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The directors approved the consolidated financial statements on 13 February 2026.
\"Signature_RobinBudenberg.svg\"
\"Signature_CharlieNunn_Black.svg\"
\"Signature_WilliamChalmers.svg\"
Sir Robin Budenberg
Chair
Charlie Nunn
Group Chief Executive
William Chalmers
Chief Financial Officer
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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 United Kingdom adopted international accounting standards and 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\u00a0December
2024 and there have been no changes in the Group\u2019s methods of computation.
Net investment return on assets held to back insurance and investment contracts, previously shown within net trading income, is presented
separately on the face of the income statement. Net finance expense in respect of insurance and investment contracts, previously shown
outside total income in the income statement, is included within other income as part of total income. This change has been made to
represent more clearly the impact of the Group\u2019s insurance business on the results. Comparative periods are represented on a consistent
basis.
Current and deferred tax are presented separately for each movement in the revaluation reserve in respect of debt securities held at fair
value through other comprehensive income and movements in the cash flow hedge reserve within the statement of other comprehensive
income. Previously both current tax and deferred tax were presented in aggregate for each reserve.
The IASB has issued an amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates, effective 1 January 2025. This amendment
has not had 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, including IFRS 18
Presentation and Disclosure in Financial Statements which replaces IAS 1 Presentation of Financial Statements. While many of the existing
requirements of IAS 1 Presentation of Financial Statements are retained, IFRS 18 Presentation and Disclosure in Financial Statements
introduces additional disclosure obligations in relation to the structure of the income statement, management-defined performance
measures, and the aggregation and disaggregation of financial information. IFRS 18 will have no impact on the Group\u2019s net profit as it
impacts neither recognition nor measurement. The new standard will impact the presentation of the Group\u2019s results as it requires that
operating, investing and financing activities are presented separately. There will also be a change in the Group\u2019s cash flow statement as
IFRS 18 requires that the first line of the cash flow statement is operating profit rather than profit before tax.
The IASB has issued its annual improvements and a number of amendments to the IFRS Accounting Standards effective 1\u00a0January 2026,
including Amendments to IFRS 9 Financial Instruments and Amendments to IFRS 7 Financial Instruments Disclosures. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-960": { "value": "Lloyds Banking Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-961": { "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 313 to 323.
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 is reported within net finance expense arising from insurance and investment contracts.
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.
Note 2: Accounting policies continued
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\u00a0date.
(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 loss is identified, the carrying value of the goodwill is written
down immediately through the income statement. This impairment loss cannot be reversed in a subsequent period. 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.
Note 2: Accounting policies continued
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\u00a0to 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.
Note 2: Accounting policies continued
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\u00a0difference 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, 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 hedge 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.
Note 2: Accounting policies continued
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\u00a0days 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\u00a0both 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 recognised on the balance sheet 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. 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.
Note 2: Accounting policies continued
(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\u00a0loss. 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.
Note 2: Accounting policies continued
(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
Note 2: Accounting policies continued
\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
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. The Group's policy is to
include all insurance finance income and expenses in profit or loss.
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.
Note 2: Accounting policies continued
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\u00a0insurance contracts. These contracts are presented within other assets or liabilities arising from insurance and participating
investment\u00a0contracts.
(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.
Note 2: Accounting policies continued
(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\u00a0(H)\u00a0above).
(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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-962": { "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 313 to 323.
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 is reported within net finance expense arising from insurance and investment contracts.
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.
Note 2: Accounting policies continued
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\u00a0date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-963": { "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 is reported within net finance expense arising from insurance and investment contracts.
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.
Note 2: Accounting policies continued
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\u00a0date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-966": { "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 loss is identified, the carrying value of the goodwill is written
down immediately through the income statement. This impairment loss cannot be reversed in a subsequent period. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-965": { "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 loss is identified, the carrying value of the goodwill is written
down immediately through the income statement. This impairment loss cannot be reversed in a subsequent period. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-964": { "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 loss is identified, the carrying value of the goodwill is written
down immediately through the income statement. This impairment loss cannot be reversed in a subsequent period. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-967": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-968": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-971": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-970": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-969": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-972": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-975": { "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.
Note 2: Accounting policies continued
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\u00a0to 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.
Note 2: Accounting policies continued
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-974": { "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.
Note 2: Accounting policies continued
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\u00a0to 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:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-973": { "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.
Note 2: Accounting policies continued
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\u00a0to 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.
Note 2: Accounting policies continued
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\u00a0difference 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, 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 hedge 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.
Note 2: Accounting policies continued
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\u00a0days 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\u00a0both 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-976": { "value": "
(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\u00a0to 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-977": { "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.
Note 2: Accounting policies continued
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-978": { "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\u00a0difference 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-981": { "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, 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 hedge 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-980": { "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, 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 hedge 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-979": { "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, 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 hedge 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-982": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-984": { "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.
Note 2: Accounting policies continued
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\u00a0days 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\u00a0both 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-983": { "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.
Note 2: Accounting policies continued
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\u00a0days 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\u00a0both 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-986": { "value": "
(I)Property, plant and equipment
Property, plant and equipment (other than investment property) is recognised on the balance sheet 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. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-985": { "value": "
(I)Property, plant and equipment
Property, plant and equipment (other than investment property) is recognised on the balance sheet 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. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-987": { "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\u00a0loss. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-988": { "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.
Note 2: Accounting policies continued
(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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-989": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-991": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-990": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-992": { "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
Note 2: Accounting policies continued
\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
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. The Group's policy is to
include all insurance finance income and expenses in profit or loss.
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.
Note 2: Accounting policies continued
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\u00a0insurance contracts. These contracts are presented within other assets or liabilities arising from insurance and participating
investment\u00a0contracts.
(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.
Note 2: Accounting policies continued
(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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-993": { "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\u00a0insurance contracts. These contracts are presented within other assets or liabilities arising from insurance and participating
investment\u00a0contracts.
(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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-995": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-994": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-997": { "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\u00a0(H)\u00a0above).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-996": { "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\u00a0(H)\u00a0above).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-998": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-999": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1000": { "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 disclosed within the following notes:
\u2022 Insurance business (note 8(I))
\u2022 Retirement benefit obligations (note 12)
\u2022 Tax (note 15)
\u2022 Fair value of financial assets and liabilities (note 17(D))
\u2022 Allowance for expected credit losses (note 21)
\u2022 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
\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 152.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1001": { "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
Management believes that excluding volatility from underlying profit before tax provides useful information for investors on the
performance of the business because it allows for a comparable representation of the Group\u2019s performance by removing the impact of
items caused by market movements outside the control of management.
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
\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
\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 equity investment businesses and residual underlying net interest income after transfer pricing.
In 2025, the Group revised its treatment of certain divisional variable payment related costs. Previously reported within divisional operating
costs, these are now included within divisional underlying other income. Comparative figures have been represented on a consistent basis,
with no net impact on segmental profit or loss. Total Group comparatives are unchanged.
Note 4: Segmental analysis continued
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 the segmental results.
Year ended 31 December 2025
Retail
\u00a3m
Commercial
Banking
\u00a3m
Insurance,
Pensions and
Investments
\u00a3m
Other
\u00a3m
Total
\u00a3m
Underlying net interest income
9,637
3,670
(151)
479
13,635
Underlying other income
2,636
1,825
1,431
228
6,120
Total underlying income
12,273
5,495
1,280
707
19,755
Operating lease depreciation 1
(1,445)
(9)
\u2013
\u2013
(1,454)
Net income
10,828
5,486
1,280
707
18,301
Operating costs
(5,807)
(2,853)
(933)
(168)
(9,761)
Remediation
(931)
(27)
(15)
5
(968)
Total costs
(6,738)
(2,880)
(948)
(163)
(10,729)
Underlying impairment (charge) credit
(734)
(60)
(2)
1
(795)
Underlying profit before tax
3,356
2,546
330
545
6,777
External income
15,383
3,499
1,436
(563)
19,755
External operating lease depreciation 1
(1,445)
(9)
\u2013
\u2013
(1,454)
Inter-segment (expense) income
(3,110)
1,996
(156)
1,270
\u2013
Net income
10,828
5,486
1,280
707
18,301
Loans and advances to customers 2
390,616
90,307
\u2013
540
481,463
External assets
404,882
147,186
218,137
173,867
944,072
Customer deposits
325,169
171,063
\u2013
225
496,457
External liabilities
331,244
211,175
213,520
140,266
896,205
Analysis of underlying other income:
Consumer lending
2,075
2,075
Consumer relationships
561
561
Business and Commercial Banking
543
543
Corporate and Institutional Banking
1,282
1,282
Life, Pensions and Investments
1,018
1,018
General insurance
277
277
Venture capital
462
462
Other
136
(234)
(98)
Underlying other income
2,636
1,825
1,431
228
6,120
Other items reflected in income statement above:
Depreciation and amortisation
2,352
345
193
587
3,477
Defined benefit scheme credit
\u2013
\u2013
\u2013
(37)
(37)
Non-income statement items:
Additions to fixed assets
4,173
242
57
1,851
6,323
Investments in joint ventures and associates at end of year
\u2013
\u2013
\u2013
445
445
1Net of losses on disposal of operating lease assets of \u00a310\u00a0million.
2Other includes centralised fair value hedge accounting adjustments.
Note 4: Segmental analysis continued
Year ended 31 December 2024
Retail
\u00a3m
Commercial
Banking
\u00a3m
Insurance,
Pensions and
Investments
\u00a3m
Other
\u00a3m
Total
\u00a3m
Underlying net interest income
8,930
3,434
(136)
617
12,845
Underlying other income 1
2,354
1,815
1,292
136
5,597
Total underlying income
11,284
5,249
1,156
753
18,442
Operating lease depreciation2
(1,319)
(6)
\u2013
\u2013
(1,325)
Net income
9,965
5,243
1,156
753
17,117
Operating costs 1
(5,566)
(2,752)
(924)
(200)
(9,442)
Remediation
(750)
(104)
(19)
(26)
(899)
Total costs
(6,316)
(2,856)
(943)
(226)
(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
13,566
3,981
1,292
(397)
18,442
External operating lease depreciation 2
(1,319)
(6)
\u2013
\u2013
(1,325)
Inter-segment (expense) income
(2,282)
1,268
(136)
1,150
\u2013
Net income
9,965
5,243
1,156
753
17,117
Loans and advances to customers 3
372,250
87,602
\u2013
5
459,857
External assets 4
387,322
148,548
197,309
173,518
906,697
Customer deposits
319,726
162,645
\u2013
374
482,745
External liabilities4
324,730
207,066
193,519
135,494
860,809
Analysis of underlying other income:
Consumer lending
1,810
1,810
Consumer relationships
544
544
Business and Commercial Banking
533
533
Corporate and Institutional Banking
1,282
1,282
Life, Pensions and Investments
979
979
General insurance
229
229
Venture capital
457
457
Other
84
(321)
(237)
Underlying other income
2,354
1,815
1,292
136
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
1In 2025, the Group revised its treatment of certain divisional variable payment related costs. Previously reported within divisional operating costs, these are now included within
divisional underlying other income. Comparative figures have been represented on a consistent basis, with no net impact on segmental profit or loss. Total Group comparatives are
unchanged.
2Net of profits on disposal of operating lease assets of \u00a359 million.
3Other includes centralised fair value hedge accounting adjustments.
4The Insurance, Pensions and Investments operating segment external assets included \u00a35,122 million of disposal group assets and external liabilities included \u00a35,268 million of disposal
group liabilities. Further details are provided in note 24 and note 27.
Note 4: Segmental analysis continued
Year ended 31 December 2023
Retail
\u00a3m
Commercial
Banking
\u00a3m
Insurance,
Pensions and
Investments
\u00a3m
Other
\u00a3m
Total
\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
11,806
5,490
1,077
515
18,888
Operating lease depreciation1
(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:
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
1Net of profits on disposal of operating lease assets of \u00a393 million .
2Other includes centralised fair value hedge accounting adjustments.
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.
Note 4: Segmental analysis continued
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:
Year ended 31 December 2025
Lloyds
Banking Group
statutory basis
\u00a3m
Volatility,
and other
items1
\u00a3m
Insurance
gross up2
\u00a3m
Underlying
basis
\u00a3m
Net interest income
13,230
403
2
13,635
Underlying net interest income
Other income
6,192
(326)
254
6,120
Underlying other income
(1,454)
\u2013
(1,454)
Operating lease depreciation 3
Total income
19,422
(1,377)
256
18,301
Net income
Operating expenses 3
(11,966)
1,493
(256)
(10,729)
Total costs
Impairment charge
(795)
\u2013
\u2013
(795)
Underlying impairment charge
Profit before tax
6,661
116
\u2013
6,777
Underlying profit
Removal of:
Year ended 31 December 2024
Lloyds
Banking Group
statutory basis
\u00a3m
Volatility,
and other
items1
\u00a3m
Insurance
gross up2
\u00a3m
Underlying
basis
\u00a3m
Net interest income
12,277
578
(10)
12,845
Underlying net interest income
Other income
5,726
(375)
246
5,597
Underlying other income
(1,325)
\u2013
(1,325)
Operating lease depreciation 3
Total income
18,003
(1,122)
236
17,117
Net income
Operating expenses 3
(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:
Year ended 31 December 2023
Lloyds
Banking Group
statutory basis
\u00a3m
Volatility,
and other
items1
\u00a3m
Insurance
gross up2
\u00a3m
Underlying
basis
\u00a3m
Net interest income
13,298
479
(12)
13,765
Underlying net interest income
Other income
5,331
(447)
239
5,123
Underlying other income
(956)
\u2013
(956)
Operating lease depreciation 3
Total income
18,629
(924)
227
17,932
Net income
Operating expenses 3
(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
1In the year ended 31 December 2025 this comprises the effects of market and other volatility (gain of \u00a372 million, 2024: losses of \u00a3144 million, 2023: gain of \u00a335 million); the
amortisation of purchased intangibles (\u00a3 86\u00a0million, 2024: \u00a381 million, 2023: \u00a380 million); restructuring (\u00a346\u00a0million of merger, acquisition and integration costs, 2024: \u00a340 million, 2023:
\u00a3154 million); and the fair value unwind (losses of \u00a356 million, 2024: losses of \u00a3107 million, 2023: losses of \u00a3107 million).
2Under IFRS 17, expenses which are directly associated with the fulfilment of insurance contracts are reported as part of the insurance service result within statutory other income. On
an underlying basis these expenses remain within costs.
3Net of losses on disposal of operating lease assets of \u00a310 million (2024: profit of \u00a359 million; 2023: profit of \u00a3 93 million). Statutory operating expenses includes operating lease
depreciation. On an underlying basis operating lease depreciation is included in net income.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1002": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1006": { "value": "
Note 5: Net interest income
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Interest income:
Loans and advances to banks
2,657
3,508
4,172
Loans and advances to customers
23,756
23,242
20,419
Reverse repurchase agreements
2,336
2,685
2,044
Debt securities
658
779
559
Financial assets held at amortised cost
29,407
30,214
27,194
Financial assets at fair value through other comprehensive income
1,342
1,074
857
Total interest income1
30,749
31,288
28,051
Interest expense:
Deposits from banks
(244)
(225)
(213)
Customer deposits
(9,257)
(10,132)
(7,148)
Repurchase agreements at amortised cost
(1,984)
(2,392)
(2,397)
Debt securities in issue at amortised cost2
(5,299)
(5,493)
(4,253)
Lease liabilities
(28)
(31)
(30)
Subordinated liabilities
(707)
(738)
(712)
Total interest expense
(17,519)
(19,011)
(14,753)
Net interest income
13,230
12,277
13,298
1Includes \u00a3 1,213 million (2024 : \u00a31,104 million; 2023 : \u00a3 923 million) in respect of finance lease receivables.
2The impact of the Group\u2019s hedging arrangements is included on this line.
Net interest income includes a debit of \u00a31,869 \u00a0million ( 2024 : debit of \u00a32,597 million ; 2023: debit of \u00a31,838 million ) transferred from the
cash flow hedge reserve (see statement of comprehensive income).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1005": { "value": "
Note 5: Net interest income
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Interest income:
Loans and advances to banks
2,657
3,508
4,172
Loans and advances to customers
23,756
23,242
20,419
Reverse repurchase agreements
2,336
2,685
2,044
Debt securities
658
779
559
Financial assets held at amortised cost
29,407
30,214
27,194
Financial assets at fair value through other comprehensive income
1,342
1,074
857
Total interest income1
30,749
31,288
28,051
Interest expense:
Deposits from banks
(244)
(225)
(213)
Customer deposits
(9,257)
(10,132)
(7,148)
Repurchase agreements at amortised cost
(1,984)
(2,392)
(2,397)
Debt securities in issue at amortised cost2
(5,299)
(5,493)
(4,253)
Lease liabilities
(28)
(31)
(30)
Subordinated liabilities
(707)
(738)
(712)
Total interest expense
(17,519)
(19,011)
(14,753)
Net interest income
13,230
12,277
13,298
1Includes \u00a3 1,213 million (2024 : \u00a31,104 million; 2023 : \u00a3 923 million) in respect of finance lease receivables.
2The impact of the Group\u2019s hedging arrangements is included on this line.
Net interest income includes a debit of \u00a31,869 \u00a0million ( 2024 : debit of \u00a32,597 million ; 2023: debit of \u00a31,838 million ) transferred from the
cash flow hedge reserve (see statement of comprehensive income).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1004": { "value": "
Note 5: Net interest income
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Interest income:
Loans and advances to banks
2,657
3,508
4,172
Loans and advances to customers
23,756
23,242
20,419
Reverse repurchase agreements
2,336
2,685
2,044
Debt securities
658
779
559
Financial assets held at amortised cost
29,407
30,214
27,194
Financial assets at fair value through other comprehensive income
1,342
1,074
857
Total interest income1
30,749
31,288
28,051
Interest expense:
Deposits from banks
(244)
(225)
(213)
Customer deposits
(9,257)
(10,132)
(7,148)
Repurchase agreements at amortised cost
(1,984)
(2,392)
(2,397)
Debt securities in issue at amortised cost2
(5,299)
(5,493)
(4,253)
Lease liabilities
(28)
(31)
(30)
Subordinated liabilities
(707)
(738)
(712)
Total interest expense
(17,519)
(19,011)
(14,753)
Net interest income
13,230
12,277
13,298
1Includes \u00a3 1,213 million (2024 : \u00a31,104 million; 2023 : \u00a3 923 million) in respect of finance lease receivables.
2The impact of the Group\u2019s hedging arrangements is included on this line.
Net interest income includes a debit of \u00a31,869 \u00a0million ( 2024 : debit of \u00a32,597 million ; 2023: debit of \u00a31,838 million ) transferred from the
cash flow hedge reserve (see statement of comprehensive income).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1003": { "value": "
Note 5: Net interest income
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Interest income:
Loans and advances to banks
2,657
3,508
4,172
Loans and advances to customers
23,756
23,242
20,419
Reverse repurchase agreements
2,336
2,685
2,044
Debt securities
658
779
559
Financial assets held at amortised cost
29,407
30,214
27,194
Financial assets at fair value through other comprehensive income
1,342
1,074
857
Total interest income1
30,749
31,288
28,051
Interest expense:
Deposits from banks
(244)
(225)
(213)
Customer deposits
(9,257)
(10,132)
(7,148)
Repurchase agreements at amortised cost
(1,984)
(2,392)
(2,397)
Debt securities in issue at amortised cost2
(5,299)
(5,493)
(4,253)
Lease liabilities
(28)
(31)
(30)
Subordinated liabilities
(707)
(738)
(712)
Total interest expense
(17,519)
(19,011)
(14,753)
Net interest income
13,230
12,277
13,298
1Includes \u00a3 1,213 million (2024 : \u00a31,104 million; 2023 : \u00a3 923 million) in respect of finance lease receivables.
2The impact of the Group\u2019s hedging arrangements is included on this line.
Net interest income includes a debit of \u00a31,869 \u00a0million ( 2024 : debit of \u00a32,597 million ; 2023: debit of \u00a31,838 million ) transferred from the
cash flow hedge reserve (see statement of comprehensive income).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1007": { "value": "1869000000.0", "decimals": -6, "dimensions": { "concept": "lyg:NetIncomeStatementTransfersCashFlowHedgesPreTax", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1008": { "value": "2597000000.0", "decimals": -6, "dimensions": { "concept": "lyg:NetIncomeStatementTransfersCashFlowHedgesPreTax", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1009": { "value": "1838000000.0", "decimals": -6, "dimensions": { "concept": "lyg:NetIncomeStatementTransfersCashFlowHedgesPreTax", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1010": { "value": "
Note 6: Net fee and commission income
Year ended 31 December 2025
Retail
\u00a3m
Commercial
Banking
\u00a3m
Insurance,
Pensions and
Investments
\u00a3m
Other
\u00a3m
Total
\u00a3m
Fee and commission income:
Current accounts
430
243
\u2013
\u2013
673
Credit and debit card fees
845
479
\u2013
\u2013
1,324
Commercial banking and treasury fees
\u2013
434
\u2013
\u2013
434
Unit trust and insurance broking
\u2013
\u2013
65
\u2013
65
Factoring
\u2013
66
\u2013
\u2013
66
Other fees and commissions
80
130
332
14
556
Total fee and commission income
1,355
1,352
397
14
3,118
Fee and commission expense
(811)
(363)
(144)
(16)
(1,334)
Net fee and commission income
544
989
253
(2)
1,784
Year ended 31 December 2024
Retail
\u00a3m
Commercial
Banking
\u00a3m
Insurance,
Pensions and
Investments
\u00a3m
Other
\u00a3m
Total
\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
Note 6: Net fee and commission income continued
Year ended 31 December 2023
Retail
\u00a3m
Commercial
Banking
\u00a3m
Insurance,
Pensions and
Investments
\u00a3m
Other
\u00a3m
Total
\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
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\u00a07.
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. 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 2025, the Group held on its balance sheet \u00a3174 million (31 December 2024: \u00a3163 million) in respect of services provided to
customers and \u00a392 million (31 December 2024: \u00a375 million) in respect of amounts received from customers for services to be provided after
the balance sheet date. Current unsatisfied performance obligations amount to \u00a3207 million (31 December 2024: \u00a3195 million); the Group
expects to receive substantially all of this revenue by the end of 2027.
Income recognised during the year included \u00a330 million (2024: \u00a328 million) in respect of amounts included in the contract liability balance
at the start of the year and \u00a3nil (2024: nil) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1011": { "value": "
Note 7: Net trading income
2025
\u00a3m
20241
\u00a3m
20231
\u00a3m
Net gains on financial assets and liabilities at fair value through profit or loss:
Net gains on financial instruments held for trading2
716
778
518
Net gains on other financial instruments mandatorily held at fair value through profit or loss
555
662
561
Net losses on financial liabilities designated at fair value through profit or loss
(252)
(336)
(341)
1,019
1,104
738
Foreign exchange
411
687
585
Investment property gains (losses)
55
21
(16)
Net trading income
1,485
1,812
1,307
1Comparative periods have been represented for presentational changes. See note 1.
2Includes hedge ineffectiveness in respect of fair value hedges (2025: loss of \u00a3 54 million; 2024 : loss of \u00a381 million ; 2023: loss of \u00a3267 million) and cash flow hedges ( 2025: gain of
\u00a354 \u00a0million; 2024: loss of \u00a360\u00a0million; 2023: gain of \u00a319 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1013": { "value": "
(A)Insurance service result
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Insurance revenue
Amounts relating to the changes in liabilities for remaining coverage:
CSM recognised for services provided
590
449
329
Change in risk adjustments for non-financial risk for risk expired
49
58
84
Expected claims and other insurance service expenses
1,730
1,916
1,907
Charges to funds in respect of policyholder tax and other
200
108
87
2,569
2,531
2,407
Recovery of insurance acquisition cash flows
117
105
87
Total life
2,686
2,636
2,494
Total non-life
752
655
514
Total insurance revenue
3,438
3,291
3,008
Insurance service expense
Incurred claims and other insurance service expenses
(1,749)
(1,978)
(1,897)
Changes that relate to past service: adjustment to liabilities for incurred claims
\u2013
(4)
\u2013
Changes that relate to future service: (losses) reversal of losses on onerous contracts
(84)
(72)
58
Amortisation of insurance acquisition cash flows
(117)
(105)
(88)
Total life excluding net impairment loss on insurance acquisition assets
(1,950)
(2,159)
(1,927)
Net impairment loss on insurance acquisition assets
\u2013
(9)
(7)
Total life
(1,950)
(2,168)
(1,934)
Total non-life 1
(593)
(565)
(480)
Total insurance service expense
(2,543)
(2,733)
(2,414)
Net (expense) income from reinsurance contracts held
(139)
(72)
2
Insurance service result
756
486
596
1Includes weather-related claims of \u00a3 111 million (2024 : \u00a382 million; 2023: \u00a3 57 million), of which \u00a3 97 million ( 2024 : \u00a3 64 million; 2023: \u00a351 million) was related to severe weather events.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1012": { "value": "
(A)Insurance service result
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Insurance revenue
Amounts relating to the changes in liabilities for remaining coverage:
CSM recognised for services provided
590
449
329
Change in risk adjustments for non-financial risk for risk expired
49
58
84
Expected claims and other insurance service expenses
1,730
1,916
1,907
Charges to funds in respect of policyholder tax and other
200
108
87
2,569
2,531
2,407
Recovery of insurance acquisition cash flows
117
105
87
Total life
2,686
2,636
2,494
Total non-life
752
655
514
Total insurance revenue
3,438
3,291
3,008
Insurance service expense
Incurred claims and other insurance service expenses
(1,749)
(1,978)
(1,897)
Changes that relate to past service: adjustment to liabilities for incurred claims
\u2013
(4)
\u2013
Changes that relate to future service: (losses) reversal of losses on onerous contracts
(84)
(72)
58
Amortisation of insurance acquisition cash flows
(117)
(105)
(88)
Total life excluding net impairment loss on insurance acquisition assets
(1,950)
(2,159)
(1,927)
Net impairment loss on insurance acquisition assets
\u2013
(9)
(7)
Total life
(1,950)
(2,168)
(1,934)
Total non-life 1
(593)
(565)
(480)
Total insurance service expense
(2,543)
(2,733)
(2,414)
Net (expense) income from reinsurance contracts held
(139)
(72)
2
Insurance service result
756
486
596
1Includes weather-related claims of \u00a3 111 million (2024 : \u00a382 million; 2023: \u00a3 57 million), of which \u00a3 97 million ( 2024 : \u00a3 64 million; 2023: \u00a351 million) was related to severe weather events.", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1014": { "value": "756000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InsuranceServiceResult", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1015": { "value": "486000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InsuranceServiceResult", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1016": { "value": "596000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InsuranceServiceResult", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1017": { "value": "
(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.
2025
Life
\u00a3m
Non-life
\u00a3m
Total
\u00a3m
Net gains on financial assets and liabilities at fair value through profit or loss
15,408
34
15,442
Foreign exchange
(42)
\u2013
(42)
Investment property losses
(4)
\u2013
(4)
Net investment return on assets held to back insurance and participating investment contracts
15,362
34
15,396
Net investment return on assets held to back third party interests in consolidated funds
2,054
Net investment return on assets held to back non-participating investment contracts
6,394
Investment return on assets held to back insurance and investment contracts1
23,844
Changes in fair value of underlying items of direct participating contracts
(14,943)
\u2013
(14,943)
Effects of risk mitigation option
174
\u2013
174
Interest accreted
(701)
(14)
(715)
Effect of changes in interest rates and other financial assumptions
64
\u2013
64
Effect of changes in fulfilment cash flows at current rates when CSM is unlocked at locked-in rates
69
\u2013
69
Net finance expense from insurance and participating investment contracts
(15,337)
(14)
(15,351)
Net finance income from reinsurance contracts held
54
\u2013
54
Net finance expense from insurance, participating investment and reinsurance contracts
(15,283)
(14)
(15,297)
Movement in third party interests in consolidated funds
(1,954)
Change in non-participating investment contracts
(6,793)
Net finance expense arising from insurance and investment contracts
(24,044)
Net investment return and finance result in respect of insurance and investment contracts
(200)
Note 8: Insurance business continued
2024
Life
\u00a3m
Non-life
\u00a3m
Total
\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
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 contracts1
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)
Net investment return and finance result in respect of insurance and investment contracts
(265)
2023
Life
\u00a3m
Non-life
\u00a3m
Total
\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
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 contracts1
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 expense 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 income arising from insurance and investment contracts
(16,776)
Net investment return and finance result in respect of insurance and investment contracts
(34)
1Includes income of \u00a315,009 million (2024: income of \u00a3 10,688 million; 2023: income of \u00a310,200 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.
", "dimensions": { "concept": "lyg:DisclosureOfInsuranceContractsNetInvestmentReturn", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1018": { "value": "
(C)Insurance and participating investment contracts assets and liabilities
2025
2024
Life
\u00a3m
Non-life
\u00a3m
Total
\u00a3m
Life
\u00a3m
Non-life
\u00a3m
Total
\u00a3m
Insurance contract assets
113
\u2013
113
\u2013
\u2013
\u2013
Liabilities arising from insurance and participating investment
contracts 1
(134,906)
(412)
(135,318)
(121,700)
(387)
(122,087)
Other liabilities2
\u2013
\u2013
\u2013
(5,268)
\u2013
(5,268)
Net liability
(134,793)
(412)
(135,205)
(126,968)
(387)
(127,355)
Insurance acquisition assets
\u2013
34
34
\u2013
23
23
Insurance and participating investment contacts net liability
(134,793)
(378)
(135,171)
(126,968)
(364)
(127,332)
1Excluding insurance acquisition assets.
2Liabilities arising from insurance contracts relating to the disposal of the Group's bulk annuity business were classified as disposal group liabilities in 2024 and presented in Other
liabilities in note 27.
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 transfer was completed in June 2025 and associated reinsurance agreements were concluded.
At 31 December 2024, the Group presented the assets and liabilities relating to the bulk annuity business, including the reinsurance
contract assets arising from the agreement between the Group and Rothesay Life plc, as a disposal group. At the Part VII transfer date, the
Group derecognised the assets and liabilities of the disposal group, comprising \u00a34.9\u00a0billion of reinsurance contract assets, \u00a35.1\u00a0billion of
insurance contract liabilities, \u00a350\u00a0million of goodwill and a \u00a39\u00a0million deferred tax asset. Following the derecognition requirements in IFRS
17 for transfers of contracts to a third party, the Group recognised \u00a3179\u00a0million in insurance revenue, representing the release of CSM for
future service at the transfer date. The derecognition of the goodwill and deferred tax asset was charged to other operating income. The
overall pre-tax gain on derecognition of the disposal group was \u00a3120\u00a0million.
Of the fair value of underlying items in respect of direct participating contracts of \u00a3121,347 million ( 2024: \u00a3110,045 million), \u00a3122,685 million
(2024: \u00a3 111,435 million) were financial assets at fair value through profit or loss and \u00a3902 million (2024: \u00a31,125 million) were derivative
financial liabilities.
", "dimensions": { "concept": "lyg:DisclosureOfInsuranceContractsInsuranceAndParticipatingInvestmentContractsAssetsAndLiabilities", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1019": { "value": "
(D)Reconciliation of insurance balances for liability for remaining coverage and liability for incurred claims
2025
2024
Liabilities for
remaining coverage
Liability for
incurred
claims
\u00a3m
Liabilities for
remaining coverage
Liability for
incurred
claims
\u00a3m
Life
Excluding loss
component
\u00a3m
Loss
component
\u00a3m
Total
\u00a3m
Excluding loss
component
\u00a3m
Loss
component
\u00a3m
Total
\u00a3m
Net liability at 1 January 1
(125,854)
(515)
(599)
(126,968)
(118,724)
(466)
(593)
(119,783)
Contracts under the fair value
transition approach
1,651
\u2013
\u2013
1,651
1,498
\u2013
\u2013
1,498
Other contracts
1,035
\u2013
\u2013
1,035
1,138
\u2013
\u2013
1,138
Insurance revenue
2,686
\u2013
\u2013
2,686
2,636
\u2013
\u2013
2,636
Insurance service expenses 2
(120)
(40)
(1,790)
(1,950)
(105)
(44)
(2,010)
(2,159)
Insurance service result
2,566
(40)
(1,790)
736
2,531
(44)
(2,010)
477
Net finance expense from
insurance and participating
investment contracts
(15,313)
(19)
(5)
(15,337)
(10,371)
(5)
(5)
(10,381)
Exchange differences
(84)
\u2013
\u2013
(84)
80
\u2013
\u2013
80
Total change in profit or loss
(12,831)
(59)
(1,795)
(14,685)
(7,760)
(49)
(2,015)
(9,824)
Investment components
10,411
\u2013
(10,411)
\u2013
10,205
\u2013
(10,205)
\u2013
Premiums received
(10,618)
\u2013
\u2013
(10,618)
(10,679)
\u2013
\u2013
(10,679)
Claims and other insurance
service expenses paid
\u2013
\u2013
12,240
12,240
849
\u2013
12,214
13,063
Insurance acquisition cash flows
306
\u2013
\u2013
306
265
\u2013
\u2013
265
Cash flows
(10,312)
\u2013
12,240
1,928
(9,565)
\u2013
12,214
2,649
Derecognition Consideration 3
4,932
\u2013
\u2013
4,932
\u2013
\u2013
\u2013
\u2013
Transfer to other items in the
balance sheet
\u2013
\u2013
\u2013
\u2013
(10)
\u2013
\u2013
(10)
Net liability at 31 December 1
(133,654)
(574)
(565)
(134,793)
(125,854)
(515)
(599)
(126,968)
1Excluding insurance acquisition assets.
2Losses and reversal of losses on onerous contracts amounted to a net loss of \u00a384 million (2024 : net losses of \u00a372 million). Amortisation of insurance acquisition cash flows amounted to
\u00a3117 million (2024: \u00a3105 million).
3Derecognition consideration recognised due to transfer of bulk annuity business to Rothesay, as set out in section (C).
Note 8: Insurance business continued
2025
2024
Liabilities for
remaining coverage
Liability for
incurred
claims
\u00a3m
Liabilities for
remaining coverage
Liability for
incurred
claims
\u00a3m
Non-life
Excluding loss
component
\u00a3m
Loss
component
\u00a3m
Total
\u00a3m
Excluding loss
component
\u00a3m
Loss
component
\u00a3m
Total
\u00a3m
Net liability at 1 January 1
(32)
\u2013
(355)
(387)
(25)
\u2013
(339)
(364)
Contracts under the fair value
transition approach
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other contracts
752
\u2013
\u2013
752
655
\u2013
\u2013
655
Insurance revenue
752
\u2013
\u2013
752
655
\u2013
\u2013
655
Insurance service expenses 2
(31)
\u2013
(562)
(593)
(32)
\u2013
(533)
(565)
Insurance service result
721
\u2013
(562)
159
623
\u2013
(533)
90
Net finance income (expense)
from insurance and participating
investment contracts
\u2013
\u2013
(14)
(14)
\u2013
\u2013
(7)
(7)
Total change in profit or loss
721
\u2013
(576)
145
623
\u2013
(540)
83
Premiums received
(744)
\u2013
\u2013
(744)
(659)
\u2013
\u2013
(659)
Claims and other insurance
service expenses paid
\u2013
\u2013
540
540
\u2013
\u2013
524
524
Insurance acquisition cash flows
34
\u2013
\u2013
34
29
\u2013
\u2013
29
Cash flows
(710)
\u2013
540
(170)
(630)
\u2013
524
(106)
Net liability at 31 December 1
(21)
\u2013
(391)
(412)
(32)
\u2013
(355)
(387)
1Excluding insurance acquisition assets.
2Losses and reversal of losses on onerous contracts amounted to \u00a3nil (2024: \u00a3nil ). Amortisation of insurance acquisition cash flows amounted to \u00a3 31 million (2024: \u00a332 million).", "dimensions": { "concept": "lyg:DisclosureOfInsuranceContractsReconciliationOfInsuranceBalances", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1020": { "value": "
(E)Summary of contractual service margin and risk adjustment
2025
2024
Life
\u00a3m
Non-life
\u00a3m
Total
\u00a3m
Life
\u00a3m
Non-life
\u00a3m
Total
\u00a3m
CSM on insurance and participating investment contracts 1
4,385
\u2013
4,385
4,646
\u2013
4,646
CSM on reinsurance contracts 2
(90)
\u2013
(90)
(467)
\u2013
(467)
Total CSM
4,295
\u2013
4,295
4,179
\u2013
4,179
Risk adjustment on insurance and participating investment contracts 1
946
23
969
891
19
910
Risk adjustment on reinsurance contracts 2
(39)
\u2013
(39)
(68)
(1)
(69)
Total risk adjustment
907
23
930
823
18
841
Total
5,202
23
5,225
5,002
18
5,020
1Includes CSM of \u00a3nil (2024: \u00a3544\u00a0million ) and risk adjustment of \u00a3nil (2024: \u00a336\u00a0million) arising from insurance contracts classified as disposal group liabilities and presented in other
liabilities. Further information on the disposal group is provided in section (C).
2Includes CSM of \u00a3nil (2024: \u00a3(426)\u00a0million) and risk adjustment of \u00a3nil (2024: \u00a3(36)\u00a0million) on reinsurance contracts classified as disposal group assets and presented in other assets.
Further information on the disposal group is provided in section (C).
", "dimensions": { "concept": "lyg:DisclosureOfInsuranceContractsSummaryOfContractualServiceMargin", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1021": { "value": "
(G)Impacts of insurance and participating investment contracts recognised in the year
2025
2024
Life
Profitable
contracts
issued
\u00a3m
Onerous
contracts
issued
\u00a3m
Total
\u00a3m
Profitable
contracts
issued
\u00a3m
Onerous
contracts
issued
\u00a3m
Total
\u00a3m
Insurance and participating investment contracts
Insurance acquisition cash flows
123
185
308
56
203
259
Claims and other directly attributable expenses
5,573
524
6,097
1,446
4,498
5,944
Estimates of the present value of future cash outflows
5,696
709
6,405
1,502
4,701
6,203
Estimates of the present value of future cash inflows
(5,761)
(630)
(6,391)
(1,577)
(4,659)
(6,236)
Risk adjustment for non-financial risk
47
13
60
14
51
65
Contractual service margin
18
\u2013
18
61
\u2013
61
Losses recognised on initial recognition
\u2013
92
92
\u2013
93
93
", "dimensions": { "concept": "lyg:DisclosureOfInsuranceContractsImpactsOfInsuranceAndParticipatingInvestmentContractsRecognisedInTheYear", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1022": { "value": "
(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. The sensitivities below are on a net of reinsurance basis. 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.
In 2025, the Group utilised all its remaining brought forward life assurance expenses to reduce the cost of policyholder tax charged on its
investment gains. Future investment gains cannot therefore be sheltered by expenses, and as a result the equity impacts in sensitivity table
below for 2025 includes the cost of policyholder tax whereas the 2024 comparatives do not.
Note 8: Insurance business continued
2025
2024
Change in variable
Increase
(reduction)
in profit
before tax
\u00a3m
Increase
(reduction)
in equity
\u00a3m
Increase
(reduction)
in profit
before tax
\u00a3m
Increase
(reduction)
in equity
\u00a3m
Key sources of estimation uncertainty
Risk free rate, including illiquidity premia
1% reduction
271
157
272
204
1% increase
(237)
(136)
(227)
(171)
Widening of credit default spreads on corporate bonds
and other credit risky assets
0.25% addition
(186)
(140)
(174)
(131)
Other market exposure
Equity
10% reduction
64
145
137
103
10% increase
(58)
(144)
(127)
(95)
Inflation
50bps reduction
(77)
(58)
(88)
(66)
50bps increase
84
63
98
73
Other accounting estimates
Annuitant mortality
5% reduction
33
25
48
36
5% increase
(37)
(28)
(45)
(33)
Future maintenance and investment expenses
10% reduction
29
22
30
23
10% increase
(31)
(23)
(30)
(23)
Non-annuitant mortality and morbidity
5% reduction
31
24
17
13
5% increase
(26)
(20)
(10)
(8)
Lapse rates
10% reduction
8
6
5
4
10% increase
(9)
(6)
(4)
(3)
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
2025
4.74
5.25
6.00
6.24
5.57
2024
5.58
5.17
5.66
5.71
5.06
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 and other credit risky assets
The Group applies a sensitivity showing the impact of an increase in credit default spreads on corporate bonds and other credit risky assets
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.
Equity
The Group applies a sensitivity showing the impact of an instantaneous increase (decrease) in the value of equity markets. This impacts the
value of unit linked and with-profits business as the assets backing the policyholder liabilities rise (fall) leading to an increase (reduction) the
value of future annual management charges received. The overall impact is affected by the Group's unit-matching policy which mitigates
the impact of equity market movements on the value of these future charges. The Group also implements an equity market hedge along
with utilising the Risk Mitigation Option under IFRS17 to further mitigate equity market movement impacts.
Inflation
The Group applies a sensitivity showing the impact of an increase (decrease) in inflation. This impacts the level of expenses incurred across
all lines of business as well as any inflation linked premiums or benefits.
Note 8: Insurance business continued
Mortality
The mortality assumptions for the main classes of business are set with regard to recent Group experience and general industry trends,
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 2025 and the prior period were selected from the bespoke mortality tables. The mortality improvements adopt the
100% Bespoke tables and CMI2024_{M/F}_Q3(7.25) HL-1_{2.0/1.8}%_{0.5/0.5}A_2013 for the year ended 31 December 2025; and the 100%
Bespoke tables and CMI 2023_{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 1.3% to 16.9% (2024: 0.8% to 13.8%) and for longstanding business range from
0.5% to 74.1% (2024: 0.5% to 74.1%), the wide range being a result of the age and variety of products.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1023": { "value": "
Note 9: Other operating income
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Operating lease rental income
1,979
1,681
1,383
Rental income from investment properties (note 24)
190
172
146
Other1
198
81
102
Total other operating income
2,367
1,934
1,631
1 Net gains on disposal of financial assets at fair value through other comprehensive income, previously reported separately, are presented within other.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1027": { "value": "
Note 10: Operating expenses
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Staff costs:
Salaries and social security costs 1
3,846
3,819
3,651
Pensions and other retirement benefit schemes (note 12)
527
526
355
Restructuring and other staff costs
334
327
487
4,707
4,672
4,493
Premises and equipment costs 2
503
454
449
Depreciation and amortisation 3
3,477
3,426
2,905
UK bank levy
130
147
150
Regulatory and legal provisions (note 28)
968
899
675
Other
2,786
2,594
2,720
Operating expenses before adjustment for:
12,571
12,192
11,392
Amounts attributable to the acquisition of insurance and participating investment contracts
(191)
(182)
(183)
Amounts reported within insurance service expenses
(414)
(409)
(386)
Total operating expenses
11,966
11,601
10,823
1Including social security costs of \u00a3454 million ( 2024 : \u00a3428\u00a0million; 2023: \u00a3371\u00a0million).
2Net of loss on disposal of operating lease assets of \u00a310 million ( 2024 : profit of \u00a359 million ; 2023: profit of \u00a393 million).
3Including depreciation in respect of premises \u00a3101 \u00a0million ( 2024 : \u00a396 million ; 2023 : \u00a3110 million), equipment \u00a3349\u00a0million (2024: \u00a3400 million; 2023: \u00a3388 million), operating lease
assets \u00a31,470 \u00a0million (2024: \u00a31,410 million; 2023 : \u00a31,070 million) and right-of-use assets \u00a3182\u00a0million ( 2024: \u00a3198 million; 2023: \u00a3209 million).
Average headcount
The average number of persons on a headcount basis employed by the Group during the year was as follows:
2025
2024
2023
UK
60,331
64,334
65,390
Overseas
3,707
1,895
807
Total
64,038
66,229
66,197
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
compensation expense
Performance-based compensation expense
deferred until later years
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Awards made in respect of the year ended 31 December
343
300
316
83
90
108
Awards made in respect of earlier years
92
96
124
37
34
22
435
396
440
120
124
130
Performance-based awards expensed in 2025 include cash awards amounting to \u00a3225\u00a0million (2024 : \u00a3162 million ; 2023: \u00a3169 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1026": { "value": "
Note 10: Operating expenses
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Staff costs:
Salaries and social security costs 1
3,846
3,819
3,651
Pensions and other retirement benefit schemes (note 12)
527
526
355
Restructuring and other staff costs
334
327
487
4,707
4,672
4,493
Premises and equipment costs 2
503
454
449
Depreciation and amortisation 3
3,477
3,426
2,905
UK bank levy
130
147
150
Regulatory and legal provisions (note 28)
968
899
675
Other
2,786
2,594
2,720
Operating expenses before adjustment for:
12,571
12,192
11,392
Amounts attributable to the acquisition of insurance and participating investment contracts
(191)
(182)
(183)
Amounts reported within insurance service expenses
(414)
(409)
(386)
Total operating expenses
11,966
11,601
10,823
1Including social security costs of \u00a3454 million ( 2024 : \u00a3428\u00a0million; 2023: \u00a3371\u00a0million).
2Net of loss on disposal of operating lease assets of \u00a310 million ( 2024 : profit of \u00a359 million ; 2023: profit of \u00a393 million).
3Including depreciation in respect of premises \u00a3101 \u00a0million ( 2024 : \u00a396 million ; 2023 : \u00a3110 million), equipment \u00a3349\u00a0million (2024: \u00a3400 million; 2023: \u00a3388 million), operating lease
assets \u00a31,470 \u00a0million (2024: \u00a31,410 million; 2023 : \u00a31,070 million) and right-of-use assets \u00a3182\u00a0million ( 2024: \u00a3198 million; 2023: \u00a3209 million).
Average headcount
The average number of persons on a headcount basis employed by the Group during the year was as follows:
2025
2024
2023
UK
60,331
64,334
65,390
Overseas
3,707
1,895
807
Total
64,038
66,229
66,197
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
compensation expense
Performance-based compensation expense
deferred until later years
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Awards made in respect of the year ended 31 December
343
300
316
83
90
108
Awards made in respect of earlier years
92
96
124
37
34
22
435
396
440
120
124
130
Performance-based awards expensed in 2025 include cash awards amounting to \u00a3225\u00a0million (2024 : \u00a3162 million ; 2023: \u00a3169 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1025": { "value": "
Note 10: Operating expenses
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Staff costs:
Salaries and social security costs 1
3,846
3,819
3,651
Pensions and other retirement benefit schemes (note 12)
527
526
355
Restructuring and other staff costs
334
327
487
4,707
4,672
4,493
Premises and equipment costs 2
503
454
449
Depreciation and amortisation 3
3,477
3,426
2,905
UK bank levy
130
147
150
Regulatory and legal provisions (note 28)
968
899
675
Other
2,786
2,594
2,720
Operating expenses before adjustment for:
12,571
12,192
11,392
Amounts attributable to the acquisition of insurance and participating investment contracts
(191)
(182)
(183)
Amounts reported within insurance service expenses
(414)
(409)
(386)
Total operating expenses
11,966
11,601
10,823
1Including social security costs of \u00a3454 million ( 2024 : \u00a3428\u00a0million; 2023: \u00a3371\u00a0million).
2Net of loss on disposal of operating lease assets of \u00a310 million ( 2024 : profit of \u00a359 million ; 2023: profit of \u00a393 million).
3Including depreciation in respect of premises \u00a3101 \u00a0million ( 2024 : \u00a396 million ; 2023 : \u00a3110 million), equipment \u00a3349\u00a0million (2024: \u00a3400 million; 2023: \u00a3388 million), operating lease
assets \u00a31,470 \u00a0million (2024: \u00a31,410 million; 2023 : \u00a31,070 million) and right-of-use assets \u00a3182\u00a0million ( 2024: \u00a3198 million; 2023: \u00a3209 million).
Average headcount
The average number of persons on a headcount basis employed by the Group during the year was as follows:
2025
2024
2023
UK
60,331
64,334
65,390
Overseas
3,707
1,895
807
Total
64,038
66,229
66,197
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
compensation expense
Performance-based compensation expense
deferred until later years
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Awards made in respect of the year ended 31 December
343
300
316
83
90
108
Awards made in respect of earlier years
92
96
124
37
34
22
435
396
440
120
124
130
Performance-based awards expensed in 2025 include cash awards amounting to \u00a3225\u00a0million (2024 : \u00a3162 million ; 2023: \u00a3169 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1024": { "value": "
Note 10: Operating expenses
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Staff costs:
Salaries and social security costs 1
3,846
3,819
3,651
Pensions and other retirement benefit schemes (note 12)
527
526
355
Restructuring and other staff costs
334
327
487
4,707
4,672
4,493
Premises and equipment costs 2
503
454
449
Depreciation and amortisation 3
3,477
3,426
2,905
UK bank levy
130
147
150
Regulatory and legal provisions (note 28)
968
899
675
Other
2,786
2,594
2,720
Operating expenses before adjustment for:
12,571
12,192
11,392
Amounts attributable to the acquisition of insurance and participating investment contracts
(191)
(182)
(183)
Amounts reported within insurance service expenses
(414)
(409)
(386)
Total operating expenses
11,966
11,601
10,823
1Including social security costs of \u00a3454 million ( 2024 : \u00a3428\u00a0million; 2023: \u00a3371\u00a0million).
2Net of loss on disposal of operating lease assets of \u00a310 million ( 2024 : profit of \u00a359 million ; 2023: profit of \u00a393 million).
3Including depreciation in respect of premises \u00a3101 \u00a0million ( 2024 : \u00a396 million ; 2023 : \u00a3110 million), equipment \u00a3349\u00a0million (2024: \u00a3400 million; 2023: \u00a3388 million), operating lease
assets \u00a31,470 \u00a0million (2024: \u00a31,410 million; 2023 : \u00a31,070 million) and right-of-use assets \u00a3182\u00a0million ( 2024: \u00a3198 million; 2023: \u00a3209 million).
Average headcount
The average number of persons on a headcount basis employed by the Group during the year was as follows:
2025
2024
2023
UK
60,331
64,334
65,390
Overseas
3,707
1,895
807
Total
64,038
66,229
66,197
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
compensation expense
Performance-based compensation expense
deferred until later years
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Awards made in respect of the year ended 31 December
343
300
316
83
90
108
Awards made in respect of earlier years
92
96
124
37
34
22
435
396
440
120
124
130
Performance-based awards expensed in 2025 include cash awards amounting to \u00a3225\u00a0million (2024 : \u00a3162 million ; 2023: \u00a3169 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1028": { "value": "
Note 11: Share-based payments
Charge to the income statement
The charge to the income statement is set out below:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Deferred bonus plan
186
206
241
Options and shares granted in the year
12
15
20
Options and shares granted in prior years
51
60
67
63
75
87
Total charge to the income statement
249
281
328
During the year ended 31 December 2025 the Group operated the following share-based payment schemes, which are mainly
equity\u00a0settled.
Group Performance Share plan
The Group operates a Group Performance Share plan that is part equity settled. Bonuses in respect of employee service in 2025 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% 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:
2025
2024
Number
of options
Weighted
average
exercise price
(pence)
Number
of options
Weighted
average
exercise price
(pence)
Outstanding at 1 January
797,624,786
42.30
1,311,205,148
31.70
Granted
119,602,764
74.35
200,820,157
52.35
Exercised
(189,981,525)
39.40
(663,187,372)
24.60
Forfeited
(24,349,649)
43.66
(17,375,716)
39.01
Cancelled
(15,760,828)
47.99
(27,852,684)
40.70
Expired
(1,816,675)
39.45
(5,984,747)
35.40
Outstanding at 31 December
685,318,873
48.52
797,624,786
42.30
Exercisable at 31 December
178,806
39.40
955,281
24.25
The weighted average share price at the time that the options were exercised during 2025 was \u00a30.61 (2024: \u00a30.47). The weighted average
remaining contractual life of options outstanding at the end of the year was 1.88 years (2024: 1.85 years).
The weighted average fair value of SAYE options granted during 2025 was \u00a30.15 (2024: \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.
2025
2024
Number
of options
Weighted
average
exercise price
(pence)
Number
of options
Weighted
average
exercise price
(pence)
Outstanding at 1 January
15,578,997
nil
26,131,255
nil
Granted
\u2013
nil
768,170
nil
Exercised
(6,945,829)
nil
(10,815,436)
nil
Forfeited
(253,070)
nil
(488,091)
nil
Lapsed
\u2013
nil
(16,901)
nil
Outstanding at 31 December
8,380,098
nil
15,578,997
nil
Exercisable at 31 December
200,359
nil
988,243
nil
The weighted average fair value of options granted in the year was \u00a3nil (2024: \u00a30.46). 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
2025 was \u00a30.75 (2024: \u00a30.53). The weighted average remaining contractual life of options outstanding at the end of the year was 5.9 years
(2024: 6.2 years).
Included in the above are awards to the Group Chief Executive.
Note 11: Share-based payments continued
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.
2025
Number
of options
2024
Number
of options
Outstanding at 1 January
3,968,909
5,337,899
Exercised
(1,368,990)
(1,368,990)
Outstanding at 31 December
2,599,919
3,968,909
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.
2025
Number
of shares
2024
Number
of shares
Outstanding at 1 January
22,123,194
39,804,293
Vested
(10,254,907)
(18,490,246)
Forfeited
\u2013
(33,055)
Dividend award
\u2013
842,202
Outstanding at 31 December
11,868,287
22,123,194
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 2023 grant are due to vest in 2026 at a rate of 100%. Details in relation to the plan are provided in the
directors\u2019 remuneration report.
2025
Number
of shares
2024
Number
of shares
Outstanding at 1 January
195,879,295
262,409,389
Vested
(62,272,967)
(53,608,504)
Forfeited
(4,809,902)
(12,921,590)
Outstanding at 31 December
128,796,426
195,879,295
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.
2025
Number
of shares
2024
Number
of shares
Outstanding at 1 January
75,063,395
\u2013
Granted
46,999,778
75,063,395
Outstanding at 31 December
122,063,173
75,063,395
The weighted average fair value of awards granted in the year was \u00a30.48 (2024: \u00a30.30).
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.
2025
2024
Number
of shares
Number
of shares
Outstanding at 1 January
2,865,027
\u2013
Granted
3,679,148
3,593,397
Vested
(1,747,624)
(728,370)
Outstanding at 31 December
4,796,551
2,865,027
The weighted average fair value of awards granted in the year was \u00a30.73 (2024: \u00a30.51).
Note 11: Share-based payments continued
Assumptions at 31 December 2025
The fair value calculations at 31 December 2025 for grants made in the year, using Black-Scholes models and Monte Carlo simulation, are
based on the following assumptions:
SAYE
Executive
Share Plans
Long Term Share
Plan
Weighted average risk-free interest rate
3.87%
3.81%
4.13%
Weighted average expected life
3.3 years
1.5 years
4.4 years
Weighted average expected volatility
25%
25%
27%
Weighted average expected dividend yield
5.0%
6.0%
6.0%
Weighted average share price
\u00a30.84
\u00a30.80
\u00a30.71
Weighted average exercise price
\u00a30.74
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 2025 was 26,409,397 (2024: 38,464,042), with an average fair value of \u00a30.74
(2024: \u00a30.53), 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 2025 was 1,470,573 (2024: 1,541,751) with an average fair value of \u00a30.81 (2024: \u00a30.55) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1030": { "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 2025 in respect of the Group\u2019s defined benefit pension scheme obligations
was \u00a3 2,612 million, comprising an asset of \u00a32,695 million and a liability of \u00a383 million (2024 : a net asset of \u00a32,945 million comprising an
asset of \u00a33,028\u00a0million and a liability of \u00a383\u00a0million). 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).
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Charge (credit) to the income statement
Defined benefit pension schemes
(39)
(13)
(80)
Other retirement benefit schemes
2
2
1
Total defined benefit schemes
(37)
(11)
(79)
Defined contribution pension schemes
564
537
434
Total charge to the income statement (note 10)
527
526
355
Note 12: Retirement benefit obligations continued
2025
\u00a3m
2024
\u00a3m
Amounts recognised in the balance sheet
Retirement benefit assets
2,695
3,028
Retirement benefit obligations
(120)
(122)
Total amounts recognised in the balance sheet
2,575
2,906
The total amounts recognised in the balance sheet relate to:
2025
\u00a3m
2024
\u00a3m
Defined benefit pension schemes
2,612
2,945
Other retirement benefit schemes
(37)
(39)
Total amounts recognised in the balance sheet
2,575
2,906
The Group holds on its balance sheet the net surplus or deficit, being the difference between the fair value of plan assets and the present
value of scheme liabilities, at the balance sheet date for each plan. Surpluses are only recognised to the extent that they are recoverable
through reduced contributions in the future or through potential future refunds from the schemes. In assessing whether a surplus is
recoverable, the Group considers its current right to obtain a refund or a reduction in future contributions together with the rights of third
parties, such as trustees, at the balance sheet date.
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 2025, these schemes represented 94%
of the Group\u2019s total gross defined benefit pension assets (2024: 94%). 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 funding 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\u00a0deficit contributions as the future economic benefits arising from these contributions are expected to be available to the Group.
The\u00a0Group\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, no further deficit contributions were paid 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\u00a0Group expects to pay contributions of at least \u00a30.1 billion to its defined benefit schemes in 2026.
The Group provides additional security arrangements to a number of the UK schemes for the Group\u2019s obligations to the schemes.
At\u00a031\u00a0December 2025 the security arrangements held assets of \u00a3 4.0 billion. The security arrangements are fully consolidated in the
Group\u2019s\u00a0balance 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\u00a019 as at 31 December 2025, 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 July 2024, the Court of Appeal handed down a judgment (Virgin Media Limited v NTL Pension Trustees Limited) which potentially has
implications for the validity of amendments made by pension schemes that were contracted out on a salary-related basis between 6 April
1997 and the abolition of contracting-out in 2016. The Government in September 2025, recognising that schemes and sponsoring
employers need clarity around scheme liabilities, proposed legislation to give affected pension schemes the ability to retrospectively obtain
written actuarial confirmation that historic benefit changes met the necessary standards. 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 is continuing to review scheme amendments to decide whether any subsequent actions are required and
will continue to monitor developments.
(ii)Amounts in the financial statements
2025
\u00a3m
2024
\u00a3m
Amount included in the balance sheet
Present value of funded obligations
(26,571)
(27,118)
Fair value of scheme assets
29,183
30,063
Net amount recognised in the balance sheet
2,612
2,945
Note 12: Retirement benefit obligations continued
2025
\u00a3m
2024
\u00a3m
Net amount recognised in the balance sheet
At 1 January
2,945
3,532
Net defined benefit pension credit
39
13
Actuarial gains on defined benefit obligation
412
2,940
Return on plan assets
(934)
(3,712)
Employer contributions
150
172
At 31 December
2,612
2,945
2025
\u00a3m
2024
\u00a3m
Movements in the defined benefit obligation
At 1 January
(27,118)
(30,201)
Current service cost
(64)
(85)
Interest expense
(1,459)
(1,385)
Remeasurements:
Actuarial gains \u2013 demographic assumptions
114
109
Actuarial (losses) gains \u2013 experience
(427)
94
Actuarial gains \u2013 financial assumptions
725
2,737
Benefits paid
1,693
1,638
Past service cost
(30)
(35)
Settlements
2
1
Exchange and other adjustments
(7)
9
At 31 December
(26,571)
(27,118)
2025
\u00a3m
2024
\u00a3m
Analysis of the defined benefit obligation
Active members
(1,960)
(2,463)
Deferred members
(6,722)
(7,080)
Dependants
(1,486)
(1,429)
Pensioners
(16,403)
(16,146)
At 31 December
(26,571)
(27,118)
2025
\u00a3m
2024
\u00a3m
Changes in the fair value of scheme assets
At 1 January
30,063
33,733
Return on plan assets excluding amounts included in interest income
(934)
(3,712)
Interest income
1,624
1,551
Employer contributions
150
172
Benefits paid
(1,693)
(1,638)
Settlements
(2)
(1)
Administrative costs paid
(32)
(33)
Exchange and other adjustments
7
(9)
At 31 December
29,183
30,063
The credit recognised in the income statement for the year ended 31 December comprises:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Current service cost
64
85
88
Net interest amount
(165)
(166)
(208)
Past service cost \u2013 plan amendments
30
35
5
Plan administration costs incurred during the year
32
33
35
Total defined benefit pension credit
(39)
(13)
(80)
Note 12: Retirement benefit obligations continued
(iii)Composition of scheme assets
2025
2024
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Debt instruments1:
Fixed interest government bonds
6,326
\u2013
6,326
6,985
\u2013
6,985
Index-linked government bonds
15,382
\u2013
15,382
15,550
\u2013
15,550
Corporate and other debt securities
9,771
\u2013
9,771
7,396
\u2013
7,396
Asset-backed securities
3
\u2013
3
\u2013
\u2013
\u2013
31,482
\u2013
31,482
29,931
\u2013
29,931
Pooled investment vehicles
653
5,964
6,617
686
7,342
8,028
Property
\u2013
132
132
\u2013
130
130
Equity instruments
12
59
71
23
66
89
Money market instruments, cash, derivatives and other assets
and liabilities
135
(9,254)
(9,119)
55
(8,170)
(8,115)
At 31 December
32,282
(3,099)
29,183
30,695
(632)
30,063
1Of the total debt instruments, \u00a329,876 million (2024: \u00a327,551 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:
2025
\u00a3m
2024
\u00a3m
Alternative credit funds
1,138
1,793
Bond and debt funds
276
449
Equity funds
1,644
1,553
Hedge and mutual funds
\u2013
709
Infrastructure funds
1,012
1,059
Liquidity funds
1,702
1,449
Property funds
817
992
Other
28
24
At 31 December
6,617
8,028
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.
(iv)Assumptions
The principal actuarial and financial assumptions used in valuations of the defined benefit pension schemes were as follows:
2025
%
2024
%
Discount rate
5.57
5.55
Rate of inflation:
Retail Price Index (RPI)
2.65
2.97
Consumer Price Index (CPI)
2.13
2.52
Rate of salary increases
0.00
0.00
Weighted average rate of increase for pensions in payment
2.52
2.69
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
2025
Years
2024
Years
2025
Years
2024
Years
Life expectancy for average member aged 60, on the valuation date
26.5
26.4
28.6
28.5
Life expectancy for average member aged 60, 15 years after the valuation date
27.4
27.3
29.5
29.4
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 2023 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% weight on 2022 and 2023 mortality experience.
Note 12: Retirement benefit obligations continued
(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 income
statement charge
Increase (decrease) in the
net defined benefit
pension scheme surplus
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Inflation (including pension increases)1:
Increase of 0.25%
27
28
(455)
(484)
Decrease of 0.25%
(25)
(27)
433
467
Discount rate2:
Increase of 0.25%
(46)
(51)
659
718
Decrease of 0.25%
45
49
(700)
(757)
Expected life expectancy of members:
Increase of one year
45
46
(802)
(806)
Decrease of one year
(47)
(47)
827
830
1At 31 December 2025, the assumed rate of RPI inflation is 2.65% and CPI inflation 2.13% (2024: RPI 2.97% and CPI 2.52%).
2At 31 December 2025, the assumed discount rate is 5.57% (2024: 5.55%).
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% 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.
Note 12: Retirement benefit obligations continued
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% of scheme assets at 31\u00a0December 2025.
The LDI strategies are actively managed to reflect both changing market conditions and changes to the liability profile. At 31 December
2025 the asset-liability matching strategy mitigated c.110% of the liability sensitivity to interest rate movements and c.130% 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.60% of their longevity risk exposure at 31 December 2025.
These arrangements form part of the schemes\u2019 investment portfolio and reduce the risk of members living longer than expected through
the exchange of fixed payments for actual payments.
At 31 December 2025 the value of scheme assets included longevity swaps valued at \u00a3(217) million.
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:
2025
Years
2024
Years
Duration of the defined benefit obligation
11
12
Maturity analysis of benefits expected to be paid:
2025
\u00a3m
2024
\u00a3m
Within 12 months
1,816
1,800
Between 1 and 2 years
1,625
1,595
Between 2 and 5 years
5,229
5,134
Between 5 and 10 years
9,294
9,318
Between 10 and 15 years
8,993
9,150
Between 15 and 25 years
15,679
16,316
Between 25 and 35 years
10,382
11,294
Between 35 and 45 years
4,375
5,171
In more than 45 years
906
1,201
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.
During the year ended 31 December 2025 the charge to the income statement in respect of defined contribution schemes was \u00a3564\u00a0million
(2024: \u00a3537\u00a0million; 2023: \u00a3434 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 2025 by
qualified independent actuaries. The principal assumptions used were as set out above in section (iv), except that the long-term rate of
increase in healthcare premiums has been assumed at 10.00% (2024: 10.00%).
Movements in the other retirement benefits obligation:
2025
\u00a3m
2024
\u00a3m
At 1 January
(39)
(44)
Actuarial gains
2
4
Insurance premiums paid
2
3
Charge for the year
(2)
(2)
At 31 December
(37)
(39)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1029": { "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 2025 in respect of the Group\u2019s defined benefit pension scheme obligations
was \u00a3 2,612 million, comprising an asset of \u00a32,695 million and a liability of \u00a383 million (2024 : a net asset of \u00a32,945 million comprising an
asset of \u00a33,028\u00a0million and a liability of \u00a383\u00a0million). 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).
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Charge (credit) to the income statement
Defined benefit pension schemes
(39)
(13)
(80)
Other retirement benefit schemes
2
2
1
Total defined benefit schemes
(37)
(11)
(79)
Defined contribution pension schemes
564
537
434
Total charge to the income statement (note 10)
527
526
355
Note 12: Retirement benefit obligations continued
2025
\u00a3m
2024
\u00a3m
Amounts recognised in the balance sheet
Retirement benefit assets
2,695
3,028
Retirement benefit obligations
(120)
(122)
Total amounts recognised in the balance sheet
2,575
2,906
The total amounts recognised in the balance sheet relate to:
2025
\u00a3m
2024
\u00a3m
Defined benefit pension schemes
2,612
2,945
Other retirement benefit schemes
(37)
(39)
Total amounts recognised in the balance sheet
2,575
2,906
The Group holds on its balance sheet the net surplus or deficit, being the difference between the fair value of plan assets and the present
value of scheme liabilities, at the balance sheet date for each plan. Surpluses are only recognised to the extent that they are recoverable
through reduced contributions in the future or through potential future refunds from the schemes. In assessing whether a surplus is
recoverable, the Group considers its current right to obtain a refund or a reduction in future contributions together with the rights of third
parties, such as trustees, at the balance sheet date.
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 2025, these schemes represented 94%
of the Group\u2019s total gross defined benefit pension assets (2024: 94%). 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 funding 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\u00a0deficit contributions as the future economic benefits arising from these contributions are expected to be available to the Group.
The\u00a0Group\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, no further deficit contributions were paid 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\u00a0Group expects to pay contributions of at least \u00a30.1 billion to its defined benefit schemes in 2026.
The Group provides additional security arrangements to a number of the UK schemes for the Group\u2019s obligations to the schemes.
At\u00a031\u00a0December 2025 the security arrangements held assets of \u00a3 4.0 billion. The security arrangements are fully consolidated in the
Group\u2019s\u00a0balance 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\u00a019 as at 31 December 2025, 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 July 2024, the Court of Appeal handed down a judgment (Virgin Media Limited v NTL Pension Trustees Limited) which potentially has
implications for the validity of amendments made by pension schemes that were contracted out on a salary-related basis between 6 April
1997 and the abolition of contracting-out in 2016. The Government in September 2025, recognising that schemes and sponsoring
employers need clarity around scheme liabilities, proposed legislation to give affected pension schemes the ability to retrospectively obtain
written actuarial confirmation that historic benefit changes met the necessary standards. 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 is continuing to review scheme amendments to decide whether any subsequent actions are required and
will continue to monitor developments.
(ii)Amounts in the financial statements
2025
\u00a3m
2024
\u00a3m
Amount included in the balance sheet
Present value of funded obligations
(26,571)
(27,118)
Fair value of scheme assets
29,183
30,063
Net amount recognised in the balance sheet
2,612
2,945
Note 12: Retirement benefit obligations continued
2025
\u00a3m
2024
\u00a3m
Net amount recognised in the balance sheet
At 1 January
2,945
3,532
Net defined benefit pension credit
39
13
Actuarial gains on defined benefit obligation
412
2,940
Return on plan assets
(934)
(3,712)
Employer contributions
150
172
At 31 December
2,612
2,945
2025
\u00a3m
2024
\u00a3m
Movements in the defined benefit obligation
At 1 January
(27,118)
(30,201)
Current service cost
(64)
(85)
Interest expense
(1,459)
(1,385)
Remeasurements:
Actuarial gains \u2013 demographic assumptions
114
109
Actuarial (losses) gains \u2013 experience
(427)
94
Actuarial gains \u2013 financial assumptions
725
2,737
Benefits paid
1,693
1,638
Past service cost
(30)
(35)
Settlements
2
1
Exchange and other adjustments
(7)
9
At 31 December
(26,571)
(27,118)
2025
\u00a3m
2024
\u00a3m
Analysis of the defined benefit obligation
Active members
(1,960)
(2,463)
Deferred members
(6,722)
(7,080)
Dependants
(1,486)
(1,429)
Pensioners
(16,403)
(16,146)
At 31 December
(26,571)
(27,118)
2025
\u00a3m
2024
\u00a3m
Changes in the fair value of scheme assets
At 1 January
30,063
33,733
Return on plan assets excluding amounts included in interest income
(934)
(3,712)
Interest income
1,624
1,551
Employer contributions
150
172
Benefits paid
(1,693)
(1,638)
Settlements
(2)
(1)
Administrative costs paid
(32)
(33)
Exchange and other adjustments
7
(9)
At 31 December
29,183
30,063
The credit recognised in the income statement for the year ended 31 December comprises:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Current service cost
64
85
88
Net interest amount
(165)
(166)
(208)
Past service cost \u2013 plan amendments
30
35
5
Plan administration costs incurred during the year
32
33
35
Total defined benefit pension credit
(39)
(13)
(80)
Note 12: Retirement benefit obligations continued
(iii)Composition of scheme assets
2025
2024
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Debt instruments1:
Fixed interest government bonds
6,326
\u2013
6,326
6,985
\u2013
6,985
Index-linked government bonds
15,382
\u2013
15,382
15,550
\u2013
15,550
Corporate and other debt securities
9,771
\u2013
9,771
7,396
\u2013
7,396
Asset-backed securities
3
\u2013
3
\u2013
\u2013
\u2013
31,482
\u2013
31,482
29,931
\u2013
29,931
Pooled investment vehicles
653
5,964
6,617
686
7,342
8,028
Property
\u2013
132
132
\u2013
130
130
Equity instruments
12
59
71
23
66
89
Money market instruments, cash, derivatives and other assets
and liabilities
135
(9,254)
(9,119)
55
(8,170)
(8,115)
At 31 December
32,282
(3,099)
29,183
30,695
(632)
30,063
1Of the total debt instruments, \u00a329,876 million (2024: \u00a327,551 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:
2025
\u00a3m
2024
\u00a3m
Alternative credit funds
1,138
1,793
Bond and debt funds
276
449
Equity funds
1,644
1,553
Hedge and mutual funds
\u2013
709
Infrastructure funds
1,012
1,059
Liquidity funds
1,702
1,449
Property funds
817
992
Other
28
24
At 31 December
6,617
8,028
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.
(iv)Assumptions
The principal actuarial and financial assumptions used in valuations of the defined benefit pension schemes were as follows:
2025
%
2024
%
Discount rate
5.57
5.55
Rate of inflation:
Retail Price Index (RPI)
2.65
2.97
Consumer Price Index (CPI)
2.13
2.52
Rate of salary increases
0.00
0.00
Weighted average rate of increase for pensions in payment
2.52
2.69
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
2025
Years
2024
Years
2025
Years
2024
Years
Life expectancy for average member aged 60, on the valuation date
26.5
26.4
28.6
28.5
Life expectancy for average member aged 60, 15 years after the valuation date
27.4
27.3
29.5
29.4
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 2023 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% weight on 2022 and 2023 mortality experience.
Note 12: Retirement benefit obligations continued
(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 income
statement charge
Increase (decrease) in the
net defined benefit
pension scheme surplus
2025
\u00a3m
2024
\u00a3m
2025
\u00a3m
2024
\u00a3m
Inflation (including pension increases)1:
Increase of 0.25%
27
28
(455)
(484)
Decrease of 0.25%
(25)
(27)
433
467
Discount rate2:
Increase of 0.25%
(46)
(51)
659
718
Decrease of 0.25%
45
49
(700)
(757)
Expected life expectancy of members:
Increase of one year
45
46
(802)
(806)
Decrease of one year
(47)
(47)
827
830
1At 31 December 2025, the assumed rate of RPI inflation is 2.65% and CPI inflation 2.13% (2024: RPI 2.97% and CPI 2.52%).
2At 31 December 2025, the assumed discount rate is 5.57% (2024: 5.55%).
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% 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.
Note 12: Retirement benefit obligations continued
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% of scheme assets at 31\u00a0December 2025.
The LDI strategies are actively managed to reflect both changing market conditions and changes to the liability profile. At 31 December
2025 the asset-liability matching strategy mitigated c.110% of the liability sensitivity to interest rate movements and c.130% 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.60% of their longevity risk exposure at 31 December 2025.
These arrangements form part of the schemes\u2019 investment portfolio and reduce the risk of members living longer than expected through
the exchange of fixed payments for actual payments.
At 31 December 2025 the value of scheme assets included longevity swaps valued at \u00a3(217) million.
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:
2025
Years
2024
Years
Duration of the defined benefit obligation
11
12
Maturity analysis of benefits expected to be paid:
2025
\u00a3m
2024
\u00a3m
Within 12 months
1,816
1,800
Between 1 and 2 years
1,625
1,595
Between 2 and 5 years
5,229
5,134
Between 5 and 10 years
9,294
9,318
Between 10 and 15 years
8,993
9,150
Between 15 and 25 years
15,679
16,316
Between 25 and 35 years
10,382
11,294
Between 35 and 45 years
4,375
5,171
In more than 45 years
906
1,201
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.
During the year ended 31 December 2025 the charge to the income statement in respect of defined contribution schemes was \u00a3564\u00a0million
(2024: \u00a3537\u00a0million; 2023: \u00a3434 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 2025 by
qualified independent actuaries. The principal assumptions used were as set out above in section (iv), except that the long-term rate of
increase in healthcare premiums has been assumed at 10.00% (2024: 10.00%).
Movements in the other retirement benefits obligation:
2025
\u00a3m
2024
\u00a3m
At 1 January
(39)
(44)
Actuarial gains
2
4
Insurance premiums paid
2
3
Charge for the year
(2)
(2)
At 31 December
(37)
(39)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1031": { "value": "
Defined contribution schemes
The Group operates a number of defined contribution pension schemes in the UK and overseas.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1032": { "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:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Fees payable for the:
\u2013 audit of the Company\u2019s current year annual report
2.0
2.0
2.0
\u2013 audits of the Company\u2019s subsidiaries
33.9
31.9
32.3
\u2013 total audit fees in respect of the statutory audit of Group entities1
35.9
33.9
34.3
\u2013 services normally provided in connection with statutory and regulatory filings or engagements
6.5
6.7
6.6
Total audit fees2
42.4
40.6
40.9
Other audit-related fees2
1.5
1.5
1.3
All other fees2
1.1
1.0
1.2
Total non-audit services3
2.6
2.5
2.5
Total fees payable to the Company\u2019s auditors by the Group
45.0
43.1
43.4
1As defined by the Financial Reporting Council (FRC).
2As defined by the Securities and Exchange Commission (SEC).
3As 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 \u00a39.1
million in 2025 (2024 : \u00a39.2 million; 2023: \u00a39.1 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:
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Audits of Group pension schemes
0.5
0.5
0.5
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1033": { "value": "
Note 14: Impairment
Year ended 31 December 2025
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
POCI
\u00a3m
Total
\u00a3m
Loans and advances to banks
\u2013
\u2013
\u2013
\u2013
\u2013
Loans and advances to customers
14
(82)
999
(64)
867
Debt securities
\u2013
\u2013
\u2013
\u2013
\u2013
Financial assets at amortised cost
14
(82)
999
(64)
867
Financial assets at fair value through other comprehensive income
(1)
\u2013
\u2013
\u2013
(1)
Other assets
2
\u2013
\u2013
\u2013
2
Loan commitments and financial guarantees
(30)
(43)
\u2013
\u2013
(73)
Total impairment (credit) charge
(15)
(125)
999
(64)
795
Note 14: Impairment continued
Year ended 31 December 2024
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
POCI
\u00a3m
Total
\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 (credit) charge
(188)
(324)
949
(6)
431
Year ended 31 December 2023
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
POCI
\u00a3m
Total
\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
The impairment charge includes a \u00a3137 million charge ( 2024: \u00a324 million charge; 2023 : \u00a373 million charge) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1034": { "value": "
Note 15: Tax
Analysis of tax expense for the year
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
UK corporation tax:
Current tax on profit for the year
(1,367)
(1,159)
(1,301)
Adjustments in respect of prior years
86
89
51
(1,281)
(1,070)
(1,250)
Foreign tax:
Current tax on profit for the year
(139)
(122)
(101)
Adjustments in respect of prior years
(9)
3
3
(148)
(119)
(98)
Current tax expense
(1,429)
(1,189)
(1,348)
Deferred tax:
Current year
(504)
(307)
(583)
Adjustments in respect of prior years
29
2
(54)
Deferred tax (expense) credit
(475)
(305)
(637)
Tax expense
(1,904)
(1,494)
(1,985)
The tax expense is made up as follows:
Tax (expense) credit attributable to policyholders
(219)
(137)
30
Shareholder tax expense
(1,685)
(1,357)
(2,015)
Tax expense
(1,904)
(1,494)
(1,985)
Factors affecting the tax expense for the year
The UK corporation tax rate for the year was 25.0 % (2024 : 25.0%; 2023 : 23.5%). 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.
Note 15: Tax continued
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Profit before tax
6,661
5,971
7,503
UK corporation tax thereon
(1,665)
(1,493)
(1,763)
Impact of surcharge on banking profits
(167)
(157)
(305)
Non-deductible costs: conduct charges
(70)
(27)
(29)
Non-deductible costs: bank levy
(33)
(37)
(35)
Other non-deductible costs1
(72)
(73)
(52)
Non-taxable income1
99
51
76
Tax relief on coupons on other equity instruments
116
125
124
(Non-deductible) non-taxable foreign exchange (losses) gains1
(75)
27
(50)
Tax-exempt gains on disposals
62
98
35
Tax losses where no deferred tax recognised
(7)
(7)
(2)
Remeasurement of deferred tax due to rate changes
\u2013
\u2013
(14)
Differences in overseas tax rates
(5)
(9)
6
Policyholder tax in respect of the life assurance business
(71)
(75)
(61)
Deferred tax in respect of life assurance policyholder tax
(119)
(5)
84
Adjustments in respect of prior years
106
94
\u2013
Tax effect of share of results of joint ventures
(3)
(1)
1
Provision for Pillar 2 current income taxes
\u2013
(5)
\u2013
Tax expense
(1,904)
(1,494)
(1,985)
1(Non-deductible) non-taxable foreign exchange gains (losses) on non-sterling denominated other equity instruments and on net investment hedging of subsidiaries, previously shown in
aggregate within other non-deductible costs and non-taxable income, are now presented as an individual line item. Comparatives are represented on a consistent basis.
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% on UK and overseas profits arising after 31 December 2023. As a result, tax expense for 2024 included a current
tax charge of \u00a35\u00a0million in respect of the Group\u2019s Channel Islands businesses. In 2025, following changes to tax rates in the Channel Islands,
we do not expect any additional Pillar 2 charge to arise.
The Group paid UK and overseas corporation taxes of \u00a31,575\u00a0million in the period, and received refunds of \u00a3200\u00a0million relating to tax
overpaid in respect of the previous period. In addition, t he Group paid \u00a3730\u00a0million in respect of the Irish loss relief case (see note 36).
Deferred tax
The Group\u2019s deferred tax assets and liabilities are as follows:
Statutory position
2025
\u00a3m
2024
\u00a3m
Tax disclosure
2025
\u00a3m
2024
\u00a3m
Deferred tax assets
3,990
5,005
Deferred tax assets
5,734
6,900
Deferred tax liabilities
(146)
(125)
Deferred tax liabilities
(1,890)
(2,020)
Net deferred tax asset at 31 December
3,844
4,880
Net deferred tax asset at 31 December
3,844
4,880
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 and the deferred tax assets and
liabilities relate to income taxes levied by the same taxation authority. 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\u00a0netting.
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:
Deferred tax assets
Tax
losses
\u00a3m
Property,
plant and
equipment
\u00a3m
Provisions
\u00a3m
Long-term
assurance
business
\u00a3m
Share-
based
payments
\u00a3m
Pension
liabilities
\u00a3m
Derivatives
\u00a3m
Asset
revaluations1
\u00a3m
Other
temporary
differences
\u00a3m
Total
\u00a3m
At 1 January 2024
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
(Charge) credit to the income statement
(401)
(81)
(58)
(53)
2
(5)
37
(29)
(1)
(589)
Credit (charge) to other comprehensive
income
\u2013
\u2013
35
\u2013
\u2013
\u2013
(659)
(7)
\u2013
(631)
Other credit to equity
\u2013
\u2013
\u2013
\u2013
54
\u2013
\u2013
\u2013
\u2013
54
At 31 December 2025
4,249
92
176
\u2013
90
33
973
30
91
5,734
In 2024, deferred tax assets of \u00a313\u00a0million were reclassified as disposal group assets and presented within other assets (see note 24).
Note 15: Tax continued
Deferred tax liabilities
Property,
plant and
equipment
\u00a3m
Capitalised
software
enhancements
\u00a3m
Long-term
assurance
business
\u00a3m
Acquisition
fair value
\u00a3m
Pension
assets
\u00a3m
Derivatives
\u00a3m
Other
temporary
differences
\u00a3m
Total
\u00a3m
At 1 January 2024
\u2013
(92)
\u2013
(352)
(971)
(708)
(258)
(2,381)
(Charge) credit to the income statement
\u2013
(31)
\u2013
124
3
164
(85)
175
Credit to other comprehensive income
\u2013
\u2013
\u2013
\u2013
154
\u2013
22
176
Exchange and other adjustments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
10
10
At 31 December 2024
\u2013
(123)
\u2013
(228)
(814)
(544)
(311)
(2,020)
(Charge) credit to the income statement
(45)
33
(73)
32
2
154
11
114
Credit to other comprehensive income
\u2013
\u2013
\u2013
\u2013
85
\u2013
\u2013
85
Acquisitions
\u2013
\u2013
\u2013
(72)
\u2013
\u2013
\u2013
(72)
Exchange and other adjustments
\u2013
\u2013
5
\u2013
\u2013
\u2013
(2)
3
At 31 December 2025
(45)
(90)
(68)
(268)
(727)
(390)
(302)
(1,890)
1Financial assets at fair value through other comprehensive income.
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 \u00a34,249 million (2024: \u00a34,650\u00a0million) 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% 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 2036 (2024: 2037) 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% of the value will be recovered by 2033, when Lloyds Bank 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.
Strong life business investment returns in the year mean that its brought forward expenses have now been fully utilised in the calculation of
policyholder tax liabilities. As a result, there is no net deferred tax asset to recognise in respect of them (2024: \u00a3104 million).
Deferred tax not recognised
Deferred tax assets of \u00a3132 million (2024: \u00a3143 million) have not been recognised in respect of \u00a3526 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, \u00a352 million (2024: \u00a358 million) relates to losses that will expire if not used within
20\u00a0years, and \u00a32\u00a0million (2024: \u00a38\u00a0million) 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 has appealed to the Upper Tier Tax Tribunal, 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 \u00a3980\u00a0million (including interest) and a reduction in the Group\u2019s deferred tax asset of approximately \u00a3270 million. Following
the First Tier Tax\u00a0Tribunal outcome, the tax has been paid to HMRC and recognised as a current tax asset, given the Group\u2019s view that the
tax liability will not ultimately fall due. The appeal has been listed for hearing in March 2027, however final conclusion of the judicial process
may not be\u00a0for\u00a0several years.
There are a number of other open matters on which the Group is in discussions with HMRC (including 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1036": { "value": "
Deferred tax
The Group\u2019s deferred tax assets and liabilities are as follows:
Statutory position
2025
\u00a3m
2024
\u00a3m
Tax disclosure
2025
\u00a3m
2024
\u00a3m
Deferred tax assets
3,990
5,005
Deferred tax assets
5,734
6,900
Deferred tax liabilities
(146)
(125)
Deferred tax liabilities
(1,890)
(2,020)
Net deferred tax asset at 31 December
3,844
4,880
Net deferred tax asset at 31 December
3,844
4,880
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 and the deferred tax assets and
liabilities relate to income taxes levied by the same taxation authority. 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\u00a0netting.
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:
Deferred tax assets
Tax
losses
\u00a3m
Property,
plant and
equipment
\u00a3m
Provisions
\u00a3m
Long-term
assurance
business
\u00a3m
Share-
based
payments
\u00a3m
Pension
liabilities
\u00a3m
Derivatives
\u00a3m
Asset
revaluations1
\u00a3m
Other
temporary
differences
\u00a3m
Total
\u00a3m
At 1 January 2024
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
(Charge) credit to the income statement
(401)
(81)
(58)
(53)
2
(5)
37
(29)
(1)
(589)
Credit (charge) to other comprehensive
income
\u2013
\u2013
35
\u2013
\u2013
\u2013
(659)
(7)
\u2013
(631)
Other credit to equity
\u2013
\u2013
\u2013
\u2013
54
\u2013
\u2013
\u2013
\u2013
54
At 31 December 2025
4,249
92
176
\u2013
90
33
973
30
91
5,734
In 2024, deferred tax assets of \u00a313\u00a0million were reclassified as disposal group assets and presented within other assets (see note 24).
Note 15: Tax continued
Deferred tax liabilities
Property,
plant and
equipment
\u00a3m
Capitalised
software
enhancements
\u00a3m
Long-term
assurance
business
\u00a3m
Acquisition
fair value
\u00a3m
Pension
assets
\u00a3m
Derivatives
\u00a3m
Other
temporary
differences
\u00a3m
Total
\u00a3m
At 1 January 2024
\u2013
(92)
\u2013
(352)
(971)
(708)
(258)
(2,381)
(Charge) credit to the income statement
\u2013
(31)
\u2013
124
3
164
(85)
175
Credit to other comprehensive income
\u2013
\u2013
\u2013
\u2013
154
\u2013
22
176
Exchange and other adjustments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
10
10
At 31 December 2024
\u2013
(123)
\u2013
(228)
(814)
(544)
(311)
(2,020)
(Charge) credit to the income statement
(45)
33
(73)
32
2
154
11
114
Credit to other comprehensive income
\u2013
\u2013
\u2013
\u2013
85
\u2013
\u2013
85
Acquisitions
\u2013
\u2013
\u2013
(72)
\u2013
\u2013
\u2013
(72)
Exchange and other adjustments
\u2013
\u2013
5
\u2013
\u2013
\u2013
(2)
3
At 31 December 2025
(45)
(90)
(68)
(268)
(727)
(390)
(302)
(1,890)
1Financial assets at fair value through other comprehensive income.
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 \u00a34,249 million (2024: \u00a34,650\u00a0million) 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% 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 2036 (2024: 2037) 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% of the value will be recovered by 2033, when Lloyds Bank 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.
Strong life business investment returns in the year mean that its brought forward expenses have now been fully utilised in the calculation of
policyholder tax liabilities. As a result, there is no net deferred tax asset to recognise in respect of them (2024: \u00a3104 million).
Deferred tax not recognised
Deferred tax assets of \u00a3132 million (2024: \u00a3143 million) have not been recognised in respect of \u00a3526 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, \u00a352 million (2024: \u00a358 million) relates to losses that will expire if not used within
20\u00a0years, and \u00a32\u00a0million (2024: \u00a38\u00a0million) 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 has appealed to the Upper Tier Tax Tribunal, 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 \u00a3980\u00a0million (including interest) and a reduction in the Group\u2019s deferred tax asset of approximately \u00a3270 million. Following
the First Tier Tax\u00a0Tribunal outcome, the tax has been paid to HMRC and recognised as a current tax asset, given the Group\u2019s view that the
tax liability will not ultimately fall due. The appeal has been listed for hearing in March 2027, however final conclusion of the judicial process
may not be\u00a0for\u00a0several years.
There are a number of other open matters on which the Group is in discussions with HMRC (including 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1035": { "value": "
Deferred tax
The Group\u2019s deferred tax assets and liabilities are as follows:
Statutory position
2025
\u00a3m
2024
\u00a3m
Tax disclosure
2025
\u00a3m
2024
\u00a3m
Deferred tax assets
3,990
5,005
Deferred tax assets
5,734
6,900
Deferred tax liabilities
(146)
(125)
Deferred tax liabilities
(1,890)
(2,020)
Net deferred tax asset at 31 December
3,844
4,880
Net deferred tax asset at 31 December
3,844
4,880
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 and the deferred tax assets and
liabilities relate to income taxes levied by the same taxation authority. 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\u00a0netting.
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:
Deferred tax assets
Tax
losses
\u00a3m
Property,
plant and
equipment
\u00a3m
Provisions
\u00a3m
Long-term
assurance
business
\u00a3m
Share-
based
payments
\u00a3m
Pension
liabilities
\u00a3m
Derivatives
\u00a3m
Asset
revaluations1
\u00a3m
Other
temporary
differences
\u00a3m
Total
\u00a3m
At 1 January 2024
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
(Charge) credit to the income statement
(401)
(81)
(58)
(53)
2
(5)
37
(29)
(1)
(589)
Credit (charge) to other comprehensive
income
\u2013
\u2013
35
\u2013
\u2013
\u2013
(659)
(7)
\u2013
(631)
Other credit to equity
\u2013
\u2013
\u2013
\u2013
54
\u2013
\u2013
\u2013
\u2013
54
At 31 December 2025
4,249
92
176
\u2013
90
33
973
30
91
5,734
In 2024, deferred tax assets of \u00a313\u00a0million were reclassified as disposal group assets and presented within other assets (see note 24).
Note 15: Tax continued
Deferred tax liabilities
Property,
plant and
equipment
\u00a3m
Capitalised
software
enhancements
\u00a3m
Long-term
assurance
business
\u00a3m
Acquisition
fair value
\u00a3m
Pension
assets
\u00a3m
Derivatives
\u00a3m
Other
temporary
differences
\u00a3m
Total
\u00a3m
At 1 January 2024
\u2013
(92)
\u2013
(352)
(971)
(708)
(258)
(2,381)
(Charge) credit to the income statement
\u2013
(31)
\u2013
124
3
164
(85)
175
Credit to other comprehensive income
\u2013
\u2013
\u2013
\u2013
154
\u2013
22
176
Exchange and other adjustments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
10
10
At 31 December 2024
\u2013
(123)
\u2013
(228)
(814)
(544)
(311)
(2,020)
(Charge) credit to the income statement
(45)
33
(73)
32
2
154
11
114
Credit to other comprehensive income
\u2013
\u2013
\u2013
\u2013
85
\u2013
\u2013
85
Acquisitions
\u2013
\u2013
\u2013
(72)
\u2013
\u2013
\u2013
(72)
Exchange and other adjustments
\u2013
\u2013
5
\u2013
\u2013
\u2013
(2)
3
At 31 December 2025
(45)
(90)
(68)
(268)
(727)
(390)
(302)
(1,890)
1Financial assets at fair value through other comprehensive income.
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 \u00a34,249 million (2024: \u00a34,650\u00a0million) 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% 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 2036 (2024: 2037) 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% of the value will be recovered by 2033, when Lloyds Bank 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.
Strong life business investment returns in the year mean that its brought forward expenses have now been fully utilised in the calculation of
policyholder tax liabilities. As a result, there is no net deferred tax asset to recognise in respect of them (2024: \u00a3104 million).
Deferred tax not recognised
Deferred tax assets of \u00a3132 million (2024: \u00a3143 million) have not been recognised in respect of \u00a3526 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, \u00a352 million (2024: \u00a358 million) relates to losses that will expire if not used within
20\u00a0years, and \u00a32\u00a0million (2024: \u00a38\u00a0million) 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 has appealed to the Upper Tier Tax Tribunal, 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 \u00a3980\u00a0million (including interest) and a reduction in the Group\u2019s deferred tax asset of approximately \u00a3270 million. Following
the First Tier Tax\u00a0Tribunal outcome, the tax has been paid to HMRC and recognised as a current tax asset, given the Group\u2019s view that the
tax liability will not ultimately fall due. The appeal has been listed for hearing in March 2027, however final conclusion of the judicial process
may not be\u00a0for\u00a0several years.
There are a number of other open matters on which the Group is in discussions with HMRC (including 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1037": { "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.
Derivatives
designated
as hedging
instruments
\u00a3m
Mandatorily held at
fair value through
profit or loss
Designated
at fair value
through
profit or loss
\u00a3m
At fair value
through other
comprehensive
income
\u00a3m
Held at
amortised
cost
\u00a3m
Insurance-
related
contracts
\u00a3m
At 31 December 2025
Held for
trading
\u00a3m
Other
\u00a3m
Total
\u00a3m
Financial assets
Cash and balances at central banks
\u2013
\u2013
\u2013
\u2013
\u2013
56,661
\u2013
56,661
Financial assets at fair value through
profit or loss
\u2013
25,537
214,876
\u2013
\u2013
\u2013
\u2013
240,413
Derivative financial instruments
25
19,702
\u2013
\u2013
\u2013
\u2013
\u2013
19,727
Loans and advances to banks
\u2013
\u2013
\u2013
\u2013
\u2013
7,236
\u2013
7,236
Loans and advances to customers
\u2013
\u2013
\u2013
\u2013
\u2013
481,463
\u2013
481,463
Reverse repurchase agreements
\u2013
\u2013
\u2013
\u2013
\u2013
50,986
\u2013
50,986
Debt securities
\u2013
\u2013
\u2013
\u2013
\u2013
13,987
\u2013
13,987
Financial assets at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
553,672
\u2013
553,672
Financial assets at fair value through other
comprehensive income
\u2013
\u2013
\u2013
\u2013
36,320
\u2013
\u2013
36,320
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
514
514
Total financial assets
25
45,239
214,876
\u2013
36,320
610,333
514
907,307
Financial liabilities
Deposits from banks
\u2013
\u2013
\u2013
\u2013
\u2013
5,779
\u2013
5,779
Customer deposits
\u2013
\u2013
\u2013
\u2013
\u2013
496,457
\u2013
496,457
Repurchase agreements at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
38,570
\u2013
38,570
Financial liabilities at fair value through
profit or loss
\u2013
23,666
\u2013
4,243
\u2013
\u2013
\u2013
27,909
Derivative financial instruments
290
15,842
\u2013
\u2013
\u2013
\u2013
\u2013
16,132
Notes in circulation
\u2013
\u2013
\u2013
\u2013
\u2013
2,118
\u2013
2,118
Debt securities in issue at amortised cost
\u2013
\u2013
\u2013
\u2013
\u2013
78,271
\u2013
78,271
Liabilities arising from insurance and
participating investment contracts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
135,284
135,284
Liabilities arising from non-participating
investment contracts
\u2013
\u2013
\u2013
61,640
\u2013
\u2013
\u2013
61,640
Other
\u2013
\u2013
\u2013
\u2013
\u2013
1,026
\u2013
1,026
Subordinated liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
9,894
\u2013
9,894
Total financial liabilities
290
39,508
\u2013
65,883
\u2013
632,115
135,284
873,080
Offsetting of financial assets and liabilities
Related amounts where set off in the balance
sheet not permitted 1
Potential
net amounts
if offset
of related
amounts
permitted
\u00a3m
At 31 December 2025
Gross
amounts of
assets and
liabilities
\u00a3m
Amount
offset in
the balance
sheet 2
\u00a3m
Net amounts
presented in
the balance
sheet
\u00a3m
Cash
collateral
(received)/
pledged
\u00a3m
Non-cash
collateral
(received)/
pledged
\u00a3m
Master
netting and
similar
agreements
\u00a3m
Derivative assets
52,332
(32,605)
19,727
(2,815)
(2,962)
(8,339)
5,611
Derivative liabilities
(50,775)
34,643
(16,132)
3,006
882
8,339
(3,905)
Net position
1,557
2,038
3,595
191
(2,080)
\u2013
1,706
Reverse repurchase agreements held at fair value
42,475
(21,494)
20,981
(32)
(20,832)
\u2013
117
Repurchase agreements held at fair value
(43,304)
21,594
(21,710)
(14)
21,621
\u2013
(103)
Net position
(829)
100
(729)
(46)
789
\u2013
14
Reverse repurchase agreements held at amortised cost
63,862
(12,876)
50,986
75
(50,843)
\u2013
218
Repurchase agreements held at amortised cost
(51,345)
12,775
(38,570)
2
38,424
\u2013
(144)
Net position
12,517
(101)
12,416
77
(12,419)
\u2013
74
1The 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.
2The amounts offset in the balance sheet as shown above meet the criteria for offsetting under IAS 32.
Note 16: Measurement basis of financial assets and liabilities continued
Derivatives
designated
as hedging
instruments
\u00a3m
Mandatorily held at
fair value through
profit or loss
Designated
at fair value
through
profit or loss
\u00a3m
At fair value
through other
comprehensive
income
\u00a3m
Held at
amortised
cost
\u00a3m
Insurance-
related
contracts
\u00a3m
At 31 December 2024
Held for
trading
\u00a3m
Other
\u00a3m
Total
\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
Amount
offset in the
balance
sheet 2
\u00a3m
Related amounts where set off in the balance
sheet not permitted1
Potential
net amounts
if offset
of related
amounts
permitted
\u00a3m
At 31 December 2024
Gross
amounts of
assets and
liabilities
\u00a3m
Net amounts
presented in
the balance
sheet
\u00a3m
Cash
collateral
(received)/
pledged
\u00a3m
Non-cash
collateral
(received)/
pledged
\u00a3m
Master netting
and similar
agreements
\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
1The 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.
2The amounts offset in the balance sheet as shown above meet the criteria for offsetting under IAS 32.
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Note 17: Fair values of financial assets and liabilities
At 31 December 2025 , the carrying value of the Group\u2019s financial instrument assets held at fair value was \u00a3296,460 million
(2024 :\u00a0 \u00a3270,680\u00a0million), and its financial instrument liabilities held at fair value was \u00a3105,681 million (2024 : \u00a3100,515 million).
(A)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.
Note 17: Fair values of financial assets and liabilities continued
(B)Financial assets and liabilities carried at fair value
(1)Financial assets (excluding derivatives)
Valuation hierarchy
At 31 December 2025, the Group\u2019s financial assets (excluding derivatives) carried at fair value totalled \u00a3276,733 million (2024:
\u00a3246,615\u00a0million). The table below analyses these financial assets by balance sheet classification, asset type and valuation methodology
(level 1, 2 or 3, as described on page 257). The fair value measurement approach is recurring in nature. There were no significant transfers
between level 1 and 2 during the year.
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
At 31 December 2025
Trading assets
Loans and advances to customers
\u2013
621
\u2013
621
Reverse repurchase agreements
\u2013
20,981
\u2013
20,981
Debt securities:
Government securities
2,908
\u2013
\u2013
2,908
Asset-backed securities
\u2013
182
\u2013
182
Corporate and other debt securities
\u2013
845
\u2013
845
2,908
1,027
\u2013
3,935
Total trading assets
2,908
22,629
\u2013
25,537
Other financial assets mandatorily held at fair value through profit or loss
Loans and advances to banks
\u2013
2,851
\u2013
2,851
Loans and advances to customers
\u2013
2,322
6,058
8,380
Debt securities:
Government securities
16,588
5
\u2013
16,593
Other public sector securities
\u2013
1,905
\u2013
1,905
Bank and building society certificates of deposit
\u2013
7,036
\u2013
7,036
Asset-backed securities
\u2013
272
651
923
Corporate and other debt securities
\u2013
21,303
2,107
23,410
16,588
30,521
2,758
49,867
Treasury and other bills
11
\u2013
\u2013
11
Equity shares
144,164
\u2013
1,435
145,599
Contracts held with reinsurers
\u2013
8,168
\u2013
8,168
Total other financial assets mandatorily held at fair value through profit or loss 1
160,763
43,862
10,251
214,876
Total financial assets at fair value through profit or loss
163,671
66,491
10,251
240,413
Financial assets at fair value through other comprehensive income
Debt securities:
Government securities
22,875
308
\u2013
23,183
Asset-backed securities
\u2013
167
50
217
Corporate and other debt securities
1,276
11,593
\u2013
12,869
24,151
12,068
50
36,269
Equity shares
\u2013
\u2013
51
51
Total financial assets at fair value through other comprehensive income
24,151
12,068
101
36,320
Total financial assets (excluding derivatives) at fair value
187,822
78,559
10,352
276,733
1Other financial assets mandatorily at fair value through profit or loss include assets backing insurance contracts and investment contracts of \u00a3209,545 million. Included within these
assets are investments in unconsolidated structured entities of \u00a345,991 million; see note 37.
Note 17: Fair values of financial assets and liabilities continued
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\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
1Other 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 37.
Note 17: Fair values of financial assets and liabilities continued
Movements in level 3 portfolio
The table below analyses movements in level 3 financial assets (excluding derivatives) at fair value, recurring basis.
2025
2024
Financial
assets at
fair value
through
profit or loss
\u00a3m
Financial
assets at
fair value
through other
comprehensive
income
\u00a3m
Total level 3
financial assets
(excluding
derivatives)
at fair value,
recurring basis
\u00a3m
Financial
assets at
fair value
through
profit or loss
\u00a3m
Financial
assets at
fair value
through other
comprehensive
income
\u00a3m
Total level 3
financial assets
(excluding
derivatives)
at fair value,
recurring basis
\u00a3m
At 1 January
9,889
373
10,262
11,681
284
11,965
Exchange and other adjustments
(1)
3
2
1
(3)
(2)
Gains recognised in the income statement within
other income
529
2
531
352
3
355
(Losses) gains recognised in other comprehensive
income within the revaluation reserve in respect of
financial assets at fair value through other
comprehensive income
\u2013
(71)
(71)
\u2013
92
92
Purchases/increases to customer loans
1,251
\u2013
1,251
1,080
\u2013
1,080
Sales/repayments of customer loans
(1,365)
(206)
(1,571)
(3,266)
(3)
(3,269)
Transfers into the level 3 portfolio
32
\u2013
32
84
\u2013
84
Transfers out of the level 3 portfolio
(84)
\u2013
(84)
(43)
\u2013
(43)
At 31 December
10,251
101
10,352
9,889
373
10,262
Gains (losses) recognised in the income statement,
within other income, relating to the change in fair
value of those assets held at 31 December
273
5
278
186
(1)
185
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\u00a03 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.
Note 17: Fair values of financial assets and liabilities continued
(2)Financial liabilities (excluding derivatives)
Valuation hierarchy
At 31 December 2025, the Group\u2019s financial liabilities (excluding derivatives) carried at fair value, comprised its financial liabilities at fair
value through profit or loss and totalled \u00a327,909 million (2024: \u00a327,611 million).
The table below analyses these financial liabilities by balance sheet classification and valuation methodology (level 1, 2 or 3, as described on
page 257). The fair value measurement approach is recurring in nature. There were no significant transfers between level 1 and 2 during the
year.
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
At 31 December 2025
Trading liabilities
Liabilities in respect of securities sold under repurchase agreements
\u2013
21,710
\u2013
21,710
Short positions in securities
1,722
234
\u2013
1,956
Total trading liabilities
1,722
21,944
\u2013
23,666
Debt securities in issue designated at fair value through profit or loss
\u2013
4,226
17
4,243
Total financial liabilities (excluding derivatives) at fair value
1,722
26,170
17
27,909
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
Debt securities in issue 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
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 2025 was
\u00a38,934\u00a0million, which was \u00a34,691 million higher than the balance sheet carrying value (2024: \u00a39,863 million, which was \u00a35,233 million
higher than the balance sheet carrying value). At 31 December 2025 there was a cumulative \u00a3114 million increase 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 \u00a3126 million arose in 2025 and an increase of \u00a378\u00a0million arose
in\u00a02024.
For the fair value of collateral pledged in respect of repurchase agreements see page 255.
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.
2025
\u00a3m
2024
\u00a3m
At 1 January
22
42
(Gains) losses recognised in the income statement within other income
(2)
2
Redemptions
(3)
(3)
Transfers out of the level 3 portfolio
\u2013
(19)
At 31 December
17
22
(Gains) losses recognised in the income statement, within other income, relating to the change in fair value of those
liabilities held at 31 December
(2)
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 2025, the own credit adjustment arising from the fair valuation of \u00a34,243 million (2024: \u00a34,630 million) of
the Group\u2019s debt securities in issue designated at fair value through profit or loss resulted in a loss of \u00a3126 million (2024: loss of \u00a378\u00a0million),
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.
Note 17: Fair values of financial assets and liabilities continued
(3)Derivatives
Valuation hierarchy
All of the Group\u2019s derivative assets and liabilities are carried at fair value. At 31 December 2025, such assets totalled \u00a319,727 million
(2024:\u00a0\u00a324,065\u00a0million) and liabilities totalled \u00a316,132 million (2024: \u00a321,676 million).
The table below analyses these derivative balances by valuation methodology (level 1, 2 or 3, as described on page 257). The fair value
measurement approach is recurring in nature. There were no significant transfers between level 1 and level 2 during the year.
2025
2024
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Derivative assets
57
19,206
464
19,727
103
23,221
741
24,065
Derivative liabilities
(29)
(15,879)
(224)
(16,132)
(79)
(21,175)
(422)
(21,676)
Movements in level 3 portfolio
The table below analyses movements in level 3 derivative assets and liabilities carried at fair value.
2025
2024
Derivative
assets
\u00a3m
Derivative
liabilities
\u00a3m
Derivative
assets
\u00a3m
Derivative
liabilities
\u00a3m
At 1 January
741
(422)
422
(444)
Exchange and other adjustments
19
(9)
(15)
7
(Losses) gains recognised in the income statement within other income
(216)
189
11
(7)
Purchases (additions)
7
(7)
5
(4)
(Sales) redemptions
(22)
25
(29)
53
Transfers into the level 3 portfolio
\u2013
\u2013
347
(27)
Transfers out of the level 3 portfolio
(65)
\u2013
\u2013
\u2013
At 31 December
464
(224)
741
(422)
(Losses) gains recognised in the income statement, within other income, relating to the
change in fair value of those assets or liabilities held at 31 December
(43)
31
12
(7)
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\u00a03.
Derivatives where the counterparty becomes distressed from a credit perspective are generally reclassified to level 3 given limited
observability in all traded levels.
Note 17: Fair values of financial assets and liabilities continued
Derivative valuation adjustments
Derivative financial instruments which are carried in the balance sheet at fair value are adjusted where appropriate to reflect credit risk,
funding risk and liquidity.
Adjustment
2025
\u00a3m
2024
\u00a3m
Credit Valuation Adjustment
98
122
Debit Valuation Adjustment
(43)
(42)
Funding Valuation Adjustment
29
47
Liquidity Adjustment
57
60
Other
3
3
Total
144
190
Credit, Debit and Funding Valuation Adjustments (CVA, DVA and FVA) are applied to the Group\u2019s over-the-counter derivative exposures
with counterparties that are not subject to strong interbank collateral arrangements. These exposures largely relate to the provision of risk
management solutions for corporate customers within the Corporate and Institutional Banking division.
Credit valuation adjustment
A CVA is taken where the Group has a positive future uncollateralised exposure on derivative transactions. This adjustment reflects future
expectations of counterparty creditworthiness.
Debit valuation adjustment
A DVA is taken where the Group has a negative future uncollateralised exposure on derivative transactions. This adjustment reflects future
expectations of our own creditworthiness.
Funding valuation adjustment
An FVA is taken where the Group has a future uncollateralised exposure on derivative transactions. This adjustment reflects expected
future funding costs observed in the market.
Liquidity adjustment
A liquidity reserve is taken where the Group has an exposure valued at mid-market and requires an adjustment to value at bid or offer. This
adjustment reflects the cost of neutralising market risk through offsetting transactions in standard market conditions.
Note 17: Fair values of financial assets and liabilities continued
(4)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 (A) above.
The valuation techniques for level 3 financial instruments involve management judgement and estimates, the extent of which depends
on\u00a0the complexity of the instrument and the availability of market observable information. In addition, in line with market practice,
the\u00a0Group applies credit, debit and funding valuation adjustments in determining the fair value of its uncollateralised derivative positions.
A\u00a0description of these adjustments is set out in section (3) above. A quantitative analysis of the sensitivities to market risk arising from
the\u00a0Group\u2019s trading portfolios is set out in the tables marked audited on page 193.
2025
2024
Effect of reasonably possible
alternative assumptions1
Effect of reasonably possible
alternative assumptions1
Valuation techniques
Significant
unobservable inputs2
Carrying
value
\u00a3m
Favourable
changes
\u00a3m
Unfavourable
changes
\u00a3m
Carrying
value
\u00a3m
Favourable
changes
\u00a3m
Unfavourable
changes
\u00a3m
Financial assets at fair value through profit or loss
Loans and
advances to
customers
Discounted cash flows
Interest rate
spreads
(+/- 16% ) 3
6,058
168
(159)
6,022
245
(231)
Debt securities
Discounted cash flows
Credit spreads
(+/- 27 %) 4
860
36
(56)
621
35
(55)
Equity and
venture capital
investments
Market approach
Earnings multiple
(+/- 10% ) 5
2,275
101
(101)
2,267
150
(150)
Underlying asset/net
asset fair value (incl.
property prices)
n/a
811
85
(87)
773
80
(84)
Unlisted equities,
debt securities
and property
partnerships in
the life funds
Underlying asset/net
asset fair value (incl.
property prices),
broker quotes or
discounted cash flows
n/a
247
1
(2)
206
\u2013
(7)
10,251
9,889
Financial assets at fair value through other comprehensive income
Asset-backed
securities
Lead manager or
broker quote/
consensus pricing
n/a
50
2
(2)
48
2
(2)
Equity and
venture capital
investments
Underlying asset/net
asset fair value (incl.
property prices)
n/a
51
3
(3)
325
33
(33)
101
373
Derivative financial assets
Interest rate
options
Option pricing
model
Interest rate
volatility
(12 %/ 195 %) 6
202
4
(4)
394
4
(6)
Interest rate
derivatives
Discounted cash flows
(+/- 8 %)
uncertainty of
recovery rates 7
262
21
(21)
347
21
(21)
464
741
Level 3 financial assets carried at fair value
10,816
11,003
Financial liabilities at fair value through profit or loss
Securitisation
notes and other
Discounted cash flows
Interest rate
spreads
(+/\u2013 50 bps) 8
17
1
(1)
22
1
(1)
Derivative financial liabilities
Interest rate
derivatives
Option pricing model
Interest rate
volatility
(12% / 195% ) 6
224
15
(13)
422
17
(15)
Level 3 financial liabilities carried at fair value
241
444
1Where the exposure to an unobservable input is managed on a net basis, only the net impact is shown in the table.
2Ranges are shown where appropriate and represent the highest and lowest inputs used in the level 3 valuations.
32024: -241bps/+131bps.
42024: +/- 17%.
52024: 3.5/15.0.
62024: 11%/183%.
72024: +/- 8%.
82024: +/- 50bps.
Note 17: Fair values of financial assets and liabilities continued
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\u00a0outcomes
\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 12% to 195%
(2024: 11% to 183%).
Further reasonably possible alternative assumptions have been determined in respect of the recovery rate on distressed derivatives, with
recovery rates flexed by 8% 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
(C)Financial assets and liabilities carried at amortised cost
(1)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 257). 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\u00a02.
Carrying
value
\u00a3m
Fair
value
\u00a3m
Valuation hierarchy
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
At 31 December 2025
Loans and advances to banks
7,236
7,235
\u2013
\u2013
7,235
Loans and advances to customers
481,463
480,703
\u2013
\u2013
480,703
Reverse repurchase agreements
50,986
50,986
\u2013
50,986
\u2013
Debt securities
13,987
14,082
\u2013
12,908
1,174
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
Note 17: Fair values of financial assets and liabilities continued
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.
(2)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 257).
Carrying
value
\u00a3m
Fair
value
\u00a3m
Valuation hierarchy
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
At 31 December 2025
Deposits from banks
5,779
5,779
\u2013
5,779
\u2013
Customer deposits
496,457
497,849
\u2013
497,849
\u2013
Repurchase agreements at amortised cost
38,570
38,570
\u2013
38,570
\u2013
Debt securities in issue at amortised cost
78,271
78,900
\u2013
78,900
\u2013
Subordinated liabilities
9,894
11,475
\u2013
11,475
\u2013
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
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.
(D)Reclassifications of financial assets
There have been no reclassifications of financial assets in 2024 or 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1040": { "value": "
(B)Financial assets and liabilities carried at fair value
(1)Financial assets (excluding derivatives)
Valuation hierarchy
At 31 December 2025, the Group\u2019s financial assets (excluding derivatives) carried at fair value totalled \u00a3276,733 million (2024:
\u00a3246,615\u00a0million). The table below analyses these financial assets by balance sheet classification, asset type and valuation methodology
(level 1, 2 or 3, as described on page 257). The fair value measurement approach is recurring in nature. There were no significant transfers
between level 1 and 2 during the year.
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
At 31 December 2025
Trading assets
Loans and advances to customers
\u2013
621
\u2013
621
Reverse repurchase agreements
\u2013
20,981
\u2013
20,981
Debt securities:
Government securities
2,908
\u2013
\u2013
2,908
Asset-backed securities
\u2013
182
\u2013
182
Corporate and other debt securities
\u2013
845
\u2013
845
2,908
1,027
\u2013
3,935
Total trading assets
2,908
22,629
\u2013
25,537
Other financial assets mandatorily held at fair value through profit or loss
Loans and advances to banks
\u2013
2,851
\u2013
2,851
Loans and advances to customers
\u2013
2,322
6,058
8,380
Debt securities:
Government securities
16,588
5
\u2013
16,593
Other public sector securities
\u2013
1,905
\u2013
1,905
Bank and building society certificates of deposit
\u2013
7,036
\u2013
7,036
Asset-backed securities
\u2013
272
651
923
Corporate and other debt securities
\u2013
21,303
2,107
23,410
16,588
30,521
2,758
49,867
Treasury and other bills
11
\u2013
\u2013
11
Equity shares
144,164
\u2013
1,435
145,599
Contracts held with reinsurers
\u2013
8,168
\u2013
8,168
Total other financial assets mandatorily held at fair value through profit or loss 1
160,763
43,862
10,251
214,876
Total financial assets at fair value through profit or loss
163,671
66,491
10,251
240,413
Financial assets at fair value through other comprehensive income
Debt securities:
Government securities
22,875
308
\u2013
23,183
Asset-backed securities
\u2013
167
50
217
Corporate and other debt securities
1,276
11,593
\u2013
12,869
24,151
12,068
50
36,269
Equity shares
\u2013
\u2013
51
51
Total financial assets at fair value through other comprehensive income
24,151
12,068
101
36,320
Total financial assets (excluding derivatives) at fair value
187,822
78,559
10,352
276,733
1Other financial assets mandatorily at fair value through profit or loss include assets backing insurance contracts and investment contracts of \u00a3209,545 million. Included within these
assets are investments in unconsolidated structured entities of \u00a345,991 million; see note 37.
Note 17: Fair values of financial assets and liabilities continued
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\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
1Other 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 37.
Note 17: Fair values of financial assets and liabilities continued
Movements in level 3 portfolio
The table below analyses movements in level 3 financial assets (excluding derivatives) at fair value, recurring basis.
2025
2024
Financial
assets at
fair value
through
profit or loss
\u00a3m
Financial
assets at
fair value
through other
comprehensive
income
\u00a3m
Total level 3
financial assets
(excluding
derivatives)
at fair value,
recurring basis
\u00a3m
Financial
assets at
fair value
through
profit or loss
\u00a3m
Financial
assets at
fair value
through other
comprehensive
income
\u00a3m
Total level 3
financial assets
(excluding
derivatives)
at fair value,
recurring basis
\u00a3m
At 1 January
9,889
373
10,262
11,681
284
11,965
Exchange and other adjustments
(1)
3
2
1
(3)
(2)
Gains recognised in the income statement within
other income
529
2
531
352
3
355
(Losses) gains recognised in other comprehensive
income within the revaluation reserve in respect of
financial assets at fair value through other
comprehensive income
\u2013
(71)
(71)
\u2013
92
92
Purchases/increases to customer loans
1,251
\u2013
1,251
1,080
\u2013
1,080
Sales/repayments of customer loans
(1,365)
(206)
(1,571)
(3,266)
(3)
(3,269)
Transfers into the level 3 portfolio
32
\u2013
32
84
\u2013
84
Transfers out of the level 3 portfolio
(84)
\u2013
(84)
(43)
\u2013
(43)
At 31 December
10,251
101
10,352
9,889
373
10,262
Gains (losses) recognised in the income statement,
within other income, relating to the change in fair
value of those assets held at 31 December
273
5
278
186
(1)
185
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\u00a03 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.
Note 17: Fair values of financial assets and liabilities continued
(2)Financial liabilities (excluding derivatives)
Valuation hierarchy
At 31 December 2025, the Group\u2019s financial liabilities (excluding derivatives) carried at fair value, comprised its financial liabilities at fair
value through profit or loss and totalled \u00a327,909 million (2024: \u00a327,611 million).
The table below analyses these financial liabilities by balance sheet classification and valuation methodology (level 1, 2 or 3, as described on
page 257). The fair value measurement approach is recurring in nature. There were no significant transfers between level 1 and 2 during the
year.
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
At 31 December 2025
Trading liabilities
Liabilities in respect of securities sold under repurchase agreements
\u2013
21,710
\u2013
21,710
Short positions in securities
1,722
234
\u2013
1,956
Total trading liabilities
1,722
21,944
\u2013
23,666
Debt securities in issue designated at fair value through profit or loss
\u2013
4,226
17
4,243
Total financial liabilities (excluding derivatives) at fair value
1,722
26,170
17
27,909
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
Debt securities in issue 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
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 2025 was
\u00a38,934\u00a0million, which was \u00a34,691 million higher than the balance sheet carrying value (2024: \u00a39,863 million, which was \u00a35,233 million
higher than the balance sheet carrying value). At 31 December 2025 there was a cumulative \u00a3114 million increase 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 \u00a3126 million arose in 2025 and an increase of \u00a378\u00a0million arose
in\u00a02024.
For the fair value of collateral pledged in respect of repurchase agreements see page 255.
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.
2025
\u00a3m
2024
\u00a3m
At 1 January
22
42
(Gains) losses recognised in the income statement within other income
(2)
2
Redemptions
(3)
(3)
Transfers out of the level 3 portfolio
\u2013
(19)
At 31 December
17
22
(Gains) losses recognised in the income statement, within other income, relating to the change in fair value of those
liabilities held at 31 December
(2)
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 2025, the own credit adjustment arising from the fair valuation of \u00a34,243 million (2024: \u00a34,630 million) of
the Group\u2019s debt securities in issue designated at fair value through profit or loss resulted in a loss of \u00a3126 million (2024: loss of \u00a378\u00a0million),
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.
Note 17: Fair values of financial assets and liabilities continued
(3)Derivatives
Valuation hierarchy
All of the Group\u2019s derivative assets and liabilities are carried at fair value. At 31 December 2025, such assets totalled \u00a319,727 million
(2024:\u00a0\u00a324,065\u00a0million) and liabilities totalled \u00a316,132 million (2024: \u00a321,676 million).
The table below analyses these derivative balances by valuation methodology (level 1, 2 or 3, as described on page 257). The fair value
measurement approach is recurring in nature. There were no significant transfers between level 1 and level 2 during the year.
2025
2024
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Derivative assets
57
19,206
464
19,727
103
23,221
741
24,065
Derivative liabilities
(29)
(15,879)
(224)
(16,132)
(79)
(21,175)
(422)
(21,676)
Movements in level 3 portfolio
The table below analyses movements in level 3 derivative assets and liabilities carried at fair value.
2025
2024
Derivative
assets
\u00a3m
Derivative
liabilities
\u00a3m
Derivative
assets
\u00a3m
Derivative
liabilities
\u00a3m
At 1 January
741
(422)
422
(444)
Exchange and other adjustments
19
(9)
(15)
7
(Losses) gains recognised in the income statement within other income
(216)
189
11
(7)
Purchases (additions)
7
(7)
5
(4)
(Sales) redemptions
(22)
25
(29)
53
Transfers into the level 3 portfolio
\u2013
\u2013
347
(27)
Transfers out of the level 3 portfolio
(65)
\u2013
\u2013
\u2013
At 31 December
464
(224)
741
(422)
(Losses) gains recognised in the income statement, within other income, relating to the
change in fair value of those assets or liabilities held at 31 December
(43)
31
12
(7)
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\u00a03.
Derivatives where the counterparty becomes distressed from a credit perspective are generally reclassified to level 3 given limited
observability in all traded levels.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1041": { "value": "-126000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiability", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1042": { "value": "-78000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiability", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1043": { "value": "-126000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiability", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1044": { "value": "-78000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiability", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1046": { "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
month
\u00a3m
1 to 3
months
\u00a3m
3 to 6
months
\u00a3m
6 to 9
months
\u00a3m
9 to 12
months
\u00a3m
1 to 2
years
\u00a3m
2 to 5
years
\u00a3m
Over 5
years
\u00a3m
Total
\u00a3m
At 31 December 2025
Assets
Cash and balances at central banks
56,661
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
56,661
Financial assets at fair value through profit or loss
12,449
8,163
5,217
3,636
1,880
7,267
14,941
186,860
240,413
Derivative financial instruments
1,626
1,759
759
583
418
1,179
2,814
10,589
19,727
Loans and advances to banks
1,890
1,576
1,249
575
231
473
1,235
7
7,236
Loans and advances to customers
18,991
13,984
15,869
13,550
11,358
37,418
69,454
300,839
481,463
Reverse repurchase agreements
9,911
14,193
11,114
3,901
1,489
6,875
3,503
\u2013
50,986
Debt securities
88
459
1,597
370
446
1,152
2,804
7,071
13,987
Financial assets at amortised cost
30,880
30,212
29,829
18,396
13,524
45,918
76,996
307,917
553,672
Financial assets at fair value through other
comprehensive income
205
934
276
415
451
4,163
12,821
17,055
36,320
Other assets
2,668
841
153
1,083
90
222
276
31,946
37,279
Total assets
104,489
41,909
36,234
24,113
16,363
58,749
107,848
554,367
944,072
Liabilities
Deposits from banks
1,921
386
813
951
115
449
1,134
10
5,779
Customer deposits
423,727
25,731
17,233
10,711
9,055
6,413
3,170
417
496,457
Repurchase agreements at amortised cost
11,865
9,699
6,511
876
232
6,269
1
3,117
38,570
Financial liabilities at fair value through profit or
loss
13,100
6,021
2,103
342
419
362
1,484
4,078
27,909
Derivative financial instruments
1,254
1,361
677
388
318
1,119
2,497
8,518
16,132
Debt securities in issue at amortised cost
243
9,345
11,459
6,594
3,193
13,787
21,566
12,084
78,271
Liabilities arising from insurance and participating
investment contracts
476
675
393
465
501
2,383
9,215
121,176
135,284
Liabilities arising from non-participating
investment contracts
481
718
1,063
1,050
1,038
4,018
10,984
42,288
61,640
Other liabilities
6,754
1,783
276
912
734
1,646
469
13,695
26,269
Subordinated liabilities
\u2013
1,130
\u2013
\u2013
500
\u2013
4,081
4,183
9,894
Total liabilities
459,821
56,849
40,528
22,289
16,105
36,446
54,601
209,566
896,205
Note 18: Maturities of assets and liabilities continued
Up to 1
month
\u00a3m
1 to 3
months
\u00a3m
3 to 6
months
\u00a3m
6 to 9
months
\u00a3m
9 to 12
months
\u00a3m
1 to 2
years
\u00a3m
2 to 5
years
\u00a3m
Over 5
years
\u00a3m
Total
\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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1045": { "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
month
\u00a3m
1 to 3
months
\u00a3m
3 to 6
months
\u00a3m
6 to 9
months
\u00a3m
9 to 12
months
\u00a3m
1 to 2
years
\u00a3m
2 to 5
years
\u00a3m
Over 5
years
\u00a3m
Total
\u00a3m
At 31 December 2025
Assets
Cash and balances at central banks
56,661
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
56,661
Financial assets at fair value through profit or loss
12,449
8,163
5,217
3,636
1,880
7,267
14,941
186,860
240,413
Derivative financial instruments
1,626
1,759
759
583
418
1,179
2,814
10,589
19,727
Loans and advances to banks
1,890
1,576
1,249
575
231
473
1,235
7
7,236
Loans and advances to customers
18,991
13,984
15,869
13,550
11,358
37,418
69,454
300,839
481,463
Reverse repurchase agreements
9,911
14,193
11,114
3,901
1,489
6,875
3,503
\u2013
50,986
Debt securities
88
459
1,597
370
446
1,152
2,804
7,071
13,987
Financial assets at amortised cost
30,880
30,212
29,829
18,396
13,524
45,918
76,996
307,917
553,672
Financial assets at fair value through other
comprehensive income
205
934
276
415
451
4,163
12,821
17,055
36,320
Other assets
2,668
841
153
1,083
90
222
276
31,946
37,279
Total assets
104,489
41,909
36,234
24,113
16,363
58,749
107,848
554,367
944,072
Liabilities
Deposits from banks
1,921
386
813
951
115
449
1,134
10
5,779
Customer deposits
423,727
25,731
17,233
10,711
9,055
6,413
3,170
417
496,457
Repurchase agreements at amortised cost
11,865
9,699
6,511
876
232
6,269
1
3,117
38,570
Financial liabilities at fair value through profit or
loss
13,100
6,021
2,103
342
419
362
1,484
4,078
27,909
Derivative financial instruments
1,254
1,361
677
388
318
1,119
2,497
8,518
16,132
Debt securities in issue at amortised cost
243
9,345
11,459
6,594
3,193
13,787
21,566
12,084
78,271
Liabilities arising from insurance and participating
investment contracts
476
675
393
465
501
2,383
9,215
121,176
135,284
Liabilities arising from non-participating
investment contracts
481
718
1,063
1,050
1,038
4,018
10,984
42,288
61,640
Other liabilities
6,754
1,783
276
912
734
1,646
469
13,695
26,269
Subordinated liabilities
\u2013
1,130
\u2013
\u2013
500
\u2013
4,081
4,183
9,894
Total liabilities
459,821
56,849
40,528
22,289
16,105
36,446
54,601
209,566
896,205
Note 18: Maturities of assets and liabilities continued
Up to 1
month
\u00a3m
1 to 3
months
\u00a3m
3 to 6
months
\u00a3m
6 to 9
months
\u00a3m
9 to 12
months
\u00a3m
1 to 2
years
\u00a3m
2 to 5
years
\u00a3m
Over 5
years
\u00a3m
Total
\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
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisForFinancialAssetsHeldForManagingLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1047": { "value": "
Note 19: Derivative financial instruments
The fair values and notional amounts of derivative instruments are set out in the following table:
2025
2024
Contract/
notional
amount
\u00a3m
Fair value
Contract/
notional
amount
\u00a3m
Fair value
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Trading and other
Exchange rate contracts
689,215
7,594
6,454
707,329
10,247
9,172
Interest rate contracts
15,086,291
11,797
8,924
12,864,265
13,436
11,644
Credit derivatives
5,566
75
170
6,103
87
172
Equity, commodity and other contracts
8,914
236
294
8,678
247
333
Total derivative assets/liabilities \u2013 trading and other
15,789,986
19,702
15,842
13,586,375
24,017
21,321
Hedging
Interest rate
Currency swaps
35
4
\u2013
43
2
\u2013
Interest rate swaps
211,737
8
253
231,064
6
337
Designated as fair value hedges
211,772
12
253
231,107
8
337
Foreign exchange
Currency swaps
1,554
6
33
1,963
30
14
Interest rate
Interest rate swaps
571,126
7
4
484,996
10
4
Designated as cash flow hedges
572,680
13
37
486,959
40
18
Total derivative assets/liabilities \u2013 hedging
784,452
25
290
718,066
48
355
Total recognised derivative assets/liabilities
16,574,438
19,727
16,132
14,304,441
24,065
21,676
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 that 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 that 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. 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 including commodity swaps and options
Note 19: Derivative financial instruments continued
The Group\u2019s hedged items and gains and losses arising from hedge accounting are summarised as follows:
Carrying amount of
the hedged item
Accumulated amount of
fair value adjustment on
the hedged item
Change in fair
value of hedged
item for
ineffectiveness
assessment
\u00a3m
Hedge
ineffectiveness
recognised in the
income
statement 4
\u00a3m
Fair value hedges
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
At 31 December 2025
Interest rate
Fixed rate mortgages1
121,732
\u2013
(178)
\u2013
725
(68)
Fixed rate issuance2
\u2013
45,053
\u2013
829
(530)
10
Fixed rate bonds3
35,058
\u2013
(1,053)
\u2013
(138)
4
Total
156,790
45,053
(1,231)
829
57
(54)
At 31 December 2024
Interest rate
Fixed rate mortgages1
124,013
\u2013
(890)
\u2013
(184)
(52)
Fixed rate issuance2
\u2013
51,499
\u2013
1,340
(75)
(11)
Fixed rate bonds3
29,264
\u2013
(1,070)
\u2013
(1,158)
(18)
Total
153,277
51,499
(1,960)
1,340
(1,417)
(81)
1Included within loans and advances to customers.
2Included within debt securities in issue at amortised cost and subordinated liabilities.
3Included within financial assets at amortised cost and financial assets at fair value through other comprehensive income.
4Hedge ineffectiveness is included in the income statement within net trading income.
Gain (loss)
recognised
in other
comprehensive
income
\u00a3m
Amounts reclassified from
reserves to net interest income as:
Cash flow hedge reserve
Change in fair
value of hedged
item for
ineffectiveness
assessment
\u00a3m
Hedge
ineffectiveness
recognised in
the income
statement1
\u00a3m
Cash flow hedges
Hedged cash
flows that
will no
longer occur
\u00a3m
Hedged item
affected income
statement
\u00a3m
Continuing
hedges
\u00a3m
Discontinued
hedges
\u00a3m
At 31 December 2025
Foreign exchange
Foreign currency issuance 2
(3)
\u2013
(4)
(11)
138
7
\u2013
Customer deposits3
\u2013
\u2013
4
\u2013
9
\u2013
\u2013
Interest rate
Customer loans 4
294
\u2013
1,131
(2,159)
(1,475)
(802)
63
Central bank balances 5
205
\u2013
793
(100)
(831)
(487)
3
Customer deposits3
(14)
\u2013
(55)
1,527
38
72
(12)
Total
482
\u2013
1,869
(743)
(2,121)
(1,210)
54
At 31 December 2024
Foreign exchange
Foreign currency issuance 2
61
\u2013
(4)
75
59
(60)
\u2013
Customer deposits3
\u2013
\u2013
\u2013
\u2013
5
\u2013
\u2013
Interest rate
Customer loans 4
(2,700)
\u2013
2,458
(3,470)
(1,590)
982
(61)
Central bank balances 5
(780)
\u2013
937
(1,012)
(917)
384
(7)
Customer deposits3
842
\u2013
(794)
1,592
42
(51)
8
Total
(2,577)
\u2013
2,597
(2,815)
(2,401)
1,255
(60)
1Hedge ineffectiveness is included in the income statement within net trading income. The reported hedge ineffectiveness includes an adjustment for off-market derivatives.
2Included within debt securities in issue at amortised cost and subordinated liabilities.
3Included within customer deposits.
4Included within loans and advances to customers.
5Included within cash and balances at central banks.
There was no gain or loss in either 2025 or 2024 reclassified from the cash flow hedge reserve for which hedge accounting had previously
been used but for which the hedged future cash flows are no longer expected to occur.
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 \u00a3524\u00a0million relating to fixed rate issuances of \u00a3498\u00a0million and mortgages of
\u00a326\u00a0million (2024: liability of \u00a3980 million relating to fixed rate issuances of \u00a3582 million and mortgages of \u00a3398 million).
Note 19: Derivative financial instruments continued
Details of the Group\u2019s hedging instruments are set out below:
Maturity
Changes in fair
value used for
calculating
hedge
ineffectiveness
\u00a3m
Fair value hedges
Up to 1 month
\u00a3m
1 to 3 months
\u00a3m
3 to 12 months
\u00a3m
1 to 5 years
\u00a3m
Over 5 years
\u00a3m
Total
\u00a3m
At 31 December 2025
Interest rate
Cross currency swap
Notional
\u2013
\u2013
\u2013
35
\u2013
35
2
Average fixed interest rate
\u2013
\u2013
\u2013
1.28%
\u2013
Average EUR/GBP exchange rate
\u2013
\u2013
\u2013
1.38
\u2013
Interest rate swap
Notional
395
5,503
31,294
132,417
42,128
211,737
(113)
Average fixed interest rate
3.00%
3.24%
3.70%
3.33%
1.96%
211,772
(111)
Cash flow hedges
At 31 December 2025
Foreign exchange
Currency swap
Notional
152
162
157
884
199
1,554
(7)
Average EUR/GBP exchange rate
1.13
1.16
1.14
0.98
0.95
Average USD/GBP exchange rate
1.33
1.31
1.30
1.29
\u2013
Interest rate
Interest rate swap
Notional
12,636
31,911
114,577
321,862
90,140
571,126
1,771
Average fixed interest rate
4.03%
3.43%
3.65%
3.59%
3.56%
572,680
1,764
Total
784,452
1,653
Fair value hedges
At 31 December 2024
Interest rate
Cross currency swap
Notional
\u2013
\u2013
\u2013
\u2013
43
43
\u2013
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
1,336
Average fixed interest rate
3.04%
3.68%
4.04%
3.36%
2.27%
231,107
1,336
Cash flow hedges
At 31 December 2024
Foreign exchange
Currency swap
Notional
107
441
646
763
6
1,963
61
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
(600)
Average fixed interest rate
4.32%
4.36%
3.84%
3.34%
3.01%
486,959
(539)
Total
718,066
797
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1048": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1050": { "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 2025, the Group\u2019s expected credit loss allowance was
\u00a33,228 \u00a0million (2024: \u00a33,481\u00a0million), of which \u00a33,031\u00a0million (2024: \u00a33,211\u00a0million) was in respect of drawn balances.
The Group\u2019s total expected credit loss allowances were as follows:
At 31 December 2025
At 31 December 2024
Allowance for expected credit losses
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
POCI
\u00a3m
Total
\u00a3m
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
POCI
\u00a3m
Total
\u00a3m
In respect of:
Loans and advances to banks
1
\u2013
\u2013
\u2013
1
1
\u2013
\u2013
\u2013
1
UK mortgages
51
207
309
159
726
53
273
335
187
848
Credit cards
145
248
121
\u2013
514
149
297
133
\u2013
579
Other
368
343
226
\u2013
937
329
326
227
\u2013
882
Retail
564
798
656
159
2,177
531
896
695
187
2,309
Commercial Banking
173
279
382
\u2013
834
205
264
413
\u2013
882
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Loans and advances to customers
737
1,077
1,038
159
3,011
736
1,160
1,108
187
3,191
Debt securities
4
\u2013
1
\u2013
5
3
\u2013
1
\u2013
4
Financial assets at amortised cost
742
1,077
1,039
159
3,017
740
1,160
1,109
187
3,196
Other assets
6
\u2013
8
\u2013
14
7
\u2013
8
\u2013
15
Provisions in relation to loan
commitments and financial guarantees
113
83
1
\u2013
197
142
126
2
\u2013
270
Total
861
1,160
1,048
159
3,228
889
1,286
1,119
187
3,481
Expected credit loss in respect of
financial assets at fair value through
other comprehensive income
(memorandum item)
3
\u2013
\u2013
\u2013
3
4
\u2013
\u2013
\u2013
4
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 doubling of PD since origination is 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.
Note 21: Allowance for expected credit losses continued
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
1Probability-weighted annualised lifetime probability of default.
For Commercial Banking a doubling of PD with a minimum increase in PD of 1% 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 2025
At 31 December 2024
Modelled
ECL
\u00a3m
Individually
assessed
\u00a3m
Judgemental
adjustments
\u00a3m
Total
\u00a3m
Modelled
ECL
\u00a3m
Individually
assessed
\u00a3m
Judgemental
adjustments
\u00a3m
Total
\u00a3m
UK mortgages
623
\u2013
108
731
720
\u2013
132
852
Credit cards
540
\u2013
63
603
681
\u2013
(7)
674
Other Retail
916
\u2013
75
991
860
\u2013
90
950
Commercial Banking
555
355
(22)
888
894
354
(259)
989
Other
15
\u2013
\u2013
15
16
\u2013
\u2013
16
Total
2,649
355
224
3,228
3,171
354
(44)
3,481
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% likelihood taken into account in establishing a probability-weighted ECL. At 31\u00a0December 2025, individually assessed provisions for
Commercial Banking were \u00a3355\u00a0million (2024: \u00a3354 million) which reflected a range of \u00a3276\u00a0million to \u00a3440\u00a0million (2024: \u00a3309\u00a0million to
\u00a3437 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.
UK mortgages: \u00a3108 million (2024: \u00a3132 million)
These adjustments principally comprise:
Repossession risk: \u00a385 million (2024: \u00a3110 million)
Additional ECL continues to be held judgementally to capture the potential repossession and recovery risk from specific subsets of largely
long-term defaulted cases. This is alongside an adjustment to capture a longer duration between default and repossession than model
assumptions use on existing and future defaults. The reduction in the period reflects methodology refinement and latest data points on the
population judged at risk.
Adjustment for specific segments: \u00a313 million (2024: \u00a313 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 remains in place as the only Mortgages segment sufficiently material to address, given
evidence of cases with defective cladding, or other fire safety issues.
Credit cards: \u00a363 million (2024: \u00a3(7) million) and Other Retail: \u00a375 million (2024: \u00a390 million)
These adjustments principally comprise:
Lifetime extension: Credit cards: \u00a349 million (2024: \u00a355 million) and Other Retail: \u00a39 million (2024: \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, to a more representative lifetime. Incremental
defaults beyond year three are calculated through the extrapolation of the default trajectory observed throughout the three years and
beyond.
Adjustments to loss rates: Credit cards: \u00a3nil (2024: \u00a3(57) million) and Other Retail: \u00a325 million (2024: \u00a347\u00a0million)
A number of adjustments were previously made to the loss given default (LGD) assumptions used within unsecured and motor credit
models. For\u00a0unsecured portfolios, the previous adjustments reflected 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. These impacts have now been integrated
into the model solution following model refinements. The remaining adjustment for UK Motor Finance, within Other Retail, captures the
observed loss rates and the latest outlook on used car prices.
Note 21: Allowance for expected credit losses continued
Commercial Banking: \u00a3(22) million (2024: \u00a3(259) million)
These adjustments principally comprise:
Corporate insolvency rates: \u00a3(122) million (2024: \u00a3(253) 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 stable credit
performance, a negative adjustment is applied by reverting judgementally to the long-term average of the insolvency rate. The scale of the
negative adjustment reduced in the period reflecting both the reduction in observed actual UK corporate insolvencies rates, narrowing the
gap of the misalignment, as well from changes due to the interaction with the implementation of loss rate model enhancements in the
period.
Adjustments to loss given defaults (LGDs): \u00a350 million (2024: \u00a3(80) million)
In preceding years, adjustments have been required to mitigate limitations identified in the modelling approach which were causing loss
given defaults to be inflated. These included the lack of benefit from amortisation of exposures relative to collateral values at default, and
the need to reflect an exposure-weighted calculation. These two adjustments have been released following respective enhancements to
models. One remaining adjustment remains for a specific segment of the SME portfolio which judgementally applies a more appropriate
blended LGD rate from credit risk profile segments more aligned to experience.
Corporate income gearing (CIG) adjustment: \u00a3nil (2024: \u00a337 million)
An adjustment was raised at 31 December 2024, based upon the assessment of Corporate Income Gearing, a model parameter for
affordability used in Commercial Banking. This adjustment reversed the modelled ECL release seen from updating CIG drivers (interest
rates), given interest rates had merely reached a plateau which translated into a slower year-on-year increase. This slowdown gave a
modelled ECL release not judged representative of the continued pressure on borrowers and business margins. However, the maintenance
of those improvements in drivers over the first half of 2025 (including sustained lower base rates) gives support for the modelled release to
now be recognised, removing the judgemental adjustment.
Commercial Real Estate (CRE) price reduction: \u00a3nil (2024: \u00a335 million)
This adjustment recognised the potential impact on loss rates from valuations on specific CRE sectors where evidence suggested valuations
may lag achievable levels, notably in cases of stressed sale. Recent performance reflects stabilisation in valuations and improved confidence
in the CRE sector, removing the judgemental adjustment.
Global tariff and geo-political disruption risks: \u00a350 million (2024: \u00a3nil)
This new adjustment is to recognise the potential risks to specific drivers across various corporate sectors not reflected in broad
macroeconomic model drivers. These are potential nuanced risks to businesses inherent in the base case which could also worsen in the
downside scenarios. This assessment is judgemental and apportioned across all sectors given the uncertainty of how these risks would
emerge.
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% each,
together with a severe downside scenario weighted at 10%. 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. Since 30 September
2025, the non-modelled adjustments previously applied to UK Bank Rate and CPI inflation in the severe downside scenario have been
removed. This is because the incremental ECL impact is no longer considered sufficiently material to justify their application. Accordingly,
its removal has had no material impact on ECL.
Note 21: Allowance for expected credit losses continued
Base case and MES economic assumptions
The Group\u2019s base case economic scenario has been updated to reflect global developments and changes in domestic economic policy. The
Group\u2019s updated base case scenario has the following conditioning assumptions. First, developments in global conflicts, technology or
financial sector issues do not cause a significant degree of financial market volatility. Second, the US effective tariff rate is maintained at
levels prevailing at the balance sheet date pending a switch to a sector-based tariff framework. Third, the UK\u2019s macroeconomic framework
for monetary and fiscal policy remains in place, alongside broader continuity on other areas of government policy.
Based on these assumptions and incorporating the economic data published for the third quarter of 2025, the Group\u2019s base case scenario is
for a slow expansion in gross domestic product (GDP) and a further rise in the unemployment rate alongside small gains in residential and
commercial property prices. With underlying inflationary pressures expected to recede, modest further reductions in UK Bank Rate are
expected to continue in 2026. 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 taken into account 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 as at the fourth quarter of 2025. Actual data for this
period, or restatements of past data, may have since emerged prior to publication and have not been included.
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\u00a0Bank 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 2025 covers the five years 2025 to 2029. The inclusion of the reporting year
within\u00a0the five-year period reflects the need to predict variables which remain unpublished at the reporting date and recognises that
credit\u00a0models utilise both level and annual changes. The use of calendar years maintains a comparability between the annual
assumptions\u00a0presented.
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 2025 is 1 January 2025. 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.
Note 21: Allowance for expected credit losses continued
At 31 December 2025
2025
%
2026
%
2027
%
2028
%
2029
%
2025 to 2029
average
%
Start to
peak
%
Start to
trough
%
Upside
Gross domestic product growth
1.4
2.0
2.3
1.6
1.6
1.8
9.4
0.7
Unemployment rate
4.8
4.2
3.2
3.1
3.2
3.7
5.1
3.0
House price growth
0.8
3.5
7.1
6.9
6.0
4.8
26.4
(0.1)
Commercial real estate price growth
1.2
7.9
4.9
1.7
0.8
3.2
17.3
0.6
UK Bank Rate
4.13
3.94
4.59
5.07
5.33
4.61
5.39
3.75
CPI inflation
3.4
2.6
2.4
2.8
3.1
2.9
3.8
2.1
Base case
Gross domestic product growth
1.4
1.2
1.4
1.5
1.6
1.4
7.6
0.7
Unemployment rate
4.8
5.2
4.8
4.6
4.5
4.8
5.3
4.5
House price growth
0.8
1.6
1.9
2.2
3.1
1.9
9.8
(0.1)
Commercial real estate price growth
1.2
0.6
1.7
0.5
0.2
0.9
4.4
0.6
UK Bank Rate
4.13
3.44
3.25
3.44
3.50
3.55
4.50
3.25
CPI inflation
3.4
2.6
2.2
2.2
2.3
2.6
3.8
2.1
Downside
Gross domestic product growth
1.4
(0.3)
(0.5)
1.1
1.6
0.7
3.6
0.1
Unemployment rate
4.8
6.6
7.5
7.4
7.0
6.7
7.6
4.5
House price growth
0.8
(0.2)
(4.7)
(5.7)
(2.8)
(2.6)
0.9
(12.2)
Commercial real estate price growth
1.2
(7.1)
(4.2)
(2.7)
(2.3)
(3.1)
1.3
(14.4)
UK Bank Rate
4.13
2.74
1.09
0.75
0.52
1.85
4.50
0.45
CPI inflation
3.4
2.6
2.0
1.4
1.0
2.1
3.8
0.8
Severe downside
Gross domestic product growth
1.4
(1.9)
(1.8)
0.7
1.4
0.0
1.3
(2.8)
Unemployment rate
4.8
8.3
10.2
9.9
9.4
8.5
10.3
4.5
House price growth
0.8
(1.2)
(11.1)
(12.2)
(7.8)
(6.5)
0.8
(28.4)
Commercial real estate price growth
1.2
(17.4)
(9.8)
(7.4)
(5.4)
(8.0)
1.3
(34.0)
UK Bank Rate
4.13
1.91
0.10
0.03
0.01
1.24
4.50
0.01
CPI inflation
3.4
2.6
1.7
0.5
(0.4)
1.6
3.8
(0.7)
Probability-weighted
Gross domestic product growth
1.4
0.7
0.8
1.3
1.6
1.2
6.1
0.7
Unemployment rate
4.8
5.6
5.7
5.5
5.4
5.4
5.8
4.5
House price growth
0.8
1.3
0.2
(0.2)
1.1
0.6
2.8
(0.1)
Commercial real estate price growth
1.2
(1.3)
(0.3)
(0.9)
(0.9)
(0.4)
1.3
(2.6)
UK Bank Rate
4.13
3.23
2.69
2.78
2.81
3.13
4.50
2.64
CPI inflation
3.4
2.6
2.2
2.0
1.9
2.4
3.8
1.8
Base case scenario by quarter1
At 31 December 2025
First
quarter
2025
%
Second
quarter
2025
%
Third
quarter
2025
%
Fourth
quarter
2025
%
First
quarter
2026
%
Second
quarter
2026
%
Third
quarter
2026
%
Fourth
quarter
2026
%
Gross domestic product growth
0.7
0.3
0.1
0.3
0.3
0.3
0.4
0.4
Unemployment rate
4.5
4.7
5.0
5.1
5.3
5.3
5.2
5.1
House price growth
2.9
2.7
1.3
0.8
1.3
1.6
1.6
1.6
Commercial real estate price growth
2.5
2.6
2.6
1.2
0.5
0.2
0.1
0.6
UK Bank Rate
4.50
4.25
4.00
3.75
3.75
3.50
3.25
3.25
CPI inflation
2.8
3.5
3.8
3.7
3.3
2.6
2.2
2.2
1Gross 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.
Note 21: Allowance for expected credit losses continued
At 31 December 2024
2024
%
2025
%
2026
%
2027
%
2028
%
2024 to 2028
average
%
Start to
peak
%
Start to
trough
%
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
1The adjustment to UK Bank Rate and CPI inflation in the severe downside was 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.
Base case scenario by quarter1
At 31 December 2024
First
quarter
2024
%
Second
quarter
2024
%
Third
quarter
2024
%
Fourth
quarter
2024
%
First
quarter
2025
%
Second
quarter
2025
%
Third
quarter
2025
%
Fourth
quarter
2025
%
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
1Gross 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.
Note 21: Allowance for expected credit losses continued
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. The
stage allocation for an asset is based on the overall 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 \u00a3366 million compared to \u00a3445 million at
31\u00a0December 2024.
At 31 December 2025
At 31 December 2024
Probability-
weighted
\u00a3m
Upside
\u00a3m
Base case
\u00a3m
Downside
\u00a3m
Severe
downside
\u00a3m
Probability-
weighted
\u00a3m
Upside
\u00a3m
Base case
\u00a3m
Downside
\u00a3m
Severe
downside
\u00a3m
UK mortgages
731
341
510
937
1,943
852
345
567
1,064
2,596
Credit cards
603
498
579
674
777
674
518
641
773
945
Other Retail
991
922
969
1,036
1,126
950
843
923
1,010
1,172
Commercial Banking
888
690
789
1,010
1,414
989
745
889
1,125
1,608
Other
15
15
15
15
15
16
16
16
16
17
ECL allowance
3,228
2,466
2,862
3,672
5,275
3,481
2,467
3,036
3,988
6,338
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 probability-weighted modelled ECL inclusive of the impacts upon staging of assets, excluding post
model adjustments. In previous assessments, impacts were assessed as changes to base case modelled ECL only (at 100% weighting) with
staging held flat to the reported view, and similarly excluded post model adjustments. The updated approach addresses the limitations of
the prior methodology and provides a more representative view of the potential impact of these sensitivities.
The ECL impact due to a change in unemployment has reduced in 2025 compared to 2024 as a result of lower loss rates within the
Commercial Banking model. The HPI reduction versus 2024 is due to lower default rates and a reduced proportion of assets in Stage 2 for
UK mortgages, following strong credit performance in the year.
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 all four scenarios. 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 2025
At 31 December 2024 1
1pp increase in
unemployment
\u00a3m
1pp decrease in
unemployment
\u00a3m
1pp increase in
unemployment
\u00a3m
1pp decrease in
unemployment
\u00a3m
UK mortgages
11
(11)
13
(12)
Credit cards
54
(53)
54
(53)
Other Retail
25
(25)
23
(24)
Commercial Banking
58
(48)
113
(82)
ECL impact
148
(137)
203
(171)
1For 2025, impacts are assessed as changes to probability-weighted modelled ECL inclusive of the impacts upon staging of assets, excluding post model adjustments. The comparative
period has been represented on a consistent basis.
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\u00a0percentage point increase or decrease in HPI. The increase or decrease is presented based on the adjustment phased evenly over the first
10 quarters of all four scenarios.
At 31 December 2025
At 31 December 2024 1
10pp increase
in HPI
\u00a3m
10pp decrease
in HPI
\u00a3m
10pp increase
in HPI
\u00a3m
10pp decrease
in HPI
\u00a3m
ECL impact
(172)
261
(207)
312
1For 2025, impacts are assessed as changes to probability-weighted modelled ECL inclusive of the impacts upon staging of assets, excluding post model adjustments. The comparative
period has been represented on a consistent basis.
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.
Note 21: Allowance for expected credit losses continued
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 Credit cards allowed management to conclude on an immaterial ECL impact for Retail below
\u00a310\u00a0million (31 December 2024: 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 2024: below \u00a315 million).
The Group\u2019s MES downside and severe downside scenarios, together comprising a 40% weighting in ECL calculations, are generally more
severe than the most adverse NGFS scenario (\u2018Net Zero 2050\u2019). 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, a top-down analysis using sectoral modelling was repeated 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 V
scenarios with client level valuation impacts where available, alongside historic impairment data. The Phase V scenarios introduced a
physical risk approach, requiring adjustments to ensure appropriate timing of impacts. Considering methodological limitations, the
additional ECL required was shown to be immaterial.
The Group recognises the ongoing uncertainty and limitations of climate scenario modelling, including external concerns reported in late
2025 for physical risk approaches. While NGFS scenarios continue to provide a consistent benchmark for assessing climate-related risks in
ECL, they are used with prudent adjustments.
Physical and transition risk assessments
The Group has enhanced its assessment of transition risk on the UK mortgage portfolio. Scope has been extended from Probability of
Default (PD) impacts only to also include Loss Given Default (LGD) considerations.
The affordability stress resulting from home retrofitting costs associated with higher EPC regulatory rating requirements, under multiple
scenarios was re-calculated. The provision impact was assessed by transforming the account level assessment of affordability and valuation
impacts to adjust inputs used in existing PD and LGD parameters. As at 31 December 2025, the impact on ECL has been estimated to be
less than \u00a310 million (31 December 2024: less than \u00a310\u00a0million) across buy-to-let (BTL), mainstream and legacy portfolios.
The physical risk assessment on the UK mortgage portfolio in 2025 continued to include both flooding and coastal erosion risk. The impacts
were based on an internally defined delayed transition outlook, out to 2050, aligned with the Group\u2019s transition methodology. The
assessment showed that over 80% of the book was not exposed to flood risk damage. Over 99% 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, the narrow scope does not capture the wider 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.
Assessment
Nature of risk assessed
Portfolios assessed
ECL impact
At 31 December 2025
ECL impact
At 31 December 2024
Macroeconomic impact from climate scenario
Scenario risk \u2013 macro level
Retail
< \u00a310 million
< \u00a35 million
Sector level impacts from climate scenario
Scenario risk \u2013 sector level
Commercial Banking
(excluding Business Banking)
< \u00a315 million
< \u00a315 million
Retrofitting cost to meet EPC regulation
Transition risk
UK mortgages
< \u00a310 million
< \u00a310 million
Flood risk
Physical risk
UK mortgages
< \u00a35 million
< \u00a35 million
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 for Commercial Banking; 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\u00a0development.
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 2025. The current behavioural lives of the Group\u2019s lending dilute 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1049": { "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 2025, the Group\u2019s expected credit loss allowance was
\u00a33,228 \u00a0million (2024: \u00a33,481\u00a0million), of which \u00a33,031\u00a0million (2024: \u00a33,211\u00a0million) was in respect of drawn balances.
The Group\u2019s total expected credit loss allowances were as follows:
At 31 December 2025
At 31 December 2024
Allowance for expected credit losses
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
POCI
\u00a3m
Total
\u00a3m
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
POCI
\u00a3m
Total
\u00a3m
In respect of:
Loans and advances to banks
1
\u2013
\u2013
\u2013
1
1
\u2013
\u2013
\u2013
1
UK mortgages
51
207
309
159
726
53
273
335
187
848
Credit cards
145
248
121
\u2013
514
149
297
133
\u2013
579
Other
368
343
226
\u2013
937
329
326
227
\u2013
882
Retail
564
798
656
159
2,177
531
896
695
187
2,309
Commercial Banking
173
279
382
\u2013
834
205
264
413
\u2013
882
Other
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Loans and advances to customers
737
1,077
1,038
159
3,011
736
1,160
1,108
187
3,191
Debt securities
4
\u2013
1
\u2013
5
3
\u2013
1
\u2013
4
Financial assets at amortised cost
742
1,077
1,039
159
3,017
740
1,160
1,109
187
3,196
Other assets
6
\u2013
8
\u2013
14
7
\u2013
8
\u2013
15
Provisions in relation to loan
commitments and financial guarantees
113
83
1
\u2013
197
142
126
2
\u2013
270
Total
861
1,160
1,048
159
3,228
889
1,286
1,119
187
3,481
Expected credit loss in respect of
financial assets at fair value through
other comprehensive income
(memorandum item)
3
\u2013
\u2013
\u2013
3
4
\u2013
\u2013
\u2013
4
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 doubling of PD since origination is 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.
Note 21: Allowance for expected credit losses continued
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
1Probability-weighted annualised lifetime probability of default.
For Commercial Banking a doubling of PD with a minimum increase in PD of 1% 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 2025
At 31 December 2024
Modelled
ECL
\u00a3m
Individually
assessed
\u00a3m
Judgemental
adjustments
\u00a3m
Total
\u00a3m
Modelled
ECL
\u00a3m
Individually
assessed
\u00a3m
Judgemental
adjustments
\u00a3m
Total
\u00a3m
UK mortgages
623
\u2013
108
731
720
\u2013
132
852
Credit cards
540
\u2013
63
603
681
\u2013
(7)
674
Other Retail
916
\u2013
75
991
860
\u2013
90
950
Commercial Banking
555
355
(22)
888
894
354
(259)
989
Other
15
\u2013
\u2013
15
16
\u2013
\u2013
16
Total
2,649
355
224
3,228
3,171
354
(44)
3,481
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% likelihood taken into account in establishing a probability-weighted ECL. At 31\u00a0December 2025, individually assessed provisions for
Commercial Banking were \u00a3355\u00a0million (2024: \u00a3354 million) which reflected a range of \u00a3276\u00a0million to \u00a3440\u00a0million (2024: \u00a3309\u00a0million to
\u00a3437 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.
UK mortgages: \u00a3108 million (2024: \u00a3132 million)
These adjustments principally comprise:
Repossession risk: \u00a385 million (2024: \u00a3110 million)
Additional ECL continues to be held judgementally to capture the potential repossession and recovery risk from specific subsets of largely
long-term defaulted cases. This is alongside an adjustment to capture a longer duration between default and repossession than model
assumptions use on existing and future defaults. The reduction in the period reflects methodology refinement and latest data points on the
population judged at risk.
Adjustment for specific segments: \u00a313 million (2024: \u00a313 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 remains in place as the only Mortgages segment sufficiently material to address, given
evidence of cases with defective cladding, or other fire safety issues.
Credit cards: \u00a363 million (2024: \u00a3(7) million) and Other Retail: \u00a375 million (2024: \u00a390 million)
These adjustments principally comprise:
Lifetime extension: Credit cards: \u00a349 million (2024: \u00a355 million) and Other Retail: \u00a39 million (2024: \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, to a more representative lifetime. Incremental
defaults beyond year three are calculated through the extrapolation of the default trajectory observed throughout the three years and
beyond.
Adjustments to loss rates: Credit cards: \u00a3nil (2024: \u00a3(57) million) and Other Retail: \u00a325 million (2024: \u00a347\u00a0million)
A number of adjustments were previously made to the loss given default (LGD) assumptions used within unsecured and motor credit
models. For\u00a0unsecured portfolios, the previous adjustments reflected 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. These impacts have now been integrated
into the model solution following model refinements. The remaining adjustment for UK Motor Finance, within Other Retail, captures the
observed loss rates and the latest outlook on used car prices.
Note 21: Allowance for expected credit losses continued
Commercial Banking: \u00a3(22) million (2024: \u00a3(259) million)
These adjustments principally comprise:
Corporate insolvency rates: \u00a3(122) million (2024: \u00a3(253) 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 stable credit
performance, a negative adjustment is applied by reverting judgementally to the long-term average of the insolvency rate. The scale of the
negative adjustment reduced in the period reflecting both the reduction in observed actual UK corporate insolvencies rates, narrowing the
gap of the misalignment, as well from changes due to the interaction with the implementation of loss rate model enhancements in the
period.
Adjustments to loss given defaults (LGDs): \u00a350 million (2024: \u00a3(80) million)
In preceding years, adjustments have been required to mitigate limitations identified in the modelling approach which were causing loss
given defaults to be inflated. These included the lack of benefit from amortisation of exposures relative to collateral values at default, and
the need to reflect an exposure-weighted calculation. These two adjustments have been released following respective enhancements to
models. One remaining adjustment remains for a specific segment of the SME portfolio which judgementally applies a more appropriate
blended LGD rate from credit risk profile segments more aligned to experience.
Corporate income gearing (CIG) adjustment: \u00a3nil (2024: \u00a337 million)
An adjustment was raised at 31 December 2024, based upon the assessment of Corporate Income Gearing, a model parameter for
affordability used in Commercial Banking. This adjustment reversed the modelled ECL release seen from updating CIG drivers (interest
rates), given interest rates had merely reached a plateau which translated into a slower year-on-year increase. This slowdown gave a
modelled ECL release not judged representative of the continued pressure on borrowers and business margins. However, the maintenance
of those improvements in drivers over the first half of 2025 (including sustained lower base rates) gives support for the modelled release to
now be recognised, removing the judgemental adjustment.
Commercial Real Estate (CRE) price reduction: \u00a3nil (2024: \u00a335 million)
This adjustment recognised the potential impact on loss rates from valuations on specific CRE sectors where evidence suggested valuations
may lag achievable levels, notably in cases of stressed sale. Recent performance reflects stabilisation in valuations and improved confidence
in the CRE sector, removing the judgemental adjustment.
Global tariff and geo-political disruption risks: \u00a350 million (2024: \u00a3nil)
This new adjustment is to recognise the potential risks to specific drivers across various corporate sectors not reflected in broad
macroeconomic model drivers. These are potential nuanced risks to businesses inherent in the base case which could also worsen in the
downside scenarios. This assessment is judgemental and apportioned across all sectors given the uncertainty of how these risks would
emerge.
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% each,
together with a severe downside scenario weighted at 10%. 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. Since 30 September
2025, the non-modelled adjustments previously applied to UK Bank Rate and CPI inflation in the severe downside scenario have been
removed. This is because the incremental ECL impact is no longer considered sufficiently material to justify their application. Accordingly,
its removal has had no material impact on ECL.
Note 21: Allowance for expected credit losses continued
Base case and MES economic assumptions
The Group\u2019s base case economic scenario has been updated to reflect global developments and changes in domestic economic policy. The
Group\u2019s updated base case scenario has the following conditioning assumptions. First, developments in global conflicts, technology or
financial sector issues do not cause a significant degree of financial market volatility. Second, the US effective tariff rate is maintained at
levels prevailing at the balance sheet date pending a switch to a sector-based tariff framework. Third, the UK\u2019s macroeconomic framework
for monetary and fiscal policy remains in place, alongside broader continuity on other areas of government policy.
Based on these assumptions and incorporating the economic data published for the third quarter of 2025, the Group\u2019s base case scenario is
for a slow expansion in gross domestic product (GDP) and a further rise in the unemployment rate alongside small gains in residential and
commercial property prices. With underlying inflationary pressures expected to recede, modest further reductions in UK Bank Rate are
expected to continue in 2026. 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 taken into account 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 as at the fourth quarter of 2025. Actual data for this
period, or restatements of past data, may have since emerged prior to publication and have not been included.
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\u00a0Bank 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 2025 covers the five years 2025 to 2029. The inclusion of the reporting year
within\u00a0the five-year period reflects the need to predict variables which remain unpublished at the reporting date and recognises that
credit\u00a0models utilise both level and annual changes. The use of calendar years maintains a comparability between the annual
assumptions\u00a0presented.
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 2025 is 1 January 2025. 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.
Note 21: Allowance for expected credit losses continued
At 31 December 2025
2025
%
2026
%
2027
%
2028
%
2029
%
2025 to 2029
average
%
Start to
peak
%
Start to
trough
%
Upside
Gross domestic product growth
1.4
2.0
2.3
1.6
1.6
1.8
9.4
0.7
Unemployment rate
4.8
4.2
3.2
3.1
3.2
3.7
5.1
3.0
House price growth
0.8
3.5
7.1
6.9
6.0
4.8
26.4
(0.1)
Commercial real estate price growth
1.2
7.9
4.9
1.7
0.8
3.2
17.3
0.6
UK Bank Rate
4.13
3.94
4.59
5.07
5.33
4.61
5.39
3.75
CPI inflation
3.4
2.6
2.4
2.8
3.1
2.9
3.8
2.1
Base case
Gross domestic product growth
1.4
1.2
1.4
1.5
1.6
1.4
7.6
0.7
Unemployment rate
4.8
5.2
4.8
4.6
4.5
4.8
5.3
4.5
House price growth
0.8
1.6
1.9
2.2
3.1
1.9
9.8
(0.1)
Commercial real estate price growth
1.2
0.6
1.7
0.5
0.2
0.9
4.4
0.6
UK Bank Rate
4.13
3.44
3.25
3.44
3.50
3.55
4.50
3.25
CPI inflation
3.4
2.6
2.2
2.2
2.3
2.6
3.8
2.1
Downside
Gross domestic product growth
1.4
(0.3)
(0.5)
1.1
1.6
0.7
3.6
0.1
Unemployment rate
4.8
6.6
7.5
7.4
7.0
6.7
7.6
4.5
House price growth
0.8
(0.2)
(4.7)
(5.7)
(2.8)
(2.6)
0.9
(12.2)
Commercial real estate price growth
1.2
(7.1)
(4.2)
(2.7)
(2.3)
(3.1)
1.3
(14.4)
UK Bank Rate
4.13
2.74
1.09
0.75
0.52
1.85
4.50
0.45
CPI inflation
3.4
2.6
2.0
1.4
1.0
2.1
3.8
0.8
Severe downside
Gross domestic product growth
1.4
(1.9)
(1.8)
0.7
1.4
0.0
1.3
(2.8)
Unemployment rate
4.8
8.3
10.2
9.9
9.4
8.5
10.3
4.5
House price growth
0.8
(1.2)
(11.1)
(12.2)
(7.8)
(6.5)
0.8
(28.4)
Commercial real estate price growth
1.2
(17.4)
(9.8)
(7.4)
(5.4)
(8.0)
1.3
(34.0)
UK Bank Rate
4.13
1.91
0.10
0.03
0.01
1.24
4.50
0.01
CPI inflation
3.4
2.6
1.7
0.5
(0.4)
1.6
3.8
(0.7)
Probability-weighted
Gross domestic product growth
1.4
0.7
0.8
1.3
1.6
1.2
6.1
0.7
Unemployment rate
4.8
5.6
5.7
5.5
5.4
5.4
5.8
4.5
House price growth
0.8
1.3
0.2
(0.2)
1.1
0.6
2.8
(0.1)
Commercial real estate price growth
1.2
(1.3)
(0.3)
(0.9)
(0.9)
(0.4)
1.3
(2.6)
UK Bank Rate
4.13
3.23
2.69
2.78
2.81
3.13
4.50
2.64
CPI inflation
3.4
2.6
2.2
2.0
1.9
2.4
3.8
1.8
Base case scenario by quarter1
At 31 December 2025
First
quarter
2025
%
Second
quarter
2025
%
Third
quarter
2025
%
Fourth
quarter
2025
%
First
quarter
2026
%
Second
quarter
2026
%
Third
quarter
2026
%
Fourth
quarter
2026
%
Gross domestic product growth
0.7
0.3
0.1
0.3
0.3
0.3
0.4
0.4
Unemployment rate
4.5
4.7
5.0
5.1
5.3
5.3
5.2
5.1
House price growth
2.9
2.7
1.3
0.8
1.3
1.6
1.6
1.6
Commercial real estate price growth
2.5
2.6
2.6
1.2
0.5
0.2
0.1
0.6
UK Bank Rate
4.50
4.25
4.00
3.75
3.75
3.50
3.25
3.25
CPI inflation
2.8
3.5
3.8
3.7
3.3
2.6
2.2
2.2
1Gross 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.
Note 21: Allowance for expected credit losses continued
At 31 December 2024
2024
%
2025
%
2026
%
2027
%
2028
%
2024 to 2028
average
%
Start to
peak
%
Start to
trough
%
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
1The adjustment to UK Bank Rate and CPI inflation in the severe downside was 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.
Base case scenario by quarter1
At 31 December 2024
First
quarter
2024
%
Second
quarter
2024
%
Third
quarter
2024
%
Fourth
quarter
2024
%
First
quarter
2025
%
Second
quarter
2025
%
Third
quarter
2025
%
Fourth
quarter
2025
%
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
1Gross 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.
Note 21: Allowance for expected credit losses continued
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. The
stage allocation for an asset is based on the overall 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 \u00a3366 million compared to \u00a3445 million at
31\u00a0December 2024.
At 31 December 2025
At 31 December 2024
Probability-
weighted
\u00a3m
Upside
\u00a3m
Base case
\u00a3m
Downside
\u00a3m
Severe
downside
\u00a3m
Probability-
weighted
\u00a3m
Upside
\u00a3m
Base case
\u00a3m
Downside
\u00a3m
Severe
downside
\u00a3m
UK mortgages
731
341
510
937
1,943
852
345
567
1,064
2,596
Credit cards
603
498
579
674
777
674
518
641
773
945
Other Retail
991
922
969
1,036
1,126
950
843
923
1,010
1,172
Commercial Banking
888
690
789
1,010
1,414
989
745
889
1,125
1,608
Other
15
15
15
15
15
16
16
16
16
17
ECL allowance
3,228
2,466
2,862
3,672
5,275
3,481
2,467
3,036
3,988
6,338
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 probability-weighted modelled ECL inclusive of the impacts upon staging of assets, excluding post
model adjustments. In previous assessments, impacts were assessed as changes to base case modelled ECL only (at 100% weighting) with
staging held flat to the reported view, and similarly excluded post model adjustments. The updated approach addresses the limitations of
the prior methodology and provides a more representative view of the potential impact of these sensitivities.
The ECL impact due to a change in unemployment has reduced in 2025 compared to 2024 as a result of lower loss rates within the
Commercial Banking model. The HPI reduction versus 2024 is due to lower default rates and a reduced proportion of assets in Stage 2 for
UK mortgages, following strong credit performance in the year.
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 all four scenarios. 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 2025
At 31 December 2024 1
1pp increase in
unemployment
\u00a3m
1pp decrease in
unemployment
\u00a3m
1pp increase in
unemployment
\u00a3m
1pp decrease in
unemployment
\u00a3m
UK mortgages
11
(11)
13
(12)
Credit cards
54
(53)
54
(53)
Other Retail
25
(25)
23
(24)
Commercial Banking
58
(48)
113
(82)
ECL impact
148
(137)
203
(171)
1For 2025, impacts are assessed as changes to probability-weighted modelled ECL inclusive of the impacts upon staging of assets, excluding post model adjustments. The comparative
period has been represented on a consistent basis.
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\u00a0percentage point increase or decrease in HPI. The increase or decrease is presented based on the adjustment phased evenly over the first
10 quarters of all four scenarios.
At 31 December 2025
At 31 December 2024 1
10pp increase
in HPI
\u00a3m
10pp decrease
in HPI
\u00a3m
10pp increase
in HPI
\u00a3m
10pp decrease
in HPI
\u00a3m
ECL impact
(172)
261
(207)
312
1For 2025, impacts are assessed as changes to probability-weighted modelled ECL inclusive of the impacts upon staging of assets, excluding post model adjustments. The comparative
period has been represented on a consistent basis.
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.
Note 21: Allowance for expected credit losses continued
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 Credit cards allowed management to conclude on an immaterial ECL impact for Retail below
\u00a310\u00a0million (31 December 2024: 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 2024: below \u00a315 million).
The Group\u2019s MES downside and severe downside scenarios, together comprising a 40% weighting in ECL calculations, are generally more
severe than the most adverse NGFS scenario (\u2018Net Zero 2050\u2019). 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, a top-down analysis using sectoral modelling was repeated 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 V
scenarios with client level valuation impacts where available, alongside historic impairment data. The Phase V scenarios introduced a
physical risk approach, requiring adjustments to ensure appropriate timing of impacts. Considering methodological limitations, the
additional ECL required was shown to be immaterial.
The Group recognises the ongoing uncertainty and limitations of climate scenario modelling, including external concerns reported in late
2025 for physical risk approaches. While NGFS scenarios continue to provide a consistent benchmark for assessing climate-related risks in
ECL, they are used with prudent adjustments.
Physical and transition risk assessments
The Group has enhanced its assessment of transition risk on the UK mortgage portfolio. Scope has been extended from Probability of
Default (PD) impacts only to also include Loss Given Default (LGD) considerations.
The affordability stress resulting from home retrofitting costs associated with higher EPC regulatory rating requirements, under multiple
scenarios was re-calculated. The provision impact was assessed by transforming the account level assessment of affordability and valuation
impacts to adjust inputs used in existing PD and LGD parameters. As at 31 December 2025, the impact on ECL has been estimated to be
less than \u00a310 million (31 December 2024: less than \u00a310\u00a0million) across buy-to-let (BTL), mainstream and legacy portfolios.
The physical risk assessment on the UK mortgage portfolio in 2025 continued to include both flooding and coastal erosion risk. The impacts
were based on an internally defined delayed transition outlook, out to 2050, aligned with the Group\u2019s transition methodology. The
assessment showed that over 80% of the book was not exposed to flood risk damage. Over 99% 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, the narrow scope does not capture the wider 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.
Assessment
Nature of risk assessed
Portfolios assessed
ECL impact
At 31 December 2025
ECL impact
At 31 December 2024
Macroeconomic impact from climate scenario
Scenario risk \u2013 macro level
Retail
< \u00a310 million
< \u00a35 million
Sector level impacts from climate scenario
Scenario risk \u2013 sector level
Commercial Banking
(excluding Business Banking)
< \u00a315 million
< \u00a315 million
Retrofitting cost to meet EPC regulation
Transition risk
UK mortgages
< \u00a310 million
< \u00a310 million
Flood risk
Physical risk
UK mortgages
< \u00a35 million
< \u00a35 million
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 for Commercial Banking; 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\u00a0development.
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 2025. The current behavioural lives of the Group\u2019s lending dilute 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:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1051": { "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. The
contractual maturity of these balances are analysed as follows:
2025
\u00a3m
2024
\u00a3m
Not later than 1 year
7,835
6,202
Later than 1 year and not later than 2 years
5,176
5,251
Later than 2 years and not later than 3 years
4,142
4,297
Later than 3 years and not later than 4 years
2,731
2,868
Later than 4 years and not later than 5 years
418
516
Later than 5 years
357
475
Gross investment
20,659
19,609
Unearned future finance income
(2,503)
(2,447)
Rentals received in advance
(22)
(18)
Net investment
18,134
17,144
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 \u00a3441 million ( 2024: \u00a3368 million).
The Group\u2019s finance lease assets are comprised as follows:
2025
\u00a3m
2024
\u00a3m
Electric vehicles
1,506
1,001
Internal combustion engine vehicles
12,740
11,557
Self-charging hybrid vehicles
575
347
Plug-in hybrid vehicles
1,604
1,306
Other
1,709
2,933
Net investment
18,134
17,144
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1054": { "value": "
Note 23: Goodwill and other intangible assets
Goodwill
\u00a3m
Brands
\u00a3m
Purchased
credit card
relationships
\u00a3m
Customer-
related
intangibles
\u00a3m
Acquired
value of
in-force
business
\u00a3m
Capitalised
software
enhancements
\u00a3m
Total
\u00a3m
Cost 1:
At 1 January 2024
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-offs2
(50)
\u2013
\u2013
(423)
\u2013
(216)
(689)
At 31 December 2024
3,092
591
1,002
262
834
9,956
15,737
Exchange and other adjustments
\u2013
\u2013
\u2013
3
\u2013
(47)
(44)
Additions and acquisitions
262
\u2013
\u2013
296
\u2013
1,252
1,810
Disposals and write-offs
\u2013
\u2013
\u2013
\u2013
\u2013
(269)
(269)
At 31 December 2025
3,354
591
1,002
561
834
10,892
17,234
Accumulated amortisation:
At 1 January 2024
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
Exchange and other adjustments
\u2013
\u2013
\u2013
5
\u2013
(19)
(14)
Charge for the year 3
\u2013
1
71
18
15
1,270
1,375
Disposals and write-offs
\u2013
\u2013
\u2013
\u2013
\u2013
(269)
(269)
At 31 December 2025
344
207
903
100
712
6,375
8,641
Balance sheet amount at 31 December 2025
3,010
384
99
461
122
4,517
8,593
Balance sheet amount at 31 December 2024
2,748
385
170
185
137
4,563
8,188
1For 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.
2Disposals and write-offs includes goodwill of \u00a350\u00a0million in 2024 that was classified as disposal group assets and presented within other assets in note 24.
3The charge for the year is recognised in operating expenses (note 10).
Note 23: Goodwill and other intangible assets continued
Goodwill
On 9 October 2025, LBG Equity Investments Limited, a wholly owned subsidiary of the Group, acquired 49.9% of the ordinary share capital
of Schroders Personal Wealth Limited (SPW) in exchange for its stake in Cazenove Capital, bringing the Group\u2019s ownership of SPW to 100%.
Goodwill of \u00a3262\u00a0million was recognised on the transaction. None of the goodwill is deductible for tax purposes.
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 \u00a33,010 million (2024: \u00a32,748 million ), \u00a32,383\u00a0million, or
79 % (2024: \u00a32,121\u00a0million, 77%) has been allocated to the Life and pensions cash-generating unit; \u00a3302 \u00a0million, or 10% (2024: \u00a3302\u00a0million,
11 %) has been allocated to the Credit card cash-generating unit in the Group\u2019s Retail division; and \u00a3310\u00a0million, or 10% (2024: \u00a3310\u00a0million,
11%) to the Motor business cash-generating units, both in the Group\u2019s Retail division. Management believes that any reasonably possible
change in the key assumptions (listed below) would not cause the recoverable amount of the goodwill to fall below its balance sheet
carrying value.
The recoverable amount of the goodwill relating to 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 three-year period, the
related run-off of existing business in-force and a discount rate (pre-tax) of 11.0%. 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
and competitor activity. The discount rate is determined with reference to internal measures and available industry information. New
business cash flows beyond the plan period have been extrapolated using a reducing balance growth rate that falls from 3.5% to 2.0% after
20 years, which does not exceed the long-term average growth rate for the life assurance market.
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 three-year period and a discount rate (post-tax) of
10.5%, based on the Group\u2019s cost of equity. This is equivalent to a pre-tax rate of 14.0%. 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 plan period are extrapolated using a growth rate of 3.5%, which does not exceed the long-
term average growth rates for the markets in which the Motor business participates.
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 three-year period and a discount rate (post-tax) of
10.5 %, based on the Group\u2019s cost of equity. This is equivalent to a pre-tax rate of 14.0%. 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 plan period are extrapolated using a growth rate of 3.5%, which does not exceed the long-
term average growth rates for the markets in which the Cards business participates.
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 2025 was \u00a3380 million (2024: \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 three-year period of the
income generated by the Bank of Scotland cash-generating unit, a discount rate of 10.5% and a future growth rate of 3.5%. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1053": { "value": "
Note 23: Goodwill and other intangible assets
Goodwill
\u00a3m
Brands
\u00a3m
Purchased
credit card
relationships
\u00a3m
Customer-
related
intangibles
\u00a3m
Acquired
value of
in-force
business
\u00a3m
Capitalised
software
enhancements
\u00a3m
Total
\u00a3m
Cost 1:
At 1 January 2024
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-offs2
(50)
\u2013
\u2013
(423)
\u2013
(216)
(689)
At 31 December 2024
3,092
591
1,002
262
834
9,956
15,737
Exchange and other adjustments
\u2013
\u2013
\u2013
3
\u2013
(47)
(44)
Additions and acquisitions
262
\u2013
\u2013
296
\u2013
1,252
1,810
Disposals and write-offs
\u2013
\u2013
\u2013
\u2013
\u2013
(269)
(269)
At 31 December 2025
3,354
591
1,002
561
834
10,892
17,234
Accumulated amortisation:
At 1 January 2024
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
Exchange and other adjustments
\u2013
\u2013
\u2013
5
\u2013
(19)
(14)
Charge for the year 3
\u2013
1
71
18
15
1,270
1,375
Disposals and write-offs
\u2013
\u2013
\u2013
\u2013
\u2013
(269)
(269)
At 31 December 2025
344
207
903
100
712
6,375
8,641
Balance sheet amount at 31 December 2025
3,010
384
99
461
122
4,517
8,593
Balance sheet amount at 31 December 2024
2,748
385
170
185
137
4,563
8,188
1For 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.
2Disposals and write-offs includes goodwill of \u00a350\u00a0million in 2024 that was classified as disposal group assets and presented within other assets in note 24.
3The charge for the year is recognised in operating expenses (note 10).
Note 23: Goodwill and other intangible assets continued
Goodwill
On 9 October 2025, LBG Equity Investments Limited, a wholly owned subsidiary of the Group, acquired 49.9% of the ordinary share capital
of Schroders Personal Wealth Limited (SPW) in exchange for its stake in Cazenove Capital, bringing the Group\u2019s ownership of SPW to 100%.
Goodwill of \u00a3262\u00a0million was recognised on the transaction. None of the goodwill is deductible for tax purposes.
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 \u00a33,010 million (2024: \u00a32,748 million ), \u00a32,383\u00a0million, or
79 % (2024: \u00a32,121\u00a0million, 77%) has been allocated to the Life and pensions cash-generating unit; \u00a3302 \u00a0million, or 10% (2024: \u00a3302\u00a0million,
11 %) has been allocated to the Credit card cash-generating unit in the Group\u2019s Retail division; and \u00a3310\u00a0million, or 10% (2024: \u00a3310\u00a0million,
11%) to the Motor business cash-generating units, both in the Group\u2019s Retail division. Management believes that any reasonably possible
change in the key assumptions (listed below) would not cause the recoverable amount of the goodwill to fall below its balance sheet
carrying value.
The recoverable amount of the goodwill relating to 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 three-year period, the
related run-off of existing business in-force and a discount rate (pre-tax) of 11.0%. 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
and competitor activity. The discount rate is determined with reference to internal measures and available industry information. New
business cash flows beyond the plan period have been extrapolated using a reducing balance growth rate that falls from 3.5% to 2.0% after
20 years, which does not exceed the long-term average growth rate for the life assurance market.
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 three-year period and a discount rate (post-tax) of
10.5%, based on the Group\u2019s cost of equity. This is equivalent to a pre-tax rate of 14.0%. 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 plan period are extrapolated using a growth rate of 3.5%, which does not exceed the long-
term average growth rates for the markets in which the Motor business participates.
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 three-year period and a discount rate (post-tax) of
10.5 %, based on the Group\u2019s cost of equity. This is equivalent to a pre-tax rate of 14.0%. 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 plan period are extrapolated using a growth rate of 3.5%, which does not exceed the long-
term average growth rates for the markets in which the Cards business participates.
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 2025 was \u00a3380 million (2024: \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 three-year period of the
income generated by the Bank of Scotland cash-generating unit, a discount rate of 10.5% and a future growth rate of 3.5%. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1052": { "value": "
Note 23: Goodwill and other intangible assets
Goodwill
\u00a3m
Brands
\u00a3m
Purchased
credit card
relationships
\u00a3m
Customer-
related
intangibles
\u00a3m
Acquired
value of
in-force
business
\u00a3m
Capitalised
software
enhancements
\u00a3m
Total
\u00a3m
Cost 1:
At 1 January 2024
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-offs2
(50)
\u2013
\u2013
(423)
\u2013
(216)
(689)
At 31 December 2024
3,092
591
1,002
262
834
9,956
15,737
Exchange and other adjustments
\u2013
\u2013
\u2013
3
\u2013
(47)
(44)
Additions and acquisitions
262
\u2013
\u2013
296
\u2013
1,252
1,810
Disposals and write-offs
\u2013
\u2013
\u2013
\u2013
\u2013
(269)
(269)
At 31 December 2025
3,354
591
1,002
561
834
10,892
17,234
Accumulated amortisation:
At 1 January 2024
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
Exchange and other adjustments
\u2013
\u2013
\u2013
5
\u2013
(19)
(14)
Charge for the year 3
\u2013
1
71
18
15
1,270
1,375
Disposals and write-offs
\u2013
\u2013
\u2013
\u2013
\u2013
(269)
(269)
At 31 December 2025
344
207
903
100
712
6,375
8,641
Balance sheet amount at 31 December 2025
3,010
384
99
461
122
4,517
8,593
Balance sheet amount at 31 December 2024
2,748
385
170
185
137
4,563
8,188
1For 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.
2Disposals and write-offs includes goodwill of \u00a350\u00a0million in 2024 that was classified as disposal group assets and presented within other assets in note 24.
3The charge for the year is recognised in operating expenses (note 10).
Note 23: Goodwill and other intangible assets continued
Goodwill
On 9 October 2025, LBG Equity Investments Limited, a wholly owned subsidiary of the Group, acquired 49.9% of the ordinary share capital
of Schroders Personal Wealth Limited (SPW) in exchange for its stake in Cazenove Capital, bringing the Group\u2019s ownership of SPW to 100%.
Goodwill of \u00a3262\u00a0million was recognised on the transaction. None of the goodwill is deductible for tax purposes.
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 \u00a33,010 million (2024: \u00a32,748 million ), \u00a32,383\u00a0million, or
79 % (2024: \u00a32,121\u00a0million, 77%) has been allocated to the Life and pensions cash-generating unit; \u00a3302 \u00a0million, or 10% (2024: \u00a3302\u00a0million,
11 %) has been allocated to the Credit card cash-generating unit in the Group\u2019s Retail division; and \u00a3310\u00a0million, or 10% (2024: \u00a3310\u00a0million,
11%) to the Motor business cash-generating units, both in the Group\u2019s Retail division. Management believes that any reasonably possible
change in the key assumptions (listed below) would not cause the recoverable amount of the goodwill to fall below its balance sheet
carrying value.
The recoverable amount of the goodwill relating to 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 three-year period, the
related run-off of existing business in-force and a discount rate (pre-tax) of 11.0%. 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
and competitor activity. The discount rate is determined with reference to internal measures and available industry information. New
business cash flows beyond the plan period have been extrapolated using a reducing balance growth rate that falls from 3.5% to 2.0% after
20 years, which does not exceed the long-term average growth rate for the life assurance market.
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 three-year period and a discount rate (post-tax) of
10.5%, based on the Group\u2019s cost of equity. This is equivalent to a pre-tax rate of 14.0%. 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 plan period are extrapolated using a growth rate of 3.5%, which does not exceed the long-
term average growth rates for the markets in which the Motor business participates.
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 three-year period and a discount rate (post-tax) of
10.5 %, based on the Group\u2019s cost of equity. This is equivalent to a pre-tax rate of 14.0%. 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 plan period are extrapolated using a growth rate of 3.5%, which does not exceed the long-
term average growth rates for the markets in which the Cards business participates.
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 2025 was \u00a3380 million (2024: \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 three-year period of the
income generated by the Bank of Scotland cash-generating unit, a discount rate of 10.5% and a future growth rate of 3.5%. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1055": { "value": "
Note 24: Other assets
2025
\u00a3m
2024
\u00a3m
Insurance contract assets
113
\u2013
Reinsurance contract assets2
401
422
Investment in joint ventures and associates
445
542
Property, plant and equipment:
Investment properties (see below)
3,917
3,281
Premises
1,126
1,100
Equipment
901
879
Operating lease assets (see below)
8,213
7,265
Right-of-use assets (note 25)
759
872
14,916
13,397
Prepayments
1,792
1,634
Disposal group assets1:
Deferred tax assets
\u2013
13
Goodwill
\u2013
50
Reinsurance contract assets2
\u2013
5,059
\u2013
5,122
Other assets
2,988
3,671
Total other assets
20,655
24,788
1See Note 8 (C) for further detail.
2The Group\u2019s reinsurance contract assets have decreased by \u00a35,080\u00a0million from \u00a35,481\u00a0million to \u00a3401\u00a0million predominantly as a result of the completion of the part VII transfer of
insurance contract liabilities to Rothesay Life plc in relation to the Group\u2019s bulk annuity business and the conclusion of the associated reinsurance agreement.
Note 24: Other assets continued
Investment properties
The Group\u2019s investment properties are primarily held by Lloyds Living and 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.
2025
\u00a3m
2024
\u00a3m
At 1 January
3,281
2,862
Acquisition of new properties
606
640
Additional expenditure on existing properties
10
26
Change in fair value
99
67
Disposals and other movements
(79)
(314)
At 31 December
3,917
3,281
Rental income of \u00a3190 million (2024: \u00a3172 million) and direct operating expenses of \u00a327 million (2024: \u00a344 million) arising from investment
properties that generate rental income have been recognised in the income statement.
Details of capital expenditure in respect of investment properties which had been contracted for but not recognised in the financial
statements is given in note 36.
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
\u00a3m
1 to 2 years
\u00a3m
2 to 3 years
\u00a3m
3 to 4 years
\u00a3m
4 to 5 years
\u00a3m
Over 5 years
\u00a3m
Total
\u00a3m
At 31 December 2025
1,911
1,131
1,072
483
124
16
4,737
At 31 December 2024
1,577
956
821
365
85
6
3,810
Equipment leased to customers under operating leases primarily relates to vehicle contract hire arrangements. Operating lease assets are
comprised as follows:
2025
\u00a3m
2024
\u00a3m
Electric vehicles
4,534
3,894
Internal combustion engine vehicles
1,641
1,630
Self-charging hybrid vehicles
125
166
Plug-in hybrid vehicles
1,905
1,575
Other
8
\u2013
Total operating lease assets
8,213
7,265
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1057": { "value": "
2025
\u00a3m
2024
\u00a3m
Insurance contract assets
113
\u2013
Reinsurance contract assets2
401
422
Investment in joint ventures and associates
445
542
Property, plant and equipment:
Investment properties (see below)
3,917
3,281
Premises
1,126
1,100
Equipment
901
879
Operating lease assets (see below)
8,213
7,265
Right-of-use assets (note 25)
759
872
14,916
13,397
Prepayments
1,792
1,634
Disposal group assets1:
Deferred tax assets
\u2013
13
Goodwill
\u2013
50
Reinsurance contract assets2
\u2013
5,059
\u2013
5,122
Other assets
2,988
3,671
Total other assets
20,655
24,788
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1056": { "value": "
2025
\u00a3m
2024
\u00a3m
Insurance contract assets
113
\u2013
Reinsurance contract assets2
401
422
Investment in joint ventures and associates
445
542
Property, plant and equipment:
Investment properties (see below)
3,917
3,281
Premises
1,126
1,100
Equipment
901
879
Operating lease assets (see below)
8,213
7,265
Right-of-use assets (note 25)
759
872
14,916
13,397
Prepayments
1,792
1,634
Disposal group assets1:
Deferred tax assets
\u2013
13
Goodwill
\u2013
50
Reinsurance contract assets2
\u2013
5,059
\u2013
5,122
Other assets
2,988
3,671
Total other assets
20,655
24,788
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1058": { "value": "
Investment properties
The Group\u2019s investment properties are primarily held by Lloyds Living and 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.
2025
\u00a3m
2024
\u00a3m
At 1 January
3,281
2,862
Acquisition of new properties
606
640
Additional expenditure on existing properties
10
26
Change in fair value
99
67
Disposals and other movements
(79)
(314)
At 31 December
3,917
3,281
Rental income of \u00a3190 million (2024: \u00a3172 million) and direct operating expenses of \u00a327 million (2024: \u00a344 million) arising from investment
properties that generate rental income have been recognised in the income statement.
Details of capital expenditure in respect of investment properties which had been contracted for but not recognised in the financial
statements is given in note 36.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1059": { "value": "
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 ).
2025
\u00a3m
2024
\u00a3m
At 1 January
872
1,055
Exchange and other adjustments
(1)
2
Additions
83
128
Disposals
(13)
(115)
Depreciation charge for the year
(182)
(198)
At 31 December
759
872
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 2025 was \u00a3183 million (2024: \u00a3202 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1060": { "value": "
Note 26: Debt securities in issue
2025
2024
At fair value
through profit
or loss
\u00a3m
At
amortised
cost
\u00a3m
Total
\u00a3m
At fair value
through profit
or loss
\u00a3m
At
amortised
cost
\u00a3m
Total
\u00a3m
Senior unsecured notes issued
4,226
37,532
41,758
4,608
40,019
44,627
Covered bonds
\u2013
11,260
11,260
\u2013
11,764
11,764
Certificates of deposit issued
\u2013
7,333
7,333
\u2013
5,776
5,776
Securitisation notes
17
6,325
6,342
22
5,185
5,207
Commercial paper
\u2013
15,821
15,821
\u2013
8,090
8,090
Total debt securities in issue
4,243
78,271
82,514
4,630
70,834
75,464
Covered bonds and securitisation programmes
At 31 December 2025, the covered bonds held by external parties and those held internally, were secured on certain loans and advances to
customers amounting to \u00a322,072\u00a0million ( 2024 : \u00a326,202\u00a0million ) 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 \u00a327,766 million at 31 December 2025 (2024: \u00a327,657 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.
Cash deposits of \u00a33,359 million (2024: \u00a33,256 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 2025 these obligations had not been
triggered; the maximum exposure under these facilities was \u00a311 million (2024: \u00a311 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 2025 (2024: none).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1062": { "value": "
Note 27: Other liabilities
2025
\u00a3m
2024
\u00a3m
Third party interests in consolidated funds1
12,781
10,706
Lease liabilities
1,026
1,261
Disposal group liabilities:
Liabilities arising from insurance contracts
\u2013
5,268
Other creditors and accruals2
7,138
8,683
Total other liabilities
20,945
25,918
1Where a collective investment vehicle is consolidated, the interests of parties other than the Group are reported at fair value in other liabilities.
2Includes settlement balances, accruals and deferred income and reinsurance contract liabilities
The maturity analysis of the Group\u2019s lease liabilities on an undiscounted basis is set out in the liquidity risk section on page 185.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1061": { "value": "
Note 27: Other liabilities
2025
\u00a3m
2024
\u00a3m
Third party interests in consolidated funds1
12,781
10,706
Lease liabilities
1,026
1,261
Disposal group liabilities:
Liabilities arising from insurance contracts
\u2013
5,268
Other creditors and accruals2
7,138
8,683
Total other liabilities
20,945
25,918
1Where a collective investment vehicle is consolidated, the interests of parties other than the Group are reported at fair value in other liabilities.
2Includes settlement balances, accruals and deferred income and reinsurance contract liabilities
The maturity analysis of the Group\u2019s lease liabilities on an undiscounted basis is set out in the liquidity risk section on page 185.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1064": { "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.
Note 28: Provisions continued
Provisions
for financial
commitments
and guarantees
\u00a3m
Regulatory
and legal
provisions
\u00a3m
Other
\u00a3m
Total
\u00a3m
At 1 January 2025
270
1,600
443
2,313
Exchange and other adjustments
\u2013
3
(1)
2
Provisions applied
\u2013
(295)
(479)
(774)
(Release) charge for the year
(73)
968
452
1,347
At 31 December 2025
197
2,276
415
2,888
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 and pre-action correspondence in connection with its past conduct and claims
brought or threatened 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 of these matters, events or
circumstances 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 full year to
31\u00a0December 2025 the Group charged a further \u00a3968 million in respect of legal actions and other regulatory matters and the unutilised
balance at 31\u00a0December 2025 was \u00a3 2,276 million (31\u00a0December 2024: \u00a31,600\u00a0million). The most significant items are outlined below.
Motor commission review
The Group recognised a further \u00a3800 million provision in the third quarter of 2025 following the FCA\u2019s announcement in October 2025 that
it intends to implement a motor finance commission redress scheme. As at 31 December 2025, the total provision recognised is
\u00a31,950\u00a0million.
The Supreme Court judgment in Johnson v FirstRand Bank Limited in August 2025 found that there was an unfair relationship under s.140A
of the Consumer Credit Act (CCA). Following the Supreme Court judgment, the FCA published Consultation Paper CP25/27 in October
2025 setting out detailed proposals for a scheme (including their proposed basis) to redress unfair customer relationships.
The increased provision reflects the increased likelihood of a higher number of scheme cases (i.e. discretionary commission arrangements,
commercial tie or high commission arrangements) being eligible for redress, including those dating back to 2007 and also the likelihood of a
higher level of redress than anticipated in the previous scenario-based provision; the FCA's proposed redress calculation approach is less
closely linked to customer loss than previously anticipated. The Group has made representations to the FCA on a number of aspects of the
proposed scheme.
On 3 December 2025, the FCA announced that the pause on motor finance complaints handling would be lifted on 31 May 2026 for
complaints made in relation to the subject matter of the scheme, and that this timeline may be superseded in due course by the
operational timetable to be set out in the final scheme rules. The FCA also lifted the pause on handling motor finance complaints in respect
of leasing products on 5 December 2025. The Group continues to receive new 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 April
2026, the Court of Appeal is expected to consider whether, in the context of motor finance claims, it is possible for multiple unfair
relationship claims to be dealt with via one omnibus claim form.
In establishing the provision estimate, the Group has considered the potential impact of the FCA\u2019s proposed redress scheme, as well as a
number of possible modifications to the scheme which might arise as a result of the consultation. The Group will continue to assess
developments and potential impacts following the announcement by the FCA of the final scheme rules, which are expected by the end of
March 2026. The ultimate financial impact will be determined by a number of factors still to be resolved, in particular the final scheme
rules, customer response rates, scheme operating costs, any further interventions and any broader implications of legal proceedings and
complaints. Given the significant level of uncertainty in terms of the final outcome, the ultimate financial impact could materially differ
from the amount provided. The total \u00a31,950\u00a0million provision represents the Group\u2019s current best estimate of the potential impact of the
motor finance issue.
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.
Note 28: Provisions continued
All of the population have now had an initial decision, with a small number of the populations\u2019 challenges to the Panel\u2019s initial decision
ongoing through the published 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 separate
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 \u00a3119 million (31 December 2024: \u00a3154 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\u00a0December 2025 provisions of \u00a3170 million (31 December 2024: \u00a3135 million) were held.
The Group carries provisions of \u00a341 million (31 December 2024: \u00a335 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:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1063": { "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.
Note 28: Provisions continued
Provisions
for financial
commitments
and guarantees
\u00a3m
Regulatory
and legal
provisions
\u00a3m
Other
\u00a3m
Total
\u00a3m
At 1 January 2025
270
1,600
443
2,313
Exchange and other adjustments
\u2013
3
(1)
2
Provisions applied
\u2013
(295)
(479)
(774)
(Release) charge for the year
(73)
968
452
1,347
At 31 December 2025
197
2,276
415
2,888
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 and pre-action correspondence in connection with its past conduct and claims
brought or threatened 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 of these matters, events or
circumstances 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 full year to
31\u00a0December 2025 the Group charged a further \u00a3968 million in respect of legal actions and other regulatory matters and the unutilised
balance at 31\u00a0December 2025 was \u00a3 2,276 million (31\u00a0December 2024: \u00a31,600\u00a0million). The most significant items are outlined below.
Motor commission review
The Group recognised a further \u00a3800 million provision in the third quarter of 2025 following the FCA\u2019s announcement in October 2025 that
it intends to implement a motor finance commission redress scheme. As at 31 December 2025, the total provision recognised is
\u00a31,950\u00a0million.
The Supreme Court judgment in Johnson v FirstRand Bank Limited in August 2025 found that there was an unfair relationship under s.140A
of the Consumer Credit Act (CCA). Following the Supreme Court judgment, the FCA published Consultation Paper CP25/27 in October
2025 setting out detailed proposals for a scheme (including their proposed basis) to redress unfair customer relationships.
The increased provision reflects the increased likelihood of a higher number of scheme cases (i.e. discretionary commission arrangements,
commercial tie or high commission arrangements) being eligible for redress, including those dating back to 2007 and also the likelihood of a
higher level of redress than anticipated in the previous scenario-based provision; the FCA's proposed redress calculation approach is less
closely linked to customer loss than previously anticipated. The Group has made representations to the FCA on a number of aspects of the
proposed scheme.
On 3 December 2025, the FCA announced that the pause on motor finance complaints handling would be lifted on 31 May 2026 for
complaints made in relation to the subject matter of the scheme, and that this timeline may be superseded in due course by the
operational timetable to be set out in the final scheme rules. The FCA also lifted the pause on handling motor finance complaints in respect
of leasing products on 5 December 2025. The Group continues to receive new 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 April
2026, the Court of Appeal is expected to consider whether, in the context of motor finance claims, it is possible for multiple unfair
relationship claims to be dealt with via one omnibus claim form.
In establishing the provision estimate, the Group has considered the potential impact of the FCA\u2019s proposed redress scheme, as well as a
number of possible modifications to the scheme which might arise as a result of the consultation. The Group will continue to assess
developments and potential impacts following the announcement by the FCA of the final scheme rules, which are expected by the end of
March 2026. The ultimate financial impact will be determined by a number of factors still to be resolved, in particular the final scheme
rules, customer response rates, scheme operating costs, any further interventions and any broader implications of legal proceedings and
complaints. Given the significant level of uncertainty in terms of the final outcome, the ultimate financial impact could materially differ
from the amount provided. The total \u00a31,950\u00a0million provision represents the Group\u2019s current best estimate of the potential impact of the
motor finance issue.
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.
Note 28: Provisions continued
All of the population have now had an initial decision, with a small number of the populations\u2019 challenges to the Panel\u2019s initial decision
ongoing through the published 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 separate
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 \u00a3119 million (31 December 2024: \u00a3154 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\u00a0December 2025 provisions of \u00a3170 million (31 December 2024: \u00a3135 million) were held.
The Group carries provisions of \u00a341 million (31 December 2024: \u00a335 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1065": { "value": "
Note 29: Subordinated liabilities
The movement in subordinated liabilities during the year was as follows:
Preference
shares
\u00a3m
Undated
\u00a3m
Dated
\u00a3m
Total
\u00a3m
At 1 January 2024
466
144
9,643
10,253
Issued during the year1:
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 year1:
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
Issued during the year1:
4.00% Fixed Rate Reset Dated Subordinated Notes 2035 (\u20ac1,000 million)
\u2013
\u2013
842
842
6.068% Fixed-to-Floating Rate Dated Subordinated Notes 2036 ($1,250 million)
\u2013
\u2013
918
918
\u2013
\u2013
1,760
1,760
Repurchases and redemptions during the year1:
4.50% Fixed Rate Step-up Subordinated Notes 2030 (\u20ac441 million)
\u2013
\u2013
(371)
(371)
4.50% Fixed Rate Step-up Subordinated Notes 2030 (\u20ac309 million)
\u2013
\u2013
(260)
(260)
7.625% Dated Subordinated Notes 2025 (\u00a3273 million)
\u2013
\u2013
(273)
(273)
4.582% Fixed Rate Dated Subordinated Notes 2025 ($1,328 million)
\u2013
\u2013
(996)
(996)
4.582% Fixed Rate Dated Subordinated Notes 2025 ($25.6 million)
\u2013
\u2013
(19)
(19)
5.75% Undated Step-up Subordinated Notes callable 2025 (\u00a39 million)
\u2013
(9)
\u2013
(9)
\u2013
(9)
(1,919)
(1,928)
Foreign exchange movements
(3)
\u2013
(277)
(280)
Other movements (cash and non-cash) 2
(3)
\u2013
256
253
At 31 December 2025
407
136
9,351
9,894
1Issuances in the year generated cash inflows of \u00a31,757 million (2024 : \u00a3812 million ); the repurchases and redemptions resulted in cash outflows of \u00a3 1,928 million (2024: \u00a3819\u00a0million).
2Other movements include hedge accounting movements and cash payments in respect of interest on subordinated liabilities in the year amounting to \u00a3618 million (2024: \u00a3622 million)
offset by the interest expense in respect of subordinated liabilities of \u00a3707 million (2024 : \u00a3738 million).
Note 29: Subordinated liabilities continued
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 0.50% of the total issued share capital
(59,181,971,051 shares) of the Group.
Number of shares
2025
2024
2023
6% Non-cumulative Redeemable Preference shares of GBP0.25
400
400
400
6.475% Non-cumulative Preference shares of GBP0.25
\u2013
\u2013
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
296,227,449
343,501,265
2025
2024
2023
\u00a3m
% of
share
capital
\u00a3m
% of
share
capital
\u00a3m
% of
share
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
\u2013
\u2013
12
0.07
9.25% Non-cumulative Irredeemable Preference shares of
GBP0.25
63
0.43
63
0.42
63
0.40
9.75% Non-cumulative Irredeemable Preference shares of
GBP0.25
11
0.07
11
0.07
11
0.07
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
0.50
74
0.49
86
0.54
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% of preference shares have voting rights. The preference shares represent 0.50% 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 );
\"Icon_Weblink.svg\"
ii. in respect of the 6% Non-cumulative Redeemable Preference shares, in Companies House form 128(1) filed at Companies House on
12\u00a0January 2005, a copy of which is available from Companies House (www.companieshouse.gov.uk ); and
\"Icon_Weblink.svg\"
iii. in respect of the other classes of preference shares, in the prospectus dated 20 November 2008 and published on the
National\u00a0Storage Mechanism on that date, a copy of which prospectus is available on the National Storage Mechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism ).
\"Icon_Weblink.svg\"
None of the preference shares have any multiple or unequal voting rights.
As at 31 December 2025, the free float percentage of all of the Company\u2019s ordinary and preference listed shares in issue was over 99.99%,
by both number of shares and nominal value. The balance was comprised of the 400 unlisted 6% 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1066": { "value": "1757000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfSubordinatedLiabilities", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1067": { "value": "812000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfSubordinatedLiabilities", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1068": { "value": "1928000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfSubordinatedLiabilities", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1069": { "value": "819000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfSubordinatedLiabilities", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1070": { "value": "622000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1071": { "value": "
Note 30: Share capital
Issued and fully paid ordinary share capital
Number of shares
Ordinary shares of 10p (formerly 25p) each
2025
2024
2023
At 1 January
60,617,012,971
63,569,225,662
67,287,852,204
Issued under employee share schemes
472,840,371
734,265,017
667,636,165
Share buyback programme (note 32)
(2,204,109,740)
(3,686,477,708)
(4,386,262,707)
At 31 December
58,885,743,602
60,617,012,971
63,569,225,662
2025
2024
2023
Ordinary shares of 10p (formerly 25p) each
\u00a3m
% of
share
capital
\u00a3m
% of
share
capital
\u00a3m
% of
share
capital
At 31 December
5,889
99.50
6,062
99.52
6,358
99.46
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%) 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 15 May 2025. The authority to issue shares and the authority to make market
purchases\u00a0of shares will expire at the next annual general meeting. Shareholders will be asked, at the annual general meeting, to give
similar\u00a0authorities.
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% of the total ordinary share capital at 31 December 2025, 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1072": { "value": "
Note 31: Earnings per share
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Profit attributable to ordinary shareholders \u2013 basic and diluted
4,196
3,923
4,933
2025
million
2024
million
2023
million
Weighted average number of ordinary shares in issue \u2013 basic
59,790
62,413
64,953
Adjustment for share options and awards
723
661
807
Weighted average number of ordinary shares in issue \u2013 diluted
60,513
63,074
65,760
Basic earnings per share
7.0p
6.3p
7.6p
Diluted earnings per share
6.9p
6.2p
7.5p
Note 31: Earnings per share continued
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 105 million (2024: 71 million ; 2023: 180 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 1 million anti-dilutive share options and awards excluded from the calculation of diluted earnings per share (2024: 16\u00a0million;
2023: 41\u00a0million ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1073": { "value": "
Note 32: Other reserves
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Merger reserve
At 1 January
7,102
7,149
7,149
Redemption of preference shares (note 29) 1
\u2013
(47)
\u2013
At 31 December
7,102
7,102
7,149
Capital redemption reserve
At 1 January
5,751
5,370
4,932
Redemption of preference shares (note 29) 1
\u2013
12
\u2013
Shares cancelled under share buyback programme (see below)
220
369
438
At 31 December
5,971
5,751
5,370
Revaluation reserve in respect of debt securities held at fair value through other comprehensive income
At 1 January
(113)
(67)
50
Movements recognised in other comprehensive income
24
(46)
(117)
At 31 December
(89)
(113)
(67)
Revaluation reserve in respect of equity shares held at fair value through other comprehensive income
At 1 January
93
\u2013
57
Movements recognised in other comprehensive income
34
93
(57)
Realised gains and losses transferred to retained profits
(107)
\u2013
\u2013
At 31 December
20
93
\u2013
Cash flow hedge reserve
At 1 January
(3,755)
(3,766)
(5,476)
Movements recognised in other comprehensive income
1,692
11
1,710
At 31 December
(2,063)
(3,755)
(3,766)
Foreign currency translation reserve
At 1 January
(251)
(178)
(125)
Movements recognised in other comprehensive income
54
(73)
(53)
At 31 December
(197)
(251)
(178)
Total other reserves at 31 December
10,744
8,827
8,508
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\u00a0million. These
preference shares had been accounted for as subordinated liabilities. On redemption an amount of \u00a335\u00a0million was transferred from the distributable merger reserve to the share
premium account.
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 reserve 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 hedge 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.
In 2025, 2024 and 2023 the Group commenced and completed share buyback programmes to repurchase outstanding ordinary shares. In
2025 the Group bought back and cancelled 2,204\u00a0million shares under the programme (2024: 3,686\u00a0million shares; 2023: 4,386 million
shares), for a total consideration, including expenses, of \u00a3 1,710 million (2024: \u00a32,011 million; 2023: \u00a31,993 million). Upon cancellation,
\u00a3220\u00a0million (2024: \u00a3369 million; 2023 : \u00a3438 million), being the nominal value of the shares repurchased, was transferred to the capital
redemption reserve.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1074": { "value": "24000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1075": { "value": "-46000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1076": { "value": "-117000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1077": { "value": "34000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1078": { "value": "93000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1079": { "value": "-57000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1080": { "value": "1692000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1081": { "value": "11000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1082": { "value": "1710000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1083": { "value": "54000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1084": { "value": "-73000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1085": { "value": "-53000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1086": { "value": "-1710000000.0", "decimals": -6, "dimensions": { "concept": "lyg:ShareBuybackNote32", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-1087": { "value": "-2011000000.0", "decimals": -6, "dimensions": { "concept": "lyg:ShareBuybackNote32", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-1088": { "value": "-1993000000.0", "decimals": -6, "dimensions": { "concept": "lyg:ShareBuybackNote32", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-1089": { "value": "
Note 34: 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
14\u00a0May 2026 , of 2.43 pence per ordinary share (2024: 2.11 pence per ordinary share). This is equivalent to \u00a3 1,429\u00a0million, before the impact
of any cancellations of shares under the Company\u2019s buyback programme ( 2024: \u00a31,271 \u00a0million, following cancellations of shares under the
Company\u2019s 2025 buyback programme up to the record date), and will be paid on 19\u00a0May 2026. These financial statements do not reflect
the recommended final dividend. Shareholders who have already joined the dividend reinvestment plan will automatically receive shares
instead of the cash dividend. Key dates for the payment of the recommended dividend are outlined on page 306.
Dividends paid during the year were as follows:
2025
pence per
share
2024
pence per
share
2023
pence per
share
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Final dividend recommended by directors at previous year end
2.11
1.84
1.60
1,271
1,169
1,059
Interim dividend paid in the year
1.22
1.06
0.92
729
659
592
3.33
2.90
2.52
2,000
1,828
1,651
Note 34: Dividends on ordinary shares continued
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 2025: 2,805,932 shares, 31 December 2024: 590,670 shares, waived rights to all dividends) and the
Lloyds Banking Group Employee Share Ownership Trust (holding at 31 December 2025: 84,427,788 shares, 31\u00a0December 2024:
125,361,633\u00a0shares, waived rights to all dividends).
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": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1090": { "value": "0.0243", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-1091": { "value": "0.0211", "decimals": -2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-1092": { "value": "1429000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1093": { "value": "1271000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1094": { "value": "1271000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-1095": { "value": "0.0333", "decimals": -2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-1096": { "value": "0.0290", "decimals": -2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-1097": { "value": "0.0252", "decimals": -2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-1099": { "value": "
Note 35: 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
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Salaries and other short-term benefits
15
14
16
Share-based payments
24
20
22
Total compensation
39
34
38
There were no contributions in respect of key management personnel to defined contribution pension schemes (2024 and 2023: none).
Share plans
2025
million
2024
million
2023
million
At 1 January
123
55
72
Granted, including certain adjustments (includes entitlements of appointed key management personnel)
44
78
27
Exercised/lapsed (includes entitlements of former key management personnel)
(9)
(10)
(44)
At 31 December
158
123
55
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:
Loans
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
At 1 January
1
1
2
Advanced (includes loans to appointed key management personnel)
1
1
\u2013
Repayments (includes loans to former key management personnel)
(1)
(1)
(1)
At 31 December
1
1
1
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
3.67% and 31.75% in 2025 (2024: 2.03 % and 32.40%; 2023: 1.09% and 32.40%).
No provisions have been recognised in respect of loans given to key management personnel ( 2024 and 2023 : \u00a3nil).
Deposits
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
At 1 January
8
14
10
Placed (includes deposits of appointed key management personnel)
42
31
44
Withdrawn (includes deposits of former key management personnel)
(43)
(37)
(40)
At 31 December
7
8
14
Deposits placed by key management personnel attracted interest rates of up to 6.25% (2024: 6.25%; 2023: 6.25%).
At 31 December 2025, the Group did not provide any guarantees in respect of key management personnel (2024 and 2023: none).
At 31 December 2025, 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 \u00a336.1 thousand with three directors
and one connected person (2024: \u00a329.0 thousand with five directors and one connected person; 2023: \u00a323.4 thousand with five directors
and no connected persons).
Subsidiaries
Details of the Group\u2019s subsidiaries and related undertakings are given on pages 313 to 323. In accordance with IFRS 10 Consolidated
Financial Statements, transactions and balances with subsidiaries have been eliminated on consolidation.
Note 35: Related party transactions continued
Pension funds
The Group provides banking and some investment management services to a number of its pension funds. At 31 December 2025, customer
deposits of \u00a3128 million (2024: \u00a3113 million) related to the Group\u2019s pension funds.
Collective investment vehicles
The Group manages 91 (2024 : 88) collective investment vehicles, such as Open-Ended Investment Companies (OEICs) and of these
49\u00a0(2024 : 50) are consolidated. The Group invested \u00a345 million (2024: \u00a3142 million) and redeemed \u00a3525 million (2024: \u00a3513 million) in the
unconsolidated collective investment vehicles during the year and had investments, at fair value, of \u00a3744 million (2024: \u00a31,461 million) at
31\u00a0December. The Group earned fees of \u00a3 130 million from the unconsolidated collective investment vehicles during 2025 (2024:
\u00a382\u00a0million).
Joint ventures and associates
At 31 December 2025 there were loans and advances to customers of \u00a334 million (2024: \u00a345 million) outstanding and balances within
customer deposits of \u00a3 13 million (2024: \u00a313 million) relating to joint ventures and associates.
During the year the Group paid fees of \u00a33 million (2024: \u00a34 million) to its Schroders Personal Wealth joint venture, which then became a
fully consolidated subsidiary on 9 October 2025 when the Group acquired the remaining 49.9% of the ordinary share capital of Schroders
Personal Wealth in exchange for its stake in Cazenove Capital.
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. These investments are reported within financial assets at fair value through profit or loss on the face of the
balance sheet. At 31 December 2025, companies that are joint ventures and associates of the Group had total assets of \u00a37,728 million
(2024: \u00a37,635 million), total liabilities of \u00a36,275\u00a0million (2024: \u00a36,436 million) and for the year ended 31 December 2025 had turnover of
\u00a33,072 million (2024: \u00a33,630\u00a0million) and made a net loss of \u00a3221 million (2024: net loss of \u00a3328 million). In addition, the Group has
provided \u00a31,646 million (2024:\u00a0\u00a31,651 million) of financing to these companies on which it received \u00a3135 million (2024: \u00a3116\u00a0million) of
interest income in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1098": { "value": "
Note 35: 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
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Salaries and other short-term benefits
15
14
16
Share-based payments
24
20
22
Total compensation
39
34
38
There were no contributions in respect of key management personnel to defined contribution pension schemes (2024 and 2023: none).
Share plans
2025
million
2024
million
2023
million
At 1 January
123
55
72
Granted, including certain adjustments (includes entitlements of appointed key management personnel)
44
78
27
Exercised/lapsed (includes entitlements of former key management personnel)
(9)
(10)
(44)
At 31 December
158
123
55
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:
Loans
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
At 1 January
1
1
2
Advanced (includes loans to appointed key management personnel)
1
1
\u2013
Repayments (includes loans to former key management personnel)
(1)
(1)
(1)
At 31 December
1
1
1
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
3.67% and 31.75% in 2025 (2024: 2.03 % and 32.40%; 2023: 1.09% and 32.40%).
No provisions have been recognised in respect of loans given to key management personnel ( 2024 and 2023 : \u00a3nil).
Deposits
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
At 1 January
8
14
10
Placed (includes deposits of appointed key management personnel)
42
31
44
Withdrawn (includes deposits of former key management personnel)
(43)
(37)
(40)
At 31 December
7
8
14
Deposits placed by key management personnel attracted interest rates of up to 6.25% (2024: 6.25%; 2023: 6.25%).
At 31 December 2025, the Group did not provide any guarantees in respect of key management personnel (2024 and 2023: none).
At 31 December 2025, 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 \u00a336.1 thousand with three directors
and one connected person (2024: \u00a329.0 thousand with five directors and one connected person; 2023: \u00a323.4 thousand with five directors
and no connected persons).
Subsidiaries
Details of the Group\u2019s subsidiaries and related undertakings are given on pages 313 to 323. In accordance with IFRS 10 Consolidated
Financial Statements, transactions and balances with subsidiaries have been eliminated on consolidation.
Note 35: Related party transactions continued
Pension funds
The Group provides banking and some investment management services to a number of its pension funds. At 31 December 2025, customer
deposits of \u00a3128 million (2024: \u00a3113 million) related to the Group\u2019s pension funds.
Collective investment vehicles
The Group manages 91 (2024 : 88) collective investment vehicles, such as Open-Ended Investment Companies (OEICs) and of these
49\u00a0(2024 : 50) are consolidated. The Group invested \u00a345 million (2024: \u00a3142 million) and redeemed \u00a3525 million (2024: \u00a3513 million) in the
unconsolidated collective investment vehicles during the year and had investments, at fair value, of \u00a3744 million (2024: \u00a31,461 million) at
31\u00a0December. The Group earned fees of \u00a3 130 million from the unconsolidated collective investment vehicles during 2025 (2024:
\u00a382\u00a0million).
Joint ventures and associates
At 31 December 2025 there were loans and advances to customers of \u00a334 million (2024: \u00a345 million) outstanding and balances within
customer deposits of \u00a3 13 million (2024: \u00a313 million) relating to joint ventures and associates.
During the year the Group paid fees of \u00a33 million (2024: \u00a34 million) to its Schroders Personal Wealth joint venture, which then became a
fully consolidated subsidiary on 9 October 2025 when the Group acquired the remaining 49.9% of the ordinary share capital of Schroders
Personal Wealth in exchange for its stake in Cazenove Capital.
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. These investments are reported within financial assets at fair value through profit or loss on the face of the
balance sheet. At 31 December 2025, companies that are joint ventures and associates of the Group had total assets of \u00a37,728 million
(2024: \u00a37,635 million), total liabilities of \u00a36,275\u00a0million (2024: \u00a36,436 million) and for the year ended 31 December 2025 had turnover of
\u00a33,072 million (2024: \u00a33,630\u00a0million) and made a net loss of \u00a3221 million (2024: net loss of \u00a3328 million). In addition, the Group has
provided \u00a31,646 million (2024:\u00a0\u00a31,651 million) of financing to these companies on which it received \u00a3135 million (2024: \u00a3116\u00a0million) of
interest income in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1100": { "value": "
Note 35: 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
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Salaries and other short-term benefits
15
14
16
Share-based payments
24
20
22
Total compensation
39
34
38
There were no contributions in respect of key management personnel to defined contribution pension schemes (2024 and 2023: none).
Share plans
2025
million
2024
million
2023
million
At 1 January
123
55
72
Granted, including certain adjustments (includes entitlements of appointed key management personnel)
44
78
27
Exercised/lapsed (includes entitlements of former key management personnel)
(9)
(10)
(44)
At 31 December
158
123
55
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:
Loans
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
At 1 January
1
1
2
Advanced (includes loans to appointed key management personnel)
1
1
\u2013
Repayments (includes loans to former key management personnel)
(1)
(1)
(1)
At 31 December
1
1
1
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
3.67% and 31.75% in 2025 (2024: 2.03 % and 32.40%; 2023: 1.09% and 32.40%).
No provisions have been recognised in respect of loans given to key management personnel ( 2024 and 2023 : \u00a3nil).
Deposits
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
At 1 January
8
14
10
Placed (includes deposits of appointed key management personnel)
42
31
44
Withdrawn (includes deposits of former key management personnel)
(43)
(37)
(40)
At 31 December
7
8
14
Deposits placed by key management personnel attracted interest rates of up to 6.25% (2024: 6.25%; 2023: 6.25%).
At 31 December 2025, the Group did not provide any guarantees in respect of key management personnel (2024 and 2023: none).
At 31 December 2025, 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 \u00a336.1 thousand with three directors
and one connected person (2024: \u00a329.0 thousand with five directors and one connected person; 2023: \u00a323.4 thousand with five directors
and no connected persons).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1101": { "value": "
Note 36: Contingent liabilities, commitments and financial guarantees
Contingent liabilities, commitments and guarantees arising from the banking business
At 31 December 2025 contingent liabilities, such as performance bonds and letters of credit, arising from the banking business were
\u00a33,009 \u00a0million (31 December 2024: \u00a32,605 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 financial guarantees were \u00a3157,574 million (31 December 2024: \u00a3148,619 million) , of which in
respect of undrawn formal standby facilities, credit lines and other commitments to lend, \u00a388,135 \u00a0million (31 December 2024:
\u00a379,518\u00a0million) was\u00a0irrevocable.
Capital commitments
Excluding commitments in respect of investment property, capital expenditure contracted but not provided for at 31\u00a0December 2025
amounted to \u00a3610 million (2024: \u00a3640 million) and related to assets to be leased to customers under operating leases. Capital expenditure
in respect of investment properties which had been contracted for but not recognised in the financial statements was \u00a3312\u00a0million (31
December 2024: \u00a3236 million). 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.
Litigation has been 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 final judgment of the Supreme Court in
2020 that certain historic interchange arrangements of Mastercard and Visa infringed competition law and a subsequent judgment of the
Competition Appeal Tribunal in June 2025 finding that all default interchange fee rules of Mastercard and Visa (including after the
Interchange Fee Regulation) infringed competition law.
Separate litigation was brought on behalf of UK consumers in the English Courts against Mastercard (settlement of which was approved by
the Competition Appeal Tribunal in the first half of 2025).
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 releases and any subsequent
sales of Visa common stock do not impact the contingent liability.
LIBOR and other trading rates
Certain Group companies, together with other panel banks, were previously named as defendants in private lawsuits 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 company dismissals from these lawsuits remain subject to appeal.
Certain Group companies are also named as defendants in two Dutch class actions, raising LIBOR manipulation allegations and one English
claim relating to the alleged mis-sale of interest rate hedging products which also includes an allegation of LIBOR manipulation.
It is currently not possible to predict the scope and ultimate outcome on the Group of any private lawsuits. As such, it is not practicable to
provide an estimate of any potential financial effect.
Note 36: Contingent liabilities, commitments and financial guarantees continued
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 has appealed to the Upper Tier Tax Tribunal, 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 \u00a3980\u00a0million (including interest) and a reduction in the Group\u2019s deferred tax asset of approximately \u00a3270 million. Following
the First Tier Tax\u00a0Tribunal outcome, the tax has been paid to HMRC and recognised as a current tax asset, given the Group\u2019s view that the
tax liability will not ultimately fall due. The appeal has been listed for hearing in March 2027, however final conclusion of the judicial process
may not be\u00a0for\u00a0several years.
There are a number of other open matters on which the Group is in discussions with HMRC (including 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 brought by (i) Arena Television Limited and Arena Holdings Limited and (ii) Sentinel Broadcast Limited, alleging
breach of duty and/or mandate in connection with an external fraud. The Group\u2019s application for permission to appeal the Court\u2019s decision
not to determine a central legal issue on a summary basis was refused on 29 January 2026. The Group is continuing to defend the claims,
which are now proceeding to trial. At this stage, it is not practicable to estimate the timing of any such trial, the final outcome of the
matter or its financial impact (if any) to the Group.
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 actions) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1102": { "value": "Total commitments and financial guarantees were \u00a3157,574 million (31 December 2024: \u00a3148,619 million) , of which in
respect of undrawn formal standby facilities, credit lines and other commitments to lend, \u00a388,135 \u00a0million (31 December 2024:
\u00a379,518\u00a0million) was\u00a0irrevocable.
Capital commitments
Excluding commitments in respect of investment property, capital expenditure contracted but not provided for at 31\u00a0December 2025
amounted to \u00a3610 million (2024: \u00a3640 million) and related to assets to be leased to customers under operating leases. Capital expenditure
in respect of investment properties which had been contracted for but not recognised in the financial statements was \u00a3312\u00a0million (31
December 2024: \u00a3236 million). The Group\u2019s management is confident that future net revenues and funding will be sufficient to cover these
commitments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1103": { "value": "
Note 37: 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\u00a0December 2025 was \u00a32,043 million (2024: \u00a32,272 million ), comprising \u00a31,387 million of loans and advances (2024:
\u00a31,155\u00a0million), \u00a3588 million of debt securities (2024: \u00a3559\u00a0million ) and \u00a3 68 million of financial assets at fair value through profit or loss
( 2024 : \u00a3558\u00a0million).
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 2025 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 2025 , the total carrying value of these consolidated collective investment
vehicle assets and liabilities held by the Group was \u00a350,239 million (2024: \u00a359,999 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.
Note 37: Structured entities continued
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
Type of entity
Nature and purpose of structured entities
Interest held by the Group
2025
\u00a3bn
2024
\u00a3bn
Collective investment
vehicles and limited
partnerships
These vehicles are primarily financed by
investments from investors in the vehicles and
are matched by policyholder liabilities in the
Insurance division.
\u2022 Interests in units issued by the vehicles
\u2022 Fees from management of vehicles
2,627
2,434
Securitisation vehicles
These vehicles issue asset-backed notes to
investors and facilitate the management of
the Group\u2019s balance sheet.
\u2022 Interest in notes issued by the vehicles
\u2022 Fees for loan servicing
4
5
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.
Carrying amount
Recognised within;
2025
\u00a3m
2024
\u00a3m
Collective investment vehicles and limited partnerships
Financial assets at fair value through profit or loss
45,991
86,630
Notes held in securitisation vehicles
Financial assets at fair value through profit or loss; and
Financial assets at amortised cost
1,186
2,403
Interest rate derivatives provided to securitisation vehicles
Derivative financial instruments assets; and
Derivative financial instruments (liabilities)
5
22
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 \u00a3130\u00a0million
(2024: \u00a382 million) for collective investment vehicles and \u00a31 million (2024: \u00a31 million) for securitisation vehicles. The carrying amount of
assets transferred to securitisation vehicles at the time of transfer was \u00a3nil (2024: \u00a32,004 million) and the Group recognised \u00a3nil gain or loss
on transfer (2024: gain of \u00a311 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 2025 the fair value of the retained notes was \u00a31,181\u00a0million (2024:
\u00a32,401 million). The income from the Group\u2019s interest in these structures for the year ended 31 December 2025 was \u00a355 million (2024: \u00a3226
million) and cumulatively for the lifetime was \u00a3414\u00a0million (2024: \u00a3359 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1104": { "value": "
(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.
Note 37: Structured entities continued
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
Type of entity
Nature and purpose of structured entities
Interest held by the Group
2025
\u00a3bn
2024
\u00a3bn
Collective investment
vehicles and limited
partnerships
These vehicles are primarily financed by
investments from investors in the vehicles and
are matched by policyholder liabilities in the
Insurance division.
\u2022 Interests in units issued by the vehicles
\u2022 Fees from management of vehicles
2,627
2,434
Securitisation vehicles
These vehicles issue asset-backed notes to
investors and facilitate the management of
the Group\u2019s balance sheet.
\u2022 Interest in notes issued by the vehicles
\u2022 Fees for loan servicing
4
5
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.
Carrying amount
Recognised within;
2025
\u00a3m
2024
\u00a3m
Collective investment vehicles and limited partnerships
Financial assets at fair value through profit or loss
45,991
86,630
Notes held in securitisation vehicles
Financial assets at fair value through profit or loss; and
Financial assets at amortised cost
1,186
2,403
Interest rate derivatives provided to securitisation vehicles
Derivative financial instruments assets; and
Derivative financial instruments (liabilities)
5
22
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 \u00a3130\u00a0million
(2024: \u00a382 million) for collective investment vehicles and \u00a31 million (2024: \u00a31 million) for securitisation vehicles. The carrying amount of
assets transferred to securitisation vehicles at the time of transfer was \u00a3nil (2024: \u00a32,004 million) and the Group recognised \u00a3nil gain or loss
on transfer (2024: gain of \u00a311 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 2025 the fair value of the retained notes was \u00a31,181\u00a0million (2024:
\u00a32,401 million). The income from the Group\u2019s interest in these structures for the year ended 31 December 2025 was \u00a355 million (2024: \u00a3226
million) and cumulatively for the lifetime was \u00a3414\u00a0million (2024: \u00a3359 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1105": { "value": "
Note 38: 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 37.
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\u00a0billion 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 2025, the Group continues
to recognise \u00a3344 million (2024: \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.
Note 38: Transfers of financial assets continued
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.
2025
2024
Assets
\u00a3m
Liabilities
\u00a3m
Assets
\u00a3m
Liabilities
\u00a3m
Repurchase and securities lending transactions
Financial assets at fair value through profit or loss
5,255
4,151
2,340
1,089
Debt securities held at amortised cost
697
\u2013
1,210
\u2013
Financial assets at fair value through other comprehensive income
15,768
10,674
12,483
4,465
Securitisation programmes
Financial assets at amortised cost:
Loans and advances to customers1
27,766
6,342
27,657
5,207
1The carrying value of associated liabilities excludes securitisation notes held by the Group of \u00a316,264 million (31 December 2024: \u00a317,079 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransfersOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1106": { "value": "
Note 39: 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 187 to 193.
Credit risk
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. The Group\u2019s credit risk exposure is predominantly in the United Kingdom. More information is set out on
pages 154 to 178.
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 181 to 186.
Capital risk
The Group maintains capital levels across all regulated entities commensurate with a prudent level of solvency to achieve financial
resilience and market confidence. 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. Close monitoring of regulatory capital
ratios is undertaken to ensure the Group meets regulatory requirements and risk appetite levels and deploys its capital resources efficiently.
Target capital levels take account of current and future regulatory requirements, capacity for growth and to cover uncertainties. At 31
December 2025, the Group\u2019s common equity tier 1 capital was \u00a332,930\u00a0million (31 December 2024: \u00a331,979 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 2025 and 2024. The Insurance business of the Group calculates regulatory capital on the
basis of an internal model, which was approved by the PRA on 5\u00a0December 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 180. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1107": { "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 187 to 193.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1108": { "value": "
Capital risk
The Group maintains capital levels across all regulated entities commensurate with a prudent level of solvency to achieve financial
resilience and market confidence. 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. Close monitoring of regulatory capital
ratios is undertaken to ensure the Group meets regulatory requirements and risk appetite levels and deploys its capital resources efficiently.
Target capital levels take account of current and future regulatory requirements, capacity for growth and to cover uncertainties. At 31
December 2025, the Group\u2019s common equity tier 1 capital was \u00a332,930\u00a0million (31 December 2024: \u00a331,979 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 2025 and 2024. The Insurance business of the Group calculates regulatory capital on the
basis of an internal model, which was approved by the PRA on 5\u00a0December 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", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1109": { "value": "
Note 40: Cash flow statement
(A)Change in operating assets
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Change in financial assets held at amortised cost
(26,316)
(21,106)
12,311
Change in financial assets at fair value through profit or loss
(24,505)
(9,872)
(22,539)
Change in derivative financial instruments
4,446
(4,082)
1,805
Change in other operating assets
5,686
(4,562)
(687)
Change in operating assets
(40,689)
(39,622)
(9,110)
(B)Change in operating liabilities
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Change in deposits from banks
(376)
4
(1,110)
Change in customer deposits
13,858
11,324
(3,850)
Change in repurchase agreements
810
57
(10,893)
Change in financial liabilities at fair value through profit or loss
172
2,619
6,925
Change in derivative financial instruments
(5,216)
1,524
(3,893)
Change in debt securities in issue at amortised cost
7,725
(4,824)
2,094
Change in insurance contracts1
13,220
1,941
9,845
Change in investment contract liabilities
10,412
6,250
5,502
Change in other operating liabilities2
(5,202)
4,708
(388)
Change in operating liabilities
35,403
23,603
4,232
1Includes insurance contracts presented within disposal group liabilities.
2Includes a decrease of \u00a3 235 million (2024 : decrease of \u00a3371 million ; 2023: increase of \u00a3315 million ) in respect of lease liabilities.
(C)Non-cash and other items
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Interest expense and hedging valuation adjustments on subordinated liabilities1
715
471
861
Accretion of discounts and amortisation of premiums and issue costs
(488)
195
1,259
Revaluation of investment properties
(99)
(67)
87
Net gain on sale of financial assets at fair value through other comprehensive income
(3)
(7)
(122)
Share of post-tax results of associates and joint ventures
(1)
13
16
Profit on derecognition of joint ventures and associates
(121)
\u2013
\u2013
Loss/(profit) on disposal of tangible fixed assets
65
(36)
(61)
Net credit in respect of defined benefit schemes
(37)
(11)
(79)
Depreciation and amortisation
3,477
3,426
2,905
Regulatory and legal provisions
968
899
675
Other provision movements
(29)
(206)
(30)
Allowance for loan losses
867
494
315
Write-off of allowance for loan losses, net of recoveries
(1,097)
(1,029)
(1,115)
Impairment credit on undrawn balances
(73)
(51)
\u2013
Impairment credit on financial assets at fair value through other comprehensive income
(1)
(3)
(2)
Transactions in own shares
38
(173)
103
Transfers to income statement from reserves
1,869
2,597
1,838
Foreign exchange impact on balance sheet2
709
1
502
Other non-cash items
91
42
176
Total non-cash items
6,850
6,555
7,328
Contributions to defined benefit schemes
(152)
(175)
(1,345)
Payments in respect of regulatory and legal provisions
(295)
(401)
(378)
Other
28
11
17
Total other items
(419)
(565)
(1,706)
Non-cash and other items
6,431
5,990
5,622
1Interest expense on subordinated liabilities and hedging valuation adjustments on subordinated debt, previously presented separately, are reported in aggregate.
2When 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.
Note 40: Cash flow statement continued
(D)Acquisition of Group undertakings, businesses and joint ventures
On 9 October 2025, LBG Equity Investments Limited, a wholly owned subsidiary of the Group, acquired 49.9% of the ordinary share capital
of Schroders Personal Wealth Limited (SPW) in exchange for its stake in Cazenove Capital, bringing the Group\u2019s ownership of SPW to 100%.
Goodwill of \u00a3262\u00a0million was recognised on the transaction. None of the goodwill was deductible for tax purposes.
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Net assets acquired:
Cash and cash equivalents
144
\u2013
38
Tangible fixed assets
2
\u2013
\u2013
Intangible assets (excluding goodwill)
296
\u2013
182
Other assets
152
\u2013
672
Deferred tax
(74)
\u2013
(58)
Other liabilities
(166)
\u2013
(646)
Goodwill arising on acquisition
262
\u2013
143
Non cash consideration
(616)
\u2013
\u2013
Cash consideration
\u2013
\u2013
331
Less cash and cash equivalents acquired
(144)
\u2013
(38)
Net cash (inflow)/outflow arising from acquisition of subsidiaries and businesses
(144)
\u2013
293
Acquisition of and additional investment in joint ventures
117
179
87
Net cash (inflow)/outflow from acquisitions in the year
(27)
179
380
(E)Analysis of cash and cash equivalents as shown in the balance sheet
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Cash and balances at central banks
56,661
62,705
78,110
Less mandatory reserve deposits1
(37)
(21)
(1,930)
56,624
62,684
76,180
Loans and advances to banks and reverse repurchase agreements with banks
17,006
15,175
19,048
Less amounts with a maturity of three months or more
(13,037)
(7,043)
(6,390)
3,969
8,132
12,658
Total cash and cash equivalents2
60,593
70,816
88,838
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.
2 Included within cash and cash equivalents at 31 December 2025 is \u00a3 16 million (2024: \u00a323 million; 2023 : \u00a331 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\u00a0business.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1111": { "value": "
(E)Analysis of cash and cash equivalents as shown in the balance sheet
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Cash and balances at central banks
56,661
62,705
78,110
Less mandatory reserve deposits1
(37)
(21)
(1,930)
56,624
62,684
76,180
Loans and advances to banks and reverse repurchase agreements with banks
17,006
15,175
19,048
Less amounts with a maturity of three months or more
(13,037)
(7,043)
(6,390)
3,969
8,132
12,658
Total cash and cash equivalents2
60,593
70,816
88,838
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.
2 Included within cash and cash equivalents at 31 December 2025 is \u00a3 16 million (2024: \u00a323 million; 2023 : \u00a331 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\u00a0business.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1110": { "value": "
(E)Analysis of cash and cash equivalents as shown in the balance sheet
2025
\u00a3m
2024
\u00a3m
2023
\u00a3m
Cash and balances at central banks
56,661
62,705
78,110
Less mandatory reserve deposits1
(37)
(21)
(1,930)
56,624
62,684
76,180
Loans and advances to banks and reverse repurchase agreements with banks
17,006
15,175
19,048
Less amounts with a maturity of three months or more
(13,037)
(7,043)
(6,390)
3,969
8,132
12,658
Total cash and cash equivalents2
60,593
70,816
88,838
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.
2 Included within cash and cash equivalents at 31 December 2025 is \u00a3 16 million (2024: \u00a323 million; 2023 : \u00a331 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\u00a0business.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-1112": { "value": "
Note 41: Events since the balance sheet date
Share b uyback
On 30 January 2026, the Group announced the launch of an ordinary share buyback of up to \u00a31.75 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 is expected to be completed, subject to continued authority from the PRA, by
31\u00a0December 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300PPXHEU2JF0AM85", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }