life is determined and a further impairment review is performed on the asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-859": { "value": "(B) Goodwill Goodwill arises on business combinations and represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the identifiable assets, liabilities and contingent liabilities acquired. Where the fair value of the Group\u2019s share of the identifiable assets, liabilities and contingent liabilities of the acquired entity is greater than the cost of acquisition, the excess is recognised immediately in the income statement. Goodwill is recognised as an asset at cost and is tested at least annually for impairment. For impairment testing, goodwill is allocated to the cash-generating unit (CGU) or groups of CGUs that are expected to benefit from the business combination. The Group\u2019s CGUs are largely product based for its Retail and Insurance businesses and client based for its Commercial Banking business. An impairment loss is recognised if the carrying amount of a CGU is determined to be greater than its recoverable amount. The recoverable amount of a CGU is the higher of its fair value less costs to sell and its value in use. If an impairment is identified the carrying value of the goodwill is written down immediately through the income statement and this is not subsequently reversed. At the date of disposal of a subsidiary, the carrying value of attributable goodwill is included in the calculation of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-860": { "value": "(C) Other intangible assets Intangible assets which have been determined to have a finite useful life are amortised on a straight-line basis over their estimated useful life as follows: up to seven years for capitalised software; 10 to 15 years for brands and other intangible assets. Intangible assets with finite useful lives are reviewed at each reporting date to assess whether there is any indication that they are impaired. If any such indication exists the recoverable amount of the asset is determined and in the event that the asset\u2019s carrying amount is greater than its recoverable amount, it is written down immediately. Certain brands have been determined to have an indefinite useful life and are not amortised. Such intangible assets are assessed annually to determine whether the asset is impaired and to reconfirm that an indefinite useful life remains appropriate. In the event that an indefinite life is inappropriate, a finite life is determined and a further impairment review is performed on the asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-861": { "value": "(D) Revenue recognition (1) Net interest income Interest income and expense are recognised in the income statement using the effective interest method for all interest-bearing financial instruments, except for those classified at fair value through profit or loss. The effective interest method is a method of calculating the amortised cost of a financial asset or liability and of allocating the interest income or interest expense over the expected life of the financial instrument. The effective interest rate is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument to the gross carrying amount of the financial asset (before adjusting for expected credit losses) or to the amortised cost of the financial liability, including early redemption fees, other fees, and premiums and discounts that are an integral part of the overall return. In the case of financial assets that are purchased or originated credit-impaired, the effective interest rate is the rate that discounts the estimated future cash flows to the amortised cost of the instrument. Direct incremental transaction costs related to the acquisition, issue or disposal of a financial instrument are also taken into account. Interest income from non-credit-impaired financial assets is recognised by applying the effective interest rate to the gross carrying amount of the asset; for credit-impaired financial assets, the effective interest rate is applied to the net carrying amount after deducting the allowance for expected credit losses. Impairment policies are set out in (H) below. (2) Fee and commission income and expense Fees and commissions receivable which are not an integral part of the effective interest rate are recognised as income as the Group fulfils its performance obligations. The Group\u2019s principal performance obligations arising from contracts with customers are in respect of value added current accounts, credit cards and debit cards. These fees are received, and the Group provides the service, monthly; the fees are recognised in income on this basis. The Group also receives certain fees in respect of its asset finance business where the performance obligations are typically fulfilled towards the end of the customer contract; these fees are recognised in income on this basis. Where it is unlikely that the loan commitments will be drawn, loan commitment fees are recognised in fee and commission income over the life of the facility, rather than as an adjustment to the effective interest rate for the lending expected to be drawn. Incremental costs incurred to generate fee and commission income are charged to fee and commission expense as they are incurred. (3) Other Dividend income is recognised when the right to receive payment is established. Revenue recognition policies specific to trading income are set out in (E)(3) below, those relating to leases are set out in (J)(1) below and those relating to life insurance and general insurance business are set out in (M) below. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-962": { "value": "(1) Net interest income Interest income and expense are recognised in the income statement using the effective interest method for all interest-bearing financial instruments, except for those classified at fair value through profit or loss. The effective interest method is a method of calculating the amortised cost of a financial asset or liability and of allocating the interest income or interest expense over the expected life of the financial instrument. The effective interest rate is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument to the gross carrying amount of the financial asset (before adjusting for expected credit losses) or to the amortised cost of the financial liability, including early redemption fees, other fees, and premiums and discounts that are an integral part of the overall return. In the case of financial assets that are purchased or originated credit-impaired, the effective interest rate is the rate that discounts the estimated future cash flows to the amortised cost of the instrument. Direct incremental transaction costs related to the acquisition, issue or disposal of a financial instrument are also taken into account. Interest income from non-credit-impaired financial assets is recognised by applying the effective interest rate to the gross carrying amount of the asset; for credit-impaired financial assets, the effective interest rate is applied to the net carrying amount after deducting the allowance for expected credit losses. Impairment policies are set out in (H) below. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-943": { "value": "(1) Net interest income Interest income and expense are recognised in the income statement using the effective interest method for all interest-bearing financial instruments, except for those classified at fair value through profit or loss. The effective interest method is a method of calculating the amortised cost of a financial asset or liability and of allocating the interest income or interest expense over the expected life of the financial instrument. The effective interest rate is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument to the gross carrying amount of the financial asset (before adjusting for expected credit losses) or to the amortised cost of the financial liability, including early redemption fees, other fees, and premiums and discounts that are an integral part of the overall return. In the case of financial assets that are purchased or originated credit-impaired, the effective interest rate is the rate that discounts the estimated future cash flows to the amortised cost of the instrument. Direct incremental transaction costs related to the acquisition, issue or disposal of a financial instrument are also taken into account. Interest income from non-credit-impaired financial assets is recognised by applying the effective interest rate to the gross carrying amount of the asset; for credit-impaired financial assets, the effective interest rate is applied to the net carrying amount after deducting the allowance for expected credit losses. Impairment policies are set out in (H) below. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-907": { "value": "(1) Net interest income Interest income and expense are recognised in the income statement using the effective interest method for all interest-bearing financial instruments, except for those classified at fair value through profit or loss. The effective interest method is a method of calculating the amortised cost of a financial asset or liability and of allocating the interest income or interest expense over the expected life of the financial instrument. The effective interest rate is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument to the gross carrying amount of the financial asset (before adjusting for expected credit losses) or to the amortised cost of the financial liability, including early redemption fees, other fees, and premiums and discounts that are an integral part of the overall return. In the case of financial assets that are purchased or originated credit-impaired, the effective interest rate is the rate that discounts the estimated future cash flows to the amortised cost of the instrument. Direct incremental transaction costs related to the acquisition, issue or disposal of a financial instrument are also taken into account. Interest income from non-credit-impaired financial assets is recognised by applying the effective interest rate to the gross carrying amount of the asset; for credit-impaired financial assets, the effective interest rate is applied to the net carrying amount after deducting the allowance for expected credit losses. Impairment policies are set out in (H) below. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-908": { "value": "(2) Fee and commission income and expense Fees and commissions receivable which are not an integral part of the effective interest rate are recognised as income as the Group fulfils its performance obligations. The Group\u2019s principal performance obligations arising from contracts with customers are in respect of value added current accounts, credit cards and debit cards. These fees are received, and the Group provides the service, monthly; the fees are recognised in income on this basis. The Group also receives certain fees in respect of its asset finance business where the performance obligations are typically fulfilled towards the end of the customer contract; these fees are recognised in income on this basis. Where it is unlikely that the loan commitments will be drawn, loan commitment fees are recognised in fee and commission income over the life of the facility, rather than as an adjustment to the effective interest rate for the lending expected to be drawn. Incremental costs incurred to generate fee and commission income are charged to fee and commission expense as they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-944": { "value": "(E) Financial assets and liabilities On initial recognition, financial assets are classified as measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss, depending on the Group\u2019s business model for managing those financial assets and whether the resultant cash flows represent solely payments of principal and interest on principal outstanding. The Group assesses its business models at a portfolio level based on its objectives for the relevant portfolio, how the performance of the portfolio is managed and reported, and the frequency of asset sales. Financial assets with embedded derivatives are considered in their entirety when considering their cash flow characteristics. The Group reclassifies financial assets only when its business model for managing those assets changes. A reclassification will only take place when the change is significant to the Group\u2019s operations and will occur at a portfolio level and not for individual instruments; reclassifications are expected to be rare. Equity investments are measured at fair value through profit or loss unless the Group elects at initial recognition to account for the instruments at fair value through other comprehensive income. For these instruments, principally strategic investments, dividends are recognised in profit or loss but fair value gains and losses are not subsequently reclassified to profit or loss following derecognition of the investment. The Group initially recognises loans and advances, deposits, debt securities in issue and subordinated liabilities when the Group becomes a party to the contractual provisions of the instrument. Regular way purchases and sales of securities and other financial assets and trading liabilities are recognised on trade date, being the date that the Group is committed to purchase or sell an asset. Financial assets are derecognised when the contractual right to receive cash flows from those assets has expired or when the Group has transferred its contractual right to receive the cash flows from the assets and either: substantially all of the risks and rewards of ownership have been transferred; or the Group has neither retained nor transferred substantially all of the risks and rewards, but has transferred control. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires. (1) Financial instruments measured at amortised cost Financial assets that are held to collect contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. A basic lending arrangement results in contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. Where the contractual cash flows introduce exposure to risks or volatility unrelated to a basic lending arrangement such as changes in equity prices or commodity prices, the payments do not comprise solely principal and interest. Financial assets measured at amortised cost are predominantly loans and advances to customers and banks, reverse repurchase agreements and certain debt securities used by the Group to manage its liquidity. Loans and advances and reverse repurchase agreements are initially recognised when cash is advanced to the borrower at fair value inclusive of transaction costs. Interest income is accounted for using the effective interest method (see (D) above). Financial liabilities are measured at amortised cost, except for trading liabilities and other financial liabilities designated at fair value through profit or loss on initial recognition which are held at fair value. (2) Financial assets measured at fair value through other comprehensive income Financial assets that are held to collect contractual cash flows and for subsequent sale where those cash flows represent solely payments of principal and interest are recognised in the balance sheet at their fair value, inclusive of transaction costs. Interest calculated using the effective interest method and foreign exchange gains and losses on assets denominated in foreign currencies are recognised in the income statement. All other gains and losses arising from changes in fair value are recognised directly in other comprehensive income, until the financial asset is either sold or matures, at which time, other than in respect of equity shares, the cumulative gain or loss previously recognised in other comprehensive income is recognised in the income statement. The cumulative revaluation amount in respect of equity shares is transferred directly to retained profits. The Group recognises a charge for expected credit losses in the income statement (see (H) below). As the asset is measured at fair value, the charge does not adjust the carrying value of the asset, and this is reflected in other comprehensive income. (3) Financial instruments measured at fair value through profit or loss Financial assets are classified at fair value through profit or loss where they do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income or where they are designated at fair value through profit or loss to reduce an accounting mismatch. All derivatives are carried at fair value through profit or loss, other than those in effective cash flow hedging relationships. Derivatives are carried on the balance sheet as assets when their fair value is positive and as liabilities when their fair value is negative. Refer to note 17 (Fair values of financial assets and liabilities) for details of valuation techniques and significant inputs to valuation models. Derivatives embedded in a financial asset are not considered separately; the financial asset is considered in its entirety when determining whether its cash flows are solely payments of principal and interest. Derivatives embedded in financial liabilities and insurance contracts (unless the embedded derivative is itself an insurance contract) are treated as separate derivatives when their economic characteristics and risks are not closely related to those of the host contract and the host contract is not carried at fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognised in the income statement. The assets backing the insurance and investment contracts issued by the Group do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income as they are managed on a fair value basis and accordingly are measured at fair value through profit or loss. Similarly, trading securities, which are debt securities and equity shares acquired principally for the purpose of selling in the short term or which are part of a portfolio which is managed for short-term gains, do not meet these criteria and are also measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised in the balance sheet at their fair value. Fair value gains and losses together with interest coupons and dividend income are recognised in the income statement within net trading income. Financial liabilities are measured at fair value through profit or loss where they are trading liabilities or where they are designated at fair value through profit or loss in order to reduce an accounting mismatch; where the liabilities are part of a group of liabilities (or assets and liabilities) which is managed, and its performance evaluated, on a fair value basis; or where the liabilities contain one or more embedded derivatives that significantly modify the cash flows arising under the contract and would otherwise need to be separately accounted for. Financial liabilities measured at fair value through profit or loss are recognised in the balance sheet at their fair value. Fair value gains and losses are recognised in the income statement within net trading income in the period in which they occur, except in the case of financial liabilities designated at fair value through profit or loss where gains and losses attributable to changes in own credit risk are recognised in other comprehensive income. The fair values of assets and liabilities traded in active markets are based on current bid and offer prices, respectively, which include the expected effects of potential changes to laws and regulations, risks associated with climate change and other factors. If the market is not active the Group establishes a fair value by using valuation techniques. The fair values of derivative financial instruments are adjusted where appropriate to reflect credit risk (via credit valuation adjustments (CVAs), debit valuation adjustments (DVAs) and funding valuation adjustments (FVAs)), market liquidity and other risks. (4) Borrowings Borrowings (which include deposits from banks, customer deposits, repurchase agreements, debt securities in issue and subordinated liabilities) are recognised initially at fair value, being their issue proceeds net of transaction costs incurred. These instruments are subsequently stated at amortised cost using the effective interest method. Preference shares and other instruments which carry a mandatory coupon or are redeemable on a specific date are classified as financial liabilities. The coupon on these instruments is recognised in the income statement as interest expense. Securities which carry a discretionary coupon and have no fixed maturity or redemption date are classified as other equity instruments. Interest payments on these securities are recognised as distributions from equity in the period in which they are paid. An exchange of financial liabilities on substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability extinguished and the new financial liability is recognised in profit or loss together with any related costs or fees incurred. When a financial liability is exchanged for an equity instrument, the new equity instrument is recognised at fair value and any difference between the carrying value of the liability and the fair value of the new equity instrument is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-909": { "value": "(E) Financial assets and liabilities On initial recognition, financial assets are classified as measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss, depending on the Group\u2019s business model for managing those financial assets and whether the resultant cash flows represent solely payments of principal and interest on principal outstanding. The Group assesses its business models at a portfolio level based on its objectives for the relevant portfolio, how the performance of the portfolio is managed and reported, and the frequency of asset sales. Financial assets with embedded derivatives are considered in their entirety when considering their cash flow characteristics. The Group reclassifies financial assets only when its business model for managing those assets changes. A reclassification will only take place when the change is significant to the Group\u2019s operations and will occur at a portfolio level and not for individual instruments; reclassifications are expected to be rare. Equity investments are measured at fair value through profit or loss unless the Group elects at initial recognition to account for the instruments at fair value through other comprehensive income. For these instruments, principally strategic investments, dividends are recognised in profit or loss but fair value gains and losses are not subsequently reclassified to profit or loss following derecognition of the investment. The Group initially recognises loans and advances, deposits, debt securities in issue and subordinated liabilities when the Group becomes a party to the contractual provisions of the instrument. Regular way purchases and sales of securities and other financial assets and trading liabilities are recognised on trade date, being the date that the Group is committed to purchase or sell an asset. Financial assets are derecognised when the contractual right to receive cash flows from those assets has expired or when the Group has transferred its contractual right to receive the cash flows from the assets and either: substantially all of the risks and rewards of ownership have been transferred; or the Group has neither retained nor transferred substantially all of the risks and rewards, but has transferred control. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires. (1) Financial instruments measured at amortised cost Financial assets that are held to collect contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. A basic lending arrangement results in contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. Where the contractual cash flows introduce exposure to risks or volatility unrelated to a basic lending arrangement such as changes in equity prices or commodity prices, the payments do not comprise solely principal and interest. Financial assets measured at amortised cost are predominantly loans and advances to customers and banks, reverse repurchase agreements and certain debt securities used by the Group to manage its liquidity. Loans and advances and reverse repurchase agreements are initially recognised when cash is advanced to the borrower at fair value inclusive of transaction costs. Interest income is accounted for using the effective interest method (see (D) above). Financial liabilities are measured at amortised cost, except for trading liabilities and other financial liabilities designated at fair value through profit or loss on initial recognition which are held at fair value. (2) Financial assets measured at fair value through other comprehensive income Financial assets that are held to collect contractual cash flows and for subsequent sale where those cash flows represent solely payments of principal and interest are recognised in the balance sheet at their fair value, inclusive of transaction costs. Interest calculated using the effective interest method and foreign exchange gains and losses on assets denominated in foreign currencies are recognised in the income statement. All other gains and losses arising from changes in fair value are recognised directly in other comprehensive income, until the financial asset is either sold or matures, at which time, other than in respect of equity shares, the cumulative gain or loss previously recognised in other comprehensive income is recognised in the income statement. The cumulative revaluation amount in respect of equity shares is transferred directly to retained profits. The Group recognises a charge for expected credit losses in the income statement (see (H) below). As the asset is measured at fair value, the charge does not adjust the carrying value of the asset, and this is reflected in other comprehensive income. (3) Financial instruments measured at fair value through profit or loss Financial assets are classified at fair value through profit or loss where they do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income or where they are designated at fair value through profit or loss to reduce an accounting mismatch. All derivatives are carried at fair value through profit or loss, other than those in effective cash flow hedging relationships. Derivatives are carried on the balance sheet as assets when their fair value is positive and as liabilities when their fair value is negative. Refer to note 17 (Fair values of financial assets and liabilities) for details of valuation techniques and significant inputs to valuation models. Derivatives embedded in a financial asset are not considered separately; the financial asset is considered in its entirety when determining whether its cash flows are solely payments of principal and interest. Derivatives embedded in financial liabilities and insurance contracts (unless the embedded derivative is itself an insurance contract) are treated as separate derivatives when their economic characteristics and risks are not closely related to those of the host contract and the host contract is not carried at fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognised in the income statement. The assets backing the insurance and investment contracts issued by the Group do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income as they are managed on a fair value basis and accordingly are measured at fair value through profit or loss. Similarly, trading securities, which are debt securities and equity shares acquired principally for the purpose of selling in the short term or which are part of a portfolio which is managed for short-term gains, do not meet these criteria and are also measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised in the balance sheet at their fair value. Fair value gains and losses together with interest coupons and dividend income are recognised in the income statement within net trading income. Financial liabilities are measured at fair value through profit or loss where they are trading liabilities or where they are designated at fair value through profit or loss in order to reduce an accounting mismatch; where the liabilities are part of a group of liabilities (or assets and liabilities) which is managed, and its performance evaluated, on a fair value basis; or where the liabilities contain one or more embedded derivatives that significantly modify the cash flows arising under the contract and would otherwise need to be separately accounted for. Financial liabilities measured at fair value through profit or loss are recognised in the balance sheet at their fair value. Fair value gains and losses are recognised in the income statement within net trading income in the period in which they occur, except in the case of financial liabilities designated at fair value through profit or loss where gains and losses attributable to changes in own credit risk are recognised in other comprehensive income. The fair values of assets and liabilities traded in active markets are based on current bid and offer prices, respectively, which include the expected effects of potential changes to laws and regulations, risks associated with climate change and other factors. If the market is not active the Group establishes a fair value by using valuation techniques. The fair values of derivative financial instruments are adjusted where appropriate to reflect credit risk (via credit valuation adjustments (CVAs), debit valuation adjustments (DVAs) and funding valuation adjustments (FVAs)), market liquidity and other risks. (H) Impairment of financial assets The impairment charge in the income statement reflects the change in expected credit losses, including those arising from fraud. Expected credit losses are recognised for loans and advances to customers and banks, other financial assets held at amortised cost, financial assets (other than equity investments) measured at fair value through other comprehensive income, and certain loan commitments and financial guarantee contracts. Expected credit losses are calculated as an unbiased and probability-weighted estimate using an appropriate probability of default, adjusted to take into account a range of possible future economic scenarios, and applying this to the estimated exposure of the Group at the point of default after taking into account the value of any collateral held, repayments, or other mitigants of loss and including the impact of discounting using the effective interest rate. At initial recognition, allowance (or provision in the case of some loan commitments and financial guarantees) is made for expected credit losses resulting from default events that are possible within the next 12 months (12-month expected credit losses). In the event of a significant increase in credit risk since origination, allowance (or provision) is made for expected credit losses resulting from all possible default events over the expected life of the financial instrument (lifetime expected credit losses). Financial assets where 12-month expected credit losses are recognised are considered to be Stage 1; financial assets which are considered to have experienced a significant increase in credit risk since initial recognition are in Stage 2; and financial assets which have defaulted or are otherwise considered to be credit-impaired are allocated to Stage 3. Some Stage 3 assets, mainly in Commercial Banking, are subject to individual rather than collective assessment. Such cases are subject to a risk-based impairment sanctioning process, and these are reviewed and updated at least quarterly, or more frequently if there is a significant change in the credit profile. The collective assessment of impairment aggregates financial instruments with similar risk characteristics, such as whether the facility is revolving in nature or secured and the type of security held against financial assets. An assessment of whether credit risk has increased significantly since initial recognition considers the change in the risk of default occurring over the remaining expected life of the financial instrument. In determining whether there has been a significant increase in credit risk, the Group uses quantitative tests based on relative and absolute probability of default (PD) movements linked to internal credit ratings together with qualitative indicators such as watchlists and other indicators of historical delinquency, credit weakness or financial difficulty. The use of internal credit ratings and qualitative indicators ensures alignment between the assessment of staging and the Group\u2019s management of credit risk which utilises these internal metrics within distinct retail and commercial portfolio risk management practices. However, unless identified at an earlier stage, the credit risk of financial assets is deemed to have increased significantly when more than 30 days past due. The use of a payment holiday in and of itself has not been judged to indicate a significant increase in credit risk, with the underlying long-term credit risk deemed to be driven by economic conditions and captured through the use of forward-looking models. These portfolio-level models are capturing the anticipated volume of increased defaults and therefore an appropriate assessment of staging and expected credit loss. Where the credit risk subsequently improves such that it no longer represents a significant increase in credit risk since initial recognition, the asset is transferred back to Stage 1. Assets are transferred to Stage 3 when they have defaulted or are otherwise considered to be credit-impaired. Default is considered to have occurred when there is evidence that the customer is experiencing financial difficulty which is likely to affect significantly the ability to repay the amount due. IFRS 9 contains a rebuttable presumption that default occurs no later than when a payment is 90 days past due which the Group uses for all its products. In addition, other indicators of mortgage default are added including end-of-term payments on past due interest-only accounts and loans considered non-performing due to recent arrears or forbearance. The use of payment holidays is not considered to be an automatic trigger of regulatory default and therefore does not automatically trigger Stage 3. Days past due will also not accumulate on any accounts that have taken a payment holiday including those already past due. In certain circumstances, the Group will renegotiate the original terms of a customer\u2019s loan, either as part of an ongoing customer relationship or in response to adverse changes in the circumstances of the borrower. In the latter circumstances, the loan will remain classified as either Stage 2 or Stage 3 until the credit risk has improved such that it no longer represents a significant increase since origination (for a return to Stage 1), or the loan is no longer credit-impaired (for a return to Stage 2). On renegotiation the gross carrying amount of the loan is recalculated as the present value of the renegotiated or modified contractual cash flows, which are discounted at the original effective interest rate. Renegotiation may also lead to the loan and associated allowance being derecognised and a new loan being recognised initially at fair value. Purchased or originated credit-impaired financial assets (POCI) include financial assets that are purchased or originated at a deep discount that reflects incurred credit losses. At initial recognition, POCI assets do not carry an impairment allowance; instead, lifetime expected credit losses are incorporated into the calculation of the effective interest rate. All changes in lifetime expected credit losses subsequent to the assets\u2019 initial recognition are recognised as an impairment charge. A loan or advance is normally written off, either partially or in full, against the related allowance when the proceeds from realising any available security have been received or there is no realistic prospect of recovery and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded in the income statement. For both secured and unsecured retail balances, the write-off takes place only once an extensive set of collections processes has been completed, or the status of the account reaches a point where policy dictates that continuing attempts to recover are no longer appropriate. For commercial lending, a write-off occurs if the loan facility with the customer is restructured, the asset is under administration and the only monies that can be received are the amounts estimated by the administrator, the underlying assets are disposed and a decision is made that no further settlement monies will be received, or external evidence (for example, third party valuations) is available that there has been an irreversible decline in expected cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-862": { "value": "(E) Financial assets and liabilities On initial recognition, financial assets are classified as measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss, depending on the Group\u2019s business model for managing those financial assets and whether the resultant cash flows represent solely payments of principal and interest on principal outstanding. The Group assesses its business models at a portfolio level based on its objectives for the relevant portfolio, how the performance of the portfolio is managed and reported, and the frequency of asset sales. Financial assets with embedded derivatives are considered in their entirety when considering their cash flow characteristics. The Group reclassifies financial assets only when its business model for managing those assets changes. A reclassification will only take place when the change is significant to the Group\u2019s operations and will occur at a portfolio level and not for individual instruments; reclassifications are expected to be rare. Equity investments are measured at fair value through profit or loss unless the Group elects at initial recognition to account for the instruments at fair value through other comprehensive income. For these instruments, principally strategic investments, dividends are recognised in profit or loss but fair value gains and losses are not subsequently reclassified to profit or loss following derecognition of the investment. The Group initially recognises loans and advances, deposits, debt securities in issue and subordinated liabilities when the Group becomes a party to the contractual provisions of the instrument. Regular way purchases and sales of securities and other financial assets and trading liabilities are recognised on trade date, being the date that the Group is committed to purchase or sell an asset. Financial assets are derecognised when the contractual right to receive cash flows from those assets has expired or when the Group has transferred its contractual right to receive the cash flows from the assets and either: substantially all of the risks and rewards of ownership have been transferred; or the Group has neither retained nor transferred substantially all of the risks and rewards, but has transferred control. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires. (1) Financial instruments measured at amortised cost Financial assets that are held to collect contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. A basic lending arrangement results in contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. Where the contractual cash flows introduce exposure to risks or volatility unrelated to a basic lending arrangement such as changes in equity prices or commodity prices, the payments do not comprise solely principal and interest. Financial assets measured at amortised cost are predominantly loans and advances to customers and banks, reverse repurchase agreements and certain debt securities used by the Group to manage its liquidity. Loans and advances and reverse repurchase agreements are initially recognised when cash is advanced to the borrower at fair value inclusive of transaction costs. Interest income is accounted for using the effective interest method (see (D) above). Financial liabilities are measured at amortised cost, except for trading liabilities and other financial liabilities designated at fair value through profit or loss on initial recognition which are held at fair value. (2) Financial assets measured at fair value through other comprehensive income Financial assets that are held to collect contractual cash flows and for subsequent sale where those cash flows represent solely payments of principal and interest are recognised in the balance sheet at their fair value, inclusive of transaction costs. Interest calculated using the effective interest method and foreign exchange gains and losses on assets denominated in foreign currencies are recognised in the income statement. All other gains and losses arising from changes in fair value are recognised directly in other comprehensive income, until the financial asset is either sold or matures, at which time, other than in respect of equity shares, the cumulative gain or loss previously recognised in other comprehensive income is recognised in the income statement. The cumulative revaluation amount in respect of equity shares is transferred directly to retained profits. The Group recognises a charge for expected credit losses in the income statement (see (H) below). As the asset is measured at fair value, the charge does not adjust the carrying value of the asset, and this is reflected in other comprehensive income. (3) Financial instruments measured at fair value through profit or loss Financial assets are classified at fair value through profit or loss where they do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income or where they are designated at fair value through profit or loss to reduce an accounting mismatch. All derivatives are carried at fair value through profit or loss, other than those in effective cash flow hedging relationships. Derivatives are carried on the balance sheet as assets when their fair value is positive and as liabilities when their fair value is negative. Refer to note 17 (Fair values of financial assets and liabilities) for details of valuation techniques and significant inputs to valuation models. Derivatives embedded in a financial asset are not considered separately; the financial asset is considered in its entirety when determining whether its cash flows are solely payments of principal and interest. Derivatives embedded in financial liabilities and insurance contracts (unless the embedded derivative is itself an insurance contract) are treated as separate derivatives when their economic characteristics and risks are not closely related to those of the host contract and the host contract is not carried at fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognised in the income statement. The assets backing the insurance and investment contracts issued by the Group do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income as they are managed on a fair value basis and accordingly are measured at fair value through profit or loss. Similarly, trading securities, which are debt securities and equity shares acquired principally for the purpose of selling in the short term or which are part of a portfolio which is managed for short-term gains, do not meet these criteria and are also measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised in the balance sheet at their fair value. Fair value gains and losses together with interest coupons and dividend income are recognised in the income statement within net trading income. Financial liabilities are measured at fair value through profit or loss where they are trading liabilities or where they are designated at fair value through profit or loss in order to reduce an accounting mismatch; where the liabilities are part of a group of liabilities (or assets and liabilities) which is managed, and its performance evaluated, on a fair value basis; or where the liabilities contain one or more embedded derivatives that significantly modify the cash flows arising under the contract and would otherwise need to be separately accounted for. Financial liabilities measured at fair value through profit or loss are recognised in the balance sheet at their fair value. Fair value gains and losses are recognised in the income statement within net trading income in the period in which they occur, except in the case of financial liabilities designated at fair value through profit or loss where gains and losses attributable to changes in own credit risk are recognised in other comprehensive income. The fair values of assets and liabilities traded in active markets are based on current bid and offer prices, respectively, which include the expected effects of potential changes to laws and regulations, risks associated with climate change and other factors. If the market is not active the Group establishes a fair value by using valuation techniques. The fair values of derivative financial instruments are adjusted where appropriate to reflect credit risk (via credit valuation adjustments (CVAs), debit valuation adjustments (DVAs) and funding valuation adjustments (FVAs)), market liquidity and other risks. (4) Borrowings Borrowings (which include deposits from banks, customer deposits, repurchase agreements, debt securities in issue and subordinated liabilities) are recognised initially at fair value, being their issue proceeds net of transaction costs incurred. These instruments are subsequently stated at amortised cost using the effective interest method. Preference shares and other instruments which carry a mandatory coupon or are redeemable on a specific date are classified as financial liabilities. The coupon on these instruments is recognised in the income statement as interest expense. Securities which carry a discretionary coupon and have no fixed maturity or redemption date are classified as other equity instruments. Interest payments on these securities are recognised as distributions from equity in the period in which they are paid. An exchange of financial liabilities on substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability extinguished and the new financial liability is recognised in profit or loss together with any related costs or fees incurred. When a financial liability is exchanged for an equity instrument, the new equity instrument is recognised at fair value and any difference between the carrying value of the liability and the fair value of the new equity instrument is recognised in profit or loss. (5) Sale and repurchase agreements (including securities lending and borrowing) Securities sold subject to repurchase agreements (repos) continue to be recognised on the balance sheet where substantially all of the risks and rewards are retained. Funds received for repos carried at fair value are included within trading liabilities. Securities purchased under agreements to resell (reverse repos), where the Group does not acquire substantially all of the risks and rewards of ownership, are measured at amortised cost or at fair value. Those measured at fair value are recognised within trading securities. The difference between sale and repurchase price is treated as interest and accrued over the life of the agreements using the effective interest method. Securities borrowing and lending transactions are typically secured; collateral takes the form of securities or cash advanced or received. Securities lent to counterparties are retained on the balance sheet. Securities borrowed are not recognised on the balance sheet, unless these are sold to third parties, in which case the obligation to return them is recorded at fair value as a trading liability. Cash collateral given or received is treated as a loan and advance measured at amortised cost or customer deposit. (F) Hedge accounting As permitted by IFRS 9, the Group continues to apply the requirements of IAS 39 to its hedging relationships. Changes in the fair value of all derivative instruments, other than those in effective cash flow hedging relationships, are recognised immediately in the income statement. As noted in (2) below, the change in fair value of a derivative in an effective cash flow hedging relationship is allocated between the income statement and other comprehensive income. Hedge accounting allows one financial instrument, generally a derivative such as a swap, to be designated as a hedge of another financial instrument such as a loan or deposit or a portfolio of such instruments. 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. Note 19 provides details of the types of derivatives held by the Group and presents separately those designated in hedge relationships. (1) Fair value hedges Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk; this also applies if the hedged asset is classified as a financial asset at fair value through other comprehensive income. If the hedge no longer meets the criteria for hedge accounting, changes in the fair value of the hedged item attributable to the hedged risk are no longer recognised in the income statement. The cumulative adjustment that has been made to the carrying amount of the hedged item is amortised to the income statement using the effective interest method over the period to maturity. (2) Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income in the cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income statement in the periods in which the hedged item affects profit or loss. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised in the income statement when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement. (G) Offset Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right of offset and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. Cash collateral on exchange traded derivative transactions is presented gross unless the collateral cash flows are always settled net with the derivative cash flows. In certain situations, even though master netting agreements exist, the lack of management intention to settle on a net basis results in the financial assets and liabilities being reported gross on the balance sheet. (H) Impairment of financial assets The impairment charge in the income statement reflects the change in expected credit losses, including those arising from fraud. Expected credit losses are recognised for loans and advances to customers and banks, other financial assets held at amortised cost, financial assets (other than equity investments) measured at fair value through other comprehensive income, and certain loan commitments and financial guarantee contracts. Expected credit losses are calculated as an unbiased and probability-weighted estimate using an appropriate probability of default, adjusted to take into account a range of possible future economic scenarios, and applying this to the estimated exposure of the Group at the point of default after taking into account the value of any collateral held, repayments, or other mitigants of loss and including the impact of discounting using the effective interest rate. At initial recognition, allowance (or provision in the case of some loan commitments and financial guarantees) is made for expected credit losses resulting from default events that are possible within the next 12 months (12-month expected credit losses). In the event of a significant increase in credit risk since origination, allowance (or provision) is made for expected credit losses resulting from all possible default events over the expected life of the financial instrument (lifetime expected credit losses). Financial assets where 12-month expected credit losses are recognised are considered to be Stage 1; financial assets which are considered to have experienced a significant increase in credit risk since initial recognition are in Stage 2; and financial assets which have defaulted or are otherwise considered to be credit-impaired are allocated to Stage 3. Some Stage 3 assets, mainly in Commercial Banking, are subject to individual rather than collective assessment. Such cases are subject to a risk-based impairment sanctioning process, and these are reviewed and updated at least quarterly, or more frequently if there is a significant change in the credit profile. The collective assessment of impairment aggregates financial instruments with similar risk characteristics, such as whether the facility is revolving in nature or secured and the type of security held against financial assets. An assessment of whether credit risk has increased significantly since initial recognition considers the change in the risk of default occurring over the remaining expected life of the financial instrument. In determining whether there has been a significant increase in credit risk, the Group uses quantitative tests based on relative and absolute probability of default (PD) movements linked to internal credit ratings together with qualitative indicators such as watchlists and other indicators of historical delinquency, credit weakness or financial difficulty. The use of internal credit ratings and qualitative indicators ensures alignment between the assessment of staging and the Group\u2019s management of credit risk which utilises these internal metrics within distinct retail and commercial portfolio risk management practices. However, unless identified at an earlier stage, the credit risk of financial assets is deemed to have increased significantly when more than 30 days past due. The use of a payment holiday in and of itself has not been judged to indicate a significant increase in credit risk, with the underlying long-term credit risk deemed to be driven by economic conditions and captured through the use of forward-looking models. These portfolio-level models are capturing the anticipated volume of increased defaults and therefore an appropriate assessment of staging and expected credit loss. Where the credit risk subsequently improves such that it no longer represents a significant increase in credit risk since initial recognition, the asset is transferred back to Stage 1. Assets are transferred to Stage 3 when they have defaulted or are otherwise considered to be credit-impaired. Default is considered to have occurred when there is evidence that the customer is experiencing financial difficulty which is likely to affect significantly the ability to repay the amount due. IFRS 9 contains a rebuttable presumption that default occurs no later than when a payment is 90 days past due which the Group uses for all its products. In addition, other indicators of mortgage default are added including end-of-term payments on past due interest-only accounts and loans considered non-performing due to recent arrears or forbearance. The use of payment holidays is not considered to be an automatic trigger of regulatory default and therefore does not automatically trigger Stage 3. Days past due will also not accumulate on any accounts that have taken a payment holiday including those already past due. In certain circumstances, the Group will renegotiate the original terms of a customer\u2019s loan, either as part of an ongoing customer relationship or in response to adverse changes in the circumstances of the borrower. In the latter circumstances, the loan will remain classified as either Stage 2 or Stage 3 until the credit risk has improved such that it no longer represents a significant increase since origination (for a return to Stage 1), or the loan is no longer credit-impaired (for a return to Stage 2). On renegotiation the gross carrying amount of the loan is recalculated as the present value of the renegotiated or modified contractual cash flows, which are discounted at the original effective interest rate. Renegotiation may also lead to the loan and associated allowance being derecognised and a new loan being recognised initially at fair value. Purchased or originated credit-impaired financial assets (POCI) include financial assets that are purchased or originated at a deep discount that reflects incurred credit losses. At initial recognition, POCI assets do not carry an impairment allowance; instead, lifetime expected credit losses are incorporated into the calculation of the effective interest rate. All changes in lifetime expected credit losses subsequent to the assets\u2019 initial recognition are recognised as an impairment charge. A loan or advance is normally written off, either partially or in full, against the related allowance when the proceeds from realising any available security have been received or there is no realistic prospect of recovery and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded in the income statement. For both secured and unsecured retail balances, the write-off takes place only once an extensive set of collections processes has been completed, or the status of the account reaches a point where policy dictates that continuing attempts to recover are no longer appropriate. For commercial lending, a write-off occurs if the loan facility with the customer is restructured, the asset is under administration and the only monies that can be received are the amounts estimated by the administrator, the underlying assets are disposed and a decision is made that no further settlement monies will be received, or external evidence (for example, third party valuations) is available that there has been an irreversible decline in expected cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-963": { "value": "(2) Financial assets measured at fair value through other comprehensive income Financial assets that are held to collect contractual cash flows and for subsequent sale where those cash flows represent solely payments of principal and interest are recognised in the balance sheet at their fair value, inclusive of transaction costs. Interest calculated using the effective interest method and foreign exchange gains and losses on assets denominated in foreign currencies are recognised in the income statement. All other gains and losses arising from changes in fair value are recognised directly in other comprehensive income, until the financial asset is either sold or matures, at which time, other than in respect of equity shares, the cumulative gain or loss previously recognised in other comprehensive income is recognised in the income statement. The cumulative revaluation amount in respect of equity shares is transferred directly to retained profits. The Group recognises a charge for expected credit losses in the income statement (see (H) below). As the asset is measured at fair value, the charge does not adjust the carrying value of the asset, and this is reflected in other comprehensive income. (3) Financial instruments measured at fair value through profit or loss Financial assets are classified at fair value through profit or loss where they do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income or where they are designated at fair value through profit or loss to reduce an accounting mismatch. All derivatives are carried at fair value through profit or loss, other than those in effective cash flow hedging relationships. Derivatives are carried on the balance sheet as assets when their fair value is positive and as liabilities when their fair value is negative. Refer to note 17 (Fair values of financial assets and liabilities) for details of valuation techniques and significant inputs to valuation models. Derivatives embedded in a financial asset are not considered separately; the financial asset is considered in its entirety when determining whether its cash flows are solely payments of principal and interest. Derivatives embedded in financial liabilities and insurance contracts (unless the embedded derivative is itself an insurance contract) are treated as separate derivatives when their economic characteristics and risks are not closely related to those of the host contract and the host contract is not carried at fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognised in the income statement. The assets backing the insurance and investment contracts issued by the Group do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income as they are managed on a fair value basis and accordingly are measured at fair value through profit or loss. Similarly, trading securities, which are debt securities and equity shares acquired principally for the purpose of selling in the short term or which are part of a portfolio which is managed for short-term gains, do not meet these criteria and are also measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised in the balance sheet at their fair value. Fair value gains and losses together with interest coupons and dividend income are recognised in the income statement within net trading income. Financial liabilities are measured at fair value through profit or loss where they are trading liabilities or where they are designated at fair value through profit or loss in order to reduce an accounting mismatch; where the liabilities are part of a group of liabilities (or assets and liabilities) which is managed, and its performance evaluated, on a fair value basis; or where the liabilities contain one or more embedded derivatives that significantly modify the cash flows arising under the contract and would otherwise need to be separately accounted for. Financial liabilities measured at fair value through profit or loss are recognised in the balance sheet at their fair value. Fair value gains and losses are recognised in the income statement within net trading income in the period in which they occur, except in the case of financial liabilities designated at fair value through profit or loss where gains and losses attributable to changes in own credit risk are recognised in other comprehensive income. The fair values of assets and liabilities traded in active markets are based on current bid and offer prices, respectively, which include the expected effects of potential changes to laws and regulations, risks associated with climate change and other factors. If the market is not active the Group establishes a fair value by using valuation techniques. The fair values of derivative financial instruments are adjusted where appropriate to reflect credit risk (via credit valuation adjustments (CVAs), debit valuation adjustments (DVAs) and funding valuation adjustments (FVAs)), market liquidity and other risks. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-964": { "value": "(4) Borrowings Borrowings (which include deposits from banks, customer deposits, repurchase agreements, debt securities in issue and subordinated liabilities) are recognised initially at fair value, being their issue proceeds net of transaction costs incurred. These instruments are subsequently stated at amortised cost using the effective interest method. Preference shares and other instruments which carry a mandatory coupon or are redeemable on a specific date are classified as financial liabilities. The coupon on these instruments is recognised in the income statement as interest expense. Securities which carry a discretionary coupon and have no fixed maturity or redemption date are classified as other equity instruments. Interest payments on these securities are recognised as distributions from equity in the period in which they are paid. An exchange of financial liabilities on substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability extinguished and the new financial liability is recognised in profit or loss together with any related costs or fees incurred. When a financial liability is exchanged for an equity instrument, the new equity instrument is recognised at fair value and any difference between the carrying value of the liability and the fair value of the new equity instrument is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-967": { "value": "(5) Sale and repurchase agreements (including securities lending and borrowing) Securities sold subject to repurchase agreements (repos) continue to be recognised on the balance sheet where substantially all of the risks and rewards are retained. Funds received for repos carried at fair value are included within trading liabilities. Securities purchased under agreements to resell (reverse repos), where the Group does not acquire substantially all of the risks and rewards of ownership, are measured at amortised cost or at fair value. Those measured at fair value are recognised within trading securities. The difference between sale and repurchase price is treated as interest and accrued over the life of the agreements using the effective interest method. Securities borrowing and lending transactions are typically secured; collateral takes the form of securities or cash advanced or received. Securities lent to counterparties are retained on the balance sheet. Securities borrowed are not recognised on the balance sheet, unless these are sold to third parties, in which case the obligation to return them is recorded at fair value as a trading liability. Cash collateral given or received is treated as a loan and advance measured at amortised cost or customer deposit. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-965": { "value": "(F) Hedge accounting As permitted by IFRS 9, the Group continues to apply the requirements of IAS 39 to its hedging relationships. Changes in the fair value of all derivative instruments, other than those in effective cash flow hedging relationships, are recognised immediately in the income statement. As noted in (2) below, the change in fair value of a derivative in an effective cash flow hedging relationship is allocated between the income statement and other comprehensive income. Hedge accounting allows one financial instrument, generally a derivative such as a swap, to be designated as a hedge of another financial instrument such as a loan or deposit or a portfolio of such instruments. 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. Note 19 provides details of the types of derivatives held by the Group and presents separately those designated in hedge relationships. (1) Fair value hedges Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk; this also applies if the hedged asset is classified as a financial asset at fair value through other comprehensive income. If the hedge no longer meets the criteria for hedge accounting, changes in the fair value of the hedged item attributable to the hedged risk are no longer recognised in the income statement. The cumulative adjustment that has been made to the carrying amount of the hedged item is amortised to the income statement using the effective interest method over the period to maturity. (2) Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income in the cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income statement in the periods in which the hedged item affects profit or loss. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised in the income statement when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-945": { "value": "(F) Hedge accounting As permitted by IFRS 9, the Group continues to apply the requirements of IAS 39 to its hedging relationships. Changes in the fair value of all derivative instruments, other than those in effective cash flow hedging relationships, are recognised immediately in the income statement. As noted in (2) below, the change in fair value of a derivative in an effective cash flow hedging relationship is allocated between the income statement and other comprehensive income. Hedge accounting allows one financial instrument, generally a derivative such as a swap, to be designated as a hedge of another financial instrument such as a loan or deposit or a portfolio of such instruments. 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. Note 19 provides details of the types of derivatives held by the Group and presents separately those designated in hedge relationships. (1) Fair value hedges Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk; this also applies if the hedged asset is classified as a financial asset at fair value through other comprehensive income. If the hedge no longer meets the criteria for hedge accounting, changes in the fair value of the hedged item attributable to the hedged risk are no longer recognised in the income statement. The cumulative adjustment that has been made to the carrying amount of the hedged item is amortised to the income statement using the effective interest method over the period to maturity. (2) Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income in the cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income statement in the periods in which the hedged item affects profit or loss. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised in the income statement when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-910": { "value": "(F) Hedge accounting As permitted by IFRS 9, the Group continues to apply the requirements of IAS 39 to its hedging relationships. Changes in the fair value of all derivative instruments, other than those in effective cash flow hedging relationships, are recognised immediately in the income statement. As noted in (2) below, the change in fair value of a derivative in an effective cash flow hedging relationship is allocated between the income statement and other comprehensive income. Hedge accounting allows one financial instrument, generally a derivative such as a swap, to be designated as a hedge of another financial instrument such as a loan or deposit or a portfolio of such instruments. 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. Note 19 provides details of the types of derivatives held by the Group and presents separately those designated in hedge relationships. (1) Fair value hedges Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk; this also applies if the hedged asset is classified as a financial asset at fair value through other comprehensive income. If the hedge no longer meets the criteria for hedge accounting, changes in the fair value of the hedged item attributable to the hedged risk are no longer recognised in the income statement. The cumulative adjustment that has been made to the carrying amount of the hedged item is amortised to the income statement using the effective interest method over the period to maturity. (2) Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income in the cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income statement in the periods in which the hedged item affects profit or loss. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised in the income statement when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-911": { "value": "(G) Offset Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right of offset and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. Cash collateral on exchange traded derivative transactions is presented gross unless the collateral cash flows are always settled net with the derivative cash flows. In certain situations, even though master netting agreements exist, the lack of management intention to settle on a net basis results in the financial assets and liabilities being reported gross on the balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-966": { "value": "(H) Impairment of financial assets The impairment charge in the income statement reflects the change in expected credit losses, including those arising from fraud. Expected credit losses are recognised for loans and advances to customers and banks, other financial assets held at amortised cost, financial assets (other than equity investments) measured at fair value through other comprehensive income, and certain loan commitments and financial guarantee contracts. Expected credit losses are calculated as an unbiased and probability-weighted estimate using an appropriate probability of default, adjusted to take into account a range of possible future economic scenarios, and applying this to the estimated exposure of the Group at the point of default after taking into account the value of any collateral held, repayments, or other mitigants of loss and including the impact of discounting using the effective interest rate. At initial recognition, allowance (or provision in the case of some loan commitments and financial guarantees) is made for expected credit losses resulting from default events that are possible within the next 12 months (12-month expected credit losses). In the event of a significant increase in credit risk since origination, allowance (or provision) is made for expected credit losses resulting from all possible default events over the expected life of the financial instrument (lifetime expected credit losses). Financial assets where 12-month expected credit losses are recognised are considered to be Stage 1; financial assets which are considered to have experienced a significant increase in credit risk since initial recognition are in Stage 2; and financial assets which have defaulted or are otherwise considered to be credit-impaired are allocated to Stage 3. Some Stage 3 assets, mainly in Commercial Banking, are subject to individual rather than collective assessment. Such cases are subject to a risk-based impairment sanctioning process, and these are reviewed and updated at least quarterly, or more frequently if there is a significant change in the credit profile. The collective assessment of impairment aggregates financial instruments with similar risk characteristics, such as whether the facility is revolving in nature or secured and the type of security held against financial assets. An assessment of whether credit risk has increased significantly since initial recognition considers the change in the risk of default occurring over the remaining expected life of the financial instrument. In determining whether there has been a significant increase in credit risk, the Group uses quantitative tests based on relative and absolute probability of default (PD) movements linked to internal credit ratings together with qualitative indicators such as watchlists and other indicators of historical delinquency, credit weakness or financial difficulty. The use of internal credit ratings and qualitative indicators ensures alignment between the assessment of staging and the Group\u2019s management of credit risk which utilises these internal metrics within distinct retail and commercial portfolio risk management practices. However, unless identified at an earlier stage, the credit risk of financial assets is deemed to have increased significantly when more than 30 days past due. The use of a payment holiday in and of itself has not been judged to indicate a significant increase in credit risk, with the underlying long-term credit risk deemed to be driven by economic conditions and captured through the use of forward-looking models. These portfolio-level models are capturing the anticipated volume of increased defaults and therefore an appropriate assessment of staging and expected credit loss. Where the credit risk subsequently improves such that it no longer represents a significant increase in credit risk since initial recognition, the asset is transferred back to Stage 1. Assets are transferred to Stage 3 when they have defaulted or are otherwise considered to be credit-impaired. Default is considered to have occurred when there is evidence that the customer is experiencing financial difficulty which is likely to affect significantly the ability to repay the amount due. IFRS 9 contains a rebuttable presumption that default occurs no later than when a payment is 90 days past due which the Group uses for all its products. In addition, other indicators of mortgage default are added including end-of-term payments on past due interest-only accounts and loans considered non-performing due to recent arrears or forbearance. The use of payment holidays is not considered to be an automatic trigger of regulatory default and therefore does not automatically trigger Stage 3. Days past due will also not accumulate on any accounts that have taken a payment holiday including those already past due. In certain circumstances, the Group will renegotiate the original terms of a customer\u2019s loan, either as part of an ongoing customer relationship or in response to adverse changes in the circumstances of the borrower. In the latter circumstances, the loan will remain classified as either Stage 2 or Stage 3 until the credit risk has improved such that it no longer represents a significant increase since origination (for a return to Stage 1), or the loan is no longer credit-impaired (for a return to Stage 2). On renegotiation the gross carrying amount of the loan is recalculated as the present value of the renegotiated or modified contractual cash flows, which are discounted at the original effective interest rate. Renegotiation may also lead to the loan and associated allowance being derecognised and a new loan being recognised initially at fair value. Purchased or originated credit-impaired financial assets (POCI) include financial assets that are purchased or originated at a deep discount that reflects incurred credit losses. At initial recognition, POCI assets do not carry an impairment allowance; instead, lifetime expected credit losses are incorporated into the calculation of the effective interest rate. All changes in lifetime expected credit losses subsequent to the assets\u2019 initial recognition are recognised as an impairment charge. A loan or advance is normally written off, either partially or in full, against the related allowance when the proceeds from realising any available security have been received or there is no realistic prospect of recovery and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded in the income statement. For both secured and unsecured retail balances, the write-off takes place only once an extensive set of collections processes has been completed, or the status of the account reaches a point where policy dictates that continuing attempts to recover are no longer appropriate. For commercial lending, a write-off occurs if the loan facility with the customer is restructured, the asset is under administration and the only monies that can be received are the amounts estimated by the administrator, the underlying assets are disposed and a decision is made that no further settlement monies will be received, or external evidence (for example, third party valuations) is available that there has been an irreversible decline in expected cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-946": { "value": "(H) Impairment of financial assets The impairment charge in the income statement reflects the change in expected credit losses, including those arising from fraud. Expected credit losses are recognised for loans and advances to customers and banks, other financial assets held at amortised cost, financial assets (other than equity investments) measured at fair value through other comprehensive income, and certain loan commitments and financial guarantee contracts. Expected credit losses are calculated as an unbiased and probability-weighted estimate using an appropriate probability of default, adjusted to take into account a range of possible future economic scenarios, and applying this to the estimated exposure of the Group at the point of default after taking into account the value of any collateral held, repayments, or other mitigants of loss and including the impact of discounting using the effective interest rate. At initial recognition, allowance (or provision in the case of some loan commitments and financial guarantees) is made for expected credit losses resulting from default events that are possible within the next 12 months (12-month expected credit losses). In the event of a significant increase in credit risk since origination, allowance (or provision) is made for expected credit losses resulting from all possible default events over the expected life of the financial instrument (lifetime expected credit losses). Financial assets where 12-month expected credit losses are recognised are considered to be Stage 1; financial assets which are considered to have experienced a significant increase in credit risk since initial recognition are in Stage 2; and financial assets which have defaulted or are otherwise considered to be credit-impaired are allocated to Stage 3. Some Stage 3 assets, mainly in Commercial Banking, are subject to individual rather than collective assessment. Such cases are subject to a risk-based impairment sanctioning process, and these are reviewed and updated at least quarterly, or more frequently if there is a significant change in the credit profile. The collective assessment of impairment aggregates financial instruments with similar risk characteristics, such as whether the facility is revolving in nature or secured and the type of security held against financial assets. An assessment of whether credit risk has increased significantly since initial recognition considers the change in the risk of default occurring over the remaining expected life of the financial instrument. In determining whether there has been a significant increase in credit risk, the Group uses quantitative tests based on relative and absolute probability of default (PD) movements linked to internal credit ratings together with qualitative indicators such as watchlists and other indicators of historical delinquency, credit weakness or financial difficulty. The use of internal credit ratings and qualitative indicators ensures alignment between the assessment of staging and the Group\u2019s management of credit risk which utilises these internal metrics within distinct retail and commercial portfolio risk management practices. However, unless identified at an earlier stage, the credit risk of financial assets is deemed to have increased significantly when more than 30 days past due. The use of a payment holiday in and of itself has not been judged to indicate a significant increase in credit risk, with the underlying long-term credit risk deemed to be driven by economic conditions and captured through the use of forward-looking models. These portfolio-level models are capturing the anticipated volume of increased defaults and therefore an appropriate assessment of staging and expected credit loss. Where the credit risk subsequently improves such that it no longer represents a significant increase in credit risk since initial recognition, the asset is transferred back to Stage 1. Assets are transferred to Stage 3 when they have defaulted or are otherwise considered to be credit-impaired. Default is considered to have occurred when there is evidence that the customer is experiencing financial difficulty which is likely to affect significantly the ability to repay the amount due. IFRS 9 contains a rebuttable presumption that default occurs no later than when a payment is 90 days past due which the Group uses for all its products. In addition, other indicators of mortgage default are added including end-of-term payments on past due interest-only accounts and loans considered non-performing due to recent arrears or forbearance. The use of payment holidays is not considered to be an automatic trigger of regulatory default and therefore does not automatically trigger Stage 3. Days past due will also not accumulate on any accounts that have taken a payment holiday including those already past due. In certain circumstances, the Group will renegotiate the original terms of a customer\u2019s loan, either as part of an ongoing customer relationship or in response to adverse changes in the circumstances of the borrower. In the latter circumstances, the loan will remain classified as either Stage 2 or Stage 3 until the credit risk has improved such that it no longer represents a significant increase since origination (for a return to Stage 1), or the loan is no longer credit-impaired (for a return to Stage 2). On renegotiation the gross carrying amount of the loan is recalculated as the present value of the renegotiated or modified contractual cash flows, which are discounted at the original effective interest rate. Renegotiation may also lead to the loan and associated allowance being derecognised and a new loan being recognised initially at fair value. Purchased or originated credit-impaired financial assets (POCI) include financial assets that are purchased or originated at a deep discount that reflects incurred credit losses. At initial recognition, POCI assets do not carry an impairment allowance; instead, lifetime expected credit losses are incorporated into the calculation of the effective interest rate. All changes in lifetime expected credit losses subsequent to the assets\u2019 initial recognition are recognised as an impairment charge. A loan or advance is normally written off, either partially or in full, against the related allowance when the proceeds from realising any available security have been received or there is no realistic prospect of recovery and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded in the income statement. For both secured and unsecured retail balances, the write-off takes place only once an extensive set of collections processes has been completed, or the status of the account reaches a point where policy dictates that continuing attempts to recover are no longer appropriate. For commercial lending, a write-off occurs if the loan facility with the customer is restructured, the asset is under administration and the only monies that can be received are the amounts estimated by the administrator, the underlying assets are disposed and a decision is made that no further settlement monies will be received, or external evidence (for example, third party valuations) is available that there has been an irreversible decline in expected cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-947": { "value": "(I) Property, plant and equipment Property, plant and equipment (other than investment property) is included at cost less accumulated depreciation. The value of land (included in premises) is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate the difference between the cost and the residual value over their estimated useful lives, as follows: the shorter of 50 years and the remaining period of the lease for freehold/long and short leasehold premises; the shorter of 10 years and, if lease renewal is not likely, the remaining period of the lease for leasehold improvements; 10 to 20 years for fixtures and furnishings; and 2 to 8 years for other equipment and motor vehicles. The assets\u2019 residual values and useful lives are reviewed and, if appropriate, revised at each balance sheet date. Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In assessing the recoverable amount of assets the Group considers the effects of potential or actual changes in legislation, customer behaviour, climate-related risks and other factors on the asset\u2019s cash-generating unit (CGU). In the event that an asset\u2019s CGU carrying amount is determined to be greater than its recoverable amount the asset is written down immediately. Investment property comprises freehold and long leasehold land and buildings that are held either to earn rental income or for capital accretion or both, primarily within the life insurance funds. Investment property is carried at fair value based on current prices for similar properties, adjusted for the specific characteristics of the property (such as location or condition). If this information is not available, the Group uses alternative valuation methods such as discounted cash flow projections or recent prices in less active markets. These valuations are reviewed at least annually by independent professionally qualified valuers. Investment property being redeveloped for continuing use as investment property, or for which the market has become less active, continues to be valued at fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-912": { "value": "(I) Property, plant and equipment Property, plant and equipment (other than investment property) is included at cost less accumulated depreciation. The value of land (included in premises) is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate the difference between the cost and the residual value over their estimated useful lives, as follows: the shorter of 50 years and the remaining period of the lease for freehold/long and short leasehold premises; the shorter of 10 years and, if lease renewal is not likely, the remaining period of the lease for leasehold improvements; 10 to 20 years for fixtures and furnishings; and 2 to 8 years for other equipment and motor vehicles. The assets\u2019 residual values and useful lives are reviewed and, if appropriate, revised at each balance sheet date. Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In assessing the recoverable amount of assets the Group considers the effects of potential or actual changes in legislation, customer behaviour, climate-related risks and other factors on the asset\u2019s cash-generating unit (CGU). In the event that an asset\u2019s CGU carrying amount is determined to be greater than its recoverable amount the asset is written down immediately. Investment property comprises freehold and long leasehold land and buildings that are held either to earn rental income or for capital accretion or both, primarily within the life insurance funds. Investment property is carried at fair value based on current prices for similar properties, adjusted for the specific characteristics of the property (such as location or condition). If this information is not available, the Group uses alternative valuation methods such as discounted cash flow projections or recent prices in less active markets. These valuations are reviewed at least annually by independent professionally qualified valuers. Investment property being redeveloped for continuing use as investment property, or for which the market has become less active, continues to be valued at fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-863": { "value": "(I) Property, plant and equipment Property, plant and equipment (other than investment property) is included at cost less accumulated depreciation. The value of land (included in premises) is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate the difference between the cost and the residual value over their estimated useful lives, as follows: the shorter of 50 years and the remaining period of the lease for freehold/long and short leasehold premises; the shorter of 10 years and, if lease renewal is not likely, the remaining period of the lease for leasehold improvements; 10 to 20 years for fixtures and furnishings; and 2 to 8 years for other equipment and motor vehicles. The assets\u2019 residual values and useful lives are reviewed and, if appropriate, revised at each balance sheet date. Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In assessing the recoverable amount of assets the Group considers the effects of potential or actual changes in legislation, customer behaviour, climate-related risks and other factors on the asset\u2019s cash-generating unit (CGU). In the event that an asset\u2019s CGU carrying amount is determined to be greater than its recoverable amount the asset is written down immediately. Investment property comprises freehold and long leasehold land and buildings that are held either to earn rental income or for capital accretion or both, primarily within the life insurance funds. Investment property is carried at fair value based on current prices for similar properties, adjusted for the specific characteristics of the property (such as location or condition). If this information is not available, the Group uses alternative valuation methods such as discounted cash flow projections or recent prices in less active markets. These valuations are reviewed at least annually by independent professionally qualified valuers. Investment property being redeveloped for continuing use as investment property, or for which the market has become less active, continues to be valued at fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-864": { "value": "(J) Leases Under IFRS 16, a lessor is required to determine if a lease is a finance or operating lease. A lessee is not required to make this determination. (1) As lessor Assets leased to customers are classified as finance leases if the lease agreements transfer substantially all of the risks and rewards of ownership to the lessee but not necessarily legal title. All other leases are classified as operating leases. When assets are subject to finance leases, the present value of the lease payments, together with any unguaranteed residual value, is recognised as a receivable, net of allowances for expected credit losses and residual value impairment, within loans and advances to banks and customers. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance lease income. Finance lease income is recognised in interest income over the term of the lease using the net investment method (before tax) so as to give a constant rate of return on the net investment in the lease. Unguaranteed residual values are reviewed regularly to identify any impairment. Operating lease assets are included within other assets at cost and depreciated over their estimated useful lives. The depreciation charge is based on the asset\u2019s residual value and the life of the lease. Operating lease rental income is recognised on a straight-line basis over the life of the lease. The Group evaluates non-lease arrangements such as outsourcing and similar contracts to determine if they contain a lease which is then accounted for separately. (2) As lessee Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group\u2019s incremental borrowing rate appropriate for the right-of-use asset arising from the lease, and the liability recognised within other liabilities. Lease payments are allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-865": { "value": "(K) Employee benefits Short-term employee benefits, such as salaries, paid absences, performance-based cash awards and social security costs, are recognised over the period in which the employees provide the related services. (1) Pension schemes The Group operates a number of post-retirement benefit schemes for its employees including both defined benefit and defined contribution pension plans. A defined benefit scheme is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, dependent on one or more factors such as age, years of pensionable service and pensionable salary. A defined contribution plan is a pension plan into which the Group pays fixed contributions; there is no legal or constructive obligation to pay further contributions. (i) Defined benefit schemes Scheme assets are included at their fair value and scheme liabilities are measured on an actuarial basis using the projected unit credit method. The defined benefit scheme liabilities are discounted using rates equivalent to the market yields at the balance sheet date on high quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability. The Group\u2019s income statement charge includes the current service cost of providing pension benefits, past service costs, net interest expense (income), and plan administration costs that are not deducted from the return on plan assets. Past service costs, which represents the change in the present value of the defined benefit obligation resulting from a plan amendment or curtailment, are recognised when the plan amendment or curtailment occurs. Net interest expense (income) is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Remeasurements, comprising actuarial gains and losses, the return on plan assets (excluding amounts included in net interest expense (income) and net of the cost of managing the plan assets), and the effect of changes to the asset ceiling (if applicable) are reflected immediately in the balance sheet with a charge or credit recognised in other comprehensive income in the period in which they occur. Remeasurements recognised in other comprehensive income are reflected immediately in retained profits and will not subsequently be reclassified to profit or loss. The Group\u2019s balance sheet includes the net surplus or deficit, being the difference between the fair value of scheme assets and the discounted value of scheme liabilities at the balance sheet date. Surpluses are only recognised to the extent that they are recoverable through reduced contributions in the future or through refunds from the schemes. In assessing whether a surplus is recoverable, the Group considers (i) its current right to obtain a refund or a reduction in future contributions and (ii) the rights of other parties existing at the balance sheet date. In determining the rights of third parties existing at the balance sheet date, the Group does not anticipate any future acts by other parties. (ii) Defined contribution schemes The costs of the Group\u2019s defined contribution plans are charged to the income statement in the period in which they fall due. (2) Share-based compensation The Group operates a number of equity-settled, share-based compensation plans in respect of services received from certain of its employees. The value of the employee services received in exchange for equity instruments granted under these plans is recognised as an expense over the vesting period of the instruments, with a corresponding increase in equity. This expense is determined by reference to the fair value of the number of equity instruments that are expected to vest. The fair value of equity instruments granted is based on market prices, if available, at the date of grant. In the absence of market prices, the fair value of the instruments at the date of grant is estimated using an appropriate valuation technique, such as a Black-Scholes option pricing model or a Monte Carlo simulation. The determination of fair values excludes the impact of any non-market vesting conditions, which are included in the assumptions used to estimate the number of options that are expected to vest. At each balance sheet date, this estimate is reassessed and if necessary revised. Any revision of the original estimate is recognised in the income statement, together with a corresponding adjustment to equity. Cancellations by employees of contributions to the Group\u2019s Save As You Earn 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 charged to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-913": { "value": "(2) Share-based compensation The Group operates a number of equity-settled, share-based compensation plans in respect of services received from certain of its employees. The value of the employee services received in exchange for equity instruments granted under these plans is recognised as an expense over the vesting period of the instruments, with a corresponding increase in equity. This expense is determined by reference to the fair value of the number of equity instruments that are expected to vest. The fair value of equity instruments granted is based on market prices, if available, at the date of grant. In the absence of market prices, the fair value of the instruments at the date of grant is estimated using an appropriate valuation technique, such as a Black-Scholes option pricing model or a Monte Carlo simulation. The determination of fair values excludes the impact of any non-market vesting conditions, which are included in the assumptions used to estimate the number of options that are expected to vest. At each balance sheet date, this estimate is reassessed and if necessary revised. Any revision of the original estimate is recognised in the income statement, together with a corresponding adjustment to equity. Cancellations by employees of contributions to the Group\u2019s Save As You Earn 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 charged to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-914": { "value": "(L) Taxation Tax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period, outside the income statement (either in other comprehensive income, directly in equity, or through a business combination), in which case the tax appears in the same statement as the transaction that gave rise to it. The tax consequences of the Group\u2019s dividend payments (including distributions on other equity instruments), if any, are charged or credited to the statement in which the profit distributed originally arose. Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period as adjusted for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or substantively enacted at the balance sheet date. Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination of the uncertainty by His Majesty\u2019s Revenue and Customs (HMRC) or other relevant tax authority, it is more likely than not that an economic outflow will occur. Provisions reflect management\u2019s best estimate of the ultimate liability based on their interpretation of tax law, precedent and guidance, informed by external tax advice as necessary. Changes in facts and circumstances underlying these provisions are reassessed at each balance sheet date, and the provisions are remeasured as required to reflect current information. For the Group\u2019s long-term insurance businesses, the tax expense is analysed between tax that is payable in respect of policyholders\u2019 returns and tax that is payable on the shareholders\u2019 returns. This allocation is based on an assessment of the rates of tax which will be applied to the returns under the current UK tax rules. Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the balance sheet. Deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted at the balance sheet date, and which are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary differences arising on investments in subsidiaries where the reversal of the temporary difference can be controlled and it is probable that the difference will not reverse in the foreseeable future. Deferred tax liabilities are not recognised on temporary differences that arise from goodwill which is not deductible for tax purposes. Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilised, and are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of assets and liabilities acquired other than in a business combination, or where at the time of the transaction they give rise to equal taxable and deductible temporary differences. Deferred tax is not discounted. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar 2 income taxes currently required by IAS 12 Income Taxes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-866": { "value": "(L) Taxation Tax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period, outside the income statement (either in other comprehensive income, directly in equity, or through a business combination), in which case the tax appears in the same statement as the transaction that gave rise to it. The tax consequences of the Group\u2019s dividend payments (including distributions on other equity instruments), if any, are charged or credited to the statement in which the profit distributed originally arose. Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period as adjusted for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or substantively enacted at the balance sheet date. Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination of the uncertainty by His Majesty\u2019s Revenue and Customs (HMRC) or other relevant tax authority, it is more likely than not that an economic outflow will occur. Provisions reflect management\u2019s best estimate of the ultimate liability based on their interpretation of tax law, precedent and guidance, informed by external tax advice as necessary. Changes in facts and circumstances underlying these provisions are reassessed at each balance sheet date, and the provisions are remeasured as required to reflect current information. For the Group\u2019s long-term insurance businesses, the tax expense is analysed between tax that is payable in respect of policyholders\u2019 returns and tax that is payable on the shareholders\u2019 returns. This allocation is based on an assessment of the rates of tax which will be applied to the returns under the current UK tax rules. Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the balance sheet. Deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted at the balance sheet date, and which are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary differences arising on investments in subsidiaries where the reversal of the temporary difference can be controlled and it is probable that the difference will not reverse in the foreseeable future. Deferred tax liabilities are not recognised on temporary differences that arise from goodwill which is not deductible for tax purposes. Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilised, and are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of assets and liabilities acquired other than in a business combination, or where at the time of the transaction they give rise to equal taxable and deductible temporary differences. Deferred tax is not discounted. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar 2 income taxes currently required by IAS 12 Income Taxes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-867": { "value": "(M) Insurance The Group undertakes both life insurance and general insurance business. Insurance and participating investment contracts, and reinsurance contracts issued and held, are accounted for under IFRS 17 Insurance Contracts. Products sold by the life insurance business are classified into three categories: \u2022 Insurance contracts are contracts that transfer significant insurance risk and may also transfer financial risk. The Group defines significant insurance risk as the possibility of having to pay benefits on the occurrence of an insured event which are significantly higher than the benefits payable if the insured event were not to occur. Once a contract has been classified as an insurance contract, it remains an insurance contract until all obligations are extinguished unless that contract is derecognised due to a contract modification. These contracts are classified as either direct participating contracts or contracts without direct participation features. Contracts without direct participation features are accounted for using the general measurement model (GMM) for life contracts or the premium allocation approach (PAA) for general insurance contracts. Direct participating contracts are contracts for which, at inception, the contractual terms specify the policyholders participate in a clearly identified pool of underlying items. Under the terms of these contracts the policyholders are entitled to a substantial share of the returns and change in fair value of the underlying items. These contracts are accounted for under the variable fee approach (VFA) \u2022 Participating investment contracts are investment contracts that contain a discretionary participation feature (DPF). They do not transfer significant insurance risk, but contain a contractual right to receive, as a supplement to an amount not subject to the discretion of the Group, additional amounts that are expected to be a significant portion of the total contractual benefits. The timing or amount of these additional amounts are at the discretion of the Group and are contractually based on the returns on a specified pool of contracts or type of contract, returns on a specified pool of assets held by the Group or profit or loss of a fund \u2022 For certain insurance and investment contracts, the contract can be partly invested in units which contain a DPF and partly in units without. In these circumstances, where the contract also contains features that transfer significant insurance risk, they are classified as insurance contracts. Where this is not the case, and the discretionary cash flows are expected to be a significant portion of the total contractual benefits, they are classified as participating investment contracts. Where the discretionary cash flows are not expected to be a significant portion of the total contractual benefits, they are classified as financial instruments. An investment component is defined as the amount that an insurance contract requires the entity to repay to a policyholder in all circumstances, regardless of whether an insured event occurs. The investment component of the insurance and participating investment contract is non-distinct and is not separated. The Group applies judgement to determine the investment component for each contract considering the extent to which insurance and investment components are highly interrelated or not applying factors such as: whether the policyholder is able to benefit from one component unless the other component is present; and whether the value of the investment component is dependent on the timing of the insured event. The value of the non-distinct investment component is determined on the following bases: for immediate annuities, full claim amount when within the guaranteed period; for unit-linked and With-Profits contracts, policyholder\u2019s account value The general insurance business issues only insurance contracts. (1) Life insurance business (i) Accounting for insurance and participating investment contracts Recognition The Group aggregates insurance and participating investment contracts into portfolios of contracts subject to similar risks and managed together. Each portfolio of insurance contracts is divided into annual cohorts (by year of issue). Annual cohorts are divided into groups of insurance and participating investment contracts based on profitability expectations at initial recognition. The directly attributable costs of selling, underwriting and starting a group of insurance and participating investment contracts are allocated to the group of insurance and participating investment contracts using a systematic and rational method. On initial recognition, a group of insurance and participating investment contracts is measured as the total of the fulfilment cash flows and the contractual service margin (CSM). The measurement includes all future cash flows that are within the contract boundary of each contract in the group. The fulfilment cash flows comprise unbiased and probability-weighted estimates of future cash flows, discounted to present value to reflect the time value of money and financial risks, plus an explicit risk adjustment for non-financial risk. The discount rate applied reflects the time value of money, the characteristics of the cash flows, the liquidity characteristics of the insurance and participating investment contracts and, where appropriate, is consistent with observable current market prices. The risk adjustment for non-financial risk for a group of insurance and participating investment contracts is the compensation required for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk. Diversification benefit is calculated based on Group level diversification of risks. To determine the risk adjustments for non-financial risk for reinsurance contracts, the Group applies these techniques both gross and net of excess of loss reinsurance and derives the amount of risk being transferred to the reinsurer as the difference between the two results. The CSM of a group of insurance and participating investment contracts represents the unearned profit that the Group expects to recognise as it provides insurance contract services under those contracts in the future. Contract boundaries The measurement of a group of contracts includes all future cash flows within the boundary of each contract in the group. Cash flows are within the contract boundary: \u2022 For an insurance contract, if arising from substantive rights and obligations that exist during the reporting period in which the Group can compel the policyholder to pay premiums or has a substantive obligation to provide insurance contract services \u2022 For a participating investment contract, if resulting from a substantive obligation of the Group to deliver cash at a present or future date A substantive obligation to provide insurance contract services ends when the Group has the practical ability to reassess the risks of the particular policyholder, and can set a price or level of benefits that fully reflects those reassessed risks; or the Group has the practical ability to reassess the risks of the portfolio that contains the contract and can set a price or level of benefits that fully reflects the risks of that portfolio, and the pricing of the premiums up to the reassessment date does not take into account risks that relate to periods after the reassessment date. For certain unitised With-Profits and unit-linked policies, a guaranteed minimum pension is payable at a vesting date. For certain conventional With-Profits pensions, policyholders have the option to convert to an annuity on guaranteed terms. There is no contract boundary at the vesting date of these policies; the pre and post vesting date phases are treated as a single insurance contract. The contract boundary of each group is reassessed at the end of each reporting period. Measurement The carrying amount of a group of insurance and participating investment contracts at each reporting date is the sum of the liability for remaining coverage (LRC) and the liability for incurred claims (LIC). The LRC comprises the fulfilment cash flows that relate to services that will be provided under the contracts in future periods and any remaining CSM at that date. The LIC includes the fulfilment cash flows for incurred claims and expenses that have not yet been paid, including claims that have been incurred but not yet reported. The fulfilment cash flows of groups of insurance and participating investment contracts are measured at the reporting date using current estimates of future cash flows, current discount rates and current estimates of the risk adjustment for non-financial risk. Changes in fulfilment cash flows are recognised as follows: \u2022 Changes related to future service are adjusted against the CSM unless the group is onerous in which case such changes are recognised in the insurance service result in profit or loss \u2022 Changes related to past or current service are recognised in the insurance service result in profit or loss \u2022 The effects of the time value of money and financial risk are recognised as net finance income or expense from insurance, participating investment and reinsurance contracts in profit or loss The carrying amount of the CSM is remeasured at the end of each reporting period. For contracts measured under the GMM, interest is accreted on the carrying amount of the CSM using the discount rate curve determined at the date of initial recognition of the group of contracts. The CSM is also adjusted for the changes in fulfilment cash flows relating to future service at the locked-in discount rates determined at initial recognition, unless the increases in fulfilment cash flows cause a group of contracts to become onerous or decreases in fulfilment cash flows are allocated to the loss component of the liability for remaining coverage. The majority of the Group\u2019s With-Profits and unit-linked insurance and participating investment contracts are direct participating contracts under which the Group\u2019s obligation to the policyholder is the payment of an amount equal to the fair value of the underlying items, less a variable fee. On subsequent remeasurement of a group of direct participating contracts (measured under VFA), changes to the fulfilment cash flows, discounted at current rates, reflecting changes in the obligation to pay the policyholder an amount equal to the fair value of the underlying items are recognised in the income statement, within net finance income or expense from insurance, participating investment and reinsurance contracts. The CSM is adjusted for changes in the amount of the Group\u2019s share of the fair value of the underlying items, which relate to future services, except where such changes result in recognition or reversal of the loss component for onerous groups, or where the Group applies the risk mitigation option. For certain contracts with direct participation features, the Group mitigates financial risks using equity and currency hedges. The Group does not adjust the CSM for changes in the fulfilment cash flows and/or entity\u2019s share of the underlying items that reflect some of the changes in the effect of time value of money and financial risk. These amounts are instead reflected in profit or loss. The CSM is also adjusted for those fulfilment cash flows that do not vary based on the returns on underlying items that relate to future service (including the effect of time value of money and financial risks not arising from underlying items, such as the impact of minimum return guarantees), except where such changes result in recognition or reversal of the loss component for onerous groups. Changes in fulfilment cash flows relating to future service adjust the CSM using current discount rates. For contracts measured under the GMM or VFA at the end of each reporting period the appropriate proportion of the CSM is recognised in the income statement to reflect the amount of profit related to the insurance contract services provided in the period. This is calculated using coverage units, a measure used to determine the allocation of the CSM over the remaining coverage periods. The number of coverage units in a group is the quantity of insurance contract services provided by the contracts in the group, determined by considering for each contract the quantity of the benefits provided and its expected coverage period. Derecognition The Group derecognises an insurance and participating investment contract when it is extinguished (that is, when the obligation specified in the contract expires or is discharged or cancelled) or if its terms are modified in a way that would have changed the accounting for the contract significantly had the new terms always existed. If a contract is derecognised, then the fulfilment cash flows of the group are adjusted to eliminate the present value of the future cash flows and risk adjustment of the contract derecognised from the group, and the CSM of the group is adjusted for the change in fulfilment cash flows, except where such changes are allocated to the loss component. If a contract is derecognised because its terms are modified, then the CSM of the existing group is also adjusted for the premium that would have been charged had the Group entered into a contract with the new contract\u2019s terms at the date of modification, less any additional premium charged for the modification. A new modified contract is recognised assuming the Group received the premium that would have been charged had the Group entered into a contract with the new contract\u2019s terms at the date of the modification. Where the adjustments to CSM result in the CSM being reduced to nil, any further adjustments are recognised in the income statement in insurance service expense. (2) General insurance contracts General insurance contracts issued by the Group are presented on the balance sheet within liabilities arising from insurance and participating investment contracts. The Group applies the PAA to the measurement of general insurance contracts, which either have a coverage period of each contract in the group of one year or less or have an annual re-pricing option. For a group of general insurance contracts that is not onerous at initial recognition, the Group measures the LRC as any premium received at initial recognition, less any insurance acquisition cash flows at that date, plus any other asset or liability previously recognised for cash flows related to the group of contracts that the Group pays or receives before the group of insurance contracts is recognised. The Group estimates the LIC using the methodology described in the Measurement section for life insurance contracts above. Where, during the coverage period, facts and circumstances indicate that a group of insurance contracts is onerous, the Group recognises a loss in the income statement for the net outflow, resulting in the carrying amount of the liability for the group being equal to the fulfilment cash flows. A loss component is established by the Group within the LRC for such onerous group. On subsequent measurement, the Group measures the carrying amount of the LRC at the end of each reporting period as the LRC at the beginning of the period plus premiums received in the period, less insurance acquisition cash flows, plus any amounts relating to the amortisation of the insurance acquisition cash flows recognised as an expense in the reporting period for the group, less the amount recognised as insurance revenue for the services provided in the period. For onerous groups, the LRC is also adjusted for the remeasurement of the loss component. (3) Reinsurance (i) Reinsurance contracts issued Reinsurance contracts issued by the Group (where insurance risk is transferred to the Group) are accounted for under the GMM as insurance contracts. These contracts are presented within other assets or liabilities arising from insurance and participating investment contracts. (ii) Reinsurance contracts held The classification of contracts entered into by the Group with reinsurers under which the Group is compensated for amounts payable on one or more other contracts issued by the Group is dependent on whether the contract with the reinsurer transfers significant insurance risk to the reinsurer. Where the reinsurance contract transfers significant insurance risk (reinsurance contracts held), it is accounted for under the GMM, as modified for reinsurance contracts held. The Group adjusts the CSM of the group to which a reinsurance contract held belongs and as a result recognises income, when it recognises a loss on initial recognition of onerous underlying contracts. Contracts that do not transfer significant insurance risk to the reinsurer are recognised within financial assets at fair value through profit or loss as they are within a portfolio of financial assets that is managed, and whose performance is evaluated, on a fair value basis. These contracts, while legally reinsurance contracts, do not meet the definition of a reinsurance contract under IFRS Accounting Standards. Investment returns (including movements in fair value and investment income) allocated to these contracts are recognised on the face of the income statement within net trading income. (4) Non-participating investment contracts The Group\u2019s non-participating investment contracts are primarily unit-linked. These contracts are accounted for under IFRS 9 as financial liabilities whose value is contractually linked to the fair values of financial assets within the Group\u2019s unitised investment funds. The value of the unit-linked financial liabilities is determined using current unit prices multiplied by the number of units attributed to the contract holders at the balance sheet date. Their value is never less than the amount payable on surrender, discounted for the required notice period where applicable. Investment returns (including movements in fair value and investment income) allocated to those contracts are recognised in the income statement through change in non-participating investment contracts. Deposits and withdrawals are not accounted for through the income statement but are accounted for directly in the balance sheet as adjustments to the non-participating investment contract liability. The Group receives investment management fees in the form of an initial adjustment or charge to the amount invested. These fees are in respect of services rendered in conjunction with the issue and management of investment contracts where the Group actively manages the consideration received from its customers to fund a return that is based on the investment profile that the customer selected on origination of the contract. These services comprise an indeterminate number of acts over the lives of the individual contracts and, therefore, the Group defers these fees and recognises them over the estimated lives of the contracts, in line with the provision of investment management services. Costs which are directly attributable and incremental to securing new non-participating investment contracts are deferred. This asset is subsequently amortised over the period of the provision of investment management services and its recoverability is reviewed in circumstances where its carrying amount may not be recoverable. If the asset is greater than its recoverable amount it is written down immediately through fee and commission expense in the income statement. All other costs are recognised as expenses when incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-915": { "value": "(3) Reinsurance (i) Reinsurance contracts issued Reinsurance contracts issued by the Group (where insurance risk is transferred to the Group) are accounted for under the GMM as insurance contracts. These contracts are presented within other assets or liabilities arising from insurance and participating investment contracts. (ii) Reinsurance contracts held The classification of contracts entered into by the Group with reinsurers under which the Group is compensated for amounts payable on one or more other contracts issued by the Group is dependent on whether the contract with the reinsurer transfers significant insurance risk to the reinsurer. Where the reinsurance contract transfers significant insurance risk (reinsurance contracts held), it is accounted for under the GMM, as modified for reinsurance contracts held. The Group adjusts the CSM of the group to which a reinsurance contract held belongs and as a result recognises income, when it recognises a loss on initial recognition of onerous underlying contracts. Contracts that do not transfer significant insurance risk to the reinsurer are recognised within financial assets at fair value through profit or loss as they are within a portfolio of financial assets that is managed, and whose performance is evaluated, on a fair value basis. These contracts, while legally reinsurance contracts, do not meet the definition of a reinsurance contract under IFRS Accounting Standards. Investment returns (including movements in fair value and investment income) allocated to these contracts are recognised on the face of the income statement within net trading income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-916": { "value": "(N) Foreign currency translation Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). Foreign currency transactions are translated into the appropriate functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when recognised in other comprehensive income as qualifying cash flow hedges. Non-monetary assets that are measured at fair value are translated using the exchange rate at the date that the fair value was determined. Translation differences on equities and similar non-monetary items held at fair value through profit and loss are recognised in profit or loss as part of the fair value gain or loss. Translation differences on non-monetary financial assets measured at fair value through other comprehensive income, such as equity shares, are included in the fair value reserve in equity unless the asset is a hedged item in a fair value hedge. The results and financial position of all Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: the assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on the acquisition of a foreign entity, are translated into sterling at foreign exchange rates ruling at the balance sheet date; and the income and expenses of foreign operations are translated into sterling at average exchange rates unless these do not approximate to the foreign exchange rates ruling at the dates of the transactions, in which case income and expenses are translated at the dates of the transactions. Foreign exchange differences arising on the translation of a foreign operation are recognised in other comprehensive income and accumulated in a separate component of equity together with exchange differences arising from the translation of borrowings and other currency instruments designated as hedges of such investments. On disposal or liquidation of a foreign operation, the cumulative amount of exchange differences relating to that foreign operation is reclassified from equity and included in determining the profit or loss arising on disposal or liquidation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-868": { "value": "(N) Foreign currency translation Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). Foreign currency transactions are translated into the appropriate functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when recognised in other comprehensive income as qualifying cash flow hedges. Non-monetary assets that are measured at fair value are translated using the exchange rate at the date that the fair value was determined. Translation differences on equities and similar non-monetary items held at fair value through profit and loss are recognised in profit or loss as part of the fair value gain or loss. Translation differences on non-monetary financial assets measured at fair value through other comprehensive income, such as equity shares, are included in the fair value reserve in equity unless the asset is a hedged item in a fair value hedge. The results and financial position of all Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: the assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on the acquisition of a foreign entity, are translated into sterling at foreign exchange rates ruling at the balance sheet date; and the income and expenses of foreign operations are translated into sterling at average exchange rates unless these do not approximate to the foreign exchange rates ruling at the dates of the transactions, in which case income and expenses are translated at the dates of the transactions. Foreign exchange differences arising on the translation of a foreign operation are recognised in other comprehensive income and accumulated in a separate component of equity together with exchange differences arising from the translation of borrowings and other currency instruments designated as hedges of such investments. On disposal or liquidation of a foreign operation, the cumulative amount of exchange differences relating to that foreign operation is reclassified from equity and included in determining the profit or loss arising on disposal or liquidation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-917": { "value": "(O) Provisions and contingent liabilities Provisions are recognised in respect of present obligations arising from past events where it is probable that outflows of resources will be required to settle the obligations and they can be reliably estimated. Contingent liabilities are possible obligations whose existence depends on the outcome of uncertain future events or those present obligations where the outflows of resources are uncertain or cannot be measured reliably. Contingent liabilities are not recognised in the financial statements but are disclosed unless they are remote. Provision is made for expected credit losses in respect of irrevocable undrawn loan commitments and financial guarantee contracts (see (H) above). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-869": { "value": "(O) Provisions and contingent liabilities Provisions are recognised in respect of present obligations arising from past events where it is probable that outflows of resources will be required to settle the obligations and they can be reliably estimated. Contingent liabilities are possible obligations whose existence depends on the outcome of uncertain future events or those present obligations where the outflows of resources are uncertain or cannot be measured reliably. Contingent liabilities are not recognised in the financial statements but are disclosed unless they are remote. Provision is made for expected credit losses in respect of irrevocable undrawn loan commitments and financial guarantee contracts (see (H) above). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-870": { "value": "(P) Share capital Incremental costs directly attributable to the issue of new shares or options or to the acquisition of a business are shown in equity as a deduction, net of tax, from the proceeds. Dividends paid on the Group\u2019s ordinary shares are recognised as a reduction in equity in the period in which they are paid. Where the Company or any member of the Group purchases the Company\u2019s share capital, the consideration paid is deducted from shareholders\u2019 equity as treasury shares until they are cancelled; if these shares are subsequently sold or reissued, any consideration received is included in shareholders\u2019 equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-871": { "value": "(Q) Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprise cash and non-mandatory deposits held with central banks, mandatory deposits held with central banks in demand accounts and amounts due from banks with an original maturity of less than three months that are available to finance the Group\u2019s day-to-day operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-872": { "value": "
Note 3: Critical accounting judgements and key sources of estimation uncertainty
The preparation of the Group\u2019s financial statements in accordance with IFRS Accounting Standards requires management to make
judgements, estimates and assumptions in applying the accounting policies that affect the reported amounts of assets, liabilities, income
and expenses. Due to the inherent uncertainty in making estimates, actual results reported in future periods may be based upon amounts
which differ from those estimates. Estimates, judgements and assumptions are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In
preparing the financial statements, the Group has considered the impact of climate-related risks on its financial position and performance.
While the effects of climate change represent a source of uncertainty, the Group does not consider there to be a material impact on its
judgements and estimates from the physical, transition and other climate-related risks in the short term.
The significant judgements, apart from those involving estimation, made by management in applying the Group\u2019s accounting policies in
these financial statements (critical judgements) and the key sources of estimation uncertainty that may have a significant risk of causing a
material adjustment to the carrying amount of assets and liabilities within the next financial year (key sources of estimation uncertainty),
which together are considered critical to the Group\u2019s results and financial position, are as follows:
\u2022 Valuation of liabilities arising from insurance business (note 8(I))
\u2022 Retirement benefit obligations (note 12)
\u2022 Uncertain tax positions (note 15)
\u2022 Fair value of financial instruments (note 17(D))
\u2022 Allowance for expected credit losses (note 21)
\u2022 Regulatory and legal provisions (note 28)
Consideration of climate change
Financial statement preparation includes the consideration of the impact of climate change on the Group\u2019s financial statements. There has
been no material impact identified on the financial reporting judgements and estimates. In particular, the directors considered the impact
of climate change in respect of the:
\u2022 Going concern of the Group for a period of at least 12 months from the date of approval of the financial statements
\u2022 Assessment of impairment of non-financial assets including goodwill
\u2022 Carrying value and useful economic lives of property, plant and equipment
\u2022 Fair value of financial assets and liabilities. These are generally based on market indicators which include the market\u2019s assessment of
climate risk
\u2022 Assessments on expected credit loss, focusing on specific climate-related macroeconomic, physical and transition risk impacts on credit
quality at a sector and segment level
\u2022 Forecasting of the Group\u2019s future UK taxable profits, which impacts deferred tax recognition
Whilst there is currently no material short-term impact of climate change expected, the Group acknowledges the long-term nature of
climate risk and continues to monitor and assess climate risks highlighted in the risk management section on pages 150 to 153.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-918": { "value": "Note 3: Critical accounting judgements and key sources of estimation uncertainty The preparation of the Group\u2019s financial statements in accordance with IFRS Accounting Standards requires management to make judgements, estimates and assumptions in applying the accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Due to the inherent uncertainty in making estimates, actual results reported in future periods may be based upon amounts which differ from those estimates. Estimates, judgements and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In preparing the financial statements, the Group has considered the impact of climate-related risks on its financial position and performance. While the effects of climate change represent a source of uncertainty, the Group does not consider there to be a material impact on its judgements and estimates from the physical, transition and other climate-related risks in the short term. The significant judgements, apart from those involving estimation, made by management in applying the Group\u2019s accounting policies in these financial statements (critical judgements) and the key sources of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year (key sources of estimation uncertainty), which together are considered critical to the Group\u2019s results and financial position, are as follows: \u2022 Valuation of liabilities arising from insurance business (note 8(I)) \u2022 Retirement benefit obligations (note 12) \u2022 Uncertain tax positions (note 15) \u2022 Fair value of financial instruments (note 17(D)) \u2022 Allowance for expected credit losses (note 21) \u2022 Regulatory and legal provisions (note 28) Consideration of climate change Financial statement preparation includes the consideration of the impact of climate change on the Group\u2019s financial statements. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the directors considered the impact of climate change in respect of the: \u2022 Going concern of the Group for a period of at least 12 months from the date of approval of the financial statements \u2022 Assessment of impairment of non-financial assets including goodwill \u2022 Carrying value and useful economic lives of property, plant and equipment \u2022 Fair value of financial assets and liabilities. These are generally based on market indicators which include the market\u2019s assessment of climate risk \u2022 Assessments on expected credit loss, focusing on specific climate-related macroeconomic, physical and transition risk impacts on credit quality at a sector and segment level \u2022 Forecasting of the Group\u2019s future UK taxable profits, which impacts deferred tax recognition Whilst there is currently no material short-term impact of climate change expected, the Group acknowledges the long-term nature of climate risk and continues to monitor and assess climate risks highlighted in the risk management section on pages 150 to 153.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-873": { "value": "
Note 4: Segmental analysis
Lloyds Banking Group provides a wide range of banking and financial services in the UK and in certain locations overseas.
The Group Executive Committee (GEC) has been determined to be the chief operating decision-maker, as defined by IFRS 8 Operating
Segments, for the Group. The Group\u2019s operating segments reflect its organisational and management structures. The GEC reviews the
Group\u2019s internal reporting based around these segments in order to assess performance and allocate resources. It considers interest income
and expense on a net basis and consequently the total interest income and expense for all reportable segments is presented net. The
segments are differentiated by the type of products provided and by whether the customers are individuals or corporate entities.
The segmental results and comparatives are presented on an underlying basis (pre-tax), the basis reviewed by the chief operating decision-
maker. The underlying basis is derived from the recognition and measurement principles of the IFRS Accounting Standards with the effects
of the following excluded in arriving at underlying profit:
\u2022 Restructuring costs relating to merger, acquisition, integration and disposal activities
\u2022 Volatility and other items, which includes the effects of certain asset sales, the volatility relating to the Group\u2019s hedging arrangements
and that arising in the insurance businesses, the unwind of acquisition-related fair value adjustments and the amortisation of purchased
intangible assets
\u2022 Losses from insurance and participating investment contract modifications relating to the enhancement to the Group\u2019s longstanding
and workplace pension business through the addition of a drawdown feature
For the purposes of the underlying income statement, operating lease depreciation (net of gains on disposal of operating lease assets) is
shown as an adjustment to total income.
The Group has three operating and reportable segments: Retail; Commercial Banking; and Insurance, Pensions and Investments:
\u2022 Retail offers a broad range of financial services products to personal customers, including current accounts, savings, mortgages, credit
cards, unsecured loans, motor finance and leasing solutions. Its aim is to build enduring relationships that meet more of its customers\u2019
financial needs and improves their financial resilience throughout their lifetime
\u2022 Commercial Banking serves small and medium businesses and corporate and institutional clients, providing lending, transactional
banking, working capital management, debt financing and risk management services whilst connecting the whole Group to clients
\u2022 Insurance, Pensions and Investments offers insurance, investment and pension management products and services
Other comprises income and expenditure not attributed to the Group\u2019s operating segments. These amounts include those arising from the
Group\u2019s equities business, residual net interest income after transfer pricing (which includes the central recovery of the Group\u2019s
distributions on other equity instruments), in period gains from gilt sales and the unwind of associated hedging costs.
Inter-segment services are generally recharged at cost, although some attract a margin. Inter-segment lending and deposits are generally
entered into at market rates, except that non-interest bearing balances are priced at a rate that reflects the external yield that could be
earned on such funds.
For the majority of those derivative contracts entered into by business units for risk management purposes, the business unit recognises the
net interest income or expense on an accrual accounting basis and transfers the remainder of the movement in the fair value of the
derivative to the central function where the resulting accounting volatility is managed where possible through the establishment of hedge
accounting relationships. Any change in fair value of the hedged instrument attributable to the hedged risk is also recorded within the
central function. This allocation of the fair value of the derivative and change in fair value of the hedged instrument attributable to the
hedged risk avoids accounting asymmetry in segmental results and leads to accounting volatility, which is managed centrally and reported
within Other.
Insurance,
Commercial Pensions and
Retail Banking Investments Other Total
Year ended 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Underlying net interest income
8,930
3,434
(136)
617
12,845
Underlying other income
2,384
1,825
1,292
96
5,597
Total underlying income, net of net finance income in respect of insurance
and investment contracts
11,314
5,259
1,156
713
18,442
Operating lease depreciation
1
(1,319)
(6)
\u2013
\u2013
(1,325)
Net income
9,995
5,253
1,156
713
17,117
Operating costs
(5,596)
(2,762)
(924)
(160)
(9,442)
Remediation
(750)
(104)
(19)
(26)
(899)
Total costs
(6,346)
(2,866)
(943)
(186)
(10,341)
Underlying impairment (charge) credit
(457)
14
7
3
(433)
Underlying profit before tax
3,192
2,401
220
530
6,343
External income
13,596
3,991
1,292
(437)
18,442
External operating lease depreciation
1
(1,319)
(6)
\u2013
\u2013
(1,325)
Inter-segment (expense) income
(2,282)
1,268
(136)
1,150
\u2013
Net income
9,995
5,253
1,156
713
17,117
Loans and advances to customers
2
372,250
87,602
\u2013
5
459,857
External assets
3
387,322
148,548
197,309
173,518
906,697
Customer deposits
319,726
162,645
\u2013
374
482,745
External liabilities
3
324,730
207,066
193,519
135,494
860,809
Analysis of underlying other income:
Consumer lending
1,810
1,810
Consumer relationships
574
574
Business and Commercial Banking
539
539
Corporate and Institutional Banking
1,286
1,286
Life, Pensions and Investments
979
979
General insurance
229
229
Venture capital
457
457
Other
84
(361)
(277)
Underlying other income
2,384
1,825
1,292
96
5,597
Other items reflected in income statement above:
Depreciation and amortisation
2,303
338
229
556
3,426
Defined benefit scheme charge (credit)
7
2
3
(23)
(11)
Non-income statement items:
Additions to fixed assets
3,485
107
75
1,956
5,623
Investments in joint ventures and associates at end of year
\u2013
\u2013
\u2013
542
542
1 Net of profits on disposal of operating lease assets of \u00a359 million.
2 Other includes centralised fair value hedge accounting adjustments.
3 The Insurance, Pensions and Investments operating segment external assets includes \u00a35,122 million included in disposal group assets and external liabilities includes \u00a35,268 million in
disposal group liabilities. Further details are provided in note 24 and note 27.
Insurance,
Commercial Pensions and
Retail Banking Investments Other Total
Year ended 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Underlying net interest income
9,647
3,799
(132)
451
13,765
Underlying other income
2,159
1,691
1,209
64
5,123
Total underlying income, net of net finance income in respect of insurance
and investment contracts
11,806
5,490
1,077
515
18,888
Operating lease depreciation
1
(948)
(8)
\u2013
\u2013
(956)
Net income
10,858
5,482
1,077
515
17,932
Operating costs
(5,469)
(2,647)
(880)
(144)
(9,140)
Remediation
(515)
(127)
(14)
(19)
(675)
Total costs
(5,984)
(2,774)
(894)
(163)
(9,815)
Underlying impairment (charge) credit
(831)
511
7
5
(308)
Underlying profit before tax
4,043
3,219
190
357
7,809
External income
12,803
4,570
1,221
294
18,888
External operating lease depreciation
1
(948)
(8)
\u2013
\u2013
(956)
Inter-segment (expense) income
(997)
920
(144)
221
\u2013
Net income
10,858
5,482
1,077
515
17,932
Loans and advances to customers
2
361,181
88,606
\u2013
(42)
449,745
External assets
376,789
150,834
184,267
169,563
881,453
Customer deposits
308,441
162,752
\u2013
203
471,396
External liabilities
313,244
204,815
179,962
136,067
834,088
Analysis of underlying other income:
3
Consumer lending
1,553
1,553
Consumer relationships
606
606
Business and Commercial Banking
514
514
Corporate and Institutional Banking
1,177
1,177
Life, Pensions and Investments
966
966
General insurance
171
171
Venture capital
448
448
Other
72
(384)
(312)
Underlying other income
2,159
1,691
1,209
64
5,123
Other items reflected in income statement above:
Depreciation and amortisation
1,927
410
201
367
2,905
Defined benefit scheme charge (credit)
53
21
6
(159)
(79)
Non-income statement items:
Additions to fixed assets
3,294
88
80
1,993
5,455
Investments in joint ventures and associates at end of year
\u2013
\u2013
\u2013
401
401
1 Net of profits on disposal of operating lease assets of \u00a393 million.
2 Other includes centralised fair value hedge accounting adjustments.
3 Categories of analysis have been updated for 2024. Comparatives have been updated accordingly.
Insurance,
Commercial Pensions and
Retail Banking Investments Other Total
Year ended 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Underlying net interest income
9,774
3,447
(101)
52
13,172
Underlying other income
1,731
1,565
960
410
4,666
Total underlying income, net of net finance income in respect of insurance
and investment contracts
11,505
5,012
859
462
17,838
Operating lease depreciation
1
(368)
(5)
\u2013
\u2013
(373)
Net income
11,137
5,007
859
462
17,465
Operating costs
(5,175)
(2,496)
(879)
(122)
(8,672)
Remediation
(92)
(133)
(30)
\u2013
(255)
Total costs
(5,267)
(2,629)
(909)
(122)
(8,927)
Underlying impairment (charge) credit
(1,373)
(517)
(12)
392
(1,510)
Underlying profit (loss) before tax
4,497
1,861
(62)
732
7,028
External income
12,055
4,330
910
543
17,838
External operating lease depreciation
1
(368)
(5)
\u2013
\u2013
(373)
Inter-segment (expense) income
(550)
682
(51)
(81)
\u2013
Net income
11,137
5,007
859
462
17,465
Loans and advances to customers
2
364,194
93,675
\u2013
(2,970)
454,899
External assets
372,485
147,477
170,777
182,655
873,394
Customer deposits
310,765
163,828
\u2013
738
475,331
External liabilities
314,091
202,070
168,357
144,965
829,483
Analysis of underlying other income:
3
Consumer lending
1,176
1,176
Consumer relationships
555
555
Business and Commercial Banking
555
555
Corporate and Institutional Banking
1,010
1,010
Life, Pensions and Investments
773
773
General insurance
114
114
Venture capital
469
469
Other
73
(59)
14
Underlying other income
1,731
1,565
960
410
4,666
Other items reflected in income statement above:
Depreciation and amortisation
1,216
207
142
831
2,396
Defined benefit scheme charge
72
28
7
18
125
Non-income statement items:
Additions to fixed assets
2,146
101
151
1,457
3,855
Investments in joint ventures and associates at end of year
4
\u2013
\u2013
381
385
1 Net of profits on disposal of operating lease assets of \u00a3197 million.
2 Other includes centralised fair value hedge accounting adjustments.
3 Categories of analysis have been updated for 2024. Comparatives have been updated accordingly.
Geographical areas
The Group\u2019s operations are predominantly UK-based and as a result an analysis between UK and non-UK activities is not provided.
Reconciliation of underlying basis to statutory basis
The underlying basis is the basis on which financial information is presented to the chief operating decision-maker which excludes certain
items included in the statutory results. The table below reconciles the statutory results to the underlying basis.
Removal of:
Lloyds Volatility,
Banking Group and other Insurance Underlying
statutory basis
items
1
gross up
2
basis
Year ended 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Net interest income
12,277
578
(10)
12,845
Underlying net interest income
Other income, net of net finance income in respect
of insurance and investment contracts
5,726
(375)
246
5,597
Underlying other income
Total income, net of net finance income in respect
of insurance and investment contracts
18,003
(1,325)
\u2013
(1,325)
Operating lease depreciation
3
Total income, net of net finance income in respect
of insurance and investment contracts
18,003
(1,122)
236
17,117
Net income
Operating expenses
(11,601)
1,496
(236)
(10,341)
Total costs
Impairment charge
(431)
(2)
\u2013
(433)
Underlying impairment charge
Profit before tax
5,971
372
\u2013
6,343
Underlying profit
Removal of:
Lloyds Volatility,
Banking Group and other Insurance Underlying
statutory basis
items
4
gross up
2
basis
Year ended 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Net interest income
13,298
479
(12)
13,765
Underlying net interest income
Other income, net of net finance income in respect
of insurance and investment contracts
5,331
(447)
239
5,123
Underlying other income
Total income, net of net finance income in respect
of insurance and investment contracts
18,629
(956)
\u2013
(956)
Operating lease depreciation
3
Total income, net of net finance income in respect
of insurance and investment contracts
18,629
(924)
227
17,932
Net income
Operating expenses
(10,823)
1,235
(227)
(9,815)
Total costs
Impairment charge
(303)
(5)
\u2013
(308)
Underlying impairment charge
Profit before tax
7,503
306
\u2013
7,809
Underlying profit
Removal of:
Lloyds Volatility,
Banking Group and other Insurance Underlying
statutory basis
items
5
gross up
2
basis
Year ended 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Net interest income
12,922
226
24
13,172
Underlying net interest income
Other income, net of net finance income in respect
of insurance and investment contracts
2,619
1,846
201
4,666
Underlying other income
Total income, net of net finance income in respect
of insurance and investment contracts
15,541
(373)
\u2013
(373)
Operating lease depreciation
3
Total income, net of net finance income in respect
of insurance and investment contracts
15,541
1,699
225
17,465
Net income
Operating expenses
(9,237)
535
(225)
(8,927)
Total costs
Impairment charge
(1,522)
12
\u2013
(1,510)
Underlying impairment charge
Profit before tax
4,782
2,246
\u2013
7,028
Underlying profit
1 In the year ended 31 December 2024 this comprises the effects of market volatility and asset sales (losses of \u00a3144 million); the amortisation of purchased intangibles (\u00a381 million);
restructuring (\u00a340 million of merger, acquisition and integration costs); and the fair value unwind (losses of \u00a3107 million).
2 The Group\u2019s Insurance business statutory income statement includes income and expenses attributable to the policyholders of the Group\u2019s long-term assurance funds, investors in the
Group's non-participating investment contracts and third party interests in consolidated funds. These items have no impact in total upon the profit attributable to equity shareholders
and, in order to provide an alternative representation of the underlying trends within the business, these items are shown net within the underlying results.
3 Net of profits on disposal of operating lease assets of \u00a359 million (2023: \u00a393 million; 2022: \u00a3197 million). Statutory operating expenses includes operating lease depreciation. On an
underlying basis operating lease depreciation is included in net income.
4 Comprises the effects of market volatility and asset sales (gain of \u00a335 million); the amortisation of purchased intangibles (\u00a380 million); restructuring (\u00a3154 million of merger, acquisition
and integration costs); and the fair value unwind (losses of \u00a3107 million).
5 Comprises the effects of market volatility and asset sales (losses of \u00a31,978 million); the amortisation of purchased intangibles (\u00a370 million); restructuring (\u00a380 million of merger,
acquisition and integration costs); and the fair value unwind (losses of \u00a3118 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-11": { "value": "Lloyds Banking Group provides a wide range of banking and financial services in the UK and in certain locations overseas. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-919": { "value": "Geographical areas The Group\u2019s operations are predominantly UK-based and as a result an analysis between UK and non-UK activities is not provided. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-874": { "value": "
Note 5: Net interest income
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Interest income:
Loans and advances to banks
3,508
4,172
1,208
Loans and advances to customers
23,242
20,419
14,465
Reverse repurchase agreements
2,685
2,044
857
Debt securities
779
559
168
Financial assets held at amortised cost
30,214
27,194
16,698
Financial assets at fair value through other comprehensive income
1,074
857
947
Total interest income
1
31,288
28,051
17,645
Interest expense:
Deposits from banks
(225)
(213)
(148)
Customer deposits
(10,132)
(7,148)
(1,387)
Repurchase agreements at amortised cost
(2,392)
(2,397)
(842)
Debt securities in issue at amortised cost
2
(5,493)
(4,253)
(1,636)
Lease liabilities
(31)
(30)
(29)
Subordinated liabilities
(738)
(712)
(681)
Total interest expense
(19,011)
(14,753)
(4,723)
Net interest income
12,277
13,298
12,922
1 Includes \u00a31,104 million (2023: \u00a3923 million; 2022: \u00a3724 million) in respect of finance lease receivables.
2 The impact of the Group\u2019s hedging arrangements is included on this line.
Net interest income includes a debit of \u00a32,597 million (2023: debit of \u00a31,838 million; 2022: debit of \u00a343 million) transferred from the cash
flow hedging reserve (see note 33).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-979": { "value": "Note 5: Net interest income
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Interest income:
Loans and advances to banks
3,508
4,172
1,208
Loans and advances to customers
23,242
20,419
14,465
Reverse repurchase agreements
2,685
2,044
857
Debt securities
779
559
168
Financial assets held at amortised cost
30,214
27,194
16,698
Financial assets at fair value through other comprehensive income
1,074
857
947
Total interest income
1
31,288
28,051
17,645
Interest expense:
Deposits from banks
(225)
(213)
(148)
Customer deposits
(10,132)
(7,148)
(1,387)
Repurchase agreements at amortised cost
(2,392)
(2,397)
(842)
Debt securities in issue at amortised cost
2
(5,493)
(4,253)
(1,636)
Lease liabilities
(31)
(30)
(29)
Subordinated liabilities
(738)
(712)
(681)
Total interest expense
(19,011)
(14,753)
(4,723)
Net interest income
12,277
13,298
12,922
1 Includes \u00a31,104 million (2023: \u00a3923 million; 2022: \u00a3724 million) in respect of finance lease receivables. 2 The impact of the Group\u2019s hedging arrangements is included on this line. Net interest income includes a debit of \u00a32,597 million (2023: debit of \u00a31,838 million; 2022: debit of \u00a343 million) transferred from the cash flow hedging reserve (see note 33).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-974": { "value": "Note 5: Net interest income
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Interest income:
Loans and advances to banks
3,508
4,172
1,208
Loans and advances to customers
23,242
20,419
14,465
Reverse repurchase agreements
2,685
2,044
857
Debt securities
779
559
168
Financial assets held at amortised cost
30,214
27,194
16,698
Financial assets at fair value through other comprehensive income
1,074
857
947
Total interest income
1
31,288
28,051
17,645
Interest expense:
Deposits from banks
(225)
(213)
(148)
Customer deposits
(10,132)
(7,148)
(1,387)
Repurchase agreements at amortised cost
(2,392)
(2,397)
(842)
Debt securities in issue at amortised cost
2
(5,493)
(4,253)
(1,636)
Lease liabilities
(31)
(30)
(29)
Subordinated liabilities
(738)
(712)
(681)
Total interest expense
(19,011)
(14,753)
(4,723)
Net interest income
12,277
13,298
12,922
1 Includes \u00a31,104 million (2023: \u00a3923 million; 2022: \u00a3724 million) in respect of finance lease receivables. 2 The impact of the Group\u2019s hedging arrangements is included on this line. Net interest income includes a debit of \u00a32,597 million (2023: debit of \u00a31,838 million; 2022: debit of \u00a343 million) transferred from the cash flow hedging reserve (see note 33).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-968": { "value": "Note 5: Net interest income
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Interest income:
Loans and advances to banks
3,508
4,172
1,208
Loans and advances to customers
23,242
20,419
14,465
Reverse repurchase agreements
2,685
2,044
857
Debt securities
779
559
168
Financial assets held at amortised cost
30,214
27,194
16,698
Financial assets at fair value through other comprehensive income
1,074
857
947
Total interest income
1
31,288
28,051
17,645
Interest expense:
Deposits from banks
(225)
(213)
(148)
Customer deposits
(10,132)
(7,148)
(1,387)
Repurchase agreements at amortised cost
(2,392)
(2,397)
(842)
Debt securities in issue at amortised cost
2
(5,493)
(4,253)
(1,636)
Lease liabilities
(31)
(30)
(29)
Subordinated liabilities
(738)
(712)
(681)
Total interest expense
(19,011)
(14,753)
(4,723)
Net interest income
12,277
13,298
12,922
1 Includes \u00a31,104 million (2023: \u00a3923 million; 2022: \u00a3724 million) in respect of finance lease receivables. 2 The impact of the Group\u2019s hedging arrangements is included on this line. Net interest income includes a debit of \u00a32,597 million (2023: debit of \u00a31,838 million; 2022: debit of \u00a343 million) transferred from the cash flow hedging reserve (see note 33).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-948": { "value": "Note 5: Net interest income
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Interest income:
Loans and advances to banks
3,508
4,172
1,208
Loans and advances to customers
23,242
20,419
14,465
Reverse repurchase agreements
2,685
2,044
857
Debt securities
779
559
168
Financial assets held at amortised cost
30,214
27,194
16,698
Financial assets at fair value through other comprehensive income
1,074
857
947
Total interest income
1
31,288
28,051
17,645
Interest expense:
Deposits from banks
(225)
(213)
(148)
Customer deposits
(10,132)
(7,148)
(1,387)
Repurchase agreements at amortised cost
(2,392)
(2,397)
(842)
Debt securities in issue at amortised cost
2
(5,493)
(4,253)
(1,636)
Lease liabilities
(31)
(30)
(29)
Subordinated liabilities
(738)
(712)
(681)
Total interest expense
(19,011)
(14,753)
(4,723)
Net interest income
12,277
13,298
12,922
1 Includes \u00a31,104 million (2023: \u00a3923 million; 2022: \u00a3724 million) in respect of finance lease receivables. 2 The impact of the Group\u2019s hedging arrangements is included on this line. Net interest income includes a debit of \u00a32,597 million (2023: debit of \u00a31,838 million; 2022: debit of \u00a343 million) transferred from the cash flow hedging reserve (see note 33).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-920": { "value": "Note 5: Net interest income
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Interest income:
Loans and advances to banks
3,508
4,172
1,208
Loans and advances to customers
23,242
20,419
14,465
Reverse repurchase agreements
2,685
2,044
857
Debt securities
779
559
168
Financial assets held at amortised cost
30,214
27,194
16,698
Financial assets at fair value through other comprehensive income
1,074
857
947
Total interest income
1
31,288
28,051
17,645
Interest expense:
Deposits from banks
(225)
(213)
(148)
Customer deposits
(10,132)
(7,148)
(1,387)
Repurchase agreements at amortised cost
(2,392)
(2,397)
(842)
Debt securities in issue at amortised cost
2
(5,493)
(4,253)
(1,636)
Lease liabilities
(31)
(30)
(29)
Subordinated liabilities
(738)
(712)
(681)
Total interest expense
(19,011)
(14,753)
(4,723)
Net interest income
12,277
13,298
12,922
1 Includes \u00a31,104 million (2023: \u00a3923 million; 2022: \u00a3724 million) in respect of finance lease receivables. 2 The impact of the Group\u2019s hedging arrangements is included on this line. Net interest income includes a debit of \u00a32,597 million (2023: debit of \u00a31,838 million; 2022: debit of \u00a343 million) transferred from the cash flow hedging reserve (see note 33).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-875": { "value": "
Note 6: Net fee and commission income
Insurance,
Commercial Pensions and
Retail Banking Investments Other Total
Year ended 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fee and commission income:
Current accounts
423
221
\u2013
\u2013
644
Credit and debit card fees
829
457
\u2013
\u2013
1,286
Commercial banking and treasury fees
\u2013
372
\u2013
1
373
Unit trust and insurance broking
\u2013
\u2013
71
\u2013
71
Factoring
\u2013
69
\u2013
\u2013
69
Other fees and commissions
74
148
261
17
500
Total fee and commission income
1,326
1,267
332
18
2,943
Fee and commission expense
(745)
(334)
(89)
(16)
(1,184)
Net fee and commission income
581
933
243
2
1,759
Insurance,
Commercial Pensions and
Retail Banking Investments Other Total
Year ended 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fee and commission income:
Current accounts
406
218
\u2013
\u2013
624
Credit and debit card fees
800
464
\u2013
\u2013
1,264
Commercial banking and treasury fees
\u2013
334
\u2013
\u2013
334
Unit trust and insurance broking
\u2013
\u2013
69
\u2013
69
Factoring
\u2013
75
\u2013
\u2013
75
Other fees and commissions
85
186
264
25
560
Total fee and commission income
1,291
1,277
333
25
2,926
Fee and commission expense
(673)
(322)
(84)
(16)
(1,095)
Net fee and commission income
618
955
249
9
1,831
Insurance,
Commercial Pensions and
Retail Banking Investments Other Total
Year ended 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fee and commission income:
Current accounts
421
225
\u2013
\u2013
646
Credit and debit card fees
735
460
\u2013
\u2013
1,195
Commercial banking and treasury fees
\u2013
310
\u2013
1
311
Unit trust and insurance broking
\u2013
\u2013
78
\u2013
78
Factoring
\u2013
79
\u2013
\u2013
79
Other fees and commissions
64
169
233
15
481
Total fee and commission income
1,220
1,243
311
16
2,790
Fee and commission expense
(665)
(315)
(72)
(18)
(1,070)
Net fee and commission income
555
928
239
(2)
1,720
Fees and commissions which are an integral part of the effective interest rate form part of net interest income shown in note 5. Fees and
commissions relating to instruments that are held at fair value through profit or loss are included within net trading income shown in
note 7.
In determining the disaggregation of fees and commissions the Group has considered how the nature, amount, timing and uncertainty of
revenue and cash flows are affected by economic factors, including those that are impacted by climate-related factors. It has determined
that the above disaggregation by product type provides useful information that does not aggregate items that have substantially different
characteristics.
At 31 December 2024, the Group held on its balance sheet \u00a3163 million (31 December 2023: \u00a3163 million) in respect of services provided to
customers and \u00a375 million (31 December 2023: \u00a369 million) in respect of amounts received from customers for services to be provided after
the balance sheet date. Current unsatisfied performance obligations amount to \u00a3195 million (31 December 2023: \u00a3172 million); the Group
expects to receive substantially all of this revenue by the end of 2026.
Income recognised during the year included \u00a328 million (2023: \u00a332 million) in respect of amounts included in the contract liability balance
at the start of the year and \u00a3nil (2023: \u00a32 million) in respect of amounts from performance obligations satisfied in previous years.
The most significant performance obligations undertaken by the Group are in respect of current accounts, the provision of other banking
services for commercial customers and credit and debit card services.
In respect of current accounts, the Group receives fees for the provision of bank account and transaction services such as ATM services,
fund transfers, overdraft facilities and other value-added offerings.
For commercial customers, alongside its provision of current accounts, the Group provides other corporate banking services including
factoring and commitments to provide loan financing. Loan commitment fees are included in fees and commissions where the loan is not
expected to be drawn down by the customer.
The Group receives interchange and merchant fees, together with fees for overseas use and cash advances, for provision of card services to
cardholders and merchants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-876": { "value": "
Note 7: Net trading income (losses)
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Net gains (losses) on financial assets and liabilities at fair value through profit or loss:
Net (losses) gain on financial instruments held for trading
1
(5)
406
(1,049)
Net gains (losses) on other financial instruments mandatorily held at fair value through profit or loss
17,096
16,653
(17,210)
Net losses on financial liabilities designated at fair value through profit or loss
2
(336)
(341)
(154)
16,755
16,718
(18,413)
Foreign exchange
1,003
1,418
(1,063)
Investment property gains (losses) (note 24)
67
(87)
(511)
Net trading income (losses)
3
17,825
18,049
(19,987)
1 Includes hedge ineffectiveness in respect of fair value hedges (2024: loss of \u00a381 million; 2023: loss of \u00a3267 million; 2022: loss of \u00a341 million) and cash flow hedges (2024: loss of
\u00a360 million; 2023: gain of \u00a319 million; 2022: loss of \u00a310 million).
2 Excludes gains and losses arising from non-participating investment contracts, which are presented separately on the face of the income statement.
3 Includes income from the net investment return on assets held to back insurance and investment contracts of \u00a316,013 million (2023: income of \u00a316,742 million; 2022: losses of \u00a320,899
million). See note 8.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-877": { "value": "
Note 8: Insurance business
(A) Insurance service result
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Insurance revenue
Amounts relating to the changes in liabilities for remaining coverage:
CSM recognised for services provided
449
329
245
Change in risk adjustments for non-financial risk for risk expired
58
84
103
Expected claims and other insurance service expenses
1,916
1,907
1,696
Charges (credits) to funds in respect of policyholder tax and other
108
87
(228)
2,531
2,407
1,816
Recovery of insurance acquisition cash flows
105
87
86
Total life
2,636
2,494
1,902
Total non-life
655
514
559
Total insurance revenue
3,291
3,008
2,461
Insurance service expense
Incurred claims and other insurance service expenses
(1,978)
(1,897)
(1,751)
Changes that relate to past service: adjustment to liabilities for incurred claims
(4)
\u2013
\u2013
Changes that relate to future service: (losses) reversal of losses on onerous contracts
(72)
58
(1,486)
Amortisation of insurance acquisition cash flows
(105)
(88)
(85)
Total life excluding net impairment loss on insurance acquisition assets
(2,159)
(1,927)
(3,322)
Net impairment loss on insurance acquisition assets
(9)
(7)
(14)
Total life
(2,168)
(1,934)
(3,336)
Total non-life
1
(565)
(480)
(527)
Total insurance service expense
(2,733)
(2,414)
(3,863)
Net (expense) income from reinsurance contracts held
(72)
2
62
Insurance service result
486
596
(1,340)
1 Includes weather-related claims of \u00a382 million (2023: \u00a357 million; 2022: \u00a3116 million), of which \u00a364 million (2023: \u00a351 million; 2022: \u00a3108 million) was related to severe weather events.
(B) Net investment return on assets held to back insurance and investment contracts and net insurance finance (expense)
income arising from insurance and investment contracts
The following table shows the net investment return on assets held to back insurance and participating investment contracts and the net
finance expense arising from insurance, participating investment and reinsurance contracts, as required by IFRS 17. For completeness, the
net investment return on assets held to back third party interests in consolidated funds and non-participating investment contracts and
the related finance expense is also shown. These contracts are accounted for under IFRS 9.
2024
Life Non-life Total
\u00a3m \u00a3m \u00a3m
Net gains on financial assets and liabilities at fair value through profit or loss
10,247
38
10,285
Foreign exchange
196
\u2013
196
Investment property losses
(4)
\u2013
(4)
Net investment return on assets held to back insurance and participating investment contracts
(memorandum item)
10,439
38
10,477
Net investment return on assets held to back third party interests in consolidated funds
1,105
Net investment return on assets held to back non-participating investment contracts
4,431
Net investment return on assets held to back insurance and investment contracts
1
 16,013
Changes in fair value of underlying items of direct participating contracts
(10,844)
\u2013
(10,844)
Effects of risk mitigation option
161
\u2013
161
Interest accreted
(839)
(7)
(846)
Effect of changes in interest rates and other financial assumptions
1,001
\u2013
1,001
Effect of changes in fulfilment cash flows at current rates when CSM is unlocked at locked-in rates
140
\u2013
140
Net finance expense from insurance and participating investment contracts
(10,381)
(7)
(10,388)
Net finance income from reinsurance contracts held
47
\u2013
47
Net finance expense from insurance, participating investment and reinsurance contracts
(10,334)
(7)
(10,341)
Movement in third party interests in consolidated funds
(1,059)
Change in non-participating investment contracts
(4,878)
Net finance expense arising from insurance and investment contracts
(16,278)
2023
Life Non-life Total
\u00a3m \u00a3m \u00a3m
Net gains on financial assets and liabilities at fair value through profit or loss
11,218
35
11,253
Foreign exchange
542
\u2013
542
Investment property losses
(4)
\u2013
(4)
Net investment return on assets held to back insurance and participating investment contracts
(memorandum item)
11,756
35
11,791
Net investment return on assets held to back third party interests in consolidated funds
1,179
Net investment return on assets held to back non-participating investment contracts
3,772
Net investment return on assets held to back insurance and investment contracts
1
 16,742
Changes in fair value of underlying items of direct participating contracts
(10,293)
\u2013
(10,293)
Effects of risk mitigation option
172
\u2013
172
Interest accreted
(874)
(6)
(880)
Effect of changes in interest rates and other financial assumptions
(654)
\u2013
(654)
Effect of changes in fulfilment cash flows at current rates when CSM is unlocked at locked-in rates
(80)
\u2013
(80)
Net finance expense from insurance and participating investment contracts
(11,729)
(6)
(11,735)
Net finance income from reinsurance contracts held
51
\u2013
51
Net finance expense from insurance, participating investment and reinsurance contracts
(11,678)
(6)
(11,684)
Movement in third party interests in consolidated funds
(1,109)
Change in non-participating investment contracts
(3,983)
Net finance expense arising from insurance and investment contracts
(16,776)
2022
Life Non-life Total
\u00a3m \u00a3m \u00a3m
Net (losses) gains on financial assets and liabilities at fair value through profit or loss
(14,876)
9
(14,867)
Foreign exchange
(1,039)
\u2013
(1,039)
Investment property losses
(3)
\u2013
(3)
Net investment return on assets held to back insurance and participating investment contracts
(memorandum item)
(15,918)
9
(15,909)
Net investment return on assets held to back third party interests in consolidated funds
(968)
Net investment return on assets held to back non-participating investment contracts
(4,022)
Net investment return on assets held to back insurance and investment contracts
1
 (20,899)
Changes in fair value of underlying items of direct participating contracts
11,212
\u2013
11,212
Effects of risk mitigation option
(118)
\u2013
(118)
Interest accreted
(350)
(2)
(352)
Effect of changes in interest rates and other financial assumptions
5,226
\u2013
5,226
Effect of changes in fulfilment cash flows at current rates when CSM is unlocked at locked-in rates
(20)
\u2013
(20)
Net finance income (expense) from insurance and participating investment contracts
15,950
(2)
15,948
Net finance expense from reinsurance contracts held
(55)
\u2013
(55)
Net finance income (expense) from insurance, participating investment and reinsurance contracts
15,895
(2)
15,893
Movement in third party interests in consolidated funds
1,035
Change in non-participating investment contracts
3,959
Net finance income arising from insurance and investment contracts
20,887
1 Net investment return on assets held to back insurance and investment contracts is reported within net trading income (losses) on the face of the Group\u2019s income statement; includes
income of \u00a310,688 million (2023: income of \u00a310,200 million; 2022: loss of \u00a311,081 million) in respect of unit-linked and with-profit contracts measured applying the variable fee
approach. The assets generating the investment return held to back insurance and investment contracts are carried at fair value on the Group\u2019s balance sheet.
(C) Insurance and participating investment contracts assets and liabilities
2024
2023
Life Non-life Total Life Non-life Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Insurance contract assets
\u2013
\u2013
\u2013
1
\u2013
1
Liabilities arising from insurance and participating investment
contracts
1
(121,700)
(387)
(122,087)
(119,784)
(364)
(120,148)
Other liabilities
2
(5,268)
\u2013
(5,268)
\u2013
\u2013
\u2013
Net liability
(126,968)
(387)
(127,355)
(119,783)
(364)
(120,147)
Insurance acquisition assets
\u2013
23
23
8
16
24
Insurance and participating investment contacts net liability
(126,968)
(364)
(127,332)
(119,775)
(348)
(120,123)
1 Excluding insurance acquisition assets.
2 Liabilities arising from insurance contracts relating to the disposal of the Group's bulk annuity business have been classified as disposal group liabilities and presented in Other liabilities
in note 27. Further information on the disposal group is provided in note 24.
Of the fair value of underlying items in respect of direct participating contracts of \u00a3110,045 million (2023: \u00a3101,425 million), \u00a3111,435 million
(2023: \u00a3103,022 million) were financial assets at fair value through profit or loss and \u00a31,125 million (2023: \u00a31,337 million) were derivative
financial liabilities.
(D) Reconciliation of insurance balances for liability for remaining coverage and liability for incurred claims
2024
2023
Liabilities for Liabilities for
remaining coverage Liability for remaining coverage Liability for
Excluding loss Loss incurred Excluding loss Loss incurred
component component claims Total component component claims Total
Life
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Net liability at 1 January
1
(118,724)
(466)
(593)
(119,783)
(108,846)
(471)
(603)
(109,920)
Contracts under the modified
retrospective approach
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Contracts under the fair value
transition approach
1,498
\u2013
\u2013
1,498
1,467
\u2013
\u2013
1,467
Other contracts
1,138
\u2013
\u2013
1,138
1,027
\u2013
\u2013
1,027
Insurance revenue
2,636
\u2013
\u2013
2,636
2,494
\u2013
\u2013
2,494
Insurance service expenses
2
(105)
(44)
(2,010)
(2,159)
(88)
110
(1,949)
(1,927)
Insurance service result
2,531
(44)
(2,010)
477
2,406
110
(1,949)
567
Net finance income (expense)
from insurance and participating
investment contracts
(10,371)
(5)
(5)
(10,381)
(11,576)
(105)
(3)
(11,684)
Exchange differences
80
\u2013
\u2013
80
32
\u2013
\u2013
32
Total change in profit or loss
(7,760)
(49)
(2,015)
(9,824)
(9,138)
5
(1,952)
(11,085)
Investment components
10,205
\u2013
(10,205)
\u2013
8,793
\u2013
(8,793)
\u2013
Premiums received
(10,679)
\u2013
\u2013
(10,679)
(9,768)
\u2013
\u2013
(9,768)
Claims and other insurance
service expenses paid
849
\u2013
12,214
13,063
\u2013
\u2013
10,721
10,721
Insurance acquisition cash flows
265
\u2013
\u2013
265
203
\u2013
\u2013
203
Cash flows
(9,565)
\u2013
12,214
2,649
(9,565)
\u2013
10,721
1,156
Transfer to other items in the
balance sheet
(10)
\u2013
\u2013
(10)
32
\u2013
34
66
Net liability at 31 December
1
(125,854)
(515)
(599)
(126,968)
(118,724)
(466)
(593)
(119,783)
1 Excluding insurance acquisition assets.
2 Losses and reversal of losses on onerous contracts amounted to a net loss of \u00a372 million (2023: net reversal of losses of \u00a358 million). Amortisation of insurance acquisition cashflows
amounted to \u00a3105 million (2023: \u00a388 million).
2024
2023
Liabilities for Liabilities for
remaining coverage Liability for remaining coverage Liability for
Excluding loss Loss incurred Excluding loss Loss incurred
component component claims Total component component claims Total
Non-life
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Net liability at 1 January
1
(25)
\u2013
(339)
(364)
(22)
(1)
(357)
(380)
Contracts under the modified
retrospective approach
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Contracts under the fair value
transition approach
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other contracts
655
\u2013
\u2013
655
514
\u2013
\u2013
514
Insurance revenue
655
\u2013
\u2013
655
514
\u2013
\u2013
514
Insurance service expenses
2
(32)
\u2013
(533)
(565)
(30)
1
(451)
(480)
Insurance service result
623
\u2013
(533)
90
484
1
(451)
34
Net finance income (expense)
from insurance and participating
investment contracts
\u2013
\u2013
(7)
(7)
\u2013
\u2013
(6)
(6)
Total change in profit or loss
623
\u2013
(540)
83
484
1
(457)
28
Premiums received
(659)
\u2013
\u2013
(659)
(525)
\u2013
\u2013
(525)
Claims and other insurance
service expenses paid
\u2013
\u2013
524
524
\u2013
\u2013
475
475
Insurance acquisition cash flows
29
\u2013
\u2013
29
38
\u2013
\u2013
38
Cash flows
(630)
\u2013
524
(106)
(487)
\u2013
475
(12)
Net liability at 31 December
1
(32)
\u2013
(355)
(387)
(25)
\u2013
(339)
(364)
1 Excluding insurance acquisition assets.
2 Losses and reversal of losses on onerous contracts amounted to \u00a3nil (2023: net reversal of losses of \u00a31 million). Amortisation of insurance acquisition cashflows amounted to \u00a332 million
(2023: \u00a330 million).
(E) Summary of contractual service margin and risk adjustment
2024
2023
Life Non-life Total Life Non-life Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
CSM on insurance and participating investment contracts
1
4,646
\u2013
4,646
4,415
\u2013
4,415
CSM on reinsurance contracts
2
(467)
\u2013
(467)
(220)
\u2013
(220)
Total CSM
4,179
\u2013
4,179
4,195
\u2013
4,195
Risk adjustment on insurance and participating investment contracts
1
891
19
910
1,159
17
1,176
Risk adjustment on reinsurance contracts
2
(68)
(1)
(69)
(65)
(1)
(66)
Total risk adjustment
823
18
841
1,094
16
1,110
Total
5,002
18
5,020
5,289
16
5,305
1 Includes CSM of \u00a3544 million (2023: \u00a3nil) and risk adjustment of \u00a336 million (2023: \u00a3nil) arising from insurance contracts classified as disposal group liabilities and presented in other
liabilities. Further information on the disposal group is provided in note 24.
2 Includes CSM of \u00a3(426) million (2023: \u00a3nil) and risk adjustment of \u00a3(36) million (2023: \u00a3nil) on reinsurance contracts classified as disposal group assets and presented in other assets.
Further information on the disposal group is provided in note 24.
(F) Reconciliation of measurement components of insurance contract balances
2024
Contractual service margin (CSM)
Present Risk Contracts
value of adjustment measured
future for non- under the
cash financial fair value Other
flows risk approach contracts Total CSM Total
Life \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net liability at 1 January
1
(114,209)
(1,159)
(1,473)
(2,942)
(4,415)
(119,783)
Relating to current services
46
58
155
294
449
553
Contracts initially recognised in the year
33
(65)
\u2013
(61)
(61)
(93)
Changes in estimates that adjust the CSM
334
252
(95)
(491)
(586)
\u2013
Changes in estimates that result in losses and reversal
of losses on onerous contracts
(2)
23
\u2013
\u2013
\u2013
21
Relating to future services
365
210
(95)
(552)
(647)
(72)
Relating to past services
(3)
(1)
\u2013
\u2013
\u2013
(4)
Insurance service result
408
267
60
(258)
(198)
477
Net finance expense from insurance and participating
investment contracts
(10,341)
\u2013
(9)
(31)
(40)
(10,381)
Exchange differences
72
1
7
\u2013
7
80
Total change in profit or loss
(9,861)
268
58
(289)
(231)
(9,824)
Premiums received
(10,679)
\u2013
\u2013
\u2013
\u2013
(10,679)
Claims and other insurance service expenses paid
13,063
\u2013
\u2013
\u2013
\u2013
13,063
Insurance acquisition cash flows
265
\u2013
\u2013
\u2013
\u2013
265
Cash flows
2,649
\u2013
\u2013
\u2013
\u2013
2,649
Transfer to other items in the balance sheet
(10)
\u2013
\u2013
\u2013
\u2013
(10)
Net liability at 31 December
1
(121,431)
(891)
(1,415)
(3,231)
(4,646)
(126,968)
1 Excluding insurance acquisition assets.
2023
Contractual service margin (CSM)
Present Risk Contracts
value of adjustment measured
future for non- under the
cash financial fair value Other
flows risk approach contracts Total CSM Total
Life \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net liability at 1 January
1
(104,545)
(1,165)
(1,441)
(2,769)
(4,210)
(109,920)
Relating to current services
99
84
129
197
326
509
Contracts initially recognised in the year
107
(86)
\u2013
(92)
(92)
(71)
Changes in estimates that adjust the CSM
390
(12)
(170)
(208)
(378)
\u2013
Changes in estimates that result in losses and reversal
of losses on onerous contracts
109
20
\u2013
\u2013
\u2013
129
Relating to future services
606
(78)
(170)
(300)
(470)
58
Insurance service result
705
6
(41)
(103)
(144)
567
Net finance (expense) income from insurance and
participating investment contracts
(11,621)
\u2013
7
(70)
(63)
(11,684)
Exchange differences
30
\u2013
2
\u2013
2
32
Total change in profit or loss
(10,886)
6
(32)
(173)
(205)
(11,085)
Premiums received
(9,768)
\u2013
\u2013
\u2013
\u2013
(9,768)
Claims and other insurance service expenses paid
10,721
\u2013
\u2013
\u2013
\u2013
10,721
Insurance acquisition cash flows
203
\u2013
\u2013
\u2013
\u2013
203
Cash flows
1,156
\u2013
\u2013
\u2013
\u2013
1,156
Transfer to other items in the balance sheet
66
\u2013
\u2013
\u2013
\u2013
66
Net liability at 31 December
1
(114,209)
(1,159)
(1,473)
(2,942)
(4,415)
(119,783)
1 Excluding insurance acquisition assets.
The Group estimates the Risk adjustment separately from other components of the fulfilment cashflows using an explicit margins
approach. A confidence level scenario, allowing for diversification of risks across the insurance business, is used to determine the margins to
be applied to the best estimate assumptions which are then used to calculate the risk adjustment at a policy level. The risk adjustment
represents the difference in the value of the best estimate cash flows with and without these margins.
The confidence level corresponding to the risk adjustment is 85 per cent (2023: 90 per cent). The risk adjustment is calibrated to the value
at risk over a one-year time horizon at this confidence level for non-financial risks. This is translated, using statistical approximations, into
an equivalent confidence level on a value at risk basis over the expected lifetime of in-force policies of approximately 68 per cent (2023: 70
per cent) at end of the reporting period.
(G) Impacts of insurance and participating investment contracts recognised in the year
2024
2023
Profitable Onerous Profitable Onerous
contracts contracts contracts contracts
issued issued Total issued issued Total
Life \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Insurance and participating investment contracts
Insurance acquisition cash flows
56
203
259
87
142
229
Claims and other directly attributable expenses
1,446
4,498
5,944
5,450
447
5,897
Estimates of the present value of future cash outflows
1,502
4,701
6,203
5,537
589
6,126
Estimates of the present value of future cash inflows
(1,577)
(4,659)
(6,236)
(5,708)
(525)
(6,233)
Risk adjustment for non-financial risk
14
51
65
79
7
86
Contractual service margin
61
\u2013
61
92
\u2013
92
Losses recognised on initial recognition
\u2013
93
93
\u2013
71
71
(H) Life business contractual service margin run-off
The following table analyses the expected recognition of the contractual service margin (CSM) in profit or loss.
Less than 1 1 to 2 2 to 3 3 to 4 4 to 5 5 to 10 Over 10
year years years years years years years Total
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Pensions and investments
(240)
(218)
(199)
(164)
(152)
(591)
(1,169)
(2,733)
Annuities, protection and other
1
(660)
(106)
(98)
(90)
(83)
(331)
(545)
(1,913)
investment contracts
(900)
(324)
(297)
(254)
(235)
(922)
(1,714)
(4,646)
Reinsurance contracts held
2
433
5
4
3
3
8
11
467
Total
(467)
(319)
(293)
(251)
(232)
(914)
(1,703)
(4,179)
Insurance and participating
Less than 1 1 to 2 2 to 3 3 to 4 4 to 5 5 to 10 Over 10
year years years years years years years Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Pensions and investments
(186)
(176)
(168)
(157)
(133)
(535)
(1,088)
(2,443)
Annuities, protection and other
Insurance and participating
(147)
(136)
(125)
(117)
(109)
(444)
(894)
(1,972)
investment contracts
(333)
(312)
(293)
(274)
(242)
(979)
(1,982)
(4,415)
Reinsurance contracts held
20
17
15
14
13
48
94
221
Total
(313)
(295)
(278)
(260)
(229)
(931)
(1,888)
(4,194)
1 CSM of \u00a3(544) million arising from insurance contracts classified as disposal group liabilities has been included in less than one year. The Group expects the CSM to be derecognised in
2025 upon disposal of the insurance contract liabilities. Further information on the disposal group is provided in note 24.
2 CSM of \u00a3426 million arising from reinsurance contracts held classified as disposal group assets has been included in less than one year. The Group expects the CSM to be derecognised
in 2025 upon disposal of the reinsurance contract assets. Further information on the disposal group is provided in note 24.
(I) Life insurance sensitivity analysis
Critical accounting judgements and key sources of estimation uncertainty
Critical judgements: Determining the characteristics which make a product illiquid, the level of illiquidity premium to apply to
the discount rate of different products and how the illiquidity premium is determined
Key sources of estimation uncertainty: Increase in illiquidity premia and widening of credit default spreads
The following table demonstrates the effect of reasonably possible changes in key assumptions on profit before tax and equity disclosed in
these financial statements assuming that the other assumptions remain unchanged. In practice this is unlikely to occur, and changes in
some assumptions may be correlated. With the exception of the 31 December 2024 risk free rate, the sensitivities below are on a gross of
reinsurance basis, which do not differ materially from the sensitivities on a net of reinsurance basis. The 31 December 2024 risk free rate
sensitivity is shown net of reinsurance and reflects the impact of the reinsurance of the Group's bulk annuity business to Rothesay Life plc.
These amounts include movements in liabilities relating to insurance and participating investment contracts and related assets in order to
demonstrate the impacts on shareholder profit and equity. Therefore, these sensitivities have not been applied to the proportion of assets
and liabilities where the risks are borne by the policyholder and where assets and liabilities are well matched so as not to have a significant
impact on shareholder profit.
2024
2023
Increase Increase
(reduction) Increase (reduction) Increase
in profit (reduction) in profit (reduction)
before tax in equity before tax in equity
Change in variable \u00a3m \u00a3m \u00a3m \u00a3m
Key sources of estimation uncertainty
Risk free rate, including illiquidity premia - gross
1% reduction
(245)
(184)
393
294
1% increase
211
158
(333)
(250)
Risk free rate, including illiquidity premia - net
1% reduction
243
183
1% increase
(203)
(153)
Widening of credit default spreads on corporate bonds
0.25% addition
(174)
(131)
(316)
(237)
Other accounting estimates
Annuitant mortality
5% reduction
49
37
70
52
5% increase
(46)
(34)
(75)
(56)
Future maintenance and investment expenses
10% reduction
33
25
29
21
10% increase
(33)
(25)
(29)
(21)
Non-annuitant mortality and morbidity
5% reduction
61
46
63
47
5% increase
(62)
(46)
(63)
(47)
Lapse rates
10% reduction
(6)
(4)
(11)
(8)
10% increase
4
3
8
6
At each measurement date, the Group estimates, based on information about past events, current conditions and forecasts of future
conditions, the expected value of future cash flows. The calculation uses a range of scenarios that reflect the full range of possible
outcomes. The assumptions used to develop the estimates of future cash flows are reassessed at each reported date to reflect conditions
existing at the measurement date.
Risk free rate, including illiquidity premia
The Group has applied judgement in determining the characteristics which make a product illiquid, the level of illiquidity premium to apply
to the discount rate of different products and how the illiquidity premium is determined, where material.
Due to the illiquid nature of their cash flows, an illiquidity premium has been applied to the discount rate of the Group\u2019s annuity contracts.
At initial recognition, the illiquidity premium is calculated with reference to a strategic portfolio of assets, and subsequently measured to
reflect the mix of actual assets backing annuity contracts. To reflect differences between the characteristics of insurance contracts and a
reference portfolio, adjustments for credit risk are required when determining appropriate discount rates. The Group uses the fundamental
spread to maintain consistency with its Solvency II approach. For protection contracts, the illiquidity premium is based on the spread on a
covered bond index.
The average sterling yield curves that were used to discount the estimates of future cash flows that do not vary based on the returns of the
underlying items are as follows:
1 year
5 year
10 year
20 year
30 year
2024
5.58
5.17
5.66
5.71
5.06
2023
5.37
4.15
4.79
4.72
4.19
The Group determines the quantity of benefits provided under each contract using different bases, depending on the product. For with-
profits and unit linked products, the policyholder account value (or the guaranteed benefits, if higher) is used. For annuities, pre-vesting
date the defined amount payable is used (immediate annuities have no pre-vesting date period) and post-vesting date the annuity payout
is used.
Widening of credit default spreads on corporate bonds
The Group applies a sensitivity showing the impact of an increase in credit default spreads on corporate bonds and the corresponding
reduction in market values. Swap curves, the risk-free rate and illiquidity premia are all assumed to be unchanged and therefore this
sensitivity impacts the related assets. There is no impact in 2024 on the Bulk annuity business as this is now backed by the reinsurance with
Rothesay Life plc.
Mortality
The mortality assumptions for the main classes of business are set with regard to recent Group experience and general industry trends, all
of which are adjusted for smoker status and age/gender specific factors. The base mortality tables used for the annuities business for the
year ended 31 December 2024 and the prior period were selected from the bespoke mortality tables. The mortality improvements adopt
the 100per cent Bespoke tables and CMI 2023_{M/F}_(7.25)_{2.0/1.8}%_{0.5/0.5}A_2013 for the year ended 31 December 2024; and the
100 per cent Bespoke tables and CMI 2022_{M/F}_(7.25)_{2.0/1.8}%_{0.5/0.5}A_2013 for the prior period.
Lapse rates
Lapse rates refer to the rate of policy termination or the rate at which policyholders stop paying regular premiums due under the contract.
Historical persistency experience is analysed using statistical techniques. As experience can vary considerably between different product
types and for contracts that have been in force for different periods, the data is broken down into broadly homogeneous groups for the
purposes of determining the Group\u2019s lapse rate in determining the assumptions, which are set on a best estimates basis, based on
investigations of historical experience with some expert judgement overlays reflecting expectations of future trends and other external
data. The lapse rates for workplace pensions range from 0.8 per cent to 13.8 per cent (2023: 0.8 per cent to 14.6 per cent) and for
longstanding business range from 0.5 per cent to 74.1 per cent (2023: 0.5 per cent to 74.1 per cent), the wide range being a result of the age
and variety of products.
Note 24: Other assets
2024 2023
\u00a3m \u00a3m
Insurance contract assets
\u2013
1
Reinsurance contract assets
2
422
442
Investment in joint ventures and associates
542
401
Property, plant and equipment:
Investment properties (see below)
3,281
2,862
Premises
1,100
920
Equipment
879
1,170
Operating lease assets (see below)
7,265
6,523
Right-of-use assets (note 25)
872
1,055
13,397
12,530
Prepayments
1,634
1,455
Disposal group assets
1
:
Deferred tax assets
13
\u2013
Goodwill
50
\u2013
Reinsurance contract assets
2
5,059
\u2013
5,122
\u2013
Other assets
3,671
2,315
Total other assets
24,788
17,144
1 On 13 March 2024, the Group entered into a business transfer agreement with Rothesay Life plc for the sale of the Group\u2019s bulk annuity business and to pursue the transfer of
associated business assets and assumed liabilities under Part VII of the Financial Services and Markets Act 2000. A reinsurance agreement between the Group and Rothesay Life plc
was signed on 30 April 2024 to materially de-risk the Group\u2019s bulk annuity portfolio. The Part VII process is subject to approval by the High Court, through a process in which regulators
and policyholders are given the opportunity to object. The Group expects the Part VII to take place in June 2025. During the year the assets and liabilities the Group expects to
derecognise as a result of the Part VII transfer were reclassified to disposal group assets and disposal group liabilities. Disposal group assets are presented within other assets, and
disposal group liabilities are presented within other liabilities in note 27. Disposal group assets and disposal group liabilities are included in the Insurance, Pensions and Investments
operating segment.
2 The Group\u2019s reinsurance contract assets have increased by \u00a35,039 million from \u00a3442 million to \u00a35,481 million predominantly as a result of entering into the reinsurance agreement with
Rothesay Life plc in relation to the Group\u2019s bulk annuity business. At 30 April 2024 the Group recognised a reinsurance contract asset of \u00a35,418 million (comprised of present value of
future cash flows of \u00a35,087 million, risk adjustment for non-financial risk of \u00a335 million and contractual service margin of \u00a3296 million). The balance of all reinsurance contract assets at
31 December 2024 of \u00a35,481 million (2023: \u00a3442 million) held comprises the following: asset for remaining coverage (excluding loss-recovery component) of \u00a35,060 million (2023:
\u00a357 million), asset for remaining coverage loss-recovery component of \u00a3278 million (2023: \u00a3271 million) and asset for incurred claims of \u00a3143 million (2023: \u00a3114 million); the
measurement components insurance contract assets being present value of future cash flows of \u00a34,910 million (2023: \u00a3162 million), risk adjustment for non-financial risk of \u00a371 million
(2023: \u00a370 million) and contractual service margin of \u00a3500 million (2023: \u00a3210 million).
Investment properties
The Group\u2019s investment properties are predominantly held by the Insurance, Pensions and Investments business where they back
policyholder liabilities. They are valued by external Chartered Surveyors using industry standard techniques based on guidance from the
Royal Institute of Chartered Surveyors. The valuation methodology includes an assessment of general market conditions and sector level
transactions and takes account of expectations of occupancy rates, rental income and growth. Property valuations undergo individual
scrutiny using cash flow analysis to factor in the timing of rental reviews, capital expenditure, lease incentives, dilapidation and operating
expenses; these reviews utilise both observable and unobservable inputs. Within the fair value hierarchy, all of the Group\u2019s investment
properties are categorised as level 3 (see note 17 for details of levels in the fair value hierarchy). The table below analyses movements in
level 3 investment properties, which are carried at fair value.
2024 2023
\u00a3m \u00a3m
At 1 January
2,862
2,532
Acquisition of new properties
640
450
Additional expenditure on existing properties
26
19
Change in fair value (note 7)
67
(87)
Disposals
(314)
(52)
At 31 December
3,281
2,862
Rental income of \u00a3172 million (2023: \u00a3146 million) and direct operating expenses of \u00a344 million (2023: \u00a316 million) arising from investment
properties that generate rental income have been recognised in the income statement.
Capital expenditure in respect of investment properties which had been contracted for but not recognised in the financial statements was
\u00a3236 million (2023: \u00a3488 million).
Operating lease assets where the Group is lessor
Equipment leased to customers under operating leases primarily relates to vehicle contract hire arrangements. At 31 December the future
minimum rentals receivable under non-cancellable operating leases were as follows:
Within 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
1,577
956
821
365
85
6
3,810
At 31 December 2023
1,336
857
680
309
70
4
3,256
Equipment leased to customers under operating leases primarily relates to vehicle contract hire arrangements. Operating lease assets are
comprised as follows:
2024 2023
\u00a3m \u00a3m
Electric vehicles
3,894
3,259
Internal combustion engine vehicles
1,630
1,815
Self-charging hybrid vehicles
166
186
Plug-in hybrid vehicles
1,575
1,258
Other
\u2013
5
Total operating lease assets
7,265
6,523
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-878": { "value": "
Note 9: Other operating income
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Operating lease rental income
1,681
1,383
1,077
Rental income from investment properties (note 24)
172
146
145
Net gains on disposal of financial assets at fair value through other comprehensive income (note 33)
7
122
92
Other
74
(20)
25
Total other operating income
1,934
1,631
1,339
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-879": { "value": "
Note 10: Operating expenses
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Staff costs:
Salaries and social security costs
1
3,819
3,651
3,310
Pensions and other retirement benefit schemes (note 12)
526
355
455
Restructuring and other staff costs
327
487
307
4,672
4,493
4,072
Premises and equipment costs
2
454
449
332
Depreciation and amortisation
3
3,426
2,905
2,396
UK bank levy
147
150
148
Regulatory and legal provisions (note 28)
899
675
255
Other
2,594
2,720
2,556
Operating expenses before adjustment for:
12,192
11,392
9,759
Amounts attributable to the acquisition of insurance and participating investment contracts
(182)
(183)
(168)
Amounts reported within insurance service expenses
(409)
(386)
(354)
Total operating expenses
11,601
10,823
9,237
1 Including social security costs of \u00a3428 million (2023: \u00a3371 million; 2022: \u00a3341 million).
2 Net of profits on disposal of operating lease assets of \u00a359 million (2023: \u00a393 million; 2022: \u00a3197 million).
3 Including depreciation in respect of premises \u00a396 million (2023: \u00a3110 million; 2022: \u00a3114 million), equipment \u00a3400 million (2023: \u00a3388 million; 2022: \u00a3561 million), operating lease assets
\u00a31,410 million (2023: \u00a31,070 million; 2022: \u00a3570 million) and right-of-use assets \u00a3198 million (2023: \u00a3209 million; 2022: \u00a3226 million).
Average headcount
The average number of persons on a headcount basis employed by the Group during the year was as follows:
2024
2023
2022
UK
64,334
65,390
62,587
Overseas
1,895
807
785
Total
66,229
66,197
63,372
Performance-based compensation
The tables below analyse the Group\u2019s performance-based compensation costs between those relating to the current performance year and
those relating to earlier years.
Performance-based Performance-based compensation expense
compensation expense deferred until later years
2024 2023 2022 2024 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Awards made in respect of the year ended 31 December
300
316
349
90
108
128
Awards made in respect of earlier years
96
124
109
34
22
20
396
440
458
124
130
148
Performance-based awards expensed in 2024 include cash awards amounting to \u00a3162 million (2023: \u00a3169 million; 2022: \u00a3144 million).
Note 13: Auditors\u2019 remuneration
Fees payable to the Company\u2019s auditors
by the Group are included within other operating expenses and are as follows:
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Fees payable for the:
\u2013 audit of the Company\u2019s current year annual report
2.0
2.0
1.9
\u2013 audits of the Company\u2019s subsidiaries
31.9
32.3
29.5
\u2013 total audit fees in respect of the statutory audit of Group entities
1
33.9
34.3
31.4
\u2013 services normally provided in connection with statutory and regulatory filings or engagements
6.7
6.6
6.3
Total audit fees
2
40.6
40.9
37.7
Other audit-related fees
2
1.5
1.3
1.5
All other fees
2
1.0
1.2
5.0
Total non-audit services
3
2.5
2.5
6.5
Total fees payable to the Company\u2019s auditors by the Group
43.1
43.4
44.2
1 As defined by the Financial Reporting Council (FRC).
2 As defined by the Securities and Exchange Commission (SEC).
3 As defined by the SEC. Total non-audit services as defined by the FRC include all fees other than audit fees in respect of the statutory audit of Group entities. These fees totalled \u00a39.2
million in 2024 (2023: \u00a39.1 million; 2022: \u00a312.8 million).
The following types of services are included in the categories listed above:
Audit fees: This category includes fees in respect of the audit of the Group\u2019s annual financial statements (including work related to the
adoption of new accounting standards) and other services in connection with regulatory filings. Other services supplied pursuant to
legislation relate primarily to costs incurred in connection with client asset assurance and with the Sarbanes-Oxley Act requirements
associated with the audit of the Group\u2019s financial statements filed on its Form 20-F.
Other audit-related fees: This category includes fees in respect of services for assurance and related services that are reasonably related to
the performance of the audit or review of the financial statements, for example acting as reporting accountants in respect of debt
prospectuses required by the Listing Rules.
All other fees: This category includes other assurance services not related to the performance of the audit or review of the financial
statements, for example, the review of controls operated by the Group on behalf of a third party. The auditors are not engaged to provide
tax services.
It is the Group\u2019s policy to use the auditors only on non-audit assignments in cases where their knowledge of the Group means that it is
neither efficient nor cost effective to employ another firm of accountants.
The Group has procedures that are designed to ensure auditor independence, including prohibiting certain non-audit services. All audit and
non-audit assignments must be pre-approved by the Audit Committee on an individual engagement basis; for certain types of non-audit
engagements where the fee is \u2018de minimis\u2019 the Audit Committee has pre-approved all assignments subject to confirmation by
management. On a quarterly basis, the Audit Committee receives and reviews a report detailing all pre-approved services and amounts
paid to the auditors for such pre-approved services.
During the year, the auditors also earned fees payable by entities outside the consolidated Lloyds Banking Group in respect of:
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Audits of Group pension schemes
0.5
0.5
0.4
Audits of the unconsolidated Open-Ended Investment Companies managed by the Group
0.2
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-975": { "value": "Note 10: Operating expenses
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Staff costs:
Salaries and social security costs
1
3,819
3,651
3,310
Pensions and other retirement benefit schemes (note 12)
526
355
455
Restructuring and other staff costs
327
487
307
4,672
4,493
4,072
Premises and equipment costs
2
454
449
332
Depreciation and amortisation
3
3,426
2,905
2,396
UK bank levy
147
150
148
Regulatory and legal provisions (note 28)
899
675
255
Other
2,594
2,720
2,556
Operating expenses before adjustment for:
12,192
11,392
9,759
Amounts attributable to the acquisition of insurance and participating investment contracts
(182)
(183)
(168)
Amounts reported within insurance service expenses
(409)
(386)
(354)
Total operating expenses
11,601
10,823
9,237
1 Including social security costs of \u00a3428 million (2023: \u00a3371 million; 2022: \u00a3341 million). 2 Net of profits on disposal of operating lease assets of \u00a359 million (2023: \u00a393 million; 2022: \u00a3197 million). 3 Including depreciation in respect of premises \u00a396 million (2023: \u00a3110 million; 2022: \u00a3114 million), equipment \u00a3400 million (2023: \u00a3388 million; 2022: \u00a3561 million), operating lease assets \u00a31,410 million (2023: \u00a31,070 million; 2022: \u00a3570 million) and right-of-use assets \u00a3198 million (2023: \u00a3209 million; 2022: \u00a3226 million). Average headcount The average number of persons on a headcount basis employed by the Group during the year was as follows:
2024
2023
2022
UK
64,334
65,390
62,587
Overseas
1,895
807
785
Total
66,229
66,197
63,372
Performance-based compensation The tables below analyse the Group\u2019s performance-based compensation costs between those relating to the current performance year and those relating to earlier years.
Performance-based Performance-based compensation expense
compensation expense deferred until later years
2024 2023 2022 2024 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Awards made in respect of the year ended 31 December
300
316
349
90
108
128
Awards made in respect of earlier years
96
124
109
34
22
20
396
440
458
124
130
148
Performance-based awards expensed in 2024 include cash awards amounting to \u00a3162 million (2023: \u00a3169 million; 2022: \u00a3144 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-969": { "value": "Note 10: Operating expenses
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Staff costs:
Salaries and social security costs
1
3,819
3,651
3,310
Pensions and other retirement benefit schemes (note 12)
526
355
455
Restructuring and other staff costs
327
487
307
4,672
4,493
4,072
Premises and equipment costs
2
454
449
332
Depreciation and amortisation
3
3,426
2,905
2,396
UK bank levy
147
150
148
Regulatory and legal provisions (note 28)
899
675
255
Other
2,594
2,720
2,556
Operating expenses before adjustment for:
12,192
11,392
9,759
Amounts attributable to the acquisition of insurance and participating investment contracts
(182)
(183)
(168)
Amounts reported within insurance service expenses
(409)
(386)
(354)
Total operating expenses
11,601
10,823
9,237
1 Including social security costs of \u00a3428 million (2023: \u00a3371 million; 2022: \u00a3341 million). 2 Net of profits on disposal of operating lease assets of \u00a359 million (2023: \u00a393 million; 2022: \u00a3197 million). 3 Including depreciation in respect of premises \u00a396 million (2023: \u00a3110 million; 2022: \u00a3114 million), equipment \u00a3400 million (2023: \u00a3388 million; 2022: \u00a3561 million), operating lease assets \u00a31,410 million (2023: \u00a31,070 million; 2022: \u00a3570 million) and right-of-use assets \u00a3198 million (2023: \u00a3209 million; 2022: \u00a3226 million). Average headcount The average number of persons on a headcount basis employed by the Group during the year was as follows:
2024
2023
2022
UK
64,334
65,390
62,587
Overseas
1,895
807
785
Total
66,229
66,197
63,372
Performance-based compensation The tables below analyse the Group\u2019s performance-based compensation costs between those relating to the current performance year and those relating to earlier years.
Performance-based Performance-based compensation expense
compensation expense deferred until later years
2024 2023 2022 2024 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Awards made in respect of the year ended 31 December
300
316
349
90
108
128
Awards made in respect of earlier years
96
124
109
34
22
20
396
440
458
124
130
148
Performance-based awards expensed in 2024 include cash awards amounting to \u00a3162 million (2023: \u00a3169 million; 2022: \u00a3144 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-949": { "value": "Note 10: Operating expenses
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Staff costs:
Salaries and social security costs
1
3,819
3,651
3,310
Pensions and other retirement benefit schemes (note 12)
526
355
455
Restructuring and other staff costs
327
487
307
4,672
4,493
4,072
Premises and equipment costs
2
454
449
332
Depreciation and amortisation
3
3,426
2,905
2,396
UK bank levy
147
150
148
Regulatory and legal provisions (note 28)
899
675
255
Other
2,594
2,720
2,556
Operating expenses before adjustment for:
12,192
11,392
9,759
Amounts attributable to the acquisition of insurance and participating investment contracts
(182)
(183)
(168)
Amounts reported within insurance service expenses
(409)
(386)
(354)
Total operating expenses
11,601
10,823
9,237
1 Including social security costs of \u00a3428 million (2023: \u00a3371 million; 2022: \u00a3341 million). 2 Net of profits on disposal of operating lease assets of \u00a359 million (2023: \u00a393 million; 2022: \u00a3197 million). 3 Including depreciation in respect of premises \u00a396 million (2023: \u00a3110 million; 2022: \u00a3114 million), equipment \u00a3400 million (2023: \u00a3388 million; 2022: \u00a3561 million), operating lease assets \u00a31,410 million (2023: \u00a31,070 million; 2022: \u00a3570 million) and right-of-use assets \u00a3198 million (2023: \u00a3209 million; 2022: \u00a3226 million). Average headcount The average number of persons on a headcount basis employed by the Group during the year was as follows:
2024
2023
2022
UK
64,334
65,390
62,587
Overseas
1,895
807
785
Total
66,229
66,197
63,372
Performance-based compensation The tables below analyse the Group\u2019s performance-based compensation costs between those relating to the current performance year and those relating to earlier years.
Performance-based Performance-based compensation expense
compensation expense deferred until later years
2024 2023 2022 2024 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Awards made in respect of the year ended 31 December
300
316
349
90
108
128
Awards made in respect of earlier years
96
124
109
34
22
20
396
440
458
124
130
148
Performance-based awards expensed in 2024 include cash awards amounting to \u00a3162 million (2023: \u00a3169 million; 2022: \u00a3144 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-921": { "value": "Note 10: Operating expenses
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Staff costs:
Salaries and social security costs
1
3,819
3,651
3,310
Pensions and other retirement benefit schemes (note 12)
526
355
455
Restructuring and other staff costs
327
487
307
4,672
4,493
4,072
Premises and equipment costs
2
454
449
332
Depreciation and amortisation
3
3,426
2,905
2,396
UK bank levy
147
150
148
Regulatory and legal provisions (note 28)
899
675
255
Other
2,594
2,720
2,556
Operating expenses before adjustment for:
12,192
11,392
9,759
Amounts attributable to the acquisition of insurance and participating investment contracts
(182)
(183)
(168)
Amounts reported within insurance service expenses
(409)
(386)
(354)
Total operating expenses
11,601
10,823
9,237
1 Including social security costs of \u00a3428 million (2023: \u00a3371 million; 2022: \u00a3341 million). 2 Net of profits on disposal of operating lease assets of \u00a359 million (2023: \u00a393 million; 2022: \u00a3197 million). 3 Including depreciation in respect of premises \u00a396 million (2023: \u00a3110 million; 2022: \u00a3114 million), equipment \u00a3400 million (2023: \u00a3388 million; 2022: \u00a3561 million), operating lease assets \u00a31,410 million (2023: \u00a31,070 million; 2022: \u00a3570 million) and right-of-use assets \u00a3198 million (2023: \u00a3209 million; 2022: \u00a3226 million). Average headcount The average number of persons on a headcount basis employed by the Group during the year was as follows:
2024
2023
2022
UK
64,334
65,390
62,587
Overseas
1,895
807
785
Total
66,229
66,197
63,372
Performance-based compensation The tables below analyse the Group\u2019s performance-based compensation costs between those relating to the current performance year and those relating to earlier years.
Performance-based Performance-based compensation expense
compensation expense deferred until later years
2024 2023 2022 2024 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Awards made in respect of the year ended 31 December
300
316
349
90
108
128
Awards made in respect of earlier years
96
124
109
34
22
20
396
440
458
124
130
148
Performance-based awards expensed in 2024 include cash awards amounting to \u00a3162 million (2023: \u00a3169 million; 2022: \u00a3144 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-880": { "value": "
Note 11: Share-based payments
Charge to the income statement
The charge to the income statement is set out below:
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Deferred bonus plan
206
241
289
Options and shares granted in the year
15
20
19
Options and shares granted in prior years
60
67
68
75
87
87
Total charge to the income statement
281
328
376
During the year ended 31 December 2024 the Group operated the following share-based payment schemes, all of which are mainly equity
settled.
Group Performance Share plan
The Group operates a Group Performance Share plan that is part equity settled. Bonuses in respect of employee service in 2024 have been
recognised in the charge in line with the proportion of the deferral period completed.
Save-As-You-Earn schemes
Eligible employees may enter into contracts through the Save-As-You-Earn (SAYE) schemes to save up to \u00a3500 per month and, at the
expiry of a fixed term of three years, have the option to use these savings within six months of the expiry of the fixed term to acquire shares
in the Group at a discounted price of no less than 90 per cent of the market price at the start of the invitation period.
Movements in the number of share options outstanding under the SAYE schemes are set out below:
2024
2023
Weighted Weighted
average average
Number exercise price Number exercise price
of options (pence) of options (pence)
Outstanding at 1 January
1,311,205,148
31.70
1,256,918,075
31.30
Granted
200,820,157
52.35
287,984,574
38.55
Exercised
(663,187,372)
24.60
(164,709,399)
38.55
Forfeited
(17,375,716)
39.01
(12,862,726)
31.78
Cancelled
(27,852,684)
40.70
(45,807,000)
37.65
Expired
(5,984,747)
35.40
(10,318,376)
38.25
Outstanding at 31 December
797,624,786
42.30
1,311,205,148
31.70
Exercisable at 31 December
955,281
24.25
410,368
39.87
The weighted average share price at the time that the options were exercised during 2024 was \u00a30.47 (2023: \u00a30.48). The weighted average
remaining contractual life of options outstanding at the end of the year was 1.85 years (2023: 1.58 years).
The weighted average fair value of SAYE options granted during 2024 was \u00a30.09 (2023: \u00a30.09). The fair values of the SAYE options have
been determined using a standard Black-Scholes model.
Other share option plans
Executive Share Plans \u2013 buyout and retention awards
Share options may be granted to senior employees under the Lloyds Banking Group Executive Share Plan 2003, Lloyds Banking Group
Executive Group Ownership Share Plan and Deferred Bonus Scheme 2021 specifically to facilitate recruitment (to compensate new recruits
for any lost share awards), and also to make grants to key individuals for retention purposes. In some instances, grants may be made
subject to individual performance conditions.
Participants are not entitled to any dividends paid during the vesting period.
2024
2023
Weighted Weighted
average average
Number exercise price Number exercise price
of Options (pence) of Options (pence)
Outstanding at 1 January
26,131,255
Nil
20,466,471
Nil
Granted
768,170
Nil
15,198,717
Nil
Exercised
(10,815,436)
Nil
(8,739,497)
Nil
Vested
\u2013
Nil
(765,247)
Nil
Forfeited
(488,091)
Nil
(8,216)
Nil
Lapsed
(16,901)
Nil
(20,973)
Nil
Outstanding at 31 December
15,578,997
Nil
26,131,255
Nil
Exercisable at 31 December
988,243
Nil
1,148,770
Nil
The weighted average fair value of options granted in the year was \u00a30.46 (2023: \u00a30.41). The fair values of options granted have been
determined using a standard Black-Scholes model. The weighted average share price at the time that the options were exercised during
2024 was \u00a30.53 (2023: \u00a30.46). The weighted average remaining contractual life of options outstanding at the end of the year was 6.2 years
(2023: 6.3 years).
Included in the above are awards to the Group Chief Executive.
Charlie Nunn joined the Group on 16 August 2021 as Group Chief Executive. He was granted deferred share awards over 8,301,708 shares to
replace unvested awards from his former employer, HSBC, that were forfeited as a result of him joining the Group.
2024 2023
Number Number
of options of options
Outstanding at 1 January
5,337,899
6,585,447
Exercised
(1,368,990)
(1,247,548)
Outstanding at 31 December
3,968,909
5,337,899
Other share plans
Lloyds Banking Group Executive Group Ownership Share Plan
The plan, introduced in 2006, is aimed at delivering shareholder value by linking the receipt of shares to an improvement in the
performance of the Group over a three-year period. Awards are made within limits set by the rules of the plan, with the limits determining
the maximum number of shares that can be awarded equating to three times annual salary. In exceptional circumstances this may increase
to four times annual salary.
The Executive Group Ownership awards were replaced by Long Term Share Plan awards in 2021.
2024 2023
Number Number
of shares of shares
Outstanding at 1 January
39,804,293
202,394,509
Vested
(18,490,246)
(66,555,435)
Forfeited
(33,055)
(96,034,781)
Dividend award
842,202
\u2013
Outstanding at 31 December
22,123,194
39,804,293
Lloyds Banking Group Long Term Share Plan
The plan, approved at the 2020 AGM and introduced in 2021, replaced the Executive Group Ownership Share Plan and is intended to
provide alignment to the Group\u2019s aim of delivering sustainable returns to shareholders, supported by its values and behaviours.
The awards in respect of the 2022 grant are due to vest in 2025 at a rate of 100 per cent. Details in relation to the plan are provided in the
directors\u2019 remuneration report.
2024 2023
Number Number
of shares of shares
Outstanding at 1 January
262,409,389
171,947,743
Granted
\u2013
108,551,439
Vested
(53,608,504)
\u2013
Forfeited
(12,921,590)
(18,089,793)
Outstanding at 31 December
195,879,295
262,409,389
The weighted average fair value of awards granted in the year was \u00a3nil (2023: \u00a30.42).
Lloyds Banking Group Long Term Incentive Plan
The plan, approved at the 2023 AGM and introduced in 2024, replaced the Long Term Share Plan and is intended to deliver stronger
alignment between variable reward outcomes and the creation of shareholder value through the delivery of our strategy and the deepening
of our relationships with our customers.
The awards in respect of the 2024 grant are due to vest in 2027. Details in relation to the plan are provided in the directors\u2019 remuneration
report.
2024 2023
Number Number
of shares of shares
Outstanding at 1 January
\u2014
\u2014
Granted
75,063,395
\u2014
Outstanding at 31 December
75,063,395
\u2014
The weighted average fair value of awards granted in the year was \u00a30.30 (2023: \u00a3nil).
Executive Share Plans \u2013 buyout and retention awards
Share awards in the form of conditional shares may be granted to senior employees under the Lloyds Banking Group Executive Group
Ownership Share Plan and Deferred Bonus Scheme 2021 specifically to facilitate recruitment (to compensate new recruits for any lost share
awards), and also to make grants to key individuals for retention purposes. In some instances, grants may be made subject to individual
performance conditions.
Participants are not entitled to any dividends paid during the vesting period.
2024
2023
Number Number
of Shares of Shares
Outstanding at 1 January
\u2014
\u2014
Granted
3,593,397
\u2014
Vested
(728,370)
\u2014
Forfeited
\u2014
\u2014
Outstanding at 31 December
2,865,027
\u2014
The weighted average fair value of awards granted in the year was \u00a30.51 (2023: \u00a3nil).
Assumptions at 31 December 2024
The fair value calculations at 31 December 2024 for grants made in the year, using Black-Scholes models and Monte Carlo simulation, are
based on the following assumptions:
Executive Executive Long Term
SAYE Option Plans Share Plans Share Plan
Weighted average risk-free interest rate
3.58%
4.43%
4.35%
4.07%
Weighted average expected life
3.3 years
1.6 years
1.3 years
4.4 years
Weighted average expected volatility
25%
24%
23%
29%
Weighted average expected dividend yield
6.0%
7.0%
7.0%
7.0%
Weighted average share price
\u00a30.58
\u00a30.52
\u00a30.56
\u00a30.48
Weighted average exercise price
\u00a30.52
Nil
Nil
Nil
Expected volatility is a measure of the amount by which the Group\u2019s shares are expected to fluctuate during the life of an option. The
expected volatility is estimated based on the historical volatility of the closing daily share price over the most recent period that is
commensurate with the expected life of the option. The historical volatility is compared to the implied volatility generated from market
traded options in the Group\u2019s shares to assess the reasonableness of the historical volatility and adjustments made where appropriate.
Share Incentive Plans
Matching shares
The Group undertakes to match shares purchased by employees up to the value of \u00a345 per month; these matching shares are held in trust
for a mandatory period of three years on the employee\u2019s behalf, during which period the employee is entitled to any dividends paid on such
shares. The award is subject to a non-market based condition: if an employee leaves within this three-year period for other than a \u2018good\u2019
reason, all of the matching shares are forfeited. Similarly, if the employees sell their purchased shares within three years, their matching
shares are forfeited.
The number of shares awarded relating to matching shares in 2024 was 38,464,042 (2023: 43,945,238), with an average fair value of \u00a30.53
(2023: \u00a30.46), based on market prices at the date of award.
Fixed share awards
Fixed share awards were introduced in 2014 in order to ensure that total fixed remuneration is commensurate with role and to provide a
competitive reward package for certain Lloyds Banking Group employees, with an appropriate balance of fixed and variable remuneration,
in line with regulatory requirements. The fixed share awards are delivered in Lloyds Banking Group plc shares, and are released over three
years with one third being released each year following the year of award. The number of shares purchased in relation to fixed share awards
in 2024 was 1,541,751 (2023: 1,790,243) with an average fair value of \u00a30.55 (2023: \u00a30.46) based on market prices at the date of the award.
The fixed share award is not subject to any performance conditions, performance adjustment or clawback. On an employee leaving the
Group, there is no change to the timeline for which shares will become unrestricted.
Since the beginning of 2023 the number of recipients of these awards has been reduced to the executive directors only.
Free shares
An award of shares may be made annually to employees up to a maximum of \u00a33,600. The shares awarded are held in trust for a mandatory
period of three years on the employee\u2019s behalf, during which period the employee is entitled to any dividends paid on such shares. The
award is subject to a non-market based condition. If an employee leaves the Group within this three-year period for other than a \u2018good\u2019
reason, all of the shares awarded will be forfeited.
There have not been any awards made since 2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-881": { "value": "
Note 12: Retirement benefit obligations
Critical accounting judgements and key sources of estimation uncertainty
Key sources of estimation uncertainty: Discount rate applied to future cash flows
Expected lifetime of the schemes\u2019 members
Expected rate of future inflationary increases
The net asset recognised in the balance sheet at 31 December 2024 in respect of the Group\u2019s defined benefit pension scheme obligations
was \u00a32,945 million, comprising an asset of \u00a33,028 million and a liability of \u00a383 million (2023: a net asset of \u00a33,532 million comprising an
asset of \u00a33,624 million and a liability of \u00a392 million). The Group\u2019s accounting policy for its defined benefit pension scheme obligations is set
out in note 2(K).
Income statement and balance sheet sensitivities to changes in the key sources of estimation uncertainty and other actuarial assumptions
are provided in part (v).
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Charge (credit) to the income statement
Defined benefit pension schemes
(13)
(80)
123
Other retirement benefit schemes
2
1
2
Total defined benefit schemes
(11)
(79)
125
Defined contribution pension schemes
537
434
330
Total charge to the income statement (note 10)
526
355
455
2024 2023
\u00a3m \u00a3m
Amounts recognised in the balance sheet
Retirement benefit assets
3,028
3,624
Retirement benefit obligations
(122)
(136)
Total amounts recognised in the balance sheet
2,906
3,488
The total amounts recognised in the balance sheet relate to:
2024 2023
\u00a3m \u00a3m
Defined benefit pension schemes
2,945
3,532
Other retirement benefit schemes
(39)
(44)
Total amounts recognised in the balance sheet
2,906
3,488
Pension schemes
Defined benefit schemes
(i) Characteristics of and risks associated with the Group\u2019s schemes
The Group has established a number of defined benefit pension schemes in the UK and overseas, both funded and unfunded. All significant
schemes are funded and based in the UK, with the three most significant being the main sections of the Lloyds Bank Pension Scheme No. 1,
the Lloyds Bank Pension Scheme No. 2 and the HBOS Final Salary Pension Scheme. At 31 December 2024, these schemes represented 94
per cent of the Group\u2019s total gross defined benefit pension assets (2023: 94 per cent). These schemes provide retirement benefits
calculated as a proportion of final pensionable salary depending upon the length of pensionable service.
All of the UK funded schemes are operated as separate legal entities under trust law, are in compliance with the Pensions Act 2004 and are
managed by a Trustee Board (the Trustee) whose role is to ensure that the schemes are administered in accordance with the scheme rules
and relevant legislation, and to safeguard the assets in the best interests of all members and beneficiaries.
A valuation to determine the funding status of each scheme is carried out at least every three years, whereby scheme assets are measured
at market value and liabilities (technical provisions) are measured using prudent assumptions. If a deficit is identified a recovery plan is
agreed between the employer and the scheme Trustee and sent to the Pensions Regulator for review. The Group does not provide for these
deficit contributions as the future economic benefits arising from these contributions are expected to be available to the Group. The
Group\u2019s overseas defined benefit pension schemes are subject to local regulatory arrangements.
The 31 December 2022 triennial valuation for the main defined benefit schemes was completed in 2023, and following the contributions
paid in 2023, there will be no further deficit contributions for this triennial period (to 31 December 2025).
The Group pays regular contributions to meet benefits accruing over the year, and to cover the expenses of running the schemes. The
Group expects to pay contributions of at least \u00a30.1 billion to its defined benefit schemes in 2025.
The Group provides additional security arrangements to a number of the UK schemes for the Group\u2019s obligations to the schemes. At 31
December 2024 the security arrangements held assets of \u00a34.1 billion. The security arrangements are fully consolidated in the Group\u2019s
balance sheet.
The last funding valuations of other Group schemes were carried out on a number of different dates. In order to report the position under
IAS 19 as at 31 December 2024, the most recent valuation results for all schemes have been updated by qualified independent actuaries.
The funding valuations use a more prudent approach to setting the discount rate and more conservative longevity and inflation
assumptions than the IAS 19 valuations.
In June 2023, the High Court handed down a decision (Virgin Media Limited v NTL Pension Trustees II Limited and others) which potentially
has implications for the validity of amendments made by pension schemes, which were contracted-out on a salary-related basis between 6
April 1997 and the abolition of contracting-out in 2016. The High Court ruled that any amendments made to these pension schemes during
the relevant period would be void unless the scheme actuary had confirmed that the pension scheme would continue to satisfy the
statutory standard for contracted-out schemes. On 25 July 2024, the Court of Appeal upheld the original decision. The Group is carrying
out a review of scheme amendments to decide whether any subsequent actions or amendments to IAS 19 liabilities are required. The
Group has not made any allowance for the possible impact of the ruling as it is currently unclear whether any additional liabilities might
arise, and if they were to arise, how they would be reliably measured. The Group will continue to monitor developments.
(ii) Amounts in the financial statements
2024 2023
\u00a3m \u00a3m
Amount included in the balance sheet
Present value of funded obligations
(27,118)
(30,201)
Fair value of scheme assets
30,063
33,733
Net amount recognised in the balance sheet
2,945
3,532
2024 2023
\u00a3m \u00a3m
Net amount recognised in the balance sheet
At 1 January
3,532
3,732
Net defined benefit pension (charge) credit
13
80
Actuarial (losses) gains on defined benefit obligation
2,940
(1,304)
Return on plan assets
(3,712)
(318)
Employer contributions
172
1,342
At 31 December
2,945
3,532
2024 2023
\u00a3m \u00a3m
Movements in the defined benefit obligation
At 1 January
(30,201)
(28,965)
Current service cost
(85)
(88)
Interest expense
(1,385)
(1,394)
Remeasurements:
Actuarial gains \u2013 demographic assumptions
109
153
Actuarial losses \u2013 experience
94
(1,067)
Actuarial (losses) gains \u2013 financial assumptions
2,737
(390)
Benefits paid
1,638
1,544
Past service cost
(35)
(5)
Settlements
1
\u2013
Exchange and other adjustments
9
11
At 31 December
(27,118)
(30,201)
2024 2023
\u00a3m \u00a3m
Analysis of the defined benefit obligation
Active members
(2,463)
(2,955)
Deferred members
(7,080)
(8,438)
Dependants
(1,429)
(1,572)
Pensioners
(16,146)
(17,236)
At 31 December
(27,118)
(30,201)
2024 2023
\u00a3m \u00a3m
Changes in the fair value of scheme assets
At 1 January
33,733
32,697
Return on plan assets excluding amounts included in interest income
(3,712)
(318)
Interest income
1,551
1,602
Employer contributions
172
1,342
Benefits paid
(1,638)
(1,544)
Settlements
(1)
\u2013
Administrative costs paid
(33)
(35)
Exchange and other adjustments
(9)
(11)
At 31 December
30,063
33,733
The (credit) expense recognised in the income statement for the year ended 31 December comprises:
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Current service cost
85
88
180
Net interest amount
(166)
(208)
(95)
Past service cost \u2013 plan amendments
35
5
4
Plan administration costs incurred during the year
33
35
34
Total defined benefit pension (credit) expense
(13)
(80)
123
(iii) Composition of scheme assets
2024
2023
Quoted Unquoted Total Quoted Unquoted Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Debt instruments
1
:
Fixed interest government bonds
6,985
\u2013
6,985
5,657
\u2013
5,657
Index-linked government bonds
15,550
\u2013
15,550
16,105
\u2013
16,105
Corporate and other debt securities
7,396
\u2013
7,396
7,305
\u2013
7,305
Asset-backed securities
\u2013
\u2013
\u2013
4
\u2013
4
29,931
\u2013
29,931
29,071
\u2013
29,071
Pooled investment vehicles
686
7,342
8,028
613
8,361
8,974
Property
\u2013
130
130
\u2013
97
97
Equity instruments
23
66
89
23
62
85
Money market instruments, cash, derivatives and other assets
and liabilities
55
(8,170)
(8,115)
466
(4,960)
(4,494)
At 31 December
30,695
(632)
30,063
30,173
3,560
33,733
1 Of the total debt instruments, \u00a327,551 million (2023: \u00a326,777 million) were investment grade (credit ratings equal to or better than \u2018BBB\u2019).
The assets of all of the funded plans are held independently of the Group\u2019s assets in separate trustee-administered funds.
The pension schemes\u2019 pooled investment vehicles comprise:
2024 2023
\u00a3m \u00a3m
Alternative credit funds
1,793
1,962
Bond and debt funds
449
571
Equity funds
1,553
1,674
Hedge and mutual funds
709
808
Infrastructure funds
1,059
1,147
Liquidity funds
1,449
1,585
Property funds
992
1,227
Other
24
\u2013
At 31 December
8,028
8,974
The Trustee\u2019s approach to investment is focused on acting in the members\u2019 best financial interests, with the integration of ESG
(environmental, social and governance) considerations into investment management processes and practices. This policy is reviewed
annually (or more frequently as required) and has been shared with the schemes\u2019 investment managers for implementation.
Climate change is one of the risks the schemes manage given its potential financial impact on valuation of assets.
(iv) Assumptions
The principal actuarial and financial assumptions used in valuations of the defined benefit pension schemes were as follows:
2024 2023
% %
Discount rate
5.55
4.70
Rate of inflation:
Retail Price Index (RPI)
2.97
2.96
Consumer Price Index (CPI)
2.52
2.47
Rate of salary increases
0.00
0.00
Weighted average rate of increase for pensions in payment
2.69
2.73
To determine the RPI assumption a term-dependent inflation curve has been used adjusting for an assumed inflation risk premium. A gap of
100 basis points has been assumed between RPI and CPI from 2025 to 2030; thereafter a 20 basis point gap has been assumed.
Men
Women
2024 2023 2024 2023
Years Years Years Years
Life expectancy for average member aged 60, on the valuation date
26.4
26.7
28.5
28.7
Life expectancy for average member aged 60, 15 years after the valuation date
27.3
27.8
29.4
29.8
The mortality assumptions used in the UK scheme valuations are based on standard tables published by the Institute and Faculty of
Actuaries which were adjusted in line with the actual experience of the relevant schemes. The Group uses the CMI mortality projections
model to project future mortality improvements. In line with actuarial industry recommendations no weight is placed on 2020 and 2021
mortality experience and 15 per cent weight on 2022 and 2023 mortality experience.
(v) Amount, timing and uncertainty of future cash flows
Risk exposure of the defined benefit schemes
While the Group is not exposed to any unusual, entity-specific or scheme-specific risks in its defined benefit pension schemes, it is exposed
to a number of significant risks, detailed below:
Inflation rate risk:
The majority of the schemes\u2019 benefit obligations are linked to inflation both in deferment and once in payment. Higher
inflation will lead to higher liabilities although this will be materially offset by holdings of inflation-linked gilts and, in most cases, caps on
the level of inflationary increases are in place to protect against extreme inflation.
Interest rate risk:
The defined benefit obligation is determined using a discount rate derived from yields on AA-rated corporate bonds. A
decrease in corporate bond yields will increase plan liabilities although this will be materially offset by an increase in the value of bond
holdings and through the use of derivatives.
Longevity risk: The majority of the schemes\u2019 obligations are to provide benefits for the life of the members so increases in life expectancy
will result in an increase in the schemes\u2019 liabilities.
Investment risk:
Scheme assets are invested in a diversified portfolio of debt securities, equities and other return-seeking assets. If the
assets underperform the discount rate used to calculate the defined benefit obligation, it will reduce the surplus or increase the deficit.
Volatility in asset values and the discount rate will lead to volatility in the net pension asset on the Group\u2019s balance sheet and in other
comprehensive income. To a lesser extent this will also lead to volatility in the pension expense in the Group\u2019s income statement.
In addition, the schemes themselves are exposed to liquidity risk with the need to ensure that liquid assets held are sufficient to meet
benefit payments as they fall due and there is sufficient collateral available to support their hedging activity.
The ultimate cost of the defined benefit obligations to the Group will depend upon actual future events rather than the assumptions made.
The assumptions made are unlikely to be borne out in practice and as such the cost may be higher or lower than expected.
Sensitivity analysis
The effect of reasonably possible changes in key assumptions on the Group\u2019s income statement and on the net defined benefit pension
scheme asset from the change in value of scheme liabilities is set out below. The sensitivities provided assume that all other assumptions
and the value of the schemes\u2019 assets remain unchanged. The calculations are approximate in nature and full detailed calculations could
lead to a different result. It is unlikely that isolated changes to individual assumptions will be experienced in practice. Due to the correlation
of assumptions, aggregating the effects of these isolated changes may not be a reasonable estimate of the actual effect of simultaneous
changes in multiple assumptions.
Effect of reasonably possible alternative assumptions
(Increase) decrease in the
Increase (decrease) in the income net defined benefit
statement charge pension scheme surplus
2023 2024 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Inflation (including pension increases)
1
:
Increase of 0.25 per cent
28
484
Decrease of 0.25 per cent
(27)
(467)
Increase of 0.1 per cent
11
224
Decrease of 0.1 per cent
(12)
(235)
Discount rate
2
:
Increase of 0.25 per cent
(51)
(718)
Decrease of 0.25 per cent
49
757
Increase of 0.1 per cent
(22)
(355)
Decrease of 0.1 per cent
21
363
Expected life expectancy of members:
Increase of one year
45
46
806
927
Decrease of one year
(46)
(47)
(830)
(946)
1 At 31 December 2024, the assumed rate of RPI inflation is 2.97 per cent and CPI inflation 2.52 per cent (2023: RPI 2.96 per cent and CPI 2.47 per cent).
2 At 31 December 2024, the assumed discount rate is 5.55 per cent (2023: 4.70 per cent).
Sensitivity analysis method and assumptions
The sensitivity analysis above reflects the impact on the liabilities of the Group\u2019s three most significant schemes which account for over 90
per cent of the Group\u2019s defined benefit obligations. While differences in the underlying liability profiles for the remainder of the Group\u2019s
pension arrangements mean that they may exhibit slightly different sensitivities to variations in these assumptions, the sensitivities
provided above are indicative of the impact across the Group as a whole.
The inflation assumption sensitivity applies to the assumed rate of increase in both the Consumer Price Index (CPI) and the Retail Price
Index (RPI), and includes the impact on the rate of increases to pensions, both before and after retirement. These pension increases are
linked to inflation (either CPI or RPI) subject to certain minimum and maximum limits.
The sensitivity analysis (including the inflation sensitivity) does not include the impact of any change in the rate of salary increases as
pensionable salaries have been frozen since 2 April 2014.
The life expectancy assumption has been applied by allowing for an increase/decrease in life expectation from age 60 of one year, based
upon the approximate weighted average age for each scheme. While this is an approximate approach and will not give the same result as a
one year increase in life expectancy at every age, it provides an appropriate indication of the potential impact on the schemes from
changes in life expectancy.
There was no change in the methods and assumptions used in preparing the sensitivity analysis from the prior year.
Asset-liability matching strategies
The main schemes\u2019 assets are invested in a diversified portfolio which are independently determined by the responsible governance body
for each scheme and in consultation with the employer.
A significant goal of the asset strategies adopted by the schemes is to reduce volatility caused by changes in market expectations of
interest rates and inflation. In the main schemes this is achieved by investing in liability-driven investment (LDI) strategies. The assets in
these LDI strategies represented c.47 per cent of scheme assets at 31 December 2024.
The LDI strategies are actively managed to reflect both changing market conditions and changes to the liability profile. At 31 December
2024 the asset-liability matching strategy mitigated c.116 per cent of the liability sensitivity to interest rate movements and c.131 per cent of
the liability sensitivity to inflation movements. In addition, a small amount of interest rate sensitivity arises through holdings of corporate
and other debt securities. The higher level of hedging provides greater protection to the funding position of the schemes.
The main schemes hold a number of longevity insurance contracts, hedging c.30 per cent of their longevity risk exposure at 31 December
2024. These arrangements form part of the schemes\u2019 investment portfolio and provide income to the schemes in the event that pensions
are paid out for longer than expected. As of 1 January 2025 an additional longevity insurance arrangement was entered into, taking the
total the main schemes have now hedged to c.35 per cent of their longevity risk exposure.
At 31 December 2024 the value of scheme assets included longevity swaps valued at \u00a3(175) million (after allowing for the impact of the
revisions to the base mortality assumptions).
Maturity profile of defined benefit obligation
The following table provides information on the weighted average duration of the defined benefit pension obligation and the distribution
and timing of benefit payments:
2024 2023
Years Years
Duration of the defined benefit obligation
12
13
Maturity analysis of benefits expected to be paid:
2024 2023
\u00a3m \u00a3m
Within 12 months
1,800
1,697
Between 1 and 2 years
1,595
1,513
Between 2 and 5 years
5,134
4,886
Between 5 and 10 years
9,318
9,159
Between 10 and 15 years
9,150
9,176
Between 15 and 25 years
16,316
16,882
Between 25 and 35 years
11,294
12,343
Between 35 and 45 years
5,171
6,121
In more than 45 years
1,201
1,595
Maturity analysis method and assumptions
The projected benefit payments are based on the assumptions underlying the assessment of the obligations, including allowance for
expected future inflation. They are shown in their undiscounted form and therefore appear large relative to the discounted assessment of
the defined benefit obligations recognised in the Group\u2019s balance sheet. They are in respect of benefits that have been accrued prior to the
respective year end date only and make no allowance for any benefits that may have been accrued subsequently.
Defined contribution schemes
The Group operates a number of defined contribution pension schemes in the UK and overseas, principally Your Tomorrow and the defined
contribution sections of the Lloyds Bank Pension Scheme No. 1.
During the year ended 31 December 2024 the charge to the income statement in respect of defined contribution schemes was \u00a3537 million
(2023: \u00a3434 million; 2022: \u00a3330 million), representing the contributions payable by the employer in accordance with each scheme\u2019s rules.
Other retirement benefit schemes
The Group operates a number of schemes which provide post-retirement healthcare benefits to certain employees, retired employees and
their dependants. The principal scheme relates to former Lloyds Bank staff and under this scheme the Group has undertaken to meet the
cost of post-retirement healthcare for all eligible former employees (and their dependants) who retired prior to 1 January 1996. The Group
has entered into an insurance contract to provide these benefits and a provision has been made for the estimated cost of future insurance
premiums payable.
For the principal post-retirement healthcare scheme, the latest actuarial valuation of the liability was carried out at 31 December 2024 by
qualified independent actuaries. The principal assumptions used were as set out above in section (iv), except that the rate of increase in
healthcare premiums has been assumed at 10.00 per cent (2023: 10.00 per cent).
Movements in the other retirement benefits obligation:
2024 2023
\u00a3m \u00a3m
At 1 January
(44)
(35)
Actuarial (losses) gains
4
(11)
Insurance premiums paid
3
3
Charge for the year
(2)
(1)
At 31 December
(39)
(44)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-922": { "value": "Defined benefit schemes (i) Characteristics of and risks associated with the Group\u2019s schemes The Group has established a number of defined benefit pension schemes in the UK and overseas, both funded and unfunded. All significant schemes are funded and based in the UK, with the three most significant being the main sections of the Lloyds Bank Pension Scheme No. 1, the Lloyds Bank Pension Scheme No. 2 and the HBOS Final Salary Pension Scheme. At 31 December 2024, these schemes represented 94 per cent of the Group\u2019s total gross defined benefit pension assets (2023: 94 per cent). These schemes provide retirement benefits calculated as a proportion of final pensionable salary depending upon the length of pensionable service. All of the UK funded schemes are operated as separate legal entities under trust law, are in compliance with the Pensions Act 2004 and are managed by a Trustee Board (the Trustee) whose role is to ensure that the schemes are administered in accordance with the scheme rules and relevant legislation, and to safeguard the assets in the best interests of all members and beneficiaries. A valuation to determine the funding status of each scheme is carried out at least every three years, whereby scheme assets are measured at market value and liabilities (technical provisions) are measured using prudent assumptions. If a deficit is identified a recovery plan is agreed between the employer and the scheme Trustee and sent to the Pensions Regulator for review. The Group does not provide for these deficit contributions as the future economic benefits arising from these contributions are expected to be available to the Group. The Group\u2019s overseas defined benefit pension schemes are subject to local regulatory arrangements. The 31 December 2022 triennial valuation for the main defined benefit schemes was completed in 2023, and following the contributions paid in 2023, there will be no further deficit contributions for this triennial period (to 31 December 2025). The Group pays regular contributions to meet benefits accruing over the year, and to cover the expenses of running the schemes. The Group expects to pay contributions of at least \u00a30.1 billion to its defined benefit schemes in 2025. The Group provides additional security arrangements to a number of the UK schemes for the Group\u2019s obligations to the schemes. At 31 December 2024 the security arrangements held assets of \u00a34.1 billion. The security arrangements are fully consolidated in the Group\u2019s balance sheet. The last funding valuations of other Group schemes were carried out on a number of different dates. In order to report the position under IAS 19 as at 31 December 2024, the most recent valuation results for all schemes have been updated by qualified independent actuaries. The funding valuations use a more prudent approach to setting the discount rate and more conservative longevity and inflation assumptions than the IAS 19 valuations. In June 2023, the High Court handed down a decision (Virgin Media Limited v NTL Pension Trustees II Limited and others) which potentially has implications for the validity of amendments made by pension schemes, which were contracted-out on a salary-related basis between 6 April 1997 and the abolition of contracting-out in 2016. The High Court ruled that any amendments made to these pension schemes during the relevant period would be void unless the scheme actuary had confirmed that the pension scheme would continue to satisfy the statutory standard for contracted-out schemes. On 25 July 2024, the Court of Appeal upheld the original decision. The Group is carrying out a review of scheme amendments to decide whether any subsequent actions or amendments to IAS 19 liabilities are required. The Group has not made any allowance for the possible impact of the ruling as it is currently unclear whether any additional liabilities might arise, and if they were to arise, how they would be reliably measured. The Group will continue to monitor developments. (ii) Amounts in the financial statements
2024 2023
\u00a3m \u00a3m
Amount included in the balance sheet
Present value of funded obligations
(27,118)
(30,201)
Fair value of scheme assets
30,063
33,733
Net amount recognised in the balance sheet
2,945
3,532
2024 2023
\u00a3m \u00a3m
Net amount recognised in the balance sheet
At 1 January
3,532
3,732
Net defined benefit pension (charge) credit
13
80
Actuarial (losses) gains on defined benefit obligation
2,940
(1,304)
Return on plan assets
(3,712)
(318)
Employer contributions
172
1,342
At 31 December
2,945
3,532
2024 2023
\u00a3m \u00a3m
Movements in the defined benefit obligation
At 1 January
(30,201)
(28,965)
Current service cost
(85)
(88)
Interest expense
(1,385)
(1,394)
Remeasurements:
Actuarial gains \u2013 demographic assumptions
109
153
Actuarial losses \u2013 experience
94
(1,067)
Actuarial (losses) gains \u2013 financial assumptions
2,737
(390)
Benefits paid
1,638
1,544
Past service cost
(35)
(5)
Settlements
1
\u2013
Exchange and other adjustments
9
11
At 31 December
(27,118)
(30,201)
2024 2023
\u00a3m \u00a3m
Analysis of the defined benefit obligation
Active members
(2,463)
(2,955)
Deferred members
(7,080)
(8,438)
Dependants
(1,429)
(1,572)
Pensioners
(16,146)
(17,236)
At 31 December
(27,118)
(30,201)
2024 2023
\u00a3m \u00a3m
Changes in the fair value of scheme assets
At 1 January
33,733
32,697
Return on plan assets excluding amounts included in interest income
(3,712)
(318)
Interest income
1,551
1,602
Employer contributions
172
1,342
Benefits paid
(1,638)
(1,544)
Settlements
(1)
\u2013
Administrative costs paid
(33)
(35)
Exchange and other adjustments
(9)
(11)
At 31 December
30,063
33,733
The (credit) expense recognised in the income statement for the year ended 31 December comprises:
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Current service cost
85
88
180
Net interest amount
(166)
(208)
(95)
Past service cost \u2013 plan amendments
35
5
4
Plan administration costs incurred during the year
33
35
34
Total defined benefit pension (credit) expense
(13)
(80)
123
(iii) Composition of scheme assets
2024
2023
Quoted Unquoted Total Quoted Unquoted Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Debt instruments
1
:
Fixed interest government bonds
6,985
\u2013
6,985
5,657
\u2013
5,657
Index-linked government bonds
15,550
\u2013
15,550
16,105
\u2013
16,105
Corporate and other debt securities
7,396
\u2013
7,396
7,305
\u2013
7,305
Asset-backed securities
\u2013
\u2013
\u2013
4
\u2013
4
29,931
\u2013
29,931
29,071
\u2013
29,071
Pooled investment vehicles
686
7,342
8,028
613
8,361
8,974
Property
\u2013
130
130
\u2013
97
97
Equity instruments
23
66
89
23
62
85
Money market instruments, cash, derivatives and other assets
and liabilities
55
(8,170)
(8,115)
466
(4,960)
(4,494)
At 31 December
30,695
(632)
30,063
30,173
3,560
33,733
1 Of the total debt instruments, \u00a327,551 million (2023: \u00a326,777 million) were investment grade (credit ratings equal to or better than \u2018BBB\u2019). The assets of all of the funded plans are held independently of the Group\u2019s assets in separate trustee-administered funds. The pension schemes\u2019 pooled investment vehicles comprise:
2024 2023
\u00a3m \u00a3m
Alternative credit funds
1,793
1,962
Bond and debt funds
449
571
Equity funds
1,553
1,674
Hedge and mutual funds
709
808
Infrastructure funds
1,059
1,147
Liquidity funds
1,449
1,585
Property funds
992
1,227
Other
24
\u2013
At 31 December
8,028
8,974
The Trustee\u2019s approach to investment is focused on acting in the members\u2019 best financial interests, with the integration of ESG (environmental, social and governance) considerations into investment management processes and practices. This policy is reviewed annually (or more frequently as required) and has been shared with the schemes\u2019 investment managers for implementation. Climate change is one of the risks the schemes manage given its potential financial impact on valuation of assets. (iv) Assumptions The principal actuarial and financial assumptions used in valuations of the defined benefit pension schemes were as follows:
2024 2023
% %
Discount rate
5.55
4.70
Rate of inflation:
Retail Price Index (RPI)
2.97
2.96
Consumer Price Index (CPI)
2.52
2.47
Rate of salary increases
0.00
0.00
Weighted average rate of increase for pensions in payment
2.69
2.73
To determine the RPI assumption a term-dependent inflation curve has been used adjusting for an assumed inflation risk premium. A gap of 100 basis points has been assumed between RPI and CPI from 2025 to 2030; thereafter a 20 basis point gap has been assumed.
Men
Women
2024 2023 2024 2023
Years Years Years Years
Life expectancy for average member aged 60, on the valuation date
26.4
26.7
28.5
28.7
Life expectancy for average member aged 60, 15 years after the valuation date
27.3
27.8
29.4
29.8
The mortality assumptions used in the UK scheme valuations are based on standard tables published by the Institute and Faculty of Actuaries which were adjusted in line with the actual experience of the relevant schemes. The Group uses the CMI mortality projections model to project future mortality improvements. In line with actuarial industry recommendations no weight is placed on 2020 and 2021 mortality experience and 15 per cent weight on 2022 and 2023 mortality experience. (v) Amount, timing and uncertainty of future cash flows Risk exposure of the defined benefit schemes While the Group is not exposed to any unusual, entity-specific or scheme-specific risks in its defined benefit pension schemes, it is exposed to a number of significant risks, detailed below: Inflation rate risk: The majority of the schemes\u2019 benefit obligations are linked to inflation both in deferment and once in payment. Higher inflation will lead to higher liabilities although this will be materially offset by holdings of inflation-linked gilts and, in most cases, caps on the level of inflationary increases are in place to protect against extreme inflation. Interest rate risk: The defined benefit obligation is determined using a discount rate derived from yields on AA-rated corporate bonds. A decrease in corporate bond yields will increase plan liabilities although this will be materially offset by an increase in the value of bond holdings and through the use of derivatives. Longevity risk: The majority of the schemes\u2019 obligations are to provide benefits for the life of the members so increases in life expectancy will result in an increase in the schemes\u2019 liabilities. Investment risk: Scheme assets are invested in a diversified portfolio of debt securities, equities and other return-seeking assets. If the assets underperform the discount rate used to calculate the defined benefit obligation, it will reduce the surplus or increase the deficit. Volatility in asset values and the discount rate will lead to volatility in the net pension asset on the Group\u2019s balance sheet and in other comprehensive income. To a lesser extent this will also lead to volatility in the pension expense in the Group\u2019s income statement. In addition, the schemes themselves are exposed to liquidity risk with the need to ensure that liquid assets held are sufficient to meet benefit payments as they fall due and there is sufficient collateral available to support their hedging activity. The ultimate cost of the defined benefit obligations to the Group will depend upon actual future events rather than the assumptions made. The assumptions made are unlikely to be borne out in practice and as such the cost may be higher or lower than expected. Sensitivity analysis The effect of reasonably possible changes in key assumptions on the Group\u2019s income statement and on the net defined benefit pension scheme asset from the change in value of scheme liabilities is set out below. The sensitivities provided assume that all other assumptions and the value of the schemes\u2019 assets remain unchanged. The calculations are approximate in nature and full detailed calculations could lead to a different result. It is unlikely that isolated changes to individual assumptions will be experienced in practice. Due to the correlation of assumptions, aggregating the effects of these isolated changes may not be a reasonable estimate of the actual effect of simultaneous changes in multiple assumptions.
Effect of reasonably possible alternative assumptions
(Increase) decrease in the
Increase (decrease) in the income net defined benefit
statement charge pension scheme surplus
2023 2024 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Inflation (including pension increases)
1
:
Increase of 0.25 per cent
28
484
Decrease of 0.25 per cent
(27)
(467)
Increase of 0.1 per cent
11
224
Decrease of 0.1 per cent
(12)
(235)
Discount rate
2
:
Increase of 0.25 per cent
(51)
(718)
Decrease of 0.25 per cent
49
757
Increase of 0.1 per cent
(22)
(355)
Decrease of 0.1 per cent
21
363
Expected life expectancy of members:
Increase of one year
45
46
806
927
Decrease of one year
(46)
(47)
(830)
(946)
1 At 31 December 2024, the assumed rate of RPI inflation is 2.97 per cent and CPI inflation 2.52 per cent (2023: RPI 2.96 per cent and CPI 2.47 per cent). 2 At 31 December 2024, the assumed discount rate is 5.55 per cent (2023: 4.70 per cent). Sensitivity analysis method and assumptions The sensitivity analysis above reflects the impact on the liabilities of the Group\u2019s three most significant schemes which account for over 90 per cent of the Group\u2019s defined benefit obligations. While differences in the underlying liability profiles for the remainder of the Group\u2019s pension arrangements mean that they may exhibit slightly different sensitivities to variations in these assumptions, the sensitivities provided above are indicative of the impact across the Group as a whole. The inflation assumption sensitivity applies to the assumed rate of increase in both the Consumer Price Index (CPI) and the Retail Price Index (RPI), and includes the impact on the rate of increases to pensions, both before and after retirement. These pension increases are linked to inflation (either CPI or RPI) subject to certain minimum and maximum limits. The sensitivity analysis (including the inflation sensitivity) does not include the impact of any change in the rate of salary increases as pensionable salaries have been frozen since 2 April 2014. The life expectancy assumption has been applied by allowing for an increase/decrease in life expectation from age 60 of one year, based upon the approximate weighted average age for each scheme. While this is an approximate approach and will not give the same result as a one year increase in life expectancy at every age, it provides an appropriate indication of the potential impact on the schemes from changes in life expectancy. There was no change in the methods and assumptions used in preparing the sensitivity analysis from the prior year. Asset-liability matching strategies The main schemes\u2019 assets are invested in a diversified portfolio which are independently determined by the responsible governance body for each scheme and in consultation with the employer. A significant goal of the asset strategies adopted by the schemes is to reduce volatility caused by changes in market expectations of interest rates and inflation. In the main schemes this is achieved by investing in liability-driven investment (LDI) strategies. The assets in these LDI strategies represented c.47 per cent of scheme assets at 31 December 2024. The LDI strategies are actively managed to reflect both changing market conditions and changes to the liability profile. At 31 December 2024 the asset-liability matching strategy mitigated c.116 per cent of the liability sensitivity to interest rate movements and c.131 per cent of the liability sensitivity to inflation movements. In addition, a small amount of interest rate sensitivity arises through holdings of corporate and other debt securities. The higher level of hedging provides greater protection to the funding position of the schemes. The main schemes hold a number of longevity insurance contracts, hedging c.30 per cent of their longevity risk exposure at 31 December 2024. These arrangements form part of the schemes\u2019 investment portfolio and provide income to the schemes in the event that pensions are paid out for longer than expected. As of 1 January 2025 an additional longevity insurance arrangement was entered into, taking the total the main schemes have now hedged to c.35 per cent of their longevity risk exposure. At 31 December 2024 the value of scheme assets included longevity swaps valued at \u00a3(175) million (after allowing for the impact of the revisions to the base mortality assumptions). Maturity profile of defined benefit obligation The following table provides information on the weighted average duration of the defined benefit pension obligation and the distribution and timing of benefit payments:
2024 2023
Years Years
Duration of the defined benefit obligation
12
13
Maturity analysis of benefits expected to be paid:
2024 2023
\u00a3m \u00a3m
Within 12 months
1,800
1,697
Between 1 and 2 years
1,595
1,513
Between 2 and 5 years
5,134
4,886
Between 5 and 10 years
9,318
9,159
Between 10 and 15 years
9,150
9,176
Between 15 and 25 years
16,316
16,882
Between 25 and 35 years
11,294
12,343
Between 35 and 45 years
5,171
6,121
In more than 45 years
1,201
1,595
Maturity analysis method and assumptions The projected benefit payments are based on the assumptions underlying the assessment of the obligations, including allowance for expected future inflation. They are shown in their undiscounted form and therefore appear large relative to the discounted assessment of the defined benefit obligations recognised in the Group\u2019s balance sheet. They are in respect of benefits that have been accrued prior to the respective year end date only and make no allowance for any benefits that may have been accrued subsequently. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-923": { "value": "Defined contribution schemes The Group operates a number of defined contribution pension schemes in the UK and overseas, principally Your Tomorrow and the defined contribution sections of the Lloyds Bank Pension Scheme No. 1. During the year ended 31 December 2024 the charge to the income statement in respect of defined contribution schemes was \u00a3537 million (2023: \u00a3434 million; 2022: \u00a3330 million), representing the contributions payable by the employer in accordance with each scheme\u2019s rules. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-924": { "value": "Note 13: Auditors\u2019 remuneration Fees payable to the Company\u2019s auditors by the Group are included within other operating expenses and are as follows:
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Fees payable for the:
\u2013 audit of the Company\u2019s current year annual report
2.0
2.0
1.9
\u2013 audits of the Company\u2019s subsidiaries
31.9
32.3
29.5
\u2013 total audit fees in respect of the statutory audit of Group entities
1
33.9
34.3
31.4
\u2013 services normally provided in connection with statutory and regulatory filings or engagements
6.7
6.6
6.3
Total audit fees
2
40.6
40.9
37.7
Other audit-related fees
2
1.5
1.3
1.5
All other fees
2
1.0
1.2
5.0
Total non-audit services
3
2.5
2.5
6.5
Total fees payable to the Company\u2019s auditors by the Group
43.1
43.4
44.2
1 As defined by the Financial Reporting Council (FRC). 2 As defined by the Securities and Exchange Commission (SEC). 3 As defined by the SEC. Total non-audit services as defined by the FRC include all fees other than audit fees in respect of the statutory audit of Group entities. These fees totalled \u00a39.2 million in 2024 (2023: \u00a39.1 million; 2022: \u00a312.8 million). The following types of services are included in the categories listed above: Audit fees: This category includes fees in respect of the audit of the Group\u2019s annual financial statements (including work related to the adoption of new accounting standards) and other services in connection with regulatory filings. Other services supplied pursuant to legislation relate primarily to costs incurred in connection with client asset assurance and with the Sarbanes-Oxley Act requirements associated with the audit of the Group\u2019s financial statements filed on its Form 20-F. Other audit-related fees: This category includes fees in respect of services for assurance and related services that are reasonably related to the performance of the audit or review of the financial statements, for example acting as reporting accountants in respect of debt prospectuses required by the Listing Rules. All other fees: This category includes other assurance services not related to the performance of the audit or review of the financial statements, for example, the review of controls operated by the Group on behalf of a third party. The auditors are not engaged to provide tax services. It is the Group\u2019s policy to use the auditors only on non-audit assignments in cases where their knowledge of the Group means that it is neither efficient nor cost effective to employ another firm of accountants. The Group has procedures that are designed to ensure auditor independence, including prohibiting certain non-audit services. All audit and non-audit assignments must be pre-approved by the Audit Committee on an individual engagement basis; for certain types of non-audit engagements where the fee is \u2018de minimis\u2019 the Audit Committee has pre-approved all assignments subject to confirmation by management. On a quarterly basis, the Audit Committee receives and reviews a report detailing all pre-approved services and amounts paid to the auditors for such pre-approved services. During the year, the auditors also earned fees payable by entities outside the consolidated Lloyds Banking Group in respect of:
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Audits of Group pension schemes
0.5
0.5
0.4
Audits of the unconsolidated Open-Ended Investment Companies managed by the Group
0.2
0.2
0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-882": { "value": "
Note 14: Impairment
Stage 1 Stage 2 Stage 3 POCI Total
Year ended 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and advances to banks
(7)
\u2013
\u2013
\u2013
(7)
Loans and advances to customers
(147)
(289)
949
(6)
507
Debt securities
(4)
(2)
\u2013
\u2013
(6)
Financial assets at amortised cost
(158)
(291)
949
(6)
494
Financial assets at fair value through other comprehensive income
(3)
\u2013
\u2013
\u2013
(3)
Other assets
(9)
\u2013
\u2013
\u2013
(9)
Loan commitments and financial guarantees
(18)
(33)
\u2013
\u2013
(51)
Total impairment charge (credit)
(188)
(324)
949
(6)
431
Stage 1 Stage 2 Stage 3 POCI Total
Year ended 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and advances to banks
(5)
(2)
\u2013
\u2013
(7)
Loans and advances to customers
261
(281)
414
(73)
321
Debt securities
\u2013
1
\u2013
\u2013
1
Financial assets at amortised cost
256
(282)
414
(73)
315
Financial assets at fair value through other comprehensive income
(2)
\u2013
\u2013
\u2013
(2)
Other assets
\u2013
\u2013
(10)
\u2013
(10)
Loan commitments and financial guarantees
27
(25)
(2)
\u2013
\u2013
Total impairment charge (credit)
281
(307)
402
(73)
303
Stage 1 Stage 2 Stage 3 POCI Total
Year ended 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and advances to banks
12
2
\u2013
\u2013
14
Loans and advances to customers
(217)
694
883
(9)
1,351
Debt securities
7
\u2013
\u2013
\u2013
7
Financial assets at amortised cost
(198)
696
883
(9)
1,372
Financial assets at fair value through other comprehensive income
6
\u2013
\u2013
\u2013
6
Other assets
\u2013
\u2013
22
\u2013
22
Loan commitments and financial guarantees
24
99
(1)
\u2013
122
Total impairment (credit) charge
(168)
795
904
(9)
1,522
The impairment charge includes a \u00a324 million charge (2023: \u00a373 million charge; 2022: \u00a3nil) in respect of residual value impairment and
voluntary terminations within the Group\u2019s UK Motor Finance business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-883": { "value": "
Note 15: Tax
Analysis of tax expense for the year
2024 2023 2022
\u00a3m \u00a3m \u00a3m
UK corporation tax:
Current tax on profit for the year
(1,159)
(1,301)
(1,152)
Adjustments in respect of prior years
89
51
31
(1,070)
(1,250)
(1,121)
Foreign tax:
Current tax on profit for the year
(122)
(101)
(74)
Adjustments in respect of prior years
3
3
(9)
(119)
(98)
(83)
Current tax expense
(1,189)
(1,348)
(1,204)
Deferred tax:
Current year
(307)
(583)
124
Adjustments in respect of prior years
2
(54)
221
Deferred tax (expense) credit
(305)
(637)
345
Tax expense
(1,494)
(1,985)
(859)
The tax expense is made up as follows:
Tax (expense) credit attributable to policyholders
(137)
30
(54)
Shareholder tax expense
(1,357)
(2,015)
(805)
Tax expense
(1,494)
(1,985)
(859)
Factors affecting the tax expense for the year
The UK corporation tax rate for the year was 25.0 per cent (2023: 23.5 per cent; 2022: 19.0 per cent). The increase in applicable tax rate
from 2023 relates to the change in statutory tax rate effective from 1 April 2023. An explanation of the relationship between tax expense
and accounting profit is set out below.
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Profit before tax
5,971
7,503
4,782
UK corporation tax thereon
(1,493)
(1,763)
(909)
Impact of surcharge on banking profits
(157)
(305)
(339)
Non-deductible costs: conduct charges
(27)
(29)
(5)
Non-deductible costs: bank levy
(37)
(35)
(28)
Other non-deductible costs
(73)
(106)
(70)
Non-taxable income
78
80
138
Tax relief on coupons on other equity instruments
125
124
83
Tax-exempt gains on disposals
98
35
67
Tax losses where no deferred tax recognised
(7)
(2)
11
Remeasurement of deferred tax due to rate changes
\u2013
(14)
60
Differences in overseas tax rates
(9)
6
(63)
Policyholder tax
(75)
(61)
(65)
Deferred tax asset in respect of life assurance expenses
(5)
84
21
Adjustments in respect of prior years
94
\u2013
243
Tax effect of share of results of joint ventures
(1)
1
(3)
Provision for Pillar 2 current income taxes
(5)
\u2013
\u2013
Tax expense
(1,494)
(1,985)
(859)
On 11 July 2023, the Government enacted its legislation implementing the G20-OECD Inclusive Framework Pillar 2 rules in the UK, including
a Qualified Domestic Minimum Top-Up Tax rule. This legislation seeks to ensure that UK-headquartered multinational enterprises pay a
minimum tax rate of 15 per cent on UK and overseas profits arising after 31 December 2023. As a result, tax expense for 2024 includes a
current tax charge of \u00a35 million in respect of the Group\u2019s Channel Islands businesses.
The Group paid tax of \u00a31,305 million in the period in respect of current year profits, and received refunds of \u00a3970 million relating to tax
overpaid in respect of previous periods. These overpayments had been reflected in the balance sheet as current tax assets pending
finalisation of arrangements for repayment.
Deferred tax
The Group\u2019s deferred tax assets and liabilities are as follows:
2024 2023 2024 2023
Statutory position \u00a3m
\u00a3m
Tax disclosure
\u00a3m \u00a3m
Deferred tax assets
5,005
5,185
Deferred tax assets
6,900
7,409
Deferred tax liabilities
(125)
(157)
Deferred tax liabilities
(2,020)
(2,381)
Net deferred tax asset at 31 December
4,880
5,028
Net deferred tax asset at 31 December
4,880
5,028
The statutory position reflects the deferred tax assets and liabilities as disclosed in the consolidated balance sheet and takes into account
the ability of the Group to net assets and liabilities where there is a legally enforceable right of offset. The tax disclosure of deferred tax
assets and liabilities ties to the amounts outlined in the tables below which splits the deferred tax assets and liabilities by type, before such
netting.
Movements in deferred tax assets and liabilities (before taking into consideration the offsetting of balances within the same taxing
jurisdiction) can be summarised as follows:
Property, Long-term Share- Other
Tax plant and assurance based Pension Asset temporary
losses equipment Provisions business payments liabilities Derivatives
revaluations
1
differences Total
Deferred tax assets \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
5,066
506
260
114
36
47
2,423
8
281
8,741
(Charge) credit to the
income statement
(283)
(258)
(39)
119
10
\u2013
(84)
\u2013
(179)
(714)
(Charge) credit to other
comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(672)
42
\u2013
(630)
Other credit to equity
\u2013
\u2013
\u2013
\u2013
12
\u2013
\u2013
\u2013
\u2013
12
At 31 December 2023
4,783
248
221
233
58
47
1,667
50
102
7,409
Charge to the income
statement
(133)
(75)
(22)
(167)
(1)
(9)
(63)
\u2013
(10)
(480)
(Charge) credit to other
comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(9)
16
\u2013
7
Transfer to disposal group
\u2013
\u2013
\u2013
(13)
\u2013
\u2013
\u2013
\u2013
\u2013
(13)
Other charge to equity
\u2013
\u2013
\u2013
\u2013
(23)
\u2013
\u2013
\u2013
\u2013
(23)
At 31 December 2024
4,650
173
199
53
34
38
1,595
66
92
6,900
Deferred tax assets of \u00a313 million have been reclassified as disposal group assets and presented within other assets (see note 24).
Capitalised Other
software Acquisition Pension temporary
enhancements fair value assets Derivatives differences Total
Deferred tax liabilities \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
(162)
(332)
(1,019)
(541)
(474)
(2,528)
Credit (charge) to the income statement
70
38
(5)
(167)
141
77
Credit to other comprehensive income
\u2013
\u2013
53
\u2013
66
119
Acquisitions
\u2013
(58)
\u2013
\u2013
\u2013
(58)
Exchange and other adjustments
\u2013
\u2013
\u2013
\u2013
9
9
At 31 December 2023
(92)
(352)
(971)
(708)
(258)
(2,381)
(Charge) credit to the income statement
(31)
124
3
164
(85)
175
Credit to other comprehensive income
\u2013
\u2013
154
\u2013
22
176
Exchange and other adjustments
\u2013
\u2013
\u2013
\u2013
10
10
At 31 December 2024
(123)
(228)
(814)
(544)
(311)
(2,020)
1 Financial assets at fair value through other comprehensive income.
At 31 December 2024 the Group carried deferred tax assets on its balance sheet of \u00a35,005 million (2023: \u00a35,185 million) principally relating
to tax losses carried forward.
Estimation of income taxes includes the assessment of recoverability of deferred tax assets. Deferred tax assets are only recognised to the
extent that they are considered more likely than not to be recoverable based on existing tax laws and forecasts of future taxable profits
against which the underlying tax deductions can be utilised. The Group has recognised a deferred tax asset of \u00a34,650 million (2023:
\u00a34,783 million) in respect of trading losses carried forward. Substantially all of these losses have arisen in Bank of Scotland plc and Lloyds
Bank plc, and they will be utilised as taxable profits arise in those legal entities in future periods.
The Group\u2019s expectations of future UK taxable profits require management judgement, and take into account the Group\u2019s long-term
financial and strategic plans and anticipated future tax-adjusting items. In making this assessment, account is taken of business plans, the
Board-approved operating plan and the expected future economic outlook as set out in the strategic report, as well as the risks associated
with future regulatory, climate-related and other change, in order to produce a base case forecast of future UK taxable profits. Under
current law there is no expiry date for UK trading losses not yet utilised, and given the forecast of future profitability and the Group\u2019s
commitment to the UK market, in management\u2019s judgement it is more likely than not that the value of the losses will be recovered by the
Group while still operating as a going concern. Banking tax losses that arose before 1 April 2015 can only be used against 25 per cent of
taxable profits arising after 1 April 2016, and they cannot be used to reduce the surcharge on banking profits. These restrictions in utilisation
mean that the value of the deferred tax asset in respect of tax losses is only expected to be fully recovered by 2037 (2023: 2036) in the
base case forecast. The rate of recovery of the Group\u2019s tax loss asset is not a straight line, being affected by the relative profitability of the
different legal entities in future periods, and the relative size of their tax losses carried forward. It is expected in the base case that 85 per
cent of the value will be recovered by 2033, when Bank of Scotland plc will have utilised all of its available tax losses. It is possible that
future tax law changes could materially affect the timing of recovery and the value of these losses ultimately realised by the Group.
A deferred tax asset of \u00a3104 million (2023: \u00a3118 million) has been recognised in respect of the future tax benefit of certain expenses of the
life assurance business. The decrease is driven by the utilisation of expenses in the year, reducing the maximum deferred tax asset that can
be recognised. The forecast investment returns in the long-term projections for the life insurance business continue to be strong due to high
interest rates which results in utilisation of all expenses in the long term. Therefore, there is no unrecognised deferred tax asset in 2024
(2023: \u00a388 million).
Deferred tax not recognised
Deferred tax assets of \u00a3143 million (2023: \u00a3160 million) have not been recognised in respect of \u00a3570 million of UK tax losses and other
temporary differences which can only be used to offset future capital gains. UK capital losses can be carried forward indefinitely.
No deferred tax has been recognised in respect of foreign trade losses where it is not more likely than not that we will be able to utilise
them in future periods. Of the asset not recognised, \u00a358 million (2023: \u00a351 million) relates to losses that will expire if not used within
20 years, and \u00a38 million (2023: \u00a39 million) relates to losses with no expiry date.
As a result of parent company exemptions on dividends from subsidiaries and on capital gains on disposal there are no significant taxable
temporary differences associated with investments in subsidiaries, branches, associates and joint arrangements.
Critical accounting judgements and key sources of estimation uncertainty
Critical judgement: The Group believes that its interpretation of the tax rules on group relief are correct
The Group has an open matter in relation to a claim for group relief of losses incurred in its former Irish banking subsidiary, which ceased
trading on 31 December 2010. In 2020, HMRC concluded its enquiry into the matter and issued a closure notice denying the group relief
claim. The Group appealed to the First Tier Tax Tribunal. The hearing took place in May 2023. In January 2025, the First Tier Tribunal
concluded in favour of HMRC. The Group believes it has applied the rules correctly and that the claim for group relief is correct. Having
reviewed the Tribunal\u2019s conclusions and having taken appropriate advice, the Group intends to appeal the decision and does not consider
this to be a case where an additional tax liability will ultimately fall due. If the final determination of the matter by the judicial process is
that HMRC\u2019s position is correct, management believes that this would result in an increase in current tax liabilities of approximately
\u00a3975 million (including interest) and a reduction in the Group\u2019s deferred tax asset of approximately \u00a3275 million. Following the First Tier Tax
Tribunal outcome, the tax will be paid and recognised as a current tax asset, given the Group\u2019s view that the tax liability will not ultimately
fall due. It is unlikely that any appeal hearing will be held before 2026, and final conclusion of the judicial process may not be for several
years.
There are a number of other open matters on which the Group is in discussions with HMRC (including the tax treatment of certain costs
arising from the divestment of TSB Banking Group plc and the tax treatment of costs relating to HBOS Reading), none of which is expected
to have a material impact on the financial position of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-950": { "value": "Deferred tax The Group\u2019s deferred tax assets and liabilities are as follows:
2024 2023 2024 2023
Statutory position \u00a3m
\u00a3m
Tax disclosure
\u00a3m \u00a3m
Deferred tax assets
5,005
5,185
Deferred tax assets
6,900
7,409
Deferred tax liabilities
(125)
(157)
Deferred tax liabilities
(2,020)
(2,381)
Net deferred tax asset at 31 December
4,880
5,028
Net deferred tax asset at 31 December
4,880
5,028
The statutory position reflects the deferred tax assets and liabilities as disclosed in the consolidated balance sheet and takes into account the ability of the Group to net assets and liabilities where there is a legally enforceable right of offset. The tax disclosure of deferred tax assets and liabilities ties to the amounts outlined in the tables below which splits the deferred tax assets and liabilities by type, before such netting. Movements in deferred tax assets and liabilities (before taking into consideration the offsetting of balances within the same taxing jurisdiction) can be summarised as follows:
Property, Long-term Share- Other
Tax plant and assurance based Pension Asset temporary
losses equipment Provisions business payments liabilities Derivatives
revaluations
1
differences Total
Deferred tax assets \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
5,066
506
260
114
36
47
2,423
8
281
8,741
(Charge) credit to the
income statement
(283)
(258)
(39)
119
10
\u2013
(84)
\u2013
(179)
(714)
(Charge) credit to other
comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(672)
42
\u2013
(630)
Other credit to equity
\u2013
\u2013
\u2013
\u2013
12
\u2013
\u2013
\u2013
\u2013
12
At 31 December 2023
4,783
248
221
233
58
47
1,667
50
102
7,409
Charge to the income
statement
(133)
(75)
(22)
(167)
(1)
(9)
(63)
\u2013
(10)
(480)
(Charge) credit to other
comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(9)
16
\u2013
7
Transfer to disposal group
\u2013
\u2013
\u2013
(13)
\u2013
\u2013
\u2013
\u2013
\u2013
(13)
Other charge to equity
\u2013
\u2013
\u2013
\u2013
(23)
\u2013
\u2013
\u2013
\u2013
(23)
At 31 December 2024
4,650
173
199
53
34
38
1,595
66
92
6,900
Deferred tax assets of \u00a313 million have been reclassified as disposal group assets and presented within other assets (see note 24).
Capitalised Other
software Acquisition Pension temporary
enhancements fair value assets Derivatives differences Total
Deferred tax liabilities \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
(162)
(332)
(1,019)
(541)
(474)
(2,528)
Credit (charge) to the income statement
70
38
(5)
(167)
141
77
Credit to other comprehensive income
\u2013
\u2013
53
\u2013
66
119
Acquisitions
\u2013
(58)
\u2013
\u2013
\u2013
(58)
Exchange and other adjustments
\u2013
\u2013
\u2013
\u2013
9
9
At 31 December 2023
(92)
(352)
(971)
(708)
(258)
(2,381)
(Charge) credit to the income statement
(31)
124
3
164
(85)
175
Credit to other comprehensive income
\u2013
\u2013
154
\u2013
22
176
Exchange and other adjustments
\u2013
\u2013
\u2013
\u2013
10
10
At 31 December 2024
(123)
(228)
(814)
(544)
(311)
(2,020)
1 Financial assets at fair value through other comprehensive income. At 31 December 2024 the Group carried deferred tax assets on its balance sheet of \u00a35,005 million (2023: \u00a35,185 million) principally relating to tax losses carried forward. Estimation of income taxes includes the assessment of recoverability of deferred tax assets. Deferred tax assets are only recognised to the extent that they are considered more likely than not to be recoverable based on existing tax laws and forecasts of future taxable profits against which the underlying tax deductions can be utilised. The Group has recognised a deferred tax asset of \u00a34,650 million (2023: \u00a34,783 million) in respect of trading losses carried forward. Substantially all of these losses have arisen in Bank of Scotland plc and Lloyds Bank plc, and they will be utilised as taxable profits arise in those legal entities in future periods. The Group\u2019s expectations of future UK taxable profits require management judgement, and take into account the Group\u2019s long-term financial and strategic plans and anticipated future tax-adjusting items. In making this assessment, account is taken of business plans, the Board-approved operating plan and the expected future economic outlook as set out in the strategic report, as well as the risks associated with future regulatory, climate-related and other change, in order to produce a base case forecast of future UK taxable profits. Under current law there is no expiry date for UK trading losses not yet utilised, and given the forecast of future profitability and the Group\u2019s commitment to the UK market, in management\u2019s judgement it is more likely than not that the value of the losses will be recovered by the Group while still operating as a going concern. Banking tax losses that arose before 1 April 2015 can only be used against 25 per cent of taxable profits arising after 1 April 2016, and they cannot be used to reduce the surcharge on banking profits. These restrictions in utilisation mean that the value of the deferred tax asset in respect of tax losses is only expected to be fully recovered by 2037 (2023: 2036) in the base case forecast. The rate of recovery of the Group\u2019s tax loss asset is not a straight line, being affected by the relative profitability of the different legal entities in future periods, and the relative size of their tax losses carried forward. It is expected in the base case that 85 per cent of the value will be recovered by 2033, when Bank of Scotland plc will have utilised all of its available tax losses. It is possible that future tax law changes could materially affect the timing of recovery and the value of these losses ultimately realised by the Group. A deferred tax asset of \u00a3104 million (2023: \u00a3118 million) has been recognised in respect of the future tax benefit of certain expenses of the life assurance business. The decrease is driven by the utilisation of expenses in the year, reducing the maximum deferred tax asset that can be recognised. The forecast investment returns in the long-term projections for the life insurance business continue to be strong due to high interest rates which results in utilisation of all expenses in the long term. Therefore, there is no unrecognised deferred tax asset in 2024 (2023: \u00a388 million). Deferred tax not recognised Deferred tax assets of \u00a3143 million (2023: \u00a3160 million) have not been recognised in respect of \u00a3570 million of UK tax losses and other temporary differences which can only be used to offset future capital gains. UK capital losses can be carried forward indefinitely. No deferred tax has been recognised in respect of foreign trade losses where it is not more likely than not that we will be able to utilise them in future periods. Of the asset not recognised, \u00a358 million (2023: \u00a351 million) relates to losses that will expire if not used within 20 years, and \u00a38 million (2023: \u00a39 million) relates to losses with no expiry date. As a result of parent company exemptions on dividends from subsidiaries and on capital gains on disposal there are no significant taxable temporary differences associated with investments in subsidiaries, branches, associates and joint arrangements. Critical accounting judgements and key sources of estimation uncertainty Critical judgement: The Group believes that its interpretation of the tax rules on group relief are correct The Group has an open matter in relation to a claim for group relief of losses incurred in its former Irish banking subsidiary, which ceased trading on 31 December 2010. In 2020, HMRC concluded its enquiry into the matter and issued a closure notice denying the group relief claim. The Group appealed to the First Tier Tax Tribunal. The hearing took place in May 2023. In January 2025, the First Tier Tribunal concluded in favour of HMRC. The Group believes it has applied the rules correctly and that the claim for group relief is correct. Having reviewed the Tribunal\u2019s conclusions and having taken appropriate advice, the Group intends to appeal the decision and does not consider this to be a case where an additional tax liability will ultimately fall due. If the final determination of the matter by the judicial process is that HMRC\u2019s position is correct, management believes that this would result in an increase in current tax liabilities of approximately \u00a3975 million (including interest) and a reduction in the Group\u2019s deferred tax asset of approximately \u00a3275 million. Following the First Tier Tax Tribunal outcome, the tax will be paid and recognised as a current tax asset, given the Group\u2019s view that the tax liability will not ultimately fall due. It is unlikely that any appeal hearing will be held before 2026, and final conclusion of the judicial process may not be for several years. There are a number of other open matters on which the Group is in discussions with HMRC (including the tax treatment of certain costs arising from the divestment of TSB Banking Group plc and the tax treatment of costs relating to HBOS Reading), none of which is expected to have a material impact on the financial position of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-925": { "value": "Deferred tax The Group\u2019s deferred tax assets and liabilities are as follows:
2024 2023 2024 2023
Statutory position \u00a3m
\u00a3m
Tax disclosure
\u00a3m \u00a3m
Deferred tax assets
5,005
5,185
Deferred tax assets
6,900
7,409
Deferred tax liabilities
(125)
(157)
Deferred tax liabilities
(2,020)
(2,381)
Net deferred tax asset at 31 December
4,880
5,028
Net deferred tax asset at 31 December
4,880
5,028
The statutory position reflects the deferred tax assets and liabilities as disclosed in the consolidated balance sheet and takes into account the ability of the Group to net assets and liabilities where there is a legally enforceable right of offset. The tax disclosure of deferred tax assets and liabilities ties to the amounts outlined in the tables below which splits the deferred tax assets and liabilities by type, before such netting. Movements in deferred tax assets and liabilities (before taking into consideration the offsetting of balances within the same taxing jurisdiction) can be summarised as follows:
Property, Long-term Share- Other
Tax plant and assurance based Pension Asset temporary
losses equipment Provisions business payments liabilities Derivatives
revaluations
1
differences Total
Deferred tax assets \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
5,066
506
260
114
36
47
2,423
8
281
8,741
(Charge) credit to the
income statement
(283)
(258)
(39)
119
10
\u2013
(84)
\u2013
(179)
(714)
(Charge) credit to other
comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(672)
42
\u2013
(630)
Other credit to equity
\u2013
\u2013
\u2013
\u2013
12
\u2013
\u2013
\u2013
\u2013
12
At 31 December 2023
4,783
248
221
233
58
47
1,667
50
102
7,409
Charge to the income
statement
(133)
(75)
(22)
(167)
(1)
(9)
(63)
\u2013
(10)
(480)
(Charge) credit to other
comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(9)
16
\u2013
7
Transfer to disposal group
\u2013
\u2013
\u2013
(13)
\u2013
\u2013
\u2013
\u2013
\u2013
(13)
Other charge to equity
\u2013
\u2013
\u2013
\u2013
(23)
\u2013
\u2013
\u2013
\u2013
(23)
At 31 December 2024
4,650
173
199
53
34
38
1,595
66
92
6,900
Deferred tax assets of \u00a313 million have been reclassified as disposal group assets and presented within other assets (see note 24).
Capitalised Other
software Acquisition Pension temporary
enhancements fair value assets Derivatives differences Total
Deferred tax liabilities \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
(162)
(332)
(1,019)
(541)
(474)
(2,528)
Credit (charge) to the income statement
70
38
(5)
(167)
141
77
Credit to other comprehensive income
\u2013
\u2013
53
\u2013
66
119
Acquisitions
\u2013
(58)
\u2013
\u2013
\u2013
(58)
Exchange and other adjustments
\u2013
\u2013
\u2013
\u2013
9
9
At 31 December 2023
(92)
(352)
(971)
(708)
(258)
(2,381)
(Charge) credit to the income statement
(31)
124
3
164
(85)
175
Credit to other comprehensive income
\u2013
\u2013
154
\u2013
22
176
Exchange and other adjustments
\u2013
\u2013
\u2013
\u2013
10
10
At 31 December 2024
(123)
(228)
(814)
(544)
(311)
(2,020)
1 Financial assets at fair value through other comprehensive income. At 31 December 2024 the Group carried deferred tax assets on its balance sheet of \u00a35,005 million (2023: \u00a35,185 million) principally relating to tax losses carried forward. Estimation of income taxes includes the assessment of recoverability of deferred tax assets. Deferred tax assets are only recognised to the extent that they are considered more likely than not to be recoverable based on existing tax laws and forecasts of future taxable profits against which the underlying tax deductions can be utilised. The Group has recognised a deferred tax asset of \u00a34,650 million (2023: \u00a34,783 million) in respect of trading losses carried forward. Substantially all of these losses have arisen in Bank of Scotland plc and Lloyds Bank plc, and they will be utilised as taxable profits arise in those legal entities in future periods. The Group\u2019s expectations of future UK taxable profits require management judgement, and take into account the Group\u2019s long-term financial and strategic plans and anticipated future tax-adjusting items. In making this assessment, account is taken of business plans, the Board-approved operating plan and the expected future economic outlook as set out in the strategic report, as well as the risks associated with future regulatory, climate-related and other change, in order to produce a base case forecast of future UK taxable profits. Under current law there is no expiry date for UK trading losses not yet utilised, and given the forecast of future profitability and the Group\u2019s commitment to the UK market, in management\u2019s judgement it is more likely than not that the value of the losses will be recovered by the Group while still operating as a going concern. Banking tax losses that arose before 1 April 2015 can only be used against 25 per cent of taxable profits arising after 1 April 2016, and they cannot be used to reduce the surcharge on banking profits. These restrictions in utilisation mean that the value of the deferred tax asset in respect of tax losses is only expected to be fully recovered by 2037 (2023: 2036) in the base case forecast. The rate of recovery of the Group\u2019s tax loss asset is not a straight line, being affected by the relative profitability of the different legal entities in future periods, and the relative size of their tax losses carried forward. It is expected in the base case that 85 per cent of the value will be recovered by 2033, when Bank of Scotland plc will have utilised all of its available tax losses. It is possible that future tax law changes could materially affect the timing of recovery and the value of these losses ultimately realised by the Group. A deferred tax asset of \u00a3104 million (2023: \u00a3118 million) has been recognised in respect of the future tax benefit of certain expenses of the life assurance business. The decrease is driven by the utilisation of expenses in the year, reducing the maximum deferred tax asset that can be recognised. The forecast investment returns in the long-term projections for the life insurance business continue to be strong due to high interest rates which results in utilisation of all expenses in the long term. Therefore, there is no unrecognised deferred tax asset in 2024 (2023: \u00a388 million). Deferred tax not recognised Deferred tax assets of \u00a3143 million (2023: \u00a3160 million) have not been recognised in respect of \u00a3570 million of UK tax losses and other temporary differences which can only be used to offset future capital gains. UK capital losses can be carried forward indefinitely. No deferred tax has been recognised in respect of foreign trade losses where it is not more likely than not that we will be able to utilise them in future periods. Of the asset not recognised, \u00a358 million (2023: \u00a351 million) relates to losses that will expire if not used within 20 years, and \u00a38 million (2023: \u00a39 million) relates to losses with no expiry date. As a result of parent company exemptions on dividends from subsidiaries and on capital gains on disposal there are no significant taxable temporary differences associated with investments in subsidiaries, branches, associates and joint arrangements. Critical accounting judgements and key sources of estimation uncertainty Critical judgement: The Group believes that its interpretation of the tax rules on group relief are correct The Group has an open matter in relation to a claim for group relief of losses incurred in its former Irish banking subsidiary, which ceased trading on 31 December 2010. In 2020, HMRC concluded its enquiry into the matter and issued a closure notice denying the group relief claim. The Group appealed to the First Tier Tax Tribunal. The hearing took place in May 2023. In January 2025, the First Tier Tribunal concluded in favour of HMRC. The Group believes it has applied the rules correctly and that the claim for group relief is correct. Having reviewed the Tribunal\u2019s conclusions and having taken appropriate advice, the Group intends to appeal the decision and does not consider this to be a case where an additional tax liability will ultimately fall due. If the final determination of the matter by the judicial process is that HMRC\u2019s position is correct, management believes that this would result in an increase in current tax liabilities of approximately \u00a3975 million (including interest) and a reduction in the Group\u2019s deferred tax asset of approximately \u00a3275 million. Following the First Tier Tax Tribunal outcome, the tax will be paid and recognised as a current tax asset, given the Group\u2019s view that the tax liability will not ultimately fall due. It is unlikely that any appeal hearing will be held before 2026, and final conclusion of the judicial process may not be for several years. There are a number of other open matters on which the Group is in discussions with HMRC (including the tax treatment of certain costs arising from the divestment of TSB Banking Group plc and the tax treatment of costs relating to HBOS Reading), none of which is expected to have a material impact on the financial position of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-884": { "value": "
Note 16: Measurement basis of financial assets and liabilities
The accounting policies in note 2 describe how different classes of financial instruments are measured, and how income and expenses,
including fair value gains and losses, are recognised. The following table analyses the carrying amounts of the financial assets and liabilities
by category and by balance sheet heading.
Mandatorily held at
Derivatives fair value through Designated
At fair value
designated profit or loss
at fair value
through other
Held at Insurance-
as hedging Held for
through
comprehensive amortised related
instruments trading Other
profit or loss
income cost contracts Total
At 31 December 2024
\u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and balances at central banks
\u2013
\u2013
\u2013
\u2013
\u2013
62,705
\u2013
62,705
Financial assets at fair value through
profit or loss
\u2013
25,450
190,475
\u2013
\u2013
\u2013
\u2013
215,925
Derivative financial instruments
48
24,017
\u2013
\u2013
\u2013
\u2013
\u2013
24,065
Loans and advances to banks
\u2013
\u2013
\u2013
\u2013
\u2013
7,900
\u2013
7,900
Loans and advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
459,857
\u2013
459,857
Reverse repurchase agreements
\u2013
\u2013
\u2013
\u2013
\u2013
49,476
\u2013
49,476
Debt securities
\u2013
\u2013
\u2013
\u2013
\u2013
14,544
\u2013
14,544
Financial assets at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
531,777
\u2013
531,777
Financial assets at fair value through other
comprehensive income
\u2013
\u2013
\u2013
\u2013
30,690
\u2013
\u2013
30,690
Other
\u2013
\u2013
\u2013
\u2013
\u2013
173
5,481
5,654
Total financial assets
48
49,467
190,475
\u2013
30,690
594,655
5,481
870,816
Financial liabilities
Deposits from banks
\u2013
\u2013
\u2013
\u2013
\u2013
6,158
\u2013
6,158
Customer deposits
\u2013
\u2013
\u2013
\u2013
\u2013
482,745
\u2013
482,745
Repurchase agreements at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
37,760
\u2013
37,760
Financial liabilities at fair value through
profit or loss
\u2013
22,981
\u2013
4,630
\u2013
\u2013
\u2013
27,611
Derivative financial instruments
355
21,321
\u2013
\u2013
\u2013
\u2013
\u2013
21,676
Notes in circulation
\u2013
\u2013
\u2013
\u2013
\u2013
2,121
\u2013
2,121
Debt securities in issue at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
70,834
\u2013
70,834
Liabilities arising from insurance and
participating investment contracts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
122,064
122,064
Liabilities arising from non-participating
investment contracts
\u2013
\u2013
\u2013
51,228
\u2013
\u2013
\u2013
51,228
Other
\u2013
\u2013
\u2013
\u2013
\u2013
1,708
5,278
6,986
Subordinated liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
10,089
\u2013
10,089
Total financial liabilities
355
44,302
\u2013
55,858
\u2013
611,415
127,342
839,272
Offsetting of financial assets and liabilities
Related amounts where set off in the balance Potential
sheet not permitted
1
net amounts
Gross Amount Net amounts Cash Non-cash Master if offset
amounts of offset in presented in collateral collateral netting and of related
assets and the balance the balance (received)/ (received)/ similar amounts
liabilities
sheet
2
sheet pledged pledged agreements permitted
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative assets
60,118
(36,053)
24,065
(4,071)
(4,139)
(10,522)
5,333
Derivative liabilities
(60,150)
38,474
(21,676)
3,853
1,514
10,522
(5,787)
Net position
(32)
2,421
2,389
(218)
(2,625)
\u2013
(454)
Reverse repurchase agreements held at fair value
35,463
(14,997)
20,466
362
(20,389)
\u2013
439
Repurchase agreements held at fair value
(35,561)
14,997
(20,564)
31
19,991
\u2013
(542)
Net position
(98)
\u2013
(98)
393
(398)
\u2013
(103)
Reverse repurchase agreements held at amortised cost
60,282
(10,806)
49,476
257
(49,341)
\u2013
392
Repurchase agreements held at amortised cost
(48,566)
10,806
(37,760)
8
37,427
\u2013
(325)
Net position
11,716
\u2013
11,716
265
(11,914)
\u2013
67
1 The Group enters into derivatives and repurchase and reverse repurchase agreements with various counterparties which are governed by industry standard master netting agreements.
The Group holds and provides cash and securities collateral in respect of derivative transactions covered by these agreements. The right to set off balances under these master netting
agreements or to set off cash and securities collateral only arises in the event of non-payment or default and, as a result, these arrangements do not qualify for offsetting under IAS 32.
2 The amounts offset in the balance sheet as shown above meet the criteria for offsetting under IAS 32.
The format of the table above has been updated to give a clearer view of the net exposures of the Group.
Mandatorily held at Derivatives fair value through Designated At fair value designated profit or loss at fair value through otherHeld at Insurance- as hedging Held for throughcomprehensive amortised related instruments trading Other profit or loss income cost contracts Total At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Cash and balances at central banks \u2013 \u2013 \u2013 \u2013 \u2013 78,110 \u2013 78,110 Financial assets at fair value through profit or loss \u2013 21,638 181,680 \u2013 \u2013 \u2013 \u2013 203,318 Derivative financial instruments 103 22,253 \u2013 \u2013 \u2013 \u2013 \u2013 22,356 Loans and advances to banks \u2013 \u2013 \u2013 \u2013 \u2013 10,764 \u2013 10,764 Loans and advances to customers \u2013 \u2013 \u2013 \u2013 \u2013 449,745 \u2013 449,745 Reverse repurchase agreements \u2013 \u2013 \u2013 \u2013 \u2013 38,771 \u2013 38,771 Debt securities \u2013 \u2013 \u2013 \u2013 \u2013 15,355 \u2013 15,355 Financial assets at amortised cost \u2013 \u2013 \u2013 \u2013 \u2013 514,635 \u2013 514,635 Financial assets at fair value through other comprehensive income \u2013 \u2013 \u2013 \u2013 27,592 \u2013 \u2013 27,592 Other \u2013 \u2013 \u2013 \u2013 \u2013 299 443 742 Total financial assets 103 43,891 181,680 \u2013 27,592 593,044 443 846,753 Financial liabilities Deposits from banks \u2013 \u2013 \u2013 \u2013 \u2013 6,153 \u2013 6,153 Customer deposits \u2013 \u2013 \u2013 \u2013 \u2013 471,396 \u2013 471,396 Repurchase agreements at amortised cost \u2013 \u2013 \u2013 \u2013 \u2013 37,703 \u2013 37,703 Financial liabilities at fair value through profit or loss \u2013 19,631 \u2013 5,283 \u2013 \u2013 \u2013 24,914 Derivative financial instruments 505 19,644 \u2013 \u2013 \u2013 \u2013 \u2013 20,149 Notes in circulation \u2013 \u2013 \u2013 \u2013 \u2013 1,392 \u2013 1,392 Debt securities in issue at amortised cost \u2013 \u2013 \u2013 \u2013 \u2013 75,592 \u2013 75,592 Liabilities arising from insurance and participating investment contracts \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 120,123 120,123 Liabilities arising from non-participating investment contracts \u2013 \u2013 \u2013 44,978 \u2013 \u2013 \u2013 44,978 Other \u2013 \u2013 \u2013 \u2013 \u2013 1,960 8 1,968 Subordinated liabilities \u2013 \u2013 \u2013 \u2013 \u2013 10,253 \u2013 10,253 Total financial liabilities 505 39,275 \u2013 50,261 \u2013 604,449 120,131 814,621 Offsetting of financial assets and liabilities
Related amounts where set off in the balance Potential
sheet not permitted
1
net amounts
Gross Amount Net amounts Cash Non-cash if offset
amounts of offset in the presented in collateral collateral Master netting of related
assets and balance the balance (received)/ (received)/ and similar amounts
liabilities
sheet
2
sheet pledged pledged agreements permitted
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative assets
61,820
(39,464)
22,356
(3,361)
(2,869)
(9,862)
6,264
Derivative liabilities
(62,273)
42,124
(20,149)
4,146
2,905
9,862
(3,236)
Net position
(453)
2,660
2,207
785
36
\u2013
3,028
Reverse repurchase agreements held at fair value
29,778
(12,365)
17,413
(75)
(17,226)
\u2013
112
Repurchase agreements held at fair value
(30,422)
12,365
(18,057)
(102)
18,043
\u2013
(116)
Net position
(644)
\u2013
(644)
(177)
817
\u2013
(4)
Reverse repurchase agreements held at amortised cost
46,157
(7,386)
38,771
71
(38,581)
\u2013
261
Repurchase agreements held at amortised cost
(45,089)
7,386
(37,703)
(60)
37,715
\u2013
(48)
Net position
1,068
\u2013
1,068
11
(866)
\u2013
213
1 The Group enters into derivatives and repurchase and reverse repurchase agreements with various counterparties which are governed by industry standard master netting agreements. The Group holds and provides cash and securities collateral in respect of derivative transactions covered by these agreements. The right to set off balances under these master netting agreements or to set off cash and securities collateral only arises in the event of non-payment or default and, as a result, these arrangements do not qualify for offsetting under IAS 32. 2 The amounts offset in the balance sheet as shown above meet the criteria for offsetting under IAS 32. The format of the table above has been updated to give a clearer view of the net exposures of the Group. Note 17: Fair values of financial assets and liabilities At 31 December 2024, the carrying value of the Group\u2019s financial instrument assets held at fair value was \u00a3270,680 million (2023: \u00a3253,266 million), and its financial instrument liabilities held at fair value was \u00a3100,515 million (2023: \u00a390,041 million). (1) Fair value measurement Fair value is the price that would be received on sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It is a measure as at a specific date and may be significantly different from the amount which will actually be paid or received on maturity or settlement date. Wherever possible, fair values have been calculated using unadjusted quoted market prices in active markets for identical instruments to those held by the Group. Where quoted market prices are not available, or are unreliable because of poor liquidity, fair values have been determined using valuation techniques which, to the extent possible, use market observable inputs, but in some cases use non-market observable inputs. Valuation techniques used include discounted cash flow analysis and pricing models and, where appropriate, comparison to instruments with characteristics similar to those of the instruments held by the Group. The Group measures valuation adjustments for its derivative exposures on the same basis as the derivatives are managed. The carrying amount of the following financial instruments is a reasonable approximation of fair value: cash and balances at central banks, items in the course of collection from banks, items in course of transmission to banks and notes in circulation. Liabilities arising from non- participating investment contracts are carried at fair value. Because a variety of estimation techniques are employed and significant estimates made, comparisons of fair values between financial institutions may not be meaningful. Readers of these financial statements are thus advised to use caution when using this data to evaluate the Group\u2019s financial position. Fair value information is not provided for items that are not financial instruments or for other assets and liabilities which are not carried at fair value in the Group\u2019s consolidated balance sheet. These items include intangible assets, property, plant and equipment, and shareholders\u2019 equity. These items are material and accordingly the Group believes that any fair value information presented would not represent the underlying value of the Group. Valuation control framework The key elements of the control framework for the valuation of financial instruments include model validation, product implementation review and independent price verification. These functions are carried out by appropriately skilled risk and finance teams, independent of the business area responsible for the products. Model validation covers both qualitative and quantitative elements relating to new models. In respect of new products, a product implementation review is conducted pre and post-trading. Pre-trade testing ensures that the new model is integrated into the Group\u2019s systems and that the profit and loss and risk reporting are consistent throughout the trade lifecycle. Post-trade testing examines the explanatory power of the implemented model, actively monitoring model parameters and comparing in-house pricing to external sources. Independent price verification procedures cover financial instruments carried at fair value and are performed at a minimum on a monthly basis. Valuation differences in breach of established thresholds are escalated to senior management. The results from independent pricing and valuation reserves are reviewed monthly by senior management. Formal committees, consisting of senior risk, finance and business management, meet at least quarterly to discuss and approve valuations in more judgemental areas, in particular for unquoted equities, structured credit, derivatives and the credit valuation adjustment (CVA), funding valuation adjustment (FVA) and other valuation adjustments. Valuation of financial assets and liabilities Assets and liabilities carried at fair value or for which fair values are disclosed have been classified into three levels according to the quality and reliability of information used to determine the fair values. Level 1 Level 1 fair value measurements are those derived from unadjusted quoted prices in active markets for identical assets or liabilities. Products classified as level 1 predominantly comprise listed equity shares, treasury bills and other government securities. Level 2 Level 2 valuations are those where quoted market prices are not available, for example where the instrument is traded in a market that is not considered to be active or valuation techniques are used to determine fair value and where these techniques use inputs that are based significantly on observable market data. Examples of such financial instruments include most over-the-counter derivatives, financial institution issued securities, certificates of deposit and certain asset-backed securities. Level 3 Level 3 portfolios are those where at least one input which could have a significant effect on the instrument\u2019s valuation is not based on observable market data. Such instruments would include the Group\u2019s venture capital and unlisted equity investments which are valued using various valuation techniques that require significant management judgement in determining appropriate assumptions, including earnings multiples and estimated future cash flows. Certain of the Group\u2019s asset-backed securities, loans and advances recognised at fair value and derivatives are also classified as level 3. Transfers in or out of the level 3 portfolio arise when inputs that could have a significant impact on the instrument\u2019s valuation become unobservable or observable, or where an unobservable input becomes significant or insignificant to an instrument\u2019s value.
(2) Financial assets and liabilities carried at fair value
(A) Financial assets (excluding derivatives)
Valuation hierarchy
At 31 December 2024, the Group\u2019s financial assets (excluding derivatives) carried at fair value totalled \u00a3246,615 million (2023:
\u00a3230,910 million). The table below analyses these financial assets by balance sheet classification, asset type and valuation methodology
(level 1, 2 or 3, as described above). The fair value measurement approach is recurring in nature. There were no significant transfers between
level 1 and 2 during the year. For amounts included below which are subject to repurchase and reverse repurchase agreements see
page 180.
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Trading assets
Loans and advances to customers
\u2013
621
\u2013
621
Reverse repurchase agreements
\u2013
20,466
\u2013
20,466
Debt securities:
Government securities
3,473
\u2013
\u2013
3,473
Asset-backed securities
\u2013
149
\u2013
149
Corporate and other debt securities
\u2013
741
\u2013
741
3,473
890
\u2013
4,363
Total trading assets
3,473
21,977
\u2013
25,450
Other financial assets mandatorily held at fair value through profit or loss
Loans and advances to banks
\u2013
2,787
\u2013
2,787
Loans and advances to customers
\u2013
2,418
6,010
8,428
Debt securities:
Government securities
7,091
2
\u2013
7,093
Other public sector securities
\u2013
2,288
\u2013
2,288
Bank and building society certificates of deposit
\u2013
8,667
\u2013
8,667
Asset-backed securities
\u2013
285
367
652
Corporate and other debt securities
\u2013
14,722
2,161
16,883
7,091
25,964
2,528
35,583
Treasury and other bills
32
\u2013
\u2013
32
Equity shares
131,767
\u2013
1,351
133,118
Contracts held with reinsurers
\u2013
10,527
\u2013
10,527
Total other financial assets mandatorily held at fair value through profit or loss
1
138,890
41,696
9,889
190,475
Total financial assets at fair value through profit or loss
142,363
63,673
9,889
215,925
Financial assets at fair value through other comprehensive income
Debt securities:
Government securities
15,146
115
\u2013
15,261
Asset-backed securities
\u2013
149
48
197
Corporate and other debt securities
1,152
13,755
\u2013
14,907
16,298
14,019
48
30,365
Equity shares
\u2013
\u2013
325
325
Total financial assets at fair value through other comprehensive income
16,298
14,019
373
30,690
Total financial assets (excluding derivatives) at fair value
158,661
77,692
10,262
246,615
1 Other financial assets mandatorily at fair value through profit or loss include assets backing insurance contracts and investment contracts of \u00a3185,201 million. Included within these
assets are investments in unconsolidated structured entities of \u00a386,630 million; see note 39.
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2023
Trading assets
Loans and advances to customers
\u2013
23
\u2013
23
Reverse repurchase agreements
\u2013
17,413
\u2013
17,413
Debt securities:
Government securities
3,596
\u2013
\u2013
3,596
Asset-backed securities
\u2013
77
\u2013
77
Corporate and other debt securities
\u2013
529
\u2013
529
3,596
606
\u2013
4,202
Total trading assets
3,596
18,042
\u2013
21,638
Other financial assets mandatorily held at fair value through profit or loss
Loans and advances to banks
\u2013
3,127
\u2013
3,127
Loans and advances to customers
\u2013
1,992
7,890
9,882
Debt securities:
Government securities
8,005
4
\u2013
8,009
Other public sector securities
10
2,300
\u2013
2,310
Bank and building society certificates of deposit
\u2013
7,504
\u2013
7,504
Asset-backed securities
\u2013
327
186
513
Corporate and other debt securities
\u2013
18,061
2,064
20,125
8,015
28,196
2,250
38,461
Treasury and other bills
51
\u2013
\u2013
51
Equity shares
117,194
\u2013
1,541
118,735
Contracts held with reinsurers
\u2013
11,424
\u2013
11,424
Total other financial assets mandatorily held at fair value through profit or loss
1
125,260
44,739
11,681
181,680
Total financial assets at fair value through profit or loss
128,856
62,781
11,681
203,318
Financial assets at fair value through other comprehensive income
Debt securities:
Government securities
14,093
48
\u2013
14,141
Asset-backed securities
\u2013
121
52
173
Corporate and other debt securities
956
12,090
\u2013
13,046
15,049
12,259
52
27,360
Equity shares
\u2013
\u2013
232
232
Total financial assets at fair value through other comprehensive income
15,049
12,259
284
27,592
Total financial assets (excluding derivatives) at fair value
143,905
75,040
11,965
230,910
1 Other financial assets mandatorily at fair value through profit or loss include assets backing insurance contracts and investment contracts of \u00a3176,475 million. Included within these
assets are investments in unconsolidated structured entities of \u00a376,426 million; see note 39.
Movements in level 3 portfolio
The table below analyses movements in level 3 financial assets (excluding derivatives) at fair value, recurring basis.
2024
2023
Financial
Total level 3
Financial
Total level 3
Financial
assets at
financial assets Financial
assets at
financial assets
assets at
fair value
(excluding assets at
fair value
(excluding
fair value
through other
derivatives)
fair value
through other
derivatives)
through
comprehensive at fair value,
through
comprehensive at fair value,
profit or loss
income recurring basis
profit or loss
income recurring basis
\u00a3m
\u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
At 1 January
11,681
284
11,965
11,304
342
11,646
Exchange and other adjustments
1
(3)
(2)
(4)
(1)
(5)
Gains (losses) recognised in the income statement
within other income
352
3
355
723
6
729
Gains (losses) recognised in other comprehensive
income within the revaluation reserve in respect of
financial assets at fair value through other
comprehensive income
\u2013
92
92
\u2013
(54)
(54)
Purchases/increases to customer loans
1,080
\u2013
1,080
744
3
747
Sales/repayments of customer loans
(3,266)
(3)
(3,269)
(1,140)
(12)
(1,152)
Transfers into the level 3 portfolio
84
\u2013
84
136
\u2013
136
Transfers out of the level 3 portfolio
(43)
\u2013
(43)
(82)
\u2013
(82)
At 31 December
9,889
373
10,262
11,681
284
11,965
Gains (losses) recognised in the income statement,
within other income, relating to the change in fair
value of those assets held at 31 December
186
(1)
185
654
\u2013
654
Valuation methodology for financial assets (excluding derivatives)
Loans and advances to banks and customers
The fair value of these assets is determined using discounted cash flow techniques. The discount rates are derived from market observable
interest rates, a risk margin that reflects loan credit ratings and an incremental illiquidity premium based on historical spreads at origination
on similar loans.
Reverse repurchase agreements
The fair value of these assets is determined using discounted cash flow techniques. The discount rates are derived from observable
repurchase agreement rate curves specific to the type of security sold under the reverse repurchase agreement.
Debt securities
Debt securities measured at fair value and classified as level 2 are valued by discounting expected cash flows using an observable credit
spread applicable to the particular instrument.
Where there is limited trading activity in debt securities, the Group uses valuation models, consensus pricing information from third party
pricing services and broker or lead manager quotes to determine an appropriate valuation. Debt securities are classified as level 3 if there is
a significant valuation input that cannot be corroborated through market sources or where there are materially inconsistent values for an
input. Asset classes classified as level 3 mainly comprise venture capital investments.
Equity investments
Unlisted equity and fund investments are valued using different techniques in accordance with the Group\u2019s valuation policy and
International Private Equity and Venture Capital Guidelines.
Depending on the business sector and the circumstances of the investment, unlisted equity valuations are based on earnings multiples, net
asset values or discounted cash flows.
\u2022 A number of earnings multiples are used in valuing the portfolio including price earnings, earnings before interest and tax and earnings
before interest, tax, depreciation and amortisation. The particular multiple selected is appropriate for the size and type of business
being valued and is derived by reference to the current market-based multiple. Consideration is given to the risk attributes, growth
prospects and financial gearing of comparable businesses when selecting the appropriate multiple
\u2022 Discounted cash flow valuations use estimated future cash flows, usually based on management forecasts, with the application of
appropriate exit yields or terminal multiples and discounted using rates appropriate to the specific investment, business sector or recent
economic rates of return. Recent transactions involving the sale of similar businesses may sometimes be used as a frame of reference in
deriving an appropriate multiple
\u2022 For fund investments the most recent capital account value calculated by the fund manager is used as the basis for the valuation and
adjusted, if necessary, to align valuation techniques with the Group\u2019s valuation policy
Unlisted equity investments and investments in property partnerships held in the life assurance funds are valued using third party
valuations. Management take account of any pertinent information, such as recent transactions and information received on particular
investments, to adjust the third party valuations where necessary.
(B) Financial liabilities (excluding derivatives)
Valuation hierarchy
At 31 December 2024, the Group\u2019s financial liabilities (excluding derivatives) carried at fair value, comprised its financial liabilities at fair
value through profit or loss and totalled \u00a327,611 million (2023: \u00a324,914 million). The table below analyses these financial liabilities by
balance sheet classification and valuation methodology (level 1, 2 or 3, as described on page 260). The fair value measurement approach is
recurring in nature. There were no significant transfers between level 1 and 2 during the year.
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Trading liabilities
Liabilities in respect of securities sold under repurchase agreements
\u2013
20,564
\u2013
20,564
Short positions in securities
2,400
17
\u2013
2,417
Total trading liabilities
2,400
20,581
\u2013
22,981
Liabilities designated at fair value through profit or loss
Debt securities in issue
\u2013
4,608
22
4,630
Other
\u2013
\u2013
\u2013
\u2013
Total liabilities designated at fair value through profit or loss
\u2013
4,608
22
4,630
Total financial liabilities (excluding derivatives) at fair value
2,400
25,189
22
27,611
At 31 December 2023
Trading liabilities
Liabilities in respect of securities sold under repurchase agreements
\u2013
18,057
\u2013
18,057
Short positions in securities
1,569
5
\u2013
1,574
Total trading liabilities
1,569
18,062
\u2013
19,631
Liabilities designated at fair value through profit or loss
Debt securities in issue
\u2013
5,223
42
5,265
Other
\u2013
18
\u2013
18
Total liabilities designated at fair value through profit or loss
\u2013
5,241
42
5,283
Total financial liabilities (excluding derivatives) at fair value
1,569
23,303
42
24,914
Liabilities designated at fair value through profit or loss primarily represent debt securities in issue which either contain substantive
embedded derivatives which would otherwise need to be recognised and measured at fair value separately from the related debt
securities, or which are accounted for at fair value to significantly reduce an accounting mismatch.
The amount contractually payable on maturity of the debt securities held at fair value through profit or loss at 31 December 2024 was
\u00a39,863 million, which was \u00a35,233 million higher than the balance sheet carrying value (2023: \u00a310,433 million, which was \u00a35,167 million
higher than the balance sheet carrying value). At 31 December 2024 there was a cumulative \u00a312 million decrease in the fair value of these
liabilities attributable to changes in credit spread risk; this is determined by reference to the quoted credit spreads of Lloyds Bank plc, the
issuing entity within the Group. Of the cumulative amount, an increase of \u00a378 million arose in 2024 and an increase of \u00a3234 million arose in
2023.
For the fair value of collateral pledged in respect of repurchase agreements see page 180.
In addition to the liabilities above, the Group\u2019s non-participating investment contracts are held at fair value through profit or loss and were
all categorised as level 2.
Movements in level 3 portfolio
The table below analyses movements in the level 3 financial liabilities (excluding derivatives) at fair value portfolio.
2024 2023
\u00a3m \u00a3m
At 1 January
42
45
Gains recognised in the income statement within other income
2
(1)
Redemptions
(3)
(1)
Transfers out of the level 3 portfolio
(19)
(1)
At 31 December
22
42
Gains recognised in the income statement, within other income, relating to the change in fair value of those liabilities held
at 31 December
3
(1)
Valuation methodology for financial liabilities (excluding derivatives)
Liabilities held at fair value through profit or loss
These principally comprise debt securities in issue which are classified as level 2 and their fair value is determined using techniques whose
inputs are based on observable market data. The carrying amount of the securities is adjusted to reflect the effect of changes in own credit
spreads and the resulting gain or loss is recognised in other comprehensive income.
In the year ended 31 December 2024, the own credit adjustment arising from the fair valuation of \u00a34,630 million (2023: \u00a35,265 million) of
the Group\u2019s debt securities in issue designated at fair value through profit or loss resulted in a loss of \u00a378 million (2023: loss of \u00a3234 million),
before tax, recognised in other comprehensive income.
Trading liabilities in respect of securities sold under repurchase agreements
The fair value of these liabilities is determined using discounted cash flow techniques. The discount rates are derived from observable
repurchase agreement rate curves specific to the type of security sold under the repurchase agreement.
(C) Derivatives
Valuation hierarchy
All of the Group\u2019s derivative assets and liabilities are carried at fair value. At 31 December 2024, such assets totalled \u00a324,065 million (2023:
\u00a322,356 million) and liabilities totalled \u00a321,676 million (2023: \u00a320,149 million). The table below analyses these derivative balances by
valuation methodology (level 1, 2 or 3, as described on page 260). The fair value measurement approach is recurring in nature. There were
no significant transfers between level 1 and level 2 during the year.
2024
2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative assets
103
23,221
741
24,065
77
21,857
422
22,356
Derivative liabilities
(79)
(21,175)
(422)
(21,676)
(116)
(19,589)
(444)
(20,149)
Movements in level 3 portfolio
The table below analyses movements in level 3 derivative assets and liabilities carried at fair value.
2024
2023
Derivative Derivative Derivative Derivative
assets liabilities assets liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
422
(444)
553
(608)
Exchange and other adjustments
(15)
7
(8)
5
Gains (losses) recognised in the income statement within other income
11
(7)
(104)
111
Purchases (additions)
5
(4)
19
(15)
(Sales) redemptions
(29)
53
(38)
63
Transfers into the level 3 portfolio
347
(27)
\u2013
\u2013
At 31 December
741
(422)
422
(444)
Gains (losses) recognised in the income statement, within other income, relating to the
change in fair value of those assets or liabilities held at 31 December
12
(7)
(72)
76
Valuation methodology for derivatives
The Group\u2019s derivatives are valued using techniques including discounted cash flow and options pricing models, as appropriate. The types
of derivatives classified as level 2 and the valuation techniques used include:
\u2022 Interest rate swaps which are valued using discounted cash flow models; the most significant inputs into those models are interest rate
yield curves which are developed from publicly quoted rates
\u2022 Foreign exchange derivatives that do not contain options which are priced using rates available from publicly quoted sources
\u2022 Credit derivatives are valued using standard models with observable inputs, including publicly available yield and credit default swap
(CDS) curves
\u2022 Less complex interest rate and foreign exchange option products which are valued using volatility surfaces developed from publicly
available interest rate cap, interest rate swaption and other option volatilities; option volatility skew information is derived from a
market standard consensus pricing service
Complex interest rate products where inputs to the valuation are significant and unobservable are classified as level 3.
Derivatives where the counterparty becomes distressed from a credit perspective are generally reclassified to level 3 given limited
observability in all traded levels.
(D) Sensitivity of level 3 valuations
Critical accounting judgements and key sources of estimation uncertainty
Key sources of estimation uncertainty:
Interest rate spreads, credit spreads, earnings multiples, interest rate volatility and recovery rates
The Group\u2019s valuation control framework and a description of level 1, 2 and 3 financial assets and liabilities is set out in section (1) above.
The valuation techniques for level 3 financial instruments involve management judgement and estimates, the extent of which depends on
the complexity of the instrument and the availability of market observable information. In addition, in line with market practice, the Group
applies credit, debit and funding valuation adjustments in determining the fair value of its uncollateralised derivative positions. A
description of these adjustments is set out in section (C) above. A quantitative analysis of the sensitivities to market risk arising from the
Group\u2019s trading portfolios is set out in the tables marked audited on page 194.
2024
2023
Effect of reasonably possible Effect of reasonably possible
alternative assumptions
1
alternative assumptions
1
Carrying Favourable Unfavourable Carrying Favourable Unfavourable
Significant value changes changes value changes changes
Valuation techniques
unobservable inputs
2
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets at fair value through profit or loss
Loans and
Discounted cash flows
Interest rate
advances to spreads
customers (-241bps/
+131bps)
4
6,022
245
(231)
7,890
369
(351)
Debt securities
Discounted cash flows
Credit spreads
(+/- 17%)
5
621
35
(55)
445
39
(41)
Equity and
Market approach
Earnings multiple
venture capital
(3.5/15.0)
6
investments
2,267
150
(150)
2,228
131
(131)
Underlying asset/net n/a
asset value (incl.
property prices)
3
773
80
(84)
809
77
(99)
Unlisted equities, Underlying asset/net n/a
debt securities asset value (incl.
and property property prices),
partnerships in broker quotes or
the life funds discounted cash
flows
3
206
\u2013
(7)
309
7
(6)
9,889
11,681
Financial assets at fair value through other comprehensive income
Asset-backed Lead manager or n/a
securities broker quote/
consensus pricing
48
2
(2)
52
2
(2)
Equity and Underlying asset/net n/a
venture capital asset value (incl.
investments
property prices)
3
325
33
(33)
232
22
(22)
373
284
Derivative financial assets
Interest rate Option pricing Interest rate
options model volatility
(11%/183%)
7
394
4
(6)
422
6
(3)
Interest rate
Discounted cash flows
(+/- 8%)
derivatives uncertainty of
recovery rates
347
21
(21)
\u2013
\u2013
\u2013
741
422
Level 3 financial assets carried at fair value
11,003
12,387
Financial liabilities at fair value through profit or loss
Securitisation
Discounted cash flows
Interest rate
notes and other spreads
(+/\u2013 50bps)
8
22
1
(1)
42
1
(1)
Derivative financial liabilities
Interest rate
Option pricing model
Interest rate
derivatives volatility
(11%/183%)
7
422
17
(15)
444
10
(7)
Level 3 financial liabilities carried at fair value
444
486
1 Where the exposure to an unobservable input is managed on a net basis, only the net impact is shown in the table.
2 Ranges are shown where appropriate and represent the highest and lowest inputs used in the level 3 valuations.
3 Underlying asset/net asset values represent fair value.
4 2023: -50bps/+272bps.
5 2023: +/- 6%.
6 2023: 1.6/17.8.
7 2023: 13%/200%.
8 2023: +/- 50bps.
Unobservable inputs
Significant unobservable inputs affecting the valuation of debt securities, unlisted equity investments and derivatives are as follows:
\u2022 Credit spreads represent the premium above the benchmark reference instrument required to compensate for lower credit quality;
higher spreads lead to a lower fair value
\u2022 Volatility parameters represent key attributes of option behaviour; higher volatilities typically denote a wider range of possible
outcomes
\u2022 Earnings multiples are used to value certain unlisted equity investments. The earnings multiples used are derived from those of listed
entities operating in the same sector with adjustments made for factors such as the size of the company and the quality of its earnings.
The majority of the Group\u2019s venture capital investments are valued using an estimate of the company\u2019s maintainable earnings before
interest, tax, depreciation and amortisation and in accordance with the International Private Equity and Venture Capital Valuation
Guidelines. A higher earnings multiple will result in a higher fair value
Reasonably possible alternative assumptions
Valuation techniques applied to many of the Group\u2019s level 3 instruments often involve the use of two or more inputs whose relationship is
interdependent. The calculation of the effect of reasonably possible alternative assumptions included in the table above reflects such
relationships.
Debt securities
Reasonably possible alternative assumptions have been determined in respect of the Group\u2019s structured credit investments by flexing
credit spreads.
Derivatives
Reasonably possible alternative assumptions have been determined in respect of swaptions in the Group\u2019s derivative portfolios which are
priced using industry standard option pricing models. Such models require interest rate volatilities which may be unobservable at longer
maturities. To derive reasonably possible alternative valuations these volatility parameters have been flexed within a range of 11 per cent to
183 per cent (2023: 13 per cent to 200 per cent).
Further reasonably possible alternative assumptions have been determined in respect of the recovery rate on distressed derivatives, with
recovery rates flexed by 8 per cent in order to determine possible alternative valuations.
Unlisted equity, venture capital investments and investments in property partnerships
The valuation techniques used for unlisted equity and venture capital investments vary depending on the nature of the investment.
Reasonably possible alternative valuations for these investments have been calculated by reference to the approach taken, as appropriate
to the business sector and investment circumstances and as such the following inputs have been considered:
\u2022 For valuations derived from earnings multiples, consideration is given to the risk attributes, growth prospects and financial gearing of
comparable businesses when selecting an appropriate multiple
\u2022 The discount rates used in discounted cash flow valuations
\u2022 In line with International Private Equity and Venture Capital Guidelines, the values of underlying investments in fund investment
portfolios
(3) Financial assets and liabilities carried at amortised cost
(A) Financial assets
Valuation hierarchy
The table below analyses the fair values of those financial assets of the Group which are carried at amortised cost by valuation
methodology (level 1, 2 or 3, as described on page 260). Financial assets carried at amortised cost are mainly classified as level 3 due to
significant unobservable inputs used in the valuation models. Where inputs are observable, debt securities are classified as level 1 or 2.
Carrying Fair Valuation hierarchy
value value Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Loans and advances to banks
7,900
7,892
\u2013
\u2013
7,892
Loans and advances to customers
459,857
455,846
\u2013
\u2013
455,846
Reverse repurchase agreements
49,476
49,476
\u2013
49,476
\u2013
Debt securities
14,544
14,380
\u2013
11,980
2,400
At 31 December 2023
Loans and advances to banks
10,764
10,764
\u2013
\u2013
10,764
Loans and advances to customers
449,745
439,449
\u2013
\u2013
439,449
Reverse repurchase agreements
38,771
38,771
\u2013
38,771
\u2013
Debt securities
15,355
15,139
\u2013
10,939
4,200
The carrying amount of the following financial instruments is a reasonable approximation of fair value: cash and balances at central banks,
items in the course of collection from banks, items in course of transmission to banks and notes in circulation.
Valuation methodology
Loans and advances to banks
The carrying value of short-dated loans and advances to banks is assumed to be their fair value. The fair value of other loans and advances
to banks is estimated by discounting the anticipated cash flows at a market discount rate adjusted for the credit spread of the obligor or,
where not observable, the credit spread of borrowers of similar credit quality.
Loans and advances to customers
The Group provides loans and advances to commercial, corporate and personal customers at both fixed and variable rates.
To determine the fair value of loans and advances to customers, loans are segregated into portfolios of similar characteristics. A number of
techniques are used to estimate the fair value of fixed rate lending; these take account of expected credit losses based on historic trends,
prevailing market interest rates and expected future cash flows. For retail exposures, fair value is usually estimated by discounting
anticipated cash flows (including interest at contractual rates) at market rates for similar loans offered by the Group and other financial
institutions. Certain loans secured on residential properties are made at a fixed rate for a limited period, typically two to five years, after
which the loans revert to the relevant variable rate. The fair value of such loans is estimated by reference to market rates for similar loans of
maturity equal to the remaining fixed interest rate period. The fair value of commercial loans is estimated by discounting anticipated cash
flows at a rate which reflects the effects of interest rate changes, adjusted for changes in credit risk.
Reverse repurchase agreements
The carrying amount is deemed a reasonable approximation of fair value given the short-term nature of these instruments.
Debt securities
The fair values of debt securities are determined predominantly from lead manager quotes and, where these are not available, by
alternative techniques including reference to credit spreads on similar assets with the same obligor, market standard consensus pricing
services, broker quotes and other research data.
(B) Financial liabilities
Valuation hierarchy
The table below analyses the fair values of those financial liabilities of the Group which are carried at amortised cost by valuation
methodology (level 1, 2 or 3, as described on page 260).
Carrying Fair Valuation hierarchy
value value Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Deposits from banks
6,158
6,158
\u2013
6,158
\u2013
Customer deposits
482,745
483,568
\u2013
483,568
\u2013
Repurchase agreements at amortised cost
37,760
37,760
\u2013
37,760
\u2013
Debt securities in issue at amortised cost
70,834
70,894
\u2013
70,894
\u2013
Subordinated liabilities
10,089
10,419
\u2013
10,419
\u2013
At 31 December 2023
Deposits from banks
6,153
6,153
\u2013
6,153
\u2013
Customer deposits
471,396
471,857
\u2013
471,857
\u2013
Repurchase agreements at amortised cost
37,703
37,703
\u2013
37,703
\u2013
Debt securities in issue at amortised cost
75,592
75,021
\u2013
75,021
\u2013
Subordinated liabilities
10,253
10,345
\u2013
10,345
\u2013
Valuation methodology
Deposits from banks and customer deposits
The fair value of bank and customer deposits repayable on demand is assumed to be equal to their carrying value.
The fair value for all other deposits is estimated using discounted cash flows applying either market rates, where applicable, or current rates
for deposits of similar remaining maturities.
Repurchase agreements at amortised cost
The carrying amount is deemed a reasonable approximation of fair value given the short-term nature of these instruments.
Debt securities in issue at amortised cost
The fair value of short-term debt securities in issue is approximately equal to their carrying value. Fair value for other debt securities in issue
is calculated based on quoted market prices where available. Where quoted market prices are not available, fair value is estimated using
discounted cash flow techniques at a rate which reflects market rates of interest and the Group\u2019s own credit spread.
Subordinated liabilities
The fair value of subordinated liabilities is determined by reference to quoted market prices where available or by reference to quoted
market prices of similar instruments. Subordinated liabilities are classified as level 2, since the inputs used to determine their fair value are
largely observable.
(4) Reclassifications of financial assets
There have been no reclassifications of financial assets in 2023 or 2024.
Note 19: Derivative financial instruments
The fair values and notional amounts of derivative instruments are set out in the following table:
2024
2023
Changes in fair Changes in fair
value used for value used for
Contract/ Fair value calculating Contract/ Fair value calculating
notional hedge notional hedge
amount Assets Liabilities ineffectiveness amount Assets Liabilities ineffectiveness
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trading and other
Exchange rate contracts
707,329
10,247
9,172
572,858
6,631
6,222
Interest rate contracts
12,864,265
13,436
11,644
7,654,512
15,116
12,724
Credit derivatives
6,103
87
172
5,349
51
118
Equity, commodity and other contracts
8,678
247
333
9,463
455
580
Total derivative assets/liabilities \u2013
trading and other
Hedging
13,586,375
24,017
21,321
8,242,182
22,253
19,644
Interest rate
Currency swaps
43
2
\u2013
\u2013
35
3
\u2013
2
Interest rate swaps
231,064
6
337
1,336
153,639
80
425
(2,665)
Designated as fair value hedges
231,107
8
337
1,336
153,674
83
425
(2,663)
Foreign exchange
Currency swaps
1,963
30
14
61
2,684
11
72
(138)
Interest rate
Interest rate swaps
484,996
10
4
(600)
463,660
9
8
2,541
Designated as cash flow hedges
486,959
40
18
(539)
466,344
20
80
2,403
Total derivative assets/liabilities \u2013
hedging
718,066
48
355
797
620,018
103
505
(260)
Total recognised derivative assets/
liabilities
14,304,441
24,065
21,676
8,862,200
22,356
20,149
The notional amount of the contract does not represent the Group\u2019s exposure to credit risk, which is limited to the current cost of replacing
contracts with a positive value to the Group should the counterparty default. To reduce credit risk the Group uses a variety of credit
enhancement techniques such as netting and collateralisation, where security is provided against the exposure; a large proportion of the
Group\u2019s derivatives are held through exchanges such as London Clearing House and are collateralised through those exchanges.
The Group holds derivatives as part of the following strategies:
\u2022 Customer driven, where derivatives are held as part of the provision of risk management products to Group customers
\u2022 To manage and hedge the Group\u2019s interest rate and foreign exchange risk arising from normal banking business. The hedge accounting
strategy adopted by the Group is to utilise a combination of fair value and cash flow hedge approaches
\u2022 Derivatives held in policyholder funds as permitted by the investment strategies of those funds
The principal derivatives used by the Group are as follows:
\u2022 Interest rate related contracts include interest rate swaps, forward rate agreements and options. An interest rate swap is an agreement
between two parties to exchange fixed and floating interest payments, based upon interest rates defined in the contract, without the
exchange of the underlying principal amounts. Forward rate agreements are contracts for the payment of the difference between a
specified rate of interest and a reference rate, applied to a notional principal amount at a specific date in the future. An interest rate
option gives the buyer, on payment of a premium, the right, but not the obligation, to fix the rate of interest on a future loan or deposit,
for a specified period and commencing on a specified future date
\u2022 Exchange rate related contracts include forward foreign exchange contracts, currency swaps and options. A forward foreign exchange
contract is an agreement to buy or sell a specified amount of foreign currency on a specified future date at an agreed rate. Currency
swaps generally involve the exchange of interest payment obligations denominated in different currencies; the exchange of principal can
be notional or actual. A currency option gives the buyer, on payment of a premium, the right, but not the obligation, to sell specified
amounts of currency at agreed rates of exchange on or before a specified future date
\u2022 Credit derivatives, principally credit default swaps, are used by the Group as part of its trading activity and to manage its own exposure
to credit risk. A credit default swap is a swap in which one counterparty receives a premium at pre-set intervals in consideration for
guaranteeing to make a specific payment should a negative credit event take place
\u2022 Equity, commodity and other contracts include commodity swaps and options
Details of the Group\u2019s hedging instruments are set out below:
Maturity
Up to 1 month 1 to 3 months 3 to 12 months 1 to 5 years Over 5 years Total
Fair value hedges \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Interest rate
Cross currency swap
Notional
\u2013
\u2013
\u2013
\u2013
43
43
Average fixed interest rate
\u2013
\u2013
\u2013
\u2013
1.28%
Average EUR/GBP exchange rate
\u2013
\u2013
\u2013
\u2013
1.38
Interest rate swap
Notional
5,236
13,781
55,607
111,300
45,140
231,064
Average fixed interest rate
3.04%
3.68%
4.04%
3.36%
2.27%
231,107
At 31 December 2023
Interest rate
Cross currency swap
Notional
\u2013
\u2013
\u2013
\u2013
35
35
Average fixed interest rate
\u2013
\u2013
\u2013
\u2013
1.28%
Average EUR/GBP exchange rate
\u2013
\u2013
\u2013
\u2013
1.38
Interest rate swap
Notional
1,908
5,778
19,353
87,119
39,481
153,639
Average fixed interest rate
0.95%
1.72%
2.03%
2.90%
2.00%
153,674
Maturity
Up to 1 month 1 to 3 months 3 to 12 months 1 to 5 years Over 5 years Total
Cash flow hedges \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Foreign exchange
Currency swap
Notional
107
441
646
763
6
1,963
Average EUR/GBP exchange rate
1.17
1.16
1.15
1.10
1.06
Average USD/GBP exchange rate
1.30
1.27
1.27
1.27
1.30
Interest rate
Interest rate swap
Notional
9,195
21,010
129,436
262,387
62,968
484,996
Average fixed interest rate
4.32%
4.36%
3.84%
3.34%
3.01%
486,959
At 31 December 2023
Foreign exchange
Currency swap
Notional
18
470
1,648
541
7
2,684
Average EUR/GBP exchange rate
1.15
1.14
1.14
1.08
1.07
Average USD/GBP exchange rate
1.25
1.23
1.25
1.24
\u2013
Interest rate
Interest rate swap
Notional
9,501
23,015
76,439
284,969
69,736
463,660
Average fixed interest rate
4.13%
4.14%
3.82%
3.35%
2.58%
466,344
The Group\u2019s hedged items are as follows:
Change in fair
Accumulated amount of value of hedged
Carrying amount of fair value adjustment on item for
the hedged item the hedged item ineffectiveness
Assets Liabilities Assets Liabilities assessment
Fair value hedges
\u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
At 31 December 2024
Interest rate
Fixed rate mortgages
1
124,013
\u2013
(890)
\u2013
(184)
Fixed rate issuance
2
\u2013
51,499
\u2013
1,340
(75)
Fixed rate bonds
3
29,264
\u2013
(1,070)
\u2013
(1,158)
At 31 December 2023
Interest rate
Fixed rate mortgages
1
75,871
\u2013
25
\u2013
2,544
Fixed rate issuance
2
\u2013
50,466
\u2013
1,365
(1,110)
Fixed rate bonds
3
24,146
\u2013
(331)
\u2013
962
1 Included within loans and advances to customers.
2 Included within debt securities in issue at amortised cost and subordinated liabilities.
3 Included within financial assets at amortised cost and financial assets at fair value through other comprehensive income.
At 31 December 2024
At 31 December 2023
Change in fair Change in fair
value of hedged value of hedged
item for Cash flow hedging reserve item for Cash flow hedging reserve
ineffectiveness Continuing Discontinued ineffectiveness Continuing Discontinued
assessment hedges hedges assessment hedges hedges
Cash flow hedges
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
Foreign exchange
Foreign currency issuance
1
(60)
75
59
138
8
69
Customer deposits
2
\u2013
\u2013
5
\u2013
\u2013
3
Interest rate
Customer loans
3
982
(3,470)
(1,590)
(1,796)
(2,934)
(1,885)
Central bank balances
4
384
(1,012)
(917)
(648)
(624)
(1,462)
Customer deposits
2
(51)
1,592
42
262
1,591
(3)
1 Included within debt securities in issue at amortised cost and subordinated liabilities.
2 Included within customer deposits.
3 Included within loans and advances to customers.
4 Included within cash and balances at central banks.
The accumulated amount of fair value hedge adjustments remaining on the balance sheet for hedged items that have ceased to be
adjusted for hedging gains and losses is a liability of \u00a3980 million relating to fixed rate issuances of \u00a3582 million and mortgages of
\u00a3398 million (2023: liability of \u00a31,446 million relating to fixed rate issuances of \u00a3656 million and mortgages of \u00a3790 million).
Gains and losses arising from hedge accounting are summarised as follows:
Hedge ineffectiveness
recognised in the
income statement
1
2024 2023
Fair value hedges \u00a3m \u00a3m
Interest rate
Fixed rate mortgages
(52)
(264)
Fixed rate issuance
(11)
(17)
Fixed rate bonds
(18)
14
1 Hedge ineffectiveness is included in the income statement within net trading income.
Gain (loss) Hedge reserves to net interest income as: Amounts reclassified from
recognised ineffectiveness
in other recognised in Hedged cash Hedged item
comprehensive the income flows will no affected income
income
statement
1
longer occur statement
Cash flow hedges \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Foreign exchange
Foreign currency issuance
61
\u2013
\u2013
(4)
Interest rate
Customer loans
(2,700)
(61)
\u2013
2,458
Central bank balances
(780)
(7)
\u2013
937
Customer deposits
842
8
\u2013
(794)
At 31 December 2023
Foreign exchange
Foreign currency issuance
(138)
\u2013
\u2013
(9)
Interest rate
Customer loans
(37)
20
\u2013
1,674
Central bank balances
284
2
\u2013
725
Customer deposits
436
(3)
\u2013
(552)
1 Hedge ineffectiveness is included in the income statement within net trading income.
There was no gain or loss in either 2024 or 2023 reclassified from the cash flow hedging reserve for which hedge accounting had previously
been used but for which the hedged future cash flows are no longer expected to occur.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-976": { "value": "Note 16: Measurement basis of financial assets and liabilities The accounting policies in note 2 describe how different classes of financial instruments are measured, and how income and expenses, including fair value gains and losses, are recognised. The following table analyses the carrying amounts of the financial assets and liabilities by category and by balance sheet heading.
Mandatorily held at
Derivatives fair value through Designated
At fair value
designated profit or loss
at fair value
through other
Held at Insurance-
as hedging Held for
through
comprehensive amortised related
instruments trading Other
profit or loss
income cost contracts Total
At 31 December 2024
\u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and balances at central banks
\u2013
\u2013
\u2013
\u2013
\u2013
62,705
\u2013
62,705
Financial assets at fair value through
profit or loss
\u2013
25,450
190,475
\u2013
\u2013
\u2013
\u2013
215,925
Derivative financial instruments
48
24,017
\u2013
\u2013
\u2013
\u2013
\u2013
24,065
Loans and advances to banks
\u2013
\u2013
\u2013
\u2013
\u2013
7,900
\u2013
7,900
Loans and advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
459,857
\u2013
459,857
Reverse repurchase agreements
\u2013
\u2013
\u2013
\u2013
\u2013
49,476
\u2013
49,476
Debt securities
\u2013
\u2013
\u2013
\u2013
\u2013
14,544
\u2013
14,544
Financial assets at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
531,777
\u2013
531,777
Financial assets at fair value through other
comprehensive income
\u2013
\u2013
\u2013
\u2013
30,690
\u2013
\u2013
30,690
Other
\u2013
\u2013
\u2013
\u2013
\u2013
173
5,481
5,654
Total financial assets
48
49,467
190,475
\u2013
30,690
594,655
5,481
870,816
Financial liabilities
Deposits from banks
\u2013
\u2013
\u2013
\u2013
\u2013
6,158
\u2013
6,158
Customer deposits
\u2013
\u2013
\u2013
\u2013
\u2013
482,745
\u2013
482,745
Repurchase agreements at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
37,760
\u2013
37,760
Financial liabilities at fair value through
profit or loss
\u2013
22,981
\u2013
4,630
\u2013
\u2013
\u2013
27,611
Derivative financial instruments
355
21,321
\u2013
\u2013
\u2013
\u2013
\u2013
21,676
Notes in circulation
\u2013
\u2013
\u2013
\u2013
\u2013
2,121
\u2013
2,121
Debt securities in issue at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
70,834
\u2013
70,834
Liabilities arising from insurance and
participating investment contracts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
122,064
122,064
Liabilities arising from non-participating
investment contracts
\u2013
\u2013
\u2013
51,228
\u2013
\u2013
\u2013
51,228
Other
\u2013
\u2013
\u2013
\u2013
\u2013
1,708
5,278
6,986
Subordinated liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
10,089
\u2013
10,089
Total financial liabilities
355
44,302
\u2013
55,858
\u2013
611,415
127,342
839,272
Offsetting of financial assets and liabilities
Related amounts where set off in the balance Potential
sheet not permitted
1
net amounts
Gross Amount Net amounts Cash Non-cash Master if offset
amounts of offset in presented in collateral collateral netting and of related
assets and the balance the balance (received)/ (received)/ similar amounts
liabilities
sheet
2
sheet pledged pledged agreements permitted
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative assets
60,118
(36,053)
24,065
(4,071)
(4,139)
(10,522)
5,333
Derivative liabilities
(60,150)
38,474
(21,676)
3,853
1,514
10,522
(5,787)
Net position
(32)
2,421
2,389
(218)
(2,625)
\u2013
(454)
Reverse repurchase agreements held at fair value
35,463
(14,997)
20,466
362
(20,389)
\u2013
439
Repurchase agreements held at fair value
(35,561)
14,997
(20,564)
31
19,991
\u2013
(542)
Net position
(98)
\u2013
(98)
393
(398)
\u2013
(103)
Reverse repurchase agreements held at amortised cost
60,282
(10,806)
49,476
257
(49,341)
\u2013
392
Repurchase agreements held at amortised cost
(48,566)
10,806
(37,760)
8
37,427
\u2013
(325)
Net position
11,716
\u2013
11,716
265
(11,914)
\u2013
67
1 The Group enters into derivatives and repurchase and reverse repurchase agreements with various counterparties which are governed by industry standard master netting agreements. The Group holds and provides cash and securities collateral in respect of derivative transactions covered by these agreements. The right to set off balances under these master netting agreements or to set off cash and securities collateral only arises in the event of non-payment or default and, as a result, these arrangements do not qualify for offsetting under IAS 32. 2 The amounts offset in the balance sheet as shown above meet the criteria for offsetting under IAS 32. The format of the table above has been updated to give a clearer view of the net exposures of the Group.
Mandatorily held at
Derivatives fair value through Designated
At fair value
designated profit or loss
at fair value
through other
Held at Insurance-
as hedging Held for
through
comprehensive amortised related
instruments trading Other
profit or loss
income cost contracts Total
At 31 December 2023
\u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and balances at central banks
\u2013
\u2013
\u2013
\u2013
\u2013
78,110
\u2013
78,110
Financial assets at fair value through
profit or loss
\u2013
21,638
181,680
\u2013
\u2013
\u2013
\u2013
203,318
Derivative financial instruments
103
22,253
\u2013
\u2013
\u2013
\u2013
\u2013
22,356
Loans and advances to banks
\u2013
\u2013
\u2013
\u2013
\u2013
10,764
\u2013
10,764
Loans and advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
449,745
\u2013
449,745
Reverse repurchase agreements
\u2013
\u2013
\u2013
\u2013
\u2013
38,771
\u2013
38,771
Debt securities
\u2013
\u2013
\u2013
\u2013
\u2013
15,355
\u2013
15,355
Financial assets at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
514,635
\u2013
514,635
Financial assets at fair value through other
comprehensive income
\u2013
\u2013
\u2013
\u2013
27,592
\u2013
\u2013
27,592
Other
\u2013
\u2013
\u2013
\u2013
\u2013
299
443
742
Total financial assets
103
43,891
181,680
\u2013
27,592
593,044
443
846,753
Financial liabilities
Deposits from banks
\u2013
\u2013
\u2013
\u2013
\u2013
6,153
\u2013
6,153
Customer deposits
\u2013
\u2013
\u2013
\u2013
\u2013
471,396
\u2013
471,396
Repurchase agreements at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
37,703
\u2013
37,703
Financial liabilities at fair value through
profit or loss
\u2013
19,631
\u2013
5,283
\u2013
\u2013
\u2013
24,914
Derivative financial instruments
505
19,644
\u2013
\u2013
\u2013
\u2013
\u2013
20,149
Notes in circulation
\u2013
\u2013
\u2013
\u2013
\u2013
1,392
\u2013
1,392
Debt securities in issue at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
75,592
\u2013
75,592
Liabilities arising from insurance and
participating investment contracts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
120,123
120,123
Liabilities arising from non-participating
investment contracts
\u2013
\u2013
\u2013
44,978
\u2013
\u2013
\u2013
44,978
Other
\u2013
\u2013
\u2013
\u2013
\u2013
1,960
8
1,968
Subordinated liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
10,253
\u2013
10,253
Total financial liabilities
505
39,275
\u2013
50,261
\u2013
604,449
120,131
814,621
Offsetting of financial assets and liabilities
Related amounts where set off in the balance Potential
sheet not permitted
1
net amounts
Gross Amount Net amounts Cash Non-cash if offset
amounts of offset in the presented in collateral collateral Master netting of related
assets and balance the balance (received)/ (received)/ and similar amounts
liabilities
sheet
2
sheet pledged pledged agreements permitted
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative assets
61,820
(39,464)
22,356
(3,361)
(2,869)
(9,862)
6,264
Derivative liabilities
(62,273)
42,124
(20,149)
4,146
2,905
9,862
(3,236)
Net position
(453)
2,660
2,207
785
36
\u2013
3,028
Reverse repurchase agreements held at fair value
29,778
(12,365)
17,413
(75)
(17,226)
\u2013
112
Repurchase agreements held at fair value
(30,422)
12,365
(18,057)
(102)
18,043
\u2013
(116)
Net position
(644)
\u2013
(644)
(177)
817
\u2013
(4)
Reverse repurchase agreements held at amortised cost
46,157
(7,386)
38,771
71
(38,581)
\u2013
261
Repurchase agreements held at amortised cost
(45,089)
7,386
(37,703)
(60)
37,715
\u2013
(48)
Net position
1,068
\u2013
1,068
11
(866)
\u2013
213
1 The Group enters into derivatives and repurchase and reverse repurchase agreements with various counterparties which are governed by industry standard master netting agreements. The Group holds and provides cash and securities collateral in respect of derivative transactions covered by these agreements. The right to set off balances under these master netting agreements or to set off cash and securities collateral only arises in the event of non-payment or default and, as a result, these arrangements do not qualify for offsetting under IAS 32. 2 The amounts offset in the balance sheet as shown above meet the criteria for offsetting under IAS 32. The format of the table above has been updated to give a clearer view of the net exposures of the Group.
(1) Fair value measurement
Fair value is the price that would be received on sale of an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. It is a measure as at a specific date and may be significantly different from the amount which will
actually be paid or received on maturity or settlement date.
Wherever possible, fair values have been calculated using unadjusted quoted market prices in active markets for identical instruments to
those held by the Group. Where quoted market prices are not available, or are unreliable because of poor liquidity, fair values have been
determined using valuation techniques which, to the extent possible, use market observable inputs, but in some cases use non-market
observable inputs. Valuation techniques used include discounted cash flow analysis and pricing models and, where appropriate,
comparison to instruments with characteristics similar to those of the instruments held by the Group. The Group measures valuation
adjustments for its derivative exposures on the same basis as the derivatives are managed.
The carrying amount of the following financial instruments is a reasonable approximation of fair value: cash and balances at central banks,
items in the course of collection from banks, items in course of transmission to banks and notes in circulation. Liabilities arising from non-
participating investment contracts are carried at fair value.
Because a variety of estimation techniques are employed and significant estimates made, comparisons of fair values between financial
institutions may not be meaningful. Readers of these financial statements are thus advised to use caution when using this data to evaluate
the Group\u2019s financial position.
Fair value information is not provided for items that are not financial instruments or for other assets and liabilities which are not carried at
fair value in the Group\u2019s consolidated balance sheet. These items include intangible assets, property, plant and equipment, and
shareholders\u2019 equity. These items are material and accordingly the Group believes that any fair value information presented would not
represent the underlying value of the Group.
Valuation control framework
The key elements of the control framework for the valuation of financial instruments include model validation, product implementation
review and independent price verification. These functions are carried out by appropriately skilled risk and finance teams, independent of
the business area responsible for the products.
Model validation covers both qualitative and quantitative elements relating to new models. In respect of new products, a product
implementation review is conducted pre and post-trading. Pre-trade testing ensures that the new model is integrated into the Group\u2019s
systems and that the profit and loss and risk reporting are consistent throughout the trade lifecycle. Post-trade testing examines the
explanatory power of the implemented model, actively monitoring model parameters and comparing in-house pricing to external sources.
Independent price verification procedures cover financial instruments carried at fair value and are performed at a minimum on a monthly
basis. Valuation differences in breach of established thresholds are escalated to senior management. The results from independent pricing
and valuation reserves are reviewed monthly by senior management.
Formal committees, consisting of senior risk, finance and business management, meet at least quarterly to discuss and approve valuations
in more judgemental areas, in particular for unquoted equities, structured credit, derivatives and the credit valuation adjustment (CVA),
funding valuation adjustment (FVA) and other valuation adjustments.
Valuation of financial assets and liabilities
Assets and liabilities carried at fair value or for which fair values are disclosed have been classified into three levels according to the quality
and reliability of information used to determine the fair values.
Level 1
Level 1 fair value measurements are those derived from unadjusted quoted prices in active markets for identical assets or liabilities.
Products classified as level 1 predominantly comprise listed equity shares, treasury bills and other government securities.
Level 2
Level 2 valuations are those where quoted market prices are not available, for example where the instrument is traded in a market that is
not considered to be active or valuation techniques are used to determine fair value and where these techniques use inputs that are based
significantly on observable market data. Examples of such financial instruments include most over-the-counter derivatives, financial
institution issued securities, certificates of deposit and certain asset-backed securities.
Level 3
Level 3 portfolios are those where at least one input which could have a significant effect on the instrument\u2019s valuation is not based on
observable market data. Such instruments would include the Group\u2019s venture capital and unlisted equity investments which are valued
using various valuation techniques that require significant management judgement in determining appropriate assumptions, including
earnings multiples and estimated future cash flows. Certain of the Group\u2019s asset-backed securities, loans and advances recognised at fair
value and derivatives are also classified as level 3.
Transfers in or out of the level 3 portfolio arise when inputs that could have a significant impact on the instrument\u2019s valuation become
unobservable or observable, or where an unobservable input becomes significant or insignificant to an instrument\u2019s value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-970": { "value": "Note 16: Measurement basis of financial assets and liabilities The accounting policies in note 2 describe how different classes of financial instruments are measured, and how income and expenses, including fair value gains and losses, are recognised. The following table analyses the carrying amounts of the financial assets and liabilities by category and by balance sheet heading.
Mandatorily held at
Derivatives fair value through Designated
At fair value
designated profit or loss
at fair value
through other
Held at Insurance-
as hedging Held for
through
comprehensive amortised related
instruments trading Other
profit or loss
income cost contracts Total
At 31 December 2024
\u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and balances at central banks
\u2013
\u2013
\u2013
\u2013
\u2013
62,705
\u2013
62,705
Financial assets at fair value through
profit or loss
\u2013
25,450
190,475
\u2013
\u2013
\u2013
\u2013
215,925
Derivative financial instruments
48
24,017
\u2013
\u2013
\u2013
\u2013
\u2013
24,065
Loans and advances to banks
\u2013
\u2013
\u2013
\u2013
\u2013
7,900
\u2013
7,900
Loans and advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
459,857
\u2013
459,857
Reverse repurchase agreements
\u2013
\u2013
\u2013
\u2013
\u2013
49,476
\u2013
49,476
Debt securities
\u2013
\u2013
\u2013
\u2013
\u2013
14,544
\u2013
14,544
Financial assets at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
531,777
\u2013
531,777
Financial assets at fair value through other
comprehensive income
\u2013
\u2013
\u2013
\u2013
30,690
\u2013
\u2013
30,690
Other
\u2013
\u2013
\u2013
\u2013
\u2013
173
5,481
5,654
Total financial assets
48
49,467
190,475
\u2013
30,690
594,655
5,481
870,816
Financial liabilities
Deposits from banks
\u2013
\u2013
\u2013
\u2013
\u2013
6,158
\u2013
6,158
Customer deposits
\u2013
\u2013
\u2013
\u2013
\u2013
482,745
\u2013
482,745
Repurchase agreements at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
37,760
\u2013
37,760
Financial liabilities at fair value through
profit or loss
\u2013
22,981
\u2013
4,630
\u2013
\u2013
\u2013
27,611
Derivative financial instruments
355
21,321
\u2013
\u2013
\u2013
\u2013
\u2013
21,676
Notes in circulation
\u2013
\u2013
\u2013
\u2013
\u2013
2,121
\u2013
2,121
Debt securities in issue at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
70,834
\u2013
70,834
Liabilities arising from insurance and
participating investment contracts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
122,064
122,064
Liabilities arising from non-participating
investment contracts
\u2013
\u2013
\u2013
51,228
\u2013
\u2013
\u2013
51,228
Other
\u2013
\u2013
\u2013
\u2013
\u2013
1,708
5,278
6,986
Subordinated liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
10,089
\u2013
10,089
Total financial liabilities
355
44,302
\u2013
55,858
\u2013
611,415
127,342
839,272
Offsetting of financial assets and liabilities
Related amounts where set off in the balance Potential
sheet not permitted
1
net amounts
Gross Amount Net amounts Cash Non-cash Master if offset
amounts of offset in presented in collateral collateral netting and of related
assets and the balance the balance (received)/ (received)/ similar amounts
liabilities
sheet
2
sheet pledged pledged agreements permitted
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative assets
60,118
(36,053)
24,065
(4,071)
(4,139)
(10,522)
5,333
Derivative liabilities
(60,150)
38,474
(21,676)
3,853
1,514
10,522
(5,787)
Net position
(32)
2,421
2,389
(218)
(2,625)
\u2013
(454)
Reverse repurchase agreements held at fair value
35,463
(14,997)
20,466
362
(20,389)
\u2013
439
Repurchase agreements held at fair value
(35,561)
14,997
(20,564)
31
19,991
\u2013
(542)
Net position
(98)
\u2013
(98)
393
(398)
\u2013
(103)
Reverse repurchase agreements held at amortised cost
60,282
(10,806)
49,476
257
(49,341)
\u2013
392
Repurchase agreements held at amortised cost
(48,566)
10,806
(37,760)
8
37,427
\u2013
(325)
Net position
11,716
\u2013
11,716
265
(11,914)
\u2013
67
1 The Group enters into derivatives and repurchase and reverse repurchase agreements with various counterparties which are governed by industry standard master netting agreements. The Group holds and provides cash and securities collateral in respect of derivative transactions covered by these agreements. The right to set off balances under these master netting agreements or to set off cash and securities collateral only arises in the event of non-payment or default and, as a result, these arrangements do not qualify for offsetting under IAS 32. 2 The amounts offset in the balance sheet as shown above meet the criteria for offsetting under IAS 32. The format of the table above has been updated to give a clearer view of the net exposures of the Group.
Mandatorily held at
Derivatives fair value through Designated
At fair value
designated profit or loss
at fair value
through other
Held at Insurance-
as hedging Held for
through
comprehensive amortised related
instruments trading Other
profit or loss
income cost contracts Total
At 31 December 2023
\u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and balances at central banks
\u2013
\u2013
\u2013
\u2013
\u2013
78,110
\u2013
78,110
Financial assets at fair value through
profit or loss
\u2013
21,638
181,680
\u2013
\u2013
\u2013
\u2013
203,318
Derivative financial instruments
103
22,253
\u2013
\u2013
\u2013
\u2013
\u2013
22,356
Loans and advances to banks
\u2013
\u2013
\u2013
\u2013
\u2013
10,764
\u2013
10,764
Loans and advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
449,745
\u2013
449,745
Reverse repurchase agreements
\u2013
\u2013
\u2013
\u2013
\u2013
38,771
\u2013
38,771
Debt securities
\u2013
\u2013
\u2013
\u2013
\u2013
15,355
\u2013
15,355
Financial assets at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
514,635
\u2013
514,635
Financial assets at fair value through other
comprehensive income
\u2013
\u2013
\u2013
\u2013
27,592
\u2013
\u2013
27,592
Other
\u2013
\u2013
\u2013
\u2013
\u2013
299
443
742
Total financial assets
103
43,891
181,680
\u2013
27,592
593,044
443
846,753
Financial liabilities
Deposits from banks
\u2013
\u2013
\u2013
\u2013
\u2013
6,153
\u2013
6,153
Customer deposits
\u2013
\u2013
\u2013
\u2013
\u2013
471,396
\u2013
471,396
Repurchase agreements at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
37,703
\u2013
37,703
Financial liabilities at fair value through
profit or loss
\u2013
19,631
\u2013
5,283
\u2013
\u2013
\u2013
24,914
Derivative financial instruments
505
19,644
\u2013
\u2013
\u2013
\u2013
\u2013
20,149
Notes in circulation
\u2013
\u2013
\u2013
\u2013
\u2013
1,392
\u2013
1,392
Debt securities in issue at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
75,592
\u2013
75,592
Liabilities arising from insurance and
participating investment contracts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
120,123
120,123
Liabilities arising from non-participating
investment contracts
\u2013
\u2013
\u2013
44,978
\u2013
\u2013
\u2013
44,978
Other
\u2013
\u2013
\u2013
\u2013
\u2013
1,960
8
1,968
Subordinated liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
10,253
\u2013
10,253
Total financial liabilities
505
39,275
\u2013
50,261
\u2013
604,449
120,131
814,621
Offsetting of financial assets and liabilities
Related amounts where set off in the balance Potential
sheet not permitted
1
net amounts
Gross Amount Net amounts Cash Non-cash if offset
amounts of offset in the presented in collateral collateral Master netting of related
assets and balance the balance (received)/ (received)/ and similar amounts
liabilities
sheet
2
sheet pledged pledged agreements permitted
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative assets
61,820
(39,464)
22,356
(3,361)
(2,869)
(9,862)
6,264
Derivative liabilities
(62,273)
42,124
(20,149)
4,146
2,905
9,862
(3,236)
Net position
(453)
2,660
2,207
785
36
\u2013
3,028
Reverse repurchase agreements held at fair value
29,778
(12,365)
17,413
(75)
(17,226)
\u2013
112
Repurchase agreements held at fair value
(30,422)
12,365
(18,057)
(102)
18,043
\u2013
(116)
Net position
(644)
\u2013
(644)
(177)
817
\u2013
(4)
Reverse repurchase agreements held at amortised cost
46,157
(7,386)
38,771
71
(38,581)
\u2013
261
Repurchase agreements held at amortised cost
(45,089)
7,386
(37,703)
(60)
37,715
\u2013
(48)
Net position
1,068
\u2013
1,068
11
(866)
\u2013
213
1 The Group enters into derivatives and repurchase and reverse repurchase agreements with various counterparties which are governed by industry standard master netting agreements. The Group holds and provides cash and securities collateral in respect of derivative transactions covered by these agreements. The right to set off balances under these master netting agreements or to set off cash and securities collateral only arises in the event of non-payment or default and, as a result, these arrangements do not qualify for offsetting under IAS 32. 2 The amounts offset in the balance sheet as shown above meet the criteria for offsetting under IAS 32. The format of the table above has been updated to give a clearer view of the net exposures of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-951": { "value": "Note 16: Measurement basis of financial assets and liabilities The accounting policies in note 2 describe how different classes of financial instruments are measured, and how income and expenses, including fair value gains and losses, are recognised. The following table analyses the carrying amounts of the financial assets and liabilities by category and by balance sheet heading.
Mandatorily held at
Derivatives fair value through Designated
At fair value
designated profit or loss
at fair value
through other
Held at Insurance-
as hedging Held for
through
comprehensive amortised related
instruments trading Other
profit or loss
income cost contracts Total
At 31 December 2024
\u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and balances at central banks
\u2013
\u2013
\u2013
\u2013
\u2013
62,705
\u2013
62,705
Financial assets at fair value through
profit or loss
\u2013
25,450
190,475
\u2013
\u2013
\u2013
\u2013
215,925
Derivative financial instruments
48
24,017
\u2013
\u2013
\u2013
\u2013
\u2013
24,065
Loans and advances to banks
\u2013
\u2013
\u2013
\u2013
\u2013
7,900
\u2013
7,900
Loans and advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
459,857
\u2013
459,857
Reverse repurchase agreements
\u2013
\u2013
\u2013
\u2013
\u2013
49,476
\u2013
49,476
Debt securities
\u2013
\u2013
\u2013
\u2013
\u2013
14,544
\u2013
14,544
Financial assets at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
531,777
\u2013
531,777
Financial assets at fair value through other
comprehensive income
\u2013
\u2013
\u2013
\u2013
30,690
\u2013
\u2013
30,690
Other
\u2013
\u2013
\u2013
\u2013
\u2013
173
5,481
5,654
Total financial assets
48
49,467
190,475
\u2013
30,690
594,655
5,481
870,816
Financial liabilities
Deposits from banks
\u2013
\u2013
\u2013
\u2013
\u2013
6,158
\u2013
6,158
Customer deposits
\u2013
\u2013
\u2013
\u2013
\u2013
482,745
\u2013
482,745
Repurchase agreements at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
37,760
\u2013
37,760
Financial liabilities at fair value through
profit or loss
\u2013
22,981
\u2013
4,630
\u2013
\u2013
\u2013
27,611
Derivative financial instruments
355
21,321
\u2013
\u2013
\u2013
\u2013
\u2013
21,676
Notes in circulation
\u2013
\u2013
\u2013
\u2013
\u2013
2,121
\u2013
2,121
Debt securities in issue at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
70,834
\u2013
70,834
Liabilities arising from insurance and
participating investment contracts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
122,064
122,064
Liabilities arising from non-participating
investment contracts
\u2013
\u2013
\u2013
51,228
\u2013
\u2013
\u2013
51,228
Other
\u2013
\u2013
\u2013
\u2013
\u2013
1,708
5,278
6,986
Subordinated liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
10,089
\u2013
10,089
Total financial liabilities
355
44,302
\u2013
55,858
\u2013
611,415
127,342
839,272
Offsetting of financial assets and liabilities
Related amounts where set off in the balance Potential
sheet not permitted
1
net amounts
Gross Amount Net amounts Cash Non-cash Master if offset
amounts of offset in presented in collateral collateral netting and of related
assets and the balance the balance (received)/ (received)/ similar amounts
liabilities
sheet
2
sheet pledged pledged agreements permitted
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative assets
60,118
(36,053)
24,065
(4,071)
(4,139)
(10,522)
5,333
Derivative liabilities
(60,150)
38,474
(21,676)
3,853
1,514
10,522
(5,787)
Net position
(32)
2,421
2,389
(218)
(2,625)
\u2013
(454)
Reverse repurchase agreements held at fair value
35,463
(14,997)
20,466
362
(20,389)
\u2013
439
Repurchase agreements held at fair value
(35,561)
14,997
(20,564)
31
19,991
\u2013
(542)
Net position
(98)
\u2013
(98)
393
(398)
\u2013
(103)
Reverse repurchase agreements held at amortised cost
60,282
(10,806)
49,476
257
(49,341)
\u2013
392
Repurchase agreements held at amortised cost
(48,566)
10,806
(37,760)
8
37,427
\u2013
(325)
Net position
11,716
\u2013
11,716
265
(11,914)
\u2013
67
1 The Group enters into derivatives and repurchase and reverse repurchase agreements with various counterparties which are governed by industry standard master netting agreements. The Group holds and provides cash and securities collateral in respect of derivative transactions covered by these agreements. The right to set off balances under these master netting agreements or to set off cash and securities collateral only arises in the event of non-payment or default and, as a result, these arrangements do not qualify for offsetting under IAS 32. 2 The amounts offset in the balance sheet as shown above meet the criteria for offsetting under IAS 32. The format of the table above has been updated to give a clearer view of the net exposures of the Group.
Mandatorily held at
Derivatives fair value through Designated
At fair value
designated profit or loss
at fair value
through other
Held at Insurance-
as hedging Held for
through
comprehensive amortised related
instruments trading Other
profit or loss
income cost contracts Total
At 31 December 2023
\u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and balances at central banks
\u2013
\u2013
\u2013
\u2013
\u2013
78,110
\u2013
78,110
Financial assets at fair value through
profit or loss
\u2013
21,638
181,680
\u2013
\u2013
\u2013
\u2013
203,318
Derivative financial instruments
103
22,253
\u2013
\u2013
\u2013
\u2013
\u2013
22,356
Loans and advances to banks
\u2013
\u2013
\u2013
\u2013
\u2013
10,764
\u2013
10,764
Loans and advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
449,745
\u2013
449,745
Reverse repurchase agreements
\u2013
\u2013
\u2013
\u2013
\u2013
38,771
\u2013
38,771
Debt securities
\u2013
\u2013
\u2013
\u2013
\u2013
15,355
\u2013
15,355
Financial assets at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
514,635
\u2013
514,635
Financial assets at fair value through other
comprehensive income
\u2013
\u2013
\u2013
\u2013
27,592
\u2013
\u2013
27,592
Other
\u2013
\u2013
\u2013
\u2013
\u2013
299
443
742
Total financial assets
103
43,891
181,680
\u2013
27,592
593,044
443
846,753
Financial liabilities
Deposits from banks
\u2013
\u2013
\u2013
\u2013
\u2013
6,153
\u2013
6,153
Customer deposits
\u2013
\u2013
\u2013
\u2013
\u2013
471,396
\u2013
471,396
Repurchase agreements at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
37,703
\u2013
37,703
Financial liabilities at fair value through
profit or loss
\u2013
19,631
\u2013
5,283
\u2013
\u2013
\u2013
24,914
Derivative financial instruments
505
19,644
\u2013
\u2013
\u2013
\u2013
\u2013
20,149
Notes in circulation
\u2013
\u2013
\u2013
\u2013
\u2013
1,392
\u2013
1,392
Debt securities in issue at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
75,592
\u2013
75,592
Liabilities arising from insurance and
participating investment contracts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
120,123
120,123
Liabilities arising from non-participating
investment contracts
\u2013
\u2013
\u2013
44,978
\u2013
\u2013
\u2013
44,978
Other
\u2013
\u2013
\u2013
\u2013
\u2013
1,960
8
1,968
Subordinated liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
10,253
\u2013
10,253
Total financial liabilities
505
39,275
\u2013
50,261
\u2013
604,449
120,131
814,621
Offsetting of financial assets and liabilities
Related amounts where set off in the balance Potential
sheet not permitted
1
net amounts
Gross Amount Net amounts Cash Non-cash if offset
amounts of offset in the presented in collateral collateral Master netting of related
assets and balance the balance (received)/ (received)/ and similar amounts
liabilities
sheet
2
sheet pledged pledged agreements permitted
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative assets
61,820
(39,464)
22,356
(3,361)
(2,869)
(9,862)
6,264
Derivative liabilities
(62,273)
42,124
(20,149)
4,146
2,905
9,862
(3,236)
Net position
(453)
2,660
2,207
785
36
\u2013
3,028
Reverse repurchase agreements held at fair value
29,778
(12,365)
17,413
(75)
(17,226)
\u2013
112
Repurchase agreements held at fair value
(30,422)
12,365
(18,057)
(102)
18,043
\u2013
(116)
Net position
(644)
\u2013
(644)
(177)
817
\u2013
(4)
Reverse repurchase agreements held at amortised cost
46,157
(7,386)
38,771
71
(38,581)
\u2013
261
Repurchase agreements held at amortised cost
(45,089)
7,386
(37,703)
(60)
37,715
\u2013
(48)
Net position
1,068
\u2013
1,068
11
(866)
\u2013
213
1 The Group enters into derivatives and repurchase and reverse repurchase agreements with various counterparties which are governed by industry standard master netting agreements. The Group holds and provides cash and securities collateral in respect of derivative transactions covered by these agreements. The right to set off balances under these master netting agreements or to set off cash and securities collateral only arises in the event of non-payment or default and, as a result, these arrangements do not qualify for offsetting under IAS 32. 2 The amounts offset in the balance sheet as shown above meet the criteria for offsetting under IAS 32. The format of the table above has been updated to give a clearer view of the net exposures of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-926": { "value": "Note 16: Measurement basis of financial assets and liabilities The accounting policies in note 2 describe how different classes of financial instruments are measured, and how income and expenses, including fair value gains and losses, are recognised. The following table analyses the carrying amounts of the financial assets and liabilities by category and by balance sheet heading.
Mandatorily held at
Derivatives fair value through Designated
At fair value
designated profit or loss
at fair value
through other
Held at Insurance-
as hedging Held for
through
comprehensive amortised related
instruments trading Other
profit or loss
income cost contracts Total
At 31 December 2024
\u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and balances at central banks
\u2013
\u2013
\u2013
\u2013
\u2013
62,705
\u2013
62,705
Financial assets at fair value through
profit or loss
\u2013
25,450
190,475
\u2013
\u2013
\u2013
\u2013
215,925
Derivative financial instruments
48
24,017
\u2013
\u2013
\u2013
\u2013
\u2013
24,065
Loans and advances to banks
\u2013
\u2013
\u2013
\u2013
\u2013
7,900
\u2013
7,900
Loans and advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
459,857
\u2013
459,857
Reverse repurchase agreements
\u2013
\u2013
\u2013
\u2013
\u2013
49,476
\u2013
49,476
Debt securities
\u2013
\u2013
\u2013
\u2013
\u2013
14,544
\u2013
14,544
Financial assets at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
531,777
\u2013
531,777
Financial assets at fair value through other
comprehensive income
\u2013
\u2013
\u2013
\u2013
30,690
\u2013
\u2013
30,690
Other
\u2013
\u2013
\u2013
\u2013
\u2013
173
5,481
5,654
Total financial assets
48
49,467
190,475
\u2013
30,690
594,655
5,481
870,816
Financial liabilities
Deposits from banks
\u2013
\u2013
\u2013
\u2013
\u2013
6,158
\u2013
6,158
Customer deposits
\u2013
\u2013
\u2013
\u2013
\u2013
482,745
\u2013
482,745
Repurchase agreements at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
37,760
\u2013
37,760
Financial liabilities at fair value through
profit or loss
\u2013
22,981
\u2013
4,630
\u2013
\u2013
\u2013
27,611
Derivative financial instruments
355
21,321
\u2013
\u2013
\u2013
\u2013
\u2013
21,676
Notes in circulation
\u2013
\u2013
\u2013
\u2013
\u2013
2,121
\u2013
2,121
Debt securities in issue at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
70,834
\u2013
70,834
Liabilities arising from insurance and
participating investment contracts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
122,064
122,064
Liabilities arising from non-participating
investment contracts
\u2013
\u2013
\u2013
51,228
\u2013
\u2013
\u2013
51,228
Other
\u2013
\u2013
\u2013
\u2013
\u2013
1,708
5,278
6,986
Subordinated liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
10,089
\u2013
10,089
Total financial liabilities
355
44,302
\u2013
55,858
\u2013
611,415
127,342
839,272
Offsetting of financial assets and liabilities
Related amounts where set off in the balance Potential
sheet not permitted
1
net amounts
Gross Amount Net amounts Cash Non-cash Master if offset
amounts of offset in presented in collateral collateral netting and of related
assets and the balance the balance (received)/ (received)/ similar amounts
liabilities
sheet
2
sheet pledged pledged agreements permitted
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative assets
60,118
(36,053)
24,065
(4,071)
(4,139)
(10,522)
5,333
Derivative liabilities
(60,150)
38,474
(21,676)
3,853
1,514
10,522
(5,787)
Net position
(32)
2,421
2,389
(218)
(2,625)
\u2013
(454)
Reverse repurchase agreements held at fair value
35,463
(14,997)
20,466
362
(20,389)
\u2013
439
Repurchase agreements held at fair value
(35,561)
14,997
(20,564)
31
19,991
\u2013
(542)
Net position
(98)
\u2013
(98)
393
(398)
\u2013
(103)
Reverse repurchase agreements held at amortised cost
60,282
(10,806)
49,476
257
(49,341)
\u2013
392
Repurchase agreements held at amortised cost
(48,566)
10,806
(37,760)
8
37,427
\u2013
(325)
Net position
11,716
\u2013
11,716
265
(11,914)
\u2013
67
1 The Group enters into derivatives and repurchase and reverse repurchase agreements with various counterparties which are governed by industry standard master netting agreements. The Group holds and provides cash and securities collateral in respect of derivative transactions covered by these agreements. The right to set off balances under these master netting agreements or to set off cash and securities collateral only arises in the event of non-payment or default and, as a result, these arrangements do not qualify for offsetting under IAS 32. 2 The amounts offset in the balance sheet as shown above meet the criteria for offsetting under IAS 32. The format of the table above has been updated to give a clearer view of the net exposures of the Group.
Mandatorily held at
Derivatives fair value through Designated
At fair value
designated profit or loss
at fair value
through other
Held at Insurance-
as hedging Held for
through
comprehensive amortised related
instruments trading Other
profit or loss
income cost contracts Total
At 31 December 2023
\u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and balances at central banks
\u2013
\u2013
\u2013
\u2013
\u2013
78,110
\u2013
78,110
Financial assets at fair value through
profit or loss
\u2013
21,638
181,680
\u2013
\u2013
\u2013
\u2013
203,318
Derivative financial instruments
103
22,253
\u2013
\u2013
\u2013
\u2013
\u2013
22,356
Loans and advances to banks
\u2013
\u2013
\u2013
\u2013
\u2013
10,764
\u2013
10,764
Loans and advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
449,745
\u2013
449,745
Reverse repurchase agreements
\u2013
\u2013
\u2013
\u2013
\u2013
38,771
\u2013
38,771
Debt securities
\u2013
\u2013
\u2013
\u2013
\u2013
15,355
\u2013
15,355
Financial assets at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
514,635
\u2013
514,635
Financial assets at fair value through other
comprehensive income
\u2013
\u2013
\u2013
\u2013
27,592
\u2013
\u2013
27,592
Other
\u2013
\u2013
\u2013
\u2013
\u2013
299
443
742
Total financial assets
103
43,891
181,680
\u2013
27,592
593,044
443
846,753
Financial liabilities
Deposits from banks
\u2013
\u2013
\u2013
\u2013
\u2013
6,153
\u2013
6,153
Customer deposits
\u2013
\u2013
\u2013
\u2013
\u2013
471,396
\u2013
471,396
Repurchase agreements at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
37,703
\u2013
37,703
Financial liabilities at fair value through
profit or loss
\u2013
19,631
\u2013
5,283
\u2013
\u2013
\u2013
24,914
Derivative financial instruments
505
19,644
\u2013
\u2013
\u2013
\u2013
\u2013
20,149
Notes in circulation
\u2013
\u2013
\u2013
\u2013
\u2013
1,392
\u2013
1,392
Debt securities in issue at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
75,592
\u2013
75,592
Liabilities arising from insurance and
participating investment contracts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
120,123
120,123
Liabilities arising from non-participating
investment contracts
\u2013
\u2013
\u2013
44,978
\u2013
\u2013
\u2013
44,978
Other
\u2013
\u2013
\u2013
\u2013
\u2013
1,960
8
1,968
Subordinated liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
10,253
\u2013
10,253
Total financial liabilities
505
39,275
\u2013
50,261
\u2013
604,449
120,131
814,621
Offsetting of financial assets and liabilities
Related amounts where set off in the balance Potential
sheet not permitted
1
net amounts
Gross Amount Net amounts Cash Non-cash if offset
amounts of offset in the presented in collateral collateral Master netting of related
assets and balance the balance (received)/ (received)/ and similar amounts
liabilities
sheet
2
sheet pledged pledged agreements permitted
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative assets
61,820
(39,464)
22,356
(3,361)
(2,869)
(9,862)
6,264
Derivative liabilities
(62,273)
42,124
(20,149)
4,146
2,905
9,862
(3,236)
Net position
(453)
2,660
2,207
785
36
\u2013
3,028
Reverse repurchase agreements held at fair value
29,778
(12,365)
17,413
(75)
(17,226)
\u2013
112
Repurchase agreements held at fair value
(30,422)
12,365
(18,057)
(102)
18,043
\u2013
(116)
Net position
(644)
\u2013
(644)
(177)
817
\u2013
(4)
Reverse repurchase agreements held at amortised cost
46,157
(7,386)
38,771
71
(38,581)
\u2013
261
Repurchase agreements held at amortised cost
(45,089)
7,386
(37,703)
(60)
37,715
\u2013
(48)
Net position
1,068
\u2013
1,068
11
(866)
\u2013
213
1 The Group enters into derivatives and repurchase and reverse repurchase agreements with various counterparties which are governed by industry standard master netting agreements.
The Group holds and provides cash and securities collateral in respect of derivative transactions covered by these agreements. The right to set off balances under these master netting
agreements or to set off cash and securities collateral only arises in the event of non-payment or default and, as a result, these arrangements do not qualify for offsetting under IAS 32.
2 The amounts offset in the balance sheet as shown above meet the criteria for offsetting under IAS 32.
The format of the table above has been updated to give a clearer view of the net exposures of the Group.
(2) Financial assets and liabilities carried at fair value (A) Financial assets (excluding derivatives) Valuation hierarchy At 31 December 2024, the Group\u2019s financial assets (excluding derivatives) carried at fair value totalled \u00a3246,615 million (2023: \u00a3230,910 million). The table below analyses these financial assets by balance sheet classification, asset type and valuation methodology (level 1, 2 or 3, as described above). The fair value measurement approach is recurring in nature. There were no significant transfers between level 1 and 2 during the year. For amounts included below which are subject to repurchase and reverse repurchase agreements see page 180.
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Trading assets
Loans and advances to customers
\u2013
621
\u2013
621
Reverse repurchase agreements
\u2013
20,466
\u2013
20,466
Debt securities:
Government securities
3,473
\u2013
\u2013
3,473
Asset-backed securities
\u2013
149
\u2013
149
Corporate and other debt securities
\u2013
741
\u2013
741
3,473
890
\u2013
4,363
Total trading assets
3,473
21,977
\u2013
25,450
Other financial assets mandatorily held at fair value through profit or loss
Loans and advances to banks
\u2013
2,787
\u2013
2,787
Loans and advances to customers
\u2013
2,418
6,010
8,428
Debt securities:
Government securities
7,091
2
\u2013
7,093
Other public sector securities
\u2013
2,288
\u2013
2,288
Bank and building society certificates of deposit
\u2013
8,667
\u2013
8,667
Asset-backed securities
\u2013
285
367
652
Corporate and other debt securities
\u2013
14,722
2,161
16,883
7,091
25,964
2,528
35,583
Treasury and other bills
32
\u2013
\u2013
32
Equity shares
131,767
\u2013
1,351
133,118
Contracts held with reinsurers
\u2013
10,527
\u2013
10,527
Total other financial assets mandatorily held at fair value through profit or loss
1
138,890
41,696
9,889
190,475
Total financial assets at fair value through profit or loss
142,363
63,673
9,889
215,925
Financial assets at fair value through other comprehensive income
Debt securities:
Government securities
15,146
115
\u2013
15,261
Asset-backed securities
\u2013
149
48
197
Corporate and other debt securities
1,152
13,755
\u2013
14,907
16,298
14,019
48
30,365
Equity shares
\u2013
\u2013
325
325
Total financial assets at fair value through other comprehensive income
16,298
14,019
373
30,690
Total financial assets (excluding derivatives) at fair value
158,661
77,692
10,262
246,615
1 Other financial assets mandatorily at fair value through profit or loss include assets backing insurance contracts and investment contracts of \u00a3185,201 million. Included within these assets are investments in unconsolidated structured entities of \u00a386,630 million; see note 39.
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2023
Trading assets
Loans and advances to customers
\u2013
23
\u2013
23
Reverse repurchase agreements
\u2013
17,413
\u2013
17,413
Debt securities:
Government securities
3,596
\u2013
\u2013
3,596
Asset-backed securities
\u2013
77
\u2013
77
Corporate and other debt securities
\u2013
529
\u2013
529
3,596
606
\u2013
4,202
Total trading assets
3,596
18,042
\u2013
21,638
Other financial assets mandatorily held at fair value through profit or loss
Loans and advances to banks
\u2013
3,127
\u2013
3,127
Loans and advances to customers
\u2013
1,992
7,890
9,882
Debt securities:
Government securities
8,005
4
\u2013
8,009
Other public sector securities
10
2,300
\u2013
2,310
Bank and building society certificates of deposit
\u2013
7,504
\u2013
7,504
Asset-backed securities
\u2013
327
186
513
Corporate and other debt securities
\u2013
18,061
2,064
20,125
8,015
28,196
2,250
38,461
Treasury and other bills
51
\u2013
\u2013
51
Equity shares
117,194
\u2013
1,541
118,735
Contracts held with reinsurers
\u2013
11,424
\u2013
11,424
Total other financial assets mandatorily held at fair value through profit or loss
1
125,260
44,739
11,681
181,680
Total financial assets at fair value through profit or loss
128,856
62,781
11,681
203,318
Financial assets at fair value through other comprehensive income
Debt securities:
Government securities
14,093
48
\u2013
14,141
Asset-backed securities
\u2013
121
52
173
Corporate and other debt securities
956
12,090
\u2013
13,046
15,049
12,259
52
27,360
Equity shares
\u2013
\u2013
232
232
Total financial assets at fair value through other comprehensive income
15,049
12,259
284
27,592
Total financial assets (excluding derivatives) at fair value
143,905
75,040
11,965
230,910
1 Other financial assets mandatorily at fair value through profit or loss include assets backing insurance contracts and investment contracts of \u00a3176,475 million. Included within these assets are investments in unconsolidated structured entities of \u00a376,426 million; see note 39. Movements in level 3 portfolio The table below analyses movements in level 3 financial assets (excluding derivatives) at fair value, recurring basis.
2024
2023
Financial
Total level 3
Financial
Total level 3
Financial
assets at
financial assets Financial
assets at
financial assets
assets at
fair value
(excluding assets at
fair value
(excluding
fair value
through other
derivatives)
fair value
through other
derivatives)
through
comprehensive at fair value,
through
comprehensive at fair value,
profit or loss
income recurring basis
profit or loss
income recurring basis
\u00a3m
\u00a3m \u00a3m
\u00a3m
\u00a3m \u00a3m
At 1 January
11,681
284
11,965
11,304
342
11,646
Exchange and other adjustments
1
(3)
(2)
(4)
(1)
(5)
Gains (losses) recognised in the income statement
within other income
352
3
355
723
6
729
Gains (losses) recognised in other comprehensive
income within the revaluation reserve in respect of
financial assets at fair value through other
comprehensive income
\u2013
92
92
\u2013
(54)
(54)
Purchases/increases to customer loans
1,080
\u2013
1,080
744
3
747
Sales/repayments of customer loans
(3,266)
(3)
(3,269)
(1,140)
(12)
(1,152)
Transfers into the level 3 portfolio
84
\u2013
84
136
\u2013
136
Transfers out of the level 3 portfolio
(43)
\u2013
(43)
(82)
\u2013
(82)
At 31 December
9,889
373
10,262
11,681
284
11,965
Gains (losses) recognised in the income statement,
within other income, relating to the change in fair
value of those assets held at 31 December
186
(1)
185
654
\u2013
654
Valuation methodology for financial assets (excluding derivatives) Loans and advances to banks and customers The fair value of these assets is determined using discounted cash flow techniques. The discount rates are derived from market observable interest rates, a risk margin that reflects loan credit ratings and an incremental illiquidity premium based on historical spreads at origination on similar loans. Reverse repurchase agreements The fair value of these assets is determined using discounted cash flow techniques. The discount rates are derived from observable repurchase agreement rate curves specific to the type of security sold under the reverse repurchase agreement. Debt securities Debt securities measured at fair value and classified as level 2 are valued by discounting expected cash flows using an observable credit spread applicable to the particular instrument. Where there is limited trading activity in debt securities, the Group uses valuation models, consensus pricing information from third party pricing services and broker or lead manager quotes to determine an appropriate valuation. Debt securities are classified as level 3 if there is a significant valuation input that cannot be corroborated through market sources or where there are materially inconsistent values for an input. Asset classes classified as level 3 mainly comprise venture capital investments. Equity investments Unlisted equity and fund investments are valued using different techniques in accordance with the Group\u2019s valuation policy and International Private Equity and Venture Capital Guidelines. Depending on the business sector and the circumstances of the investment, unlisted equity valuations are based on earnings multiples, net asset values or discounted cash flows. \u2022 A number of earnings multiples are used in valuing the portfolio including price earnings, earnings before interest and tax and earnings before interest, tax, depreciation and amortisation. The particular multiple selected is appropriate for the size and type of business being valued and is derived by reference to the current market-based multiple. Consideration is given to the risk attributes, growth prospects and financial gearing of comparable businesses when selecting the appropriate multiple \u2022 Discounted cash flow valuations use estimated future cash flows, usually based on management forecasts, with the application of appropriate exit yields or terminal multiples and discounted using rates appropriate to the specific investment, business sector or recent economic rates of return. Recent transactions involving the sale of similar businesses may sometimes be used as a frame of reference in deriving an appropriate multiple \u2022 For fund investments the most recent capital account value calculated by the fund manager is used as the basis for the valuation and adjusted, if necessary, to align valuation techniques with the Group\u2019s valuation policy Unlisted equity investments and investments in property partnerships held in the life assurance funds are valued using third party valuations. Management take account of any pertinent information, such as recent transactions and information received on particular investments, to adjust the third party valuations where necessary. (B) Financial liabilities (excluding derivatives) Valuation hierarchy At 31 December 2024, the Group\u2019s financial liabilities (excluding derivatives) carried at fair value, comprised its financial liabilities at fair value through profit or loss and totalled \u00a327,611 million (2023: \u00a324,914 million). The table below analyses these financial liabilities by balance sheet classification and valuation methodology (level 1, 2 or 3, as described on page 260). The fair value measurement approach is recurring in nature. There were no significant transfers between level 1 and 2 during the year.
Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Trading liabilities
Liabilities in respect of securities sold under repurchase agreements
\u2013
20,564
\u2013
20,564
Short positions in securities
2,400
17
\u2013
2,417
Total trading liabilities
2,400
20,581
\u2013
22,981
Liabilities designated at fair value through profit or loss
Debt securities in issue
\u2013
4,608
22
4,630
Other
\u2013
\u2013
\u2013
\u2013
Total liabilities designated at fair value through profit or loss
\u2013
4,608
22
4,630
Total financial liabilities (excluding derivatives) at fair value
2,400
25,189
22
27,611
At 31 December 2023
Trading liabilities
Liabilities in respect of securities sold under repurchase agreements
\u2013
18,057
\u2013
18,057
Short positions in securities
1,569
5
\u2013
1,574
Total trading liabilities
1,569
18,062
\u2013
19,631
Liabilities designated at fair value through profit or loss
Debt securities in issue
\u2013
5,223
42
5,265
Other
\u2013
18
\u2013
18
Total liabilities designated at fair value through profit or loss
\u2013
5,241
42
5,283
Total financial liabilities (excluding derivatives) at fair value
1,569
23,303
42
24,914
Liabilities designated at fair value through profit or loss primarily represent debt securities in issue which either contain substantive embedded derivatives which would otherwise need to be recognised and measured at fair value separately from the related debt securities, or which are accounted for at fair value to significantly reduce an accounting mismatch. The amount contractually payable on maturity of the debt securities held at fair value through profit or loss at 31 December 2024 was \u00a39,863 million, which was \u00a35,233 million higher than the balance sheet carrying value (2023: \u00a310,433 million, which was \u00a35,167 million higher than the balance sheet carrying value). At 31 December 2024 there was a cumulative \u00a312 million decrease in the fair value of these liabilities attributable to changes in credit spread risk; this is determined by reference to the quoted credit spreads of Lloyds Bank plc, the issuing entity within the Group. Of the cumulative amount, an increase of \u00a378 million arose in 2024 and an increase of \u00a3234 million arose in 2023. For the fair value of collateral pledged in respect of repurchase agreements see page 180. In addition to the liabilities above, the Group\u2019s non-participating investment contracts are held at fair value through profit or loss and were all categorised as level 2. Movements in level 3 portfolio The table below analyses movements in the level 3 financial liabilities (excluding derivatives) at fair value portfolio. 2024 2023 \u00a3m \u00a3m At 1 January 42 45 Gains recognised in the income statement within other income 2 (1) Redemptions (3) (1) Transfers out of the level 3 portfolio (19) (1) At 31 December 22 42 Gains recognised in the income statement, within other income, relating to the change in fair value of those liabilities held at 31 December 3 Valuation methodology for financial liabilities (excluding derivatives) Liabilities held at fair value through profit or loss These principally comprise debt securities in issue which are classified as level 2 and their fair value is determined using techniques whose inputs are based on observable market data. The carrying amount of the securities is adjusted to reflect the effect of changes in own credit spreads and the resulting gain or loss is recognised in other comprehensive income. In the year ended 31 December 2024, the own credit adjustment arising from the fair valuation of \u00a34,630 million (2023: \u00a35,265 million) of the Group\u2019s debt securities in issue designated at fair value through profit or loss resulted in a loss of \u00a378 million (2023: loss of \u00a3234 million), before tax, recognised in other comprehensive income. Trading liabilities in respect of securities sold under repurchase agreements The fair value of these liabilities is determined using discounted cash flow techniques. The discount rates are derived from observable repurchase agreement rate curves specific to the type of security sold under the repurchase agreement. (C) Derivatives Valuation hierarchy All of the Group\u2019s derivative assets and liabilities are carried at fair value. At 31 December 2024, such assets totalled \u00a324,065 million (2023: \u00a322,356 million) and liabilities totalled \u00a321,676 million (2023: \u00a320,149 million). The table below analyses these derivative balances by valuation methodology (level 1, 2 or 3, as described on page 260). The fair value measurement approach is recurring in nature. There were no significant transfers between level 1 and level 2 during the year.
2024
2023
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Derivative assets
103
23,221
741
24,065
77
21,857
422
22,356
Derivative liabilities
(79)
(21,175)
(422)
(21,676)
(116)
(19,589)
(444)
(20,149)
Movements in level 3 portfolio The table below analyses movements in level 3 derivative assets and liabilities carried at fair value.
2024
2023
Derivative Derivative Derivative Derivative
assets liabilities assets liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
422
(444)
553
(608)
Exchange and other adjustments
(15)
7
(8)
5
Gains (losses) recognised in the income statement within other income
11
(7)
(104)
111
Purchases (additions)
5
(4)
19
(15)
(Sales) redemptions
(29)
53
(38)
63
Transfers into the level 3 portfolio
347
(27)
\u2013
\u2013
At 31 December
741
(422)
422
(444)
Gains (losses) recognised in the income statement, within other income, relating to the
change in fair value of those assets or liabilities held at 31 December
12
(7)
(72)
76
Valuation methodology for derivatives The Group\u2019s derivatives are valued using techniques including discounted cash flow and options pricing models, as appropriate. The types of derivatives classified as level 2 and the valuation techniques used include: \u2022 Interest rate swaps which are valued using discounted cash flow models; the most significant inputs into those models are interest rate yield curves which are developed from publicly quoted rates \u2022 Foreign exchange derivatives that do not contain options which are priced using rates available from publicly quoted sources \u2022 Credit derivatives are valued using standard models with observable inputs, including publicly available yield and credit default swap (CDS) curves \u2022 Less complex interest rate and foreign exchange option products which are valued using volatility surfaces developed from publicly available interest rate cap, interest rate swaption and other option volatilities; option volatility skew information is derived from a market standard consensus pricing service Complex interest rate products where inputs to the valuation are significant and unobservable are classified as level 3. Derivatives where the counterparty becomes distressed from a credit perspective are generally reclassified to level 3 given limited observability in all traded levels. (D) Sensitivity of level 3 valuations Critical accounting judgements and key sources of estimation uncertainty Key sources of estimation uncertainty: Interest rate spreads, credit spreads, earnings multiples, interest rate volatility and recovery rates The Group\u2019s valuation control framework and a description of level 1, 2 and 3 financial assets and liabilities is set out in section (1) above. The valuation techniques for level 3 financial instruments involve management judgement and estimates, the extent of which depends on the complexity of the instrument and the availability of market observable information. In addition, in line with market practice, the Group applies credit, debit and funding valuation adjustments in determining the fair value of its uncollateralised derivative positions. A description of these adjustments is set out in section (C) above. A quantitative analysis of the sensitivities to market risk arising from the Group\u2019s trading portfolios is set out in the tables marked audited on page 194.
2024
2023
Effect of reasonably possible Effect of reasonably possible
alternative assumptions
1
alternative assumptions
1
Carrying Favourable Unfavourable Carrying Favourable Unfavourable
Significant value changes changes value changes changes
Valuation techniques
unobservable inputs
2
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets at fair value through profit or loss
Loans and
Discounted cash flows
Interest rate
advances to spreads
customers (-241bps/
+131bps)
4
6,022
245
(231)
7,890
369
(351)
Debt securities
Discounted cash flows
Credit spreads
(+/- 17%)
5
621
35
(55)
445
39
(41)
Equity and
Market approach
Earnings multiple
venture capital
(3.5/15.0)
6
investments
2,267
150
(150)
2,228
131
(131)
Underlying asset/net n/a
asset value (incl.
property prices)
3
773
80
(84)
809
77
(99)
Unlisted equities, Underlying asset/net n/a
debt securities asset value (incl.
and property property prices),
partnerships in broker quotes or
the life funds discounted cash
flows
3
206
\u2013
(7)
309
7
(6)
9,889
11,681
Financial assets at fair value through other comprehensive income
Asset-backed Lead manager or n/a
securities broker quote/
consensus pricing
48
2
(2)
52
2
(2)
Equity and Underlying asset/net n/a
venture capital asset value (incl.
investments
property prices)
3
325
33
(33)
232
22
(22)
373
284
Derivative financial assets
Interest rate Option pricing Interest rate
options model volatility
(11%/183%)
7
394
4
(6)
422
6
(3)
Interest rate
Discounted cash flows
(+/- 8%)
derivatives uncertainty of
recovery rates
347
21
(21)
\u2013
\u2013
\u2013
741
422
Level 3 financial assets carried at fair value
11,003
12,387
Financial liabilities at fair value through profit or loss
Securitisation
Discounted cash flows
Interest rate
notes and other spreads
(+/\u2013 50bps)
8
22
1
(1)
42
1
(1)
Derivative financial liabilities
Interest rate
Option pricing model
Interest rate
derivatives volatility
(11%/183%)
7
422
17
(15)
444
10
(7)
Level 3 financial liabilities carried at fair value
444
486
1 Where the exposure to an unobservable input is managed on a net basis, only the net impact is shown in the table. 2 Ranges are shown where appropriate and represent the highest and lowest inputs used in the level 3 valuations. 3 Underlying asset/net asset values represent fair value. 4 2023: -50bps/+272bps. 5 2023: +/- 6%. 6 2023: 1.6/17.8. 7 2023: 13%/200%. 8 2023: +/- 50bps. Unobservable inputs Significant unobservable inputs affecting the valuation of debt securities, unlisted equity investments and derivatives are as follows: \u2022 Credit spreads represent the premium above the benchmark reference instrument required to compensate for lower credit quality; higher spreads lead to a lower fair value \u2022 Volatility parameters represent key attributes of option behaviour; higher volatilities typically denote a wider range of possible outcomes \u2022 Earnings multiples are used to value certain unlisted equity investments. The earnings multiples used are derived from those of listed entities operating in the same sector with adjustments made for factors such as the size of the company and the quality of its earnings. The majority of the Group\u2019s venture capital investments are valued using an estimate of the company\u2019s maintainable earnings before interest, tax, depreciation and amortisation and in accordance with the International Private Equity and Venture Capital Valuation Guidelines. A higher earnings multiple will result in a higher fair value Reasonably possible alternative assumptions Valuation techniques applied to many of the Group\u2019s level 3 instruments often involve the use of two or more inputs whose relationship is interdependent. The calculation of the effect of reasonably possible alternative assumptions included in the table above reflects such relationships. Debt securities Reasonably possible alternative assumptions have been determined in respect of the Group\u2019s structured credit investments by flexing credit spreads. Derivatives Reasonably possible alternative assumptions have been determined in respect of swaptions in the Group\u2019s derivative portfolios which are priced using industry standard option pricing models. Such models require interest rate volatilities which may be unobservable at longer maturities. To derive reasonably possible alternative valuations these volatility parameters have been flexed within a range of 11 per cent to 183 per cent (2023: 13 per cent to 200 per cent). Further reasonably possible alternative assumptions have been determined in respect of the recovery rate on distressed derivatives, with recovery rates flexed by 8 per cent in order to determine possible alternative valuations. Unlisted equity, venture capital investments and investments in property partnerships The valuation techniques used for unlisted equity and venture capital investments vary depending on the nature of the investment. Reasonably possible alternative valuations for these investments have been calculated by reference to the approach taken, as appropriate to the business sector and investment circumstances and as such the following inputs have been considered: \u2022 For valuations derived from earnings multiples, consideration is given to the risk attributes, growth prospects and financial gearing of comparable businesses when selecting an appropriate multiple \u2022 The discount rates used in discounted cash flow valuations \u2022 In line with International Private Equity and Venture Capital Guidelines, the values of underlying investments in fund investment portfolios (3) Financial assets and liabilities carried at amortised cost (A) Financial assets Valuation hierarchy The table below analyses the fair values of those financial assets of the Group which are carried at amortised cost by valuation methodology (level 1, 2 or 3, as described on page 260). Financial assets carried at amortised cost are mainly classified as level 3 due to significant unobservable inputs used in the valuation models. Where inputs are observable, debt securities are classified as level 1 or 2.
Carrying Fair Valuation hierarchy
value value Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Loans and advances to banks
7,900
7,892
\u2013
\u2013
7,892
Loans and advances to customers
459,857
455,846
\u2013
\u2013
455,846
Reverse repurchase agreements
49,476
49,476
\u2013
49,476
\u2013
Debt securities
14,544
14,380
\u2013
11,980
2,400
At 31 December 2023
Loans and advances to banks
10,764
10,764
\u2013
\u2013
10,764
Loans and advances to customers
449,745
439,449
\u2013
\u2013
439,449
Reverse repurchase agreements
38,771
38,771
\u2013
38,771
\u2013
Debt securities
15,355
15,139
\u2013
10,939
4,200
The carrying amount of the following financial instruments is a reasonable approximation of fair value: cash and balances at central banks, items in the course of collection from banks, items in course of transmission to banks and notes in circulation. Valuation methodology Loans and advances to banks The carrying value of short-dated loans and advances to banks is assumed to be their fair value. The fair value of other loans and advances to banks is estimated by discounting the anticipated cash flows at a market discount rate adjusted for the credit spread of the obligor or, where not observable, the credit spread of borrowers of similar credit quality. Loans and advances to customers The Group provides loans and advances to commercial, corporate and personal customers at both fixed and variable rates. To determine the fair value of loans and advances to customers, loans are segregated into portfolios of similar characteristics. A number of techniques are used to estimate the fair value of fixed rate lending; these take account of expected credit losses based on historic trends, prevailing market interest rates and expected future cash flows. For retail exposures, fair value is usually estimated by discounting anticipated cash flows (including interest at contractual rates) at market rates for similar loans offered by the Group and other financial institutions. Certain loans secured on residential properties are made at a fixed rate for a limited period, typically two to five years, after which the loans revert to the relevant variable rate. The fair value of such loans is estimated by reference to market rates for similar loans of maturity equal to the remaining fixed interest rate period. The fair value of commercial loans is estimated by discounting anticipated cash flows at a rate which reflects the effects of interest rate changes, adjusted for changes in credit risk. Reverse repurchase agreements The carrying amount is deemed a reasonable approximation of fair value given the short-term nature of these instruments. Debt securities The fair values of debt securities are determined predominantly from lead manager quotes and, where these are not available, by alternative techniques including reference to credit spreads on similar assets with the same obligor, market standard consensus pricing services, broker quotes and other research data. (B) Financial liabilities Valuation hierarchy The table below analyses the fair values of those financial liabilities of the Group which are carried at amortised cost by valuation methodology (level 1, 2 or 3, as described on page 260).
Carrying Fair Valuation hierarchy
value value Level 1 Level 2 Level 3
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Deposits from banks
6,158
6,158
\u2013
6,158
\u2013
Customer deposits
482,745
483,568
\u2013
483,568
\u2013
Repurchase agreements at amortised cost
37,760
37,760
\u2013
37,760
\u2013
Debt securities in issue at amortised cost
70,834
70,894
\u2013
70,894
\u2013
Subordinated liabilities
10,089
10,419
\u2013
10,419
\u2013
At 31 December 2023
Deposits from banks
6,153
6,153
\u2013
6,153
\u2013
Customer deposits
471,396
471,857
\u2013
471,857
\u2013
Repurchase agreements at amortised cost
37,703
37,703
\u2013
37,703
\u2013
Debt securities in issue at amortised cost
75,592
75,021
\u2013
75,021
\u2013
Subordinated liabilities
10,253
10,345
\u2013
10,345
\u2013
Valuation methodology Deposits from banks and customer deposits The fair value of bank and customer deposits repayable on demand is assumed to be equal to their carrying value. The fair value for all other deposits is estimated using discounted cash flows applying either market rates, where applicable, or current rates for deposits of similar remaining maturities. Repurchase agreements at amortised cost The carrying amount is deemed a reasonable approximation of fair value given the short-term nature of these instruments. Debt securities in issue at amortised cost The fair value of short-term debt securities in issue is approximately equal to their carrying value. Fair value for other debt securities in issue is calculated based on quoted market prices where available. Where quoted market prices are not available, fair value is estimated using discounted cash flow techniques at a rate which reflects market rates of interest and the Group\u2019s own credit spread. Subordinated liabilities The fair value of subordinated liabilities is determined by reference to quoted market prices where available or by reference to quoted market prices of similar instruments. Subordinated liabilities are classified as level 2, since the inputs used to determine their fair value are largely observable. (4) Reclassifications of financial assets There have been no reclassifications of financial assets in 2023 or 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-885": { "value": "
Note 18: Maturities of assets and liabilities
The table below analyses assets and liabilities of the Group, other than liabilities arising from insurance and investment contracts (including
those classified as disposal group liabilities), into relevant maturity groupings based on the remaining contractual period at the balance
sheet date; balances with no fixed maturity such as goodwill, other intangible assets and property, plant and equipment are included in the
over 5 years category. Liabilities arising from insurance and investment contracts are analysed on a behavioural basis. Certain deposit
balances, included in the table below on the basis of their residual maturity, are repayable on demand upon payment of a penalty.
The table is provided on a contractual basis. The Group\u2019s assets and liabilities may be repaid or otherwise mature earlier or later than
implied by their contractual terms and readers are, therefore, advised to use caution when using this data to evaluate the Group\u2019s liquidity
position. In particular, amounts in respect of customer deposits are usually contractually payable on demand or at short notice. However, in
practice, these deposits are not usually withdrawn on their contractual maturity.
Up to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5
month months months months months years years years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Assets
Cash and balances at central banks
62,705
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
62,705
Financial assets at fair value through profit or loss
13,096
6,843
6,680
3,675
2,837
4,244
11,030
167,520
215,925
Derivative financial instruments
2,405
2,302
1,079
774
659
1,237
3,062
12,547
24,065
Loans and advances to banks
2,842
1,350
903
452
187
583
1,579
4
7,900
Loans and advances to customers
18,748
12,747
15,375
12,271
11,010
34,790
67,901
287,015
459,857
Reverse repurchase agreements
22,793
13,356
6,945
2,764
1,524
1,355
739
\u2013
49,476
Debt securities
40
1,439
232
358
273
4,128
2,183
5,891
14,544
Financial assets at amortised cost
44,423
28,892
23,455
15,845
12,994
40,856
72,402
292,910
531,777
Financial assets at fair value through other
comprehensive income
8
178
39
140
728
3,908
11,746
13,943
30,690
Other assets
3,231
1,015
157
1,030
106
295
643
35,058
41,535
Total assets
125,868
39,230
31,410
21,464
17,324
50,540
98,883
521,978
906,697
Liabilities
Deposits from banks
1,783
669
540
171
171
350
2,413
61
6,158
Customer deposits
392,403
27,489
18,009
18,650
18,327
4,153
3,456
258
482,745
Repurchase agreements at amortised cost
8,698
5,140
1,660
\u2013
13,227
93
8,942
\u2013
37,760
Financial liabilities at fair value through profit or
loss
15,443
3,677
774
131
1,048
402
1,466
4,670
27,611
Derivative financial instruments
2,409
2,218
1,054
781
588
1,207
3,407
10,012
21,676
Debt securities in issue at amortised cost
3,222
10,190
6,074
4,265
2,089
8,190
26,525
10,279
70,834
Liabilities arising from insurance and participating
investment contracts
478
436
51
102
224
1,510
7,992
111,271
122,064
Liabilities arising from non-participating
investment contracts
419
646
1,058
1,211
1,165
4,362
9,807
32,560
51,228
Other liabilities
7,519
1,711
351
684
446
1,548
2,237
16,148
30,644
Subordinated liabilities
\u2013
638
277
\u2013
1,070
1,706
2,219
4,179
10,089
Total liabilities
432,374
52,814
29,848
25,995
38,355
23,521
68,464
189,438
860,809
Up to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5
month months months months months years years years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2023
Assets
Cash and balances at central banks
78,110
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
78,110
Financial assets at fair value through profit or loss
13,286
8,279
6,192
1,999
1,499
3,403
9,420
159,240
203,318
Derivative financial instruments
2,747
1,380
907
693
448
1,094
2,448
12,639
22,356
Loans and advances to banks
5,768
1,213
873
413
228
579
1,686
4
10,764
Loans and advances to customers
19,148
11,274
13,310
11,555
10,326
32,667
72,029
279,436
449,745
Reverse repurchase agreements
19,475
10,242
5,002
1,969
620
754
709
\u2013
38,771
Debt securities
427
185
7
93
297
2,588
5,742
6,016
15,355
Financial assets at amortised cost
44,818
22,914
19,192
14,030
11,471
36,588
80,166
285,456
514,635
Financial assets at fair value through other
comprehensive income
276
428
221
272
617
1,663
11,587
12,528
27,592
Other assets
1,901
1,024
71
777
65
137
160
31,307
35,442
Total assets
141,138
34,025
26,583
17,771
14,100
42,885
103,781
501,170
881,453
Liabilities
Deposits from banks
2,092
1,065
201
218
184
349
2,044
\u2013
6,153
Customer deposits
427,657
11,052
9,138
6,925
6,093
7,685
2,520
326
471,396
Repurchase agreements at amortised cost
3,222
4,057
23
2
\u2013
21,448
8,951
\u2013
37,703
Financial liabilities at fair value through profit or
loss
8,971
4,115
4,883
479
169
658
926
4,713
24,914
Derivative financial instruments
2,821
1,381
814
660
526
1,420
2,829
9,698
20,149
Debt securities in issue at amortised cost
1,954
8,057
9,260
5,873
4,554
12,489
24,418
8,987
75,592
Liabilities arising from insurance and participating
investment contracts
456
324
12
178
287
2,485
11,235
105,146
120,123
Liabilities arising from non-participating
investment contracts
348
527
789
787
776
4,280
9,517
27,954
44,978
Other liabilities
5,846
1,169
372
1,532
469
639
876
11,924
22,827
Subordinated liabilities
\u2013
\u2013
15
47
789
1,943
3,130
4,329
10,253
Total liabilities
453,367
31,747
25,507
16,701
13,847
53,396
66,446
173,077
834,088
Note 21: Allowance for expected credit losses
The Group recognises an allowance for expected credit losses (ECLs) for loans and advances to customers and banks, other financial assets
held at amortised cost, financial assets (other than equity investments) measured at fair value through other comprehensive income and
certain loan commitment and financial guarantee contracts. At 31 December 2024, the Group\u2019s expected credit loss allowance was
\u00a33,481 million (2023: \u00a34,084 million), of which \u00a33,211 million (2023: \u00a33,762 million) was in respect of drawn balances.
The Group\u2019s total expected credit loss allowances were as follows:
At 31 December 2024
At 31 December 2023
Stage 1 Stage 2 Stage 3 POCI Total Stage 1 Stage 2 Stage 3 POCI Total
Allowance for expected credit losses \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
In respect of:
Loans and advances to banks
1
\u2013
\u2013
\u2013
1
8
\u2013
\u2013
\u2013
8
UK mortgages
53
273
335
187
848
161
374
357
213
1,105
Credit cards
149
297
133
\u2013
579
168
401
130
\u2013
699
Other
329
326
227
\u2013
882
339
320
228
\u2013
887
Retail
531
896
695
187
2,309
668
1,095
715
213
2,691
Commercial Banking
205
264
413
\u2013
882
232
372
418
\u2013
1,022
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4
\u2013
4
Loans and advances to customers
736
1,160
1,108
187
3,191
900
1,467
1,137
213
3,717
Debt securities
3
\u2013
1
\u2013
4
7
2
2
\u2013
11
Financial assets at amortised cost
740
1,160
1,109
187
3,196
915
1,469
1,139
213
3,736
Other assets
7
\u2013
8
\u2013
15
16
\u2013
10
\u2013
26
Provisions in relation to loan
commitments and financial guarantees
142
126
2
\u2013
270
160
160
2
\u2013
322
Total
889
1,286
1,119
187
3,481
1,091
1,629
1,151
213
4,084
Expected credit loss in respect of financial
assets at fair value through other
comprehensive income (memorandum
item)
4
\u2013
\u2013
\u2013
4
7
\u2013
\u2013
\u2013
7
The calculation of the Group\u2019s expected credit loss allowances and provisions against loan commitments and guarantees, which are set out
above, requires the Group to make a number of judgements, assumptions and estimates. The most significant are set out below:
Critical accounting judgements and key sources of estimation uncertainty
Critical judgements: Determining an appropriate definition of default against which a probability of default, exposure at
default and loss given default parameter can be evaluated
Establishing the criteria for a significant increase in credit risk (SICR)
The individual assessment of material cases and the use of judgemental adjustments made to impairment
modelling processes that adjust inputs, parameters and outputs to reflect risks not captured by models
Key source of estimation uncertainty: Base case and multiple economic scenarios (MES) assumptions, including the rate of unemployment and
the rate of change of house prices, required for creation of MES scenarios and forward-looking credit
parameters
Definition of default
The probability of default (PD) of an exposure, both over a 12-month period and over its lifetime, is a key input to the measurement of the
ECL allowance. Default has occurred when there is evidence that the customer is experiencing significant financial difficulty which is likely
to affect the ability to repay amounts due. The definition of default adopted by the Group is described in note 2(H) Impairment of financial
assets. A Stage 3 asset that is no longer credit-impaired is transferred back to Stage 2 as no general probation period is applied to assets in
Stage 3. UK mortgages is an exception to this rule where a probation period is enforced for non-performing forborne and defaulted
exposures in accordance with prudential regulation.
Significant increase in credit risk
An ECL allowance equivalent to 12 months\u2019 expected losses is established against assets in Stage 1; assets classified as Stage 2 carry an ECL
allowance equivalent to lifetime expected losses. Assets are transferred from Stage 1 to Stage 2 when there has been a significant increase
in credit risk (SICR) since initial recognition. Credit-impaired assets are transferred to Stage 3 with a lifetime expected losses allowance. If
an exposure that is classified as Stage 2 no longer meets the SICR criteria, which in some cases capture customer behaviour in previous
periods, it is moved back to Stage 1.
The Group uses both quantitative and qualitative indicators to determine whether there has been a SICR for an asset. The setting of
precise trigger points combined with risk indicators requires judgement and the use of different trigger points may have a material impact
upon the ECL allowance. The Group monitors the effectiveness of SICR criteria on an ongoing basis.
For UK mortgages a reassessment of the SICR criteria was performed following redevelopment of the ECL model in the period, in order to
maintain SICR effectiveness. At 31 December 2024 a doubling of PD since origination was set as a quantitative SICR trigger. All originations
post IFRS 9 adoption incorporate forward looking information, and for recent Interest Only accounts the likelihood of default occurring at
the end of term. This is supplemented by qualitative triggers including where customers have surpassed their original contractual term
through use of term extensions, where fraud is evident, or where an account is in arrears.
For credit cards, loans and overdrafts an increase of three PD grades since origination on the retail master scale (RMS) shown below is set
as a quantitative SICR trigger. Assets are also assumed to have suffered a SICR if they have either been in arrears on three occasions, or in
default once, in the past 12 months.
RMS grade
1
2
3
4
5
6
7
8
9
10
11
12
13
14
PD boundary
1
(%)
0.10
0.40
0.80
1.20
2.50
4.50
7.50
10.00
14.00
20.00
30.00
45.00
99.99
100.00
1 Probability-weighted annualised lifetime probability of default.
For Commercial Banking a doubling of PD with a minimum increase in PD of 1 per cent since origination is treated as a SICR. This is
complemented with the use of internal credit risk classifications and ratings as qualitative indicators to identify a SICR.
The Group does not use the low credit risk exemption in its staging assessments, though more simplistic SICR criteria are applied for
portfolios not listed above. All financial assets are assumed to have suffered a SICR if they are more than 30 days past due.
Individual assessments and application of judgement in adjustments to modelled ECL
The table below analyses total ECL allowances by portfolio, separately identifying the amounts that have been modelled, those that have
been individually assessed and those arising through the application of judgemental adjustments.
At 31 December 2024
At 31 December 2023
Judgements due to:
Judgements due to:
Inflationary Inflationary
Modelled Individually and interest Modelled Individually and interest
ECL assessed rate risk Other Total ECL assessed rate risk Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
UK mortgages
720
\u2013
\u2013
132
852
991
\u2013
61
63
1,115
Credit cards
681
\u2013
\u2013
(7)
674
703
\u2013
92
15
810
Other Retail
860
\u2013
\u2013
90
950
866
\u2013
33
46
945
Commercial Banking
894
354
\u2013
(259)
989
1,124
340
\u2013
(282)
1,182
Other
16
\u2013
\u2013
\u2013
16
32
\u2013
\u2013
\u2013
32
Total
3,171
354
\u2013
(44)
3,481
3,716
340
186
(158)
4,084
Individually assessed ECL
Stage 3 ECL in Commercial Banking is largely assessed on an individual basis by the Business Support Unit using bespoke assessment of loss
for each specific client based on potential recovery strategies. While these assessments are based on the Group\u2019s latest economic view, the
use of Group-wide multiple economic scenarios and weightings is not considered appropriate for these cases due to their individual
characteristics. In place of this, a range of case-specific outcomes are considered with any alternative better or worse outcomes that carry
a 25 per cent likelihood taken into account in establishing a probability-weighted ECL. At 31 December 2024, individually assessed
provisions for Commercial Banking were \u00a3354 million (2023: \u00a3340 million) which reflected a range of \u00a3309 million to \u00a3437 million (2023:
\u00a3291 million to \u00a3413 million), based on the range of alternative outcomes considered.
Application of judgement in adjustments to modelled ECL
Impairment models fall within the Group\u2019s model risk framework with model monitoring, periodic validation and back testing performed on
model components, such as probability of default. Limitations in the models or data inputs may be identified through these assessments
and review of model outputs, which may require appropriate judgemental adjustments to the ECL. These adjustments are determined by
considering the particular attributes of exposures which have not been adequately captured by the impairment models and range from
changes to model inputs and parameters, at account level (in-model adjustments), through to more qualitative post-model adjustments.
Judgements due to inflationary and interest rate risk
During 2022 and 2023 the intensifying inflationary pressures, alongside rising interest rates created further risks not deemed to be fully
captured by ECL models which meant judgemental adjustments were required. Throughout 2024 these risks subsided with inflation back
at around 2 per cent, base rates reducing and credit performance proving resilient. As a result, the judgements held in respect of
inflationary and interest rate risks have been removed (2023: \u00a3186 million). Other judgements continue to be applied for broader data and
model limitations, both increasing and decreasing ECL where deemed necessary.
Other judgements
UK mortgages: \u00a3132 million (2023: \u00a363 million)
These adjustments principally comprise:
Repossession risk
1
: \u00a3110 million (2023: \u00a3106 million)
The Group\u2019s repossession activity and respective data associated with the UK mortgage portfolio has been distorted for a number of years
following pauses in litigation activity both before and during COVID-19. This has seen a larger number of customers in default for a longer
period than would typically be expected resulting in a risk that ECL calculated on these accounts is understated. Judgemental adjustments
to mitigate this risk have been in place for several years, although the approach has been revisited in 2024. An assessment of recent cure
trends indicated that the overall possession rates used in the model appeared adequate; however, the assessment identified a potential
recovery risk on specific subsets of long-term defaulted cases (greater than five years), as well as a continued risk from a longer duration
between default and repossession than model assumptions used on existing and future defaults.
1 Previously reported as Increase in time to repossession.
Adjustment for specific segments: \u00a313 million (2023: \u00a323 million)
The Group monitors risks across specific segments of its portfolios which may not be fully captured through collective models. The
judgement for fire safety and cladding uncertainty reduced in the period following methodology refinement. Though experience remains
limited the risk is considered sufficiently material to address, given evidence of cases having defective cladding, or other fire safety issues.
Credit cards: \u00a3(7) million (2023: \u00a315 million) and Other Retail: \u00a390 million (2023: \u00a346 million)
These adjustments principally comprise:
Lifetime extension: Credit cards: \u00a355 million (2023: \u00a367 million) and Other Retail: \u00a310 million (2023: \u00a310 million)
An adjustment is required to extend the lifetime used for Stage 2 exposures on Retail revolving products from a three-year modelled
lifetime, which reflected the outcome data available when the ECL models were developed. Incremental defaults beyond year three are
calculated through the extrapolation of the default trajectory observed throughout the three years and beyond. The Credit cards
judgement has reduced slightly in the period reflecting portfolio movement.
Adjustments to loss rates: Credit cards: \u00a3(57) million (2023: \u00a3(50) million) and Other Retail: \u00a347 million (2023: \u00a337 million)
A number of adjustments have been made to the loss given default (LGD) assumptions used within unsecured and motor credit models. For
unsecured portfolios, the adjustments reflect the impact of changes in collection debt sale strategy on the Group\u2019s LGD models,
incorporating up to date customer performance and forward flow debt sale pricing. For UK Motor Finance, within Other Retail, the
adjustment is used to incorporate the latest outlook on used car prices.
Commercial Banking: \u00a3(259) million (2023: \u00a3(282) million)
These adjustments principally comprise:
Corporate insolvency rates: \u00a3(253) million (2023: \u00a3(292) million)
The volume of UK corporate insolvencies continues to exhibit an elevated trend beyond December 2019 levels, revealing a marked
misalignment between observed UK corporate insolvencies and the Group\u2019s equivalent credit performance. This dislocation gives rise to
uncertainty over the drivers of the observed trends in the metric and the appropriateness of the Group\u2019s Commercial Banking model
response which uses observed UK corporate insolvencies data to anchor future loss estimates to. Given the Group\u2019s asset quality remains
strong with low defaults, a negative adjustment is applied by reverting judgementally to the long-term average of the insolvency rate.
Adjustments to loss given defaults (LGDs): \u00a3(80) million (2023: \u00a3(105) million)
Following a review of the loss given default approach for commercial exposures, management continues to judge that ECL should be
adjusted to mitigate limitations identified in the approach which are causing loss given defaults to be inflated. These include the benefit
from amortisation of exposures relative to collateral values at default and a move to an exposure-weighted approach being adopted. These
temporary adjustments will be addressed through future model development.
Corporate income gearing (CIG) adjustment: \u00a337 million (2023: \u00a3nil)
An adjustment was raised, based upon the assessment of Corporate Income Gearing (CIG), a model parameter for affordability used in
Commercial Banking. The modelled ECL release resulting from updating CIG drivers (interest rates) was judgmentally reversed, with interest
rates having reached a plateau which has translated into a slower year-on-year increase in CIG. This slowdown gave a release in modelled
ECL which is not judged representative of the continued pressure on borrowers and business margins.
Commercial Real Estate (CRE) price reduction: \u00a335 million (2023: \u00a367 million)
The material fall in CRE prices observed in late 2022, previously required a judgemental reinstatement within ECL model assumptions at 31
December 2023, given the materially reduced level in CRE prices could still trigger additional losses. At 31 December 2024 the adjustment
remains in place only for loss rates on a small proportion of accounts still to be reassessed following this fall. This is alongside a more
material adjustment for the potential impact on loss rates from valuations on specific CRE sectors where evidence suggests valuations may
lag achievable levels, notably in cases of stressed sale.
Generation of multiple economic scenarios
The estimate of expected credit losses is required to be based on an unbiased expectation of future economic scenarios. The approach
used to generate the range of future economic scenarios depends on the methodology and judgements adopted. The Group\u2019s approach is
to start from a defined base case scenario, used for planning purposes, and to generate alternative economic scenarios around this base
case. The base case scenario is a conditional forecast underpinned by a number of conditioning assumptions that reflect the Group\u2019s best
view of key future developments. If circumstances appear likely to materially deviate from the conditioning assumptions, then the base
case scenario is updated.
The base case scenario is central to a range of future economic scenarios generated by simulation of an economic model, for which the
same conditioning assumptions apply as in the base case scenario. These scenarios are ranked by using estimated relationships with
industry-wide historical loss data. With the base case already pre-defined, three other scenarios are identified as averages of constituent
scenarios located around the 15th, 75th and 95th percentiles of the distribution. The full distribution is therefore summarised by a practical
number of scenarios to run through ECL models representing an upside, the base case, and a downside scenario weighted at 30 per cent
each, together with a severe downside scenario weighted at 10 per cent. The scenario weights represent the distribution of economic
scenarios and not subjective views on likelihood. The inclusion of a severe downside scenario with a smaller weighting ensures that the non-
linearity of losses in the tail of the distribution is adequately captured. Macroeconomic projections may employ reversionary techniques to
adjust the paths of economic drivers towards long-run equilibria after a reasonable forecast horizon. The Group does not use such
techniques to force the MES scenarios to revert to the base case planning view. Utilising such techniques would be expected to be
immaterial for expected credit losses since loss sensitivity is minimal after the initial five years of the projections.
A forum under the chairmanship of the Chief Economist meets at least quarterly to review and, if appropriate, recommend changes to the
method by which economic scenarios are generated, for approval by the Chief Financial Officer and Chief Risk Officer. The Group
continues to judge it appropriate to include a non-modelled severe downside scenario for Group ECL calculations. The scenario is
generated as a simple average of a fully modelled severe scenario, better representing shocks to demand, and a scenario with higher paths
for UK Bank Rate and CPI inflation, as a representation of shocks to supply. The combined \u2018adjusted\u2019 scenario used in ECL modelling is
considered to better reflect the risks around the Group\u2019s base case view in an economic environment where demand and supply shocks are
more balanced.
Base case and MES economic assumptions
The Group\u2019s base case economic scenario has been updated to reflect ongoing geopolitical developments and changes in domestic
economic policy. The Group\u2019s updated base case scenario has three conditioning assumptions. First, cross-border conflicts do not lead to
major disruptions in commodity prices or global trade. Second, the US pursues a more isolationist economic agenda, with policies including
trade tariffs; immigration cuts; and unfunded tax cuts. China, EU and UK are assumed to retaliate to US tariffs imposed on them. Third, UK
Budget public investment plans are assumed to have a small but positive impact on trend productivity growth, subject to further review as
more specific policy detail emerges.
Based on these assumptions and incorporating the economic data published in the fourth quarter, the Group\u2019s base case scenario is for a
slow expansion in GDP and a rise in the unemployment rate alongside modest changes in residential and commercial property prices.
Against a backdrop of some persistence in inflationary pressures, UK Bank Rate is expected to be lowered gradually during 2025. Risks
around this base case economic view lie in both directions and are largely captured by the generation of alternative economic scenarios.
The Group has accommodated the latest available information at the reporting date in defining its base case scenario and generating
alternative economic scenarios. The scenarios include forecasts for key variables in the fourth quarter of 2024, for which actuals may have
since emerged prior to publication.
Scenarios by year
The key UK economic assumptions made by the Group are shown in the following tables across a number of measures explained below.
Annual assumptions
Gross domestic product (GDP) growth and Consumer Price Index (CPI) inflation are presented as an annual change, house price growth
and commercial real estate price growth are presented as the growth in the respective indices over each year. Unemployment rate and
UK Bank Rate are averages over the year.
Five-year average
The five-year average reflects the average annual growth rate, or level, over the five-year period. It includes movements within the current
reporting year, such that the position as at 31 December 2024 covers the five years 2024 to 2028. The inclusion of the reporting year within
the five-year period reflects the need to predict variables which remain unpublished at the reporting date and recognises that credit
models utilise both level and annual changes. The use of calendar years maintains a comparability between the annual assumptions
presented.
Five-year start to peak and trough
The peak or trough for any metric may occur intra year and therefore not be identifiable from the annual assumptions, so they are also
disclosed. For GDP, house price growth and commercial real estate price growth, the peak, or trough, reflects the highest, or lowest
cumulative quarterly position reached relative to the start of the five-year period, which as at 31 December 2024 is 1 January 2024. Given
these metrics may exhibit increases followed by greater falls, the start to trough movements quoted may be smaller than the equivalent
\u2018peak to trough\u2019 movement (and vice versa for start to peak). Unemployment, UK Bank Rate and CPI inflation reflect the highest, or lowest,
quarterly level reached in the five-year period.
2024 to 2028 Start to Start to
2024 2025 2026 2027 2028 average peak trough
At 31 December 2024 % % % % % % % %
Upside
Gross domestic product growth
0.8
1.9
2.2
1.5
1.4
1.6
8.9
0.7
Unemployment rate
4.3
3.5
2.8
2.7
2.8
3.2
4.4
2.7
House price growth
3.4
3.7
6.5
6.6
5.4
5.1
28.2
0.4
Commercial real estate price growth
0.7
7.8
6.7
3.2
0.5
3.7
20.0
(0.8)
UK Bank Rate
5.06
4.71
5.02
5.19
5.42
5.08
5.50
4.50
CPI inflation
2.6
2.8
2.6
2.9
3.0
2.8
3.5
2.0
Base case
Gross domestic product growth
0.8
1.0
1.4
1.5
1.5
1.2
7.0
0.7
Unemployment rate
4.3
4.7
4.7
4.5
4.5
4.5
4.8
4.2
House price growth
3.4
2.1
1.0
1.4
2.4
2.0
10.5
0.4
Commercial real estate price growth
0.7
0.3
2.5
1.9
0.0
1.1
5.4
(0.8)
UK Bank Rate
5.06
4.19
3.63
3.50
3.50
3.98
5.25
3.50
CPI inflation
2.6
2.8
2.4
2.4
2.2
2.5
3.5
2.0
Downside
Gross domestic product growth
0.8
(0.5)
(0.4)
1.0
1.5
0.5
3.2
0.0
Unemployment rate
4.3
6.0
7.4
7.4
7.1
6.4
7.5
4.2
House price growth
3.4
0.6
(5.5)
(6.6)
(3.4)
(2.4)
4.0
(11.4)
Commercial real estate price growth
0.7
(7.8)
(3.1)
(0.9)
(2.3)
(2.7)
0.7
(12.9)
UK Bank Rate
5.06
3.53
1.56
0.96
0.68
2.36
5.25
0.59
CPI inflation
2.6
2.8
2.3
1.8
1.2
2.1
3.5
0.9
Severe downside
Gross domestic product growth
0.8
(1.9)
(1.5)
0.7
1.3
(0.1)
1.2
(2.4)
Unemployment rate
4.3
7.7
10.0
10.0
9.7
8.4
10.2
4.2
House price growth
3.4
(0.8)
(12.4)
(13.6)
(8.8)
(6.7)
3.4
(29.2)
Commercial real estate price growth
0.7
(17.4)
(8.5)
(5.5)
(5.7)
(7.5)
0.7
(32.3)
UK Bank Rate \u2013 modelled
5.06
2.68
0.28
0.08
0.02
1.62
5.25
0.02
UK Bank Rate \u2013 adjusted
1
5.06
4.03
2.70
2.23
1.95
3.19
5.25
1.88
CPI inflation \u2013 modelled
2.6
2.8
1.9
1.0
0.1
1.7
3.5
(0.2)
CPI inflation \u2013 adjusted
1
2.6
3.6
2.1
1.4
0.8
2.1
3.9
0.7
Probability-weighted
Gross domestic product growth
0.8
0.5
0.8
1.2
1.4
1.0
5.7
0.7
Unemployment rate
4.3
5.0
5.5
5.4
5.3
5.1
5.5
4.2
House price growth
3.4
1.8
(0.7)
(1.0)
0.4
0.8
5.3
0.4
Commercial real estate price growth
0.7
(1.7)
1.0
0.7
(1.1)
(0.1)
0.7
(1.3)
UK Bank Rate \u2013 modelled
5.06
4.00
3.09
2.90
2.88
3.59
5.25
2.88
UK Bank Rate \u2013 adjusted
1
5.06
4.13
3.33
3.12
3.08
3.74
5.25
3.06
CPI inflation \u2013 modelled
2.6
2.8
2.4
2.2
1.9
2.4
3.5
1.8
CPI inflation \u2013 adjusted
1
2.6
2.9
2.4
2.3
2.0
2.4
3.5
1.9
1 The adjustment to UK Bank Rate and CPI inflation in the severe downside is considered to better reflect the risks around the Group\u2019s base case view in an economic environment where the risks of supply and demand shocks are more balanced.
First Second Third Fourth First Second Third Fourth
quarter quarter quarter quarter quarter quarter quarter quarter
Base case scenario by quarter
1
2024 2024 2024 2024 2025 2025 2025 2025
At 31 December 2024 % % % % % % % %
Gross domestic product growth
0.7
0.4
0.0
0.1
0.2
0.3
0.3
0.3
Unemployment rate
4.3
4.2
4.3
4.4
4.5
4.6
4.7
4.8
House price growth
0.4
1.8
4.6
3.4
3.6
4.0
3.0
2.1
Commercial real estate price growth
(5.3)
(4.7)
(2.8)
0.7
1.8
1.4
0.9
0.3
UK Bank Rate
5.25
5.25
5.00
4.75
4.50
4.25
4.00
4.00
CPI inflation
3.5
2.1
2.0
2.5
2.4
3.0
2.9
2.7
1 Gross domestic product growth is presented quarter-on-quarter. House price growth, commercial real estate growth and CPI inflation are presented year-on-year, i.e. from the equivalent quarter in the previous year. Unemployment rate and UK Bank Rate are presented as at the end of each quarter.
2023 to 2027 Start to Start to
2023 2024 2025 2026 2027 average peak trough
At 31 December 2023 % % % % % % % %
Upside
Gross domestic product
0.3
1.5
1.7
1.7
1.9
1.4
8.1
0.2
Unemployment rate
4.0
3.3
3.1
3.1
3.1
3.3
4.2
3.0
House price growth
1.9
0.8
6.9
7.2
6.8
4.7
25.7
(1.2)
Commercial real estate price growth
(3.9)
9.0
3.8
1.3
1.3
2.2
11.5
(3.9)
UK Bank Rate
4.94
5.72
5.61
5.38
5.18
5.37
5.79
4.25
CPI inflation
7.3
2.7
3.1
3.2
3.1
3.9
10.2
2.1
Base case
Gross domestic product
0.3
0.5
1.2
1.7
1.9
1.1
6.4
0.2
Unemployment rate
4.2
4.9
5.2
5.2
5.0
4.9
5.2
3.9
House price growth
1.4
(2.2)
0.5
1.6
3.5
1.0
4.8
(1.2)
Commercial real estate price growth
(5.1)
(0.2)
0.1
0.0
0.8
(0.9)
(1.2)
(5.3)
UK Bank Rate
4.94
4.88
4.00
3.50
3.06
4.08
5.25
3.00
CPI inflation
7.3
2.7
2.9
2.5
2.2
3.5
10.2
2.1
Downside
Gross domestic product
0.2
(1.0)
(0.1)
1.5
2.0
0.5
3.4
(1.2)
Unemployment rate
4.3
6.5
7.8
7.9
7.6
6.8
8.0
3.9
House price growth
1.3
(4.5)
(6.0)
(5.6)
(1.7)
(3.4)
2.0
(15.7)
Commercial real estate price growth
(6.0)
(8.7)
(4.0)
(2.1)
(1.2)
(4.4)
(1.2)
(20.4)
UK Bank Rate
4.94
3.95
1.96
1.13
0.55
2.51
5.25
0.43
CPI inflation
7.3
2.8
2.7
1.8
1.1
3.2
10.2
1.0
Severe downside
Gross domestic product
0.1
(2.3)
(0.5)
1.3
1.8
0.1
1.0
(2.9)
Unemployment rate
4.5
8.7
10.4
10.5
10.1
8.8
10.5
3.9
House price growth
0.6
(7.6)
(13.3)
(12.7)
(7.5)
(8.2)
2.0
(35.0)
Commercial real estate price growth
(7.7)
(19.5)
(10.6)
(7.7)
(5.2)
(10.3)
(1.2)
(41.8)
UK Bank Rate \u2013 modelled
4.94
2.75
0.49
0.13
0.03
1.67
5.25
0.02
UK Bank Rate \u2013 adjusted
1
4.94
6.56
4.56
3.63
3.13
4.56
6.75
3.00
CPI inflation \u2013 modelled
7.3
2.7
2.2
0.9
(0.2)
2.6
10.2
(0.3)
CPI inflation \u2013 adjusted
1
7.6
7.5
3.5
1.3
1.0
4.2
10.2
0.9
Probability-weighted
Gross domestic product
0.3
0.1
0.8
1.6
1.9
0.9
5.4
0.1
Unemployment rate
4.2
5.3
5.9
5.9
5.7
5.4
6.0
3.9
House price growth
1.4
(2.5)
(0.9)
(0.3)
1.8
(0.1)
2.0
(2.8)
Commercial real estate price growth
(5.3)
(1.9)
(1.1)
(1.0)
(0.2)
(1.9)
(1.2)
(9.9)
UK Bank Rate \u2013 modelled
4.94
4.64
3.52
3.02
2.64
3.75
5.25
2.59
UK Bank Rate \u2013 adjusted
1
4.94
5.02
3.93
3.37
2.95
4.04
5.42
2.89
CPI inflation \u2013 modelled
7.3
2.7
2.8
2.3
1.9
3.4
10.2
1.9
CPI inflation \u2013 adjusted
1
7.4
3.2
3.0
2.4
2.0
3.6
10.2
2.0
1 The adjustment to UK Bank Rate and CPI inflation in the severe downside is considered to better reflect the risks around the Group\u2019s base case view in an economic environment
where supply shocks are the principal concern.
First Second Third Fourth First Second Third Fourth
quarter quarter quarter quarter quarter quarter quarter quarter
Base case scenario by quarter
1
2023 2023 2023 2023 2024 2024 2024 2024
At 31 December 2023 % % % % % % % %
Gross domestic product growth
0.3
0.0
(0.1)
0.0
0.1
0.2
0.3
0.3
Unemployment rate
3.9
4.2
4.2
4.3
4.5
4.8
5.0
5.2
House price growth
1.6
(2.6)
(4.5)
1.4
(1.1)
(1.5)
0.5
(2.2)
Commercial real estate price growth
(18.8)
(21.2)
(18.2)
(5.1)
(4.1)
(3.8)
(2.2)
(0.2)
UK Bank Rate
4.25
5.00
5.25
5.25
5.25
5.00
4.75
4.50
CPI inflation
10.2
8.4
6.7
4.0
3.8
2.1
2.3
2.8
1 Gross domestic product growth is presented quarter-on-quarter. House price growth, commercial real estate growth and CPI inflation are presented year-on-year, i.e. from the
equivalent quarter in the previous year. Unemployment rate and UK Bank Rate are presented as at the end of each quarter.
ECL sensitivity to economic assumptions
The following table shows the Group\u2019s ECL for the probability-weighted, upside, base case, downside and severe downside scenarios, with
the severe downside scenario incorporating adjustments made to CPI inflation and UK Bank Rate paths. The stage allocation for an asset is
based on the overall scenario probability-weighted probability of default and hence the staging of assets is constant across all the
scenarios. In each economic scenario the ECL for individual assessments is held constant reflecting the basis on which they are evaluated.
Judgemental adjustments applied through changes to model inputs or parameters, or more qualitative post model adjustments, are
apportioned across the scenarios in proportion to modelled ECL where this better reflects the sensitivity of these adjustments to each
scenario. The probability-weighted view shows the extent to which a higher ECL allowance has been recognised to take account of
multiple economic scenarios relative to the base case; the uplift on a statutory basis being \u00a3445 million compared to \u00a3678 million at
31 December 2023.
At 31 December 2024
At 31 December 2023
Probability- Severe Probability- Severe
weighted Upside Base case Downside downside weighted Upside Base case Downside downside
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
UK mortgages
852
345
567
1,064
2,596
1,115
395
670
1,155
4,485
Credit cards
674
518
641
773
945
810
600
771
918
1,235
Other Retail
950
843
923
1,010
1,172
945
850
920
981
1,200
Commercial Banking
989
745
889
1,125
1,608
1,182
793
1,013
1,383
2,250
Other
16
16
16
16
17
32
32
32
32
32
ECL allowance
3,481
2,467
3,036
3,988
6,338
4,084
2,670
3,406
4,469
9,202
The impact of isolated changes in the UK unemployment rate and House Price Index (HPI) has been assessed on a univariate basis.
Although such changes would not be observed in isolation, as economic indicators tend to be correlated in a coherent scenario, this gives
insight into the sensitivity of the Group\u2019s ECL to gradual changes in these two critical economic factors.
The impacts are assessed as changes to base case modelled ECL only (at 100 per cent weighting) with staging held flat to the reported
view. The probability weighted ECL impact of applying the changes to all four scenarios, including the impact on staging and post model
adjustments, would be greater.
The table below shows the impact on the Group\u2019s ECL resulting from a 1 percentage point increase or decrease in the UK unemployment
rate. The increase or decrease is presented based on the adjustment phased evenly over the first 10 quarters of the base case scenario. A
more immediate increase or decrease would drive a more material ECL impact as it would be fully reflected in both 12-month and lifetime
probability of defaults.
At 31 December 2024
At 31 December 2023
1pp increase in 1pp decrease in 1pp increase in 1pp decrease in
unemployment unemployment unemployment unemployment
\u00a3m \u00a3m \u00a3m \u00a3m
UK mortgages
1
4
(3)
33
(32)
Credit cards
40
(41)
38
(38)
Other Retail
18
(20)
19
(19)
Commercial Banking
71
(67)
88
(83)
ECL impact
133
(131)
178
(172)
1 2024 calculated using updated models.
The table below shows the impact on the Group\u2019s ECL in respect of UK mortgages of an increase or decrease in loss given default for a 10
percentage point increase or decrease in HPI. The increase or decrease is presented based on the adjustment phased evenly over the first 10
quarters of the base case scenario.
At 31 December 2024
At 31 December 2023
10pp increase 10pp decrease 10pp increase 10pp decrease
in HPI in HPI in HPI in HPI
\u00a3m \u00a3m \u00a3m \u00a3m
ECL impact
1
(127)
182
(201)
305
1 2024 calculated using updated models.
The table below shows the Group\u2019s ECL and drawn balances for the upside, base case, downside and severe downside scenarios, with
staging of assets based on each specific scenario probability of default. In each economic scenario the ECL for individual assessments is held
constant reflecting the basis on which they are evaluated. Judgemental adjustments applied through changes to model inputs or
parameters, or more qualitative post-model adjustments, are apportioned across the scenarios in proportion to modelled ECL where this
better reflects the sensitivity of these adjustments to each scenario. A probability-weighted scenario is not shown as this view does not
reflect the basis on which ECL is calculated. Comparing the probability-weighted ECL in the table above to the base case ECL with base
case scenario specific staging, as shown in the table below, results in an uplift of \u00a3468 million compared to \u00a3596 million at 31 December
2023.
Drawn balances
1
ECL allowance
Coverage ratio
2
Severe Severe Severe
Upside Base case Downside downside Upside Base case Downside downside Upside Base case Downside downside
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % % % %
Stage 1
UK mortgages
3
271,370
271,903
271,391
253,639
13
29
66
203
\u2013
\u2013
\u2013
0.1
Credit cards
14,261
13,714
13,065
12,226
152
196
238
290
1.1
1.4
1.8
2.4
Other Retail
43,746
43,435
42,955
42,046
333
356
374
408
0.8
0.8
0.9
1.0
Commercial Banking
95,068
94,800
92,924
84,598
139
209
294
334
0.1
0.2
0.3
0.4
Other
11,252
11,252
11,252
11,252
7
7
7
7
0.1
0.1
0.1
0.1
Total
435,697
435,104
431,587
403,761
644
797
979
1,242
0.1
0.2
0.2
0.3
Stage 2
UK mortgages
3
31,385
30,852
31,364
49,116
86
144
321
1,272
0.3
0.5
1.0
2.6
Credit cards
1,714
2,261
2,910
3,749
207
304
431
613
12.1
13.5
14.8
16.3
Other Retail
4,038
4,349
4,829
5,738
293
350
420
547
7.3
8.0
8.7
9.5
Commercial Banking
3,391
3,659
5,535
13,861
174
246
444
1,449
5.1
6.7
8.0
10.5
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
40,528
41,121
44,638
72,464
760
1,044
1,616
3,881
1.9
2.5
3.6
5.4
Stage 3
UK mortgages
3
4,166
4,166
4,166
4,166
201
274
410
691
4.8
6.6
9.8
16.6
Credit cards
265
265
265
265
133
133
133
133
50.2
50.2
50.2
50.2
Other Retail
446
446
446
446
217
222
233
257
48.7
49.8
52.3
57.7
Commercial Banking
1,839
1,839
1,839
1,839
415
415
415
415
22.6
22.6
22.6
22.6
Other
36
36
36
36
9
9
9
9
25.0
25.0
25.0
25.0
Total
6,752
6,752
6,752
6,752
975
1,053
1,200
1,505
14.4
15.6
17.8
22.3
POCI
UK mortgages
3
6,207
6,207
6,207
6,207
45
119
264
575
0.7
1.9
4.3
9.3
Total
UK mortgages
313,128
313,128
313,128
313,128
345
566
1,061
2,741
0.1
0.2
0.3
0.9
Credit cards
16,240
16,240
16,240
16,240
492
633
802
1,036
3.0
3.9
4.9
6.4
Other Retail
48,230
48,230
48,230
48,230
843
928
1,027
1,212
1.7
1.9
2.1
2.5
Commercial Banking
100,298
100,298
100,298
100,298
728
870
1,153
2,198
0.7
0.9
1.1
2.2
Other
11,288
11,288
11,288
11,288
16
16
16
16
0.1
0.1
0.1
0.1
Total
489,184
489,184
489,184
489,184
2,424
3,013
4,059
7,203
0.5
0.6
0.8
1.5
1 Includes loans and advances to banks, loans and advances to customers, debt securities and items identified as other assets in note 24.
2 Coverage ratio is ECL allowance shown as a percentage of drawn balances.
3 Calculated using updated models.
Drawn balances
1
ECL allowance
Coverage ratio
2
Severe Severe Severe
Upside Base case Downside downside Upside Base case Downside downside Upside Base case Downside downside
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % % % %
Stage 1
UK mortgages
270,131
269,581
266,388
129,736
20
40
84
153
\u2013
\u2013
\u2013
0.1
Credit cards
13,338
12,668
12,109
10,966
169
211
242
298
1.3
1.7
2.0
2.7
Other Retail
39,260
38,939
38,373
30,202
360
384
404
448
0.9
1.0
1.1
1.5
Commercial Banking
98,202
97,394
92,919
78,781
165
260
376
431
0.2
0.3
0.4
0.6
Other
7,632
7,632
7,632
7,632
14
16
17
20
0.2
0.2
0.2
0.3
Total
428,563
426,214
417,421
257,317
728
911
1,123
1,350
0.2
0.2
0.3
0.5
Stage 2
UK mortgages
24,998
25,548
28,741
165,393
73
139
316
4,074
0.3
0.6
1.1
2.5
Credit cards
2,195
2,865
3,424
4,567
302
437
567
859
13.7
15.3
16.6
18.8
Other Retail
5,711
6,032
6,598
14,769
325
378
424
619
5.7
6.3
6.4
4.2
Commercial Banking
4,487
5,295
9,770
23,908
259
379
722
2,466
5.8
7.2
7.4
10.3
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
37,391
39,740
48,533
208,637
959
1,333
2,029
8,018
2.6
3.4
4.2
3.8
Stage 3
UK mortgages
4,337
4,337
4,337
4,337
78
225
457
963
1.8
5.2
10.5
22.2
Credit cards
284
284
284
284
122
122
122
122
43.0
43.0
43.0
43.0
Other Retail
452
452
452
452
238
242
248
261
52.7
53.5
54.9
57.7
Commercial Banking
2,068
2,068
2,068
2,068
426
426
426
426
20.6
20.6
20.6
20.6
Other
39
39
39
39
16
16
16
16
41.0
41.0
41.0
41.0
Total
7,180
7,180
7,180
7,180
880
1,031
1,269
1,788
12.3
14.4
17.7
24.9
POCI
UK mortgages
3
7,854
7,854
7,854
7,854
213
213
213
213
2.7
2.7
2.7
2.7
Total
UK mortgages
307,320
307,320
307,320
307,320
384
617
1,070
5,403
0.1
0.2
0.4
1.8
Credit cards
15,817
15,817
15,817
15,817
593
770
931
1,279
3.8
4.9
5.9
8.1
Other Retail
45,423
45,423
45,423
45,423
923
1,004
1,076
1,328
2.0
2.2
2.4
2.9
Commercial Banking
104,757
104,757
104,757
104,757
850
1,065
1,524
3,323
0.8
1.0
1.5
3.2
Other
7,671
7,671
7,671
7,671
30
32
33
36
0.4
0.4
0.4
0.5
Total
480,988
480,988
480,988
480,988
2,780
3,488
4,634
11,369
0.6
0.7
1.0
2.4
1 Includes loans and advances to banks, loans and advances to customers, debt securities and items identified as other assets in note 24.
2 Coverage ratio is ECL allowance shown as a percentage of drawn balances.
3 POCI ECL has been presented on a probability-weighted basis. The sensitivity is captured within the UK mortgages total.
Assessment of climate risk impacts on ECL
The Group continues to develop capabilities to quantify the potential impact of climate risks on ECL. This includes identifying the climate-
related risk drivers that could influence future credit losses for loan portfolios that have the highest sensitivity to climate risks and
commencing the use of more quantitative analysis on the impact of these risk drivers on ECL. The approach leverages the Group\u2019s climate
scenario analysis, to identify the potential physical and transition risk impacts on credit quality. UK mortgages and Commercial Banking
portfolios are judged to have the highest sensitivity to climate risk, with both physical and transition risk drivers assessed.
UK mortgages physical and transition risks \u2013 additional costs arising from regulatory obligations of increased energy efficiency standards to
reduce carbon emissions and increased flood risk and coastal erosion, through property repair or rebuild and/or increased insurance premia.
This can result in affordability pressure, as well as decrease in property valuation, for borrowers owning low EPC rated properties or those in
areas prone to flooding or coastal erosion.
Commercial Banking physical and transition risks \u2013 increased costs or revenue disruption, or both, arising from chronic and acute physical
hazards from rising temperatures. Companies adapting to a sudden transition scenario could potentially lead to increased transition costs
in operations, direct carbon costs, and deteriorating financial performance due to changing consumer perspectives.
Macroeconomic and sector scenario risk assessments
Assessments were performed on the Group\u2019s internally generated economic scenarios used in the measurement of expected credit losses
against external scenarios published by the Network for Greening the Financial System (NGFS).
The potential incremental impact of climate factors on key economic drivers was isolated from the Phase V NGFS Delayed Transition
scenario, which management judged the most plausible. The incremental risk to ECL was then quantified by overlaying the specific climate
impact of this scenario onto macroeconomic drivers within the Group\u2019s base case and MES scenarios. The results from the most material
Retail portfolios, UK mortgages and consumer lending allowed management to conclude on an immaterial ECL impact for Retail of below
\u00a35 million (31 December 2023: below \u00a35 million), and in Commercial Banking a separate climate assessment performed at sector level,
resulted in an ECL impact of below \u00a315 million (31 December 2023: below \u00a315 million).
The Group\u2019s MES downside and severe downside scenarios, together comprising a 40 per cent weighting in ECL calculations, are generally
more severe than the most adverse NGFS scenario (\u2018Net Zero 2050\u2019). MES downsides were also comparable in severity to the most adverse
part of the \u2018Late Action\u2019 scenario of the 2021 Climate Biennial Exploratory Scenario (CBES). The assessment suggests that no material
changes are required to the Group\u2019s existing suite of economic scenarios used within the ECL calculation.
In Commercial Banking, an exploratory top-down analysis using sectoral modelling was adopted to estimate the specific ECL impact of
climate risk on commercial credit conditions. This assessment specifically targets agriculture, automotive, transport, oil and gas, real estate
and utilities sectors where climate impacts were judged to be more significant. Resulting sector-specific, climate-adjusted credit cycle
indices (CCI) were used to calculate probability of default and resulting ECL. These adjusted CCI model inputs combined external NGFS
phase IV scenarios with client level valuation impacts where available, alongside historic impairment data. Considering methodological
limitations, the additional ECL required was shown to be immaterial.
Physical and transition risk assessments
The Group has enhanced its assessment of transition risk on the UK mortgage portfolio by extending the scope from buy-to-let (BTL) to
also include Mainstream and Specialist Residential property portfolios. The assessment is now also performed with an account level
assessment of affordability and valuation impacts, with a more nuanced view of the potential of government to legislate a minimum EPC
requirement. Finally, the time period observed extends to 2050 with multiple transition points across multiple economic scenarios.
An affordability stress for customers was applied by considering multiple scenarios for home retrofitting taking place when changes in
regulation lead to higher minimum EPC rating requirements. The provision impact was assessed by transforming the account level
assessment of affordability and valuation impacts of each climate scenario to adjust inputs used in existing Probability of Default (PD)
parameters. As at 31 December 2024, the impact on ECL has been estimated to be less than \u00a35 million (31 December 2023: less than \u00a35
million) in BTL properties and less than \u00a35 million (31 December 2023: not assessed) in Mainstream and Specialist portfolios.
The physical risk assessment on the UK mortgage portfolio in 2024 included both flooding and coastal erosion risk. The impacts were based
on a internally defined delayed transition outlook, out to 2050, aligned with the Group\u2019s transition methodology. The assessment showed
that over 80 per cent of the book was not exposed to flood risk damage and over 99 per cent had no risk to coastal erosion damage. The
impact on ECL to customers exposed to the affordability risk from flood and coastal erosion damage has been estimated to be immaterial.
Whilst this supports no judgemental adjustment to ECL being required, where a top-down approach has been used it may not fully capture
the impact on loss rates emanating from being located in a high-risk area. Similarly the current assessment excludes the potential
affordability shocks or reduced insurance coverage that could occur due to possible changes to insurance policy initiatives in this area.
ECL impact ECL impact
Assessment
Nature of risk assessed
Portfolios assessed
At 31 December 2024 At 31 December 2023
Macroeconomic impact from climate scenario
Scenario risk \u2013 macro level
Retail
< \u00a35 million
< \u00a35 million
Sector level impacts from climate scenario
Scenario risk \u2013 sector level
Commercial Banking
< \u00a315 million
< \u00a315 million
(excluding Business Banking)
Retrofitting cost to meet EPC regulation
Transition risk
UK mortgages
< \u00a310 million (BTL, < \u00a35 million (BTL)
Mainstream and
Specialist)
Flood and coastal erosion risk
Physical risk
UK mortgages
< \u00a35 million (Flood
< \u00a35 million (Flood)
and coastal erosion)
The climate risk assessments above remain limited due to the degree of uncertainty underpinning key assumptions used, as well as the
continuing developmental nature of the data, approach and models used in the quantification. These include, but are not limited to, the
analyses being restricted to PD impacts only; considering only the most material hazards for UK mortgages (flood and coastal erosion);
client valuation impacts not incorporating climate transition plans; the physical risk modelling for corporates currently excluding broader
components such as supply chain impacts, and more broadly the political landscape; future climate data enhancements and further model
development.
The ECL impacts resulting from these climate risk assessments remain immaterial. This continues to support management\u2019s view that there
is a low residual risk of material error or omission in the Group\u2019s financial statements due to climate-related risks and as a result no
adjustments have been made to ECL measured as at 31 December 2024. The current behavioural lives of the Group\u2019s lending reduces the
potential exposure to the later emergence of potential physical climate impacts, with the incorporation of climate risk, in credit policy, as a
qualitative underwriting assessment within the Commercial Banking credit process and the origination process for mortgages providing
further mitigation on more recent originations.
Note 41: Financial risk management
Financial instruments are fundamental to the Group\u2019s activities and the associated risks represent a significant component of the overall
risks faced by the Group.
The primary risks affecting the Group through its use of financial instruments are: market risk, credit risk, liquidity risk, capital risk and
insurance underwriting risk.
Market risk
The Group\u2019s largest residual interest rate risk exposure arises from balances that are deemed to be insensitive to changes in market rates
(including current accounts, a portion of variable rate deposits and investable equity). The risk is managed through the Group\u2019s structural
hedge which consists of longer-term fixed rate assets and interest rate swaps. The notional balance and duration of the structural hedge is
reviewed regularly by the Group Asset and Liability Committee. More information is set out on pages 190 to 195.
Credit risk
The Group\u2019s credit risk exposure arises in respect of the instruments below and predominantly in the United Kingdom. Credit risk appetite
is set at Board level and is described and reported through a suite of metrics devised from a combination of accounting and credit portfolio
performance measures, which include the use of various credit risk rating systems as inputs and assess credit risk at a counterparty level
using three components: (i) the probability of default by the counterparty on its contractual obligations; (ii) the current exposures to the
counterparty and their likely future development, from which the Group derives the exposure at default; and (iii) the likely loss ratio on the
defaulted obligations, the loss given default. The Group uses a range of approaches to mitigate credit risk, including internal control policies,
obtaining collateral, using master netting agreements and other credit risk transfers, such as asset sales and credit derivatives based
transactions. More information is set out on pages 155 to 180.
Liquidity risk
Liquidity risk is defined as the risk that the Group has insufficient financial resources to meet its commitments as they fall due, or can only
secure them at excessive cost. Liquidity risk is managed through a series of measures, tests and reports that are primarily based on
contractual maturity. The Group carries out monthly stress testing of its liquidity position against a range of scenarios, including those
prescribed by the PRA. The Group\u2019s liquidity risk appetite is also calibrated against a number of stressed liquidity metrics. More information
is set out on
pages 183 to 189.
Capital risk
Capital is actively managed on an ongoing basis for both the Group and its regulated banking subsidiaries, with associated capital policies
and procedures subjected to regular review. The Group assesses both its regulatory capital requirements and the quantity and quality of
capital resources it holds to meet those requirements in accordance with the relevant provisions of the Capital Requirements Directive
(CRD V) and Capital Requirements Regulation (UK CRR). This is supplemented through additional regulation set out under the PRA
Rulebook and through associated statements of policy, supervisory statements and other regulatory guidance. Regulatory capital ratios are
considered a key part of the budgeting and planning processes. Target capital levels take account of current and future regulatory
requirements, capacity for growth and to cover uncertainties. At 31 December 2024, the Group\u2019s common equity tier 1 capital was
\u00a331,979 million (31 December 2023: \u00a331,897 million). Further details of the Group\u2019s capital resources are provided in the table marked
audited on page 147.
The insurance business (the Scottish Widows Group) and each of the constituent UK insurance companies within it are regulated by the
PRA. The insurance businesses are required to calculate solvency capital requirements and available capital in accordance with Solvency II.
The Group complied with these requirements in 2024 and 2023. The Insurance business of the Group calculates regulatory capital on the
basis of an internal model, which was approved by the PRA on 5 December 2015, with the latest major change to the model approved in
November 2024. The capital position of the Group\u2019s insurance businesses is reviewed on a regular basis by the Insurance, Pensions and
Investments Executive Committee. More information is set out on page 150.
Insurance underwriting risk
Insurance underwriting risk is the risk of adverse developments in the timing, frequency and severity of claims for insured/underwritten
events and in customer behaviour, leading to reductions in earnings and/or value and arises within the Group\u2019s Insurance business.
Insurance underwriting risk is measured using a variety of techniques including stress, reverse stress and scenario testing, as well as
stochastic modelling. Current and potential future insurance underwriting risk exposures are assessed and aggregated on a range of stresses
including risk measures based on 1-in-200 year stresses for the Insurance business\u2019s regulatory capital assessments and other supporting
measures where appropriate. The Group also mitigates insurance underwriting risk via the use of reinsurance arrangements. More
information is set out on page 182. The Group's critical accounting judgements and key sources of estimation uncertainty for its Insurance
business are set out in note 8.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-927": { "value": "Note 18: Maturities of assets and liabilities The table below analyses assets and liabilities of the Group, other than liabilities arising from insurance and investment contracts (including those classified as disposal group liabilities), into relevant maturity groupings based on the remaining contractual period at the balance sheet date; balances with no fixed maturity such as goodwill, other intangible assets and property, plant and equipment are included in the over 5 years category. Liabilities arising from insurance and investment contracts are analysed on a behavioural basis. Certain deposit balances, included in the table below on the basis of their residual maturity, are repayable on demand upon payment of a penalty. The table is provided on a contractual basis. The Group\u2019s assets and liabilities may be repaid or otherwise mature earlier or later than implied by their contractual terms and readers are, therefore, advised to use caution when using this data to evaluate the Group\u2019s liquidity position. In particular, amounts in respect of customer deposits are usually contractually payable on demand or at short notice. However, in practice, these deposits are not usually withdrawn on their contractual maturity.
Up to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5
month months months months months years years years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Assets
Cash and balances at central banks
62,705
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
62,705
Financial assets at fair value through profit or loss
13,096
6,843
6,680
3,675
2,837
4,244
11,030
167,520
215,925
Derivative financial instruments
2,405
2,302
1,079
774
659
1,237
3,062
12,547
24,065
Loans and advances to banks
2,842
1,350
903
452
187
583
1,579
4
7,900
Loans and advances to customers
18,748
12,747
15,375
12,271
11,010
34,790
67,901
287,015
459,857
Reverse repurchase agreements
22,793
13,356
6,945
2,764
1,524
1,355
739
\u2013
49,476
Debt securities
40
1,439
232
358
273
4,128
2,183
5,891
14,544
Financial assets at amortised cost
44,423
28,892
23,455
15,845
12,994
40,856
72,402
292,910
531,777
Financial assets at fair value through other
comprehensive income
8
178
39
140
728
3,908
11,746
13,943
30,690
Other assets
3,231
1,015
157
1,030
106
295
643
35,058
41,535
Total assets
125,868
39,230
31,410
21,464
17,324
50,540
98,883
521,978
906,697
Liabilities
Deposits from banks
1,783
669
540
171
171
350
2,413
61
6,158
Customer deposits
392,403
27,489
18,009
18,650
18,327
4,153
3,456
258
482,745
Repurchase agreements at amortised cost
8,698
5,140
1,660
\u2013
13,227
93
8,942
\u2013
37,760
Financial liabilities at fair value through profit or
loss
15,443
3,677
774
131
1,048
402
1,466
4,670
27,611
Derivative financial instruments
2,409
2,218
1,054
781
588
1,207
3,407
10,012
21,676
Debt securities in issue at amortised cost
3,222
10,190
6,074
4,265
2,089
8,190
26,525
10,279
70,834
Liabilities arising from insurance and participating
investment contracts
478
436
51
102
224
1,510
7,992
111,271
122,064
Liabilities arising from non-participating
investment contracts
419
646
1,058
1,211
1,165
4,362
9,807
32,560
51,228
Other liabilities
7,519
1,711
351
684
446
1,548
2,237
16,148
30,644
Subordinated liabilities
\u2013
638
277
\u2013
1,070
1,706
2,219
4,179
10,089
Total liabilities
432,374
52,814
29,848
25,995
38,355
23,521
68,464
189,438
860,809
Up to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5
month months months months months years years years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2023
Assets
Cash and balances at central banks
78,110
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
78,110
Financial assets at fair value through profit or loss
13,286
8,279
6,192
1,999
1,499
3,403
9,420
159,240
203,318
Derivative financial instruments
2,747
1,380
907
693
448
1,094
2,448
12,639
22,356
Loans and advances to banks
5,768
1,213
873
413
228
579
1,686
4
10,764
Loans and advances to customers
19,148
11,274
13,310
11,555
10,326
32,667
72,029
279,436
449,745
Reverse repurchase agreements
19,475
10,242
5,002
1,969
620
754
709
\u2013
38,771
Debt securities
427
185
7
93
297
2,588
5,742
6,016
15,355
Financial assets at amortised cost
44,818
22,914
19,192
14,030
11,471
36,588
80,166
285,456
514,635
Financial assets at fair value through other
comprehensive income
276
428
221
272
617
1,663
11,587
12,528
27,592
Other assets
1,901
1,024
71
777
65
137
160
31,307
35,442
Total assets
141,138
34,025
26,583
17,771
14,100
42,885
103,781
501,170
881,453
Liabilities
Deposits from banks
2,092
1,065
201
218
184
349
2,044
\u2013
6,153
Customer deposits
427,657
11,052
9,138
6,925
6,093
7,685
2,520
326
471,396
Repurchase agreements at amortised cost
3,222
4,057
23
2
\u2013
21,448
8,951
\u2013
37,703
Financial liabilities at fair value through profit or
loss
8,971
4,115
4,883
479
169
658
926
4,713
24,914
Derivative financial instruments
2,821
1,381
814
660
526
1,420
2,829
9,698
20,149
Debt securities in issue at amortised cost
1,954
8,057
9,260
5,873
4,554
12,489
24,418
8,987
75,592
Liabilities arising from insurance and participating
investment contracts
456
324
12
178
287
2,485
11,235
105,146
120,123
Liabilities arising from non-participating
investment contracts
348
527
789
787
776
4,280
9,517
27,954
44,978
Other liabilities
5,846
1,169
372
1,532
469
639
876
11,924
22,827
Subordinated liabilities
\u2013
\u2013
15
47
789
1,943
3,130
4,329
10,253
Total liabilities
453,367
31,747
25,507
16,701
13,847
53,396
66,446
173,077
834,088
Liquidity risk Liquidity risk is defined as the risk that the Group has insufficient financial resources to meet its commitments as they fall due, or can only secure them at excessive cost. Liquidity risk is managed through a series of measures, tests and reports that are primarily based on contractual maturity. The Group carries out monthly stress testing of its liquidity position against a range of scenarios, including those prescribed by the PRA. The Group\u2019s liquidity risk appetite is also calibrated against a number of stressed liquidity metrics. More information is set out on pages 183 to 189. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-952": { "value": "Note 19: Derivative financial instruments The fair values and notional amounts of derivative instruments are set out in the following table:
2024
2023
Changes in fair Changes in fair
value used for value used for
Contract/ Fair value calculating Contract/ Fair value calculating
notional hedge notional hedge
amount Assets Liabilities ineffectiveness amount Assets Liabilities ineffectiveness
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trading and other
Exchange rate contracts
707,329
10,247
9,172
572,858
6,631
6,222
Interest rate contracts
12,864,265
13,436
11,644
7,654,512
15,116
12,724
Credit derivatives
6,103
87
172
5,349
51
118
Equity, commodity and other contracts
8,678
247
333
9,463
455
580
Total derivative assets/liabilities \u2013
trading and other
Hedging
13,586,375
24,017
21,321
8,242,182
22,253
19,644
Interest rate
Currency swaps
43
2
\u2013
\u2013
35
3
\u2013
2
Interest rate swaps
231,064
6
337
1,336
153,639
80
425
(2,665)
Designated as fair value hedges
231,107
8
337
1,336
153,674
83
425
(2,663)
Foreign exchange
Currency swaps
1,963
30
14
61
2,684
11
72
(138)
Interest rate
Interest rate swaps
484,996
10
4
(600)
463,660
9
8
2,541
Designated as cash flow hedges
486,959
40
18
(539)
466,344
20
80
2,403
Total derivative assets/liabilities \u2013
hedging
718,066
48
355
797
620,018
103
505
(260)
Total recognised derivative assets/
liabilities
14,304,441
24,065
21,676
8,862,200
22,356
20,149
The notional amount of the contract does not represent the Group\u2019s exposure to credit risk, which is limited to the current cost of replacing contracts with a positive value to the Group should the counterparty default. To reduce credit risk the Group uses a variety of credit enhancement techniques such as netting and collateralisation, where security is provided against the exposure; a large proportion of the Group\u2019s derivatives are held through exchanges such as London Clearing House and are collateralised through those exchanges. The Group holds derivatives as part of the following strategies: \u2022 Customer driven, where derivatives are held as part of the provision of risk management products to Group customers \u2022 To manage and hedge the Group\u2019s interest rate and foreign exchange risk arising from normal banking business. The hedge accounting strategy adopted by the Group is to utilise a combination of fair value and cash flow hedge approaches \u2022 Derivatives held in policyholder funds as permitted by the investment strategies of those funds The principal derivatives used by the Group are as follows: \u2022 Interest rate related contracts include interest rate swaps, forward rate agreements and options. An interest rate swap is an agreement between two parties to exchange fixed and floating interest payments, based upon interest rates defined in the contract, without the exchange of the underlying principal amounts. Forward rate agreements are contracts for the payment of the difference between a specified rate of interest and a reference rate, applied to a notional principal amount at a specific date in the future. An interest rate option gives the buyer, on payment of a premium, the right, but not the obligation, to fix the rate of interest on a future loan or deposit, for a specified period and commencing on a specified future date \u2022 Exchange rate related contracts include forward foreign exchange contracts, currency swaps and options. A forward foreign exchange contract is an agreement to buy or sell a specified amount of foreign currency on a specified future date at an agreed rate. Currency swaps generally involve the exchange of interest payment obligations denominated in different currencies; the exchange of principal can be notional or actual. A currency option gives the buyer, on payment of a premium, the right, but not the obligation, to sell specified amounts of currency at agreed rates of exchange on or before a specified future date \u2022 Credit derivatives, principally credit default swaps, are used by the Group as part of its trading activity and to manage its own exposure to credit risk. A credit default swap is a swap in which one counterparty receives a premium at pre-set intervals in consideration for guaranteeing to make a specific payment should a negative credit event take place \u2022 Equity, commodity and other contracts include commodity swaps and options Details of the Group\u2019s hedging instruments are set out below:
Maturity
Up to 1 month 1 to 3 months 3 to 12 months 1 to 5 years Over 5 years Total
Fair value hedges \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Interest rate
Cross currency swap
Notional
\u2013
\u2013
\u2013
\u2013
43
43
Average fixed interest rate
\u2013
\u2013
\u2013
\u2013
1.28%
Average EUR/GBP exchange rate
\u2013
\u2013
\u2013
\u2013
1.38
Interest rate swap
Notional
5,236
13,781
55,607
111,300
45,140
231,064
Average fixed interest rate
3.04%
3.68%
4.04%
3.36%
2.27%
231,107
At 31 December 2023
Interest rate
Cross currency swap
Notional
\u2013
\u2013
\u2013
\u2013
35
35
Average fixed interest rate
\u2013
\u2013
\u2013
\u2013
1.28%
Average EUR/GBP exchange rate
\u2013
\u2013
\u2013
\u2013
1.38
Interest rate swap
Notional
1,908
5,778
19,353
87,119
39,481
153,639
Average fixed interest rate
0.95%
1.72%
2.03%
2.90%
2.00%
153,674
Maturity
Up to 1 month 1 to 3 months 3 to 12 months 1 to 5 years Over 5 years Total
Cash flow hedges \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Foreign exchange
Currency swap
Notional
107
441
646
763
6
1,963
Average EUR/GBP exchange rate
1.17
1.16
1.15
1.10
1.06
Average USD/GBP exchange rate
1.30
1.27
1.27
1.27
1.30
Interest rate
Interest rate swap
Notional
9,195
21,010
129,436
262,387
62,968
484,996
Average fixed interest rate
4.32%
4.36%
3.84%
3.34%
3.01%
486,959
At 31 December 2023
Foreign exchange
Currency swap
Notional
18
470
1,648
541
7
2,684
Average EUR/GBP exchange rate
1.15
1.14
1.14
1.08
1.07
Average USD/GBP exchange rate
1.25
1.23
1.25
1.24
\u2013
Interest rate
Interest rate swap
Notional
9,501
23,015
76,439
284,969
69,736
463,660
Average fixed interest rate
4.13%
4.14%
3.82%
3.35%
2.58%
466,344
The Group\u2019s hedged items are as follows:
Change in fair
Accumulated amount of value of hedged
Carrying amount of fair value adjustment on item for
the hedged item the hedged item ineffectiveness
Assets Liabilities Assets Liabilities assessment
Fair value hedges
\u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
At 31 December 2024
Interest rate
Fixed rate mortgages
1
124,013
\u2013
(890)
\u2013
(184)
Fixed rate issuance
2
\u2013
51,499
\u2013
1,340
(75)
Fixed rate bonds
3
29,264
\u2013
(1,070)
\u2013
(1,158)
At 31 December 2023
Interest rate
Fixed rate mortgages
1
75,871
\u2013
25
\u2013
2,544
Fixed rate issuance
2
\u2013
50,466
\u2013
1,365
(1,110)
Fixed rate bonds
3
24,146
\u2013
(331)
\u2013
962
1 Included within loans and advances to customers. 2 Included within debt securities in issue at amortised cost and subordinated liabilities. 3 Included within financial assets at amortised cost and financial assets at fair value through other comprehensive income.
At 31 December 2024
At 31 December 2023
Change in fair Change in fair
value of hedged value of hedged
item for Cash flow hedging reserve item for Cash flow hedging reserve
ineffectiveness Continuing Discontinued ineffectiveness Continuing Discontinued
assessment hedges hedges assessment hedges hedges
Cash flow hedges
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
Foreign exchange
Foreign currency issuance
1
(60)
75
59
138
8
69
Customer deposits
2
\u2013
\u2013
5
\u2013
\u2013
3
Interest rate
Customer loans
3
982
(3,470)
(1,590)
(1,796)
(2,934)
(1,885)
Central bank balances
4
384
(1,012)
(917)
(648)
(624)
(1,462)
Customer deposits
2
(51)
1,592
42
262
1,591
(3)
1 Included within debt securities in issue at amortised cost and subordinated liabilities. 2 Included within customer deposits. 3 Included within loans and advances to customers. 4 Included within cash and balances at central banks. The accumulated amount of fair value hedge adjustments remaining on the balance sheet for hedged items that have ceased to be adjusted for hedging gains and losses is a liability of \u00a3980 million relating to fixed rate issuances of \u00a3582 million and mortgages of \u00a3398 million (2023: liability of \u00a31,446 million relating to fixed rate issuances of \u00a3656 million and mortgages of \u00a3790 million). Gains and losses arising from hedge accounting are summarised as follows:
Hedge ineffectiveness
recognised in the
income statement
1
2024 2023
Fair value hedges \u00a3m \u00a3m
Interest rate
Fixed rate mortgages
(52)
(264)
Fixed rate issuance
(11)
(17)
Fixed rate bonds
(18)
14
1 Hedge ineffectiveness is included in the income statement within net trading income.
Gain (loss) Hedge reserves to net interest income as: Amounts reclassified from
recognised ineffectiveness
in other recognised in Hedged cash Hedged item
comprehensive the income flows will no affected income
income
statement
1
longer occur statement
Cash flow hedges \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Foreign exchange
Foreign currency issuance
61
\u2013
\u2013
(4)
Interest rate
Customer loans
(2,700)
(61)
\u2013
2,458
Central bank balances
(780)
(7)
\u2013
937
Customer deposits
842
8
\u2013
(794)
At 31 December 2023
Foreign exchange
Foreign currency issuance
(138)
\u2013
\u2013
(9)
Interest rate
Customer loans
(37)
20
\u2013
1,674
Central bank balances
284
2
\u2013
725
Customer deposits
436
(3)
\u2013
(552)
1 Hedge ineffectiveness is included in the income statement within net trading income. There was no gain or loss in either 2024 or 2023 reclassified from the cash flow hedging reserve for which hedge accounting had previously been used but for which the hedged future cash flows are no longer expected to occur.", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-928": { "value": "Note 19: Derivative financial instruments The fair values and notional amounts of derivative instruments are set out in the following table:
2024
2023
Changes in fair Changes in fair
value used for value used for
Contract/ Fair value calculating Contract/ Fair value calculating
notional hedge notional hedge
amount Assets Liabilities ineffectiveness amount Assets Liabilities ineffectiveness
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trading and other
Exchange rate contracts
707,329
10,247
9,172
572,858
6,631
6,222
Interest rate contracts
12,864,265
13,436
11,644
7,654,512
15,116
12,724
Credit derivatives
6,103
87
172
5,349
51
118
Equity, commodity and other contracts
8,678
247
333
9,463
455
580
Total derivative assets/liabilities \u2013
trading and other
Hedging
13,586,375
24,017
21,321
8,242,182
22,253
19,644
Interest rate
Currency swaps
43
2
\u2013
\u2013
35
3
\u2013
2
Interest rate swaps
231,064
6
337
1,336
153,639
80
425
(2,665)
Designated as fair value hedges
231,107
8
337
1,336
153,674
83
425
(2,663)
Foreign exchange
Currency swaps
1,963
30
14
61
2,684
11
72
(138)
Interest rate
Interest rate swaps
484,996
10
4
(600)
463,660
9
8
2,541
Designated as cash flow hedges
486,959
40
18
(539)
466,344
20
80
2,403
Total derivative assets/liabilities \u2013
hedging
718,066
48
355
797
620,018
103
505
(260)
Total recognised derivative assets/
liabilities
14,304,441
24,065
21,676
8,862,200
22,356
20,149
The notional amount of the contract does not represent the Group\u2019s exposure to credit risk, which is limited to the current cost of replacing contracts with a positive value to the Group should the counterparty default. To reduce credit risk the Group uses a variety of credit enhancement techniques such as netting and collateralisation, where security is provided against the exposure; a large proportion of the Group\u2019s derivatives are held through exchanges such as London Clearing House and are collateralised through those exchanges. The Group holds derivatives as part of the following strategies: \u2022 Customer driven, where derivatives are held as part of the provision of risk management products to Group customers \u2022 To manage and hedge the Group\u2019s interest rate and foreign exchange risk arising from normal banking business. The hedge accounting strategy adopted by the Group is to utilise a combination of fair value and cash flow hedge approaches \u2022 Derivatives held in policyholder funds as permitted by the investment strategies of those funds The principal derivatives used by the Group are as follows: \u2022 Interest rate related contracts include interest rate swaps, forward rate agreements and options. An interest rate swap is an agreement between two parties to exchange fixed and floating interest payments, based upon interest rates defined in the contract, without the exchange of the underlying principal amounts. Forward rate agreements are contracts for the payment of the difference between a specified rate of interest and a reference rate, applied to a notional principal amount at a specific date in the future. An interest rate option gives the buyer, on payment of a premium, the right, but not the obligation, to fix the rate of interest on a future loan or deposit, for a specified period and commencing on a specified future date \u2022 Exchange rate related contracts include forward foreign exchange contracts, currency swaps and options. A forward foreign exchange contract is an agreement to buy or sell a specified amount of foreign currency on a specified future date at an agreed rate. Currency swaps generally involve the exchange of interest payment obligations denominated in different currencies; the exchange of principal can be notional or actual. A currency option gives the buyer, on payment of a premium, the right, but not the obligation, to sell specified amounts of currency at agreed rates of exchange on or before a specified future date \u2022 Credit derivatives, principally credit default swaps, are used by the Group as part of its trading activity and to manage its own exposure to credit risk. A credit default swap is a swap in which one counterparty receives a premium at pre-set intervals in consideration for guaranteeing to make a specific payment should a negative credit event take place \u2022 Equity, commodity and other contracts include commodity swaps and options Details of the Group\u2019s hedging instruments are set out below:
Maturity
Up to 1 month 1 to 3 months 3 to 12 months 1 to 5 years Over 5 years Total
Fair value hedges \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Interest rate
Cross currency swap
Notional
\u2013
\u2013
\u2013
\u2013
43
43
Average fixed interest rate
\u2013
\u2013
\u2013
\u2013
1.28%
Average EUR/GBP exchange rate
\u2013
\u2013
\u2013
\u2013
1.38
Interest rate swap
Notional
5,236
13,781
55,607
111,300
45,140
231,064
Average fixed interest rate
3.04%
3.68%
4.04%
3.36%
2.27%
231,107
At 31 December 2023
Interest rate
Cross currency swap
Notional
\u2013
\u2013
\u2013
\u2013
35
35
Average fixed interest rate
\u2013
\u2013
\u2013
\u2013
1.28%
Average EUR/GBP exchange rate
\u2013
\u2013
\u2013
\u2013
1.38
Interest rate swap
Notional
1,908
5,778
19,353
87,119
39,481
153,639
Average fixed interest rate
0.95%
1.72%
2.03%
2.90%
2.00%
153,674
Maturity
Up to 1 month 1 to 3 months 3 to 12 months 1 to 5 years Over 5 years Total
Cash flow hedges \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Foreign exchange
Currency swap
Notional
107
441
646
763
6
1,963
Average EUR/GBP exchange rate
1.17
1.16
1.15
1.10
1.06
Average USD/GBP exchange rate
1.30
1.27
1.27
1.27
1.30
Interest rate
Interest rate swap
Notional
9,195
21,010
129,436
262,387
62,968
484,996
Average fixed interest rate
4.32%
4.36%
3.84%
3.34%
3.01%
486,959
At 31 December 2023
Foreign exchange
Currency swap
Notional
18
470
1,648
541
7
2,684
Average EUR/GBP exchange rate
1.15
1.14
1.14
1.08
1.07
Average USD/GBP exchange rate
1.25
1.23
1.25
1.24
\u2013
Interest rate
Interest rate swap
Notional
9,501
23,015
76,439
284,969
69,736
463,660
Average fixed interest rate
4.13%
4.14%
3.82%
3.35%
2.58%
466,344
The Group\u2019s hedged items are as follows:
Change in fair
Accumulated amount of value of hedged
Carrying amount of fair value adjustment on item for
the hedged item the hedged item ineffectiveness
Assets Liabilities Assets Liabilities assessment
Fair value hedges
\u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
At 31 December 2024
Interest rate
Fixed rate mortgages
1
124,013
\u2013
(890)
\u2013
(184)
Fixed rate issuance
2
\u2013
51,499
\u2013
1,340
(75)
Fixed rate bonds
3
29,264
\u2013
(1,070)
\u2013
(1,158)
At 31 December 2023
Interest rate
Fixed rate mortgages
1
75,871
\u2013
25
\u2013
2,544
Fixed rate issuance
2
\u2013
50,466
\u2013
1,365
(1,110)
Fixed rate bonds
3
24,146
\u2013
(331)
\u2013
962
1 Included within loans and advances to customers. 2 Included within debt securities in issue at amortised cost and subordinated liabilities. 3 Included within financial assets at amortised cost and financial assets at fair value through other comprehensive income.
At 31 December 2024
At 31 December 2023
Change in fair Change in fair
value of hedged value of hedged
item for Cash flow hedging reserve item for Cash flow hedging reserve
ineffectiveness Continuing Discontinued ineffectiveness Continuing Discontinued
assessment hedges hedges assessment hedges hedges
Cash flow hedges
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
Foreign exchange
Foreign currency issuance
1
(60)
75
59
138
8
69
Customer deposits
2
\u2013
\u2013
5
\u2013
\u2013
3
Interest rate
Customer loans
3
982
(3,470)
(1,590)
(1,796)
(2,934)
(1,885)
Central bank balances
4
384
(1,012)
(917)
(648)
(624)
(1,462)
Customer deposits
2
(51)
1,592
42
262
1,591
(3)
1 Included within debt securities in issue at amortised cost and subordinated liabilities. 2 Included within customer deposits. 3 Included within loans and advances to customers. 4 Included within cash and balances at central banks. The accumulated amount of fair value hedge adjustments remaining on the balance sheet for hedged items that have ceased to be adjusted for hedging gains and losses is a liability of \u00a3980 million relating to fixed rate issuances of \u00a3582 million and mortgages of \u00a3398 million (2023: liability of \u00a31,446 million relating to fixed rate issuances of \u00a3656 million and mortgages of \u00a3790 million). Gains and losses arising from hedge accounting are summarised as follows:
Hedge ineffectiveness
recognised in the
income statement
1
2024 2023
Fair value hedges \u00a3m \u00a3m
Interest rate
Fixed rate mortgages
(52)
(264)
Fixed rate issuance
(11)
(17)
Fixed rate bonds
(18)
14
1 Hedge ineffectiveness is included in the income statement within net trading income.
Gain (loss) Hedge reserves to net interest income as: Amounts reclassified from
recognised ineffectiveness
in other recognised in Hedged cash Hedged item
comprehensive the income flows will no affected income
income
statement
1
longer occur statement
Cash flow hedges \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
Foreign exchange
Foreign currency issuance
61
\u2013
\u2013
(4)
Interest rate
Customer loans
(2,700)
(61)
\u2013
2,458
Central bank balances
(780)
(7)
\u2013
937
Customer deposits
842
8
\u2013
(794)
At 31 December 2023
Foreign exchange
Foreign currency issuance
(138)
\u2013
\u2013
(9)
Interest rate
Customer loans
(37)
20
\u2013
1,674
Central bank balances
284
2
\u2013
725
Customer deposits
436
(3)
\u2013
(552)
1 Hedge ineffectiveness is included in the income statement within net trading income. There was no gain or loss in either 2024 or 2023 reclassified from the cash flow hedging reserve for which hedge accounting had previously been used but for which the hedged future cash flows are no longer expected to occur.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-886": { "value": "
Note 20: Loans and advances to customers
Tables showing the movement of loans advances to customers, compiled by comparing the position at the end of the year to that at the
beginning of the year, are shown in the Credit Risk section.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-929": { "value": "Note 21: Allowance for expected credit losses The Group recognises an allowance for expected credit losses (ECLs) for loans and advances to customers and banks, other financial assets held at amortised cost, financial assets (other than equity investments) measured at fair value through other comprehensive income and certain loan commitment and financial guarantee contracts. At 31 December 2024, the Group\u2019s expected credit loss allowance was \u00a33,481 million (2023: \u00a34,084 million), of which \u00a33,211 million (2023: \u00a33,762 million) was in respect of drawn balances. The Group\u2019s total expected credit loss allowances were as follows:
At 31 December 2024
At 31 December 2023
Stage 1 Stage 2 Stage 3 POCI Total Stage 1 Stage 2 Stage 3 POCI Total
Allowance for expected credit losses \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
In respect of:
Loans and advances to banks
1
\u2013
\u2013
\u2013
1
8
\u2013
\u2013
\u2013
8
UK mortgages
53
273
335
187
848
161
374
357
213
1,105
Credit cards
149
297
133
\u2013
579
168
401
130
\u2013
699
Other
329
326
227
\u2013
882
339
320
228
\u2013
887
Retail
531
896
695
187
2,309
668
1,095
715
213
2,691
Commercial Banking
205
264
413
\u2013
882
232
372
418
\u2013
1,022
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4
\u2013
4
Loans and advances to customers
736
1,160
1,108
187
3,191
900
1,467
1,137
213
3,717
Debt securities
3
\u2013
1
\u2013
4
7
2
2
\u2013
11
Financial assets at amortised cost
740
1,160
1,109
187
3,196
915
1,469
1,139
213
3,736
Other assets
7
\u2013
8
\u2013
15
16
\u2013
10
\u2013
26
Provisions in relation to loan
commitments and financial guarantees
142
126
2
\u2013
270
160
160
2
\u2013
322
Total
889
1,286
1,119
187
3,481
1,091
1,629
1,151
213
4,084
Expected credit loss in respect of financial
assets at fair value through other
comprehensive income (memorandum
item)
4
\u2013
\u2013
\u2013
4
7
\u2013
\u2013
\u2013
7
The calculation of the Group\u2019s expected credit loss allowances and provisions against loan commitments and guarantees, which are set out above, requires the Group to make a number of judgements, assumptions and estimates. The most significant are set out below: Critical accounting judgements and key sources of estimation uncertainty Critical judgements: Determining an appropriate definition of default against which a probability of default, exposure at default and loss given default parameter can be evaluated Establishing the criteria for a significant increase in credit risk (SICR) The individual assessment of material cases and the use of judgemental adjustments made to impairment modelling processes that adjust inputs, parameters and outputs to reflect risks not captured by models Key source of estimation uncertainty: Base case and multiple economic scenarios (MES) assumptions, including the rate of unemployment and the rate of change of house prices, required for creation of MES scenarios and forward-looking credit parameters Definition of default The probability of default (PD) of an exposure, both over a 12-month period and over its lifetime, is a key input to the measurement of the ECL allowance. Default has occurred when there is evidence that the customer is experiencing significant financial difficulty which is likely to affect the ability to repay amounts due. The definition of default adopted by the Group is described in note 2(H) Impairment of financial assets. A Stage 3 asset that is no longer credit-impaired is transferred back to Stage 2 as no general probation period is applied to assets in Stage 3. UK mortgages is an exception to this rule where a probation period is enforced for non-performing forborne and defaulted exposures in accordance with prudential regulation. Significant increase in credit risk An ECL allowance equivalent to 12 months\u2019 expected losses is established against assets in Stage 1; assets classified as Stage 2 carry an ECL allowance equivalent to lifetime expected losses. Assets are transferred from Stage 1 to Stage 2 when there has been a significant increase in credit risk (SICR) since initial recognition. Credit-impaired assets are transferred to Stage 3 with a lifetime expected losses allowance. If an exposure that is classified as Stage 2 no longer meets the SICR criteria, which in some cases capture customer behaviour in previous periods, it is moved back to Stage 1. The Group uses both quantitative and qualitative indicators to determine whether there has been a SICR for an asset. The setting of precise trigger points combined with risk indicators requires judgement and the use of different trigger points may have a material impact upon the ECL allowance. The Group monitors the effectiveness of SICR criteria on an ongoing basis. For UK mortgages a reassessment of the SICR criteria was performed following redevelopment of the ECL model in the period, in order to maintain SICR effectiveness. At 31 December 2024 a doubling of PD since origination was set as a quantitative SICR trigger. All originations post IFRS 9 adoption incorporate forward looking information, and for recent Interest Only accounts the likelihood of default occurring at the end of term. This is supplemented by qualitative triggers including where customers have surpassed their original contractual term through use of term extensions, where fraud is evident, or where an account is in arrears. For credit cards, loans and overdrafts an increase of three PD grades since origination on the retail master scale (RMS) shown below is set as a quantitative SICR trigger. Assets are also assumed to have suffered a SICR if they have either been in arrears on three occasions, or in default once, in the past 12 months.
RMS grade
1
2
3
4
5
6
7
8
9
10
11
12
13
14
PD boundary
1
(%)
0.10
0.40
0.80
1.20
2.50
4.50
7.50
10.00
14.00
20.00
30.00
45.00
99.99
100.00
1 Probability-weighted annualised lifetime probability of default. For Commercial Banking a doubling of PD with a minimum increase in PD of 1 per cent since origination is treated as a SICR. This is complemented with the use of internal credit risk classifications and ratings as qualitative indicators to identify a SICR. The Group does not use the low credit risk exemption in its staging assessments, though more simplistic SICR criteria are applied for portfolios not listed above. All financial assets are assumed to have suffered a SICR if they are more than 30 days past due. Individual assessments and application of judgement in adjustments to modelled ECL The table below analyses total ECL allowances by portfolio, separately identifying the amounts that have been modelled, those that have been individually assessed and those arising through the application of judgemental adjustments.
At 31 December 2024
At 31 December 2023
Judgements due to:
Judgements due to:
Inflationary Inflationary
Modelled Individually and interest Modelled Individually and interest
ECL assessed rate risk Other Total ECL assessed rate risk Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
UK mortgages
720
\u2013
\u2013
132
852
991
\u2013
61
63
1,115
Credit cards
681
\u2013
\u2013
(7)
674
703
\u2013
92
15
810
Other Retail
860
\u2013
\u2013
90
950
866
\u2013
33
46
945
Commercial Banking
894
354
\u2013
(259)
989
1,124
340
\u2013
(282)
1,182
Other
16
\u2013
\u2013
\u2013
16
32
\u2013
\u2013
\u2013
32
Total
3,171
354
\u2013
(44)
3,481
3,716
340
186
(158)
4,084
Individually assessed ECL Stage 3 ECL in Commercial Banking is largely assessed on an individual basis by the Business Support Unit using bespoke assessment of loss for each specific client based on potential recovery strategies. While these assessments are based on the Group\u2019s latest economic view, the use of Group-wide multiple economic scenarios and weightings is not considered appropriate for these cases due to their individual characteristics. In place of this, a range of case-specific outcomes are considered with any alternative better or worse outcomes that carry a 25 per cent likelihood taken into account in establishing a probability-weighted ECL. At 31 December 2024, individually assessed provisions for Commercial Banking were \u00a3354 million (2023: \u00a3340 million) which reflected a range of \u00a3309 million to \u00a3437 million (2023: \u00a3291 million to \u00a3413 million), based on the range of alternative outcomes considered. Application of judgement in adjustments to modelled ECL Impairment models fall within the Group\u2019s model risk framework with model monitoring, periodic validation and back testing performed on model components, such as probability of default. Limitations in the models or data inputs may be identified through these assessments and review of model outputs, which may require appropriate judgemental adjustments to the ECL. These adjustments are determined by considering the particular attributes of exposures which have not been adequately captured by the impairment models and range from changes to model inputs and parameters, at account level (in-model adjustments), through to more qualitative post-model adjustments. Judgements due to inflationary and interest rate risk During 2022 and 2023 the intensifying inflationary pressures, alongside rising interest rates created further risks not deemed to be fully captured by ECL models which meant judgemental adjustments were required. Throughout 2024 these risks subsided with inflation back at around 2 per cent, base rates reducing and credit performance proving resilient. As a result, the judgements held in respect of inflationary and interest rate risks have been removed (2023: \u00a3186 million). Other judgements continue to be applied for broader data and model limitations, both increasing and decreasing ECL where deemed necessary. Other judgements UK mortgages: \u00a3132 million (2023: \u00a363 million) These adjustments principally comprise: Repossession risk1 : \u00a3110 million (2023: \u00a3106 million) The Group\u2019s repossession activity and respective data associated with the UK mortgage portfolio has been distorted for a number of years following pauses in litigation activity both before and during COVID-19. This has seen a larger number of customers in default for a longer period than would typically be expected resulting in a risk that ECL calculated on these accounts is understated. Judgemental adjustments to mitigate this risk have been in place for several years, although the approach has been revisited in 2024. An assessment of recent cure trends indicated that the overall possession rates used in the model appeared adequate; however, the assessment identified a potential recovery risk on specific subsets of long-term defaulted cases (greater than five years), as well as a continued risk from a longer duration between default and repossession than model assumptions used on existing and future defaults. 1 Previously reported as Increase in time to repossession. Adjustment for specific segments: \u00a313 million (2023: \u00a323 million) The Group monitors risks across specific segments of its portfolios which may not be fully captured through collective models. The judgement for fire safety and cladding uncertainty reduced in the period following methodology refinement. Though experience remains limited the risk is considered sufficiently material to address, given evidence of cases having defective cladding, or other fire safety issues. Credit cards: \u00a3(7) million (2023: \u00a315 million) and Other Retail: \u00a390 million (2023: \u00a346 million) These adjustments principally comprise: Lifetime extension: Credit cards: \u00a355 million (2023: \u00a367 million) and Other Retail: \u00a310 million (2023: \u00a310 million) An adjustment is required to extend the lifetime used for Stage 2 exposures on Retail revolving products from a three-year modelled lifetime, which reflected the outcome data available when the ECL models were developed. Incremental defaults beyond year three are calculated through the extrapolation of the default trajectory observed throughout the three years and beyond. The Credit cards judgement has reduced slightly in the period reflecting portfolio movement. Adjustments to loss rates: Credit cards: \u00a3(57) million (2023: \u00a3(50) million) and Other Retail: \u00a347 million (2023: \u00a337 million) A number of adjustments have been made to the loss given default (LGD) assumptions used within unsecured and motor credit models. For unsecured portfolios, the adjustments reflect the impact of changes in collection debt sale strategy on the Group\u2019s LGD models, incorporating up to date customer performance and forward flow debt sale pricing. For UK Motor Finance, within Other Retail, the adjustment is used to incorporate the latest outlook on used car prices. Commercial Banking: \u00a3(259) million (2023: \u00a3(282) million) These adjustments principally comprise: Corporate insolvency rates: \u00a3(253) million (2023: \u00a3(292) million) The volume of UK corporate insolvencies continues to exhibit an elevated trend beyond December 2019 levels, revealing a marked misalignment between observed UK corporate insolvencies and the Group\u2019s equivalent credit performance. This dislocation gives rise to uncertainty over the drivers of the observed trends in the metric and the appropriateness of the Group\u2019s Commercial Banking model response which uses observed UK corporate insolvencies data to anchor future loss estimates to. Given the Group\u2019s asset quality remains strong with low defaults, a negative adjustment is applied by reverting judgementally to the long-term average of the insolvency rate. Adjustments to loss given defaults (LGDs): \u00a3(80) million (2023: \u00a3(105) million) Following a review of the loss given default approach for commercial exposures, management continues to judge that ECL should be adjusted to mitigate limitations identified in the approach which are causing loss given defaults to be inflated. These include the benefit from amortisation of exposures relative to collateral values at default and a move to an exposure-weighted approach being adopted. These temporary adjustments will be addressed through future model development. Corporate income gearing (CIG) adjustment: \u00a337 million (2023: \u00a3nil) An adjustment was raised, based upon the assessment of Corporate Income Gearing (CIG), a model parameter for affordability used in Commercial Banking. The modelled ECL release resulting from updating CIG drivers (interest rates) was judgmentally reversed, with interest rates having reached a plateau which has translated into a slower year-on-year increase in CIG. This slowdown gave a release in modelled ECL which is not judged representative of the continued pressure on borrowers and business margins. Commercial Real Estate (CRE) price reduction: \u00a335 million (2023: \u00a367 million) The material fall in CRE prices observed in late 2022, previously required a judgemental reinstatement within ECL model assumptions at 31 December 2023, given the materially reduced level in CRE prices could still trigger additional losses. At 31 December 2024 the adjustment remains in place only for loss rates on a small proportion of accounts still to be reassessed following this fall. This is alongside a more material adjustment for the potential impact on loss rates from valuations on specific CRE sectors where evidence suggests valuations may lag achievable levels, notably in cases of stressed sale. Generation of multiple economic scenarios The estimate of expected credit losses is required to be based on an unbiased expectation of future economic scenarios. The approach used to generate the range of future economic scenarios depends on the methodology and judgements adopted. The Group\u2019s approach is to start from a defined base case scenario, used for planning purposes, and to generate alternative economic scenarios around this base case. The base case scenario is a conditional forecast underpinned by a number of conditioning assumptions that reflect the Group\u2019s best view of key future developments. If circumstances appear likely to materially deviate from the conditioning assumptions, then the base case scenario is updated. The base case scenario is central to a range of future economic scenarios generated by simulation of an economic model, for which the same conditioning assumptions apply as in the base case scenario. These scenarios are ranked by using estimated relationships with industry-wide historical loss data. With the base case already pre-defined, three other scenarios are identified as averages of constituent scenarios located around the 15th, 75th and 95th percentiles of the distribution. The full distribution is therefore summarised by a practical number of scenarios to run through ECL models representing an upside, the base case, and a downside scenario weighted at 30 per cent each, together with a severe downside scenario weighted at 10 per cent. The scenario weights represent the distribution of economic scenarios and not subjective views on likelihood. The inclusion of a severe downside scenario with a smaller weighting ensures that the non- linearity of losses in the tail of the distribution is adequately captured. Macroeconomic projections may employ reversionary techniques to adjust the paths of economic drivers towards long-run equilibria after a reasonable forecast horizon. The Group does not use such techniques to force the MES scenarios to revert to the base case planning view. Utilising such techniques would be expected to be immaterial for expected credit losses since loss sensitivity is minimal after the initial five years of the projections. A forum under the chairmanship of the Chief Economist meets at least quarterly to review and, if appropriate, recommend changes to the method by which economic scenarios are generated, for approval by the Chief Financial Officer and Chief Risk Officer. The Group continues to judge it appropriate to include a non-modelled severe downside scenario for Group ECL calculations. The scenario is generated as a simple average of a fully modelled severe scenario, better representing shocks to demand, and a scenario with higher paths for UK Bank Rate and CPI inflation, as a representation of shocks to supply. The combined \u2018adjusted\u2019 scenario used in ECL modelling is considered to better reflect the risks around the Group\u2019s base case view in an economic environment where demand and supply shocks are more balanced. Base case and MES economic assumptions The Group\u2019s base case economic scenario has been updated to reflect ongoing geopolitical developments and changes in domestic economic policy. The Group\u2019s updated base case scenario has three conditioning assumptions. First, cross-border conflicts do not lead to major disruptions in commodity prices or global trade. Second, the US pursues a more isolationist economic agenda, with policies including trade tariffs; immigration cuts; and unfunded tax cuts. China, EU and UK are assumed to retaliate to US tariffs imposed on them. Third, UK Budget public investment plans are assumed to have a small but positive impact on trend productivity growth, subject to further review as more specific policy detail emerges. Based on these assumptions and incorporating the economic data published in the fourth quarter, the Group\u2019s base case scenario is for a slow expansion in GDP and a rise in the unemployment rate alongside modest changes in residential and commercial property prices. Against a backdrop of some persistence in inflationary pressures, UK Bank Rate is expected to be lowered gradually during 2025. Risks around this base case economic view lie in both directions and are largely captured by the generation of alternative economic scenarios. The Group has accommodated the latest available information at the reporting date in defining its base case scenario and generating alternative economic scenarios. The scenarios include forecasts for key variables in the fourth quarter of 2024, for which actuals may have since emerged prior to publication. Scenarios by year The key UK economic assumptions made by the Group are shown in the following tables across a number of measures explained below. Annual assumptions Gross domestic product (GDP) growth and Consumer Price Index (CPI) inflation are presented as an annual change, house price growth and commercial real estate price growth are presented as the growth in the respective indices over each year. Unemployment rate and UK Bank Rate are averages over the year. Five-year average The five-year average reflects the average annual growth rate, or level, over the five-year period. It includes movements within the current reporting year, such that the position as at 31 December 2024 covers the five years 2024 to 2028. The inclusion of the reporting year within the five-year period reflects the need to predict variables which remain unpublished at the reporting date and recognises that credit models utilise both level and annual changes. The use of calendar years maintains a comparability between the annual assumptions presented. Five-year start to peak and trough The peak or trough for any metric may occur intra year and therefore not be identifiable from the annual assumptions, so they are also disclosed. For GDP, house price growth and commercial real estate price growth, the peak, or trough, reflects the highest, or lowest cumulative quarterly position reached relative to the start of the five-year period, which as at 31 December 2024 is 1 January 2024. Given these metrics may exhibit increases followed by greater falls, the start to trough movements quoted may be smaller than the equivalent \u2018peak to trough\u2019 movement (and vice versa for start to peak). Unemployment, UK Bank Rate and CPI inflation reflect the highest, or lowest, quarterly level reached in the five-year period.
2024 to 2028 Start to Start to
2024 2025 2026 2027 2028 average peak trough
At 31 December 2024 % % % % % % % %
Upside
Gross domestic product growth
0.8
1.9
2.2
1.5
1.4
1.6
8.9
0.7
Unemployment rate
4.3
3.5
2.8
2.7
2.8
3.2
4.4
2.7
House price growth
3.4
3.7
6.5
6.6
5.4
5.1
28.2
0.4
Commercial real estate price growth
0.7
7.8
6.7
3.2
0.5
3.7
20.0
(0.8)
UK Bank Rate
5.06
4.71
5.02
5.19
5.42
5.08
5.50
4.50
CPI inflation
2.6
2.8
2.6
2.9
3.0
2.8
3.5
2.0
Base case
Gross domestic product growth
0.8
1.0
1.4
1.5
1.5
1.2
7.0
0.7
Unemployment rate
4.3
4.7
4.7
4.5
4.5
4.5
4.8
4.2
House price growth
3.4
2.1
1.0
1.4
2.4
2.0
10.5
0.4
Commercial real estate price growth
0.7
0.3
2.5
1.9
0.0
1.1
5.4
(0.8)
UK Bank Rate
5.06
4.19
3.63
3.50
3.50
3.98
5.25
3.50
CPI inflation
2.6
2.8
2.4
2.4
2.2
2.5
3.5
2.0
Downside
Gross domestic product growth
0.8
(0.5)
(0.4)
1.0
1.5
0.5
3.2
0.0
Unemployment rate
4.3
6.0
7.4
7.4
7.1
6.4
7.5
4.2
House price growth
3.4
0.6
(5.5)
(6.6)
(3.4)
(2.4)
4.0
(11.4)
Commercial real estate price growth
0.7
(7.8)
(3.1)
(0.9)
(2.3)
(2.7)
0.7
(12.9)
UK Bank Rate
5.06
3.53
1.56
0.96
0.68
2.36
5.25
0.59
CPI inflation
2.6
2.8
2.3
1.8
1.2
2.1
3.5
0.9
Severe downside
Gross domestic product growth
0.8
(1.9)
(1.5)
0.7
1.3
(0.1)
1.2
(2.4)
Unemployment rate
4.3
7.7
10.0
10.0
9.7
8.4
10.2
4.2
House price growth
3.4
(0.8)
(12.4)
(13.6)
(8.8)
(6.7)
3.4
(29.2)
Commercial real estate price growth
0.7
(17.4)
(8.5)
(5.5)
(5.7)
(7.5)
0.7
(32.3)
UK Bank Rate \u2013 modelled
5.06
2.68
0.28
0.08
0.02
1.62
5.25
0.02
UK Bank Rate \u2013 adjusted
1
5.06
4.03
2.70
2.23
1.95
3.19
5.25
1.88
CPI inflation \u2013 modelled
2.6
2.8
1.9
1.0
0.1
1.7
3.5
(0.2)
CPI inflation \u2013 adjusted
1
2.6
3.6
2.1
1.4
0.8
2.1
3.9
0.7
Probability-weighted
Gross domestic product growth
0.8
0.5
0.8
1.2
1.4
1.0
5.7
0.7
Unemployment rate
4.3
5.0
5.5
5.4
5.3
5.1
5.5
4.2
House price growth
3.4
1.8
(0.7)
(1.0)
0.4
0.8
5.3
0.4
Commercial real estate price growth
0.7
(1.7)
1.0
0.7
(1.1)
(0.1)
0.7
(1.3)
UK Bank Rate \u2013 modelled
5.06
4.00
3.09
2.90
2.88
3.59
5.25
2.88
UK Bank Rate \u2013 adjusted
1
5.06
4.13
3.33
3.12
3.08
3.74
5.25
3.06
CPI inflation \u2013 modelled
2.6
2.8
2.4
2.2
1.9
2.4
3.5
1.8
CPI inflation \u2013 adjusted
1
2.6
2.9
2.4
2.3
2.0
2.4
3.5
1.9
1 The adjustment to UK Bank Rate and CPI inflation in the severe downside is considered to better reflect the risks around the Group\u2019s base case view in an economic environment
where the risks of supply and demand shocks are more balanced.
First Second Third Fourth First Second Third Fourth
quarter quarter quarter quarter quarter quarter quarter quarter
Base case scenario by quarter
1
2024 2024 2024 2024 2025 2025 2025 2025
At 31 December 2024 % % % % % % % %
Gross domestic product growth
0.7
0.4
0.0
0.1
0.2
0.3
0.3
0.3
Unemployment rate
4.3
4.2
4.3
4.4
4.5
4.6
4.7
4.8
House price growth
0.4
1.8
4.6
3.4
3.6
4.0
3.0
2.1
Commercial real estate price growth
(5.3)
(4.7)
(2.8)
0.7
1.8
1.4
0.9
0.3
UK Bank Rate
5.25
5.25
5.00
4.75
4.50
4.25
4.00
4.00
CPI inflation
3.5
2.1
2.0
2.5
2.4
3.0
2.9
2.7
1 Gross domestic product growth is presented quarter-on-quarter. House price growth, commercial real estate growth and CPI inflation are presented year-on-year, i.e. from the
equivalent quarter in the previous year. Unemployment rate and UK Bank Rate are presented as at the end of each quarter.
2023 to 2027 Start to Start to
2023 2024 2025 2026 2027 average peak trough
At 31 December 2023 % % % % % % % %
Upside
Gross domestic product
0.3
1.5
1.7
1.7
1.9
1.4
8.1
0.2
Unemployment rate
4.0
3.3
3.1
3.1
3.1
3.3
4.2
3.0
House price growth
1.9
0.8
6.9
7.2
6.8
4.7
25.7
(1.2)
Commercial real estate price growth
(3.9)
9.0
3.8
1.3
1.3
2.2
11.5
(3.9)
UK Bank Rate
4.94
5.72
5.61
5.38
5.18
5.37
5.79
4.25
CPI inflation
7.3
2.7
3.1
3.2
3.1
3.9
10.2
2.1
Base case
Gross domestic product
0.3
0.5
1.2
1.7
1.9
1.1
6.4
0.2
Unemployment rate
4.2
4.9
5.2
5.2
5.0
4.9
5.2
3.9
House price growth
1.4
(2.2)
0.5
1.6
3.5
1.0
4.8
(1.2)
Commercial real estate price growth
(5.1)
(0.2)
0.1
0.0
0.8
(0.9)
(1.2)
(5.3)
UK Bank Rate
4.94
4.88
4.00
3.50
3.06
4.08
5.25
3.00
CPI inflation
7.3
2.7
2.9
2.5
2.2
3.5
10.2
2.1
Downside
Gross domestic product
0.2
(1.0)
(0.1)
1.5
2.0
0.5
3.4
(1.2)
Unemployment rate
4.3
6.5
7.8
7.9
7.6
6.8
8.0
3.9
House price growth
1.3
(4.5)
(6.0)
(5.6)
(1.7)
(3.4)
2.0
(15.7)
Commercial real estate price growth
(6.0)
(8.7)
(4.0)
(2.1)
(1.2)
(4.4)
(1.2)
(20.4)
UK Bank Rate
4.94
3.95
1.96
1.13
0.55
2.51
5.25
0.43
CPI inflation
7.3
2.8
2.7
1.8
1.1
3.2
10.2
1.0
Severe downside
Gross domestic product
0.1
(2.3)
(0.5)
1.3
1.8
0.1
1.0
(2.9)
Unemployment rate
4.5
8.7
10.4
10.5
10.1
8.8
10.5
3.9
House price growth
0.6
(7.6)
(13.3)
(12.7)
(7.5)
(8.2)
2.0
(35.0)
Commercial real estate price growth
(7.7)
(19.5)
(10.6)
(7.7)
(5.2)
(10.3)
(1.2)
(41.8)
UK Bank Rate \u2013 modelled
4.94
2.75
0.49
0.13
0.03
1.67
5.25
0.02
UK Bank Rate \u2013 adjusted
1
4.94
6.56
4.56
3.63
3.13
4.56
6.75
3.00
CPI inflation \u2013 modelled
7.3
2.7
2.2
0.9
(0.2)
2.6
10.2
(0.3)
CPI inflation \u2013 adjusted
1
7.6
7.5
3.5
1.3
1.0
4.2
10.2
0.9
Probability-weighted
Gross domestic product
0.3
0.1
0.8
1.6
1.9
0.9
5.4
0.1
Unemployment rate
4.2
5.3
5.9
5.9
5.7
5.4
6.0
3.9
House price growth
1.4
(2.5)
(0.9)
(0.3)
1.8
(0.1)
2.0
(2.8)
Commercial real estate price growth
(5.3)
(1.9)
(1.1)
(1.0)
(0.2)
(1.9)
(1.2)
(9.9)
UK Bank Rate \u2013 modelled
4.94
4.64
3.52
3.02
2.64
3.75
5.25
2.59
UK Bank Rate \u2013 adjusted
1
4.94
5.02
3.93
3.37
2.95
4.04
5.42
2.89
CPI inflation \u2013 modelled
7.3
2.7
2.8
2.3
1.9
3.4
10.2
1.9
CPI inflation \u2013 adjusted
1
7.4
3.2
3.0
2.4
2.0
3.6
10.2
2.0
1 The adjustment to UK Bank Rate and CPI inflation in the severe downside is considered to better reflect the risks around the Group\u2019s base case view in an economic environment where supply shocks are the principal concern.
First Second Third Fourth First Second Third Fourth
quarter quarter quarter quarter quarter quarter quarter quarter
Base case scenario by quarter
1
2023 2023 2023 2023 2024 2024 2024 2024
At 31 December 2023 % % % % % % % %
Gross domestic product growth
0.3
0.0
(0.1)
0.0
0.1
0.2
0.3
0.3
Unemployment rate
3.9
4.2
4.2
4.3
4.5
4.8
5.0
5.2
House price growth
1.6
(2.6)
(4.5)
1.4
(1.1)
(1.5)
0.5
(2.2)
Commercial real estate price growth
(18.8)
(21.2)
(18.2)
(5.1)
(4.1)
(3.8)
(2.2)
(0.2)
UK Bank Rate
4.25
5.00
5.25
5.25
5.25
5.00
4.75
4.50
CPI inflation
10.2
8.4
6.7
4.0
3.8
2.1
2.3
2.8
1 Gross domestic product growth is presented quarter-on-quarter. House price growth, commercial real estate growth and CPI inflation are presented year-on-year, i.e. from the equivalent quarter in the previous year. Unemployment rate and UK Bank Rate are presented as at the end of each quarter. ECL sensitivity to economic assumptions The following table shows the Group\u2019s ECL for the probability-weighted, upside, base case, downside and severe downside scenarios, with the severe downside scenario incorporating adjustments made to CPI inflation and UK Bank Rate paths. The stage allocation for an asset is based on the overall scenario probability-weighted probability of default and hence the staging of assets is constant across all the scenarios. In each economic scenario the ECL for individual assessments is held constant reflecting the basis on which they are evaluated. Judgemental adjustments applied through changes to model inputs or parameters, or more qualitative post model adjustments, are apportioned across the scenarios in proportion to modelled ECL where this better reflects the sensitivity of these adjustments to each scenario. The probability-weighted view shows the extent to which a higher ECL allowance has been recognised to take account of multiple economic scenarios relative to the base case; the uplift on a statutory basis being \u00a3445 million compared to \u00a3678 million at 31 December 2023.
At 31 December 2024
At 31 December 2023
Probability- Severe Probability- Severe
weighted Upside Base case Downside downside weighted Upside Base case Downside downside
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
UK mortgages
852
345
567
1,064
2,596
1,115
395
670
1,155
4,485
Credit cards
674
518
641
773
945
810
600
771
918
1,235
Other Retail
950
843
923
1,010
1,172
945
850
920
981
1,200
Commercial Banking
989
745
889
1,125
1,608
1,182
793
1,013
1,383
2,250
Other
16
16
16
16
17
32
32
32
32
32
ECL allowance
3,481
2,467
3,036
3,988
6,338
4,084
2,670
3,406
4,469
9,202
The impact of isolated changes in the UK unemployment rate and House Price Index (HPI) has been assessed on a univariate basis. Although such changes would not be observed in isolation, as economic indicators tend to be correlated in a coherent scenario, this gives insight into the sensitivity of the Group\u2019s ECL to gradual changes in these two critical economic factors. The impacts are assessed as changes to base case modelled ECL only (at 100 per cent weighting) with staging held flat to the reported view. The probability weighted ECL impact of applying the changes to all four scenarios, including the impact on staging and post model adjustments, would be greater. The table below shows the impact on the Group\u2019s ECL resulting from a 1 percentage point increase or decrease in the UK unemployment rate. The increase or decrease is presented based on the adjustment phased evenly over the first 10 quarters of the base case scenario. A more immediate increase or decrease would drive a more material ECL impact as it would be fully reflected in both 12-month and lifetime probability of defaults.
At 31 December 2024
At 31 December 2023
1pp increase in 1pp decrease in 1pp increase in 1pp decrease in
unemployment unemployment unemployment unemployment
\u00a3m \u00a3m \u00a3m \u00a3m
UK mortgages
1
4
(3)
33
(32)
Credit cards
40
(41)
38
(38)
Other Retail
18
(20)
19
(19)
Commercial Banking
71
(67)
88
(83)
ECL impact
133
(131)
178
(172)
1 2024 calculated using updated models. The table below shows the impact on the Group\u2019s ECL in respect of UK mortgages of an increase or decrease in loss given default for a 10 percentage point increase or decrease in HPI. The increase or decrease is presented based on the adjustment phased evenly over the first 10 quarters of the base case scenario.
At 31 December 2024
At 31 December 2023
10pp increase 10pp decrease 10pp increase 10pp decrease
in HPI in HPI in HPI in HPI
\u00a3m \u00a3m \u00a3m \u00a3m
ECL impact
1
(127)
182
(201)
305
1 2024 calculated using updated models. The table below shows the Group\u2019s ECL and drawn balances for the upside, base case, downside and severe downside scenarios, with staging of assets based on each specific scenario probability of default. In each economic scenario the ECL for individual assessments is held constant reflecting the basis on which they are evaluated. Judgemental adjustments applied through changes to model inputs or parameters, or more qualitative post-model adjustments, are apportioned across the scenarios in proportion to modelled ECL where this better reflects the sensitivity of these adjustments to each scenario. A probability-weighted scenario is not shown as this view does not reflect the basis on which ECL is calculated. Comparing the probability-weighted ECL in the table above to the base case ECL with base case scenario specific staging, as shown in the table below, results in an uplift of \u00a3468 million compared to \u00a3596 million at 31 December 2023.
Drawn balances
1
ECL allowance
Coverage ratio
2
Severe Severe Severe
Upside Base case Downside downside Upside Base case Downside downside Upside Base case Downside downside
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % % % %
Stage 1
UK mortgages
3
271,370
271,903
271,391
253,639
13
29
66
203
\u2013
\u2013
\u2013
0.1
Credit cards
14,261
13,714
13,065
12,226
152
196
238
290
1.1
1.4
1.8
2.4
Other Retail
43,746
43,435
42,955
42,046
333
356
374
408
0.8
0.8
0.9
1.0
Commercial Banking
95,068
94,800
92,924
84,598
139
209
294
334
0.1
0.2
0.3
0.4
Other
11,252
11,252
11,252
11,252
7
7
7
7
0.1
0.1
0.1
0.1
Total
435,697
435,104
431,587
403,761
644
797
979
1,242
0.1
0.2
0.2
0.3
Stage 2
UK mortgages
3
31,385
30,852
31,364
49,116
86
144
321
1,272
0.3
0.5
1.0
2.6
Credit cards
1,714
2,261
2,910
3,749
207
304
431
613
12.1
13.5
14.8
16.3
Other Retail
4,038
4,349
4,829
5,738
293
350
420
547
7.3
8.0
8.7
9.5
Commercial Banking
3,391
3,659
5,535
13,861
174
246
444
1,449
5.1
6.7
8.0
10.5
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
40,528
41,121
44,638
72,464
760
1,044
1,616
3,881
1.9
2.5
3.6
5.4
Stage 3
UK mortgages
3
4,166
4,166
4,166
4,166
201
274
410
691
4.8
6.6
9.8
16.6
Credit cards
265
265
265
265
133
133
133
133
50.2
50.2
50.2
50.2
Other Retail
446
446
446
446
217
222
233
257
48.7
49.8
52.3
57.7
Commercial Banking
1,839
1,839
1,839
1,839
415
415
415
415
22.6
22.6
22.6
22.6
Other
36
36
36
36
9
9
9
9
25.0
25.0
25.0
25.0
Total
6,752
6,752
6,752
6,752
975
1,053
1,200
1,505
14.4
15.6
17.8
22.3
POCI
UK mortgages
3
6,207
6,207
6,207
6,207
45
119
264
575
0.7
1.9
4.3
9.3
Total
UK mortgages
313,128
313,128
313,128
313,128
345
566
1,061
2,741
0.1
0.2
0.3
0.9
Credit cards
16,240
16,240
16,240
16,240
492
633
802
1,036
3.0
3.9
4.9
6.4
Other Retail
48,230
48,230
48,230
48,230
843
928
1,027
1,212
1.7
1.9
2.1
2.5
Commercial Banking
100,298
100,298
100,298
100,298
728
870
1,153
2,198
0.7
0.9
1.1
2.2
Other
11,288
11,288
11,288
11,288
16
16
16
16
0.1
0.1
0.1
0.1
Total
489,184
489,184
489,184
489,184
2,424
3,013
4,059
7,203
0.5
0.6
0.8
1.5
1 Includes loans and advances to banks, loans and advances to customers, debt securities and items identified as other assets in note 24. 2 Coverage ratio is ECL allowance shown as a percentage of drawn balances. 3 Calculated using updated models.
Drawn balances
1
ECL allowance
Coverage ratio
2
Severe Severe Severe
Upside Base case Downside downside Upside Base case Downside downside Upside Base case Downside downside
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % % % %
Stage 1
UK mortgages
270,131
269,581
266,388
129,736
20
40
84
153
\u2013
\u2013
\u2013
0.1
Credit cards
13,338
12,668
12,109
10,966
169
211
242
298
1.3
1.7
2.0
2.7
Other Retail
39,260
38,939
38,373
30,202
360
384
404
448
0.9
1.0
1.1
1.5
Commercial Banking
98,202
97,394
92,919
78,781
165
260
376
431
0.2
0.3
0.4
0.6
Other
7,632
7,632
7,632
7,632
14
16
17
20
0.2
0.2
0.2
0.3
Total
428,563
426,214
417,421
257,317
728
911
1,123
1,350
0.2
0.2
0.3
0.5
Stage 2
UK mortgages
24,998
25,548
28,741
165,393
73
139
316
4,074
0.3
0.6
1.1
2.5
Credit cards
2,195
2,865
3,424
4,567
302
437
567
859
13.7
15.3
16.6
18.8
Other Retail
5,711
6,032
6,598
14,769
325
378
424
619
5.7
6.3
6.4
4.2
Commercial Banking
4,487
5,295
9,770
23,908
259
379
722
2,466
5.8
7.2
7.4
10.3
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
37,391
39,740
48,533
208,637
959
1,333
2,029
8,018
2.6
3.4
4.2
3.8
Stage 3
UK mortgages
4,337
4,337
4,337
4,337
78
225
457
963
1.8
5.2
10.5
22.2
Credit cards
284
284
284
284
122
122
122
122
43.0
43.0
43.0
43.0
Other Retail
452
452
452
452
238
242
248
261
52.7
53.5
54.9
57.7
Commercial Banking
2,068
2,068
2,068
2,068
426
426
426
426
20.6
20.6
20.6
20.6
Other
39
39
39
39
16
16
16
16
41.0
41.0
41.0
41.0
Total
7,180
7,180
7,180
7,180
880
1,031
1,269
1,788
12.3
14.4
17.7
24.9
POCI
UK mortgages
3
7,854
7,854
7,854
7,854
213
213
213
213
2.7
2.7
2.7
2.7
Total
UK mortgages
307,320
307,320
307,320
307,320
384
617
1,070
5,403
0.1
0.2
0.4
1.8
Credit cards
15,817
15,817
15,817
15,817
593
770
931
1,279
3.8
4.9
5.9
8.1
Other Retail
45,423
45,423
45,423
45,423
923
1,004
1,076
1,328
2.0
2.2
2.4
2.9
Commercial Banking
104,757
104,757
104,757
104,757
850
1,065
1,524
3,323
0.8
1.0
1.5
3.2
Other
7,671
7,671
7,671
7,671
30
32
33
36
0.4
0.4
0.4
0.5
Total
480,988
480,988
480,988
480,988
2,780
3,488
4,634
11,369
0.6
0.7
1.0
2.4
1 Includes loans and advances to banks, loans and advances to customers, debt securities and items identified as other assets in note 24. 2 Coverage ratio is ECL allowance shown as a percentage of drawn balances. 3 POCI ECL has been presented on a probability-weighted basis. The sensitivity is captured within the UK mortgages total. Assessment of climate risk impacts on ECL The Group continues to develop capabilities to quantify the potential impact of climate risks on ECL. This includes identifying the climate- related risk drivers that could influence future credit losses for loan portfolios that have the highest sensitivity to climate risks and commencing the use of more quantitative analysis on the impact of these risk drivers on ECL. The approach leverages the Group\u2019s climate scenario analysis, to identify the potential physical and transition risk impacts on credit quality. UK mortgages and Commercial Banking portfolios are judged to have the highest sensitivity to climate risk, with both physical and transition risk drivers assessed. UK mortgages physical and transition risks \u2013 additional costs arising from regulatory obligations of increased energy efficiency standards to reduce carbon emissions and increased flood risk and coastal erosion, through property repair or rebuild and/or increased insurance premia. This can result in affordability pressure, as well as decrease in property valuation, for borrowers owning low EPC rated properties or those in areas prone to flooding or coastal erosion. Commercial Banking physical and transition risks \u2013 increased costs or revenue disruption, or both, arising from chronic and acute physical hazards from rising temperatures. Companies adapting to a sudden transition scenario could potentially lead to increased transition costs in operations, direct carbon costs, and deteriorating financial performance due to changing consumer perspectives. Macroeconomic and sector scenario risk assessments Assessments were performed on the Group\u2019s internally generated economic scenarios used in the measurement of expected credit losses against external scenarios published by the Network for Greening the Financial System (NGFS). The potential incremental impact of climate factors on key economic drivers was isolated from the Phase V NGFS Delayed Transition scenario, which management judged the most plausible. The incremental risk to ECL was then quantified by overlaying the specific climate impact of this scenario onto macroeconomic drivers within the Group\u2019s base case and MES scenarios. The results from the most material Retail portfolios, UK mortgages and consumer lending allowed management to conclude on an immaterial ECL impact for Retail of below \u00a35 million (31 December 2023: below \u00a35 million), and in Commercial Banking a separate climate assessment performed at sector level, resulted in an ECL impact of below \u00a315 million (31 December 2023: below \u00a315 million). The Group\u2019s MES downside and severe downside scenarios, together comprising a 40 per cent weighting in ECL calculations, are generally more severe than the most adverse NGFS scenario (\u2018Net Zero 2050\u2019). MES downsides were also comparable in severity to the most adverse part of the \u2018Late Action\u2019 scenario of the 2021 Climate Biennial Exploratory Scenario (CBES). The assessment suggests that no material changes are required to the Group\u2019s existing suite of economic scenarios used within the ECL calculation. In Commercial Banking, an exploratory top-down analysis using sectoral modelling was adopted to estimate the specific ECL impact of climate risk on commercial credit conditions. This assessment specifically targets agriculture, automotive, transport, oil and gas, real estate and utilities sectors where climate impacts were judged to be more significant. Resulting sector-specific, climate-adjusted credit cycle indices (CCI) were used to calculate probability of default and resulting ECL. These adjusted CCI model inputs combined external NGFS phase IV scenarios with client level valuation impacts where available, alongside historic impairment data. Considering methodological limitations, the additional ECL required was shown to be immaterial. Physical and transition risk assessments The Group has enhanced its assessment of transition risk on the UK mortgage portfolio by extending the scope from buy-to-let (BTL) to also include Mainstream and Specialist Residential property portfolios. The assessment is now also performed with an account level assessment of affordability and valuation impacts, with a more nuanced view of the potential of government to legislate a minimum EPC requirement. Finally, the time period observed extends to 2050 with multiple transition points across multiple economic scenarios. An affordability stress for customers was applied by considering multiple scenarios for home retrofitting taking place when changes in regulation lead to higher minimum EPC rating requirements. The provision impact was assessed by transforming the account level assessment of affordability and valuation impacts of each climate scenario to adjust inputs used in existing Probability of Default (PD) parameters. As at 31 December 2024, the impact on ECL has been estimated to be less than \u00a35 million (31 December 2023: less than \u00a35 million) in BTL properties and less than \u00a35 million (31 December 2023: not assessed) in Mainstream and Specialist portfolios. The physical risk assessment on the UK mortgage portfolio in 2024 included both flooding and coastal erosion risk. The impacts were based on a internally defined delayed transition outlook, out to 2050, aligned with the Group\u2019s transition methodology. The assessment showed that over 80 per cent of the book was not exposed to flood risk damage and over 99 per cent had no risk to coastal erosion damage. The impact on ECL to customers exposed to the affordability risk from flood and coastal erosion damage has been estimated to be immaterial. Whilst this supports no judgemental adjustment to ECL being required, where a top-down approach has been used it may not fully capture the impact on loss rates emanating from being located in a high-risk area. Similarly the current assessment excludes the potential affordability shocks or reduced insurance coverage that could occur due to possible changes to insurance policy initiatives in this area.
ECL impact ECL impact
Assessment
Nature of risk assessed
Portfolios assessed
At 31 December 2024 At 31 December 2023
Macroeconomic impact from climate scenario
Scenario risk \u2013 macro level
Retail
< \u00a35 million
< \u00a35 million
Sector level impacts from climate scenario
Scenario risk \u2013 sector level
Commercial Banking
< \u00a315 million
< \u00a315 million
(excluding Business Banking)
Retrofitting cost to meet EPC regulation
Transition risk
UK mortgages
< \u00a310 million (BTL, < \u00a35 million (BTL)
Mainstream and
Specialist)
Flood and coastal erosion risk
Physical risk
UK mortgages
< \u00a35 million (Flood
< \u00a35 million (Flood)
and coastal erosion)
The climate risk assessments above remain limited due to the degree of uncertainty underpinning key assumptions used, as well as the continuing developmental nature of the data, approach and models used in the quantification. These include, but are not limited to, the analyses being restricted to PD impacts only; considering only the most material hazards for UK mortgages (flood and coastal erosion); client valuation impacts not incorporating climate transition plans; the physical risk modelling for corporates currently excluding broader components such as supply chain impacts, and more broadly the political landscape; future climate data enhancements and further model development. The ECL impacts resulting from these climate risk assessments remain immaterial. This continues to support management\u2019s view that there is a low residual risk of material error or omission in the Group\u2019s financial statements due to climate-related risks and as a result no adjustments have been made to ECL measured as at 31 December 2024. The current behavioural lives of the Group\u2019s lending reduces the potential exposure to the later emergence of potential physical climate impacts, with the incorporation of climate risk, in credit policy, as a qualitative underwriting assessment within the Commercial Banking credit process and the origination process for mortgages providing further mitigation on more recent originations. Credit risk The Group\u2019s credit risk exposure arises in respect of the instruments below and predominantly in the United Kingdom. Credit risk appetite is set at Board level and is described and reported through a suite of metrics devised from a combination of accounting and credit portfolio performance measures, which include the use of various credit risk rating systems as inputs and assess credit risk at a counterparty level using three components: (i) the probability of default by the counterparty on its contractual obligations; (ii) the current exposures to the counterparty and their likely future development, from which the Group derives the exposure at default; and (iii) the likely loss ratio on the defaulted obligations, the loss given default. The Group uses a range of approaches to mitigate credit risk, including internal control policies, obtaining collateral, using master netting agreements and other credit risk transfers, such as asset sales and credit derivatives based transactions. More information is set out on pages 155 to 180. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-953": { "value": "Note 21: Allowance for expected credit losses The Group recognises an allowance for expected credit losses (ECLs) for loans and advances to customers and banks, other financial assets held at amortised cost, financial assets (other than equity investments) measured at fair value through other comprehensive income and certain loan commitment and financial guarantee contracts. At 31 December 2024, the Group\u2019s expected credit loss allowance was \u00a33,481 million (2023: \u00a34,084 million), of which \u00a33,211 million (2023: \u00a33,762 million) was in respect of drawn balances. The Group\u2019s total expected credit loss allowances were as follows:
At 31 December 2024
At 31 December 2023
Stage 1 Stage 2 Stage 3 POCI Total Stage 1 Stage 2 Stage 3 POCI Total
Allowance for expected credit losses \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
In respect of:
Loans and advances to banks
1
\u2013
\u2013
\u2013
1
8
\u2013
\u2013
\u2013
8
UK mortgages
53
273
335
187
848
161
374
357
213
1,105
Credit cards
149
297
133
\u2013
579
168
401
130
\u2013
699
Other
329
326
227
\u2013
882
339
320
228
\u2013
887
Retail
531
896
695
187
2,309
668
1,095
715
213
2,691
Commercial Banking
205
264
413
\u2013
882
232
372
418
\u2013
1,022
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4
\u2013
4
Loans and advances to customers
736
1,160
1,108
187
3,191
900
1,467
1,137
213
3,717
Debt securities
3
\u2013
1
\u2013
4
7
2
2
\u2013
11
Financial assets at amortised cost
740
1,160
1,109
187
3,196
915
1,469
1,139
213
3,736
Other assets
7
\u2013
8
\u2013
15
16
\u2013
10
\u2013
26
Provisions in relation to loan
commitments and financial guarantees
142
126
2
\u2013
270
160
160
2
\u2013
322
Total
889
1,286
1,119
187
3,481
1,091
1,629
1,151
213
4,084
Expected credit loss in respect of financial
assets at fair value through other
comprehensive income (memorandum
item)
4
\u2013
\u2013
\u2013
4
7
\u2013
\u2013
\u2013
7
The calculation of the Group\u2019s expected credit loss allowances and provisions against loan commitments and guarantees, which are set out above, requires the Group to make a number of judgements, assumptions and estimates. The most significant are set out below: Critical accounting judgements and key sources of estimation uncertainty Critical judgements: Determining an appropriate definition of default against which a probability of default, exposure at default and loss given default parameter can be evaluated Establishing the criteria for a significant increase in credit risk (SICR) The individual assessment of material cases and the use of judgemental adjustments made to impairment modelling processes that adjust inputs, parameters and outputs to reflect risks not captured by models Key source of estimation uncertainty: Base case and multiple economic scenarios (MES) assumptions, including the rate of unemployment and the rate of change of house prices, required for creation of MES scenarios and forward-looking credit parameters Definition of default The probability of default (PD) of an exposure, both over a 12-month period and over its lifetime, is a key input to the measurement of the ECL allowance. Default has occurred when there is evidence that the customer is experiencing significant financial difficulty which is likely to affect the ability to repay amounts due. The definition of default adopted by the Group is described in note 2(H) Impairment of financial assets. A Stage 3 asset that is no longer credit-impaired is transferred back to Stage 2 as no general probation period is applied to assets in Stage 3. UK mortgages is an exception to this rule where a probation period is enforced for non-performing forborne and defaulted exposures in accordance with prudential regulation. Significant increase in credit risk An ECL allowance equivalent to 12 months\u2019 expected losses is established against assets in Stage 1; assets classified as Stage 2 carry an ECL allowance equivalent to lifetime expected losses. Assets are transferred from Stage 1 to Stage 2 when there has been a significant increase in credit risk (SICR) since initial recognition. Credit-impaired assets are transferred to Stage 3 with a lifetime expected losses allowance. If an exposure that is classified as Stage 2 no longer meets the SICR criteria, which in some cases capture customer behaviour in previous periods, it is moved back to Stage 1. The Group uses both quantitative and qualitative indicators to determine whether there has been a SICR for an asset. The setting of precise trigger points combined with risk indicators requires judgement and the use of different trigger points may have a material impact upon the ECL allowance. The Group monitors the effectiveness of SICR criteria on an ongoing basis. For UK mortgages a reassessment of the SICR criteria was performed following redevelopment of the ECL model in the period, in order to maintain SICR effectiveness. At 31 December 2024 a doubling of PD since origination was set as a quantitative SICR trigger. All originations post IFRS 9 adoption incorporate forward looking information, and for recent Interest Only accounts the likelihood of default occurring at the end of term. This is supplemented by qualitative triggers including where customers have surpassed their original contractual term through use of term extensions, where fraud is evident, or where an account is in arrears. For credit cards, loans and overdrafts an increase of three PD grades since origination on the retail master scale (RMS) shown below is set as a quantitative SICR trigger. Assets are also assumed to have suffered a SICR if they have either been in arrears on three occasions, or in default once, in the past 12 months.
RMS grade
1
2
3
4
5
6
7
8
9
10
11
12
13
14
PD boundary
1
(%)
0.10
0.40
0.80
1.20
2.50
4.50
7.50
10.00
14.00
20.00
30.00
45.00
99.99
100.00
1 Probability-weighted annualised lifetime probability of default. For Commercial Banking a doubling of PD with a minimum increase in PD of 1 per cent since origination is treated as a SICR. This is complemented with the use of internal credit risk classifications and ratings as qualitative indicators to identify a SICR. The Group does not use the low credit risk exemption in its staging assessments, though more simplistic SICR criteria are applied for portfolios not listed above. All financial assets are assumed to have suffered a SICR if they are more than 30 days past due. Individual assessments and application of judgement in adjustments to modelled ECL The table below analyses total ECL allowances by portfolio, separately identifying the amounts that have been modelled, those that have been individually assessed and those arising through the application of judgemental adjustments.
At 31 December 2024
At 31 December 2023
Judgements due to:
Judgements due to:
Inflationary Inflationary
Modelled Individually and interest Modelled Individually and interest
ECL assessed rate risk Other Total ECL assessed rate risk Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
UK mortgages
720
\u2013
\u2013
132
852
991
\u2013
61
63
1,115
Credit cards
681
\u2013
\u2013
(7)
674
703
\u2013
92
15
810
Other Retail
860
\u2013
\u2013
90
950
866
\u2013
33
46
945
Commercial Banking
894
354
\u2013
(259)
989
1,124
340
\u2013
(282)
1,182
Other
16
\u2013
\u2013
\u2013
16
32
\u2013
\u2013
\u2013
32
Total
3,171
354
\u2013
(44)
3,481
3,716
340
186
(158)
4,084
Individually assessed ECL Stage 3 ECL in Commercial Banking is largely assessed on an individual basis by the Business Support Unit using bespoke assessment of loss for each specific client based on potential recovery strategies. While these assessments are based on the Group\u2019s latest economic view, the use of Group-wide multiple economic scenarios and weightings is not considered appropriate for these cases due to their individual characteristics. In place of this, a range of case-specific outcomes are considered with any alternative better or worse outcomes that carry a 25 per cent likelihood taken into account in establishing a probability-weighted ECL. At 31 December 2024, individually assessed provisions for Commercial Banking were \u00a3354 million (2023: \u00a3340 million) which reflected a range of \u00a3309 million to \u00a3437 million (2023: \u00a3291 million to \u00a3413 million), based on the range of alternative outcomes considered. Application of judgement in adjustments to modelled ECL Impairment models fall within the Group\u2019s model risk framework with model monitoring, periodic validation and back testing performed on model components, such as probability of default. Limitations in the models or data inputs may be identified through these assessments and review of model outputs, which may require appropriate judgemental adjustments to the ECL. These adjustments are determined by considering the particular attributes of exposures which have not been adequately captured by the impairment models and range from changes to model inputs and parameters, at account level (in-model adjustments), through to more qualitative post-model adjustments. Judgements due to inflationary and interest rate risk During 2022 and 2023 the intensifying inflationary pressures, alongside rising interest rates created further risks not deemed to be fully captured by ECL models which meant judgemental adjustments were required. Throughout 2024 these risks subsided with inflation back at around 2 per cent, base rates reducing and credit performance proving resilient. As a result, the judgements held in respect of inflationary and interest rate risks have been removed (2023: \u00a3186 million). Other judgements continue to be applied for broader data and model limitations, both increasing and decreasing ECL where deemed necessary. Other judgements UK mortgages: \u00a3132 million (2023: \u00a363 million) These adjustments principally comprise: Repossession risk1 : \u00a3110 million (2023: \u00a3106 million) The Group\u2019s repossession activity and respective data associated with the UK mortgage portfolio has been distorted for a number of years following pauses in litigation activity both before and during COVID-19. This has seen a larger number of customers in default for a longer period than would typically be expected resulting in a risk that ECL calculated on these accounts is understated. Judgemental adjustments to mitigate this risk have been in place for several years, although the approach has been revisited in 2024. An assessment of recent cure trends indicated that the overall possession rates used in the model appeared adequate; however, the assessment identified a potential recovery risk on specific subsets of long-term defaulted cases (greater than five years), as well as a continued risk from a longer duration between default and repossession than model assumptions used on existing and future defaults. 1 Previously reported as Increase in time to repossession. Adjustment for specific segments: \u00a313 million (2023: \u00a323 million) The Group monitors risks across specific segments of its portfolios which may not be fully captured through collective models. The judgement for fire safety and cladding uncertainty reduced in the period following methodology refinement. Though experience remains limited the risk is considered sufficiently material to address, given evidence of cases having defective cladding, or other fire safety issues. Credit cards: \u00a3(7) million (2023: \u00a315 million) and Other Retail: \u00a390 million (2023: \u00a346 million) These adjustments principally comprise: Lifetime extension: Credit cards: \u00a355 million (2023: \u00a367 million) and Other Retail: \u00a310 million (2023: \u00a310 million) An adjustment is required to extend the lifetime used for Stage 2 exposures on Retail revolving products from a three-year modelled lifetime, which reflected the outcome data available when the ECL models were developed. Incremental defaults beyond year three are calculated through the extrapolation of the default trajectory observed throughout the three years and beyond. The Credit cards judgement has reduced slightly in the period reflecting portfolio movement. Adjustments to loss rates: Credit cards: \u00a3(57) million (2023: \u00a3(50) million) and Other Retail: \u00a347 million (2023: \u00a337 million) A number of adjustments have been made to the loss given default (LGD) assumptions used within unsecured and motor credit models. For unsecured portfolios, the adjustments reflect the impact of changes in collection debt sale strategy on the Group\u2019s LGD models, incorporating up to date customer performance and forward flow debt sale pricing. For UK Motor Finance, within Other Retail, the adjustment is used to incorporate the latest outlook on used car prices. Commercial Banking: \u00a3(259) million (2023: \u00a3(282) million) These adjustments principally comprise: Corporate insolvency rates: \u00a3(253) million (2023: \u00a3(292) million) The volume of UK corporate insolvencies continues to exhibit an elevated trend beyond December 2019 levels, revealing a marked misalignment between observed UK corporate insolvencies and the Group\u2019s equivalent credit performance. This dislocation gives rise to uncertainty over the drivers of the observed trends in the metric and the appropriateness of the Group\u2019s Commercial Banking model response which uses observed UK corporate insolvencies data to anchor future loss estimates to. Given the Group\u2019s asset quality remains strong with low defaults, a negative adjustment is applied by reverting judgementally to the long-term average of the insolvency rate. Adjustments to loss given defaults (LGDs): \u00a3(80) million (2023: \u00a3(105) million) Following a review of the loss given default approach for commercial exposures, management continues to judge that ECL should be adjusted to mitigate limitations identified in the approach which are causing loss given defaults to be inflated. These include the benefit from amortisation of exposures relative to collateral values at default and a move to an exposure-weighted approach being adopted. These temporary adjustments will be addressed through future model development. Corporate income gearing (CIG) adjustment: \u00a337 million (2023: \u00a3nil) An adjustment was raised, based upon the assessment of Corporate Income Gearing (CIG), a model parameter for affordability used in Commercial Banking. The modelled ECL release resulting from updating CIG drivers (interest rates) was judgmentally reversed, with interest rates having reached a plateau which has translated into a slower year-on-year increase in CIG. This slowdown gave a release in modelled ECL which is not judged representative of the continued pressure on borrowers and business margins. Commercial Real Estate (CRE) price reduction: \u00a335 million (2023: \u00a367 million) The material fall in CRE prices observed in late 2022, previously required a judgemental reinstatement within ECL model assumptions at 31 December 2023, given the materially reduced level in CRE prices could still trigger additional losses. At 31 December 2024 the adjustment remains in place only for loss rates on a small proportion of accounts still to be reassessed following this fall. This is alongside a more material adjustment for the potential impact on loss rates from valuations on specific CRE sectors where evidence suggests valuations may lag achievable levels, notably in cases of stressed sale. Generation of multiple economic scenarios The estimate of expected credit losses is required to be based on an unbiased expectation of future economic scenarios. The approach used to generate the range of future economic scenarios depends on the methodology and judgements adopted. The Group\u2019s approach is to start from a defined base case scenario, used for planning purposes, and to generate alternative economic scenarios around this base case. The base case scenario is a conditional forecast underpinned by a number of conditioning assumptions that reflect the Group\u2019s best view of key future developments. If circumstances appear likely to materially deviate from the conditioning assumptions, then the base case scenario is updated. The base case scenario is central to a range of future economic scenarios generated by simulation of an economic model, for which the same conditioning assumptions apply as in the base case scenario. These scenarios are ranked by using estimated relationships with industry-wide historical loss data. With the base case already pre-defined, three other scenarios are identified as averages of constituent scenarios located around the 15th, 75th and 95th percentiles of the distribution. The full distribution is therefore summarised by a practical number of scenarios to run through ECL models representing an upside, the base case, and a downside scenario weighted at 30 per cent each, together with a severe downside scenario weighted at 10 per cent. The scenario weights represent the distribution of economic scenarios and not subjective views on likelihood. The inclusion of a severe downside scenario with a smaller weighting ensures that the non- linearity of losses in the tail of the distribution is adequately captured. Macroeconomic projections may employ reversionary techniques to adjust the paths of economic drivers towards long-run equilibria after a reasonable forecast horizon. The Group does not use such techniques to force the MES scenarios to revert to the base case planning view. Utilising such techniques would be expected to be immaterial for expected credit losses since loss sensitivity is minimal after the initial five years of the projections. A forum under the chairmanship of the Chief Economist meets at least quarterly to review and, if appropriate, recommend changes to the method by which economic scenarios are generated, for approval by the Chief Financial Officer and Chief Risk Officer. The Group continues to judge it appropriate to include a non-modelled severe downside scenario for Group ECL calculations. The scenario is generated as a simple average of a fully modelled severe scenario, better representing shocks to demand, and a scenario with higher paths for UK Bank Rate and CPI inflation, as a representation of shocks to supply. The combined \u2018adjusted\u2019 scenario used in ECL modelling is considered to better reflect the risks around the Group\u2019s base case view in an economic environment where demand and supply shocks are more balanced. Base case and MES economic assumptions The Group\u2019s base case economic scenario has been updated to reflect ongoing geopolitical developments and changes in domestic economic policy. The Group\u2019s updated base case scenario has three conditioning assumptions. First, cross-border conflicts do not lead to major disruptions in commodity prices or global trade. Second, the US pursues a more isolationist economic agenda, with policies including trade tariffs; immigration cuts; and unfunded tax cuts. China, EU and UK are assumed to retaliate to US tariffs imposed on them. Third, UK Budget public investment plans are assumed to have a small but positive impact on trend productivity growth, subject to further review as more specific policy detail emerges. Based on these assumptions and incorporating the economic data published in the fourth quarter, the Group\u2019s base case scenario is for a slow expansion in GDP and a rise in the unemployment rate alongside modest changes in residential and commercial property prices. Against a backdrop of some persistence in inflationary pressures, UK Bank Rate is expected to be lowered gradually during 2025. Risks around this base case economic view lie in both directions and are largely captured by the generation of alternative economic scenarios. The Group has accommodated the latest available information at the reporting date in defining its base case scenario and generating alternative economic scenarios. The scenarios include forecasts for key variables in the fourth quarter of 2024, for which actuals may have since emerged prior to publication. Scenarios by year The key UK economic assumptions made by the Group are shown in the following tables across a number of measures explained below. Annual assumptions Gross domestic product (GDP) growth and Consumer Price Index (CPI) inflation are presented as an annual change, house price growth and commercial real estate price growth are presented as the growth in the respective indices over each year. Unemployment rate and UK Bank Rate are averages over the year. Five-year average The five-year average reflects the average annual growth rate, or level, over the five-year period. It includes movements within the current reporting year, such that the position as at 31 December 2024 covers the five years 2024 to 2028. The inclusion of the reporting year within the five-year period reflects the need to predict variables which remain unpublished at the reporting date and recognises that credit models utilise both level and annual changes. The use of calendar years maintains a comparability between the annual assumptions presented. Five-year start to peak and trough The peak or trough for any metric may occur intra year and therefore not be identifiable from the annual assumptions, so they are also disclosed. For GDP, house price growth and commercial real estate price growth, the peak, or trough, reflects the highest, or lowest cumulative quarterly position reached relative to the start of the five-year period, which as at 31 December 2024 is 1 January 2024. Given these metrics may exhibit increases followed by greater falls, the start to trough movements quoted may be smaller than the equivalent \u2018peak to trough\u2019 movement (and vice versa for start to peak). Unemployment, UK Bank Rate and CPI inflation reflect the highest, or lowest, quarterly level reached in the five-year period.
2024 to 2028 Start to Start to
2024 2025 2026 2027 2028 average peak trough
At 31 December 2024 % % % % % % % %
Upside
Gross domestic product growth
0.8
1.9
2.2
1.5
1.4
1.6
8.9
0.7
Unemployment rate
4.3
3.5
2.8
2.7
2.8
3.2
4.4
2.7
House price growth
3.4
3.7
6.5
6.6
5.4
5.1
28.2
0.4
Commercial real estate price growth
0.7
7.8
6.7
3.2
0.5
3.7
20.0
(0.8)
UK Bank Rate
5.06
4.71
5.02
5.19
5.42
5.08
5.50
4.50
CPI inflation
2.6
2.8
2.6
2.9
3.0
2.8
3.5
2.0
Base case
Gross domestic product growth
0.8
1.0
1.4
1.5
1.5
1.2
7.0
0.7
Unemployment rate
4.3
4.7
4.7
4.5
4.5
4.5
4.8
4.2
House price growth
3.4
2.1
1.0
1.4
2.4
2.0
10.5
0.4
Commercial real estate price growth
0.7
0.3
2.5
1.9
0.0
1.1
5.4
(0.8)
UK Bank Rate
5.06
4.19
3.63
3.50
3.50
3.98
5.25
3.50
CPI inflation
2.6
2.8
2.4
2.4
2.2
2.5
3.5
2.0
Downside
Gross domestic product growth
0.8
(0.5)
(0.4)
1.0
1.5
0.5
3.2
0.0
Unemployment rate
4.3
6.0
7.4
7.4
7.1
6.4
7.5
4.2
House price growth
3.4
0.6
(5.5)
(6.6)
(3.4)
(2.4)
4.0
(11.4)
Commercial real estate price growth
0.7
(7.8)
(3.1)
(0.9)
(2.3)
(2.7)
0.7
(12.9)
UK Bank Rate
5.06
3.53
1.56
0.96
0.68
2.36
5.25
0.59
CPI inflation
2.6
2.8
2.3
1.8
1.2
2.1
3.5
0.9
Severe downside
Gross domestic product growth
0.8
(1.9)
(1.5)
0.7
1.3
(0.1)
1.2
(2.4)
Unemployment rate
4.3
7.7
10.0
10.0
9.7
8.4
10.2
4.2
House price growth
3.4
(0.8)
(12.4)
(13.6)
(8.8)
(6.7)
3.4
(29.2)
Commercial real estate price growth
0.7
(17.4)
(8.5)
(5.5)
(5.7)
(7.5)
0.7
(32.3)
UK Bank Rate \u2013 modelled
5.06
2.68
0.28
0.08
0.02
1.62
5.25
0.02
UK Bank Rate \u2013 adjusted
1
5.06
4.03
2.70
2.23
1.95
3.19
5.25
1.88
CPI inflation \u2013 modelled
2.6
2.8
1.9
1.0
0.1
1.7
3.5
(0.2)
CPI inflation \u2013 adjusted
1
2.6
3.6
2.1
1.4
0.8
2.1
3.9
0.7
Probability-weighted
Gross domestic product growth
0.8
0.5
0.8
1.2
1.4
1.0
5.7
0.7
Unemployment rate
4.3
5.0
5.5
5.4
5.3
5.1
5.5
4.2
House price growth
3.4
1.8
(0.7)
(1.0)
0.4
0.8
5.3
0.4
Commercial real estate price growth
0.7
(1.7)
1.0
0.7
(1.1)
(0.1)
0.7
(1.3)
UK Bank Rate \u2013 modelled
5.06
4.00
3.09
2.90
2.88
3.59
5.25
2.88
UK Bank Rate \u2013 adjusted
1
5.06
4.13
3.33
3.12
3.08
3.74
5.25
3.06
CPI inflation \u2013 modelled
2.6
2.8
2.4
2.2
1.9
2.4
3.5
1.8
CPI inflation \u2013 adjusted
1
2.6
2.9
2.4
2.3
2.0
2.4
3.5
1.9
1 The adjustment to UK Bank Rate and CPI inflation in the severe downside is considered to better reflect the risks around the Group\u2019s base case view in an economic environment where the risks of supply and demand shocks are more balanced.
First Second Third Fourth First Second Third Fourth
quarter quarter quarter quarter quarter quarter quarter quarter
Base case scenario by quarter
1
2024 2024 2024 2024 2025 2025 2025 2025
At 31 December 2024 % % % % % % % %
Gross domestic product growth
0.7
0.4
0.0
0.1
0.2
0.3
0.3
0.3
Unemployment rate
4.3
4.2
4.3
4.4
4.5
4.6
4.7
4.8
House price growth
0.4
1.8
4.6
3.4
3.6
4.0
3.0
2.1
Commercial real estate price growth
(5.3)
(4.7)
(2.8)
0.7
1.8
1.4
0.9
0.3
UK Bank Rate
5.25
5.25
5.00
4.75
4.50
4.25
4.00
4.00
CPI inflation
3.5
2.1
2.0
2.5
2.4
3.0
2.9
2.7
1 Gross domestic product growth is presented quarter-on-quarter. House price growth, commercial real estate growth and CPI inflation are presented year-on-year, i.e. from the equivalent quarter in the previous year. Unemployment rate and UK Bank Rate are presented as at the end of each quarter.
2023 to 2027 Start to Start to
2023 2024 2025 2026 2027 average peak trough
At 31 December 2023 % % % % % % % %
Upside
Gross domestic product
0.3
1.5
1.7
1.7
1.9
1.4
8.1
0.2
Unemployment rate
4.0
3.3
3.1
3.1
3.1
3.3
4.2
3.0
House price growth
1.9
0.8
6.9
7.2
6.8
4.7
25.7
(1.2)
Commercial real estate price growth
(3.9)
9.0
3.8
1.3
1.3
2.2
11.5
(3.9)
UK Bank Rate
4.94
5.72
5.61
5.38
5.18
5.37
5.79
4.25
CPI inflation
7.3
2.7
3.1
3.2
3.1
3.9
10.2
2.1
Base case
Gross domestic product
0.3
0.5
1.2
1.7
1.9
1.1
6.4
0.2
Unemployment rate
4.2
4.9
5.2
5.2
5.0
4.9
5.2
3.9
House price growth
1.4
(2.2)
0.5
1.6
3.5
1.0
4.8
(1.2)
Commercial real estate price growth
(5.1)
(0.2)
0.1
0.0
0.8
(0.9)
(1.2)
(5.3)
UK Bank Rate
4.94
4.88
4.00
3.50
3.06
4.08
5.25
3.00
CPI inflation
7.3
2.7
2.9
2.5
2.2
3.5
10.2
2.1
Downside
Gross domestic product
0.2
(1.0)
(0.1)
1.5
2.0
0.5
3.4
(1.2)
Unemployment rate
4.3
6.5
7.8
7.9
7.6
6.8
8.0
3.9
House price growth
1.3
(4.5)
(6.0)
(5.6)
(1.7)
(3.4)
2.0
(15.7)
Commercial real estate price growth
(6.0)
(8.7)
(4.0)
(2.1)
(1.2)
(4.4)
(1.2)
(20.4)
UK Bank Rate
4.94
3.95
1.96
1.13
0.55
2.51
5.25
0.43
CPI inflation
7.3
2.8
2.7
1.8
1.1
3.2
10.2
1.0
Severe downside
Gross domestic product
0.1
(2.3)
(0.5)
1.3
1.8
0.1
1.0
(2.9)
Unemployment rate
4.5
8.7
10.4
10.5
10.1
8.8
10.5
3.9
House price growth
0.6
(7.6)
(13.3)
(12.7)
(7.5)
(8.2)
2.0
(35.0)
Commercial real estate price growth
(7.7)
(19.5)
(10.6)
(7.7)
(5.2)
(10.3)
(1.2)
(41.8)
UK Bank Rate \u2013 modelled
4.94
2.75
0.49
0.13
0.03
1.67
5.25
0.02
UK Bank Rate \u2013 adjusted
1
4.94
6.56
4.56
3.63
3.13
4.56
6.75
3.00
CPI inflation \u2013 modelled
7.3
2.7
2.2
0.9
(0.2)
2.6
10.2
(0.3)
CPI inflation \u2013 adjusted
1
7.6
7.5
3.5
1.3
1.0
4.2
10.2
0.9
Probability-weighted
Gross domestic product
0.3
0.1
0.8
1.6
1.9
0.9
5.4
0.1
Unemployment rate
4.2
5.3
5.9
5.9
5.7
5.4
6.0
3.9
House price growth
1.4
(2.5)
(0.9)
(0.3)
1.8
(0.1)
2.0
(2.8)
Commercial real estate price growth
(5.3)
(1.9)
(1.1)
(1.0)
(0.2)
(1.9)
(1.2)
(9.9)
UK Bank Rate \u2013 modelled
4.94
4.64
3.52
3.02
2.64
3.75
5.25
2.59
UK Bank Rate \u2013 adjusted
1
4.94
5.02
3.93
3.37
2.95
4.04
5.42
2.89
CPI inflation \u2013 modelled
7.3
2.7
2.8
2.3
1.9
3.4
10.2
1.9
CPI inflation \u2013 adjusted
1
7.4
3.2
3.0
2.4
2.0
3.6
10.2
2.0
1 The adjustment to UK Bank Rate and CPI inflation in the severe downside is considered to better reflect the risks around the Group\u2019s base case view in an economic environment where supply shocks are the principal concern.
First Second Third Fourth First Second Third Fourth
quarter quarter quarter quarter quarter quarter quarter quarter
Base case scenario by quarter
1
2023 2023 2023 2023 2024 2024 2024 2024
At 31 December 2023 % % % % % % % %
Gross domestic product growth
0.3
0.0
(0.1)
0.0
0.1
0.2
0.3
0.3
Unemployment rate
3.9
4.2
4.2
4.3
4.5
4.8
5.0
5.2
House price growth
1.6
(2.6)
(4.5)
1.4
(1.1)
(1.5)
0.5
(2.2)
Commercial real estate price growth
(18.8)
(21.2)
(18.2)
(5.1)
(4.1)
(3.8)
(2.2)
(0.2)
UK Bank Rate
4.25
5.00
5.25
5.25
5.25
5.00
4.75
4.50
CPI inflation
10.2
8.4
6.7
4.0
3.8
2.1
2.3
2.8
1 Gross domestic product growth is presented quarter-on-quarter. House price growth, commercial real estate growth and CPI inflation are presented year-on-year, i.e. from the equivalent quarter in the previous year. Unemployment rate and UK Bank Rate are presented as at the end of each quarter. ECL sensitivity to economic assumptions The following table shows the Group\u2019s ECL for the probability-weighted, upside, base case, downside and severe downside scenarios, with the severe downside scenario incorporating adjustments made to CPI inflation and UK Bank Rate paths. The stage allocation for an asset is based on the overall scenario probability-weighted probability of default and hence the staging of assets is constant across all the scenarios. In each economic scenario the ECL for individual assessments is held constant reflecting the basis on which they are evaluated. Judgemental adjustments applied through changes to model inputs or parameters, or more qualitative post model adjustments, are apportioned across the scenarios in proportion to modelled ECL where this better reflects the sensitivity of these adjustments to each scenario. The probability-weighted view shows the extent to which a higher ECL allowance has been recognised to take account of multiple economic scenarios relative to the base case; the uplift on a statutory basis being \u00a3445 million compared to \u00a3678 million at 31 December 2023.
At 31 December 2024
At 31 December 2023
Probability- Severe Probability- Severe
weighted Upside Base case Downside downside weighted Upside Base case Downside downside
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
UK mortgages
852
345
567
1,064
2,596
1,115
395
670
1,155
4,485
Credit cards
674
518
641
773
945
810
600
771
918
1,235
Other Retail
950
843
923
1,010
1,172
945
850
920
981
1,200
Commercial Banking
989
745
889
1,125
1,608
1,182
793
1,013
1,383
2,250
Other
16
16
16
16
17
32
32
32
32
32
ECL allowance
3,481
2,467
3,036
3,988
6,338
4,084
2,670
3,406
4,469
9,202
The impact of isolated changes in the UK unemployment rate and House Price Index (HPI) has been assessed on a univariate basis. Although such changes would not be observed in isolation, as economic indicators tend to be correlated in a coherent scenario, this gives insight into the sensitivity of the Group\u2019s ECL to gradual changes in these two critical economic factors. The impacts are assessed as changes to base case modelled ECL only (at 100 per cent weighting) with staging held flat to the reported view. The probability weighted ECL impact of applying the changes to all four scenarios, including the impact on staging and post model adjustments, would be greater. The table below shows the impact on the Group\u2019s ECL resulting from a 1 percentage point increase or decrease in the UK unemployment rate. The increase or decrease is presented based on the adjustment phased evenly over the first 10 quarters of the base case scenario. A more immediate increase or decrease would drive a more material ECL impact as it would be fully reflected in both 12-month and lifetime probability of defaults.
At 31 December 2024
At 31 December 2023
1pp increase in 1pp decrease in 1pp increase in 1pp decrease in
unemployment unemployment unemployment unemployment
\u00a3m \u00a3m \u00a3m \u00a3m
UK mortgages
1
4
(3)
33
(32)
Credit cards
40
(41)
38
(38)
Other Retail
18
(20)
19
(19)
Commercial Banking
71
(67)
88
(83)
ECL impact
133
(131)
178
(172)
1 2024 calculated using updated models. The table below shows the impact on the Group\u2019s ECL in respect of UK mortgages of an increase or decrease in loss given default for a 10 percentage point increase or decrease in HPI. The increase or decrease is presented based on the adjustment phased evenly over the first 10 quarters of the base case scenario.
At 31 December 2024
At 31 December 2023
10pp increase 10pp decrease 10pp increase 10pp decrease
in HPI in HPI in HPI in HPI
\u00a3m \u00a3m \u00a3m \u00a3m
ECL impact
1
(127)
182
(201)
305
1 2024 calculated using updated models. The table below shows the Group\u2019s ECL and drawn balances for the upside, base case, downside and severe downside scenarios, with staging of assets based on each specific scenario probability of default. In each economic scenario the ECL for individual assessments is held constant reflecting the basis on which they are evaluated. Judgemental adjustments applied through changes to model inputs or parameters, or more qualitative post-model adjustments, are apportioned across the scenarios in proportion to modelled ECL where this better reflects the sensitivity of these adjustments to each scenario. A probability-weighted scenario is not shown as this view does not reflect the basis on which ECL is calculated. Comparing the probability-weighted ECL in the table above to the base case ECL with base case scenario specific staging, as shown in the table below, results in an uplift of \u00a3468 million compared to \u00a3596 million at 31 December 2023.
Drawn balances
1
ECL allowance
Coverage ratio
2
Severe Severe Severe
Upside Base case Downside downside Upside Base case Downside downside Upside Base case Downside downside
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % % % %
Stage 1
UK mortgages
3
271,370
271,903
271,391
253,639
13
29
66
203
\u2013
\u2013
\u2013
0.1
Credit cards
14,261
13,714
13,065
12,226
152
196
238
290
1.1
1.4
1.8
2.4
Other Retail
43,746
43,435
42,955
42,046
333
356
374
408
0.8
0.8
0.9
1.0
Commercial Banking
95,068
94,800
92,924
84,598
139
209
294
334
0.1
0.2
0.3
0.4
Other
11,252
11,252
11,252
11,252
7
7
7
7
0.1
0.1
0.1
0.1
Total
435,697
435,104
431,587
403,761
644
797
979
1,242
0.1
0.2
0.2
0.3
Stage 2
UK mortgages
3
31,385
30,852
31,364
49,116
86
144
321
1,272
0.3
0.5
1.0
2.6
Credit cards
1,714
2,261
2,910
3,749
207
304
431
613
12.1
13.5
14.8
16.3
Other Retail
4,038
4,349
4,829
5,738
293
350
420
547
7.3
8.0
8.7
9.5
Commercial Banking
3,391
3,659
5,535
13,861
174
246
444
1,449
5.1
6.7
8.0
10.5
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
40,528
41,121
44,638
72,464
760
1,044
1,616
3,881
1.9
2.5
3.6
5.4
Stage 3
UK mortgages
3
4,166
4,166
4,166
4,166
201
274
410
691
4.8
6.6
9.8
16.6
Credit cards
265
265
265
265
133
133
133
133
50.2
50.2
50.2
50.2
Other Retail
446
446
446
446
217
222
233
257
48.7
49.8
52.3
57.7
Commercial Banking
1,839
1,839
1,839
1,839
415
415
415
415
22.6
22.6
22.6
22.6
Other
36
36
36
36
9
9
9
9
25.0
25.0
25.0
25.0
Total
6,752
6,752
6,752
6,752
975
1,053
1,200
1,505
14.4
15.6
17.8
22.3
POCI
UK mortgages
3
6,207
6,207
6,207
6,207
45
119
264
575
0.7
1.9
4.3
9.3
Total
UK mortgages
313,128
313,128
313,128
313,128
345
566
1,061
2,741
0.1
0.2
0.3
0.9
Credit cards
16,240
16,240
16,240
16,240
492
633
802
1,036
3.0
3.9
4.9
6.4
Other Retail
48,230
48,230
48,230
48,230
843
928
1,027
1,212
1.7
1.9
2.1
2.5
Commercial Banking
100,298
100,298
100,298
100,298
728
870
1,153
2,198
0.7
0.9
1.1
2.2
Other
11,288
11,288
11,288
11,288
16
16
16
16
0.1
0.1
0.1
0.1
Total
489,184
489,184
489,184
489,184
2,424
3,013
4,059
7,203
0.5
0.6
0.8
1.5
1 Includes loans and advances to banks, loans and advances to customers, debt securities and items identified as other assets in note 24. 2 Coverage ratio is ECL allowance shown as a percentage of drawn balances. 3 Calculated using updated models.
Drawn balances
1
ECL allowance
Coverage ratio
2
Severe Severe Severe
Upside Base case Downside downside Upside Base case Downside downside Upside Base case Downside downside
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % % % %
Stage 1
UK mortgages
270,131
269,581
266,388
129,736
20
40
84
153
\u2013
\u2013
\u2013
0.1
Credit cards
13,338
12,668
12,109
10,966
169
211
242
298
1.3
1.7
2.0
2.7
Other Retail
39,260
38,939
38,373
30,202
360
384
404
448
0.9
1.0
1.1
1.5
Commercial Banking
98,202
97,394
92,919
78,781
165
260
376
431
0.2
0.3
0.4
0.6
Other
7,632
7,632
7,632
7,632
14
16
17
20
0.2
0.2
0.2
0.3
Total
428,563
426,214
417,421
257,317
728
911
1,123
1,350
0.2
0.2
0.3
0.5
Stage 2
UK mortgages
24,998
25,548
28,741
165,393
73
139
316
4,074
0.3
0.6
1.1
2.5
Credit cards
2,195
2,865
3,424
4,567
302
437
567
859
13.7
15.3
16.6
18.8
Other Retail
5,711
6,032
6,598
14,769
325
378
424
619
5.7
6.3
6.4
4.2
Commercial Banking
4,487
5,295
9,770
23,908
259
379
722
2,466
5.8
7.2
7.4
10.3
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
37,391
39,740
48,533
208,637
959
1,333
2,029
8,018
2.6
3.4
4.2
3.8
Stage 3
UK mortgages
4,337
4,337
4,337
4,337
78
225
457
963
1.8
5.2
10.5
22.2
Credit cards
284
284
284
284
122
122
122
122
43.0
43.0
43.0
43.0
Other Retail
452
452
452
452
238
242
248
261
52.7
53.5
54.9
57.7
Commercial Banking
2,068
2,068
2,068
2,068
426
426
426
426
20.6
20.6
20.6
20.6
Other
39
39
39
39
16
16
16
16
41.0
41.0
41.0
41.0
Total
7,180
7,180
7,180
7,180
880
1,031
1,269
1,788
12.3
14.4
17.7
24.9
POCI
UK mortgages
3
7,854
7,854
7,854
7,854
213
213
213
213
2.7
2.7
2.7
2.7
Total
UK mortgages
307,320
307,320
307,320
307,320
384
617
1,070
5,403
0.1
0.2
0.4
1.8
Credit cards
15,817
15,817
15,817
15,817
593
770
931
1,279
3.8
4.9
5.9
8.1
Other Retail
45,423
45,423
45,423
45,423
923
1,004
1,076
1,328
2.0
2.2
2.4
2.9
Commercial Banking
104,757
104,757
104,757
104,757
850
1,065
1,524
3,323
0.8
1.0
1.5
3.2
Other
7,671
7,671
7,671
7,671
30
32
33
36
0.4
0.4
0.4
0.5
Total
480,988
480,988
480,988
480,988
2,780
3,488
4,634
11,369
0.6
0.7
1.0
2.4
1 Includes loans and advances to banks, loans and advances to customers, debt securities and items identified as other assets in note 24. 2 Coverage ratio is ECL allowance shown as a percentage of drawn balances. 3 POCI ECL has been presented on a probability-weighted basis. The sensitivity is captured within the UK mortgages total. Assessment of climate risk impacts on ECL The Group continues to develop capabilities to quantify the potential impact of climate risks on ECL. This includes identifying the climate- related risk drivers that could influence future credit losses for loan portfolios that have the highest sensitivity to climate risks and commencing the use of more quantitative analysis on the impact of these risk drivers on ECL. The approach leverages the Group\u2019s climate scenario analysis, to identify the potential physical and transition risk impacts on credit quality. UK mortgages and Commercial Banking portfolios are judged to have the highest sensitivity to climate risk, with both physical and transition risk drivers assessed. UK mortgages physical and transition risks \u2013 additional costs arising from regulatory obligations of increased energy efficiency standards to reduce carbon emissions and increased flood risk and coastal erosion, through property repair or rebuild and/or increased insurance premia. This can result in affordability pressure, as well as decrease in property valuation, for borrowers owning low EPC rated properties or those in areas prone to flooding or coastal erosion. Commercial Banking physical and transition risks \u2013 increased costs or revenue disruption, or both, arising from chronic and acute physical hazards from rising temperatures. Companies adapting to a sudden transition scenario could potentially lead to increased transition costs in operations, direct carbon costs, and deteriorating financial performance due to changing consumer perspectives. Macroeconomic and sector scenario risk assessments Assessments were performed on the Group\u2019s internally generated economic scenarios used in the measurement of expected credit losses against external scenarios published by the Network for Greening the Financial System (NGFS). The potential incremental impact of climate factors on key economic drivers was isolated from the Phase V NGFS Delayed Transition scenario, which management judged the most plausible. The incremental risk to ECL was then quantified by overlaying the specific climate impact of this scenario onto macroeconomic drivers within the Group\u2019s base case and MES scenarios. The results from the most material Retail portfolios, UK mortgages and consumer lending allowed management to conclude on an immaterial ECL impact for Retail of below \u00a35 million (31 December 2023: below \u00a35 million), and in Commercial Banking a separate climate assessment performed at sector level, resulted in an ECL impact of below \u00a315 million (31 December 2023: below \u00a315 million). The Group\u2019s MES downside and severe downside scenarios, together comprising a 40 per cent weighting in ECL calculations, are generally more severe than the most adverse NGFS scenario (\u2018Net Zero 2050\u2019). MES downsides were also comparable in severity to the most adverse part of the \u2018Late Action\u2019 scenario of the 2021 Climate Biennial Exploratory Scenario (CBES). The assessment suggests that no material changes are required to the Group\u2019s existing suite of economic scenarios used within the ECL calculation. In Commercial Banking, an exploratory top-down analysis using sectoral modelling was adopted to estimate the specific ECL impact of climate risk on commercial credit conditions. This assessment specifically targets agriculture, automotive, transport, oil and gas, real estate and utilities sectors where climate impacts were judged to be more significant. Resulting sector-specific, climate-adjusted credit cycle indices (CCI) were used to calculate probability of default and resulting ECL. These adjusted CCI model inputs combined external NGFS phase IV scenarios with client level valuation impacts where available, alongside historic impairment data. Considering methodological limitations, the additional ECL required was shown to be immaterial. Physical and transition risk assessments The Group has enhanced its assessment of transition risk on the UK mortgage portfolio by extending the scope from buy-to-let (BTL) to also include Mainstream and Specialist Residential property portfolios. The assessment is now also performed with an account level assessment of affordability and valuation impacts, with a more nuanced view of the potential of government to legislate a minimum EPC requirement. Finally, the time period observed extends to 2050 with multiple transition points across multiple economic scenarios. An affordability stress for customers was applied by considering multiple scenarios for home retrofitting taking place when changes in regulation lead to higher minimum EPC rating requirements. The provision impact was assessed by transforming the account level assessment of affordability and valuation impacts of each climate scenario to adjust inputs used in existing Probability of Default (PD) parameters. As at 31 December 2024, the impact on ECL has been estimated to be less than \u00a35 million (31 December 2023: less than \u00a35 million) in BTL properties and less than \u00a35 million (31 December 2023: not assessed) in Mainstream and Specialist portfolios. The physical risk assessment on the UK mortgage portfolio in 2024 included both flooding and coastal erosion risk. The impacts were based on a internally defined delayed transition outlook, out to 2050, aligned with the Group\u2019s transition methodology. The assessment showed that over 80 per cent of the book was not exposed to flood risk damage and over 99 per cent had no risk to coastal erosion damage. The impact on ECL to customers exposed to the affordability risk from flood and coastal erosion damage has been estimated to be immaterial. Whilst this supports no judgemental adjustment to ECL being required, where a top-down approach has been used it may not fully capture the impact on loss rates emanating from being located in a high-risk area. Similarly the current assessment excludes the potential affordability shocks or reduced insurance coverage that could occur due to possible changes to insurance policy initiatives in this area.
ECL impact ECL impact
Assessment
Nature of risk assessed
Portfolios assessed
At 31 December 2024 At 31 December 2023
Macroeconomic impact from climate scenario
Scenario risk \u2013 macro level
Retail
< \u00a35 million
< \u00a35 million
Sector level impacts from climate scenario
Scenario risk \u2013 sector level
Commercial Banking
< \u00a315 million
< \u00a315 million
(excluding Business Banking)
Retrofitting cost to meet EPC regulation
Transition risk
UK mortgages
< \u00a310 million (BTL, < \u00a35 million (BTL)
Mainstream and
Specialist)
Flood and coastal erosion risk
Physical risk
UK mortgages
< \u00a35 million (Flood
< \u00a35 million (Flood)
and coastal erosion)
The climate risk assessments above remain limited due to the degree of uncertainty underpinning key assumptions used, as well as the continuing developmental nature of the data, approach and models used in the quantification. These include, but are not limited to, the analyses being restricted to PD impacts only; considering only the most material hazards for UK mortgages (flood and coastal erosion); client valuation impacts not incorporating climate transition plans; the physical risk modelling for corporates currently excluding broader components such as supply chain impacts, and more broadly the political landscape; future climate data enhancements and further model development. The ECL impacts resulting from these climate risk assessments remain immaterial. This continues to support management\u2019s view that there is a low residual risk of material error or omission in the Group\u2019s financial statements due to climate-related risks and as a result no adjustments have been made to ECL measured as at 31 December 2024. The current behavioural lives of the Group\u2019s lending reduces the potential exposure to the later emergence of potential physical climate impacts, with the incorporation of climate risk, in credit policy, as a qualitative underwriting assessment within the Commercial Banking credit process and the origination process for mortgages providing further mitigation on more recent originations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-930": { "value": "
Note 22: Finance lease receivables
The Group\u2019s finance lease receivables are classified as loans and advances to customers and accounted for at amortised cost. These
balances are analysed as follows:
2024 2023
\u00a3m \u00a3m
Not later than 1 year
6,202
5,950
Later than 1 year and not later than 2 years
5,251
4,851
Later than 2 years and not later than 3 years
4,297
4,609
Later than 3 years and not later than 4 years
2,868
3,074
Later than 4 years and not later than 5 years
516
631
Later than 5 years
475
545
Gross investment
19,609
19,660
Unearned future finance income
(2,447)
(2,272)
Rentals received in advance
(18)
(14)
Net investment
17,144
17,374
Equipment leased to customers under finance lease receivables relates to financing transactions to fund the purchase of aircraft, ships,
motor vehicles and other items. There was an allowance for uncollectable finance lease receivables included in the allowance for
impairment losses of \u00a3368 million (2023: \u00a3360 million).
The Group\u2019s finance lease assets are comprised as follows:
2024 2023
\u00a3m \u00a3m
Electric vehicles
1,001
1,339
Internal combustion engine vehicles
11,557
11,465
Self-charging hybrid vehicles
347
238
Plug-in hybrid vehicles
1,306
908
Other
2,933
3,424
Net investment
17,144
17,374
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-888": { "value": "Note 22: Finance lease receivables The Group\u2019s finance lease receivables are classified as loans and advances to customers and accounted for at amortised cost. These balances are analysed as follows:
2024 2023
\u00a3m \u00a3m
Not later than 1 year
6,202
5,950
Later than 1 year and not later than 2 years
5,251
4,851
Later than 2 years and not later than 3 years
4,297
4,609
Later than 3 years and not later than 4 years
2,868
3,074
Later than 4 years and not later than 5 years
516
631
Later than 5 years
475
545
Gross investment
19,609
19,660
Unearned future finance income
(2,447)
(2,272)
Rentals received in advance
(18)
(14)
Net investment
17,144
17,374
Equipment leased to customers under finance lease receivables relates to financing transactions to fund the purchase of aircraft, ships, motor vehicles and other items. There was an allowance for uncollectable finance lease receivables included in the allowance for impairment losses of \u00a3368 million (2023: \u00a3360 million). The Group\u2019s finance lease assets are comprised as follows:
2024 2023
\u00a3m \u00a3m
Electric vehicles
1,001
1,339
Internal combustion engine vehicles
11,557
11,465
Self-charging hybrid vehicles
347
238
Plug-in hybrid vehicles
1,306
908
Other
2,933
3,424
Net investment
17,144
17,374
Note 25: Lessee disclosures
The table below sets out the movement in the Group\u2019s right-of-use assets, which are primarily in respect of premises, and are recognised
within other assets (note 24).
2024 2023
\u00a3m \u00a3m
At 1 January
1,055
1,156
Exchange and other adjustments
2
3
Additions
128
136
Disposals
(115)
(31)
Depreciation charge for the year
(198)
(209)
At 31 December
872
1,055
The Group\u2019s lease liabilities are recognised within other liabilities (note 27). The maturity analysis of the Group\u2019s lease liabilities on an
undiscounted basis is set out in the liquidity risk section.
The total cash outflow for leases in the year ended 31 December 2024 was \u00a3202 million (2023: \u00a3215 million). The amount recognised within
interest expense in respect of lease liabilities is disclosed in note 5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-887": { "value": "
Note 23: Goodwill and other intangible assets
Acquired
Purchased Customer- value of Capitalised
credit card related in-force software
Goodwill Brands relationships intangibles business enhancements Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
1
:
At 1 January 2023
2,999
589
1,002
572
834
7,716
13,712
Exchange and other adjustments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Additions and acquisitions
143
2
\u2013
180
\u2013
1,494
1,819
Disposals and write-offs
\u2013
\u2013
\u2013
(70)
\u2013
(292)
(362)
At 31 December 2023
3,142
591
1,002
682
834
8,918
15,169
Exchange and other adjustments
\u2013
\u2013
\u2013
3
\u2013
(5)
(2)
Additions and acquisitions
\u2013
\u2013
\u2013
\u2013
\u2013
1,259
1,259
Disposals and write-offs
2
(50)
\u2013
\u2013
(423)
\u2013
(216)
(689)
At 31 December 2024
3,092
591
1,002
262
834
9,956
15,737
Accumulated amortisation:
At 1 January 2023
344
204
692
541
660
3,656
6,097
Exchange and other adjustments
\u2013
\u2013
\u2013
3
\u2013
(3)
\u2013
Charge for the year
3
\u2013
1
70
9
20
1,028
1,128
Disposals and write-offs
\u2013
\u2013
\u2013
(70)
\u2013
(292)
(362)
At 31 December 2023
344
205
762
483
680
4,389
6,863
Exchange and other adjustments
\u2013
\u2013
\u2013
3
\u2013
(12)
(9)
Charge for the year
3
\u2013
1
70
13
17
1,221
1,322
Disposals and write-offs
\u2013
\u2013
\u2013
(422)
\u2013
(205)
(627)
At 31 December 2024
344
206
832
77
697
5,393
7,549
Balance sheet amount at 31 December 2024
2,748
385
170
185
137
4,563
8,188
Balance sheet amount at 31 December 2023
2,798
386
240
199
154
4,529
8,306
1 For acquisitions made prior to 1 January 2004, the date of transition to IFRS Accounting Standards, cost is included net of amounts amortised up to 31 December 2003.
2 Disposals and write-offs includes goodwill of \u00a350 million that has been classified as disposal group assets and presented within other assets in note 24. Further information on the
disposal group is provided in note 24.
3 The charge for the year is recognised in operating expenses (note 10).
Goodwill
The goodwill held in the Group\u2019s balance sheet is tested at least annually for impairment. For the purposes of impairment testing the
goodwill is allocated to the appropriate cash-generating unit; of the total balance of \u00a32,748 million (2023: \u00a32,798 million), \u00a32,121 million, or
77 per cent (2023: \u00a32,171 million, 78 per cent) has been allocated to the Life and pensions cash-generating unit; \u00a3302 million, or 11 per cent
(2023: \u00a3302 million, 11 per cent) has been allocated to the Credit card cash-generating unit in the Group\u2019s Retail division; and \u00a3310 million,
or 11 per cent (2023: \u00a3309 million, 11 per cent) to the Motor business cash-generating units, both in the Group\u2019s Retail division.
The recoverable amount of the goodwill relating to Scottish Widows, in the Life and pensions business, is based on a value-in-use
calculation. The calculation uses pre-tax projections of future cash flows based upon budgets and plans approved by management covering
a four-year period, the related run-off of existing business in-force and a discount rate (pre-tax) of 11.0 per cent. The budgets and plans are
based upon past experience adjusted to take into account anticipated changes in sales volumes, product mix and margins having regard to
expected market conditions (which will reflect current and future risks, such as climate and expected economic activity conditions) and
competitor activity. The discount rate is determined with reference to internal measures and available industry information. New business
cash flows beyond the four-year period have been extrapolated using a reducing balance growth rate that falls from 3.5 per cent to 2.0 per
cent after 20 years, which does not exceed the long-term average growth rate for the life assurance market. Management believes that any
reasonably possible change in the key assumptions above would not cause the recoverable amount of the goodwill relating to Scottish
Widows to fall below its balance sheet carrying value.
The recoverable amount of the goodwill relating to the Motor business is based on a value-in-use calculation using post-tax cash flow
projections based on financial budgets and plans approved by management covering a four-year period and a discount rate (post-tax) of
10.5 per cent, based on the Group\u2019s cost of equity. This is equivalent to a pre-tax rate of 14.0 per cent. The budgets and plans are based
upon past experience adjusted to take into account anticipated changes in sales volumes having regard to expected market conditions and
competitor activity. The cash flows beyond the four-year period are extrapolated using a growth rate of 3.5 per cent which does not
exceed the long-term average growth rates for the markets in which the Motor business participates. Management believes that any
reasonably possible change in the key assumptions, including from the impacts of climate change or climate-related legislation, would not
cause the recoverable amount of the goodwill relating to the Motor business to fall below the balance sheet carrying value.
The recoverable amount of the goodwill relating to Credit cards has been based on a value-in-use calculation using post-tax cash flow
projections based on financial budgets and plans approved by management covering a four-year period and a discount rate (post-tax) of
10.5 per cent, based on the Group\u2019s cost of equity. This is equivalent to a pre-tax rate of 14.0 per cent. The budgets and plans are based
upon past experience adjusted to take into account anticipated changes in credit card volumes having regard to expected market
conditions and competitor activity. The cash flows beyond the four-year period assume 3.5 per cent growth, which does not exceed the
long-term average growth rates for the markets in which the Cards business participates. Management believes that any reasonably
possible change in the key assumptions above would not cause the recoverable amount of the goodwill relating to Credit cards to fall
below the balance sheet carrying value.
Other intangible assets
The brand arising from the acquisition of Bank of Scotland in 2009 is recognised on the Group\u2019s balance sheet and has been determined to
have an indefinite useful life. The carrying value at 31 December 2024 was \u00a3380 million (2023: \u00a3380 million). The Bank of Scotland name
has been in existence for over 300 years and there are no indications that the brand should not have an indefinite useful life. The
recoverable amount has been based on a value-in-use calculation. The calculation uses post-tax projections for a four-year period of the
income generated by the Bank of Scotland cash-generating unit, a discount rate of 10.5 per cent and a future growth rate of 3.5 per cent.
Management believes that any reasonably possible change in the key assumptions would not cause the recoverable amount of the Bank of
Scotland brand to fall below its balance sheet carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-954": { "value": "Note 23: Goodwill and other intangible assets
Acquired
Purchased Customer- value of Capitalised
credit card related in-force software
Goodwill Brands relationships intangibles business enhancements Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
1
:
At 1 January 2023
2,999
589
1,002
572
834
7,716
13,712
Exchange and other adjustments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Additions and acquisitions
143
2
\u2013
180
\u2013
1,494
1,819
Disposals and write-offs
\u2013
\u2013
\u2013
(70)
\u2013
(292)
(362)
At 31 December 2023
3,142
591
1,002
682
834
8,918
15,169
Exchange and other adjustments
\u2013
\u2013
\u2013
3
\u2013
(5)
(2)
Additions and acquisitions
\u2013
\u2013
\u2013
\u2013
\u2013
1,259
1,259
Disposals and write-offs
2
(50)
\u2013
\u2013
(423)
\u2013
(216)
(689)
At 31 December 2024
3,092
591
1,002
262
834
9,956
15,737
Accumulated amortisation:
At 1 January 2023
344
204
692
541
660
3,656
6,097
Exchange and other adjustments
\u2013
\u2013
\u2013
3
\u2013
(3)
\u2013
Charge for the year
3
\u2013
1
70
9
20
1,028
1,128
Disposals and write-offs
\u2013
\u2013
\u2013
(70)
\u2013
(292)
(362)
At 31 December 2023
344
205
762
483
680
4,389
6,863
Exchange and other adjustments
\u2013
\u2013
\u2013
3
\u2013
(12)
(9)
Charge for the year
3
\u2013
1
70
13
17
1,221
1,322
Disposals and write-offs
\u2013
\u2013
\u2013
(422)
\u2013
(205)
(627)
At 31 December 2024
344
206
832
77
697
5,393
7,549
Balance sheet amount at 31 December 2024
2,748
385
170
185
137
4,563
8,188
Balance sheet amount at 31 December 2023
2,798
386
240
199
154
4,529
8,306
1 For acquisitions made prior to 1 January 2004, the date of transition to IFRS Accounting Standards, cost is included net of amounts amortised up to 31 December 2003. 2 Disposals and write-offs includes goodwill of \u00a350 million that has been classified as disposal group assets and presented within other assets in note 24. Further information on the disposal group is provided in note 24. 3 The charge for the year is recognised in operating expenses (note 10). Goodwill The goodwill held in the Group\u2019s balance sheet is tested at least annually for impairment. For the purposes of impairment testing the goodwill is allocated to the appropriate cash-generating unit; of the total balance of \u00a32,748 million (2023: \u00a32,798 million), \u00a32,121 million, or 77 per cent (2023: \u00a32,171 million, 78 per cent) has been allocated to the Life and pensions cash-generating unit; \u00a3302 million, or 11 per cent (2023: \u00a3302 million, 11 per cent) has been allocated to the Credit card cash-generating unit in the Group\u2019s Retail division; and \u00a3310 million, or 11 per cent (2023: \u00a3309 million, 11 per cent) to the Motor business cash-generating units, both in the Group\u2019s Retail division. The recoverable amount of the goodwill relating to Scottish Widows, in the Life and pensions business, is based on a value-in-use calculation. The calculation uses pre-tax projections of future cash flows based upon budgets and plans approved by management covering a four-year period, the related run-off of existing business in-force and a discount rate (pre-tax) of 11.0 per cent. The budgets and plans are based upon past experience adjusted to take into account anticipated changes in sales volumes, product mix and margins having regard to expected market conditions (which will reflect current and future risks, such as climate and expected economic activity conditions) and competitor activity. The discount rate is determined with reference to internal measures and available industry information. New business cash flows beyond the four-year period have been extrapolated using a reducing balance growth rate that falls from 3.5 per cent to 2.0 per cent after 20 years, which does not exceed the long-term average growth rate for the life assurance market. Management believes that any reasonably possible change in the key assumptions above would not cause the recoverable amount of the goodwill relating to Scottish Widows to fall below its balance sheet carrying value. The recoverable amount of the goodwill relating to the Motor business is based on a value-in-use calculation using post-tax cash flow projections based on financial budgets and plans approved by management covering a four-year period and a discount rate (post-tax) of 10.5 per cent, based on the Group\u2019s cost of equity. This is equivalent to a pre-tax rate of 14.0 per cent. The budgets and plans are based upon past experience adjusted to take into account anticipated changes in sales volumes having regard to expected market conditions and competitor activity. The cash flows beyond the four-year period are extrapolated using a growth rate of 3.5 per cent which does not exceed the long-term average growth rates for the markets in which the Motor business participates. Management believes that any reasonably possible change in the key assumptions, including from the impacts of climate change or climate-related legislation, would not cause the recoverable amount of the goodwill relating to the Motor business to fall below the balance sheet carrying value. The recoverable amount of the goodwill relating to Credit cards has been based on a value-in-use calculation using post-tax cash flow projections based on financial budgets and plans approved by management covering a four-year period and a discount rate (post-tax) of 10.5 per cent, based on the Group\u2019s cost of equity. This is equivalent to a pre-tax rate of 14.0 per cent. The budgets and plans are based upon past experience adjusted to take into account anticipated changes in credit card volumes having regard to expected market conditions and competitor activity. The cash flows beyond the four-year period assume 3.5 per cent growth, which does not exceed the long-term average growth rates for the markets in which the Cards business participates. Management believes that any reasonably possible change in the key assumptions above would not cause the recoverable amount of the goodwill relating to Credit cards to fall below the balance sheet carrying value. Other intangible assets The brand arising from the acquisition of Bank of Scotland in 2009 is recognised on the Group\u2019s balance sheet and has been determined to have an indefinite useful life. The carrying value at 31 December 2024 was \u00a3380 million (2023: \u00a3380 million). The Bank of Scotland name has been in existence for over 300 years and there are no indications that the brand should not have an indefinite useful life. The recoverable amount has been based on a value-in-use calculation. The calculation uses post-tax projections for a four-year period of the income generated by the Bank of Scotland cash-generating unit, a discount rate of 10.5 per cent and a future growth rate of 3.5 per cent. Management believes that any reasonably possible change in the key assumptions would not cause the recoverable amount of the Bank of Scotland brand to fall below its balance sheet carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-931": { "value": "Note 23: Goodwill and other intangible assets
Acquired
Purchased Customer- value of Capitalised
credit card related in-force software
Goodwill Brands relationships intangibles business enhancements Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
1
:
At 1 January 2023
2,999
589
1,002
572
834
7,716
13,712
Exchange and other adjustments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Additions and acquisitions
143
2
\u2013
180
\u2013
1,494
1,819
Disposals and write-offs
\u2013
\u2013
\u2013
(70)
\u2013
(292)
(362)
At 31 December 2023
3,142
591
1,002
682
834
8,918
15,169
Exchange and other adjustments
\u2013
\u2013
\u2013
3
\u2013
(5)
(2)
Additions and acquisitions
\u2013
\u2013
\u2013
\u2013
\u2013
1,259
1,259
Disposals and write-offs
2
(50)
\u2013
\u2013
(423)
\u2013
(216)
(689)
At 31 December 2024
3,092
591
1,002
262
834
9,956
15,737
Accumulated amortisation:
At 1 January 2023
344
204
692
541
660
3,656
6,097
Exchange and other adjustments
\u2013
\u2013
\u2013
3
\u2013
(3)
\u2013
Charge for the year
3
\u2013
1
70
9
20
1,028
1,128
Disposals and write-offs
\u2013
\u2013
\u2013
(70)
\u2013
(292)
(362)
At 31 December 2023
344
205
762
483
680
4,389
6,863
Exchange and other adjustments
\u2013
\u2013
\u2013
3
\u2013
(12)
(9)
Charge for the year
3
\u2013
1
70
13
17
1,221
1,322
Disposals and write-offs
\u2013
\u2013
\u2013
(422)
\u2013
(205)
(627)
At 31 December 2024
344
206
832
77
697
5,393
7,549
Balance sheet amount at 31 December 2024
2,748
385
170
185
137
4,563
8,188
Balance sheet amount at 31 December 2023
2,798
386
240
199
154
4,529
8,306
1 For acquisitions made prior to 1 January 2004, the date of transition to IFRS Accounting Standards, cost is included net of amounts amortised up to 31 December 2003. 2 Disposals and write-offs includes goodwill of \u00a350 million that has been classified as disposal group assets and presented within other assets in note 24. Further information on the disposal group is provided in note 24. 3 The charge for the year is recognised in operating expenses (note 10). Goodwill The goodwill held in the Group\u2019s balance sheet is tested at least annually for impairment. For the purposes of impairment testing the goodwill is allocated to the appropriate cash-generating unit; of the total balance of \u00a32,748 million (2023: \u00a32,798 million), \u00a32,121 million, or 77 per cent (2023: \u00a32,171 million, 78 per cent) has been allocated to the Life and pensions cash-generating unit; \u00a3302 million, or 11 per cent (2023: \u00a3302 million, 11 per cent) has been allocated to the Credit card cash-generating unit in the Group\u2019s Retail division; and \u00a3310 million, or 11 per cent (2023: \u00a3309 million, 11 per cent) to the Motor business cash-generating units, both in the Group\u2019s Retail division. The recoverable amount of the goodwill relating to Scottish Widows, in the Life and pensions business, is based on a value-in-use calculation. The calculation uses pre-tax projections of future cash flows based upon budgets and plans approved by management covering a four-year period, the related run-off of existing business in-force and a discount rate (pre-tax) of 11.0 per cent. The budgets and plans are based upon past experience adjusted to take into account anticipated changes in sales volumes, product mix and margins having regard to expected market conditions (which will reflect current and future risks, such as climate and expected economic activity conditions) and competitor activity. The discount rate is determined with reference to internal measures and available industry information. New business cash flows beyond the four-year period have been extrapolated using a reducing balance growth rate that falls from 3.5 per cent to 2.0 per cent after 20 years, which does not exceed the long-term average growth rate for the life assurance market. Management believes that any reasonably possible change in the key assumptions above would not cause the recoverable amount of the goodwill relating to Scottish Widows to fall below its balance sheet carrying value. The recoverable amount of the goodwill relating to the Motor business is based on a value-in-use calculation using post-tax cash flow projections based on financial budgets and plans approved by management covering a four-year period and a discount rate (post-tax) of 10.5 per cent, based on the Group\u2019s cost of equity. This is equivalent to a pre-tax rate of 14.0 per cent. The budgets and plans are based upon past experience adjusted to take into account anticipated changes in sales volumes having regard to expected market conditions and competitor activity. The cash flows beyond the four-year period are extrapolated using a growth rate of 3.5 per cent which does not exceed the long-term average growth rates for the markets in which the Motor business participates. Management believes that any reasonably possible change in the key assumptions, including from the impacts of climate change or climate-related legislation, would not cause the recoverable amount of the goodwill relating to the Motor business to fall below the balance sheet carrying value. The recoverable amount of the goodwill relating to Credit cards has been based on a value-in-use calculation using post-tax cash flow projections based on financial budgets and plans approved by management covering a four-year period and a discount rate (post-tax) of 10.5 per cent, based on the Group\u2019s cost of equity. This is equivalent to a pre-tax rate of 14.0 per cent. The budgets and plans are based upon past experience adjusted to take into account anticipated changes in credit card volumes having regard to expected market conditions and competitor activity. The cash flows beyond the four-year period assume 3.5 per cent growth, which does not exceed the long-term average growth rates for the markets in which the Cards business participates. Management believes that any reasonably possible change in the key assumptions above would not cause the recoverable amount of the goodwill relating to Credit cards to fall below the balance sheet carrying value. Other intangible assets The brand arising from the acquisition of Bank of Scotland in 2009 is recognised on the Group\u2019s balance sheet and has been determined to have an indefinite useful life. The carrying value at 31 December 2024 was \u00a3380 million (2023: \u00a3380 million). The Bank of Scotland name has been in existence for over 300 years and there are no indications that the brand should not have an indefinite useful life. The recoverable amount has been based on a value-in-use calculation. The calculation uses post-tax projections for a four-year period of the income generated by the Bank of Scotland cash-generating unit, a discount rate of 10.5 per cent and a future growth rate of 3.5 per cent. Management believes that any reasonably possible change in the key assumptions would not cause the recoverable amount of the Bank of Scotland brand to fall below its balance sheet carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-971": { "value": "Note 24: Other assets
2024 2023
\u00a3m \u00a3m
Insurance contract assets
\u2013
1
Reinsurance contract assets
2
422
442
Investment in joint ventures and associates
542
401
Property, plant and equipment:
Investment properties (see below)
3,281
2,862
Premises
1,100
920
Equipment
879
1,170
Operating lease assets (see below)
7,265
6,523
Right-of-use assets (note 25)
872
1,055
13,397
12,530
Prepayments
1,634
1,455
Disposal group assets
1
:
Deferred tax assets
13
\u2013
Goodwill
50
\u2013
Reinsurance contract assets
2
5,059
\u2013
5,122
\u2013
Other assets
3,671
2,315
Total other assets
24,788
17,144
1 On 13 March 2024, the Group entered into a business transfer agreement with Rothesay Life plc for the sale of the Group\u2019s bulk annuity business and to pursue the transfer of associated business assets and assumed liabilities under Part VII of the Financial Services and Markets Act 2000. A reinsurance agreement between the Group and Rothesay Life plc was signed on 30 April 2024 to materially de-risk the Group\u2019s bulk annuity portfolio. The Part VII process is subject to approval by the High Court, through a process in which regulators and policyholders are given the opportunity to object. The Group expects the Part VII to take place in June 2025. During the year the assets and liabilities the Group expects to derecognise as a result of the Part VII transfer were reclassified to disposal group assets and disposal group liabilities. Disposal group assets are presented within other assets, and disposal group liabilities are presented within other liabilities in note 27. Disposal group assets and disposal group liabilities are included in the Insurance, Pensions and Investments operating segment. 2 The Group\u2019s reinsurance contract assets have increased by \u00a35,039 million from \u00a3442 million to \u00a35,481 million predominantly as a result of entering into the reinsurance agreement with Rothesay Life plc in relation to the Group\u2019s bulk annuity business. At 30 April 2024 the Group recognised a reinsurance contract asset of \u00a35,418 million (comprised of present value of future cash flows of \u00a35,087 million, risk adjustment for non-financial risk of \u00a335 million and contractual service margin of \u00a3296 million). The balance of all reinsurance contract assets at 31 December 2024 of \u00a35,481 million (2023: \u00a3442 million) held comprises the following: asset for remaining coverage (excluding loss-recovery component) of \u00a35,060 million (2023: \u00a357 million), asset for remaining coverage loss-recovery component of \u00a3278 million (2023: \u00a3271 million) and asset for incurred claims of \u00a3143 million (2023: \u00a3114 million); the measurement components insurance contract assets being present value of future cash flows of \u00a34,910 million (2023: \u00a3162 million), risk adjustment for non-financial risk of \u00a371 million (2023: \u00a370 million) and contractual service margin of \u00a3500 million (2023: \u00a3210 million). Investment properties The Group\u2019s investment properties are predominantly held by the Insurance, Pensions and Investments business where they back policyholder liabilities. They are valued by external Chartered Surveyors using industry standard techniques based on guidance from the Royal Institute of Chartered Surveyors. The valuation methodology includes an assessment of general market conditions and sector level transactions and takes account of expectations of occupancy rates, rental income and growth. Property valuations undergo individual scrutiny using cash flow analysis to factor in the timing of rental reviews, capital expenditure, lease incentives, dilapidation and operating expenses; these reviews utilise both observable and unobservable inputs. Within the fair value hierarchy, all of the Group\u2019s investment properties are categorised as level 3 (see note 17 for details of levels in the fair value hierarchy). The table below analyses movements in level 3 investment properties, which are carried at fair value.
2024 2023
\u00a3m \u00a3m
At 1 January
2,862
2,532
Acquisition of new properties
640
450
Additional expenditure on existing properties
26
19
Change in fair value (note 7)
67
(87)
Disposals
(314)
(52)
At 31 December
3,281
2,862
Rental income of \u00a3172 million (2023: \u00a3146 million) and direct operating expenses of \u00a344 million (2023: \u00a316 million) arising from investment properties that generate rental income have been recognised in the income statement. Capital expenditure in respect of investment properties which had been contracted for but not recognised in the financial statements was \u00a3236 million (2023: \u00a3488 million). Operating lease assets where the Group is lessor Equipment leased to customers under operating leases primarily relates to vehicle contract hire arrangements. At 31 December the future minimum rentals receivable under non-cancellable operating leases were as follows:
Within 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
1,577
956
821
365
85
6
3,810
At 31 December 2023
1,336
857
680
309
70
4
3,256
Equipment leased to customers under operating leases primarily relates to vehicle contract hire arrangements. Operating lease assets are comprised as follows:
2024 2023
\u00a3m \u00a3m
Electric vehicles
3,894
3,259
Internal combustion engine vehicles
1,630
1,815
Self-charging hybrid vehicles
166
186
Plug-in hybrid vehicles
1,575
1,258
Other
\u2013
5
Total operating lease assets
7,265
6,523
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-977": { "value": "Note 24: Other assets
2024 2023
\u00a3m \u00a3m
Insurance contract assets
\u2013
1
Reinsurance contract assets
2
422
442
Investment in joint ventures and associates
542
401
Property, plant and equipment:
Investment properties (see below)
3,281
2,862
Premises
1,100
920
Equipment
879
1,170
Operating lease assets (see below)
7,265
6,523
Right-of-use assets (note 25)
872
1,055
13,397
12,530
Prepayments
1,634
1,455
Disposal group assets
1
:
Deferred tax assets
13
\u2013
Goodwill
50
\u2013
Reinsurance contract assets
2
5,059
\u2013
5,122
\u2013
Other assets
3,671
2,315
Total other assets
24,788
17,144
1 On 13 March 2024, the Group entered into a business transfer agreement with Rothesay Life plc for the sale of the Group\u2019s bulk annuity business and to pursue the transfer of associated business assets and assumed liabilities under Part VII of the Financial Services and Markets Act 2000. A reinsurance agreement between the Group and Rothesay Life plc was signed on 30 April 2024 to materially de-risk the Group\u2019s bulk annuity portfolio. The Part VII process is subject to approval by the High Court, through a process in which regulators and policyholders are given the opportunity to object. The Group expects the Part VII to take place in June 2025. During the year the assets and liabilities the Group expects to derecognise as a result of the Part VII transfer were reclassified to disposal group assets and disposal group liabilities. Disposal group assets are presented within other assets, and disposal group liabilities are presented within other liabilities in note 27. Disposal group assets and disposal group liabilities are included in the Insurance, Pensions and Investments operating segment. 2 The Group\u2019s reinsurance contract assets have increased by \u00a35,039 million from \u00a3442 million to \u00a35,481 million predominantly as a result of entering into the reinsurance agreement with Rothesay Life plc in relation to the Group\u2019s bulk annuity business. At 30 April 2024 the Group recognised a reinsurance contract asset of \u00a35,418 million (comprised of present value of future cash flows of \u00a35,087 million, risk adjustment for non-financial risk of \u00a335 million and contractual service margin of \u00a3296 million). The balance of all reinsurance contract assets at 31 December 2024 of \u00a35,481 million (2023: \u00a3442 million) held comprises the following: asset for remaining coverage (excluding loss-recovery component) of \u00a35,060 million (2023: \u00a357 million), asset for remaining coverage loss-recovery component of \u00a3278 million (2023: \u00a3271 million) and asset for incurred claims of \u00a3143 million (2023: \u00a3114 million); the measurement components insurance contract assets being present value of future cash flows of \u00a34,910 million (2023: \u00a3162 million), risk adjustment for non-financial risk of \u00a371 million (2023: \u00a370 million) and contractual service margin of \u00a3500 million (2023: \u00a3210 million). Investment properties The Group\u2019s investment properties are predominantly held by the Insurance, Pensions and Investments business where they back policyholder liabilities. They are valued by external Chartered Surveyors using industry standard techniques based on guidance from the Royal Institute of Chartered Surveyors. The valuation methodology includes an assessment of general market conditions and sector level transactions and takes account of expectations of occupancy rates, rental income and growth. Property valuations undergo individual scrutiny using cash flow analysis to factor in the timing of rental reviews, capital expenditure, lease incentives, dilapidation and operating expenses; these reviews utilise both observable and unobservable inputs. Within the fair value hierarchy, all of the Group\u2019s investment properties are categorised as level 3 (see note 17 for details of levels in the fair value hierarchy). The table below analyses movements in level 3 investment properties, which are carried at fair value.
2024 2023
\u00a3m \u00a3m
At 1 January
2,862
2,532
Acquisition of new properties
640
450
Additional expenditure on existing properties
26
19
Change in fair value (note 7)
67
(87)
Disposals
(314)
(52)
At 31 December
3,281
2,862
Rental income of \u00a3172 million (2023: \u00a3146 million) and direct operating expenses of \u00a344 million (2023: \u00a316 million) arising from investment properties that generate rental income have been recognised in the income statement. Capital expenditure in respect of investment properties which had been contracted for but not recognised in the financial statements was \u00a3236 million (2023: \u00a3488 million). Operating lease assets where the Group is lessor Equipment leased to customers under operating leases primarily relates to vehicle contract hire arrangements. At 31 December the future minimum rentals receivable under non-cancellable operating leases were as follows:
Within 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
1,577
956
821
365
85
6
3,810
At 31 December 2023
1,336
857
680
309
70
4
3,256
Equipment leased to customers under operating leases primarily relates to vehicle contract hire arrangements. Operating lease assets are comprised as follows:
2024 2023
\u00a3m \u00a3m
Electric vehicles
3,894
3,259
Internal combustion engine vehicles
1,630
1,815
Self-charging hybrid vehicles
166
186
Plug-in hybrid vehicles
1,575
1,258
Other
\u2013
5
Total operating lease assets
7,265
6,523
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-955": { "value": "Note 24: Other assets
2024 2023
\u00a3m \u00a3m
Insurance contract assets
\u2013
1
Reinsurance contract assets
2
422
442
Investment in joint ventures and associates
542
401
Property, plant and equipment:
Investment properties (see below)
3,281
2,862
Premises
1,100
920
Equipment
879
1,170
Operating lease assets (see below)
7,265
6,523
Right-of-use assets (note 25)
872
1,055
13,397
12,530
Prepayments
1,634
1,455
Disposal group assets
1
:
Deferred tax assets
13
\u2013
Goodwill
50
\u2013
Reinsurance contract assets
2
5,059
\u2013
5,122
\u2013
Other assets
3,671
2,315
Total other assets
24,788
17,144
1 On 13 March 2024, the Group entered into a business transfer agreement with Rothesay Life plc for the sale of the Group\u2019s bulk annuity business and to pursue the transfer of associated business assets and assumed liabilities under Part VII of the Financial Services and Markets Act 2000. A reinsurance agreement between the Group and Rothesay Life plc was signed on 30 April 2024 to materially de-risk the Group\u2019s bulk annuity portfolio. The Part VII process is subject to approval by the High Court, through a process in which regulators and policyholders are given the opportunity to object. The Group expects the Part VII to take place in June 2025. During the year the assets and liabilities the Group expects to derecognise as a result of the Part VII transfer were reclassified to disposal group assets and disposal group liabilities. Disposal group assets are presented within other assets, and disposal group liabilities are presented within other liabilities in note 27. Disposal group assets and disposal group liabilities are included in the Insurance, Pensions and Investments operating segment. 2 The Group\u2019s reinsurance contract assets have increased by \u00a35,039 million from \u00a3442 million to \u00a35,481 million predominantly as a result of entering into the reinsurance agreement with Rothesay Life plc in relation to the Group\u2019s bulk annuity business. At 30 April 2024 the Group recognised a reinsurance contract asset of \u00a35,418 million (comprised of present value of future cash flows of \u00a35,087 million, risk adjustment for non-financial risk of \u00a335 million and contractual service margin of \u00a3296 million). The balance of all reinsurance contract assets at 31 December 2024 of \u00a35,481 million (2023: \u00a3442 million) held comprises the following: asset for remaining coverage (excluding loss-recovery component) of \u00a35,060 million (2023: \u00a357 million), asset for remaining coverage loss-recovery component of \u00a3278 million (2023: \u00a3271 million) and asset for incurred claims of \u00a3143 million (2023: \u00a3114 million); the measurement components insurance contract assets being present value of future cash flows of \u00a34,910 million (2023: \u00a3162 million), risk adjustment for non-financial risk of \u00a371 million (2023: \u00a370 million) and contractual service margin of \u00a3500 million (2023: \u00a3210 million). Investment properties The Group\u2019s investment properties are predominantly held by the Insurance, Pensions and Investments business where they back policyholder liabilities. They are valued by external Chartered Surveyors using industry standard techniques based on guidance from the Royal Institute of Chartered Surveyors. The valuation methodology includes an assessment of general market conditions and sector level transactions and takes account of expectations of occupancy rates, rental income and growth. Property valuations undergo individual scrutiny using cash flow analysis to factor in the timing of rental reviews, capital expenditure, lease incentives, dilapidation and operating expenses; these reviews utilise both observable and unobservable inputs. Within the fair value hierarchy, all of the Group\u2019s investment properties are categorised as level 3 (see note 17 for details of levels in the fair value hierarchy). The table below analyses movements in level 3 investment properties, which are carried at fair value.
2024 2023
\u00a3m \u00a3m
At 1 January
2,862
2,532
Acquisition of new properties
640
450
Additional expenditure on existing properties
26
19
Change in fair value (note 7)
67
(87)
Disposals
(314)
(52)
At 31 December
3,281
2,862
Rental income of \u00a3172 million (2023: \u00a3146 million) and direct operating expenses of \u00a344 million (2023: \u00a316 million) arising from investment properties that generate rental income have been recognised in the income statement. Capital expenditure in respect of investment properties which had been contracted for but not recognised in the financial statements was \u00a3236 million (2023: \u00a3488 million). Operating lease assets where the Group is lessor Equipment leased to customers under operating leases primarily relates to vehicle contract hire arrangements. At 31 December the future minimum rentals receivable under non-cancellable operating leases were as follows:
Within 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
1,577
956
821
365
85
6
3,810
At 31 December 2023
1,336
857
680
309
70
4
3,256
Equipment leased to customers under operating leases primarily relates to vehicle contract hire arrangements. Operating lease assets are comprised as follows:
2024 2023
\u00a3m \u00a3m
Electric vehicles
3,894
3,259
Internal combustion engine vehicles
1,630
1,815
Self-charging hybrid vehicles
166
186
Plug-in hybrid vehicles
1,575
1,258
Other
\u2013
5
Total operating lease assets
7,265
6,523
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-932": { "value": "Note 24: Other assets
2024 2023
\u00a3m \u00a3m
Insurance contract assets
\u2013
1
Reinsurance contract assets
2
422
442
Investment in joint ventures and associates
542
401
Property, plant and equipment:
Investment properties (see below)
3,281
2,862
Premises
1,100
920
Equipment
879
1,170
Operating lease assets (see below)
7,265
6,523
Right-of-use assets (note 25)
872
1,055
13,397
12,530
Prepayments
1,634
1,455
Disposal group assets
1
:
Deferred tax assets
13
\u2013
Goodwill
50
\u2013
Reinsurance contract assets
2
5,059
\u2013
5,122
\u2013
Other assets
3,671
2,315
Total other assets
24,788
17,144
1 On 13 March 2024, the Group entered into a business transfer agreement with Rothesay Life plc for the sale of the Group\u2019s bulk annuity business and to pursue the transfer of associated business assets and assumed liabilities under Part VII of the Financial Services and Markets Act 2000. A reinsurance agreement between the Group and Rothesay Life plc was signed on 30 April 2024 to materially de-risk the Group\u2019s bulk annuity portfolio. The Part VII process is subject to approval by the High Court, through a process in which regulators and policyholders are given the opportunity to object. The Group expects the Part VII to take place in June 2025. During the year the assets and liabilities the Group expects to derecognise as a result of the Part VII transfer were reclassified to disposal group assets and disposal group liabilities. Disposal group assets are presented within other assets, and disposal group liabilities are presented within other liabilities in note 27. Disposal group assets and disposal group liabilities are included in the Insurance, Pensions and Investments operating segment. 2 The Group\u2019s reinsurance contract assets have increased by \u00a35,039 million from \u00a3442 million to \u00a35,481 million predominantly as a result of entering into the reinsurance agreement with Rothesay Life plc in relation to the Group\u2019s bulk annuity business. At 30 April 2024 the Group recognised a reinsurance contract asset of \u00a35,418 million (comprised of present value of future cash flows of \u00a35,087 million, risk adjustment for non-financial risk of \u00a335 million and contractual service margin of \u00a3296 million). The balance of all reinsurance contract assets at 31 December 2024 of \u00a35,481 million (2023: \u00a3442 million) held comprises the following: asset for remaining coverage (excluding loss-recovery component) of \u00a35,060 million (2023: \u00a357 million), asset for remaining coverage loss-recovery component of \u00a3278 million (2023: \u00a3271 million) and asset for incurred claims of \u00a3143 million (2023: \u00a3114 million); the measurement components insurance contract assets being present value of future cash flows of \u00a34,910 million (2023: \u00a3162 million), risk adjustment for non-financial risk of \u00a371 million (2023: \u00a370 million) and contractual service margin of \u00a3500 million (2023: \u00a3210 million). Investment properties The Group\u2019s investment properties are predominantly held by the Insurance, Pensions and Investments business where they back policyholder liabilities. They are valued by external Chartered Surveyors using industry standard techniques based on guidance from the Royal Institute of Chartered Surveyors. The valuation methodology includes an assessment of general market conditions and sector level transactions and takes account of expectations of occupancy rates, rental income and growth. Property valuations undergo individual scrutiny using cash flow analysis to factor in the timing of rental reviews, capital expenditure, lease incentives, dilapidation and operating expenses; these reviews utilise both observable and unobservable inputs. Within the fair value hierarchy, all of the Group\u2019s investment properties are categorised as level 3 (see note 17 for details of levels in the fair value hierarchy). The table below analyses movements in level 3 investment properties, which are carried at fair value.
2024 2023
\u00a3m \u00a3m
At 1 January
2,862
2,532
Acquisition of new properties
640
450
Additional expenditure on existing properties
26
19
Change in fair value (note 7)
67
(87)
Disposals
(314)
(52)
At 31 December
3,281
2,862
Rental income of \u00a3172 million (2023: \u00a3146 million) and direct operating expenses of \u00a344 million (2023: \u00a316 million) arising from investment properties that generate rental income have been recognised in the income statement. Capital expenditure in respect of investment properties which had been contracted for but not recognised in the financial statements was \u00a3236 million (2023: \u00a3488 million). Operating lease assets where the Group is lessor Equipment leased to customers under operating leases primarily relates to vehicle contract hire arrangements. At 31 December the future minimum rentals receivable under non-cancellable operating leases were as follows:
Within 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
1,577
956
821
365
85
6
3,810
At 31 December 2023
1,336
857
680
309
70
4
3,256
Equipment leased to customers under operating leases primarily relates to vehicle contract hire arrangements. Operating lease assets are comprised as follows:
2024 2023
\u00a3m \u00a3m
Electric vehicles
3,894
3,259
Internal combustion engine vehicles
1,630
1,815
Self-charging hybrid vehicles
166
186
Plug-in hybrid vehicles
1,575
1,258
Other
\u2013
5
Total operating lease assets
7,265
6,523
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-889": { "value": "
Note 26: Debt securities in issue
2024
2023
At fair value At At fair value At
through profit amortised through profit amortised
or loss cost Total or loss cost Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Senior unsecured notes issued
4,608
40,019
44,627
5,242
37,038
42,280
Covered bonds
\u2013
11,764
11,764
\u2013
14,243
14,243
Certificates of deposit issued
\u2013
5,776
5,776
\u2013
8,059
8,059
Securitisation notes
22
5,185
5,207
23
4,211
4,234
Commercial paper
\u2013
8,090
8,090
\u2013
12,041
12,041
Total debt securities in issue
4,630
70,834
75,464
5,265
75,592
80,857
Covered bonds and securitisation programmes
At 31 December 2024, the covered bonds held by external parties and those held internally, were secured on certain loans and advances to
customers amounting to \u00a326,202 million (2023: \u00a327,019 million) which have been assigned to bankruptcy remote limited liability
partnerships to provide security for issues of covered bonds by the Group. The Group retains all of the risks and rewards associated with
these loans and the partnerships are consolidated fully with the loans retained on the Group\u2019s balance sheet.
The Group has two covered bond programmes, which have ring-fence asset pools and guarantee the covered bonds issued by the Group.
At the reporting date the Group had over-collateralised these programmes to meet the terms of the programmes, to secure the rating of
the covered bonds and to provide operational flexibility. From time to time, the obligations of the Group to provide collateral may increase
due to the formal requirements of the programmes. The Group may also voluntarily contribute collateral to support the ratings of the
covered bonds.
Covered bonds includes Pfandbriefe, which the Group issued for the first time in 2024.
The Group\u2019s securitisation vehicles issue notes that are held both externally and internally, and are secured on loans and advances to
customers amounting to \u00a327,657 million at 31 December 2024 (2023: \u00a330,716 million), the majority of which have been sold by subsidiary
companies to bankruptcy remote structured entities. As the structured entities are funded by the issue of debt on terms whereby the
majority of the risks and rewards of the portfolio are retained by the subsidiary, the structured entities are consolidated fully and all of
these loans are retained on the Group\u2019s balance sheet.
Certain loans and advances to customers have been assigned to bankruptcy remote limited liability partnerships.
Cash deposits of \u00a33,256 million (2023: \u00a33,794 million) which support the debt securities issued by the structured entities, the term
advances related to covered bonds and other legal obligations, are held by the Group. Additionally, the Group has certain contractual
arrangements to provide liquidity facilities to some of these structured entities. At 31 December 2024 these obligations had not been
triggered; the maximum exposure under these facilities was \u00a311 million (2023: \u00a329 million).
The Group recognises the full liabilities associated with its securitisation and covered bond programmes within debt securities in issue,
although the obligations of the Group in respect of its securitisation issuances are limited to the cash flows generated from the underlying
assets. The Group could be required to provide additional support to a number of the securitisation programmes to support the credit
ratings of the debt securities issued, in the form of increased cash reserves and the holding of subordinated notes. Further, certain
programmes contain contractual obligations that require the Group to repurchase assets should they become credit-impaired or as
otherwise required by the transaction documents. The Group has not provided financial or other support by voluntarily offering to
repurchase assets from any of its public securitisation programmes during 2024 (2023: none).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-890": { "value": "
Note 27: Other liabilities
2024 2023
\u00a3m \u00a3m
Third party interests in consolidated funds
1
10,706
10,518
Lease liabilities
1,261
1,632
Disposal group liabilities
2
:
Liabilities arising from insurance contracts
5,268
\u2013
Other creditors and accruals
8,683
6,876
Total other liabilities
25,918
19,026
1 Where a collective investment vehicle is consolidated, the interests of parties other than the Group are reported at fair value in other liabilities.
2 Further information on the disposal group is provided in note 24.
The maturity analysis of the Group\u2019s lease liabilities on an undiscounted basis is set out in the liquidity risk section on page 188.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-978": { "value": "Note 27: Other liabilities
2024 2023
\u00a3m \u00a3m
Third party interests in consolidated funds
1
10,706
10,518
Lease liabilities
1,261
1,632
Disposal group liabilities
2
:
Liabilities arising from insurance contracts
5,268
\u2013
Other creditors and accruals
8,683
6,876
Total other liabilities
25,918
19,026
1 Where a collective investment vehicle is consolidated, the interests of parties other than the Group are reported at fair value in other liabilities. 2 Further information on the disposal group is provided in note 24. The maturity analysis of the Group\u2019s lease liabilities on an undiscounted basis is set out in the liquidity risk section on page 188.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-972": { "value": "Note 27: Other liabilities
2024 2023
\u00a3m \u00a3m
Third party interests in consolidated funds
1
10,706
10,518
Lease liabilities
1,261
1,632
Disposal group liabilities
2
:
Liabilities arising from insurance contracts
5,268
\u2013
Other creditors and accruals
8,683
6,876
Total other liabilities
25,918
19,026
1 Where a collective investment vehicle is consolidated, the interests of parties other than the Group are reported at fair value in other liabilities. 2 Further information on the disposal group is provided in note 24. The maturity analysis of the Group\u2019s lease liabilities on an undiscounted basis is set out in the liquidity risk section on page 188.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-891": { "value": "
Note 28: Provisions
Critical accounting judgements and key sources of estimation uncertainty
Critical judgement: Determining whether a present obligation exists and whether it is more likely than not that an outflow of
resources will be required to settle that obligation
Key sources of estimation uncertainty: Populations impacted, level of remediation and response rates
Determining the amount of the provisions, which represent management\u2019s best estimate of the cost of settling these issues, requires the
exercise of significant judgement and estimation. It will often be necessary to form a view on matters which are inherently uncertain, such
as the scope of reviews required by regulators, and to estimate the number of future complaints, the extent to which they will be upheld,
the average cost of redress and the impact of decisions reached by legal and other review processes that may be relevant to claims
received. Consequently, the continued appropriateness of the underlying assumptions is reviewed on a regular basis against actual
experience and other relevant evidence and adjustments made to the provisions where appropriate.
Provisions
for financial Regulatory
commitments and legal
and guarantees provisions Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
322
1,105
650
2,077
Exchange and other adjustments
(1)
(3)
(1)
(5)
Provisions applied
\u2013
(401)
(488)
(889)
Charge (release) for the year
(51)
899
282
1,130
At 31 December 2024
270
1,600
443
2,313
Provisions for financial commitments and guarantees
Provisions are recognised for expected credit losses on undrawn loan commitments and financial guarantees.
Regulatory and legal provisions
In the course of its business, the Group is engaged on a regular basis in discussions with UK and overseas regulators and other governmental
authorities on a range of matters, including legal and regulatory reviews and, from time to time, enforcement investigations (including in
relation to compliance with applicable laws and regulations, such as those relating to prudential regulation, consumer protection,
investment advice, employment, business conduct, systems and controls, environmental, sustainability, competition/anti-trust, tax, anti-
bribery, anti-money laundering and sanctions). Any matters discussed or identified during such discussions and inquiries may result in,
among other things, further inquiry or investigation, other action being taken by governmental and/or regulatory authorities, increased
costs being incurred by the Group, remediation of systems and controls, public or private censure, restriction of the Group\u2019s business
activities and/or fines. The Group also receives complaints in connection with its past conduct and claims brought by or on behalf of
current and former employees, customers (including their appointed representatives), investors and other third parties and is subject to
legal proceedings and other legal actions from time to time. Any events or circumstances disclosed could have a material adverse effect on
the Group\u2019s financial position, operations or cash flows. Provisions are held where the Group can reliably estimate a probable outflow of
economic resources. The ultimate liability of the Group may be significantly more, or less, than the amount of any provision recognised. If
the Group is unable to determine a reliable estimate, a contingent liability is disclosed. The recognition of a provision does not amount to
an admission of liability or wrongdoing on the part of the Group. During the year ended 31 December 2024 the Group charged a further
\u00a3899 million in respect of legal actions and other regulatory matters and the unutilised balance at 31 December 2024 was \u00a31,600 million
(31 December 2023: \u00a31,105 million). The most significant items are outlined below.
Motor commission review
The Group recognised a \u00a3450 million provision in 2023 for the potential impact of the FCA review into historical motor finance commission
arrangements and sales announced in January 2024. In the fourth quarter of 2024, a further \u00a3700 million provision has been recognised in
relation to motor finance commission arrangements, in light of the Court of Appeal (CoA) decisions handed down in their judgment in
Wrench, Johnson and Hopcraft (WJH) in October 2024, which goes beyond the scope of the original FCA motor finance commissions
review.
The CoA judgment in WJH, determined that motor dealers acting as credit brokers owe certain duties to disclose to their customers
commission payable to them by lenders, and that lenders will be liable for dealers\u2019 non-disclosures. This sets a higher bar for the disclosure
of and consent to the existence, nature, and quantum of any commission paid than had been understood to be required or applied across
the motor finance industry prior to the decision. The Group\u2019s understanding of compliant disclosure was built on FCA and other regulatory
guidance and previous legal authorities. These CoA decisions relate to commission disclosure and consent obligations which go beyond the
scope of the current FCA motor finance commissions review. The Supreme Court granted the relevant lenders permission to appeal the
WJH judgment and the substantive hearing is scheduled to be heard on 1 April to 3 April 2025.
Following the WJH decision, the FCA extended their temporary complaint handling rules in relation to discretionary commission
arrangements (DCA) complaints to include non-DCA commission complaints until December 2025. The FCA has also announced that it
intends to set out next steps in its review into DCAs in May 2025 and hopes to provide an update on motor finance non-DCA complaints at
the same time, but its next steps in relation to both types of complaint will depend on the progress of the appeal to the Supreme Court of
WJH and the timing and nature of any decision. In addition, there are a number of other relevant judicial proceedings which may influence
the eventual outcome, including a judicial review (which is now subject to appeal) of a final decision by the Financial Ombudsman Service
(FOS) against another lender that was heard in October 2024.
The Group continues to receive complaints as well as claims in the County Courts in respect of motor finance commissions. A large number
of those claims have been stayed, as has a claim in the Competition Appeal Tribunal.
In establishing the provision estimate, the Group has created a number of scenarios to address uncertainties around a number of key
assumptions. These include the potential outcomes of the Supreme Court appeal, any steps that the FCA may take and outcomes in
relation to the extent of harm and remedies. Other key assumptions include applicable commission models, commission rates, time
periods, response rates, uphold rates, levels of redress / interest applied and costs to deliver. The Group will continue to assess
developments and potential impacts, including the outcome of the appeals, any announcement by the FCA of their next steps, and any
action by other regulators or government bodies. Given that there is a significant level of uncertainty in terms of the eventual outcome, the
ultimate financial impact could materially differ from the amount provided.
HBOS Reading \u2013 review
The Group continues to apply the recommendations from Sir Ross Cranston\u2019s review, issued in December 2019, including a reassessment of
direct and consequential losses by an independent panel (the Foskett Panel), an extension of debt relief and a wider definition of de facto
directors. The Foskett Panel\u2019s full scope and methodology was published on 7 July 2020. The Foskett Panel\u2019s stated objective is to consider
cases via a non-legalistic and fair process and to make its decisions in a generous, fair and common sense manner, assessing claims against
an expanded definition of the fraud and on a lower evidential basis.
In June 2022, the Foskett Panel announced an alternative option, in the form of a fixed sum award which could be accepted as an
alternative to participation in the full re-review process, to support earlier resolution of claims for those deemed by the Foskett Panel to be
victims of the fraud.
Virtually all of the population have now had decisions via the Fixed Sum Award process, with operational costs, redress and tax costs
associated with the re-reviews recognised within the amount provided.
Notwithstanding the settled claims and the increase in outcomes which builds confidence in the full estimated cost, uncertainties remain
and the final outcome could be different. There is no confirmed timeline for the completion of the re-review process nor the review by
Dame Linda Dobbs. The Group remains committed to implementing the recommendations in full.
Payment protection insurance (PPI)
The Group continues to challenge PPI litigation cases, with mainly operational costs and legal fees associated with litigation activity
recognised within regulatory and legal provisions.
Customer claims in relation to insurance branch business in Germany
The Group continues to receive claims from customers in Germany relating to policies issued by Clerical Medical Investment Group Limited
(subsequently renamed Scottish Widows Limited), with smaller numbers of claims received from customers in Austria and Italy.
Operational costs, redress and legal fees associated with the claims are recognised within regulatory and legal provisions.
Other
The Group carries provisions of \u00a3154 million (31 December 2023: \u00a3137 million) in respect of dilapidations, rent reviews and other property-
related matters.
Provisions are also made for staff and other costs related to Group restructuring initiatives at the point at which the Group becomes
committed to the expenditure; at 31 December 2024 provisions of \u00a3135 million (31 December 2023: \u00a3245 million) were held.
The Group carries provisions of \u00a335 million (31 December 2023: \u00a346 million) for indemnities and other matters relating to legacy business
disposals in prior years. Whilst there remains significant uncertainty as to the timing of the utilisation of the provisions, the Group expects
the majority of the remaining provisions to have been utilised by 31 December 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-933": { "value": "Note 28: Provisions Critical accounting judgements and key sources of estimation uncertainty Critical judgement: Determining whether a present obligation exists and whether it is more likely than not that an outflow of resources will be required to settle that obligation Key sources of estimation uncertainty: Populations impacted, level of remediation and response rates Determining the amount of the provisions, which represent management\u2019s best estimate of the cost of settling these issues, requires the exercise of significant judgement and estimation. It will often be necessary to form a view on matters which are inherently uncertain, such as the scope of reviews required by regulators, and to estimate the number of future complaints, the extent to which they will be upheld, the average cost of redress and the impact of decisions reached by legal and other review processes that may be relevant to claims received. Consequently, the continued appropriateness of the underlying assumptions is reviewed on a regular basis against actual experience and other relevant evidence and adjustments made to the provisions where appropriate.
Provisions
for financial Regulatory
commitments and legal
and guarantees provisions Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
322
1,105
650
2,077
Exchange and other adjustments
(1)
(3)
(1)
(5)
Provisions applied
\u2013
(401)
(488)
(889)
Charge (release) for the year
(51)
899
282
1,130
At 31 December 2024
270
1,600
443
2,313
Provisions for financial commitments and guarantees Provisions are recognised for expected credit losses on undrawn loan commitments and financial guarantees. Regulatory and legal provisions In the course of its business, the Group is engaged on a regular basis in discussions with UK and overseas regulators and other governmental authorities on a range of matters, including legal and regulatory reviews and, from time to time, enforcement investigations (including in relation to compliance with applicable laws and regulations, such as those relating to prudential regulation, consumer protection, investment advice, employment, business conduct, systems and controls, environmental, sustainability, competition/anti-trust, tax, anti- bribery, anti-money laundering and sanctions). Any matters discussed or identified during such discussions and inquiries may result in, among other things, further inquiry or investigation, other action being taken by governmental and/or regulatory authorities, increased costs being incurred by the Group, remediation of systems and controls, public or private censure, restriction of the Group\u2019s business activities and/or fines. The Group also receives complaints in connection with its past conduct and claims brought by or on behalf of current and former employees, customers (including their appointed representatives), investors and other third parties and is subject to legal proceedings and other legal actions from time to time. Any events or circumstances disclosed could have a material adverse effect on the Group\u2019s financial position, operations or cash flows. Provisions are held where the Group can reliably estimate a probable outflow of economic resources. The ultimate liability of the Group may be significantly more, or less, than the amount of any provision recognised. If the Group is unable to determine a reliable estimate, a contingent liability is disclosed. The recognition of a provision does not amount to an admission of liability or wrongdoing on the part of the Group. During the year ended 31 December 2024 the Group charged a further \u00a3899 million in respect of legal actions and other regulatory matters and the unutilised balance at 31 December 2024 was \u00a31,600 million (31 December 2023: \u00a31,105 million). The most significant items are outlined below. Motor commission review The Group recognised a \u00a3450 million provision in 2023 for the potential impact of the FCA review into historical motor finance commission arrangements and sales announced in January 2024. In the fourth quarter of 2024, a further \u00a3700 million provision has been recognised in relation to motor finance commission arrangements, in light of the Court of Appeal (CoA) decisions handed down in their judgment in Wrench, Johnson and Hopcraft (WJH) in October 2024, which goes beyond the scope of the original FCA motor finance commissions review. The CoA judgment in WJH, determined that motor dealers acting as credit brokers owe certain duties to disclose to their customers commission payable to them by lenders, and that lenders will be liable for dealers\u2019 non-disclosures. This sets a higher bar for the disclosure of and consent to the existence, nature, and quantum of any commission paid than had been understood to be required or applied across the motor finance industry prior to the decision. The Group\u2019s understanding of compliant disclosure was built on FCA and other regulatory guidance and previous legal authorities. These CoA decisions relate to commission disclosure and consent obligations which go beyond the scope of the current FCA motor finance commissions review. The Supreme Court granted the relevant lenders permission to appeal the WJH judgment and the substantive hearing is scheduled to be heard on 1 April to 3 April 2025. Following the WJH decision, the FCA extended their temporary complaint handling rules in relation to discretionary commission arrangements (DCA) complaints to include non-DCA commission complaints until December 2025. The FCA has also announced that it intends to set out next steps in its review into DCAs in May 2025 and hopes to provide an update on motor finance non-DCA complaints at the same time, but its next steps in relation to both types of complaint will depend on the progress of the appeal to the Supreme Court of WJH and the timing and nature of any decision. In addition, there are a number of other relevant judicial proceedings which may influence the eventual outcome, including a judicial review (which is now subject to appeal) of a final decision by the Financial Ombudsman Service (FOS) against another lender that was heard in October 2024. The Group continues to receive complaints as well as claims in the County Courts in respect of motor finance commissions. A large number of those claims have been stayed, as has a claim in the Competition Appeal Tribunal. In establishing the provision estimate, the Group has created a number of scenarios to address uncertainties around a number of key assumptions. These include the potential outcomes of the Supreme Court appeal, any steps that the FCA may take and outcomes in relation to the extent of harm and remedies. Other key assumptions include applicable commission models, commission rates, time periods, response rates, uphold rates, levels of redress / interest applied and costs to deliver. The Group will continue to assess developments and potential impacts, including the outcome of the appeals, any announcement by the FCA of their next steps, and any action by other regulators or government bodies. Given that there is a significant level of uncertainty in terms of the eventual outcome, the ultimate financial impact could materially differ from the amount provided. HBOS Reading \u2013 review The Group continues to apply the recommendations from Sir Ross Cranston\u2019s review, issued in December 2019, including a reassessment of direct and consequential losses by an independent panel (the Foskett Panel), an extension of debt relief and a wider definition of de facto directors. The Foskett Panel\u2019s full scope and methodology was published on 7 July 2020. The Foskett Panel\u2019s stated objective is to consider cases via a non-legalistic and fair process and to make its decisions in a generous, fair and common sense manner, assessing claims against an expanded definition of the fraud and on a lower evidential basis. In June 2022, the Foskett Panel announced an alternative option, in the form of a fixed sum award which could be accepted as an alternative to participation in the full re-review process, to support earlier resolution of claims for those deemed by the Foskett Panel to be victims of the fraud. Virtually all of the population have now had decisions via the Fixed Sum Award process, with operational costs, redress and tax costs associated with the re-reviews recognised within the amount provided. Notwithstanding the settled claims and the increase in outcomes which builds confidence in the full estimated cost, uncertainties remain and the final outcome could be different. There is no confirmed timeline for the completion of the re-review process nor the review by Dame Linda Dobbs. The Group remains committed to implementing the recommendations in full. Payment protection insurance (PPI) The Group continues to challenge PPI litigation cases, with mainly operational costs and legal fees associated with litigation activity recognised within regulatory and legal provisions. Customer claims in relation to insurance branch business in Germany The Group continues to receive claims from customers in Germany relating to policies issued by Clerical Medical Investment Group Limited (subsequently renamed Scottish Widows Limited), with smaller numbers of claims received from customers in Austria and Italy. Operational costs, redress and legal fees associated with the claims are recognised within regulatory and legal provisions. Other The Group carries provisions of \u00a3154 million (31 December 2023: \u00a3137 million) in respect of dilapidations, rent reviews and other property- related matters. Provisions are also made for staff and other costs related to Group restructuring initiatives at the point at which the Group becomes committed to the expenditure; at 31 December 2024 provisions of \u00a3135 million (31 December 2023: \u00a3245 million) were held. The Group carries provisions of \u00a335 million (31 December 2023: \u00a346 million) for indemnities and other matters relating to legacy business disposals in prior years. Whilst there remains significant uncertainty as to the timing of the utilisation of the provisions, the Group expects the majority of the remaining provisions to have been utilised by 31 December 2026. Note 38: Contingent liabilities, commitments and guarantees Contingent liabilities, commitments and guarantees arising from the banking business At 31 December 2024 contingent liabilities, such as performance bonds and letters of credit, arising from the banking business were \u00a32,605 million (31 December 2023: \u00a32,849 million). The contingent liabilities of the Group arise in the normal course of its banking business and it is not practicable to quantify their future financial effect. Total commitments and guarantees were \u00a3148,619 million (31 December 2023: \u00a3143,319 million), of which in respect of undrawn formal standby facilities, credit lines and other commitments to lend, \u00a379,518 million (31 December 2023: \u00a375,080 million) was irrevocable. Capital commitments Excluding commitments in respect of investment property (note 24), capital expenditure contracted but not provided for at 31 December 2024 amounted to \u00a3640 million (2023: \u00a31,240 million) and related to assets to be leased to customers under operating leases. The Group\u2019s management is confident that future net revenues and funding will be sufficient to cover these commitments. Interchange fees With respect to multi-lateral interchange fees (MIFs), the Group is not a party in the ongoing or threatened litigation which involves the card schemes Visa and Mastercard or any settlements of such litigation. However, the Group is a member/licensee of Visa and Mastercard and other card schemes. The litigation in question is as follows: \u2022 Litigation brought by or on behalf of retailers against both Visa and Mastercard in the English Courts, in which retailers are seeking damages on grounds that Visa and Mastercard\u2019s MIFs breached competition law (this includes a judgment of the Supreme Court in June 2020 upholding the Court of Appeal\u2019s finding in 2018 that certain historic interchange arrangements of Mastercard and Visa infringed competition law) \u2022 Litigation brought on behalf of UK consumers in the English Courts against Mastercard Any impact on the Group of the litigation against Visa and Mastercard remains uncertain at this time, such that it is not practicable for the Group to provide an estimate of any potential financial effect. Insofar as Visa is required to pay damages to retailers for interchange fees set prior to June 2016, contractual arrangements to allocate liability have been agreed between various UK banks (including the Group) and Visa Inc, as part of Visa Inc\u2019s acquisition of Visa Europe in 2016. These arrangements cap the maximum amount of liability to which the Group may be subject and this cap is set at the cash consideration received by the Group for the sale of its stake in Visa Europe to Visa Inc in 2016. In 2016, the Group received Visa preference shares as part of the consideration for the sale of its shares in Visa Europe. A release assessment is carried out by Visa on certain anniversaries of the sale (in line with the Visa Europe sale documentation) and as a result, some Visa preference shares may be converted into Visa Inc Class A common stock from time to time. Any such release and any subsequent sale of Visa common stock does not impact the contingent liability. LIBOR and other trading rates Certain Group companies, together with other panel banks, have been named as defendants in ongoing private lawsuits, including purported class action suits, in the US in connection with their roles as panel banks contributing to the setting of US dollar, Japanese yen and Sterling London Interbank Offered Rate. Certain Group companies are also named as defendants in (i) UK-based claims, and (ii) two Dutch class actions, raising LIBOR manipulation allegations. A number of claims against the Group in the UK relating to the alleged mis-sale of interest rate hedging products also include allegations of LIBOR manipulation. It is currently not possible to predict the scope and ultimate outcome on the Group of any private lawsuits or ongoing related challenges to the interpretation or validity of any of the Group\u2019s contractual arrangements, including their timing and scale. As such, it is not practicable to provide an estimate of any potential financial effect. Tax authorities The Group has an open matter in relation to a claim for group relief of losses incurred in its former Irish banking subsidiary, which ceased trading on 31 December 2010. In 2020, HMRC concluded its enquiry into the matter and issued a closure notice denying the group relief claim. The Group appealed to the First Tier Tax Tribunal. The hearing took place in May 2023. In January 2025, the First Tier Tribunal concluded in favour of HMRC. The Group believes it has applied the rules correctly and that the claim for group relief is correct. Having reviewed the Tribunal\u2019s conclusions and having taken appropriate advice, the Group intends to appeal the decision and does not consider this to be a case where an additional tax liability will ultimately fall due. If the final determination of the matter by the judicial process is that HMRC\u2019s position is correct, management believes that this would result in an increase in current tax liabilities of approximately \u00a3975 million (including interest) and a reduction in the Group\u2019s deferred tax asset of approximately \u00a3275 million. Following the First Tier Tax Tribunal outcome, the tax will be paid and recognised as a current tax asset, given the Group\u2019s view that the tax liability will not ultimately fall due. It is unlikely that any appeal hearing will be held before 2026, and final conclusion of the judicial process may not be for several years. There are a number of other open matters on which the Group is in discussions with HMRC (including the tax treatment of certain costs arising from the divestment of TSB Banking Group plc and the tax treatment of costs relating to HBOS Reading), none of which is expected to have a material impact on the financial position of the Group. Arena and Sentinel litigation claims The Group is facing claims alleging breach of duty and/or mandate in the context of an underlying external fraud matter involving Arena Television. The Group is defending the claims, which are at an early stage. As such, it is not practicable to estimate the final outcome of the matter and its financial impact (if any) to the Group. FCA investigation into the Group\u2019s anti-money laundering control framework As previously disclosed, the FCA had opened an investigation into the Group\u2019s compliance with domestic UK money laundering regulations and the FCA\u2019s rules and Principles for Businesses, with a focus on aspects of its anti-money laundering control framework. This investigation has now been closed by the FCA without any enforcement action taken. Other legal actions and regulatory matters In addition, in the course of its 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 (including their appointed representatives), investors or other third parties, as well as legal and regulatory reviews, enquiries and examinations, requests for information, audits, challenges, investigations and enforcement actions, which could relate to a number of issues. This includes matters in relation to compliance with applicable laws and regulations, such as those relating to prudential regulation, employment, consumer protection, investment advice, business conduct, systems and controls, environmental, sustainability, competition/anti-trust, tax, anti-bribery, anti- money laundering and sanctions, some of which may be beyond the Group\u2019s control, both in the UK and overseas. Where material, such matters are periodically reassessed, with the assistance of external professional advisers where appropriate, to determine the likelihood of the Group incurring a liability. 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. Where there is a contingent liability related to an existing provision the relevant disclosures are included within note 28.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-892": { "value": "
Note 29: Subordinated liabilities
The movement in subordinated liabilities during the year was as follows:
Preference
shares Undated Dated Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
470
150
10,110
10,730
Issued during the year
1
:
6.625% Fixed Rate Reset Dated Subordinated Notes 2033 (\u00a3750 million)
\u2013
\u2013
747
747
5.25% Fixed Rate Reset Dated Subordinated Notes 2033 (S$500 million)
\u2013
\u2013
288
288
Fixed-to-Floating Rate Dated Subordinated Notes 2033 (A$750 million)
\u2013
\u2013
382
382
\u2013
\u2013
1,417
1,417
Repurchases and redemptions during the year
1
:
9.625% Subordinated Bonds 2023 (\u00a3300 million)
\u2013
\u2013
(92)
(92)
7.07% Subordinated Fixed Rate Notes 2023 (\u20ac175 million)
\u2013
\u2013
(155)
(155)
5.5% Dated Subordinated Notes 2023 (\u00a3850 million)
\u2013
\u2013
(850)
(850)
Dated Subordinated Fixed Rate Reset Notes 2028 (\u20ac750 million)
\u2013
\u2013
(643)
(643)
8.75% Perpetual Subordinated Bonds (\u00a3100 million)
\u2013
(5)
\u2013
(5)
7.375% Subordinated Undated Instruments (\u00a3150 million)
\u2013
\u2013
\u2013
\u2013
8% Undated Subordinated Step-up Notes 2023 (\u00a3200 million)
\u2013
\u2013
\u2013
\u2013
\u2013
(5)
(1,740)
(1,745)
Foreign exchange movements
(2)
\u2013
(379)
(381)
Other movements (cash and non-cash)
2
(2)
(1)
235
232
At 31 December 2023
466
144
9,643
10,253
Issued during the year
1
:
4.375% Fixed Rate Reset Dated Subordinated Notes 2034 (\u20ac500 million)
\u2013
\u2013
427
427
5.788% Fixed-to-Floating Rate Dated Subordinated Notes 2034 (A$250 million)
\u2013
\u2013
128
128
Floating Rate Dated Subordinated Notes 2034 (A$500 million)
\u2013
\u2013
257
257
\u2013
\u2013
812
812
Repurchases and redemptions during the year
1
:
6.475% Non-cumulative Preference Shares callable 2024 (\u00a3186 million)
(47)
\u2013
\u2013
(47)
4.5% Dated Subordinated Notes 2024 ($1,000 million)
\u2013
\u2013
(772)
(772)
(47)
\u2013
(772)
(819)
Foreign exchange movements
(1)
\u2013
(24)
(25)
Other movements (cash and non-cash)
2
(5)
1
(128)
(132)
At 31 December 2024
413
145
9,531
10,089
1 Issuances in the year generated cash inflows of \u00a3812 million (2023: \u00a31,417 million); the repurchases and redemptions resulted in cash outflows of \u00a3819 million (2023: \u00a31,745 million).
2 Other movements include hedge accounting movements and cash payments in respect of interest on subordinated liabilities in the year amounting to \u00a3622 million (2023: \u00a3623 million)
offset by the interest expense in respect of subordinated liabilities of \u00a3738 million (2023: \u00a3712 million).
These securities will, in the event of the winding-up of the issuer, be subordinated to the claims of depositors and all other creditors of the
issuer, other than creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities. The
subordination of specific subordinated liabilities is determined in respect of the issuer and any guarantors of that liability. The claims of
holders of preference shares and preferred securities are generally junior to those of the holders of undated subordinated liabilities, which in
turn are junior to the claims of holders of the dated subordinated liabilities.
Preference shares
The Company has in issue various classes of preference shares, with a nominal value of \u00a374 million (296,227,449 shares), which are all
classified as liabilities under IFRS accounting standards and are shown below. This represents 0.49 per cent of the total issued share capital
(60,913,240,420 shares) of the Group.
Number of shares
2024
2023
2022
6% Non-cumulative Redeemable Preference shares of GBP0.25
400
400
400
6.475% Non-cumulative Preference shares of GBP0.25
\u2013
47,273,816
47,273,816
9.25% Non-cumulative Irredeemable Preference shares of GBP0.25
252,510,147
252,510,147
252,510,147
9.75% Non-cumulative Irredeemable Preference shares of GBP0.25
43,630,285
43,630,285
43,630,285
6.413% Non-cumulative Fixed/Floating Rate Callable Preference shares of USD0.25
48,990
48,990
48,990
6.657% Non-cumulative Fixed/Floating Rate Callable Preference shares of USD0.25
37,627
37,627
37,627
Total
296,227,449
343,501,265
343,501,265
2024
2023
2022
% of % of % of
share share share
\u00a3m
capital
\u00a3m
capital
\u00a3m
capital
6% Non-cumulative Redeemable Preference shares of GBP0.25
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
6.475% Non-cumulative Preference shares of GBP0.25
\u2013
\u2013
12
0.07
12
0.07
9.25% Non-cumulative Irredeemable Preference shares of
GBP0.25
63
0.42
63
0.40
63
0.37
9.75% Non-cumulative Irredeemable Preference shares of
GBP0.25
11
0.07
11
0.07
11
0.06
6.413% Non-cumulative Fixed/Floating Rate Callable Preference
shares of USD0.25
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
6.657% Non-cumulative Fixed/Floating Rate Callable Preference
shares of USD0.25
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
74
0.49
86
0.54
86
0.50
In any general meeting of the Company which is held as a physical general meeting, a resolution put to the vote of the meeting shall be decided by a poll unless the chair of the meeting determines that such resolution shall be decided on a show of hands, although in certain circumstances such decision may be overridden by a sufficient number of shareholders demanding a poll. At a general meeting of the Company, every holder of shares (whether ordinary or preference shares) who is present in person or by proxy and entitled to vote, shall have one vote per share in relation to the resolutions on which they are entitled, respectively, to vote, whether such vote is held on a poll or a show of hands. 100 per cent of preference shares have voting rights. The preference shares represent 0.49 per cent of the total voting rights of the Company, the remainder being represented by the ordinary shares. The rights and obligations attaching to the preference shares are set out in: i. the Company\u2019s articles of association, a copy of which can be obtained from Companies House or from our website (www.lloydsbankinggroup.com/who-we-are/group-overview/corporate-governance.html ); ii. in respect of the 6 per cent Non-cumulative Redeemable Preference shares, in Companies House form 128(1) filed at Companies House on 12 January 2005, a copy of which is available from Companies House (www.companieshouse.gov.uk ); and iii. in respect of the other classes of preference shares, in the prospectus dated 20 November 2008 and published on the National Storage Mechanism on that date, a copy of which prospectus is available on the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism ). None of the preference shares have any multiple or unequal voting rights. As at 31 December 2024, the free float percentage of all of the Company\u2019s ordinary and preference listed shares in issue was over 99.99 per cent, by both number of shares and nominal value. The balance was comprised of the 400 unlisted 6 per cent Non-cumulative Redeemable Preference shares of GBP0.25 each referred to above (\u00a3100 in total).", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-893": { "value": "
Note 30: Share capital
Issued and fully paid ordinary share capital
Number of shares
Ordinary shares of 10p (formerly 25p) each
2024
2023
2022
At 1 January
63,569,225,662
67,287,852,204
71,022,593,135
Issued under employee share schemes
734,265,017
667,636,165
793,990,660
Share buyback programme (note 33)
(3,686,477,708)
(4,386,262,707)
(4,528,731,591)
At 31 December
60,617,012,971
63,569,225,662
67,287,852,204
2024
2023
2022
% of % of % of
share share share
Ordinary shares of 10p (formerly 25p) each
\u00a3m
capital
\u00a3m
capital
\u00a3m
capital
At 1 January
6,358
6,729
7,102
Issued under employee share schemes
73
67
80
Share buyback programme (note 33)
(369)
(438)
(453)
At 31 December
6,062
99.52
6,358
99.46
6,729
99.50
Ordinary shares
As permitted by the Companies Act 2006, the Company removed references to authorised share capital from its articles of association at
the annual general meeting on 5 June 2009. This change took effect from 1 October 2009. There are no restrictions on the transfer of shares
in the Company other than as set out in the articles of association and:
\u2022 Certain restrictions which may from time to time be imposed by law and regulations (for example, insider trading laws)
\u2022 Where directors and certain employees of the Company require the approval of the Company to deal in the Company\u2019s shares
\u2022 Pursuant to the rules of some of the Company\u2019s employee share plans where certain restrictions may apply while the shares are subject
to the plans
Where, under an employee share plan operated by the Company, participants are the beneficial owners of shares but not the registered
owners, the voting rights are normally exercised by the registered owner at the direction of the participant. Outstanding awards and
options would normally vest and become exercisable on a change of control, subject to the satisfaction of any performance conditions at
that time.
All of the Company\u2019s issued ordinary share capital is listed (i.e. the free float percentage of the ordinary shares is 100 per cent) and none of
the shares have any multiple or unequal voting rights; each share carries one vote. In addition, the Company is not aware of any agreements
between shareholders that may result in restrictions on the transfer of securities and/or voting rights.
The directors have authority to allot and issue ordinary and preference shares and to make market purchases of ordinary and preference
shares as granted at the annual general meeting on 16 May 2024. The authority to issue shares and the authority to make market purchases
of shares will expire at the next annual general meeting. Shareholders will be asked, at the annual general meeting, to give similar
authorities.
Subject to any rights or restrictions attached to any shares, on a show of hands at a general meeting of the Company every holder of shares
present in person or by proxy and entitled to vote has one vote and on a poll every member present and entitled to vote has one vote for
every share held. The special rights attached to any class of shares (including preference shares) in the Company may, subject to the
statutory provisions, be varied or abrogated either with the consent in writing of the holders of three-quarters in nominal value of the
issued shares of the class or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of the class
(but not otherwise).
The holders of ordinary shares, who held 100 per cent of the total ordinary share capital at 31 December 2024, are entitled to receive the
Company\u2019s report and accounts, attend, speak and vote at general meetings and appoint proxies to exercise voting rights. Holders of
ordinary shares may also receive a dividend (subject to the provisions of the Company\u2019s articles of association) and in the event of a
winding-up, may share in the assets of the Company.
The rights and obligations attached to the Company\u2019s ordinary shares are set out in the Company\u2019s articles of association, a copy of which
can be found at www.lloydsbankinggroup.com/who-we-are/group-overview/corporate-governance.html
\u2192.
Preference shares
The Company has in issue various classes of preference shares which are all classified as liabilities under IFRS accounting standards and
which are included in note 29. The statement above (under the heading \u2018Ordinary shares\u2019) in relation to the variation of special rights
attaching to any shares is also applicable to preference shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-934": { "value": "Note 30: Share capital Issued and fully paid ordinary share capital
Number of shares
Ordinary shares of 10p (formerly 25p) each
2024
2023
2022
At 1 January
63,569,225,662
67,287,852,204
71,022,593,135
Issued under employee share schemes
734,265,017
667,636,165
793,990,660
Share buyback programme (note 33)
(3,686,477,708)
(4,386,262,707)
(4,528,731,591)
At 31 December
60,617,012,971
63,569,225,662
67,287,852,204
2024
2023
2022
% of % of % of
share share share
Ordinary shares of 10p (formerly 25p) each
\u00a3m
capital
\u00a3m
capital
\u00a3m
capital
At 1 January
6,358
6,729
7,102
Issued under employee share schemes
73
67
80
Share buyback programme (note 33)
(369)
(438)
(453)
At 31 December
6,062
99.52
6,358
99.46
6,729
99.50
Ordinary shares As permitted by the Companies Act 2006, the Company removed references to authorised share capital from its articles of association at the annual general meeting on 5 June 2009. This change took effect from 1 October 2009. There are no restrictions on the transfer of shares in the Company other than as set out in the articles of association and: \u2022 Certain restrictions which may from time to time be imposed by law and regulations (for example, insider trading laws) \u2022 Where directors and certain employees of the Company require the approval of the Company to deal in the Company\u2019s shares \u2022 Pursuant to the rules of some of the Company\u2019s employee share plans where certain restrictions may apply while the shares are subject to the plans Where, under an employee share plan operated by the Company, participants are the beneficial owners of shares but not the registered owners, the voting rights are normally exercised by the registered owner at the direction of the participant. Outstanding awards and options would normally vest and become exercisable on a change of control, subject to the satisfaction of any performance conditions at that time. All of the Company\u2019s issued ordinary share capital is listed (i.e. the free float percentage of the ordinary shares is 100 per cent) and none of the shares have any multiple or unequal voting rights; each share carries one vote. In addition, the Company is not aware of any agreements between shareholders that may result in restrictions on the transfer of securities and/or voting rights. The directors have authority to allot and issue ordinary and preference shares and to make market purchases of ordinary and preference shares as granted at the annual general meeting on 16 May 2024. The authority to issue shares and the authority to make market purchases of shares will expire at the next annual general meeting. Shareholders will be asked, at the annual general meeting, to give similar authorities. Subject to any rights or restrictions attached to any shares, on a show of hands at a general meeting of the Company every holder of shares present in person or by proxy and entitled to vote has one vote and on a poll every member present and entitled to vote has one vote for every share held. The special rights attached to any class of shares (including preference shares) in the Company may, subject to the statutory provisions, be varied or abrogated either with the consent in writing of the holders of three-quarters in nominal value of the issued shares of the class or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of the class (but not otherwise). The holders of ordinary shares, who held 100 per cent of the total ordinary share capital at 31 December 2024, are entitled to receive the Company\u2019s report and accounts, attend, speak and vote at general meetings and appoint proxies to exercise voting rights. Holders of ordinary shares may also receive a dividend (subject to the provisions of the Company\u2019s articles of association) and in the event of a winding-up, may share in the assets of the Company. The rights and obligations attached to the Company\u2019s ordinary shares are set out in the Company\u2019s articles of association, a copy of which can be found at www.lloydsbankinggroup.com/who-we-are/group-overview/corporate-governance.html \u2192. Preference shares The Company has in issue various classes of preference shares which are all classified as liabilities under IFRS accounting standards and which are included in note 29. The statement above (under the heading \u2018Ordinary shares\u2019) in relation to the variation of special rights attaching to any shares is also applicable to preference shares. Note 32: Share premium account
2024 2023 2022
\u00a3m \u00a3m \u00a3m
At 1 January
18,568
18,504
18,479
Issued under employee share schemes
117
64
25
Redemption of preference shares
1
35
\u2013
\u2013
At 31 December
18,720
18,568
18,504
1 During the year ended 31 December 2024, the Group redeemed all of its outstanding 6.475% Non-cumulative Preference Shares at their combined sterling value of \u00a347 million. These preference shares had been accounted for as subordinated liabilities. On redemption an amount of \u00a335 million was transferred from the distributable merger reserve to the share premium account. Note 33: Other reserves
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Merger reserve
7,102
7,149
7,149
Capital redemption reserve
5,751
5,370
4,932
Revaluation reserve in respect of debt securities held at fair value through other comprehensive income
(113)
(67)
50
Revaluation reserve in respect of equity shares held at fair value through other comprehensive income
93
\u2013
57
Cash flow hedging reserve
(3,755)
(3,766)
(5,476)
Foreign currency translation reserve
(251)
(178)
(125)
At 31 December
8,827
8,508
6,587
The merger reserve primarily comprises the premium on shares issued in January 2009 as part of the recapitalisation of the Group and the acquisition of HBOS plc. The capital redemption reserve represents transfers from distributable reserves in accordance with companies\u2019 legislation upon the redemption of ordinary and preference share capital. The revaluation reserves in respect of debt securities and equity shares held at fair value through other comprehensive income represent the cumulative after-tax unrealised change in the fair value of financial assets so classified since initial recognition; or in the case of financial assets obtained on acquisitions of businesses, since the date of acquisition. The cash flow hedging reserve represents the cumulative after-tax gains and losses on effective cash flow hedging instruments that will be reclassified to the income statement in the periods in which the hedged item affects profit or loss. The foreign currency translation reserve represents the cumulative after-tax gains and losses on the translation of foreign operations and exchange differences arising on financial instruments designated as hedges of the Group\u2019s net investment in foreign operations.
2024 2023 2022
Merger reserve \u00a3m \u00a3m \u00a3m
At 1 January
7,149
7,149
7,149
Redemption of preference shares (note 29)
(47)
\u2013
\u2013
At 31 December
7,102
7,149
7,149
2024 2023 2022
Capital redemption reserve \u00a3m \u00a3m \u00a3m
At 1 January
5,370
4,932
4,479
Redemption of preference shares (note 29)
12
\u2013
\u2013
Shares cancelled under share buyback programme (see below)
369
438
453
At 31 December
5,751
5,370
4,932
In 2024, 2023 and 2022 the Group commenced and completed share buyback programmes to repurchase outstanding ordinary shares. In 2024 the Group bought back and cancelled 3,686 million shares under the programme (2023: 4,386 million shares; 2022: 4,529 million shares), for a total consideration, including expenses, of \u00a32,011 million (2023: \u00a31,993 million; 2022: \u00a32,013 million). Upon cancellation, \u00a3369 million (2023: \u00a3438 million; 2022: \u00a3453 million), being the nominal value of the shares repurchased, was transferred to the capital redemption reserve.
2024 2023 2022
Revaluation reserve in respect of debt securities held at fair value through other comprehensive income \u00a3m \u00a3m \u00a3m
At 1 January
(67)
50
207
Change in fair value
(53)
(40)
(133)
Deferred tax
14
11
31
Current tax
1
1
8
(38)
(28)
(94)
Income statement transfers in respect of disposals (note 9)
(7)
(122)
(92)
Deferred tax
2
35
23
(5)
(87)
(69)
Impairment recognised in the income statement
(3)
(2)
6
At 31 December
(113)
(67)
50
2024 2023 2022
Revaluation reserve in respect of equity shares held at fair value through other comprehensive income \u00a3m \u00a3m \u00a3m
At 1 January
\u2013
57
9
Change in fair value
93
(54)
44
Deferred tax
\u2013
(3)
3
93
(57)
47
Realised gains and losses transferred to retained profits
\u2013
\u2013
\u2013
Deferred tax
\u2013
\u2013
1
\u2013
\u2013
1
At 31 December
93
\u2013
57
2024 2023 2022
Cash flow hedging reserve \u00a3m \u00a3m \u00a3m
At 1 January
(3,766)
(5,476)
(457)
Change in fair value of hedging derivatives
(2,577)
545
(6,990)
Deferred tax
719
(160)
1,940
(1,858)
385
(5,050)
Net income statement transfers
2,597
1,838
43
Deferred tax
(728)
(513)
(12)
1,869
1,325
31
At 31 December
(3,755)
(3,766)
(5,476)
2024 2023 2022
Foreign currency translation reserve \u00a3m \u00a3m \u00a3m
At 1 January
(178)
(125)
(210)
Currency translation differences arising in the year
(73)
(53)
116
Income statement transfers
\u2013
\u2013
(31)
At 31 December
(251)
(178)
(125)
Note 34: Retained profits
2024 2023 2022
\u00a3m \u00a3m \u00a3m
At 1 January
6,790
6,550
8,318
Profit attributable to ordinary shareholders
3,923
4,933
3,389
Post-retirement defined benefit scheme remeasurements (net of tax)
(564)
(1,205)
(2,152)
Gains and losses attributable to own credit risk (net of tax)
(56)
(168)
364
Dividends paid (note 36)
(1,828)
(1,651)
(1,475)
Share buyback programme (note 33)
(2,011)
(1,993)
(2,013)
Issue costs of other equity instruments (net of tax)
(6)
(6)
(5)
Repurchase and redemption costs of other equity instruments
(316)
\u2013
(36)
Movement in treasury shares
(173)
103
(60)
Value of employee services
153
227
224
Change in non-controlling interests
\u2013
\u2013
(3)
Realised gains and losses on equity shares held at fair value through other comprehensive income
\u2013
\u2013
(1)
At 31 December
5,912
6,790
6,550
Retained profits are stated after deducting \u00a347 million (2023: \u00a310 million; 2022: \u00a3196 million) representing 126 million (2023: 61 million;
2022: 688 million) treasury shares held.
The payment of dividends by subsidiaries and the ability of members of the Group to lend money to other members of the Group may be
subject to regulatory or legal restrictions, the availability of reserves and the financial and operating performance of the entity. A number of
Group subsidiaries, principally those with banking and insurance activities, are subject to regulatory capital requirements which require
minimum amounts of capital to be maintained relative to their size and risk. The Group actively manages the capital of its subsidiaries,
which includes monitoring the regulatory capital ratios for its banking and insurance subsidiaries and, on a consolidated basis, the Ring-
Fenced Bank sub-group, against approved risk appetite levels.
Note 35: Other equity instruments
2024 2023 2022
\u00a3m \u00a3m \u00a3m
At 1 January
6,940
5,297
5,906
Issued during the year:
$1,000 million 6.75% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2031
763
\u2013
\u2013
$1,250 million 8% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2029
\u2013
1,028
\u2013
\u00a3750 million 8.5% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2028
\u2013
750
\u2013
\u00a3750 million 8.5% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2027
\u2013
\u2013
750
763
1,778
750
Repurchases and redemptions during the year:
$1,675 million 7.5% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities
(1,008)
\u2013
\u2013
\u00a3500 million 5.125% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2024
(500)
\u2013
\u2013
\u00a31,494 million 7.625% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2023
\u2013
(135)
(1,359)
(1,508)
(135)
(1,359)
Profit for the year attributable to other equity holders
498
527
438
Distributions on other equity instruments
(498)
(527)
(438)
At 31 December
6,195
6,940
5,297
The AT1 securities are Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities with no fixed maturity or
redemption date. The principal terms of the AT1 securities are described below:
\u2022 The securities rank behind the claims against Lloyds Banking Group plc of (a) unsubordinated creditors, (b) claims which are, or are
expressed to be, subordinated to the claims of unsubordinated creditors of Lloyds Banking Group plc but not further or otherwise, or (c)
whose claims are, or are expressed to be, junior to the claims of other creditors of Lloyds Banking Group, whether subordinated or
unsubordinated, other than those whose claims rank, or are expressed to rank, pari passu with, or junior to, the claims of the holders of
the AT1 securities in a winding-up occurring prior to a conversion event being triggered
\u2022 The securities bear a fixed rate of interest until the first reset date. After the first reset date or any reset date thereafter, in the event
that they are not redeemed, the AT1 securities will bear interest at rates fixed periodically in advance for five-year periods based on
market rates
\u2022 Interest on the securities will be due and payable only at the sole discretion of Lloyds Banking Group plc, and Lloyds Banking Group plc
may at any time elect to cancel any interest payment (or any part thereof) which would otherwise be payable on any interest payment
date. There are also certain restrictions on the payment of interest as specified in the terms
\u2022 The securities are undated and are repayable, at the option of Lloyds Banking Group plc, in whole at the first call date or period, or on
any fifth anniversary after the first call date or period. In addition, the AT1 securities are repayable, at the option of Lloyds Banking
Group plc, in whole for certain regulatory or tax reasons. Any repayments require the prior consent of the PRA
\u2022 The securities convert into ordinary shares of Lloyds Banking Group plc, at a pre-determined price, should the CET1 ratio of the Group
fall below 7.0 per cent
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-894": { "value": "
Note 31: Earnings per share
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Profit attributable to ordinary shareholders \u2013 basic and diluted
3,923
4,933
3,389
2024 2023 2022
million million million
Weighted average number of ordinary shares in issue \u2013 basic
62,413
64,953
68,847
Adjustment for share options and awards
661
807
835
Weighted average number of ordinary shares in issue \u2013 diluted
63,074
65,760
69,682
Basic earnings per share
6.3p
7.6p
4.9p
Diluted earnings per share
6.2p
7.5p
4.9p
Basic earnings per share are calculated by dividing the net profit attributable to equity shareholders by the weighted average number of
ordinary shares in issue during the year, which has been calculated after deducting 71 million (2023: 180 million; 2022: 198 million) ordinary
shares representing the Group\u2019s holdings of own shares in respect of employee share schemes.
For the calculation of diluted earnings per share the weighted average number of ordinary shares in issue is adjusted to assume conversion
of all dilutive potential ordinary shares that arise in respect of share options and awards granted to employees. The number of shares that
could have been acquired at the annual average price of the Company\u2019s shares based on the monetary value of the subscription rights
attached to outstanding share options and awards is determined. This is deducted from the number of shares issuable under such options
and awards to leave a residual bonus amount of shares which are added to the weighted average number of ordinary shares in issue, but no
adjustment is made to the profit attributable to equity shareholders.
There were 16 million anti-dilutive share options and awards excluded from the calculation of diluted earnings per share (2023: 41 million;
2022: 63 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-895": { "value": "
Note 32: Share premium account
2024 2023 2022
\u00a3m \u00a3m \u00a3m
At 1 January
18,568
18,504
18,479
Issued under employee share schemes
117
64
25
Redemption of preference shares
1
35
\u2013
\u2013
At 31 December
18,720
18,568
18,504
1 During the year ended 31 December 2024, the Group redeemed all of its outstanding 6.475% Non-cumulative Preference Shares at their combined sterling value of \u00a347 million. These
preference shares had been accounted for as subordinated liabilities. On redemption an amount of \u00a335 million was transferred from the distributable merger reserve to the share
premium account.
Note 33: Other reserves
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Merger reserve
7,102
7,149
7,149
Capital redemption reserve
5,751
5,370
4,932
Revaluation reserve in respect of debt securities held at fair value through other comprehensive income
(113)
(67)
50
Revaluation reserve in respect of equity shares held at fair value through other comprehensive income
93
\u2013
57
Cash flow hedging reserve
(3,755)
(3,766)
(5,476)
Foreign currency translation reserve
(251)
(178)
(125)
At 31 December
8,827
8,508
6,587
The merger reserve primarily comprises the premium on shares issued in January 2009 as part of the recapitalisation of the Group and the
acquisition of HBOS plc.
The capital redemption reserve represents transfers from distributable reserves in accordance with companies\u2019 legislation upon the
redemption of ordinary and preference share capital.
The revaluation reserves in respect of debt securities and equity shares held at fair value through other comprehensive income represent
the cumulative after-tax unrealised change in the fair value of financial assets so classified since initial recognition; or in the case of financial
assets obtained on acquisitions of businesses, since the date of acquisition.
The cash flow hedging reserve represents the cumulative after-tax gains and losses on effective cash flow hedging instruments that will be
reclassified to the income statement in the periods in which the hedged item affects profit or loss.
The foreign currency translation reserve represents the cumulative after-tax gains and losses on the translation of foreign operations and
exchange differences arising on financial instruments designated as hedges of the Group\u2019s net investment in foreign operations.
2024 2023 2022
Merger reserve \u00a3m \u00a3m \u00a3m
At 1 January
7,149
7,149
7,149
Redemption of preference shares (note 29)
(47)
\u2013
\u2013
At 31 December
7,102
7,149
7,149
2024 2023 2022
Capital redemption reserve \u00a3m \u00a3m \u00a3m
At 1 January
5,370
4,932
4,479
Redemption of preference shares (note 29)
12
\u2013
\u2013
Shares cancelled under share buyback programme (see below)
369
438
453
At 31 December
5,751
5,370
4,932
In 2024, 2023 and 2022 the Group commenced and completed share buyback programmes to repurchase outstanding ordinary shares. In
2024 the Group bought back and cancelled 3,686 million shares under the programme (2023: 4,386 million shares; 2022: 4,529 million
shares), for a total consideration, including expenses, of \u00a32,011 million (2023: \u00a31,993 million; 2022: \u00a32,013 million). Upon cancellation,
\u00a3369 million (2023: \u00a3438 million; 2022: \u00a3453 million), being the nominal value of the shares repurchased, was transferred to the capital
redemption reserve.
2024 2023 2022
Revaluation reserve in respect of debt securities held at fair value through other comprehensive income \u00a3m \u00a3m \u00a3m
At 1 January
(67)
50
207
Change in fair value
(53)
(40)
(133)
Deferred tax
14
11
31
Current tax
1
1
8
(38)
(28)
(94)
Income statement transfers in respect of disposals (note 9)
(7)
(122)
(92)
Deferred tax
2
35
23
(5)
(87)
(69)
Impairment recognised in the income statement
(3)
(2)
6
At 31 December
(113)
(67)
50
2024 2023 2022
Revaluation reserve in respect of equity shares held at fair value through other comprehensive income \u00a3m \u00a3m \u00a3m
At 1 January
\u2013
57
9
Change in fair value
93
(54)
44
Deferred tax
\u2013
(3)
3
93
(57)
47
Realised gains and losses transferred to retained profits
\u2013
\u2013
\u2013
Deferred tax
\u2013
\u2013
1
\u2013
\u2013
1
At 31 December
93
\u2013
57
2024 2023 2022
Cash flow hedging reserve \u00a3m \u00a3m \u00a3m
At 1 January
(3,766)
(5,476)
(457)
Change in fair value of hedging derivatives
(2,577)
545
(6,990)
Deferred tax
719
(160)
1,940
(1,858)
385
(5,050)
Net income statement transfers
2,597
1,838
43
Deferred tax
(728)
(513)
(12)
1,869
1,325
31
At 31 December
(3,755)
(3,766)
(5,476)
2024 2023 2022
Foreign currency translation reserve \u00a3m \u00a3m \u00a3m
At 1 January
(178)
(125)
(210)
Currency translation differences arising in the year
(73)
(53)
116
Income statement transfers
\u2013
\u2013
(31)
At 31 December
(251)
(178)
(125)
Note 34: Retained profits
2024 2023 2022
\u00a3m \u00a3m \u00a3m
At 1 January
6,790
6,550
8,318
Profit attributable to ordinary shareholders
3,923
4,933
3,389
Post-retirement defined benefit scheme remeasurements (net of tax)
(564)
(1,205)
(2,152)
Gains and losses attributable to own credit risk (net of tax)
(56)
(168)
364
Dividends paid (note 36)
(1,828)
(1,651)
(1,475)
Share buyback programme (note 33)
(2,011)
(1,993)
(2,013)
Issue costs of other equity instruments (net of tax)
(6)
(6)
(5)
Repurchase and redemption costs of other equity instruments
(316)
\u2013
(36)
Movement in treasury shares
(173)
103
(60)
Value of employee services
153
227
224
Change in non-controlling interests
\u2013
\u2013
(3)
Realised gains and losses on equity shares held at fair value through other comprehensive income
\u2013
\u2013
(1)
At 31 December
5,912
6,790
6,550
Retained profits are stated after deducting \u00a347 million (2023: \u00a310 million; 2022: \u00a3196 million) representing 126 million (2023: 61 million; 2022: 688 million) treasury shares held. The payment of dividends by subsidiaries and the ability of members of the Group to lend money to other members of the Group may be subject to regulatory or legal restrictions, the availability of reserves and the financial and operating performance of the entity. A number of Group subsidiaries, principally those with banking and insurance activities, are subject to regulatory capital requirements which require minimum amounts of capital to be maintained relative to their size and risk. The Group actively manages the capital of its subsidiaries, which includes monitoring the regulatory capital ratios for its banking and insurance subsidiaries and, on a consolidated basis, the Ring- Fenced Bank sub-group, against approved risk appetite levels. Note 35: Other equity instruments
2024 2023 2022
\u00a3m \u00a3m \u00a3m
At 1 January
6,940
5,297
5,906
Issued during the year:
$1,000 million 6.75% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2031
763
\u2013
\u2013
$1,250 million 8% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2029
\u2013
1,028
\u2013
\u00a3750 million 8.5% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2028
\u2013
750
\u2013
\u00a3750 million 8.5% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2027
\u2013
\u2013
750
763
1,778
750
Repurchases and redemptions during the year:
$1,675 million 7.5% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities
(1,008)
\u2013
\u2013
\u00a3500 million 5.125% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2024
(500)
\u2013
\u2013
\u00a31,494 million 7.625% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2023
\u2013
(135)
(1,359)
(1,508)
(135)
(1,359)
Profit for the year attributable to other equity holders
498
527
438
Distributions on other equity instruments
(498)
(527)
(438)
At 31 December
6,195
6,940
5,297
The AT1 securities are Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities with no fixed maturity or redemption date. The principal terms of the AT1 securities are described below: \u2022 The securities rank behind the claims against Lloyds Banking Group plc of (a) unsubordinated creditors, (b) claims which are, or are expressed to be, subordinated to the claims of unsubordinated creditors of Lloyds Banking Group plc but not further or otherwise, or (c) whose claims are, or are expressed to be, junior to the claims of other creditors of Lloyds Banking Group, whether subordinated or unsubordinated, other than those whose claims rank, or are expressed to rank, pari passu with, or junior to, the claims of the holders of the AT1 securities in a winding-up occurring prior to a conversion event being triggered \u2022 The securities bear a fixed rate of interest until the first reset date. After the first reset date or any reset date thereafter, in the event that they are not redeemed, the AT1 securities will bear interest at rates fixed periodically in advance for five-year periods based on market rates \u2022 Interest on the securities will be due and payable only at the sole discretion of Lloyds Banking Group plc, and Lloyds Banking Group plc may at any time elect to cancel any interest payment (or any part thereof) which would otherwise be payable on any interest payment date. There are also certain restrictions on the payment of interest as specified in the terms \u2022 The securities are undated and are repayable, at the option of Lloyds Banking Group plc, in whole at the first call date or period, or on any fifth anniversary after the first call date or period. In addition, the AT1 securities are repayable, at the option of Lloyds Banking Group plc, in whole for certain regulatory or tax reasons. Any repayments require the prior consent of the PRA \u2022 The securities convert into ordinary shares of Lloyds Banking Group plc, at a pre-determined price, should the CET1 ratio of the Group fall below 7.0 per cent", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-956": { "value": "Note 32: Share premium account
2024 2023 2022
\u00a3m \u00a3m \u00a3m
At 1 January
18,568
18,504
18,479
Issued under employee share schemes
117
64
25
Redemption of preference shares
1
35
\u2013
\u2013
At 31 December
18,720
18,568
18,504
1 During the year ended 31 December 2024, the Group redeemed all of its outstanding 6.475% Non-cumulative Preference Shares at their combined sterling value of \u00a347 million. These preference shares had been accounted for as subordinated liabilities. On redemption an amount of \u00a335 million was transferred from the distributable merger reserve to the share premium account. ", "dimensions": { "concept": "lloydsbankinggroupplc:DisclosureOfSharePremiumAccounts", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-957": { "value": "Note 34: Retained profits
2024 2023 2022
\u00a3m \u00a3m \u00a3m
At 1 January
6,790
6,550
8,318
Profit attributable to ordinary shareholders
3,923
4,933
3,389
Post-retirement defined benefit scheme remeasurements (net of tax)
(564)
(1,205)
(2,152)
Gains and losses attributable to own credit risk (net of tax)
(56)
(168)
364
Dividends paid (note 36)
(1,828)
(1,651)
(1,475)
Share buyback programme (note 33)
(2,011)
(1,993)
(2,013)
Issue costs of other equity instruments (net of tax)
(6)
(6)
(5)
Repurchase and redemption costs of other equity instruments
(316)
\u2013
(36)
Movement in treasury shares
(173)
103
(60)
Value of employee services
153
227
224
Change in non-controlling interests
\u2013
\u2013
(3)
Realised gains and losses on equity shares held at fair value through other comprehensive income
\u2013
\u2013
(1)
At 31 December
5,912
6,790
6,550
Retained profits are stated after deducting \u00a347 million (2023: \u00a310 million; 2022: \u00a3196 million) representing 126 million (2023: 61 million; 2022: 688 million) treasury shares held. The payment of dividends by subsidiaries and the ability of members of the Group to lend money to other members of the Group may be subject to regulatory or legal restrictions, the availability of reserves and the financial and operating performance of the entity. A number of Group subsidiaries, principally those with banking and insurance activities, are subject to regulatory capital requirements which require minimum amounts of capital to be maintained relative to their size and risk. The Group actively manages the capital of its subsidiaries, which includes monitoring the regulatory capital ratios for its banking and insurance subsidiaries and, on a consolidated basis, the Ring- Fenced Bank sub-group, against approved risk appetite levels. ", "dimensions": { "concept": "lloydsbankinggroupplc:DisclosureOfRetainedProfits", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-958": { "value": "Note 35: Other equity instruments
2024 2023 2022
\u00a3m \u00a3m \u00a3m
At 1 January
6,940
5,297
5,906
Issued during the year:
$1,000 million 6.75% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2031
763
\u2013
\u2013
$1,250 million 8% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2029
\u2013
1,028
\u2013
\u00a3750 million 8.5% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2028
\u2013
750
\u2013
\u00a3750 million 8.5% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2027
\u2013
\u2013
750
763
1,778
750
Repurchases and redemptions during the year:
$1,675 million 7.5% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities
(1,008)
\u2013
\u2013
\u00a3500 million 5.125% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2024
(500)
\u2013
\u2013
\u00a31,494 million 7.625% Fixed Rate Reset Additional Tier 1 Perpetual Subordinated Contingent Convertible
Securities Callable 2023
\u2013
(135)
(1,359)
(1,508)
(135)
(1,359)
Profit for the year attributable to other equity holders
498
527
438
Distributions on other equity instruments
(498)
(527)
(438)
At 31 December
6,195
6,940
5,297
The AT1 securities are Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities with no fixed maturity or redemption date. The principal terms of the AT1 securities are described below: \u2022 The securities rank behind the claims against Lloyds Banking Group plc of (a) unsubordinated creditors, (b) claims which are, or are expressed to be, subordinated to the claims of unsubordinated creditors of Lloyds Banking Group plc but not further or otherwise, or (c) whose claims are, or are expressed to be, junior to the claims of other creditors of Lloyds Banking Group, whether subordinated or unsubordinated, other than those whose claims rank, or are expressed to rank, pari passu with, or junior to, the claims of the holders of the AT1 securities in a winding-up occurring prior to a conversion event being triggered \u2022 The securities bear a fixed rate of interest until the first reset date. After the first reset date or any reset date thereafter, in the event that they are not redeemed, the AT1 securities will bear interest at rates fixed periodically in advance for five-year periods based on market rates \u2022 Interest on the securities will be due and payable only at the sole discretion of Lloyds Banking Group plc, and Lloyds Banking Group plc may at any time elect to cancel any interest payment (or any part thereof) which would otherwise be payable on any interest payment date. There are also certain restrictions on the payment of interest as specified in the terms \u2022 The securities are undated and are repayable, at the option of Lloyds Banking Group plc, in whole at the first call date or period, or on any fifth anniversary after the first call date or period. In addition, the AT1 securities are repayable, at the option of Lloyds Banking Group plc, in whole for certain regulatory or tax reasons. Any repayments require the prior consent of the PRA \u2022 The securities convert into ordinary shares of Lloyds Banking Group plc, at a pre-determined price, should the CET1 ratio of the Group fall below 7.0 per cent", "dimensions": { "concept": "lloydsbankinggroupplc:DisclosureOfOtherEquityInstruments", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-896": { "value": "
Note 36: Dividends on ordinary shares
The directors have recommended a final dividend, which is subject to approval by the shareholders at the annual general meeting on
15 May 2025, of 2.11 pence per ordinary share (2023: 1.84 pence per ordinary share), equivalent to \u00a31,276 million, before the impact of any
cancellations of shares under the Company\u2019s buyback programme (2023: \u00a31,169 million, following cancellations of shares under the
Company\u2019s 2024 buyback programme up to the record date), which will be paid on 20 May 2025. These financial statements do not reflect
the recommended dividend.
Dividends paid during the year were as follows:
2024 2023 2022
pence per pence per pence per 2024 2023 2022
share share share \u00a3m \u00a3m \u00a3m
Final dividend recommended by directors at previous year end
1.84
1.60
1.33
1,169
1,059
930
Interim dividend paid in the year
1.06
0.92
0.80
659
592
545
2.90
2.52
2.13
1,828
1,651
1,475
The trustees of the following holdings of Lloyds Banking Group plc shares in relation to employee share schemes retain the right to receive
dividends but have chosen to waive their entitlement to the dividends on those shares as indicated: the Lloyds Banking Group Share
Incentive Plan (holding at 31 December 2024: 590,670 shares, 31 December 2023: 3,280,207 shares, waived rights to all dividends) and the
Lloyds Banking Group Employee Share Ownership Trust (holding at 31 December 2024: 125,361,633 shares, 31 December 2023:
57,736,111 shares, waived rights to all dividends).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-16": { "value": "0.0211", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-15": { "value": "0.0184", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-17": { "value": "1276000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-12": { "value": "1169000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-14": { "value": "0.029", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-13": { "value": "0.0252", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-897": { "value": "
Note 37: Related party transactions
Key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of an
entity; the Group\u2019s key management personnel are the members of the Lloyds Banking Group plc Group Executive Committee together
with its non-executive directors.
The table below details, on an aggregated basis, key management personnel compensation:
Compensation
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Salaries and other short-term benefits
14
16
12
Post-employment benefits
\u2013
\u2013
\u2013
Share-based payments
20
22
16
Total compensation
34
38
28
There were no aggregate contributions in respect of key management personnel to defined contribution pension schemes (2023 and 2022:
none).
Share plans
2024 2023 2022
million million million
At 1 January
55
72
74
Granted, including certain adjustments (includes entitlements of appointed key management personnel)
78
27
29
Exercised/lapsed (includes entitlements of former key management personnel)
(10)
(44)
(31)
At 31 December
123
55
72
The tables below detail, on an aggregated basis, balances outstanding at the year end and related income and expense, together with
information relating to other transactions between the Group and its key management personnel:
2024 2023 2022
Loans \u00a3m \u00a3m \u00a3m
At 1 January
1
2
3
Advanced (includes loans to appointed key management personnel)
1
\u2013
1
Repayments (includes loans to former key management personnel)
(1)
(1)
(2)
At 31 December
1
1
2
The loans are on both a secured and unsecured basis and are expected to be settled in cash. The loans attracted interest rates of between
2.03 per cent and 32.40 per cent in 2024 (2023: 1.09 per cent and 32.40 per cent; 2022: 1.01 per cent and 30.15 per cent).
No provisions have been recognised in respect of loans given to key management personnel (2023 and 2022: \u00a3nil).
2024 2023 2022
Deposits \u00a3m \u00a3m \u00a3m
At 1 January
14
10
11
Placed (includes deposits of appointed key management personnel)
31
44
37
Withdrawn (includes deposits of former key management personnel)
(37)
(40)
(38)
At 31 December
8
14
10
Deposits placed by key management personnel attracted interest rates of up to 6.25 per cent (2023: 6.25 per cent; 2022: 5.0 per cent).
At 31 December 2024, the Group did not provide any guarantees in respect of key management personnel (2023 and 2022: none).
At 31 December 2024, transactions, arrangements and agreements entered into by the Group\u2019s banking subsidiaries with directors and
connected persons included amounts outstanding in respect of loans and credit card transactions of \u00a329.0 thousand with five directors and
one connected persons (2023: \u00a323.4 thousand with five directors and no connected persons; 2022: \u00a32.0 thousand with two directors and
no connected persons).
Subsidiaries
Details of the Group\u2019s subsidiaries and related undertakings are given on pages 318 to 331. In accordance with IFRS 10 Consolidated
Financial Statements, transactions and balances with subsidiaries have been eliminated on consolidation.
Pension funds
The Group provides banking and some investment management services to certain of its pension funds. At 31 December 2024, customer
deposits of \u00a3113 million (2023: \u00a3133 million) related to the Group\u2019s pension funds. As disclosed in note 12, the Group\u2019s main pension funds
have entered into a longevity insurance arrangement that was structured as a pass-through involving Scottish Widows.
Collective investment vehicles
The Group manages 88 (2023: 129) collective investment vehicles, such as Open-Ended Investment Companies (OEICs) and of these
50 (2023: 68) are consolidated. The Group invested \u00a3142 million (2023: \u00a355 million) and redeemed \u00a3513 million (2023: \u00a3210 million) in the
unconsolidated collective investment vehicles during the year and had investments, at fair value, of \u00a31,461 million (2023: \u00a31,448 million) at
31 December. The Group earned fees of \u00a382 million from the unconsolidated collective investment vehicles during 2024 (2023: \u00a372 million).
Joint ventures and associates
At 31 December 2024 there were loans and advances to customers of \u00a345 million (2023: \u00a347 million) outstanding and balances within
customer deposits of \u00a313 million (2023: \u00a36 million) relating to joint ventures and associates.
During the year the Group paid fees of \u00a34 million (2023: \u00a34 million) to its Schroders Personal Wealth joint venture.
In addition to the above balances, the Group has a number of other associates held by its venture capital business that it accounts for at
fair value through profit or loss. At 31 December 2024, these companies had total assets of \u00a37,635 million (2023: \u00a37,519 million), total
liabilities of \u00a36,436 million (2023: \u00a35,927 million) and for the year ended 31 December 2024 had turnover of \u00a33,630 million (2023:
\u00a33,381 million) and made a net loss of \u00a3328 million (2023: net loss of \u00a3293 million). In addition, the Group has provided \u00a31,651 million (2023:
\u00a31,574 million) of financing to these companies on which it received \u00a3116 million (2023: \u00a3120 million) of interest income in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-959": { "value": "Note 37: Related party transactions Key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of an entity; the Group\u2019s key management personnel are the members of the Lloyds Banking Group plc Group Executive Committee together with its non-executive directors. The table below details, on an aggregated basis, key management personnel compensation: Compensation
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Salaries and other short-term benefits
14
16
12
Post-employment benefits
\u2013
\u2013
\u2013
Share-based payments
20
22
16
Total compensation
34
38
28
There were no aggregate contributions in respect of key management personnel to defined contribution pension schemes (2023 and 2022: none).
Share plans
2024 2023 2022
million million million
At 1 January
55
72
74
Granted, including certain adjustments (includes entitlements of appointed key management personnel)
78
27
29
Exercised/lapsed (includes entitlements of former key management personnel)
(10)
(44)
(31)
At 31 December
123
55
72
The tables below detail, on an aggregated basis, balances outstanding at the year end and related income and expense, together with information relating to other transactions between the Group and its key management personnel:
2024 2023 2022
Loans \u00a3m \u00a3m \u00a3m
At 1 January
1
2
3
Advanced (includes loans to appointed key management personnel)
1
\u2013
1
Repayments (includes loans to former key management personnel)
(1)
(1)
(2)
At 31 December
1
1
2
The loans are on both a secured and unsecured basis and are expected to be settled in cash. The loans attracted interest rates of between 2.03 per cent and 32.40 per cent in 2024 (2023: 1.09 per cent and 32.40 per cent; 2022: 1.01 per cent and 30.15 per cent). No provisions have been recognised in respect of loans given to key management personnel (2023 and 2022: \u00a3nil).
2024 2023 2022
Deposits \u00a3m \u00a3m \u00a3m
At 1 January
14
10
11
Placed (includes deposits of appointed key management personnel)
31
44
37
Withdrawn (includes deposits of former key management personnel)
(37)
(40)
(38)
At 31 December
8
14
10
Deposits placed by key management personnel attracted interest rates of up to 6.25 per cent (2023: 6.25 per cent; 2022: 5.0 per cent). At 31 December 2024, the Group did not provide any guarantees in respect of key management personnel (2023 and 2022: none). At 31 December 2024, transactions, arrangements and agreements entered into by the Group\u2019s banking subsidiaries with directors and connected persons included amounts outstanding in respect of loans and credit card transactions of \u00a329.0 thousand with five directors and one connected persons (2023: \u00a323.4 thousand with five directors and no connected persons; 2022: \u00a32.0 thousand with two directors and no connected persons). Subsidiaries Details of the Group\u2019s subsidiaries and related undertakings are given on pages 318 to 331. In accordance with IFRS 10 Consolidated Financial Statements, transactions and balances with subsidiaries have been eliminated on consolidation. Pension funds The Group provides banking and some investment management services to certain of its pension funds. At 31 December 2024, customer deposits of \u00a3113 million (2023: \u00a3133 million) related to the Group\u2019s pension funds. As disclosed in note 12, the Group\u2019s main pension funds have entered into a longevity insurance arrangement that was structured as a pass-through involving Scottish Widows. Collective investment vehicles The Group manages 88 (2023: 129) collective investment vehicles, such as Open-Ended Investment Companies (OEICs) and of these 50 (2023: 68) are consolidated. The Group invested \u00a3142 million (2023: \u00a355 million) and redeemed \u00a3513 million (2023: \u00a3210 million) in the unconsolidated collective investment vehicles during the year and had investments, at fair value, of \u00a31,461 million (2023: \u00a31,448 million) at 31 December. The Group earned fees of \u00a382 million from the unconsolidated collective investment vehicles during 2024 (2023: \u00a372 million). Joint ventures and associates At 31 December 2024 there were loans and advances to customers of \u00a345 million (2023: \u00a347 million) outstanding and balances within customer deposits of \u00a313 million (2023: \u00a36 million) relating to joint ventures and associates. During the year the Group paid fees of \u00a34 million (2023: \u00a34 million) to its Schroders Personal Wealth joint venture. In addition to the above balances, the Group has a number of other associates held by its venture capital business that it accounts for at fair value through profit or loss. At 31 December 2024, these companies had total assets of \u00a37,635 million (2023: \u00a37,519 million), total liabilities of \u00a36,436 million (2023: \u00a35,927 million) and for the year ended 31 December 2024 had turnover of \u00a33,630 million (2023: \u00a33,381 million) and made a net loss of \u00a3328 million (2023: net loss of \u00a3293 million). In addition, the Group has provided \u00a31,651 million (2023: \u00a31,574 million) of financing to these companies on which it received \u00a3116 million (2023: \u00a3120 million) of interest income in the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-935": { "value": "Key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of an entity; the Group\u2019s key management personnel are the members of the Lloyds Banking Group plc Group Executive Committee together with its non-executive directors. The table below details, on an aggregated basis, key management personnel compensation: Compensation
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Salaries and other short-term benefits
14
16
12
Post-employment benefits
\u2013
\u2013
\u2013
Share-based payments
20
22
16
Total compensation
34
38
28
There were no aggregate contributions in respect of key management personnel to defined contribution pension schemes (2023 and 2022: none).
Share plans
2024 2023 2022
million million million
At 1 January
55
72
74
Granted, including certain adjustments (includes entitlements of appointed key management personnel)
78
27
29
Exercised/lapsed (includes entitlements of former key management personnel)
(10)
(44)
(31)
At 31 December
123
55
72
The tables below detail, on an aggregated basis, balances outstanding at the year end and related income and expense, together with information relating to other transactions between the Group and its key management personnel:
2024 2023 2022
Loans \u00a3m \u00a3m \u00a3m
At 1 January
1
2
3
Advanced (includes loans to appointed key management personnel)
1
\u2013
1
Repayments (includes loans to former key management personnel)
(1)
(1)
(2)
At 31 December
1
1
2
The loans are on both a secured and unsecured basis and are expected to be settled in cash. The loans attracted interest rates of between 2.03 per cent and 32.40 per cent in 2024 (2023: 1.09 per cent and 32.40 per cent; 2022: 1.01 per cent and 30.15 per cent). No provisions have been recognised in respect of loans given to key management personnel (2023 and 2022: \u00a3nil).
2024 2023 2022
Deposits \u00a3m \u00a3m \u00a3m
At 1 January
14
10
11
Placed (includes deposits of appointed key management personnel)
31
44
37
Withdrawn (includes deposits of former key management personnel)
(37)
(40)
(38)
At 31 December
8
14
10
Deposits placed by key management personnel attracted interest rates of up to 6.25 per cent (2023: 6.25 per cent; 2022: 5.0 per cent). At 31 December 2024, the Group did not provide any guarantees in respect of key management personnel (2023 and 2022: none). At 31 December 2024, transactions, arrangements and agreements entered into by the Group\u2019s banking subsidiaries with directors and connected persons included amounts outstanding in respect of loans and credit card transactions of \u00a329.0 thousand with five directors and one connected persons (2023: \u00a323.4 thousand with five directors and no connected persons; 2022: \u00a32.0 thousand with two directors and no connected persons). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-898": { "value": "
Note 38: Contingent liabilities, commitments and guarantees
Contingent liabilities, commitments and guarantees arising from the banking business
At 31 December 2024 contingent liabilities, such as performance bonds and letters of credit, arising from the banking business were
\u00a32,605 million (31 December 2023: \u00a32,849 million).
The contingent liabilities of the Group arise in the normal course of its banking business and it is not practicable to quantify their future
financial effect. Total commitments and guarantees were \u00a3148,619 million (31 December 2023: \u00a3143,319 million), of which in respect of
undrawn formal standby facilities, credit lines and other commitments to lend, \u00a379,518 million (31 December 2023: \u00a375,080 million) was
irrevocable.
Capital commitments
Excluding commitments in respect of investment property (note 24), capital expenditure contracted but not provided for at 31 December
2024 amounted to \u00a3640 million (2023: \u00a31,240 million) and related to assets to be leased to customers under operating leases. The Group\u2019s
management is confident that future net revenues and funding will be sufficient to cover these commitments.
Interchange fees
With respect to multi-lateral interchange fees (MIFs), the Group is not a party in the ongoing or threatened litigation which involves the
card schemes Visa and Mastercard or any settlements of such litigation. However, the Group is a member/licensee of Visa and Mastercard
and other card schemes. The litigation in question is as follows:
\u2022 Litigation brought by or on behalf of retailers against both Visa and Mastercard in the English Courts, in which retailers are seeking
damages on grounds that Visa and Mastercard\u2019s MIFs breached competition law (this includes a judgment of the Supreme Court in June
2020 upholding the Court of Appeal\u2019s finding in 2018 that certain historic interchange arrangements of Mastercard and Visa infringed
competition law)
\u2022 Litigation brought on behalf of UK consumers in the English Courts against Mastercard
Any impact on the Group of the litigation against Visa and Mastercard remains uncertain at this time, such that it is not practicable for the
Group to provide an estimate of any potential financial effect. Insofar as Visa is required to pay damages to retailers for interchange fees set
prior to June 2016, contractual arrangements to allocate liability have been agreed between various UK banks (including the Group) and
Visa Inc, as part of Visa Inc\u2019s acquisition of Visa Europe in 2016. These arrangements cap the maximum amount of liability to which the
Group may be subject and this cap is set at the cash consideration received by the Group for the sale of its stake in Visa Europe to Visa Inc
in 2016. In 2016, the Group received Visa preference shares as part of the consideration for the sale of its shares in Visa Europe. A release
assessment is carried out by Visa on certain anniversaries of the sale (in line with the Visa Europe sale documentation) and as a result, some
Visa preference shares may be converted into Visa Inc Class A common stock from time to time. Any such release and any subsequent sale
of Visa common stock does not impact the contingent liability.
LIBOR and other trading rates
Certain Group companies, together with other panel banks, have been named as defendants in ongoing private lawsuits, including
purported class action suits, in the US in connection with their roles as panel banks contributing to the setting of US dollar, Japanese yen
and Sterling London Interbank Offered Rate.
Certain Group companies are also named as defendants in (i) UK-based claims, and (ii) two Dutch class actions, raising LIBOR manipulation
allegations. A number of claims against the Group in the UK relating to the alleged mis-sale of interest rate hedging products also include
allegations of LIBOR manipulation.
It is currently not possible to predict the scope and ultimate outcome on the Group of any private lawsuits or ongoing related challenges to
the interpretation or validity of any of the Group\u2019s contractual arrangements, including their timing and scale. As such, it is not practicable
to provide an estimate of any potential financial effect.
Tax authorities
The Group has an open matter in relation to a claim for group relief of losses incurred in its former Irish banking subsidiary, which ceased
trading on 31 December 2010. In 2020, HMRC concluded its enquiry into the matter and issued a closure notice denying the group relief
claim. The Group appealed to the First Tier Tax Tribunal. The hearing took place in May 2023. In January 2025, the First Tier Tribunal
concluded in favour of HMRC. The Group believes it has applied the rules correctly and that the claim for group relief is correct. Having
reviewed the Tribunal\u2019s conclusions and having taken appropriate advice, the Group intends to appeal the decision and does not consider
this to be a case where an additional tax liability will ultimately fall due. If the final determination of the matter by the judicial process is
that HMRC\u2019s position is correct, management believes that this would result in an increase in current tax liabilities of approximately
\u00a3975 million (including interest) and a reduction in the Group\u2019s deferred tax asset of approximately \u00a3275 million. Following the First Tier Tax
Tribunal outcome, the tax will be paid and recognised as a current tax asset, given the Group\u2019s view that the tax liability will not ultimately
fall due. It is unlikely that any appeal hearing will be held before 2026, and final conclusion of the judicial process may not be for several
years.
There are a number of other open matters on which the Group is in discussions with HMRC (including the tax treatment of certain costs
arising from the divestment of TSB Banking Group plc and the tax treatment of costs relating to HBOS Reading), none of which is expected
to have a material impact on the financial position of the Group.
Arena and Sentinel litigation claims
The Group is facing claims alleging breach of duty and/or mandate in the context of an underlying external fraud matter involving Arena
Television. The Group i
s defending the claims, which are at an early stage. As such, it is not practicable to estimate the final outcome of the
matter and its financial impact (if any) to the Group.
FCA investigation into the Group\u2019s anti-money laundering control framework
As previously disclosed, the FCA had opened an investigation into the Group\u2019s compliance with domestic UK money laundering regulations
and the FCA\u2019s rules and Principles for Businesses, with a focus on aspects of its anti-money laundering control framework. This investigation
has now been closed by the FCA without any enforcement action taken.
Other legal actions and regulatory matters
In addition, in the course of its 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 (including their appointed representatives),
investors or other third parties, as well as legal and regulatory reviews, enquiries and examinations, requests for information, audits,
challenges, investigations and enforcement actions, which could relate to a number of issues. This includes matters in relation to
compliance with applicable laws and regulations, such as those relating to prudential regulation, employment, consumer protection,
investment advice, business conduct, systems and controls, environmental, sustainability, competition/anti-trust, tax, anti-bribery, anti-
money laundering and sanctions, some of which may be beyond the Group\u2019s control, both in the UK and overseas. Where material, such
matters are periodically reassessed, with the assistance of external professional advisers where appropriate, to determine the likelihood of
the Group incurring a liability. 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. Where there is a contingent liability related to an existing provision the relevant disclosures
are included within note 28.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-973": { "value": "Note 38: Contingent liabilities, commitments and guarantees Contingent liabilities, commitments and guarantees arising from the banking business At 31 December 2024 contingent liabilities, such as performance bonds and letters of credit, arising from the banking business were \u00a32,605 million (31 December 2023: \u00a32,849 million). The contingent liabilities of the Group arise in the normal course of its banking business and it is not practicable to quantify their future financial effect. Total commitments and guarantees were \u00a3148,619 million (31 December 2023: \u00a3143,319 million), of which in respect of undrawn formal standby facilities, credit lines and other commitments to lend, \u00a379,518 million (31 December 2023: \u00a375,080 million) was irrevocable. Capital commitments Excluding commitments in respect of investment property (note 24), capital expenditure contracted but not provided for at 31 December 2024 amounted to \u00a3640 million (2023: \u00a31,240 million) and related to assets to be leased to customers under operating leases. The Group\u2019s management is confident that future net revenues and funding will be sufficient to cover these commitments. Interchange fees With respect to multi-lateral interchange fees (MIFs), the Group is not a party in the ongoing or threatened litigation which involves the card schemes Visa and Mastercard or any settlements of such litigation. However, the Group is a member/licensee of Visa and Mastercard and other card schemes. The litigation in question is as follows: \u2022 Litigation brought by or on behalf of retailers against both Visa and Mastercard in the English Courts, in which retailers are seeking damages on grounds that Visa and Mastercard\u2019s MIFs breached competition law (this includes a judgment of the Supreme Court in June 2020 upholding the Court of Appeal\u2019s finding in 2018 that certain historic interchange arrangements of Mastercard and Visa infringed competition law) \u2022 Litigation brought on behalf of UK consumers in the English Courts against Mastercard Any impact on the Group of the litigation against Visa and Mastercard remains uncertain at this time, such that it is not practicable for the Group to provide an estimate of any potential financial effect. Insofar as Visa is required to pay damages to retailers for interchange fees set prior to June 2016, contractual arrangements to allocate liability have been agreed between various UK banks (including the Group) and Visa Inc, as part of Visa Inc\u2019s acquisition of Visa Europe in 2016. These arrangements cap the maximum amount of liability to which the Group may be subject and this cap is set at the cash consideration received by the Group for the sale of its stake in Visa Europe to Visa Inc in 2016. In 2016, the Group received Visa preference shares as part of the consideration for the sale of its shares in Visa Europe. A release assessment is carried out by Visa on certain anniversaries of the sale (in line with the Visa Europe sale documentation) and as a result, some Visa preference shares may be converted into Visa Inc Class A common stock from time to time. Any such release and any subsequent sale of Visa common stock does not impact the contingent liability. LIBOR and other trading rates Certain Group companies, together with other panel banks, have been named as defendants in ongoing private lawsuits, including purported class action suits, in the US in connection with their roles as panel banks contributing to the setting of US dollar, Japanese yen and Sterling London Interbank Offered Rate. Certain Group companies are also named as defendants in (i) UK-based claims, and (ii) two Dutch class actions, raising LIBOR manipulation allegations. A number of claims against the Group in the UK relating to the alleged mis-sale of interest rate hedging products also include allegations of LIBOR manipulation. It is currently not possible to predict the scope and ultimate outcome on the Group of any private lawsuits or ongoing related challenges to the interpretation or validity of any of the Group\u2019s contractual arrangements, including their timing and scale. As such, it is not practicable to provide an estimate of any potential financial effect. Tax authorities The Group has an open matter in relation to a claim for group relief of losses incurred in its former Irish banking subsidiary, which ceased trading on 31 December 2010. In 2020, HMRC concluded its enquiry into the matter and issued a closure notice denying the group relief claim. The Group appealed to the First Tier Tax Tribunal. The hearing took place in May 2023. In January 2025, the First Tier Tribunal concluded in favour of HMRC. The Group believes it has applied the rules correctly and that the claim for group relief is correct. Having reviewed the Tribunal\u2019s conclusions and having taken appropriate advice, the Group intends to appeal the decision and does not consider this to be a case where an additional tax liability will ultimately fall due. If the final determination of the matter by the judicial process is that HMRC\u2019s position is correct, management believes that this would result in an increase in current tax liabilities of approximately \u00a3975 million (including interest) and a reduction in the Group\u2019s deferred tax asset of approximately \u00a3275 million. Following the First Tier Tax Tribunal outcome, the tax will be paid and recognised as a current tax asset, given the Group\u2019s view that the tax liability will not ultimately fall due. It is unlikely that any appeal hearing will be held before 2026, and final conclusion of the judicial process may not be for several years. There are a number of other open matters on which the Group is in discussions with HMRC (including the tax treatment of certain costs arising from the divestment of TSB Banking Group plc and the tax treatment of costs relating to HBOS Reading), none of which is expected to have a material impact on the financial position of the Group. Arena and Sentinel litigation claims The Group is facing claims alleging breach of duty and/or mandate in the context of an underlying external fraud matter involving Arena Television. The Group is defending the claims, which are at an early stage. As such, it is not practicable to estimate the final outcome of the matter and its financial impact (if any) to the Group. FCA investigation into the Group\u2019s anti-money laundering control framework As previously disclosed, the FCA had opened an investigation into the Group\u2019s compliance with domestic UK money laundering regulations and the FCA\u2019s rules and Principles for Businesses, with a focus on aspects of its anti-money laundering control framework. This investigation has now been closed by the FCA without any enforcement action taken. Other legal actions and regulatory matters In addition, in the course of its 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 (including their appointed representatives), investors or other third parties, as well as legal and regulatory reviews, enquiries and examinations, requests for information, audits, challenges, investigations and enforcement actions, which could relate to a number of issues. This includes matters in relation to compliance with applicable laws and regulations, such as those relating to prudential regulation, employment, consumer protection, investment advice, business conduct, systems and controls, environmental, sustainability, competition/anti-trust, tax, anti-bribery, anti- money laundering and sanctions, some of which may be beyond the Group\u2019s control, both in the UK and overseas. Where material, such matters are periodically reassessed, with the assistance of external professional advisers where appropriate, to determine the likelihood of the Group incurring a liability. 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. Where there is a contingent liability related to an existing provision the relevant disclosures are included within note 28.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-960": { "value": "Note 38: Contingent liabilities, commitments and guarantees Contingent liabilities, commitments and guarantees arising from the banking business At 31 December 2024 contingent liabilities, such as performance bonds and letters of credit, arising from the banking business were \u00a32,605 million (31 December 2023: \u00a32,849 million). The contingent liabilities of the Group arise in the normal course of its banking business and it is not practicable to quantify their future financial effect. Total commitments and guarantees were \u00a3148,619 million (31 December 2023: \u00a3143,319 million), of which in respect of undrawn formal standby facilities, credit lines and other commitments to lend, \u00a379,518 million (31 December 2023: \u00a375,080 million) was irrevocable. Capital commitments Excluding commitments in respect of investment property (note 24), capital expenditure contracted but not provided for at 31 December 2024 amounted to \u00a3640 million (2023: \u00a31,240 million) and related to assets to be leased to customers under operating leases. The Group\u2019s management is confident that future net revenues and funding will be sufficient to cover these commitments. Interchange fees With respect to multi-lateral interchange fees (MIFs), the Group is not a party in the ongoing or threatened litigation which involves the card schemes Visa and Mastercard or any settlements of such litigation. However, the Group is a member/licensee of Visa and Mastercard and other card schemes. The litigation in question is as follows: \u2022 Litigation brought by or on behalf of retailers against both Visa and Mastercard in the English Courts, in which retailers are seeking damages on grounds that Visa and Mastercard\u2019s MIFs breached competition law (this includes a judgment of the Supreme Court in June 2020 upholding the Court of Appeal\u2019s finding in 2018 that certain historic interchange arrangements of Mastercard and Visa infringed competition law) \u2022 Litigation brought on behalf of UK consumers in the English Courts against Mastercard Any impact on the Group of the litigation against Visa and Mastercard remains uncertain at this time, such that it is not practicable for the Group to provide an estimate of any potential financial effect. Insofar as Visa is required to pay damages to retailers for interchange fees set prior to June 2016, contractual arrangements to allocate liability have been agreed between various UK banks (including the Group) and Visa Inc, as part of Visa Inc\u2019s acquisition of Visa Europe in 2016. These arrangements cap the maximum amount of liability to which the Group may be subject and this cap is set at the cash consideration received by the Group for the sale of its stake in Visa Europe to Visa Inc in 2016. In 2016, the Group received Visa preference shares as part of the consideration for the sale of its shares in Visa Europe. A release assessment is carried out by Visa on certain anniversaries of the sale (in line with the Visa Europe sale documentation) and as a result, some Visa preference shares may be converted into Visa Inc Class A common stock from time to time. Any such release and any subsequent sale of Visa common stock does not impact the contingent liability. LIBOR and other trading rates Certain Group companies, together with other panel banks, have been named as defendants in ongoing private lawsuits, including purported class action suits, in the US in connection with their roles as panel banks contributing to the setting of US dollar, Japanese yen and Sterling London Interbank Offered Rate. Certain Group companies are also named as defendants in (i) UK-based claims, and (ii) two Dutch class actions, raising LIBOR manipulation allegations. A number of claims against the Group in the UK relating to the alleged mis-sale of interest rate hedging products also include allegations of LIBOR manipulation. It is currently not possible to predict the scope and ultimate outcome on the Group of any private lawsuits or ongoing related challenges to the interpretation or validity of any of the Group\u2019s contractual arrangements, including their timing and scale. As such, it is not practicable to provide an estimate of any potential financial effect. Tax authorities The Group has an open matter in relation to a claim for group relief of losses incurred in its former Irish banking subsidiary, which ceased trading on 31 December 2010. In 2020, HMRC concluded its enquiry into the matter and issued a closure notice denying the group relief claim. The Group appealed to the First Tier Tax Tribunal. The hearing took place in May 2023. In January 2025, the First Tier Tribunal concluded in favour of HMRC. The Group believes it has applied the rules correctly and that the claim for group relief is correct. Having reviewed the Tribunal\u2019s conclusions and having taken appropriate advice, the Group intends to appeal the decision and does not consider this to be a case where an additional tax liability will ultimately fall due. If the final determination of the matter by the judicial process is that HMRC\u2019s position is correct, management believes that this would result in an increase in current tax liabilities of approximately \u00a3975 million (including interest) and a reduction in the Group\u2019s deferred tax asset of approximately \u00a3275 million. Following the First Tier Tax Tribunal outcome, the tax will be paid and recognised as a current tax asset, given the Group\u2019s view that the tax liability will not ultimately fall due. It is unlikely that any appeal hearing will be held before 2026, and final conclusion of the judicial process may not be for several years. There are a number of other open matters on which the Group is in discussions with HMRC (including the tax treatment of certain costs arising from the divestment of TSB Banking Group plc and the tax treatment of costs relating to HBOS Reading), none of which is expected to have a material impact on the financial position of the Group. Arena and Sentinel litigation claims The Group is facing claims alleging breach of duty and/or mandate in the context of an underlying external fraud matter involving Arena Television. The Group is defending the claims, which are at an early stage. As such, it is not practicable to estimate the final outcome of the matter and its financial impact (if any) to the Group. FCA investigation into the Group\u2019s anti-money laundering control framework As previously disclosed, the FCA had opened an investigation into the Group\u2019s compliance with domestic UK money laundering regulations and the FCA\u2019s rules and Principles for Businesses, with a focus on aspects of its anti-money laundering control framework. This investigation has now been closed by the FCA without any enforcement action taken. Other legal actions and regulatory matters In addition, in the course of its 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 (including their appointed representatives), investors or other third parties, as well as legal and regulatory reviews, enquiries and examinations, requests for information, audits, challenges, investigations and enforcement actions, which could relate to a number of issues. This includes matters in relation to compliance with applicable laws and regulations, such as those relating to prudential regulation, employment, consumer protection, investment advice, business conduct, systems and controls, environmental, sustainability, competition/anti-trust, tax, anti-bribery, anti- money laundering and sanctions, some of which may be beyond the Group\u2019s control, both in the UK and overseas. Where material, such matters are periodically reassessed, with the assistance of external professional advisers where appropriate, to determine the likelihood of the Group incurring a liability. 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. Where there is a contingent liability related to an existing provision the relevant disclosures are included within note 28.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-899": { "value": "
Note 39: Structured entities
The Group\u2019s interests in structured entities are both consolidated and unconsolidated. Details of the Group\u2019s interests in consolidated
structured entities are set out in note 26 for securitisations and covered bond vehicles, note 12 for structured entities associated with the
Group\u2019s pension schemes, and below in part (A) and (B). Details of the Group\u2019s interests in unconsolidated structured entities are included
below in part (C).
(A) Asset-backed conduits
In addition to the structured entities discussed in note 26, which are used for securitisation and covered bond programmes, the Group
sponsors an active asset-backed conduit, Cancara, which invests in client receivables and debt securities. The total consolidated exposure
of Cancara at 31 December 2024 was \u00a32,272 million (2023: \u00a32,808 million), comprising \u00a31,155 million of loans and advances (2023:
\u00a31,521 million), \u00a3559 million of debt securities (2023: \u00a3698 million) and \u00a3558 million of financial assets at fair value through profit or loss
(2023: \u00a3589 million).
All lending assets and debt securities held by the Group in Cancara are restricted in use, as they are held by the collateral agent for the
benefit of the commercial paper investors and the liquidity providers only. The Group provides liquidity facilities to Cancara under terms
that are usual and customary for standard lending activities in the normal course of the Group\u2019s banking activities. During 2024 there have
continued to be planned drawdowns on certain liquidity facilities for balance sheet management purposes, supporting the programme to
provide funding alongside the proceeds of the asset-backed commercial paper issuance. The Group could be asked to provide support
under the contractual terms of these arrangements including, for example, if Cancara experienced a shortfall in external funding, which
may occur in the event of market disruption. The external assets in Cancara are consolidated in the Group\u2019s financial statements.
(B) Consolidated collective investment vehicles and limited partnerships
The assets of the Insurance business held in consolidated collective investment vehicles, such as Open-Ended Investment Companies and
limited partnerships, are not directly available for use by the Group. However, the Group\u2019s investment in the majority of these collective
investment vehicles is readily realisable. As at 31 December 2024, the total carrying value of these consolidated collective investment
vehicle assets and liabilities held by the Group was \u00a359,999 million (2023: \u00a358,351 million).
The Group has no contractual arrangements (such as liquidity facilities) that would require it to provide financial or other support to the
consolidated collective investment vehicles; the Group has not previously provided such support and has no current intentions to provide
such support.
(C) Unconsolidated structured entities
The Group considers itself the sponsor of a structured entity where it is primarily involved in the design and establishment of the structured
entity and further where the Group transfers assets to the structured entity, markets products associated with the structured entity in its
own name and/or provides guarantees regarding the structured entity\u2019s performance.
The Group sponsors a range of diverse investment funds and limited partnerships where it acts as the fund manager or equivalent decision-
maker and markets the funds under one of the Group\u2019s brands. The following table describes the types of structured entities that the
Group does not consolidate but in which it holds an interest.
Total assets of
structured entities
2024 2023
Type of entity
Nature and purpose of structured entities
Interest held by the Group
\u00a3bn \u00a3bn
Collective investment These vehicles are primarily financed by \u2022 Interests in units issued by the vehicles
2,434
2,184
vehicles and limited investments from investors in the vehicles and \u2022 Fees from management of vehicles
partnerships are matched by policyholder liabilities in the
Insurance division.
Securitisation vehicles
These vehicles issue asset-backed notes to
\u2022 Interest in notes issued by the vehicles
5
5
investors and facilitate the management of \u2022 Fees for loan servicing
the Group\u2019s balance sheet.
The following table sets out an analysis of the carrying amount of interest held by the Group in the unconsolidated structured entities. The
maximum exposure to loss is the carrying amounts of the assets held.
2024 2023
Carrying amount
Recognised within;
\u00a3m \u00a3m
Collective investment vehicles and limited partnerships
Financial assets at fair value through profit or loss
86,630
76,426
Financial assets at fair value through profit or loss; and
Notes held in securitisation vehicles
Financial assets at amortised cost
2,403
4,127
Derivative financial instruments (assets); and
Interest rate derivatives provided to securitisation vehicles
Derivative financial instruments (liabilities)
22
(17)
During the year the Group has not provided any non-contractual financial or other support to these entities and has no current intention of
providing any non-contractual financial or other support in the future.
The fee income earned from unconsolidated structured entities that the Group sponsors but does not have an interest in was \u00a382 million
(2023: \u00a372 million) for collective investment vehicles and \u00a31 million (2023: \u00a3nil) for securitisation vehicles. The carrying amount of assets
transferred to securitisation vehicles at the time of transfer was \u00a32,004 million (2023: \u00a35,625 million) and the Group recognised a gain of
\u00a311 million on transfer (2023: gain of \u00a331 million).
Continuing involvement in financial assets that have been derecognised
The Group has derecognised financial assets in their entirety following transactions with securitisation vehicles, as noted above. The
continuing involvement largely arises from funding provided to the vehicles through the purchase of issued notes. The majority of these
notes are recognised as debt securities held at amortised cost. The remaining notes held by the Group, together with interest rate
derivatives transacted with the vehicles, are recognised at fair value through profit or loss. The carrying amount of these interests and the
maximum exposure to loss is included in the table above. At 31 December 2024 the fair value of the retained notes was \u00a32,401 million
(2023: \u00a34,142 million). The income from the Group\u2019s interest in these structures for the year ended 31 December 2024 was \u00a3226 million and
cumulatively for the lifetime was \u00a3359 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-936": { "value": "Note 39: Structured entities The Group\u2019s interests in structured entities are both consolidated and unconsolidated. Details of the Group\u2019s interests in consolidated structured entities are set out in note 26 for securitisations and covered bond vehicles, note 12 for structured entities associated with the Group\u2019s pension schemes, and below in part (A) and (B). Details of the Group\u2019s interests in unconsolidated structured entities are included below in part (C). (A) Asset-backed conduits In addition to the structured entities discussed in note 26, which are used for securitisation and covered bond programmes, the Group sponsors an active asset-backed conduit, Cancara, which invests in client receivables and debt securities. The total consolidated exposure of Cancara at 31 December 2024 was \u00a32,272 million (2023: \u00a32,808 million), comprising \u00a31,155 million of loans and advances (2023: \u00a31,521 million), \u00a3559 million of debt securities (2023: \u00a3698 million) and \u00a3558 million of financial assets at fair value through profit or loss (2023: \u00a3589 million). All lending assets and debt securities held by the Group in Cancara are restricted in use, as they are held by the collateral agent for the benefit of the commercial paper investors and the liquidity providers only. The Group provides liquidity facilities to Cancara under terms that are usual and customary for standard lending activities in the normal course of the Group\u2019s banking activities. During 2024 there have continued to be planned drawdowns on certain liquidity facilities for balance sheet management purposes, supporting the programme to provide funding alongside the proceeds of the asset-backed commercial paper issuance. The Group could be asked to provide support under the contractual terms of these arrangements including, for example, if Cancara experienced a shortfall in external funding, which may occur in the event of market disruption. The external assets in Cancara are consolidated in the Group\u2019s financial statements. (B) Consolidated collective investment vehicles and limited partnerships The assets of the Insurance business held in consolidated collective investment vehicles, such as Open-Ended Investment Companies and limited partnerships, are not directly available for use by the Group. However, the Group\u2019s investment in the majority of these collective investment vehicles is readily realisable. As at 31 December 2024, the total carrying value of these consolidated collective investment vehicle assets and liabilities held by the Group was \u00a359,999 million (2023: \u00a358,351 million). The Group has no contractual arrangements (such as liquidity facilities) that would require it to provide financial or other support to the consolidated collective investment vehicles; the Group has not previously provided such support and has no current intentions to provide such support. (C) Unconsolidated structured entities The Group considers itself the sponsor of a structured entity where it is primarily involved in the design and establishment of the structured entity and further where the Group transfers assets to the structured entity, markets products associated with the structured entity in its own name and/or provides guarantees regarding the structured entity\u2019s performance. The Group sponsors a range of diverse investment funds and limited partnerships where it acts as the fund manager or equivalent decision- maker and markets the funds under one of the Group\u2019s brands. The following table describes the types of structured entities that the Group does not consolidate but in which it holds an interest. Total assets of structured entities 2024 2023 Type of entity Nature and purpose of structured entities Interest held by the Group \u00a3bn \u00a3bn Collective investment These vehicles are primarily financed by \u2022 Interests in units issued by the vehicles 2,434 2,184 vehicles and limited investments from investors in the vehicles and \u2022 Fees from management of vehicles partnerships are matched by policyholder liabilities in the Insurance division. Securitisation vehicles These vehicles issue asset-backed notes to\u2022 Interest in notes issued by the vehicles 5 investors and facilitate the management of \u2022 Fees for loan servicing the Group\u2019s balance sheet. The following table sets out an analysis of the carrying amount of interest held by the Group in the unconsolidated structured entities. The maximum exposure to loss is the carrying amounts of the assets held.
2024 2023
Carrying amount
Recognised within;
\u00a3m \u00a3m
Collective investment vehicles and limited partnerships
Financial assets at fair value through profit or loss
86,630
76,426
Financial assets at fair value through profit or loss; and
Notes held in securitisation vehicles
Financial assets at amortised cost
2,403
4,127
Derivative financial instruments (assets); and
Interest rate derivatives provided to securitisation vehicles
Derivative financial instruments (liabilities)
22
(17)
During the year the Group has not provided any non-contractual financial or other support to these entities and has no current intention of providing any non-contractual financial or other support in the future. The fee income earned from unconsolidated structured entities that the Group sponsors but does not have an interest in was \u00a382 million (2023: \u00a372 million) for collective investment vehicles and \u00a31 million (2023: \u00a3nil) for securitisation vehicles. The carrying amount of assets transferred to securitisation vehicles at the time of transfer was \u00a32,004 million (2023: \u00a35,625 million) and the Group recognised a gain of \u00a311 million on transfer (2023: gain of \u00a331 million). Continuing involvement in financial assets that have been derecognised The Group has derecognised financial assets in their entirety following transactions with securitisation vehicles, as noted above. The continuing involvement largely arises from funding provided to the vehicles through the purchase of issued notes. The majority of these notes are recognised as debt securities held at amortised cost. The remaining notes held by the Group, together with interest rate derivatives transacted with the vehicles, are recognised at fair value through profit or loss. The carrying amount of these interests and the maximum exposure to loss is included in the table above. At 31 December 2024 the fair value of the retained notes was \u00a32,401 million (2023: \u00a34,142 million). The income from the Group\u2019s interest in these structures for the year ended 31 December 2024 was \u00a3226 million and cumulatively for the lifetime was \u00a3359 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-900": { "value": "
Note 40: Transfers of financial assets
Transferred financial assets derecognised in their entirety with ongoing exposure
Through asset securitisations, the Group has transferred financial assets which were derecognised in their entirety, with some continuing
involvement. Further details are available in note 39.
Transferred financial assets that continue to be recognised
Details of transferred financial assets that continue to be recognised in full are as follows.
The Group enters into repurchase and securities lending transactions in the normal course of business that do not result in derecognition of
the financial assets as substantially all of the risks and rewards, including credit, interest rate, prepayment and other price risks are retained
by the Group. In all cases, the transferee has the right to sell or repledge the assets concerned.
As set out in note 26, included within financial assets measured at amortised cost are loans transferred under the Group\u2019s securitisation and
covered bond programmes. As the Group retains all or a majority of the risks and rewards associated with these loans, including credit,
interest rate, prepayment and liquidity risk, they remain on the Group\u2019s balance sheet. Assets transferred into the Group\u2019s securitisation
and covered bond programmes are not available to be used by the Group while the assets are within the programmes. However, the Group
retains the right to remove loans from the covered bond programmes where they are in excess of the programme\u2019s requirements. In
addition, where the Group has retained some of the notes issued by securitisation and covered bond programmes, the Group has the
ability to sell or pledge these retained notes.
In 2024, the Group securitised a portfolio of \u00a31.25 billion of finance lease receivables. This transaction resulted in a partial derecognition of
the leases, as the Group neither retained nor transferred substantially all risks and rewards. As of 31 December 2024, the Group continues
to recognise \u00a3798 million of these lease receivables with a gross up of the same amount in finance lease receivables and other liabilities for
the continuing involvement asset and liability required to be recognised under IFRS 9.
The table below sets out the carrying values of the transferred assets and the associated liabilities. For repurchase and securities lending
transactions, the associated liabilities represent the Group\u2019s obligation to repurchase the transferred assets. For securitisation programmes,
the associated liabilities represent the external notes in issue (note 26). The liabilities shown in the table below have recourse to the
transferred assets.
2024
2023
Assets Liabilities Assets Liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Repurchase and securities lending transactions
Financial assets at fair value through profit or loss
2,340
1,089
2,716
1,990
Debt securities held at amortised cost
1,210
\u2013
1,189
\u2013
Financial assets at fair value through other comprehensive income
12,483
4,465
10,928
5,526
Securitisation programmes
Financial assets at amortised cost:
Loans and advances to customers
1
27,657
5,207
30,716
4,234
1 The carrying value of associated liabilities excludes securitisation notes held by the Group of \u00a317,079 million (31 December 2023: \u00a320,150 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransfersOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-937": { "value": "Market risk The Group\u2019s largest residual interest rate risk exposure arises from balances that are deemed to be insensitive to changes in market rates (including current accounts, a portion of variable rate deposits and investable equity). The risk is managed through the Group\u2019s structural hedge which consists of longer-term fixed rate assets and interest rate swaps. The notional balance and duration of the structural hedge is reviewed regularly by the Group Asset and Liability Committee. More information is set out on pages 190 to 195. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-938": { "value": "Capital risk Capital is actively managed on an ongoing basis for both the Group and its regulated banking subsidiaries, with associated capital policies and procedures subjected to regular review. The Group assesses both its regulatory capital requirements and the quantity and quality of capital resources it holds to meet those requirements in accordance with the relevant provisions of the Capital Requirements Directive (CRD V) and Capital Requirements Regulation (UK CRR). This is supplemented through additional regulation set out under the PRA Rulebook and through associated statements of policy, supervisory statements and other regulatory guidance. Regulatory capital ratios are considered a key part of the budgeting and planning processes. Target capital levels take account of current and future regulatory requirements, capacity for growth and to cover uncertainties. At 31 December 2024, the Group\u2019s common equity tier 1 capital was \u00a331,979 million (31 December 2023: \u00a331,897 million). Further details of the Group\u2019s capital resources are provided in the table marked audited on page 147. The insurance business (the Scottish Widows Group) and each of the constituent UK insurance companies within it are regulated by the PRA. The insurance businesses are required to calculate solvency capital requirements and available capital in accordance with Solvency II. The Group complied with these requirements in 2024 and 2023. The Insurance business of the Group calculates regulatory capital on the basis of an internal model, which was approved by the PRA on 5 December 2015, with the latest major change to the model approved in November 2024. The capital position of the Group\u2019s insurance businesses is reviewed on a regular basis by the Insurance, Pensions and Investments Executive Committee. More information is set out on page 150. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-939": { "value": "Insurance underwriting risk Insurance underwriting risk is the risk of adverse developments in the timing, frequency and severity of claims for insured/underwritten events and in customer behaviour, leading to reductions in earnings and/or value and arises within the Group\u2019s Insurance business. Insurance underwriting risk is measured using a variety of techniques including stress, reverse stress and scenario testing, as well as stochastic modelling. Current and potential future insurance underwriting risk exposures are assessed and aggregated on a range of stresses including risk measures based on 1-in-200 year stresses for the Insurance business\u2019s regulatory capital assessments and other supporting measures where appropriate. The Group also mitigates insurance underwriting risk via the use of reinsurance arrangements. More information is set out on page 182. The Group's critical accounting judgements and key sources of estimation uncertainty for its Insurance business are set out in note 8.", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceRiskExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-901": { "value": "
Note 42: Cash flow statement
(A) Change in operating assets
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Change in financial assets held at amortised cost
(21,106)
12,311
(1,639)
Change in financial assets at fair value through profit or loss
(9,872)
(22,539)
26,219
Change in derivative financial instruments
(4,082)
1,805
(7,704)
Change in other operating assets
(4,562)
(687)
(141)
Change in operating assets
(39,622)
(9,110)
16,735
(B) Change in operating liabilities
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Change in deposits from banks
4
(1,110)
(388)
Change in customer deposits
11,324
(3,850)
(1,207)
Change in repurchase agreements
57
(10,893)
17,471
Change in financial liabilities at fair value through profit or loss
2,619
6,925
(4,849)
Change in derivative financial instruments
1,524
(3,893)
5,982
Change in debt securities in issue at amortised cost
(4,824)
2,094
1,651
Change in insurance contracts
1
1,941
9,845
(14,901)
Change in investment contract liabilities
6,250
5,502
(1,414)
Change in other operating liabilities
2
4,708
(388)
(864)
Change in operating liabilities
23,603
4,232
1,481
1 Includes insurance contracts presented within disposal group liabilities.
2 Includes a decrease of \u00a3371 million (2023: increase of \u00a3315 million; 2022: decrease of \u00a3158 million) in respect of lease liabilities.
(C) Non-cash and other items
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Interest expense on subordinated liabilities
742
720
697
Hedging valuation adjustments on subordinated debt
(271)
141
(1,871)
Accretion of discounts and amortisation of premiums and issue costs
195
1,259
462
Revaluation of investment properties
(67)
87
511
Net gain on sale of financial assets at fair value through other comprehensive income
(7)
(122)
(92)
Share of post-tax results of associates and joint ventures
13
16
(10)
Profit on disposal of tangible fixed assets
(36)
(61)
(121)
Net (credit) charge in respect of defined benefit schemes
(11)
(79)
125
Depreciation and amortisation
3,426
2,905
2,396
Regulatory and legal provisions
899
675
255
Other provision movements
(206)
(30)
(74)
Allowance for loan losses
494
315
1,372
Write-off of allowance for loan losses, net of recoveries
(1,029)
(1,115)
(759)
Impairment (credit) charge on undrawn balances
(51)
\u2013
122
Impairment (credit) charge on financial assets at fair value through other comprehensive income
(3)
(2)
6
Transactions in own shares
(173)
103
(60)
Transfers to income statement from reserves
2,597
1,838
43
Foreign exchange impact on balance sheet
1
1
502
(286)
Other non-cash items
42
176
185
Total non-cash items
6,555
7,328
2,901
Contributions to defined benefit schemes
(175)
(1,345)
(2,533)
Payments in respect of regulatory and legal provisions
(401)
(378)
(625)
Other
11
17
13
Total other items
(565)
(1,706)
(3,145)
Non-cash and other items
5,990
5,622
(244)
1 When considering the movement on each line of the balance sheet, the impact of foreign exchange rate movements is removed in order to show the underlying cash impact.
(D) Acquisition of Group undertakings, businesses and joint ventures
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Net assets acquired:
Cash and cash equivalents
\u2013
38
\u2013
Intangible assets
\u2013
182
68
Other assets
\u2013
672
131
Deferred tax
\u2013
(58)
\u2013
Other liabilities
\u2013
(646)
(146)
Goodwill arising on acquisition
\u2013
143
335
Cash consideration
\u2013
331
388
Less cash and cash equivalents acquired
\u2013
(38)
(74)
Net cash outflow arising from acquisition of subsidiaries and businesses
\u2013
293
314
Acquisition of and additional investment in joint ventures
179
87
95
Net cash outflow from acquisitions in the year
179
380
409
(E) Analysis of cash and cash equivalents as shown in the balance sheet
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Cash and balances at central banks
62,705
78,110
91,388
Less mandatory reserve deposits
1
(21)
(1,930)
(2,111)
62,684
76,180
89,277
Loans and advances to banks and reverse repurchase agreements
15,175
19,048
14,418
Less amounts with a maturity of three months or more
(7,043)
(6,390)
(7,866)
8,132
12,658
6,552
Total cash and cash equivalents
70,816
88,838
95,829
1 Mandatory reserve deposits are held with local central banks in accordance with statutory requirements. Where these deposits are not held in demand accounts and are not available
to finance the Group\u2019s day-to-day operations they are excluded from cash and cash equivalents.
Included within cash and cash equivalents at 31 December 2024 is \u00a323 million (2023: \u00a331 million; 2022: \u00a337 million) of restricted cash and
cash equivalents held within the Group\u2019s long-term insurance and investments operations, which is not immediately available for use in the
business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-961": { "value": "(E) Analysis of cash and cash equivalents as shown in the balance sheet
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Cash and balances at central banks
62,705
78,110
91,388
Less mandatory reserve deposits
1
(21)
(1,930)
(2,111)
62,684
76,180
89,277
Loans and advances to banks and reverse repurchase agreements
15,175
19,048
14,418
Less amounts with a maturity of three months or more
(7,043)
(6,390)
(7,866)
8,132
12,658
6,552
Total cash and cash equivalents
70,816
88,838
95,829
1 Mandatory reserve deposits are held with local central banks in accordance with statutory requirements. Where these deposits are not held in demand accounts and are not available to finance the Group\u2019s day-to-day operations they are excluded from cash and cash equivalents. Included within cash and cash equivalents at 31 December 2024 is \u00a323 million (2023: \u00a331 million; 2022: \u00a337 million) of restricted cash and cash equivalents held within the Group\u2019s long-term insurance and investments operations, which is not immediately available for use in the business.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-940": { "value": "(E) Analysis of cash and cash equivalents as shown in the balance sheet
2024 2023 2022
\u00a3m \u00a3m \u00a3m
Cash and balances at central banks
62,705
78,110
91,388
Less mandatory reserve deposits
1
(21)
(1,930)
(2,111)
62,684
76,180
89,277
Loans and advances to banks and reverse repurchase agreements
15,175
19,048
14,418
Less amounts with a maturity of three months or more
(7,043)
(6,390)
(7,866)
8,132
12,658
6,552
Total cash and cash equivalents
70,816
88,838
95,829
1 Mandatory reserve deposits are held with local central banks in accordance with statutory requirements. Where these deposits are not held in demand accounts and are not available to finance the Group\u2019s day-to-day operations they are excluded from cash and cash equivalents. Included within cash and cash equivalents at 31 December 2024 is \u00a323 million (2023: \u00a331 million; 2022: \u00a337 million) of restricted cash and cash equivalents held within the Group\u2019s long-term insurance and investments operations, which is not immediately available for use in the business.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-902": { "value": "
Note 43: Events since the balance sheet date
Share buyback
The Board has announced its intention to implement an ordinary share buyback of up to \u00a31.7 billion. This represents the return to
shareholders of capital, surplus to that required to provide capacity to grow the business, meet current and future regulatory requirements
and cover uncertainties. The share buyback programme will commence as soon as is practicable and is expected to be completed, subject
to continued authority from the PRA, by 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-18": { "value": "Lloyds Banking Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-19": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-20": { "value": "Scotland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-21": { "value": "The Mound, Edinburgh EH1 1YZ, Scotland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-22": { "value": "25 Gresham Street, London EC2V 7HN", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }