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"value": "As a mutual, the value we create is used to benefit our members as owners \u2013 who are customers with a personal current account, savings or mortgage with us. Certain business accounts also qualify for membership. We do not have to use our profits to pay dividends to shareholders, enabling us to grow our business, and balance:\u2022 Sharing our success with our members Through Nationwide Fairer Share payments, our leading service and products which, on average, are better\ue61fpriced than the market average.\u2022 With our need to keep sufficient profit To remain financially strong.We also commit at least 1% of our pre\ue61ftax profits each year to fund charitable activities in communities across the UK.We provide banking products and services to our customers, helping them with:Managing everyday finances6 More than one in nine of the UK\u2019s current accounts are held with us.Saving for the future7 We are the UK\u2019s largest retail deposit taker.Owning a home7 We are the UK\u2019s second largest residential mortgage provider, which includes helping first time buyers into homes. We also provide buy to let mortgages to landlords, primarily through The Mortgage Works.Business banking and borrowing For small to medium\ue61fsized enterprises and larger businesses, as well as registered social landlords.Other borrowing needs Through credit cards and personal loans.In total, over 60% of our funding comes from our customers, and over 85% of our lending is secured on residential property.",
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"value": "Annual report on remuneration for 2025/26 This section provides information on how the directors\u2019 remuneration policy, as approved by members at the 2025 AGM, was implemented during 2025/26. A summary of the policy can be found on pages 87 to 89. Base salary and pension The base salary in the year for D A Crosbie was \u00a31,205,000, and for M J Mathieson was \u00a3675,000. The pension allowance for D A Crosbie and M J Mathieson was 16% of salary, which is the maximum benefit available to Nationwide colleagueswho joined before April 2026. C S Rhodes received an annual salary of \u00a3930,000 in respect of his role as Virgin Money UK Chief Executive Officer, along with a pension allowance of 11.3%, consistent with other colleagues within Virgin Money who received a cash allowance in lieu of pension. Annual Performance Pay (APP) for 2025/26For D A Crosbie and M J Mathieson, APP awards were determined based on Nationwide performance measures set at the start of the financial year, as well as their individual contribution. For C S Rhodes, the APP award was determined based on Virgin Money performance measures set at the start of the financial year, as well as his individual contribution. In addition, the Executive Scorecard was assessed for all executive directors for 2025/26, capturing a wide range of Group financial and non-financial KPIs. Business performance measures Individual performance Executive Scorecard Nationwide: Virgin Money: \u2022 Number of engaged customers \u2022 Customer lending asset growth Informed by two separate performance ratings, Holistic assessment of \u2022 Customer experience score \u2022 Delivery of regulatory remediation ensuring colleagues are Group financial and non-\u2022 Total costs \u2022 Total costs rewarded based on both financial KPIs. \u2022 Heard good things about \u2022 Customer experience score delivery and behaviours. \u2022 Colleague engagement Executive Directors Other colleagues The maximum potential APP award level for 2025/26 was 150% of base salary for D A Crosbie. M J Mathieson\u2019s maximum potential APP award level increased from 100% to 150% of base salary with effect from his appointment into an expanded Group role in September 2025. C S Rhodes\u2019 maximum potential APP award level for 2025/26 was 100% of base salary. For all executive directors, including C S Rhodes in respect of the period he served on Nationwide\u2019s Board, 50% of the overall award was based on the relevant business performance measures, 30% based on Executive Scorecard performance and 20% based on individual performance. An illustration of the pay-out schedule of the executive directors' APP awards can be found on page 81. The Group has the ability to clawback APP awards for up to ten years after they were awarded in certain circumstances. Outcomes for APP 2025/26 The Committee\u2019s determination of outcomes against the applicable business performance measures is set out below. Performance was assessed in relation to targets set at the beginning of the financial year. Financial and risk gateways, which consider profit before tax, leverage ratio and conduct risk, also apply under the APP plan and need to be passed before any payment is made. These gateways were passed in 2025/26. The Committee must also be satisfied that there are no significant conduct, risk, reputational, financial, operational or other reasons why awards should not be made, taking into account input from the Board Risk and Audit committees. Overall, the Committee was satisfied that the outcomes were a fair reflection of performance, and no discretionary adjustment was applied. Measure Performance target range: threshold, target and maximum, and performance outcome achieved for 2025/26 Performance pay achieved / maximum achievable (shown as % of maximum) D A Crosbie M J Mathieson C S Rhodes (note v) Number of Outcome: 4.40m \u2013 Above maximum engaged 12.5% / 12.5% 12.5% / 12.5% 31.3% / 50% customers (note i) 4.21m 4.31m 4.36m This element of C S Rhodes\u2019 Customer Outcome: 89.9% \u2013 Above target APP outcome experience score 11.3% / 12.5% 11.3% / 12.5% was determined (note ii) 88.2% 89.2% 90.2% by reference to Virgin Money performance Total costs Outcome: \u00a32,475m \u2013 Above maximum 12.5% / 12.5% 12.5% / 12.5% measures, as (note iii) \u00a32,592m \u00a32,542m \u00a32,492m stated on page 75, andfinancial and Heard good things st Outcome: 1 within peer group \u2013 maximumrisk gateways.about 12.5% / 12.5% 12.5% / 12.5% rdndst(note iv) 3 within peer group 2 within peer group 1 within peer group Executive Scorecard element (see further detail on page 77) 28.5% / 30% 28.5% / 30% 28.5% / 30% Individual performance element (see further detail on page 78) 20% / 20% 13.4% / 20% 18.5% / 20% Remuneration Committee discretionary performance and risk assessment The Committee carefully considered the outcomes for the executive directors to ensure they were a fair reflection of performance. This 0% 0% 0%took account of a broad range of factors, including performance against wider measures and risk factors. Overall, the Committee was satisfied that the outcomes were a fair reflection of performance, and no discretionary adjustment was applied. Total performance pay achieved 97.3% / 100% 90.7%/ 100% 78.3% / 100% Notes: i. The engaged customers measure reflects the depth of active banking relationships with us, by reference to the number of customers who have a Nationwide-branded main personal current account, plus either at least \u00a3100 in Nationwide-branded personal savings, or a Nationwide-branded residential mortgage of at least \u00a3100. ii. Our customer experience score measure is based on the 12 months ended 31 March 2026 and is calculated by weighting the aggregated scores across Nationwide channels to reflect the way customers interact with us. Digital channels include our Nationwide mobile banking app, internet bank and webchat. iii. As per the design of the APP plan, the total costs outcome for 2025/26 of \u00a32,503 million was adjusted to \u00a32,475 million for the purposes of determining the APP outcome, to exclude costs associated with strategic decisions made or supported by the Board, including staff costs associated with the overall APP outcome being above the target level. These costs exclude Virgin Money. iv. Based on a study conducted by an international market research company commissioned by Nationwide. Based on non-customer responses for the 12 months ended March 2026. Financial brands included are Nationwide, Barclays, Co-operative Bank, First Direct, Halifax, HSBC, Lloyds, Monzo, NatWest, Santander, Starling Bank and TSB. v. Relates to the period from 30 September 2025, being the date at which C S Rhodes was appointed to the Nationwide Board.The Committee determined outcomes for the Virgin Money performance measures against targets set at the beginning of the financial year. Target performance was achieved or exceeded for the delivery of regulatory remediation, total costs, customer experience score and colleague engagement measures. Performance was below target for the customer lending asset growth measure. Performance against the Executive Scorecard was based on an assessment of Group financial and non-financial measures. The table below provides an overview of the key achievements considered in determining the outcome of the Executive Scorecard for 2025/26. Strategic driver Performance commentary \u2022 Achieved recognition for Nationwide as the best bank in the UK in Forbes\u2019 ranking of the World\u2019s Best Banks 2026, and secured 2gold in the Retail Banking Sector in Britain\u2019s Most Admired Companies 2025. Simply brilliant experience \u2022 Operated the UK\u2019s largest single-brand branch network, which was responsible for over half of the UK\u2019s branch-based product 3openings. \u2022 Recognised for Best mortgage customer journey, as ranked by Which? across 21 lenders. \u2022 Delivered \u00a31.8 billion in member value, including \u00a31.4 billion from member financial benefit and \u00a30.4 billion in Fairer Share payments. 4\u2022 Remained the UK\u2019s most switched-to provider and increased the Group\u2019s market share of current account balances. \u2022 Doubled the Group\u2019s student current account openings compared to last year and achieved a 43% (2025: 27%) share of the 5More rewarding relationships market. 6\u2022 Achieved market-leading mortgage net lending, increasing the Group\u2019s market share of balances to 16.3%. 7\u2022 Achieved market-leading growth in retail deposit balances, maintaining market share at 12.2%. \u2022 Grew business deposit balances to \u00a322.8 billion, including a Virgin Money brand record of 56,000 business current account openings. \u2022 Responsibly increased loan to value maximums on new builds, relaunched interest-only mortgages, and enabled more customers to borrow up to six times their income. 7\u2022 Helped 88,000 first time buyers into a home of their own through the Helping Hands initiative. \u2022 Supported over 200,000 people through Nationwide Fairer Futures since launch in June 2024, including bookings for more than Beacon for mutual good 6,000 free dementia clinics in the Group\u2019s branches. \u2022 Delivered support for school children, with financial education through a refreshed Money Lessons programme and the Make \u00a35 Grow programme. \u2022 Established Nationwide as a funding partner of the Invest in Women Taskforce, committing to invest \u00a325 million in female and mixed gender-led businesses. \u2022 Delivered underlying profit before tax of \u00a32,026 million, up 9% on the prior year. \u2022 Completed the legal transfer of the majority of Virgin Money\u2019s business to Nationwide on 2 April 2026, including the legal transfer of approximately 6.8 million customers and all employees. Simplify, integrate and grow \u2022 Well positioned to progress the integration of Virgin Money\u2019s systems and processes, with preparations underway to commence customer migration to the Nationwide brand during 2026. \u2022 On track to launch a Nationwide-branded business banking proposition in the first half of 2027. Weighting 30% Outcome 28.5% 2 Provided by Echo Research. 3 Based on internal data sources and Curinos eBenchmarkers multi-channel analysis, April 2025 to February 2026. Includes sales of retail banking products including current accounts, savings, credit cards, unsecured loans and home insurance. Peer group includes Bank of Scotland, Barclays, First Direct, Halifax, HSBC, Lloyds, Metro Bank, NatWest, RBS, Santander and TSB. 4 Pay.UK quarterly Current Account Switch Service data, 9 months to December 2025, based on the latest available data. Across Nationwide and Virgin Money, we had the highest gross and net gains in current account switches. 5 Based on Curinos eBenchmarkers comparison of financial services providers and Nationwide analysis, April 2025 to February 2026. 6 Peer group includes Barclays, HSBC, Lloyds Banking Group and NatWest Group. 7 Our definition of a first time buyer is set out in the Glossary for the Annual Report and Accounts 2026, available at nationwide.co.uk 77Individual performance was assessed by reference to two separate performance ratings, rewarding both delivery against goals set in the context of our strategic drivers and the display of customer first behaviours. For 2025/26, a number of the personal objectives were shared by the executive directors. The tables below provide an overview of performance achieved by the executive directors for 2025/26, based on their objectives. Objectives for D A Crosbie, M J Mathieson and C S Rhodes D A Crosbie M J Mathieson C S Rhodes (note i) Shared objectives for executive directors \u2022 Ambitious and achievable strategy to grow \u2022 Number one for growth in our core business of mortgages and retail deposits, and remained the UK\u2019s most switched-to provider. the Society and deliver value for members. \u2022 On track to launch our Nationwide-branded business banking proposition in the first half of 2027. th consecutive year\u2022 Recognised for service excellence. \u2022 First for customer satisfaction among our peer group for the 14. \u2022 Strong and sustainable financial \u2022 Strong financial performance; underlying profit before tax increased by 9%, supported by a stronger and more diversified balance sheet. 9performance. \u2022 Cost growth was below inflation on a like-for-like basis. \u2022 Peer-leading core capital ratio. \u2022 Development of customer-focused \u2022 Completed the Part VII legal transfer of the majority of Virgin Money\u2019s business to Nationwide on 2 April 2026, marking the largest 10integration plan for Virgin Money. banking business transfer scheme undertaken in the UK. Individual objectives \u2022 Inspiring team and leadership \u2022 Established group-wide Purpose, Strategic \u2022 Established Group Finance function \u2022 Effective accountability for Virgin Money performance. Drivers and Customer First behaviours and to enable future integration and business within Group Executive Committee and established new Group Executive oversaw delivery of Treasury drove strong colleague engagement in Virgin Committee. migration. Money. \u2022 Robust risk and control.\u2022 Ensured Nationwide Group operated \u2022 Ensured all regulatory approvals in \u2022 Managed effective Virgin Money relationships within overall risk appetite limits. place for Part VII legal transfer. with all regulators. \u2022 Effective governance and contribution to \u2022 Delivered transition to single Group \u2022 Contributed to Board and \u2022 Managed transition from Virgin Money the Board. Boards and executive governance Executive Committee discussions standalone Board and executive governance structure. beyond financial matters. structure to new Group-wide arrangements. Note: i. Relates to the period from 30 September 2025, being the date at which C S Rhodes was appointed to the Nationwide Board. Based on the performance above, D A Crosbie was awarded an APP outcome of 145.9% of salary, M J Mathieson was awarded 117.1% of salary and C S Rhodes was awarded 78.3% of salary for 2025/26. Outcomes for 2023 LTPP awards The first awards granted under the LTPP plan were made to D A Crosbie and C S Rhodes in June 2023, following the Committee\u2019s assessment of the applicable pre-grant conditions during 2022/23. The awards had a maximum value of 100% of base salary. M J Mathieson did not receive an LTPP award in June 2023. The 2023 LTPP awards were subject to a three-year performance period which ended on 31 March 2026. The financial goals were adjusted during the performance period following the acquisition of Virgin Money, and were therefore re-calibrated to reflect Group-based targets. The Committee was comfortable that the Group targets were no less stretching to achieve than the original Nationwide-only targets set at the point the awards were granted. In determining the 2023 LTPP award vesting outcome, the Committee assessed performance against the scorecard below. When approving the outcome, the Committee considered the profit before tax, leverage ratio and conduct risk gateways that applied under the APP for 2025/26, and these were passed. The resulting 2023 LTPP outcome for both D A Crosbie and C S Rhodes is 94.5% of the maximum award, as shown below. 8 Nationwide brand lead as at March 2026: 8.0%pts, significantly larger (based on a 95% confidence level) than the next best peer since March 2013. \u00a9 Ipsos 2026, Financial Research Survey (FRS), for the 12 months ended 31 March 2013 to the 12 months ended 31 March 2026. The survey contacts 50,000 adults in Great Britain. Interviews were face to face, by phone and online, weighted to the profile of the population. The results are based on a sample of around 13,000 Nationwide customers and around 65,000 peer group customers with a main current account, mortgage or savings, and reflect the percentage of extremely and very satisfied customers minus any dissatisfied customers. The peer group consists of Barclays, Halifax, HSBC, Lloyds Bank, NatWest, Santander and TSB. Prior to April 2017, Lloyds and TSB were combined as Lloyds TSB. 9 Like-for-like costs compare the Group\u2019s costs on a consistent basis. It reflects a full 12 months of Group costs in both periods, with Virgin Money costs annualised in 2024/25 following acquisition on 1 October 2024. The prior period is also adjusted for the shorter accounting period of 361 days. Acquisition and integration-related costs are excluded. 7810 Excludes transfers related to the introduction of the UK ring-fencing regime.78(continued)2023 LTPP award scorecard Threshold Target Maximum Actual Performance pay achieved / maximum achievable (shown as % of maximum) Group return on equity employed 5.5% 6.1% 6.7% 7.3% 20% / 20% Customer (note i) outcomes Adjusted Group (financial goals) profit before tax \u00a33,697m \u00a34,108m \u00a34,519m Adjusted Group profit before tax was \u00a34,255m (note ii) 16% / 20% (note ii) st1 plus statistically Financial Research Within 1% point stst within 11 within peer significant lead Survey (FRS) of 1 + 8% lead over next competitor 10% / 10% group over next satisfaction (note iii) peer group competitor This measure provided alignment with our emissions and Emissions have continued to reduce in comparison to previous diversity targets amongst our leadership population. years, and we are currently ahead of our intermediate (by 2030) Environmental, Social The Committee applied its judgement when assessing science-based targets. and Governance 8.5% / 10% Sustainability performance for this measure, taking account of a range The Society continues to make progress against the original (ESG) objectives (note iv) of factors including the level of progress towards our 2023 LTPP targets set for gender and ethnicity amongst our Mutual Good Commitments. leadership population. Substantial progress has been made across all key priorities. Risk and compliance This measure captured substantial progress against key Key highlights include: Financial crime transformation project \u2013 focus on delivery of priorities linked to improving the internal control materially completed; strong outcomes from regulatory 20% / 20% substantial progress environment, member outcomes and the Consumer Duty. engagement; improvements in member data quality; and strong across key priorities performance against Consumer Duty obligations and priorities. All key strategic projects have been delivered on time and above expectations. This measure captured performance against a range of Key highlights include: Material value delivered to members \u2018Basket\u2019 of measures objectives linked to our strategic drivers, including Transformation through Fairer Share; transformed current account service aligned with strategic launching refreshed member financial rewards, current 20% / 20% (note iv) proposition by improving opening, onboarding and activation objectives account service propositions, improvements to our digital journeys; simplified and transformed our service frameworks and simplifying legacy estates. communications; and materially enhanced the digital experience for customers. Remuneration Committee discretionary performance and risk assessment The Committee carefully considered the outcomes for the executive directors to ensure they were a fair reflection of performance. This took account of a broad range of 0% factors, including performance against wider key performance indicators and risk factors. Overall, the Committee was satisfied that the outcomes were a fair reflection of performance, and no discretionary adjustment was applied. Total performance pay achieved 94.5% / 100% Notes: i. For the purposes of the above, return on equity employed is defined as the return (profit after tax excluding items in relation to the Virgin Money acquisition) as a percentage of the minimum amount of capital required to stay above Board Risk Appetite and regulatory requirements throughout a plausible severe macroeconomic stress scenario, while allowing for full distributions to be paid to core capital deferred shares (CCDS) and AT1 holders. ii. Performance was measured on a cumulative basis over 2023/24 \u2013 2025/26. The Group-based targets shown in the table above were re-calibrated by the Committee for 2025/26 (the first full financial year following the acquisition of Virgin Money). The adjustments reflect impacts of Bank rate changes, movement in member reward payments and impacts arising from the acquisition of Virgin Money. In determining the vesting outcome, the Committee also took account of performance during 2023/24 and 2024/25 against the original Nationwide-only targets set at the point the awards were granted. iii. Nationwide brand lead as at March 2026: 8.0%pts, significantly larger (based on a 95% confidence level) than the next best peer since March 2013. \u00a9 Ipsos 2026, Financial Research Survey (FRS), for the 12 months ended 31 March 2013 to the 12 months ended 31 March 2026. The survey contacts 50,000 adults in Great Britain. Interviews were face to face, by phone and online, weighted to the profile of the population. The results are based on a sample of around 13,000 Nationwide customers and around 65,000 peer group customers with a main current account, mortgage or savings, and reflect the percentage of extremely and very satisfied customers minus any dissatisfied customers. The peer group consists of Barclays, Halifax, HSBC, Lloyds Bank, NatWest, Santander and TSB. Prior to April 2017, Lloyds and TSB were combined as Lloyds TSB. iv. The Sustainability and Transformation measures were assessed on a Nationwide-only basis against the original targets set by the Committee at the point the awards were granted. 79Long-Term Performance Pay (LTPP) awards in respect of 2025/26 LTPP awards in respect of 2025/26 will be granted in 2026. LTPP awards are discretionary and granted subject to a pre-grant performance assessment over the year prior to grant based on: \u2022 Individual conduct and performance \u2013 must be satisfactory, including an assessment of individual delivery, behaviours and conduct during the year. \u2022 Leverage ratio and statutory profit before tax \u2013 both gateways must be assessed and passed in respect of the period prior to grant. After taking into account performance over 2025/26, the Committee agreed to grant D A Crosbie and M J Mathieson LTPP awards of 300% and 250% of base salary, respectively. C S Rhodes will not be eligible to receive a 2026 LTPP award. The Committee is satisfied that the granting of these awards is sustainable according to the financial position of the Group and justified on the basis of individual performance, conduct and behaviours. The 2026 LTPP awards will be subject to a three-year forward-looking performance period commencing 1 April 2026. During this period, performance will be assessed based on a scorecard aligned to the Group\u2019s longer-term priorities. The Committee intends to approve the details of the scorecard during 2026 and further information will be disclosed in the Annual Report and Accounts 2027. How awards will be released to executive directors Following the publication of the joint PRA and FCA Remuneration Reform in October 2025, new rules apply to how variable pay awards can be paid to executive directors. In this context, the Committee determined the following will apply: \u2022 25% of the APP awards for D A Crosbie and M J Mathieson in respect of 2025/26 will be deferred for one year, linked to the value of the Group\u2019s CCDS. This exceeds minimum regulatory requirements. \u2022 LTPP awards granted in 2026 will be subject to a three-year performance period and, subject to the achievement of the forward-looking performance measures, will vest in two tranches: 75% after three years, subject to a two-year retention period, and 25% after four years, subject to a one-year retention period. LTPP payments will therefore be made five years after award. This exceeds minimum regulatory requirements, under which payments could be made in years three and four. This approach aligns with the principles of the UK Corporate Governance Code, which Nationwide adheres to on a voluntary basis. 100% of the LTPP awards will be linked to the value of the Group\u2019s CCDS. \u2022 C S Rhodes will not be eligible to receive a 2026 LTPP award; over 40% of his 2025/26 APP award will be subject to deferral, linked to the value of CCDS and released in equal tranches over the next four years. Delivery method Structure and timing of payment Salary 100% Cash Cash Pension 100% Cash Cash 75% Cash Cash APP APP performance period 25% CCDS (note i) CCDS LTPP three-year forward-looking LTPP pre-performance period - 2026/27 to grant LTPP retention 100% LTPP 100% CCDS (note i) 2028/29 performance period CCDS period Award to be granted June 2026 2025/26 June 2026 June 2027 June 2028 June 2029 June 2030 June 2031 Note: i. Payments are linked to the value of the Group\u2019s CCDS. Executive directors\u2019 remuneration Where indicated, the tables in the following sections have been audited. These disclosures are included in compliance with the Building Societies Act 1986 and other mandatory reporting regulations, as well as the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (as amended), which Nationwide has voluntarily adopted to the extent deemed appropriate. The table below shows the total remuneration for each executive director who served during the year ended 31 March 2026. Amounts of variable remuneration shown below consist of the awards made under the APP and LTPP plans. LTPP awards are subject to the achievement of performance conditions over three years from grant and, to the extent the performance measures are met, details are included in the relevant directors\u2019 remuneration report. The table below includes the amounts delivered to the executive directors relating to the first LTPP awards granted in June 2023 in respect of the 2022/23 financial year. Predominantly driven by the vesting of the first LTPP awards, the total pay packages reflected in the table below have increased year-on-year for D A Crosbie and C S Rhodes. The 2023 LTPP awards were subject to a three-year performance period ending 31 March 2026. Single total figure of remuneration for each executive director (note i) D A Crosbie M J Mathieson (note ii) C S Rhodes (note iii) 2026 2025 2026 2025 2026 2025 (Audited) \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Salary 1,205 1,152 675 383 469 316 Pension allowance 193 184 108 61 53 51 Taxable benefits (note iv) 50 44 99 52 70 45 Total fixed remuneration 1,448 1,380 882 496 592 412 Annual performance pay 1,758 1,111 790 338 364 311 Long-term performance pay (note v) 1,464 - - - 943 - Total variable remuneration (note vi) 3,222 1,111 790 338 1,307 311 Total pay package 4,670 2,491 1,672 834 1,899 723 Notes: i. The year end date of Nationwide Building Society was changed to 31 March from 2024/25 onwards. The 2025 single total figure of remuneration for each executive director reflects the period from 5 April 2024 to 31 March 2025, as applicable for each executive director. ii. M J Mathieson\u2019s 2025 single total figure relates to the period 6 September 2024 to 31 March 2025. iii. C S Rhodes stepped down as Chief Financial Officer and from the Board on 6 September 2024; the 2025 single total figure relates to the period from 5 April 2024 to 6 September 2024. C S Rhodes was subsequently re-appointed to the Board on 30 September 2025 in his role as Virgin Money UK Chief Executive Officer. The 2026 single total figure relates to the period from 30 September 2025 to 31 March 2026. iv. Taxable benefits include travel, accommodation and other business-related costs for directors, incurred in connection with the performance of their duties, including any tax due under HMRC regulations, as well as medical insurance, car allowance and security. These amounts are included as fixed remuneration for the calculation of the variable pay ratio in meeting our regulatory requirements. v. A portion of the 2023 LTPP award shown above is linked to the value of the Group\u2019s CCDS, in accordance with the directors\u2019 remuneration policy under which the awards were granted. An average CCDS price over the period 25 March 2026 to 31 March 2026, adjusted in accordance with the directors\u2019 remuneration policy, has been used to indicate the value. The values shown above include amounts attributable to CCDS price appreciation. vi. There was no application of malus and clawback provisions in the reporting period for current executive directors. Chairman and non-executive directors\u2019 remuneration The total fees paid to each non-executive director who served during the year ended 31 March 2026 are shown below. Single total figure of remuneration for non-executive directors 2026 2025 (note i) Group Fees Taxable Total fees Group Fees Taxable Total fees benefits and taxable benefits and taxable (note ii) benefits (note ii) benefits (Audited) \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 K A H Parry (Chairman) 650 18 668 581 16 597T Graham (Senior Independent Director) (note iii) 332 11 343 263 11 274A Aithal (note iv) 120 10 130 78 7 85G Bainbridge (note v) 27 - 27 - - -D Bennett (note vi) 391 7 398 200 7 207A Hitchcock (note vii) 125 11 136 161 16 177A M Keir 218 13 231 200 15 215D Klein 126 1 127 121 2 123S Orton 126 7 133 121 8 129T Rajah 106 1 107 104 2 106G Riley 165 33 198 161 26 187P G Rivett 222 4 226 210 1 211Total 2,608 116 2,724 2,200 111 2,311Pension payments to past non-executive directors (note viii) 193 197Notes: i. The year end date of Nationwide Building Society was changed to 31 March from 2024/25 onwards. The 2025 single total figure of remuneration for each non-executive director reflects the period from 5 April 2024 to 31 March 2025, as applicable for each non-executive director. ii. Taxable benefits for non-executive directors relate to travel, accommodation and other business-related costs in connection with their duties and attendance at Board and committee meetings. Where these expenses are deemed taxable, the Group settles the tax on behalf of the non-executive directors and this is included in the amounts shown. Where a non-UK director is not UK domiciled, their reimbursed cost of travel into and out of the UK is not a taxable benefit. iii. Group fees for 2026 include \u00a364,000 (2025: \u00a319,000) in connection with Virgin Money Board services for the period 1 April 2025 to 30 September 2025 (2025: 23 January 2025 to 31 March 2025). From 1 October 2025 the membership of the Virgin Money Board was aligned with that of Nationwide, and fees in connection with Virgin Money Board services ceased to be paid. iv. A Aithal joined the Board on 1 October 2024 and stepped down from the Board on 31 December 2025. v. G Bainbridge joined the Board on 1 February 2026. vi. D Bennett joined the Board on 13 November 2024 and stepped down from the Board on 31 December 2025. Group fees for 2026 include \u00a3322,000 (2025: \u00a3165,000) in connection with Virgin Money Board services for the period 1 April 2025 to 30 September 2025 (2025: 13 November 2024 to 31 March 2025). From 1 October 2025 the membership of the Virgin Money Board was aligned with that of Nationwide, and fees in connection with Virgin Money Board services ceased to be paid. vii. A Hitchcock stepped down from the Board on 30 September 2025. viii. Nationwide stopped granting pension rights to non-executive directors who joined the Board after January 1990. Additional disclosures CEO remuneration for the past ten years The table below shows details of the remuneration of the Chief Executive Officer role for the previous ten years. The year-on-year increase in total remuneration for 2025/26 is predominantly driven by the vesting of the first awards granted under the LTPP plan in June 2023. CEO remuneration for the past ten years Financial year Total Annual performance pay earned as % of Long term performance pay earned as % Remuneration maximum available of maximum available (note i) (\u00a3\u2019000) (%) (%) 2025/26 4,670 97.3 94.5 2024/25 2,491 94.9 - 2023/24 2,410 91.9 - 2022/23 (note ii) 3,455 / 301 77.2 / 42.6 - 2021/22 2,114 67.2 - 2020/21 (note iii) 1,236 72.3 - 2019/20 1,286 - - 2018/19 2,372 75.1 - 2017/18 2,317 69.5 - 2016/17 (note iv) 3,386 71.9 - Notes: i. The first awards granted in June 2023 under the LTPP plan vested in April 2026. ii. Figures shown for 2022/23 are those relating to D A Crosbie and J D Garner, respectively. D A Crosbie commenced her role as Group Chief Executive Officer on 2 June 2022. Her total remuneration for 2022/23 was \u00a33,455,452 including the value of replacement awards on joining (\u00a31,704,844). These awards did not form part of ongoing remuneration. The annual performance pay earned by D A Crosbie for 2022/23 was 77.2% of the maximum opportunity. J D Garner stepped down as Chief Executive Officer and from the Board on 1 June 2022. His total remuneration for 2022/23 shown above reflected the period of time he served on the Board. The annual performance pay earned by J D Garner for 2022/23 was 42.6% of the maximum opportunity. iii. The performance pay opportunity for 2020/21 was reduced by around two thirds. iv. J D Garner commenced his role as Chief Executive Officer on 5 April 2016. His total remuneration for 2016/17 included the value of replacement awards on joining (\u00a31,070,752). These awards did not form part of ongoing remuneration. Relative importance of spend on pay The chart below shows the cost of remuneration for all employees of the Group, compared with retained earnings. Remuneration cost for all employees (note i) 2025/26 2024/25 \u00a3m \u00a3m All-employee remuneration 1,667 1,291 Retained earnings (note ii) 836 2,117 Notes: i. On 1 October 2024, the Group acquired Virgin Money. The results of Virgin Money are included in the Group\u2019s consolidated financial results for the period from 1 October 2024. ii. Retained earnings represents profit attributable to members, less distributions to the holders of core capital deferred shares and Additional Tier 1 capital. All-employee remuneration represents 40.08% (2025: 36.37%) of total administrative expenses. All-employee remuneration costs include wages and salaries, bonuses, social security costs and pension costs. Payments for loss of office and payments to past directors C S Rhodes will step down from the Board on 21 May 2026, before retiring from Nationwide in September 2026. In line with our approved directors\u2019 remuneration policy, C S Rhodes will be treated as an eligible leaver for the purposes of his outstanding APP and LTPP awards made in respect of previous performance years, and will therefore remain entitled to receive the deferred and retained elements of his unvested awards in full. His 2024 and 2025 LTPP awards will remain subject to performance testing and will be pro-rated based on time served during the relevant performance period. Payments will be made on the normal payment dates and will remain subject to malus and clawback. In line with the other executive directors, C S Rhodes has a 12-month notice period. In line with contractual obligations, C S Rhodes will receive a payment in lieu of notice of \u00a3465,000, equivalent to six months\u2019 salary. C S Rhodes will be eligible to receive a pro-rated 2026/27 APP award in respect of time served during the year. Any such award will be subject to the achievement of performance conditions and will be disclosed in next year\u2019s Report of the directors on remuneration. C S Rhodes will not be eligible to receive a 2026 LTPP award. C S Rhodes will receive a contribution towards legal fees of \u00a35,000 in connection with his departure. Pay gap reporting The Group is fully committed to promoting a diverse and inclusive workplace. Pay gaps are the difference in average hourly pay, when comparing different groups of people within an organisation. Nationwide\u2019s latest pay gap report was published in March 2026 and can be found at nationwide.co.uk, together with an update of progress on our inclusion and diversity ambition, and Women in Finance Charter commitments. Within the report we have again voluntarily published Nationwide\u2019s ethnicity pay gap, comparing the pay of all employees who have identified as black, asian and minority ethnic (ethnically diverse), with the pay for white (non-ethnically diverse) employees. CEO pay ratio reporting th th The table below compares the total remuneration of the Group Chief Executive Officer against the total remuneration of the median employee and those who sit at the 25and 75percentiles (lower and upper quartiles). This reporting will build annually to cover a rolling ten-year period. For 2025/26, employee remuneration data covers all employees within the Group. Data prior to and including 2024/25 does not include Virgin Money employees. The increase in CEO pay ratios for 2025/26 is predominantly driven by the vesting of the first awards granted under the LTPP plan in June 2023. Only our most senior colleagues are invited to participate in the LTPP plan, including the Group Chief Executive Officer, with any awards deferred over the long-term. If the 2023 LTPP award is excluded, the 2025/26 median pay ratio would be 75:1. th percentile pay ratio Median pay ratio 75thYear Method 25 percentile pay ratio 2025/26 Option A 139:1 109:1 66:1 2024/25 Option A 78:1 63:1 38:1 2023/24 Option A 78:1 64:1 38:1 2022/23 Option A 71:1 56:1 35:1 2021/22 Option A 80:1 54:1 35:1 2020/21 Option A 51:1 38:1 24:1 2019/20 Option A 53:1 41:1 26:1 2018/19 Option A 99:1 77:1 48:1 ththThe total remuneration and salary values for the 25, median and 75 percentile employees for 2025/26 are: thth percentile Median 7525 percentile Total remuneration \u00a333,497 \u00a342,959 \u00a371,081 Salary \u00a325,980 \u00a334,004 \u00a354,388 Supplementary information on the tables above: i. The calculation is based on Option A as set out in the regulations, which is considered to be the most statistically accurate methodology. ii. Employee data includes full time equivalent total remuneration for all UK employees as at 1 March 2026. For each employee, remuneration was calculated based on all components of pay including base pay, performance pay for 2025/26, core benefits including medical insurance and car allowance, and pension payments. iii. The CEO pay ratio for 2022/23 above excludes the one-off replacement awards granted to D A Crosbie upon her appointment as Group Chief Executive Officer. iv. For 2018/19, 2019/20 and 2020/21, whilst most employees participated in a defined contribution scheme with a fixed maximum employer contribution, there were other pension arrangements in place for some employees, including a defined benefit pension scheme which has been closed to new participants since 2007. Although it would have been possible to recognise a higher value under the defined benefit scheme, in order to ensure accurate year-on-year comparative data, a fixed value equal to the maximum employer contribution available to the defined contribution scheme members was included for all defined benefit scheme members. From 2021/22 there is only one defined contribution scheme available; therefore, the actual employer contribution value has been used for all employees. v. The Committee has considered the pay data for the three individuals identified for 2025/26 and confirms that the ratios reasonably represent the approach to pay and reward for employees taken as a whole.Voting at AGM Resolutions to approve the 2024/25 Report of the directors on remuneration and the current directors' remuneration policy were passed at the 2025 AGM. In each case votes were cast as follows: Vote Report of the directors on remuneration (2025 AGM) Remuneration policy (2025 AGM) For 632,500 (95.37%) 627,982 (94.79%) Against 30,708 (4.63%) 34,492 (5.21%) Withheld 8,656 9,390 Summary remuneration policy and implementation for 2026/27 The table below sets out a summary of our remuneration policy for executive and non-executive directors, as approved by members at the 2025 AGM, as well as its proposed implementation in 2026/27. The full text of the policy can be found in our Annual Report and Accounts 2025, available at nationwide.co.uk Element Operation and opportunity Implementation in 2026/27 Base salary Base salaries are normally reviewed on an annual basis. Any changes are The Committee determined base salaries for 2026/27 with effect from normally effective from 1 April. 1 April 2026 as follows: Supports the recruitment and retention of key talent. Base salaries are market-\u2022 D A Crosbie \u00a31,240,000 (increase of 2.9%) competitive and reflect the size and \u2022 M J Mathieson \u00a3700,000 (increase of 3.7%) complexity of the role \u2022 C S Rhodes \u00a3930,000 (no change) Benefits Benefits may include a car allowance, access to drivers when required, No change for 2026/27. security when required, healthcare and insurance benefits. Business-related Provide a market-competitive and cost-expenses are also reimbursed, including any associated tax. effective benefits package as part of fixed remuneration Other benefits may be provided, including to enable recruitment, retention or relocation. Pension Executive directors may receive a cash allowance and/or contribution to a No change for 2026/27. defined contribution pension scheme. Provides post-retirement benefits for participants in a cost-efficient manner Pension allowances are set as a percentage of base salary. The maximum allowance payable is aligned with the maximum pension benefit available to Nationwide colleagues, which is currently 16% of base salary. Annual Performance Pay (APP) plan Operation For awards made in respect of 2026/27, the target opportunity for D A Crosbie and M J Mathieson will be 100% of base salary with a maximum Rewards the achievement of stretching APP awards are discretionary and determined by the Committee following opportunity of 150%. For C S Rhodes, the target opportunity will be Group, team and individual targets for a the end of the one-year performance period, reflecting achievement against 67% of base salary with a maximum opportunity of 100%. single financial year targets set. Performance measures To ensure alignment of goals, a portion of the awards for executive directors is based on the same performance measures as all eligible colleagues. The Awards made in respect of 2026/27 will be subject to the following executive directors may also have a portion of their awards based on the Group-wide performance measures: achievement of other strategic and / or individual objectives. \u2022 More rewarding relationships: Number of engaged customers Alongside awards under the LTPP plan, the payment and deferral of APP (12.5%); awards are determined at the time of award and in compliance with \u2022 Simply brilliant experience: Customer experience score (12.5%); regulatory requirements. Awards are normally paid in cash, although a portion may be delivered in, or \u2022 Simplify, integrate and grow: Total costs (12.5%); linked to the value of, the Group\u2019s CCDS. \u2022 Beacon for mutual good: Heard good things about (12.5%); The Committee may reduce, freeze, suspend or cancel payments under the \u2022 Executive Scorecard: Performance against a comprehensive APP plan if it believes that outcomes are not representative of the overall scorecard capturing a wide range of Group financial and non-performance of the Group. financial measures (30%). Opportunity The remaining 20% of the award will be based on individual The normal maximum APP opportunity for the executive directors is 150% contribution, behaviours and conduct. of base salary. Maximum opportunities may vary by role. Actual award levels Gateway measures based on profit before tax, leverage ratio and will be determined by the Committee. conduct risk will also apply. Normally, 67% of the maximum opportunity is payable for target Targets under the APP plan are commercially sensitive and so will be performance and at the threshold level of performance, 33.5% of the disclosed, along with performance achieved, in next year\u2019s report. maximum opportunity will be paid. No portion of the award will be paid where threshold performance is not achieved. 87Long-Term Performance Pay (LTPP) plan Operation LTPP awards in respect of 2026/27 will be made following the year, subject to the achievement of satisfactory Group performance and Incentivises sustainable long-term LTPP awards are discretionary and normally granted subject to the individual delivery, behaviours and conduct. The Committee intends to performance and alignment with members\u2019 achievement of satisfactory performance over the year prior to grant. keep LTPP grant levels under review to ensure they remain interests Awards are then normally subject to a three-year forward-looking appropriate. Awards are made annually and only pay out performance period from the start of the financial year in which the grant is Performance measures where challenging performance measures are made. met, normally measured over a three-year Forward-looking performance will be measured against a long-term Payment of the awards will not start until after the end of the three-year period scorecard determined by the Committee on an annual basis and set to performance period and is subject to the achievement of the performance align with the long-term strategic objectives of the Group. conditions. The payment of awards will be deferred in compliance with regulatory requirements. Details of the performance measures for the 2026/27 LTPP (for the performance period 2027/28 to 2029/30) will be included in next year\u2019s A portion of the awards is normally delivered in or linked to the value of the remuneration report. Group\u2019s CCDS. Participants will be entitled to the value of CCDS distributions (or equivalent) to the extent permitted by regulations. Opportunity LTPP awards may be granted up to a maximum value of 300% of base salary. Maximum opportunities may vary by role. Actual award levels will be determined by the Committee. Normally, 67% of the maximum opportunity is payable for target performance and at the threshold level of performance, 33.5% of the maximum opportunity will be paid. No portion of the award will be paid where threshold performance is not achieved. Chairman and non-executive director fees The Chairman\u2019s fee is normally reviewed and approved by the Remuneration The annual review of non-executive director fees for 2026/27 has been Committee on an annual basis. undertaken and fees adjusted with effect from 1 April 2026. Where Provide a market-competitive fee level for the appropriate, fees have been increased to ensure they continue to role at Nationwide Non-executive director fees are normally reviewed and approved by the executive directors and the Chairman on an annual basis. be competitively positioned against the market. Any changes are typically effective from 1 April. Chairman and non-executive director fees for 2026/27 Non-executive directors are paid a basic fee, with an additional supplement Fees effective Fees effective paid for additional roles or responsibilities, including in respect of the 1 April 2026 1 April 2025 Senior Independent Director or Employee Voice role, or for serving on or chairing a Board Committee or committee of a subsidiary entity. Additional Chairman \u00a3670,000 \u00a3650,000 fees may be payable for additional time commitment or responsibilities. Deputy Chair \u00a3160,000 - The Chairman and non-executive directors do not take part in any Basic fee for non-executive directors \u00a395,000 \u00a392,000 performance pay plans or in any pension arrangements. Benefits may be Senior Independent Director \u00a350,000 \u00a350,000 provided if considered appropriate including reimbursement of any Chair of the Audit, Board Risk or reasonable expenses (together with any tax thereon where these are \u00a380,000 \u00a375,000 Remuneration Committee deemed to be taxable benefits). Member of the Audit, Board Risk or \u00a336,000 \u00a334,000 Remuneration Committee Member of the Nomination and \u00a316,700 \u00a316,500 Governance Committee Employee Voice \u00a315,000 \u00a314,000 Discretion, risk adjustment and malus and clawback In determining variable pay awards, the Committee has the ability to apply independent judgement to ensure that the outcome is a fair reflection of the performance of the Group and the individual over the relevant period. In applying this judgement, the Committee has scope to consider any such factors it deems relevant. The Committee takes into account performance against a broad set of financial and non-financial performance measures and considers performance on a risk-adjusted basis, evaluating progress against defined measures within the context of our risk appetite, including conduct risk. This is a formal process which also includes input and feedback from the Audit and Board Risk committees. In this manner, the Committee has discretion to reduce an executive director\u2019s variable pay in relation to risk-related matters. In certain circumstances, the Committee has the discretion to operate malus and clawback provisions under the APP and LTPP plans. Such circumstances may include, but are not limited to: participation in, or responsibility for, conduct that results in significant losses; failure to meet appropriate standards of fitness and propriety; employee misbehaviour or material error; a material downturn in financial performance; a material failure of risk management; as well as other circumstances required by regulatory obligations or deemed appropriate by the Committee. Clawback can be applied for a period of seven years from the date of award. This may be extended to ten years in the event of ongoing internal or regulatory investigation at the end of the seven-year period. This period is considered appropriate in light of regulatory requirements, the Group\u2019s business cycle and to allow sufficient time for any potential risks to crystallise.Executive directors and certain senior executives are entitled to long-term bonus payments under the Annual Performance Pay (APP) and the Long-Term Performance Pay (LTPP) plans. Long-term bonus awards made under the APP plan are based on current period results but are generally paid over a period of up to two years for executive directors, and up to four years for certain senior executives, with part of the awards linked to the value of Nationwide\u2019s core capital deferred shares (CCDS). Awards made under LTPP plans are based on longer term performance over a two or three-year period but are paid up to two years after the end of the performance period, with part of the awards linked to the value of Nationwide\u2019s CCDS. Long-term bonus awards made to Virgin Money employees with a performance period of 1 October 2024 to 31 March 2025 are reported within Annual Performance Pay 2025 in the table below. Long-term awards made to Virgin Money employees with a performance period commencing after the acquisition, and exceeding 12 months, will be reported within the Long-Term Performance Pay section of the table once recognised in the income statement. Legacy awards of Virgin Money, shown in the table, reflect new awards issued to replace those which lapsed as a result of the acquisition. No bonus is recognised in the income statement for the APP, LTPP or legacy Virgin Money plans until it is considered probable that payments will be made. Where a bonus payment is considered probable, the amount recognised in the income statement will reflect the portion of the vesting period that has passed. The vesting period for each plan runs from the start of the performance period or service period associated with the plan to the end of the service period. The payment of deferred elements remains subject to further discretion by the Remuneration Committee. During the period ended 31 March 2026, following changes to PRA regulations for the minimum deferral period to be applied to remuneration for Material Risk Takers, the Remuneration Committee reduced the deferral period of some of the Group\u2019s existing awards. This has resulted in accelerated recognition of remuneration expense in the period. The table below shows actual and expected charges to the income statement in respect of all APP, LTPP and legacy Virgin Money long-term bonuses for each relevant scheme year: Income statement charge for long-term bonuses Group Society Actual Actual Expected Expected Actual Actual Expected Expected 2025 2026 2027 2028 and 2025 2026 2027 2028 and (notes i, ii) (note iii) beyond (notes i, ii) (note iii) beyond (note iii) (note iii) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Annual Performance Pay: 2024 and previous years 12.6 3.3 0.8 0.4 12.6 3.3 0.8 0.4 2025 10.2 8.0 1.4 0.7 9.6 8.0 1.4 0.7 2026 - 16.1 6.0 2.7 - 12.6 5.2 2.1 Long-Term Performance Pay (note iv): 2024-2026, 2025-2027 and 2026-2028 - 2.3 0.3 0.6 - 2.3 0.3 0.6 Virgin Money legacy awards 3.6 2.3 0.5 0.1 - - - - Income statement charge for long-term bonuses 26.4 32.0 9.0 4.5 22.2 26.2 7.7 3.8 Notes: i. The bonus expense within employee costs includes \u00a312 million and \u00a38 million (2025: \u00a310 million and \u00a38 million), for Group and Society respectively, of deferred bonuses which will be paid more than one year from the balance sheet date. ii. In the year ended 31 March 2026, \u00a312 million and \u00a310 million (2025: \u00a315 million and \u00a311 million), in respect of Group and Society respectively, were recognised in the income statement in relation to awards linked to share-based payments, being amounts dependent on the performance of the Group\u2019s CCDS. These payments are deferred and are therefore included in accruals and deferred income on the balance sheet. iii. The amounts expected are based on past performance and are subject to change as a result of future leavers and CCDS performanceKey management personnel From 1 September 2025, the Group and Society\u2019s key management personnel are considered to be the Group Executive Committee and the non-executive directors of Nationwide Building Society, as defined by IAS 24 \u2018Related Party Disclosures\u2019. Prior to 1 September 2025, the Group\u2019s key management personnel were the Group Management Committee and non-executive directors of Nationwide Building Society and the Society\u2019s key management personnel were the members of the Executive Committee and the non-executive directors of Nationwide Building Society. Key management personnel compensation Key management personnel compensation Group Society (note i) 2026 2025 2026 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Short-term employee benefits 11,970 9,871 11,363 10,406 Long-term benefits 6,352 2,468 6,417 2,565 Share based payments 3,717 3,031 3,894 2,990 Contractual/other settlements 465 - 927 - Total 22,504 15,370 22,601 15,961 Note: i. Society key management personnel provide services to the Group as a whole and their principal activities are not limited to the Society. Where Society key management personnel are remunerated by the Society, amounts presented include all compensation paid or payable, with no reduction for amounts attributable to services provided to subsidiaries. Where Society key management personnel are remunerated by a subsidiary within the Group, their compensation is excluded from Society total compensation on the basis that it does not relate to services provided directly to Nationwide Building Society. Long-term benefits include amounts relating to long-term bonus schemes, some of which will be paid in future periods. Further information on these can be found in note 8. Share-based payments include amounts that are dependent on the performance of CCDS. Further information on the remuneration of executive and non-executive directors is included in the Report of the directors on remuneration. Transactions with key management personnel Balances with key management personnel Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Loans receivable 3.2 1.6 3.1 0.8 Deposits payable 10.3 5.0 6.1 3.4 All loans and deposits with key management personnel were made in the ordinary course of business on substantially the same terms, including interest rates and security, as generally available to other members and customers for comparable transactions. These transactions did not involve more than normal risk of repayment or present other unfavourable features. A register is maintained by the Society containing details of loans and arrangements made between the Society or its subsidiary undertakings and directors of the Society or persons connected with directors of the Society. The register will be available for inspection by members at the Annual General Meeting on 15 July 2026 and during normal office hours at the Society\u2019s principal office (Nationwide House, Pipers Way, Swindon, SN38 1NW) during the period of 15 days prior to the meeting.",
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"value": "Outcomes for 2023 LTPP awards The first awards granted under the LTPP plan were made to D A Crosbie and C S Rhodes in June 2023, following the Committee\u2019s assessment of the applicable pre-grant conditions during 2022/23. The awards had a maximum value of 100% of base salary. M J Mathieson did not receive an LTPP award in June 2023. The 2023 LTPP awards were subject to a three-year performance period which ended on 31 March 2026. The financial goals were adjusted during the performance period following the acquisition of Virgin Money, and were therefore re-calibrated to reflect Group-based targets. The Committee was comfortable that the Group targets were no less stretching to achieve than the original Nationwide-only targets set at the point the awards were granted. In determining the 2023 LTPP award vesting outcome, the Committee assessed performance against the scorecard below. When approving the outcome, the Committee considered the profit before tax, leverage ratio and conduct risk gateways that applied under the APP for 2025/26, and these were passed. The resulting 2023 LTPP outcome for both D A Crosbie and C S Rhodes is 94.5% of the maximum award, as shown below. 8 Nationwide brand lead as at March 2026: 8.0%pts, significantly larger (based on a 95% confidence level) than the next best peer since March 2013. \u00a9 Ipsos 2026, Financial Research Survey (FRS), for the 12 months ended 31 March 2013 to the 12 months ended 31 March 2026. The survey contacts 50,000 adults in Great Britain. Interviews were face to face, by phone and online, weighted to the profile of the population. The results are based on a sample of around 13,000 Nationwide customers and around 65,000 peer group customers with a main current account, mortgage or savings, and reflect the percentage of extremely and very satisfied customers minus any dissatisfied customers. The peer group consists of Barclays, Halifax, HSBC, Lloyds Bank, NatWest, Santander and TSB. Prior to April 2017, Lloyds and TSB were combined as Lloyds TSB. 9 Like-for-like costs compare the Group\u2019s costs on a consistent basis. It reflects a full 12 months of Group costs in both periods, with Virgin Money costs annualised in 2024/25 following acquisition on 1 October 2024. The prior period is also adjusted for the shorter accounting period of 361 days. Acquisition and integration-related costs are excluded. 7810 Excludes transfers related to the introduction of the UK ring-fencing regime.78(continued)2023 LTPP award scorecard Threshold Target Maximum Actual Performance pay achieved / maximum achievable (shown as % of maximum) Group return on equity employed 5.5% 6.1% 6.7% 7.3% 20% / 20% Customer (note i) outcomes Adjusted Group (financial goals) profit before tax \u00a33,697m \u00a34,108m \u00a34,519m Adjusted Group profit before tax was \u00a34,255m (note ii) 16% / 20% (note ii) st1 plus statistically Financial Research Within 1% point stst within 11 within peer significant lead Survey (FRS) of 1 + 8% lead over next competitor 10% / 10% group over next satisfaction (note iii) peer group competitor This measure provided alignment with our emissions and Emissions have continued to reduce in comparison to previous diversity targets amongst our leadership population. years, and we are currently ahead of our intermediate (by 2030) Environmental, Social The Committee applied its judgement when assessing science-based targets. and Governance 8.5% / 10% Sustainability performance for this measure, taking account of a range The Society continues to make progress against the original (ESG) objectives (note iv) of factors including the level of progress towards our 2023 LTPP targets set for gender and ethnicity amongst our Mutual Good Commitments. leadership population. Substantial progress has been made across all key priorities. Risk and compliance This measure captured substantial progress against key Key highlights include: Financial crime transformation project \u2013 focus on delivery of priorities linked to improving the internal control materially completed; strong outcomes from regulatory 20% / 20% substantial progress environment, member outcomes and the Consumer Duty. engagement; improvements in member data quality; and strong across key priorities performance against Consumer Duty obligations and priorities. All key strategic projects have been delivered on time and above expectations. This measure captured performance against a range of Key highlights include: Material value delivered to members \u2018Basket\u2019 of measures objectives linked to our strategic drivers, including Transformation through Fairer Share; transformed current account service aligned with strategic launching refreshed member financial rewards, current 20% / 20% (note iv) proposition by improving opening, onboarding and activation objectives account service propositions, improvements to our digital journeys; simplified and transformed our service frameworks and simplifying legacy estates. communications; and materially enhanced the digital experience for customers. Remuneration Committee discretionary performance and risk assessment The Committee carefully considered the outcomes for the executive directors to ensure they were a fair reflection of performance. This took account of a broad range of 0% factors, including performance against wider key performance indicators and risk factors. Overall, the Committee was satisfied that the outcomes were a fair reflection of performance, and no discretionary adjustment was applied. Total performance pay achieved 94.5% / 100% Notes: i. For the purposes of the above, return on equity employed is defined as the return (profit after tax excluding items in relation to the Virgin Money acquisition) as a percentage of the minimum amount of capital required to stay above Board Risk Appetite and regulatory requirements throughout a plausible severe macroeconomic stress scenario, while allowing for full distributions to be paid to core capital deferred shares (CCDS) and AT1 holders. ii. Performance was measured on a cumulative basis over 2023/24 \u2013 2025/26. The Group-based targets shown in the table above were re-calibrated by the Committee for 2025/26 (the first full financial year following the acquisition of Virgin Money). The adjustments reflect impacts of Bank rate changes, movement in member reward payments and impacts arising from the acquisition of Virgin Money. In determining the vesting outcome, the Committee also took account of performance during 2023/24 and 2024/25 against the original Nationwide-only targets set at the point the awards were granted. iii. Nationwide brand lead as at March 2026: 8.0%pts, significantly larger (based on a 95% confidence level) than the next best peer since March 2013. \u00a9 Ipsos 2026, Financial Research Survey (FRS), for the 12 months ended 31 March 2013 to the 12 months ended 31 March 2026. The survey contacts 50,000 adults in Great Britain. Interviews were face to face, by phone and online, weighted to the profile of the population. The results are based on a sample of around 13,000 Nationwide customers and around 65,000 peer group customers with a main current account, mortgage or savings, and reflect the percentage of extremely and very satisfied customers minus any dissatisfied customers. The peer group consists of Barclays, Halifax, HSBC, Lloyds Bank, NatWest, Santander and TSB. Prior to April 2017, Lloyds and TSB were combined as Lloyds TSB. iv. The Sustainability and Transformation measures were assessed on a Nationwide-only basis against the original targets set by the Committee at the point the awards were granted. 79Long-Term Performance Pay (LTPP) awards in respect of 2025/26 LTPP awards in respect of 2025/26 will be granted in 2026. LTPP awards are discretionary and granted subject to a pre-grant performance assessment over the year prior to grant based on: \u2022 Individual conduct and performance \u2013 must be satisfactory, including an assessment of individual delivery, behaviours and conduct during the year. \u2022 Leverage ratio and statutory profit before tax \u2013 both gateways must be assessed and passed in respect of the period prior to grant. After taking into account performance over 2025/26, the Committee agreed to grant D A Crosbie and M J Mathieson LTPP awards of 300% and 250% of base salary, respectively. C S Rhodes will not be eligible to receive a 2026 LTPP award. The Committee is satisfied that the granting of these awards is sustainable according to the financial position of the Group and justified on the basis of individual performance, conduct and behaviours. The 2026 LTPP awards will be subject to a three-year forward-looking performance period commencing 1 April 2026. During this period, performance will be assessed based on a scorecard aligned to the Group\u2019s longer-term priorities. The Committee intends to approve the details of the scorecard during 2026 and further information will be disclosed in the Annual Report and Accounts 2027. How awards will be released to executive directors Following the publication of the joint PRA and FCA Remuneration Reform in October 2025, new rules apply to how variable pay awards can be paid to executive directors. In this context, the Committee determined the following will apply: \u2022 25% of the APP awards for D A Crosbie and M J Mathieson in respect of 2025/26 will be deferred for one year, linked to the value of the Group\u2019s CCDS. This exceeds minimum regulatory requirements. \u2022 LTPP awards granted in 2026 will be subject to a three-year performance period and, subject to the achievement of the forward-looking performance measures, will vest in two tranches: 75% after three years, subject to a two-year retention period, and 25% after four years, subject to a one-year retention period. LTPP payments will therefore be made five years after award. This exceeds minimum regulatory requirements, under which payments could be made in years three and four. This approach aligns with the principles of the UK Corporate Governance Code, which Nationwide adheres to on a voluntary basis. 100% of the LTPP awards will be linked to the value of the Group\u2019s CCDS. \u2022 C S Rhodes will not be eligible to receive a 2026 LTPP award; over 40% of his 2025/26 APP award will be subject to deferral, linked to the value of CCDS and released in equal tranches over the next four years. Delivery method Structure and timing of payment Salary 100% Cash Cash Pension 100% Cash Cash 75% Cash Cash APP APP performance period 25% CCDS (note i) CCDS LTPP three-year forward-looking LTPP pre-performance period - 2026/27 to grant LTPP retention 100% LTPP 100% CCDS (note i) 2028/29 performance period CCDS period Award to be granted June 2026 2025/26 June 2026 June 2027 June 2028 June 2029 June 2030 June 2031 Note: i. Payments are linked to the value of the Group\u2019s CCDS. Executive directors\u2019 remuneration Where indicated, the tables in the following sections have been audited. These disclosures are included in compliance with the Building Societies Act 1986 and other mandatory reporting regulations, as well as the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (as amended), which Nationwide has voluntarily adopted to the extent deemed appropriate. The table below shows the total remuneration for each executive director who served during the year ended 31 March 2026. Amounts of variable remuneration shown below consist of the awards made under the APP and LTPP plans. LTPP awards are subject to the achievement of performance conditions over three years from grant and, to the extent the performance measures are met, details are included in the relevant directors\u2019 remuneration report. The table below includes the amounts delivered to the executive directors relating to the first LTPP awards granted in June 2023 in respect of the 2022/23 financial year. Predominantly driven by the vesting of the first LTPP awards, the total pay packages reflected in the table below have increased year-on-year for D A Crosbie and C S Rhodes. The 2023 LTPP awards were subject to a three-year performance period ending 31 March 2026. Single total figure of remuneration for each executive director (note i) D A Crosbie M J Mathieson (note ii) C S Rhodes (note iii) 2026 2025 2026 2025 2026 2025 (Audited) \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Salary 1,205 1,152 675 383 469 316 Pension allowance 193 184 108 61 53 51 Taxable benefits (note iv) 50 44 99 52 70 45 Total fixed remuneration 1,448 1,380 882 496 592 412 Annual performance pay 1,758 1,111 790 338 364 311 Long-term performance pay (note v) 1,464 - - - 943 - Total variable remuneration (note vi) 3,222 1,111 790 338 1,307 311 Total pay package 4,670 2,491 1,672 834 1,899 723 Notes: i. The year end date of Nationwide Building Society was changed to 31 March from 2024/25 onwards. The 2025 single total figure of remuneration for each executive director reflects the period from 5 April 2024 to 31 March 2025, as applicable for each executive director. ii. M J Mathieson\u2019s 2025 single total figure relates to the period 6 September 2024 to 31 March 2025. iii. C S Rhodes stepped down as Chief Financial Officer and from the Board on 6 September 2024; the 2025 single total figure relates to the period from 5 April 2024 to 6 September 2024. C S Rhodes was subsequently re-appointed to the Board on 30 September 2025 in his role as Virgin Money UK Chief Executive Officer. The 2026 single total figure relates to the period from 30 September 2025 to 31 March 2026. iv. Taxable benefits include travel, accommodation and other business-related costs for directors, incurred in connection with the performance of their duties, including any tax due under HMRC regulations, as well as medical insurance, car allowance and security. These amounts are included as fixed remuneration for the calculation of the variable pay ratio in meeting our regulatory requirements. v. A portion of the 2023 LTPP award shown above is linked to the value of the Group\u2019s CCDS, in accordance with the directors\u2019 remuneration policy under which the awards were granted. An average CCDS price over the period 25 March 2026 to 31 March 2026, adjusted in accordance with the directors\u2019 remuneration policy, has been used to indicate the value. The values shown above include amounts attributable to CCDS price appreciation. vi. There was no application of malus and clawback provisions in the reporting period for current executive directors. Income statement charge for long-term bonuses Group Society Actual Actual Expected Expected Actual Actual Expected Expected 2025 2026 2027 2028 and 2025 2026 2027 2028 and (notes i, ii) (note iii) beyond (notes i, ii) (note iii) beyond (note iii) (note iii) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Annual Performance Pay: 2024 and previous years 12.6 3.3 0.8 0.4 12.6 3.3 0.8 0.4 2025 10.2 8.0 1.4 0.7 9.6 8.0 1.4 0.7 2026 - 16.1 6.0 2.7 - 12.6 5.2 2.1 Long-Term Performance Pay (note iv): 2024-2026, 2025-2027 and 2026-2028 - 2.3 0.3 0.6 - 2.3 0.3 0.6 Virgin Money legacy awards 3.6 2.3 0.5 0.1 - - - - Income statement charge for long-term bonuses 26.4 32.0 9.0 4.5 22.2 26.2 7.7 3.8 Notes: i. The bonus expense within employee costs includes \u00a312 million and \u00a38 million (2025: \u00a310 million and \u00a38 million), for Group and Society respectively, of deferred bonuses which will be paid more than one year from the balance sheet date. ii. In the year ended 31 March 2026, \u00a312 million and \u00a310 million (2025: \u00a315 million and \u00a311 million), in respect of Group and Society respectively, were recognised in the income statement in relation to awards linked to share-based payments, being amounts dependent on the performance of the Group\u2019s CCDS. These payments are deferred and are therefore included in accruals and deferred income on the balance sheet. iii. The amounts expected are based on past performance and are subject to change as a result of future leavers and CCDS performance",
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"value": "Risk reportIntroductionEffective risk management helps to ensure that we keep customers\u2019 money safe and secure. This is critical to delivering our purpose: Banking \ue61f but fairer, more rewarding, and for the good of society. The Group adopts a prudent approach to risk management, taking only those risks which support our strategy and then managing them rigorously through a consistent approach.How risk is managed across the GroupThe Group operates a Group Risk Management Framework (GRMF) to manage risk consistently based upon the following core elements:\u2022 Identifying the principal risks to which the Group and its subsidiaries are exposed.\u2022 Establishing risk appetite, supported by more detailed metrics and indicators as appropriate.\u2022 Implementing robust risk management, supported by appropriate risk and control monitoring, through an effective three lines of defence model.\u2022 Reporting risks through a robust governance structure to the appropriate level within the Group.The framework is underpinned by a comprehensive suite of processes, policies and standards which detail the precise activities which are undertaken to manage each individual risk faced by the Group, and which focus on the responsibilities of key executives and risk practitioners. The design and operational effectiveness of the Group\u2019s approach to risk management and internal control is regularly reviewed and enhanced in response to changes in the internal and external risk profile, allowing tailored responses to be developed where improvements are considered appropriate. Principal risks and uncertainties The principal risks set out in the table below are the key risks which are relevant to the Group and the achievement of its strategic objectives. These principal risks are derived from the more detailed risk categories set out in the GRMF with each detailed risk category mapped to the corresponding principal risk. Pages 27 to 28 explain the link between principal risks and top and emerging risks. Principal risk Definition Reference Credit risk The risk of loss as a result of a customer or counterparty failing to meet their financial obligations. Page 98 Liquidity risk is the risk that the Group is unable to meet its liabilities as they fall due and maintain member and other stakeholder confidence. Liquidity and Funding risk is the risk that the Group is unable to maintain diverse funding sources in wholesale and retail markets and manage retail funding risk Page 140 funding risk that can arise from excessive concentrations of higher risk deposits. The risk that the Group fails to maintain sufficient capital to absorb losses throughout a full economic cycle and sufficient to maintain the Capital risk Page 154 confidence of current and prospective investors, members, the Board, and regulators. The risk that the net value of, or net income arising from, the Group's assets and liabilities is impacted as a result of market price or rate changes. Market risk Page 160 The Group does not have a trading book; therefore market risk only arises in the banking book. Pension risk The risk that the value of the pension schemes\u2019 assets will be insufficient to meet the estimated liabilities, creating a pension deficit. Page 166 The risk that volumes decline, margins shrink, or losses increase relative to the cost or capital base, affecting the sustainability of the business and Business risk the ability to deliver the strategy due to external factors (macroeconomic, geopolitical, industry, regulatory, technological, or other external events) Page 168 or internal factors (including the development and execution of the strategy) Operational and The risk of impacts resulting from inadequate or failed internal processes, conduct and compliance management, people and systems, or from Page 169 conduct risk external events. This includes, but is not limited to technology risk, security risk (including cyber), data risk, economic crime risk and regulatory risk. The risk of adverse consequences from model errors or the inappropriate use of modelled outputs to inform business decisions. Model outputs may Model risk be affected by the quality of data inputs, suitability of methodology, or the integrity of implementation. This could lead to adverse consequences Page 172 including financial loss, poor business decision-making, detrimental impact on customers, or damage to the Group\u2019s reputation. Risk appetite Risk appetite sets the level of risk which is acceptable in the delivery of the Group\u2019s strategy. The Board approves risk appetite, consisting of statements supported by metrics with appropriate limits and triggers for all key risks to which the Group is exposed, which are monitored and reported through the Group\u2019s governance structure. 95Risk governance structure The Board receives regular reports and assessments of the Group\u2019s risk management and control environment and recommendations from Board Risk Committee (BRC) on matters spanning all risk categories, including the appropriate level of risk appetite. The Board Risk Committee and Audit Committee provide oversight and advice to the Board. Matters such as risk appetite breaches and associated actions are reported to the relevant management committee and these are escalated through this governance structure as appropriate. The Group Executive Risk Committee coordinates the management of all risks, and provides regular updates to the Board and Board Risk Committee on priority risk areas and key decisions. Three lines of defence Risk management activities are structured across three lines of defence, tailored to reflect the Group\u2019s size, complexity and business model. Though everyone has a role to play in risk management, the overall responsibilities and accountabilities are outlined through the model set out below. First line: Risk and control ownership Responsibilities Accountabilities Designing and running business operations, owning and operating \uf0b7 Setting business objectives \uf0b7 Adhering to the minimum standards for risk most controls to manage risks and meet regulatory requirements. management and associated policies \uf0b7 Defining risk appetite for Board approval \uf0b7 Testing controls\uf0b7 Identifying, owning, and managing risks \uf0b7 Conducting outcomes testing\uf0b7 Defining, operating, and testing controls \uf0b7 Operating and reporting on the control \uf0b7 Identifying future threats and risks framework\uf0b7 Implementing and maintaining regulatory compliance Second line: Oversight, support, and challenge Responsibilities Accountabilities Overseeing, through support, challenge and the provision of advice, \uf0b7 Providing expert risk advice on business initiatives \uf0b7 Interpreting regulatory change the effectiveness of risk management by the first line. \uf0b7 Providing advice on the setting of risk appetite \uf0b7 Setting the minimum standards for risk \uf0b7 Reporting aggregate, enterprise-level risks management appropriately through the governance structure \uf0b7 Identifying future threats and risks \uf0b7 Providing independent and risk-based assurance\uf0b7 Design the Group Risk Management Framework Third line: Assurance Responsibilities Accountabilities Providing assurance to the Board on the effectiveness of the control\uf0b7 Performing independent audits of the effectiveness \uf0b7 Taking a risk-based approach to the programme ofenvironment. of first line risk management and control, and audit work second line risk oversight, support and challenge \uf0b7 Preparing an annual opinion of the risk management and controls framework to present to the Audit Committee 97Credit risk \u2013 Overview Credit risk is the risk of loss as a result of a customer or counterparty failing to meet their financial obligations. Credit risk encompasses: \uf0b7 borrower/counterparty risk \u2013 the risk of loss arising from a borrower or counterparty failing to pay, or becoming increasingly likely not to pay the interest or principal on a loan, or on a financial product, or for a service, on time; \uf0b7 security/collateral risk \u2013 the risk of loss arising from deteriorating security/collateral quality; \uf0b7 concentration risk \u2013 the risk of loss arising from insufficient diversification of region, sector, counterparties or other significant factor; and \uf0b7 refinance risk \u2013 the risk of loss arising when a repayment of a loan or other financial product occurs later than originally anticipated. The Group manages credit risk for the following portfolios: Portfolio Definition Residential mortgages Loans secured on residential property Consumer lending Unsecured lending comprising current account overdrafts, personal loans and credit cards Business lending Lending to non-retail customers, including registered social landlords Treasury Treasury liquidity, derivatives and investment portfolios Management of credit risk The Group lends in a responsible, affordable and sustainable way to ensure safeguarding of customers and the financial strength of the Group throughout the credit cycle. To this end, the Board approves the level of risk appetite it is willing to take in pursuit of the Group\u2019s strategy, based on Board Risk Committee recommendations. This is articulated through Board risk appetite statements and underlying principles: Safeguarding our customers and counterparties by lending responsibly: \uf0b7 Only lending to customers or counterparties who demonstrate that they can afford to borrow. \uf0b7 Supporting customers buying mortgageable properties of wide-ranging types and qualities. \uf0b7 Working with customers and counterparties to recover their financial position should there be a delay, or risk of delay, in meeting their financial obligations. Safeguarding the Group\u2019s financial performance, strength and reputation: \uf0b7 Managing asset quality so that losses through an economic cycle will not undermine profitability, financial strength and our standing with external stakeholders. \uf0b7 Ensuring that no material segment of our lending exposes the Group to excessive loss. \uf0b7 Proactively managing credit risk and complying with regulations. The Group operates with a commitment to responsible lending and a focus on championing good conduct and fair outcomes. In this respect, the Group formulates appropriate credit criteria and policies which are aimed at mitigating risk from individual transactions and ensuring that credit risk exposure remains within risk appetite. Under a governed delegated mandate structure, the Group Credit Committee, individual Material Risk Takers and relevant personnel holding lending mandates make credit decisions, based on a thorough credit risk assessment, to ensure that customers and counterparties are able to meet their obligations. Credit risk is managed within the risk appetite approved by the Board. Performance against this appetite is measured across a range of metrics and is reported to Group Credit Committee each month. Corrective action is taken when metrics move towards or beyond defined thresholds to ensure performance remains or returns to appetite within an appropriate timescale. The Group is committed to helping customers who may anticipate, or find themselves experiencing a period of financial difficulty, offering a range of forbearance options tailored to their individual circumstances. Accounts in arrears, or where the borrower is in financial difficulty, are managed by specialist teams within the Group or referred to debt charities to ensure an optimal outcome for our customers and the Group. 98Forbearance Forbearance occurs when concessions are made to the contractual terms of a loan when the customer is facing or about to face difficulties in meeting their financial commitments. A concession is where the customer receives assistance, which could be a modification to the previous terms and conditions of a facility or a total or partial refinancing of debt, either mid-term or at maturity. Requests for concessions are principally attributable to: \uf0b7 temporary cash flow problems; \uf0b7 breaches of financial covenants; or \uf0b7 an inability to repay at contractual maturity. Consistent with the European Banking Authority reporting definitions, loans are reported as forborne until they meet the regulatory forbearance exit criteria. Impairment provisions Impairment provisions on financial assets are calculated on an expected credit loss (ECL) basis for assets held at amortised cost and at fair value through other comprehensive income (FVOCI). ECL impairment provisions are based on an assessment of the probability of default (PD), exposure at default (EAD) and loss given default (LGD), discounted to give a net present value. Provision calculations for retail portfolios are typically performed on a collective rather than individual loan basis. For collective assessments, whilst each loan has an associated ECL calculation, the calculation is based on cohort level data for assets with shared credit risk characteristics (e.g. origination date, origination loan to value, term). Impairment provisions are calculated using a three-stage approach depending on changes in credit risk since original recognition of the assets: \uf0b7 a loan which is not credit impaired on initial recognition and has not subsequently experienced a significant increase in credit risk is categorised as being within stage 1, with a provision equal to a 12-month ECL (losses arising on default events expected to occur within 12 months); \uf0b7 where a loan\u2019s credit risk increases significantly, it is moved to stage 2. The provision recognised is equal to the lifetime ECL (losses on default events expected to occur at any point during the life of the asset); \uf0b7 if a loan meets the definition for credit impairment, it is moved to stage 3 with a provision equal to its lifetime ECL. In addition to the stage allocation outlined above, loans which have been purchased or originated with a credit-impaired (POCI) status are reported separately. At initial recognition, POCI assets do not carry an impairment provision; instead, gross balances are presented net of lifetime expected credit losses at acquisition. All changes in lifetime expected credit losses subsequent to acquisition are recognised as an impairment charge or release. For loans and advances held at amortised cost, the stage distribution and the provision coverage ratios are shown in this report for each portfolio. The provision coverage ratio is calculated by dividing the provisions by the gross balances for each lending portfolio. Loans remain on the balance sheet, measured net of associated provisions, until they are repaid or deemed no longer recoverable, when such loans are written off. Governance and oversight of impairment provisions The models used in the calculation of impairment provisions are governed in accordance with the Group\u2019s model risk management framework as described in the Model risk section of this report. PD, EAD and LGD models are subject to regular monitoring and annual validation. Where necessary, adjustments are approved for risks not captured in model outputs, for example where insufficient historic data exists. The Group\u2019s economic scenarios used in the calculation of impairment provisions and associated probability weightings are proposed by our Chief Economist and are governed through a quarterly meeting attended by the Group Chief Financial Officer. Details of these economic assumptions and material adjustments are included in note 10 to the financial statements. 9999Developments in the year The UK economy remained subdued during the year, with businesses continuing to face persistent cost pressures. Bank rate decreased to 3.75%, although some borrowers continued to face increases in their mortgage rate when refinancing from historically low rates. The housing market remained resilient, with modest house price growth of 2.2% over the year to March 2026. The conflict in the Middle East towards the end of the year led to an increased level of economic uncertainty; however, no significant change in overall credit performance has been observed as at 31 March 2026. Residential mortgages Residential mortgage balances increased to \u00a3286.3 billion (2025: \u00a3275.9 billion), reflecting continued support for first time buyers, including an expansion of higher loan-to-income lending, alongside a focus on customer retention through highly competitive products. New lending had a broadly stable average LTV of 72% (2025: 73%). The impact of new lending on the stock average LTV was only partially offset by house price growth and capital repayments during the year, resulting in an increase to 58% (2025: 56%). Residential mortgage arrears\u202fremained low and well below the industry average, with the arrears rate reducing slightly to\u202f0.39%\u202f(2025: 0.43%). Consumer lending Consumer lending balances increased to \u00a311.6\u202fbillion\u202f(2025: \u00a311.1\u202fbillion) driven by growth in credit cards and personal loans. Credit card lending continues to represent 70% of total consumer lending. The overall credit risk profile has remained broadly stable, reflected in an arrears rate of 1.10%\u202f(2025: 1.11%). Business lending Business lending balances have decreased to \u00a314.9\u202fbillion\u202f(2025: \u00a315.1\u202fbillion), reflecting an increasingly competitive market. Registered social landlords remain the largest sector exposure, aligned with the Group\u2019s strategic purpose by helping improve access to affordable housing. Credit performance has remained resilient despite persistent cost pressures faced by the businesses we lend to. Provisions Provisions increased to\u202f\u00a31,335\u202fmillion\u202f(2025: \u00a31,288\u202fmillion), with retail provisions remaining stable. Business lending provisions increased, driven by additional judgemental provisions for portfolio risks, as well as increased provisions for impaired loans. Total provisions include \u00a3170 million (2025: \u00a3137 million) associated with significant judgements relating to affordability considerations, persistent credit card debt, property valuation risks, and business lending portfolio risks. The impairment charge for the year was \u00a3331 million (2025: \u00a3632 million, including \u00a3456 million of one-off acquisition related impacts). Outlook The Group's base case scenario was updated to reflect economic conditions at 31 March 2026, including the impact of the conflict in the Middle East, and assumes modest UK economic growth. Bank rate is expected to remain unchanged at 3.75% during 2026, while inflation is forecast to increase in the short term to 4% before returning to the Bank of England\u2019s 2% target in 2027. House prices are expected to remain resilient and are forecast to rise by 3.2% in 2026. Recent developments in the Middle East have increased economic uncertainty, with the longer-term impact dependent on the duration of the shock to the global economy and the policy response of governments and central banks. The Group continues to apply four economic scenarios, which together reflect an appropriate range of potential economic outcomes for provisioning purposes. Further information on the economic scenarios used in calculating provisions is provided in note 10 to the financial statements.The Group continues to monitor geopolitical and economic uncertainties and assess their impact on borrowers and credit risk across our lending portfolios. Where necessary, we will continue to take appropriate action to support borrowers facing financial difficulty. Borrowers have so far demonstrated resilience to affordability pressures, and arrears are expected to remain below the industry average. 100100Maximum exposure to credit risk The Group\u2019s maximum exposure to credit risk at 31 March 2026 was \u00a3400 billion (2025: \u00a3383 billion). Credit risk largely arises from loans and advances to customers, which account for 83% (2025: 84%) of the Group\u2019s credit risk exposure. Within this, the exposure relates primarily to residential mortgages, which account for 91% (2025: 90%) of loans and advances to customers and comprise high-quality assets with historically low occurrences of arrears and repossessions. In addition to loans and advances to customers, the Group is exposed to credit risk on all other financial assets. For all financial assets recognised on the balance sheet, the maximum exposure to credit risk represents the balance sheet carrying value after allowance for impairment, plus off-balance sheet commitments. For off-balance sheet commitments, the maximum exposure is the maximum amount that the Group would have to pay if the commitments were to be called upon. For loan commitments and other credit-related commitments that are irrevocable over the life of the respective facilities, the maximum exposure is the full amount of the committed facilities. Maximum exposure to credit risk - Group 2026 Maximum % of total Gross Impairment Carrying Commitments credit risk credit risk balances provisionsvalue (note i)exposureexposure (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Amortised cost loans and advances to customers: Residential mortgages 286,298 (352) 285,946 15,603 301,549 75 Consumer lending 11,578 (829) 10,749 73 10,822 3 Business lending 14,668 (154) 14,514 5,361 19,875 5 Fair value adjustment for micro hedged risk (note ii) 204 - 204 - 204 - 312,748 (1,335) 311,413 21,037 332,450 83 Fair value through profit or loss (FVTPL) loans and advances to customers:Residential mortgages (note iii) 32 - 32 - 32 - Business lending (note iv) 38 - 38 - 38 - 70 - 70 - 70 - Other items: Cash and balances at central banks 38,411 - 38,411 - 38,411 10 Loans and advances to banks and similar institutions 1,758 - 1,758 - 1,758 - Investment securities \u2013 FVOCI 25,900 - 25,900 - 25,900 6 Investment securities \u2013 FVTPL 5 - 5 30 35 - Derivative financial instruments 3,341 - 3,341 - 3,341 1 Fair value adjustment for portfolio hedged risk (note ii) (2,121) - (2,121) - (2,121) - 67,294 - 67,294 30 67,324 17 Total 380,112 (1,335) 378,777 21,067 399,844 100 10110Maximum exposure to credit risk - Group 2025 Gross Impairment Carrying Commitments Maximum % of total balances provisionsvalue (note i)credit risk credit risk exposureexposure (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Amortised cost loans and advances to customers: Residential mortgages 275,890 (351) 275,539 13,765 289,304 76 Consumer lending 11,107 (824) 10,283 113 10,396 3 Business lending 14,818 (113) 14,705 5,580 20,285 5 Fair value adjustment for micro hedged risk (note ii) 277 - 277 - 277 - 302,092 (1,288) 300,804 19,458 320,262 84 Fair value through profit or loss (FVTPL) loans and advances to customers:Residential mortgages (note iii) 36 - 36 - 36 - Business lending (note iv) 49 - 49 - 49 - 85 - 85 - 85 - Other items: Cash and balances at central banks 29,483 - 29,483 - 29,483 8 Loans and advances to banks and similar institutions 1,810 - 1,810 - 1,810 1 Investment securities \u2013 FVOCI 28,658 - 28,658 - 28,658 7 Investment securities \u2013 FVTPL 5 - 5 5 10 - Derivative financial instruments 4,742 - 4,742 - 4,742 1 Fair value adjustment for portfolio hedged risk (note ii) (2,037) - (2,037) - (2,037) (1) 62,661 - 62,661 5 62,666 16 Total 364,838 (1,288) 363,550 19,463 383,013 100 Notes: i. In addition to the amounts shown above, the Group has revocable commitments of \u00a325,966 million (2025: \u00a323,352 million) primarily in respect of credit card and overdraft facilities. These commitments represent agreements to lend in the future, subject to certain considerations. Such commitments are cancellable by the Group, subject to notice requirements, and given their nature are not expected to be drawn down to the full level of exposure. ii. The fair value adjustment for portfolio hedged risk and the fair value adjustment for micro hedged risk (which relates to the business lending portfolio) represent hedge accounting adjustments. iii. FVTPL residential mortgages include equity release and shared equity loans.iv. Business lending was previously reported as business and commercial lending. The Society\u2019s maximum exposure to credit risk at 31 March 2026, which excludes Virgin Money and subsidiary lending included in the Group numbers in the tables above, totals \u00a3304 billion (2025: \u00a3285 billion). This includes all financial assets recognised on the Society\u2019s balance sheet. Further information is included in notes 12, 14 and 29 to the financial statements. Commitments Irrevocable undrawn commitments to lend are within the scope of provision requirements. The commitments in the table above consist of overpayment reserves and separately identifiable irrevocable commitments for the pipeline of residential mortgages, personal loans, business lending and investment securities. These commitments are not recognised on the balance sheet; the associated provision of \u00a33.8 million (2025: \u00a34.6 million) is included within provisions for liabilities and charges. The majority of the off-balance sheet commitments are in stage 1, with a provision equal to a 12-month ECL. Revocable commitments relating to overdrafts and credit cards are included in the calculation of impairment provisions, with the allowance for future drawdowns included in the estimate of the exposure at default.102102Credit risk \u2013 Residential mortgages Summary The Group\u2019s residential mortgages comprise owner-occupied, buy to let and legacy loans. Owner-occupied residential mortgages are mainly advances made through the Nationwide, Virgin Money, Clydesdale and Yorkshire Bank brands. Buy to let lending is originated under The Mortgage Works (UK) plc (TMW) as well as Virgin Money, Clydesdale and Yorkshire Bank brands. Legacy mortgages are smaller owner-occupied portfolios in run-off. Residential mortgage gross balances - Group 2026 2025 (Audited) \u00a3m \u00a3m Owner-occupied 224,856 215,546 Buy to let and legacy: Buy to let 60,637 59,383 Legacy 805 961 61,442 60,344 Amortised cost loans and advances to customers 286,298 275,890 FVTPL loans and advances to customers 32 36 Total residential mortgages 286,330 275,926 The increase in gross balances in the year reflects continued support for first time buyers, including an expansion of higher loan-to-income lending, alongside a focus on customer retention through highly competitive products. Impairment charge/(release) and write-offs for the year - Group (Audited) 2026 2025 Impairment charge/(release) \u00a3m \u00a3m Owner-occupied 14 25 Buy to let and legacy (6) 8 Total 8 33 \u00a3m \u00a3m Gross write-offs 22 12 The impairment charge reduced compared to the prior year, primarily due to the non-recurrence of \u00a321 million of one-off charges recognised in the prior year in relation to the acquisition of Virgin Money. Write-offs have increased to \u00a322 million (2025: \u00a312 million) but remain low in absolute terms. Residential mortgage arrears have remained at low levels during the year, with the arrears rate reducing slightly to 0.39% (2025: 0.43%). 103Residential mortgages staging analysis The following table shows the Group\u2019s residential mortgage lending balances carried at amortised cost, the stage allocation of the loans, impairment provisions and the resulting provision coverage ratios. Residential mortgages staging analysis - Group Stage 2 Stage 2 2026 Stage 2 Stage 2 POCI Stage 1 1 to 30 DPD >30 DPD Stage 3 Total totalUp to date (notes ii) (note i) (note i)(Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Owner-occupied 210,272 13,313 11,866 918 529 960 311 224,856 Buy to let and legacy 35,987 24,771 24,201 334 236 523 161 61,442 Total 246,259 38,084 36,067 1,252 765 1,483 472 286,298 Provisions Owner-occupied 13 63 45 7 11 51 2 129 Buy to let and legacy 33 134 106 14 14 53 3 223 Total 46 197 151 21 25 104 5 352 Provisions as a % of total balance % % % % % % % % Owner-occupied 0.01 0.47 0.38 0.82 2.05 5.33 --0.06 Buy to let and legacy 0.09 0.54 0.44 4.08 6.04 10.07 --0.36 Total 0.02 0.52 0.42 1.69 3.28 7.00 --0.12 104104Residential mortgages staging analysis - Group Stage 2 Stage 2 2025 Stage 2 Stage 2 POCI Stage 1 1 to 30 DPD >30 DPD Stage 3 Total total Up to date (note ii) (note i) (note i) (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Owner-occupied 200,586 13,740 12,434 841 465 833 387 215,546 Buy to let and legacy 35,822 23,821 23,261 344 216 504 197 60,344 Total 236,408 37,561 35,695 1,185 681 1,337 584 275,890 Provisions Owner-occupied 14 58 41 7 10 41 2 115 Buy to let and legacy 31 150 131 10 9 54 1 236 Total 45 208 172 17 19 95 3 351 Provisions as a % of total balance % % % % % % % %Owner-occupied 0.01 0.42 0.33 0.82 2.05 4.99 - 0.05 Buy to let and legacy 0.09 0.63 0.56 2.84 4.49 10.62 - 0.39 Total 0.02 0.55 0.48 1.41 2.82 7.11 - 0.13 Notes: i. Days past due (DPD) is a measure of arrears status. ii. Purchased or originated credit-impaired (POCI) loans are those which were recognised on the balance sheet when the Derbyshire Building Society was acquired in 2008 and Virgin Money was acquired in 2024. The POCI balance of \u00a3472 million (2025: \u00a3584 million) is presented net of lifetime ECL of \u00a316 million (2025: \u00a321 million). The provision coverage for POCI loans is not presented in the table due to the gross balance being reported net of the lifetime ECL at the point of acquisition. The POCI provision represents the movement in lifetime ECL since acquisition. Total balances have increased largely due to growth in the owner-occupied portfolio, resulting in an increase in stage 1 balances. Stage 2 balances have increased slightly to \u00a338.1 billion (2025: \u00a337.6 billion). Of these, only 2% (2025: 2%) are in arrears by 30 days or more, with the majority of balances in stage 2 due to an increase in the probability of default (PD) since origination. Total stage 2 balances include \u00a38.7 billion (2025: \u00a39.2 billion) of loans where the PD has been uplifted to recognise the increased risk of default due to borrower affordability pressures. Stage 3 and POCI balances make up 0.7% (2025: 0.7%) of total balances. Stage 3 balances increased to \u00a31,483 million (2025: \u00a31,337 million), primarily reflecting newly impaired loans during the year. This increase has been largely offset by a reduction in POCI balances to \u00a3472 million (2025: \u00a3584 million), as loans impaired at acquisition continue to redeem or be written off. Of the total stage 3 and POCI balances, \u00a31,204 million (2025: \u00a31,240 million) is in respect of loans which are more than 90 days past due, with the remainder being impaired due to other indicators of unlikeliness to pay such as certain types of forbearance. Residential mortgage provisions have remained stable at \u00a3352 million (2025: \u00a3351 million) and include a modelled adjustment of \u00a363 million (2025: \u00a370 million) to reflect an increase to the PD to account for ongoing affordability risks, including those related to higher interest rates. Further information is included in note 10 to the financial statements. 105105The following table shows the Society\u2019s residential mortgage lending balances carried at amortised cost, the stage allocation of the loans, impairment provisions and the resulting provision coverage ratios. The Society\u2019s balances exclude both Virgin Money and other subsidiaries, including TMW. Residential mortgages staging analysis - Society 2026 Stage 2 Stage 2 Stage 2 Stage 2 Stage 1 Stage 3 POCI Total totalUp to date 1 to 30 DPD >30 DPD (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Owner-occupied 172,070 11,335 10,203 823 309 772 - 184,177 Buy to let and legacy 53 107 101 4 2 10 - 170 Total 172,123 11,442 10,304 827 311 782 - 184,347 Provisions Owner-occupied 10 47 35 6 6 39 - 96 Buy to let and legacy - 2 2 - - 2 - 4 Total 10 49 37 6 6 41 - 100 Provisions as a % of total balance % % % % % % % % Owner-occupied 0.01 0.42 0.34 0.73 1.98 5.10 - 0.05 Buy to let and legacy 0.16 2.15 1.95 4.21 8.91 22.08 - 2.73 Total 0.01 0.43 0.36 0.75 2.02 5.32 - 0.05 Residential mortgages staging analysis - Society 2025 Stage 2 Stage 2 Stage 2 Stage 2 Stage 1 Stage 3 POCI Total total Up to date 1 to 30 DPD >30 DPD (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Owner-occupied 161,412 12,150 11,064 759 327 736 - 174,298 Buy to let and legacy 129 71 65 3 3 11 - 211 Total 161,541 12,221 11,129 762 330 747 - 174,509 Provisions Owner-occupied 8 45 32 6 7 39 - 92 Buy to let and legacy - 1 1 - - 2 - 3 Total 8 46 33 6 7 41 - 95 Provisions as a % of total balance % % % % % % % %Owner-occupied 0.00 0.38 0.30 0.76 2.03 5.31 - 0.05 Buy to let and legacy 0.18 2.32 2.28 3.14 2.43 15.55 - 1.72 Total 0.00 0.39 0.31 0.77 2.03 5.46 - 0.05 106106The table below summarises the movements in, and stage allocations of, the residential mortgages held at amortised cost, including the impact of ECL impairment provisions. The movements within the table compare the position at 31 March 2026 to that at the start of the reporting period. Reconciliation of net movements in residential mortgage balances and impairment provisions - Group Non-credit impaired Credit impaired (note i) Subject to 12-month ECL Subject to lifetime ECL Subject to lifetime ECL Total Stage 1 Stage 2 Stage 3 and POCI Gross Gross Gross Gross Provisions Provisions Provisions Provisions balancesbalancesbalancesbalances(Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 31 March 2025 236,408 45 37,561 208 1,921 98 275,890 351 Stage transfers: Transfers from stage 1 to stage 2 (12,982) (4) 12,982 4 - - - - Transfers to stage 3 (236) - (517) (9) 753 9 - - Transfers from stage 2 to stage 1 11,367 42 (11,367) (42) - - - - Transfers from stage 3 54 1 242 9 (296) (10) - - Net remeasurement of ECL arising from transfer of stage - (39) - 43 - 23 - 27 Net movement arising from transfer of stage (1,797) - 1,340 5 457 22 - 27 Change in exposure in the year (note ii) 11,648 5 (817) 4 (373) (12) 10,458 (3) Changes in risk parameters in relation to credit quality - (4) - (20) - 21 - (3) Other items impacting the income statement (note iii) - - - - - (13) - (13) Income statement charge for the year 8 Assets written off (note iii) - - - - (50) (21) (50) (21) Other adjustments (note iv) - - - - - 14 - 14 At 31 March 2026 246,259 46 38,084 197 1,955 109 286,298 352 Net carrying amount 246,213 37,887 1,846 285,946 Notes: i. Gross balances of credit impaired loans include \u00a3472 million (2025: \u00a3584 million) of POCI loans, which are presented net of lifetime ECL at acquisition of \u00a316 million (2025: \u00a321 million). ii. The change in exposure in the year includes; new assets originated, redemptions, further lending and repayments during the year. iii. The movement in provisions for \u2018assets written off\u2019 are presented net of post-write off recoveries of \u00a31 million. The income statement impact of these recoveries is included within 'other items impacting the income statement\u2019. iv. Other adjustments include the release of provisions related to POCI balances which have redeemed during the year. Further information on movements in gross loans and advances to customers and impairment provisions, including the methodology applied in preparing the table, is included in note 14 to the financial statements. 107107Loans which are reported within stage 2 are those which have experienced a significant increase in credit risk since origination, determined through both quantitative and qualitative indicators. The table below summarises the Group\u2019s stage 2 balances and impairment provisions for these indicators. Reason for residential mortgages being reported in stage 2 (note i) - Group 2026 Owner-occupied Buy to let and legacy Total Provisions Provisions Provisions Gross Gross Gross Provisions as a % of Provisions as a % of Provisions as a % of balances balances balances balance balance balance \u00a3m \u00a3m % \u00a3m \u00a3m % \u00a3m \u00a3m %Quantitative criteria: Payment status (greater than 30 DPD) 529 11 2.05 236 14 6.04 765 25 3.28 Increase in PD since origination (less than 30 DPD) 12,250 51 0.42 22,162 107 0.48 34,412 158 0.46 Qualitative criteria: Forbearance (less than 30 DPD) (note ii) 185 - 0.18 20 - 1.59 205 - 0.31 Interest only \u2013 significant risk of inability to refinance at maturity (less than 30 DPD) - - - 2,237 13 0.57 2,237 13 0.57 Other qualitative criteria 349 1 0.19 116 - 0.31 465 1 0.22 Total stage 2 gross balances 13,313 63 0.47 24,771 134 0.54 38,084 197 0.52 Reason for residential mortgages being reported in stage 2 (note i) - Group 2025 Owner-occupied Buy to let and legacy Total Provisions Provisions Provisions Gross Gross Gross Provisions as a % of Provisions as a % of Provisions as a % of balances balances balances balance balance balance \u00a3m \u00a3m % \u00a3m \u00a3m % \u00a3m \u00a3m %Quantitative criteria: Payment status (greater than 30 DPD) 465 10 2.05 216 9 4.49 681 19 2.82 Increase in PD since origination (less than 30 DPD) 12,589 46 0.37 21,731 125 0.58 34,320 171 0.50 Qualitative criteria: Forbearance (less than 30 DPD) (note ii) 206 1 0.34 24 - 1.63 230 1 0.47 Interest only \u2013 significant risk of inability to refinance at maturity (less than 30 DPD) - - - 1,709 15 0.85 1,709 15 0.85 Other qualitative criteria 480 1 0.29 141 1 0.46 621 2 0.33 Total stage 2 gross balances 13,740 58 0.42 23,821 150 0.63 37,561 208 0.55 Notes: i. Where loans satisfy more than one of the criteria for determining a significant increase in credit risk, the corresponding balance has been assigned in the order in which the categories are presented above. ii. Stage 2 forbearance relates to cases where full repayment of principal and interest is still anticipated. 108108At 31 March 2026, the Group\u2019s stage 2 balances were \u00a338.1 billion (2025: \u00a337.6 billion). Of these, only 2% (2025: 2%) are in arrears by 30 days or more, with the majority of balances in stage 2 due to an increase in PD since origination. This category includes \u00a38.7 billion (2025: \u00a39.2 billion) of loans where the PD has been uplifted to recognise the increased risk of default due to borrower affordability pressures. The impact of this uplift in PD has resulted in these loans breaching existing quantitative PD thresholds. Stage 2 loans include all loans greater than 30 days past due (DPD), including those where the original reason for being classified as stage 2 was other than arrears greater than 30 DPD. The total value of loans in stage 2 due solely to payment status is less than 0.1% (2025: 0.1%) of total stage 2 balances. The table below outlines the main criteria used to determine whether a significant increase in credit risk since origination has occurred. Criteria Detail Quantitative The primary quantitative indicators are the outputs of internal credit risk assessments. For residential mortgage exposures, PDs are derived using models, which use external information such as that from credit reference agencies, as well as internal information such as known instances of arrears or other financial difficulty. Current and historical data relating to an exposure are combined with forward-looking macroeconomic information to determine the likelihood of default. The 12-month and lifetime PDs are calculated for each loan. Similar quantitative staging principles are applied across Nationwide and Virgin Money portfolios. However, there are differences in the specific criteria, as outlined below. Nationwide portfolios: The 12-month and lifetime PDs are compared to pre-determined benchmarks at each reporting date to ascertain whether a relative or absolute increase in credit risk has occurred. The indicators for a significant increase in credit risk are: \uf0b7 Absolute measures: - The 12-month PD exceeds the 12-month PD threshold that is indicative, at the assessment date, of an account being in arrears. - The residual lifetime PD exceeds the residual lifetime PD threshold, set at inception, which represents the maximum credit risk that would have been accepted at that point. \uf0b7 Relative measure: - The residual lifetime PD has increased by at least 75 basis points and has at least doubled. Virgin Money portfolios: The residual lifetime PD is compared to a threshold which varies by portfolio and is based on the lifetime PD curves calculated at origination. The PD threshold curves were recalculated at acquisition, to reset the origination point to 1 October 2024, being the date when the Virgin Money business was acquired by the Group. Qualitative Qualitative indicators include the increased risk associated with interest only loans which may not be able to refinance at maturity, customer indebtedness markers and loans which have been in arrears during the past 12 months. Also included are forbearance events where full repayment of principal and interest is still anticipated, on a discounted basis. Backstop In addition to the primary criteria for stage allocation described above, accounts that are more than 30 days past due are also transferred to stage 2. 109109Credit quality The residential mortgage portfolio comprises many small loans which are broadly homogenous, have low volatility of credit risk outcomes and are geographically diversified. The table below shows the Group\u2019s gross balances and provisions for residential mortgages held at amortised cost, by PD range. Residential mortgage gross balances and provisions by PD - Group 2026 Gross balances Provisions Stage 3 and Stage 3 and Provision (Audited) Stage 1 Stage 2 Total Stage 1 Stage 2 Total POCI (note i) POCI (note i) coverage 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to < 0.15% 186,634 4,073 39 190,746 6 5 - 11 0.01 0.15 to < 0.25% 24,008 2,337 16 26,361 3 5 - 8 0.03 0.25 to < 0.50% 22,400 6,506 20 28,926 11 16 - 27 0.09 0.50 to < 0.75% 6,477 3,422 14 9,913 5 10 - 15 0.15 0.75 to < 2.50% 5,877 11,109 58 17,044 6 34 - 40 0.23 2.50 to < 10.00% 505 6,034 76 6,615 1 36 - 37 0.56 10.00 to < 100% 358 4,603 235 5,196 14 91 6 111 2.14 100% (default) - - 1,497 1,497 - - 103 103 6.85 Total 246,259 38,084 1,955 286,298 46 197 109 352 0.12 Residential mortgage gross balances and provisions by PD - Group 2025 Gross balances Provisions Stage 3 and Stage 3 and Provision (Audited) Stage 1 Stage 2 Total Stage 1 Stage 2 Total POCI (note i) POCI (note i) coverage 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to < 0.15% 175,908 3,617 32 179,557 5 6 - 11 0.01 0.15 to < 0.25% 24,703 2,124 16 26,843 4 5 - 9 0.03 0.25 to < 0.50% 19,419 5,160 20 24,599 5 14 - 19 0.08 0.50 to < 0.75% 8,542 3,319 14 11,875 11 9 - 20 0.17 0.75 to < 2.50% 7,032 12,249 47 19,328 10 42 - 52 0.27 2.50 to < 10.00% 613 6,678 67 7,358 5 48 - 53 0.72 10.00 to < 100% 191 4,414 201 4,806 5 84 7 96 2.00 100% (default) - - 1,524 1,524 - - 91 91 5.96 Total 236,408 37,561 1,921 275,890 45 208 98 351 0.13 Note: i. Includes POCI loan balances of \u00a3472 million (2025: \u00a3584 million). The POCI provision represents the movement in lifetime ECL since acquisition. At 31 March 2026, 95% (2025: 95%) of the portfolio had a 12-month IFRS 9 PD of less than 2.5%, reflecting the high quality of the residential mortgage portfolio. 110110The table below shows the Society\u2019s gross balances and provisions for residential mortgages held at amortised cost, by PD range. The Society\u2019s balances exclude both Virgin Money and other subsidiaries, including TMW. Residential mortgage gross balances and provisions by PD - Society 2026 Gross balances Provisions Provision coverage (Audited) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to < 0.15% 141,658 1,347 20 143,025 4 - - 4 0.00 0.15 to < 0.25% 15,409 475 7 15,891 2 1 - 3 0.01 0.25 to < 0.50% 10,136 796 8 10,940 2 2 - 4 0.04 0.50 to < 0.75% 2,564 345 5 2,914 1 1 - 2 0.06 0.75 to < 2.50% 2,336 3,563 27 5,926 1 6 - 7 0.12 2.50 to < 10.00% 20 2,677 33 2,730 - 9 - 9 0.36 10.00 to < 100% - 2,239 74 2,313 - 30 3 33 1.41 100% (default) - - 608 608 - - 38 38 6.27 Total 172,123 11,442 782 184,347 10 49 41 100 0.05 Residential mortgage gross balances and provisions by PD - Society 2025 Gross balances Provisions Provision (Audited) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total coverage 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to < 0.15% 132,568 1,801 20 134,389 3 1 - 4 0.00 0.15 to < 0.25% 14,570 622 7 15,199 1 1 - 2 0.01 0.25 to < 0.50% 9,833 983 6 10,822 2 1 - 3 0.03 0.50 to < 0.75% 2,656 442 4 3,102 1 1 - 2 0.05 0.75 to < 2.50% 1,912 3,879 20 5,811 1 7 - 8 0.14 2.50 to < 10.00% 2 2,486 33 2,521 - 9 - 9 0.37 10.00 to < 100% - 2,008 80 2,088 - 26 4 30 1.45 100% (default) - - 577 577 - - 37 37 6.41 Total 161,541 12,221 747 174,509 8 46 41 95 0.05 111111LTV and credit risk concentration Loan to value (LTV) is calculated by weighting the borrower level LTV by the individual loan balance to arrive at an average LTV. This approach is considered to be the most appropriate method for reflecting the exposure at risk. Average LTV of loan stock (by value) - Group (note i) 2026 2025 % % Owner-occupied 58 56 Buy to let and legacy 57 56 Group 58 56 Average LTV of new business (by value) - Group (note ii) 2026 2025 % % Owner-occupied 73 75 Buy to let 66 65 Group 72 73 Notes: i. The average LTV of loan stock includes both amortised cost and FVTPL balances. There have been no new FVTPL advances during the year. ii. The LTV of new business excludes further advances and product switches. New lending had a broadly stable average LTV of 72% (2025: 73%). The impact of new lending on the stock average LTV was only partially offset by house price growth and capital repayments during the year, resulting in an increase to 58% (2025: 56%). 112112Residential mortgage balances by LTV The following table shows the Group\u2019s residential mortgages, excluding FVTPL balances, by LTV across stages 1 and 2 (non-credit impaired) and stage 3 (credit impaired). The LTV is calculated using the latest indexed valuation. Residential mortgage balances by LTV \u2013 Group 2026 Gross balances Provisions Provision Stage 3 and Stage 3 and (Audited)Stage 1 Stage 2 Total Stage 1 Stage 2 Total coverage POCI (note i) POCI (note i)LTV ratio: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Up to 50% 85,174 11,170 847 97,191 4 30 19 53 0.05 50% to 60% 40,606 9,102 383 50,091 4 33 17 54 0.11 60% to 70% 41,365 9,346 315 51,026 9 44 19 72 0.14 70% to 80% 38,019 5,952 194 44,165 15 45 17 77 0.18 80% to 90% 33,288 2,034 123 35,445 11 29 14 54 0.15 90% to 100% 7,787 432 52 8,271 2 9 10 21 0.26 Over 100% 20 48 41 109 1 7 13 21 19.26 Total 246,259 38,084 1,955 286,298 46 197 109 352 0.12 Residential mortgage balances by LTV \u2013 Group 2025 Gross balances Provisions Provision Stage 3 and Stage 3 and (Audited)Stage 1 Stage 2 Total Stage 1 Stage 2 Total coverage POCI (note i) POCI (note i) LTV ratio: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Up to 50% 86,725 11,980 843 99,548 4 31 23 58 0.06 50% to 60% 41,051 9,588 399 51,038 5 37 15 57 0.11 60% to 70% 42,127 9,489 305 51,921 11 51 18 80 0.15 70% to 80% 33,735 4,886 193 38,814 15 49 13 77 0.20 80% to 90% 27,721 1,327 92 29,140 7 25 11 43 0.15 90% to 100% 5,023 242 48 5,313 2 8 8 18 0.33 Over 100% 26 49 41 116 1 7 10 18 15.36 Total 236,408 37,561 1,921 275,890 45 208 98 351 0.13 Note: i. Includes POCI loans of \u00a3472 million (2025: \u00a3584 million) and provisions of \u00a35 million (2025: \u00a33 million). 113113The following table shows the Society\u2019s residential mortgages, excluding FVTPL balances, by LTV across stages 1 and 2 (non credit impaired) and stage 3 (credit impaired). The Society\u2019s balances exclude both Virgin Money and other subsidiaries, including TMW. The LTV is calculated using the latest indexed valuation. Residential mortgage balances by LTV \u2013 Society 2026 Gross balances Provisions Provision (Audited)Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total coverage LTV ratio: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Up to 50% 60,148 3,977 344 64,469 2 6 10 18 0.03 50% to 60% 26,631 2,316 149 29,096 1 6 7 14 0.05 60% to 70% 26,369 2,139 126 28,634 1 8 7 16 0.06 70% to 80% 25,130 1,440 85 26,655 2 10 6 18 0.07 80% to 90% 28,279 1,346 55 29,680 3 15 5 23 0.08 90% to 100% 5,564 223 19 5,806 1 4 4 9 0.15 Over 100% 2 1 4 7 - - 2 2 30.39 Total 172,123 11,442 782 184,347 10 49 41 100 0.05 Residential mortgage balances by LTV \u2013 Society 2025 Gross balances Provision (Audited)Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total coverage LTV ratio: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Up to 50% 60,094 4,634 341 65,069 2 6 11 19 0.03 50% to 60% 25,931 2,621 152 28,704 1 6 7 14 0.05 60% to 70% 26,602 2,504 121 29,227 1 9 8 18 0.06 70% to 80% 21,853 1,383 81 23,317 1 11 6 18 0.08 80% to 90% 23,434 934 37 24,405 2 12 5 19 0.08 90% to 100% 3,624 144 13 3,781 1 2 3 6 0.17 Over 100% 3 1 2 6 - - 1 1 14.93 Total 161,541 12,221 747 174,509 8 46 41 95Geographical distribution During the year, the geographical distribution of the Group\u2019s residential mortgages across the UK has remained broadly stable. Lending in the Greater London and the South East regions continues to represent 46% (2025: 46%) of total residential mortgage balances. 114114Arrears Residential mortgage lending continues to have a low risk profile as demonstrated by the low level of arrears compared to the industry average. Number of cases more than 3 months in arrears as % of total book - Group 2026 2025 % % Owner-occupied 0.38 0.40 Buy to let and legacy 0.43 0.51 Total 0.39 0.43 UK Finance (UKF) industry average 0.77 0.89 Residential mortgage arrears have remained at low levels during the year, with the arrears rate reducing and remaining well below the UK industry average. The buy to let and legacy portfolio arrears rate has reduced to 0.43% (2025: 0.51%). Within this portfolio, the performance of the open buy to let book originated under the TMW brand remains strong, with 0.20% (2025: 0.21%) of cases more than 3 months in arrears. As at 31 March 2026, the mortgage portfolios include 2,527 (2025: 2,683) mortgage accounts, including those in possession, where payments were equal to or more than 12 months in arrears. The balance on these cases was \u00a3448 million (2025: \u00a3453 million), and the total value of arrears was \u00a3111 million (2025: \u00a3120 million). 115115Interest only mortgages The following table shows the Group\u2019s interest only mortgages by term to maturity. Interest only mortgages (gross balance) \u2013 term to maturity (note i) - Group Due after one Due after two Term expired Due within one Due after more % of year and before years and before Total (still open)yearthan five yearsbook two years five years 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Owner-occupied 131 304 492 1,717 9,989 12,633 5.6 Buy to let and legacy 173 347 536 2,443 52,519 56,018 91.2 Total 304 651 1,028 4,160 62,508 68,651 24.0 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Owner-occupied 126 282 445 1,860 10,470 13,183 6.1 Buy to let and legacy 172 308 536 2,169 51,787 54,972 91.1 Total 298 590 981 4,029 62,257 68,155 24.7 Note: i. Balances subject to forbearance with agreed term extensions are presented based on the latest agreed contractual term. At 31 March 2026, interest only balances of \u00a312,633 million (2025: \u00a313,183 million) account for 5.6% (2025: 6.1%) of the owner-occupied residential mortgage portfolios. Maturities of interest only mortgages are managed closely, with regular engagement with borrowers in advance of maturity, to ensure the loan is redeemed or to agree a strategy for repayment. Of the buy to let and legacy portfolio, \u00a356,018 million (2025: \u00a354,972 million) relates to interest only balances, representing 91% (2025: 91%) of balances. Buy to let remains open to new interest only lending under standard terms. There is a risk that a proportion of interest only mortgages will not be redeemed at their contractual maturity date, because a borrower does not have a means of capital repayment or has been unable to refinance the loan. Interest only loans which are judged to have a significantly increased risk of inability to refinance at maturity are transferred to stage 2. The ability of a borrower to refinance is calculated using current lending criteria which consider LTV and affordability assessments. The impact of recognising this risk is to increase provisions by \u00a326 million (2025: \u00a328 million). Past term interest only loans are not considered to be past due where contractual interest payments continue to be met, pending renegotiation of the facility. These loans are, however, treated as credit impaired and categorised as stage 3 balances from three months after the maturity date. 116116Forbearance The Group is committed to supporting borrowers facing financial difficulty by working with them to find a solution through proactive arrears management and forbearance. The Group applies the European Banking Authority (EBA) definition of forbearance. The main types of forbearance include interest or payment arrangements, where the borrower is granted a concession which varies from contractual terms and repayments during a time of financial difficulty. The table below provides details of residential mortgages held at amortised cost subject to forbearance, including balances which are within stage 1 for provision purposes, but which continue to meet the EBA definition of forbearance. Accounts that are currently subject to a concession are assessed as either stage 2, or stage 3 (credit impaired) where full repayment of principal and interest is no longer anticipated. Gross balances subject to forbearance - Group 2026 2025 Buy to let and Buy to let and Owner-occupied Total Owner-occupied Total legacylegacyGroup \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Total forbearance 1,029 382 1,411 1,048 377 1,425 Of which stage 2 359 106 465 363 108 471 Of which stage 3 or POCI 534 259 793 537 252 789 % % % % % % Total forbearance as a % of total gross balances 0.5 0.6 0.5 0.5 0.6 0.5 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Impairment provisions on forborne loans 19 25 44 16 24 40 Gross balances subject to forbearance represent 0.5% (2025: 0.5%) of total gross balances. In addition to the amortised cost balances above, \u00a31 million (2025: \u00a32 million) of FVTPL balances are also forborne.117117Credit risk \u2013 Consumer lending Summary The consumer lending portfolio comprises balances on unsecured retail banking products: credit cards, personal loans and overdrawn current accounts. Consumer lending gross balances - Group 2026 2025 (Audited) \u00a3m \u00a3m Credit cards 8,107 7,807 Personal loans 3,101 2,962 Overdrawn current accounts 370 338 Total consumer lending 11,578 11,107 The increase in gross balances in the year is driven by the credit card portfolio. Personal loans balances have increased, net of the impact of the Group\u2019s exit from the Salary Finance joint venture which reduced balances by \u00a3211 million over the year. The exit also resulted in a \u00a345 million reduction in stage 3 provisions, comprising a write-off of \u00a323 million and a provision release of \u00a322 million. All consumer lending is classified and measured at amortised cost. Impairment charge and write-offs for the year - Group (Audited)2026 2025 Impairment charge \u00a3m \u00a3m Credit cards 212 418 Personal loans 29 75 Overdrawn current accounts 28 21 Total 269 514 Gross write-offs \u00a3m \u00a3m Credit cards 243 105 Personal loans 70 44 Overdrawn current accounts 16 17 Total 329 166 The impairment charge reduced compared to the prior year, primarily due to the non-recurrence of \u00a3376 million of one-off charges recognised in the prior year in relation to the acquisition of Virgin Money. The current year impairment charge reflects a full year of the expanded Group\u2019s credit card exposure. Gross write-offs increased, primarily due to the inclusion of a full year of the expanded Group\u2019s credit card exposure. Arrears levels have remained low during the year. Excluding charged off accounts, the proportion of balances more than 3 months in arrears has remained stable and represents 1.10% (2025: 1.11%) of the portfolio. 118Consumer lending staging analysis The following table shows consumer lending balances by stage, with the corresponding impairment provisions and resulting provision coverage ratios. Consumer lending staging analysis - Group 2026 2025 Stage 1 Stage 2 Stage 3 POCI (note i) Total Stage 1 Stage 2 Stage 3 POCI (note i) Total (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Credit cards 6,291 1,563 244 9 8,107 6,311 1,304 165 27 7,807 Personal loans 2,346 620 135 - 3,101 2,131 488 342 1 2,962 Overdrawn current accounts 199 120 51 - 370 179 115 44 - 338 Total 8,836 2,303 430 9 11,578 8,621 1,907 551 28 11,107 Provisions Credit cards 126 295 151 (11) 561 104 323 119 (4) 542 Personal loans 18 53 120 - 191 16 41 158 - 215 Overdrawn current accounts 5 26 46 - 77 5 22 40 - 67 Total 149 374 317 (11) 829 125 386 317 (4) 824 Provisions as a % of total balance % % % % % % % % % % Credit cards 2.01 18.84 61.96 - 6.92 1.65 24.78 71.64 - 6.94 Personal loans 0.78 8.64 88.67 - 6.17 0.76 8.39 46.18 - 7.25 Overdrawn current accounts 2.37 21.71 91.17 - 20.86 2.77 19.39 90.17 - 19.74 Total 1.69 16.24 73.82 - 7.17 1.46 20.26 57.32 - 7.42 Note: i. POCI loans are those which were credit-impaired on acquisition and were recognised on the balance sheet when Virgin Money was acquired in 2024. The POCI balance of \u00a39 million (2025: \u00a328 million) is presented net of lifetime ECL of \u00a317 million (2025: \u00a329 million). The provision coverage for POCI loans is not presented in the table due to the gross balance being reported net of the lifetime ECL at the point of acquisition. The POCI provision represents the movement in lifetime ECL since acquisition. The change in the year is largely due to a credit card model redevelopment. Total balances have increased due to growth across all portfolios, resulting in an increase in both stage 1 and stage 2 balances. Stage 2 balances have increased to \u00a32,303 million (2025: \u00a31,907 million). This includes \u00a3664 million (2025: \u00a3291 million) of loans where the PD has been uplifted to reflect an increased allowance for affordability risk and credit card persistent debt. Only 2% (2025: 3%) of stage 2 balances are in arrears by 30 days or more, with the majority of balances in stage 2 due to an increase in PD since origination. Stage 3 and POCI balances make up 3.8% (2025: 5.2%) of total balances. The reduction during the year includes the impact of exiting the Salary Finance joint venture (2025: \u00a3211 million) which was reported within personal loans. The stage 3 gross balances and provisions include charged off balances. These are accounts which are closed to future transactions and may be held on the balance sheet for an extended period (up to 36 months) whilst recovery activities take place. The charged off balances are \u00a3187 million (2025: \u00a3178 million), and provisions held against these balances are \u00a3181 million (2025: \u00a3171 million). Consumer lending provisions have remained broadly stable at \u00a3829 million (2025: \u00a3824 million) and include a modelled adjustment of \u00a360 million (2025: \u00a336 million) to reflect an increase to the PD to account for ongoing affordability risks and credit card persistent debt. The increase in modelled adjustment has been offset by the impact of exiting the Salary Finance joint venture (2025: \u00a345 million). As a result of a redevelopment of credit card provision models, balances have moved from stage 2 into stage 1 where the provision reflects a 12-month ECL. This is turn has increased stage 1 provision coverage and reduced coverage in stage 2. Excluding charged off balances and related provisions, total provisions amount to 5.7% (2025: 6.0%) of total gross balances. 119119The following table shows the Society\u2019s consumer lending balances by stage, with the corresponding impairment provisions and resulting provision coverage ratios. The Society\u2019s balances exclude Virgin Money lending. Consumer lending staging analysis - Society 2026 2025 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total (Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Credit cards 1,471 277 85 1,833 1,277 282 82 1,641 Personal loans 2,167 614 134 2,915 1,882 479 127 2,488 Overdrawn current accounts 176 120 50 346 154 115 43 312 Total 3,814 1,011 269 5,094 3,313 876 252 4,441 Provisions Credit cards 14 63 73 150 13 57 72 142 Personal loans 17 52 119 188 14 39 112 165 Overdrawn current accounts 3 26 46 75 4 22 39 65 Total 34 141 238 413 31 118 223 372 Provisions as a % of total balance % % % % % % % % Credit cards 0.95 22.74 85.88 8.18 1.06 20.18 88.06 8.69 Personal loans 0.78 8.47 88.81 6.45 0.72 8.17 87.49 6.60 Overdrawn current accounts 1.70 21.67 92.00 21.68 2.47 19.28 90.20 20.72 Total 0.89 13.95 88.48 8.11 0.93 13.49 88.14 8.37 120120The table below summarises the movements in, and stage allocation of, the Group\u2019s consumer lending balances held at amortised cost, including the impact of ECL impairment provisions. The movements within the table compare the position at 31 March 2026 to that at the start of the reporting period. Reconciliation of net movements in consumer lending balances and impairment provisions - Group Non-credit impaired Credit impaired (note i) Subject to 12-month ECL Subject to lifetime ECL Subject to lifetime ECL Total Stage 1 Stage 2 Stage 3 and POCI Gross Gross Gross Gross Provisions Provisions Provisions Provisions balancesbalancesbalancesbalances(Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 31 March 2025 8,621 125 1,907 386 579 313 11,107 824 Stage transfers: Transfers from stage 1 to stage 2 (1,037) (24) 1,037 24 - - - - Transfers to stage 3 (140) (5) (201) (73) 341 78 - - Transfers from stage 2 to stage 1 659 119 (659) (119) - - - - Transfers from stage 3 3 2 11 4 (14) (6) - - Net remeasurement of ECL arising from transfer of stage - (122) - 158 - 101 - 137 Net movement arising from transfer of stage (515) (30) 188 (6) 327 173 - 137 Change in exposure in the year (note ii) 730 56 208 28 (138) 1 800 85 Changes in risk parameters in relation to credit quality - (2) - (34) - 149 - 113 Other items impacting the income statement (note iii) - - - - - (66) - (66) Income statement charge for the year 269 Assets written off (note iii) - - - - (329) (259) (329) (259) Other adjustments (note iv) - - - - --(5) - (5) At 31 March 2026 8,836 149 2,303 374 439 306 11,578 829 Net carrying amount 8,687 1,929 133 10,749 Notes: i. Gross balances of credit impaired loans include \u00a39 million (2025: \u00a328 million) of POCI loans, which are presented net of lifetime ECL at acquisition of \u00a317 million (2025: \u00a329 million). ii. The change in exposure in the year includes; new assets originated, redemptions, further lending and repayments during the year. iii. The movement in provisions for \u2018assets written off\u2019 are presented net of post-write off recoveries of \u00a370 million. The income statement impact of these recoveries is included within 'other items impacting the income statement\u2019. iv. Other adjustments include the release of provisions related to POCI balances which have redeemed during the year. Further information on movements in total gross loans and advances to customers and impairment provisions, including the methodology applied in preparing the table, is included in note 14 to the financial statements. 121121Loans which are reported within stage 2 are those which have experienced a significant increase in credit risk since origination, determined through both quantitative and qualitative indicators. The table below summarises the stage 2 balances and impairment provisions for these indicators. Reason for consumer lending being reported in stage 2 (note i) - Group 2026 Credit cards Personal loans Overdrawn current accounts Total Provisions Provisions Provisions Provisions Gross Gross Gross Gross Provisions as a % of Provisions as a % of Provisions as a % of Provisions as a % of balances balances balances balances balance balance balance balance \u00a3m \u00a3m % \u00a3m \u00a3m % \u00a3m \u00a3m % \u00a3m \u00a3m %Quantitative criteria: Payment status (greater than 30 DPD) (note ii) 29 17 60 12 7 53 7 4 59 48 28 58 Increase in PD since origination (less than 30 DPD) 1,194 218 18 601 46 8 99 21 21 1,894 285 15 Qualitative criteria: Forbearance (less than 30 DPD) (note iii) 4 1 13 - - 3 1 - 13 5 1 12 Other qualitative criteria (less than 30 DPD) 336 59 18 7 - 3 13 1 6 356 60 17 Total stage 2 gross balances 1,563 295 19 620 53 9 120 26 22 2,303 374 16 Reason for consumer lending being reported in stage 2 (note i) - Group 2025 Credit cards Personal loans Overdrawn current accounts Total Provisions Provisions Provisions Provisions Gross Gross Gross Gross Provisions as a % of Provisions as a % of Provisions as a % of Provisions as a % of balances balances balances balances balance balance balance balance \u00a3m \u00a3m % \u00a3m \u00a3m % \u00a3m \u00a3m % \u00a3m \u00a3m %Quantitative criteria: Payment status (greater than 30 DPD) (note ii) 35 22 63 12 6 51 5 3 56 52 31 59 Increase in PD since origination (less than 30 DPD) 924 230 25 470 35 7 96 18 19 1,490 283 19 Qualitative criteria: Forbearance (less than 30 DPD) (note iii) 9 2 29 - - 6 1 - 10 10 2 27 Other qualitative criteria (less than 30 DPD) 336 69 21 6 - 3 13 1 7 355 70 20 Total stage 2 gross balances 1,304 323 25 488 41 8 115 22 19 1,907 386 20 Notes: i. Where loans satisfy more than one of the criteria for determining a significant increase in credit risk, the corresponding balance has been assigned in the order in which the categories are presented above. ii. This category includes all loans greater than 30 DPD, including those whose original reason for being classified as stage 2 was not arrears greater than 30 DPD. iii. Stage 2 forbearance relates to cases where full repayment of principal and interest is still anticipated. Of the \u00a32,303 million (2025: \u00a31,907 million) stage 2 balances, 2% (2025: 3%) are in arrears by 30 days or more, with the majority of balances in stage 2 due to an increase in PD since origination. This category includes \u00a3410 million (2025: \u00a366 million) of balances where the PD has been uplifted to recognise the increased risk of default due to borrower affordability pressures. The increase in the year reflects the further alignment of provisions for affordability risks across the Group, following credit card model changes in the year. 122122The other qualitative criteria category includes \u00a3254 million (2025: \u00a3225 million) of loans which have been moved to stage 2 in recognition of the risk related to borrowers in credit card persistent debt. The table below outlines the main criteria used to determine whether a significant increase in credit risk since origination has occurred. Criteria Detail Quantitative The primary quantitative indicators are the outputs of internal credit risk assessments. For consumer lending exposures, PDs are derived using models, which use external information such as that from credit reference agencies, as well as internal information such as known instances of arrears or other financial difficulty. Current and historical data relating to an exposure are combined with forward-looking macroeconomic information to determine the likelihood of default. 12-month and lifetime PDs are calculated for each loan. Similar quantitative staging principles are applied across Nationwide and Virgin Money portfolios; however, there are differences in the specific criteria, as outlined below. Nationwide portfolios: The 12-month and lifetime PDs are compared to pre-determined benchmarks at each reporting date to ascertain whether a relative or absolute increase in credit risk has occurred. The indicators for a significant increase in credit risk are: \uf0b7 Absolute measures: - The 12-month PD exceeds the 12-month PD threshold that is indicative, at the assessment date, of an account being in arrears. - The residual lifetime PD exceeds the residual lifetime PD threshold, set at inception, which represents the maximum credit risk that would have been accepted at that point. \uf0b7 Relative measure: - The residual lifetime PD has increased by at least 75 basis points and has at least doubled. Virgin Money portfolios: The residual lifetime PD is compared to a threshold which varies by portfolio and is based on the lifetime PD curves calculated at origination. The PD threshold curves were recalculated at acquisition, to reset the origination point to 1 October 2024, being the date when the Virgin Money business was acquired by the Group. Qualitative Qualitative criteria include forbearance events, customer indebtedness markers, and, within the credit card portfolio, recognition of the risk related to borrowers in persistent debt. Backstop In addition to the primary criteria for stage allocation described above, accounts that are more than 30 days past due are also transferred to stage 2. 123123Credit quality The following table shows gross balances and provisions for consumer lending balances held at amortised cost by PD range. Consumer lending gross balances and provisions by PD - Group 2026 Gross balances Provisions Provision Stage 3 and Stage 3 and (Audited)Stage 1 Stage 2 Total Stage 1 Stage 2 Total coverage POCI (note i)POCI (note i) 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to <0.15% 991 26 - 1,017 2 2 - 4 0.38 0.15 to < 0.25% 612 23 - 635 2 1 - 3 0.48 0.25 to < 0.50% 1,125 97 - 1,222 9 4 - 13 1.01 0.50 to < 0.75% 887 88 - 975 17 4 - 21 2.00 0.75 to < 2.50% 3,271 421 5 3,697 48 29 (3) 74 1.99 2.50 to < 10.00% 1,884 874 8 2,766 62 106 (3) 165 5.97 10.00 to < 20.00% 52 438 3 493 5 90 (1) 94 19.13 20.00 to < 100% 14 336 6 356 4 138 1 143 40.52 100% (default) - - 417 417 - - 312 312 75.20 Total 8,836 2,303 439 11,578 149 374 306 829 7.17 Consumer lending gross balances and provisions by PD \u2013 Group 2025 Gross balances Provisions Provision Stage 3 and Stage 3 and (Audited)Stage 1 Stage 2 Total Stage 1 Stage 2 Total coverage POCI (note i)POCI (note i)12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to <0.15% 1,101 33 - 1,134 2 2 - 4 0.37 0.15 to < 0.25% 529 21 - 550 2 1 - 3 0.58 0.25 to < 0.50% 1,267 70 - 1,337 7 3 - 10 0.72 0.50 to < 0.75% 1,030 80 - 1,110 8 3 - 11 0.98 0.75 to < 2.50% 3,125 319 - 3,444 43 24 - 67 1.94 2.50 to < 10.00% 1,502 740 1 2,243 52 125 - 177 7.90 10.00 to <20.00% 45 363 1 409 5 96 - 101 24.78 20.00 to < 100% 22 281 2 305 6 132 1 139 45.71 100% (default) - - 575 575 - - 312 312 54.21 Total 8,621 1,907 579 11,107 125 386 313 824 7.42 Note: i. Includes POCI loan balances of \u00a39 million (2025: \u00a328 million). The POCI provision represents the movement in lifetime ECL since acquisition. The credit quality of the consumer lending portfolio has remained strong. 89% (2025: 88%) of the portfolio has a 12-month IFRS 9 PD of less than 10%, reflecting the high quality of the portfolio.124124The following table shows the Society\u2019s gross balances and provisions for consumer lending balances held at amortised cost by PD range. The Society\u2019s balances exclude Virgin Money and other subsidiary lending. Consumer lending gross balances and provisions by PD - Society 2026 Gross balances Provision (Audited)Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total coverage 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to <0.15% 820 26 - 846 2 1 - 3 0.40 0.15 to < 0.25% 492 23 - 515 1 1 - 2 0.46 0.25 to < 0.50% 756 96 - 852 2 4 - 6 0.69 0.50 to < 0.75% 376 82 - 458 2 3 - 5 1.11 0.75 to < 2.50% 928 272 1 1,201 10 17 - 27 2.27 2.50 to < 10.00% 427 265 1 693 13 35 - 48 6.88 10.00 to < 20.00% 6 120 1 127 1 24 - 25 19.46 20.00 to < 100% 9 127 3 139 3 56 1 60 43.46 100% (default) - - 263 263 - - 237 237 89.79 Total 3,814 1,011 269 5,094 34 141 238 413 8.11 Consumer lending gross balances and provisions by PD \u2013 Society 2025 Gross balances Provision (Audited)Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total coverage 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to <0.15% 879 34 - 913 2 2 - 4 0.40 0.15 to < 0.25% 384 21 - 405 1 1 - 2 0.54 0.25 to < 0.50% 585 67 - 652 2 3 - 5 0.71 0.50 to < 0.75% 330 70 - 400 2 3 - 5 1.14 0.75 to < 2.50% 749 229 - 978 9 16 - 25 2.50 2.50 to < 10.00% 374 235 1 610 12 29 - 41 6.89 10.00 to < 20.00% 6 109 1 116 1 21 - 22 18.73 20.00 to < 100% 6 111 2 119 2 43 1 46 39.51 100% (default) - - 248 248 - - 222 222 89.31 Total 3,313 876 252 4,441 31 118 223 372 8.37 125125Forbearance The Group is committed to supporting borrowers facing financial difficulty by working with them to find a solution through proactive arrears management and forbearance. The Group applies the European Banking Authority definition of forbearance. The main types of forbearance offered are interest payment concessions, which reduce monthly payments and may be offered to customers with an overdraft, credit card or personal loan. Interest payments are suppressed during the period of the concession and arrears do not increase. Cases subject to this concession are classified as impaired. The table below provides details of consumer lending currently subject to forbearance. Accounts that are currently subject to a concession are assessed as either stage 2, or stage 3 (credit impaired) where full repayment of principal and interest is no longer anticipated. Gross balances subject to forbearance - Group 2026 2025 Overdrawn Overdrawn Credit Personal Credit Personal current Total current Total cards loans cards loans accounts accounts \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mTotal forbearance 163 30 16 209 149 27 15 191 Of which stage 2 22 2 8 32 46 2 5 53 Of which stage 3 or POCI 136 27 7 170 94 24 10 128 % % % % % % % %Total forbearance as a % of total gross balances 2.0 1.0 4.3 1.8 1.9 0.9 4.4 1.7 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Impairment provisions on forborne loans 51 22 10 83 47 21 10 78 Gross balances subject to forbearance represent 1.8% (2025: 1.7%) of total gross balances.126126Credit risk \u2013 Business lendingSummary Business lending comprises lending to non-retail customers, including loans to registered social landlords. Lending is primarily to UK-domiciled corporate clients, some of which are owned by international companies and funds. Business lending gross balances - Group 2026 2025 (Audited) \u00a3m \u00a3m Business lending (excl. registered social landlords) 9,563 9,817 Registered social landlords 5,105 5,001 Business lending balances at amortised cost 14,668 14,818 Fair value adjustment for micro hedged risk 204 277 Business lending balances \u2013 FVTPL 38 49 Total 14,910 15,144 Gross balances have reduced slightly during the year, reflecting an increasingly competitive market. Registered social landlords is the largest sector exposure and supports the Group\u2019s strategic purpose by helping improve access to affordable housing. The remainder of the business lending portfolio is diversified across a range of sectors, the largest being agriculture, business services, and government, health and education. Group impairment charge and write-offs for the year 2026 2025 (Audited) \u00a3m \u00a3m Total impairment charge 54 85 \u00a3m \u00a3m Total gross write-offs 24 5 The impairment charge reduced compared to the prior year, primarily due to the non-recurrence of \u00a359 million of one-off charges recognised in the prior year in relation to the acquisition of Virgin Money. The current year impairment charge includes the full-year impact of the larger business lending portfolio. Gross write-offs in the year were mainly due to a small number of exposures, with the prior year write-offs including only six months of Virgin Money activity. 127The following table shows the business lending balances carried at amortised cost, the stage allocation of the loans, impairment provisions and the resulting provision coverage ratios. Business lending staging analysis \u2013 Group 2026 2025 Stage 1 Stage 2 Stage 3 POCI (note i) Total Stage 1 Stage 2 Stage 3 POCI (note i) Total (Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Business lending (excl. registered 7,214 1,818 220 311 9,563 7,991 1,354 137 335 9,817 social landlords) Registered social landlords 4,931 174 - - 5,105 4,731 270 - - 5,001 Total 12,145 1,992 220 311 14,668 12,722 1,624 137 335 14,818 Provisions Business lending (excl. registered 28 66 50 9 153 34 39 35 4 112 social landlords) Registered social landlords 1 - - - 1 1 - - - 1 Total 29 66 50 9 154 35 39 35 4 113 Provisions as a % of total balance % % % % % % % % % % Business lending (excl. registered 0.39 3.62 22.81 - 1.60 0.42 2.87 25.42 - 1.14 social landlords) Registered social landlords 0.02 0.09 - - 0.02 0.02 0.13 - - 0.02 Total 0.24 3.32 22.81 - 1.05 0.27 2.41 25.42 - 0.76 Note: i. POCI loans are those which were credit impaired on acquisition and were recognised on the balance sheet when Virgin Money was acquired in 2024. The POCI balance of \u00a3311 million (2025: \u00a3335 million) is presented net of lifetime ECL of \u00a331 million (2025: \u00a350 million). The provision coverage for POCI loans is not presented in the table due to the gross balance being reported net of the lifetime ECL at the point of acquisition. The POCI provision represents the movement in lifetime ECL since acquisition. Total gross balances have reduced slightly to \u00a314.7 billion (2025: \u00a314.8 billion) during the year. Stage 2 balances increased to \u00a31,992 million (2025: \u00a31,624 million), of which 0.2% (2025: 0.7%) are in arrears by 30 days or more. This increase is primarily driven by the implementation of a new probability of default model during the year, which has increased sensitivity to economic scenarios and resulted in a transfer of balances from stage 1 to stage 2. Stage 3 balances increased to \u00a3220 million (2025: \u00a3137 million), driven mainly by loans newly impaired during the year. This has been partially offset by a reduction in POCI balances to \u00a3311 million (2025: \u00a3335 million), as loans impaired at acquisition continue to redeem or be written off. As a result, stage 3 and POCI balances represent 3.6% (2025: 3.2%) of total balances. During the year, total provisions increased to \u00a3154 million (2025: \u00a3113 million). This includes a judgemental adjustment to modelled provisions of \u00a326 million (2025: \u00a310 million) to reflect business lending portfolio risks that are not fully captured by the models. Further information is provided in note 10 to the financial statements. The remaining increase in provisions primarily relates to stage 3 and POCI balances. Stage 3 and POCI provisions have increased by \u00a320 million over the year, due to newly impaired loans and increased provisions for existing impaired loans. There has been a broadly offsetting reduction in ECL relating to POCI loans; however, this is recognised primarily as a movement in gross balances, since for these loans, gross balances are presented net of the lifetime ECL at acquisition. The adjustment to gross balances for POCI loans has reduced by \u00a319 million over the year to \u00a331 million (2025: \u00a350 million). 128The following table shows the Society\u2019s business lending balances carried at amortised cost, the stage allocation of the loans, impairment provisions and the resulting provision coverage ratios. The Society\u2019s balances exclude both Virgin Money and other subsidiary lending. Business lending staging analysis - Society 2026 2025 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total (Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Business lending (excl. registered 402 74 66 542 469 84 66 619 social landlords) Registered social landlords 4,597 141 - 4,738 4,216 232 - 4,448 Total 4,999 215 66 5,280 4,685 316 66 5,067 Provisions Business lending (excl. registered 1 1 18 20 - 2 19 21 social landlords) Registered social landlords 1 - - 1 1 - - 1 Total 2 1 18 21 1 2 19 22 Provisions as a % of total balance % % % % % % % % Business lending (excl. registered 0.15 1.55 27.71 3.71 0.13 1.92 28.09 3.38 social landlords) Registered social landlords 0.01 0.10 - 0.02 0.01 0.14 - 0.02 Total 0.02 0.60 27.71 0.39 0.02 0.62 28.09 0.43 129129The table below summarises the movements in, and stage allocation of, the business lending balances held at amortised cost, including the impact of ECL impairment provisions. The movements within the table compare the position at 31 March 2026 to that at the start of the reporting period. Reconciliation of net movements in business lending balances and impairment provisions - Group Non-credit impaired Credit impaired Subject to 12-month ECL Subject to lifetime ECL Subject to lifetime ECL Total Stage 1 Stage 2 Stage 3 and POCI (note i) Gross Gross Gross Gross Provisions Provisions Provisions Provisions balancesbalancesbalancesbalances(Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 31 March 2025 12,722 35 1,624 39 472 39 14,818 113 Stage transfers: Transfers from stage 1 to stage 2 (889) (4) 889 4 - - - - Transfers to stage 3 (59) - (48) (2) 107 2 - - Transfers from stage 2 to stage 1 240 3 (240) (3) - - - - Transfers from stage 3 1 - 13 1 (14) (1) - - Net remeasurement of ECL arising from transfer of stage - (4) - 11 - 19 - 26 Net movement arising from transfer of stage (707) (5) 614 11 93 20 - 26 Change in exposure in the year (note ii) 130 4 (246) 21 (11) (4) (127) 21 Changes in risk parameters in relation to credit quality - (5) - (5) - 28 - 18 Other items impacting the income statement (note iii) - - - - - (11) - (11) Income statement charge for the year 54 Assets written off (note iii) - - - - (23) (22) (23) (22) Other adjustments (note iv) - - - - - 9 - 9 At 31 March 2026 12,145 29 1,992 66 531 59 14,668 154 Net carrying amount 12,116 1,926 472 14,514 Notes: i. Gross balances of credit impaired loans include \u00a3311 million (2025: \u00a3335 million) of POCI loans, which are presented net of lifetime ECL at acquisition of \u00a331 million (2025: \u00a350 million). ii. The change in exposure in the year includes; new assets originated, redemptions, further lending and repayments during the year. iii. The movement in provisions for \u2018assets written off\u2019 are presented net of post-write off recoveries of \u00a32 million. The income statement impact of these recoveries is included within 'other items impacting the income statement\u2019. iv. Other adjustments include the release of provisions related to POCI balances which have redeemed during the year. Further information on movements in gross loans and advances to customers and impairment provisions, including the methodology applied in preparing the table, is included in note 14 to the financial statements. 130130Loans which are reported within stage 2 are those which have experienced a significant increase in credit risk since origination, determined through both quantitative and qualitative indicators. The table below summarises the stage 2 balances and impairment provisions for these indicators. Reason for business lending being reported in stage 2 (note i) - Group 2026 2025 Provisions as a Provisions as a % Gross balances Provisions Gross balances Provisions % of balance of balance \u00a3m \u00a3m % \u00a3m \u00a3m % Quantitative criteria: Payment status (greater than 30 DPD) (note ii) 3 - 0.53 11 - 0.29 Increase in PD since origination (less than 30 DPD) 1,255 29 2.33 703 15 2.22 Qualitative criteria: Watchlist/approaching financial difficulty 585 31 5.32 833 23 2.72 Forbearance (less than 30 DPD) (note iii) 149 6 3.80 77 1 1.08 Other qualitative criteria (less than 30 DPD) - - 3.47 - - 4.14 Total stage 2 gross balances 1,992 66 3.32 1,624 39 2.41 Notes: i. Where loans satisfy more than one of the criteria for determining a significant increase in credit risk, the corresponding balance has been assigned in the order in which the categories are presented above. ii. This category includes all loans greater than 30 DPD, including those whose original reason for being classified as stage 2 was not arrears greater than 30 DPD. iii. Stage 2 forbearance relates to cases where full repayment of principal and interest is still anticipated. Stage 2 balances increased to \u00a31,992 million (2025: \u00a31,624 million) primarily due to the implementation of a new PD model which has increased the sensitivity to economic scenarios. The table below outlines the main criteria used to determine whether a significant increase in credit risk since origination has occurred. Criteria Detail Quantitative The primary quantitative indicators are the outputs of internal credit risk assessments. For business lending exposures, internal risk grades are derived using models, which use both external and internal information, such as known instances of arrears or other financial difficulty. Current and historical data relating to an exposure are combined with forward-looking macroeconomic information to determine the likelihood of default. 12-month and lifetime PDs are calculated for each loan, based on internal risk grade and portfolio. The internal risk grades are compared to pre-determined benchmarks at each reporting date to ascertain whether an increase in credit risk has occurred. Qualitative Qualitative indicators include early warning indicators such as loans being added to internal watchlists or loans judged to be approaching financial difficulty. Also included are forbearance events where full repayment of principal and interest is still anticipated, on a discounted basis. Backstop In addition to the primary criteria for stage allocation described above, accounts that are more than 30 days past due are also transferred to stage 2. 131131Credit quality The following table shows the gross balances and provisions for business lending balances held at amortised cost by PD range. Business lending gross balances and provisions by PD - Group 2026 Gross balances Provisions Provision Stage 3 and Stage 3 and (Audited)Stage 1 Stage 2 Total Stage 1 Stage 2 Total coverage POCI (note i)POCI (note i)12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to <0.15% 5,270 186 - 5,456 1 1 - 2 0.02 0.15 to < 0.25% 427 5 - 432 - - - - 0.06 0.25 to < 0.50% 953 36 - 989 1 - - 1 0.08 0.50 to < 0.75% 971 14 - 985 2 - - 2 0.22 0.75 to < 2.50% 2,926 592 1 3,519 9 7 - 16 0.46 2.50 to < 10.00% 1,595 968 7 2,570 16 40 (1) 55 2.14 10.00 to <100% 3 191 29 223 - 18 (4) 14 6.69 100% (default) - - 494 494 - - 64 64 12.79 Total 12,145 1,992 531 14,668 29 66 59 154 1.05 Business lending gross balances and provisions by PD - Group 2025 Gross balances Provisions Provision Stage 3 and Stage 3 and (Audited)Stage 1 Stage 2 Total Stage 1 Stage 2 Total coverage POCI (note i)POCI (note i)12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to <0.15% 5,410 247 - 5,657 2 - - 2 0.03 0.15 to < 0.25% 617 39 - 656 - - - - 0.07 0.25 to < 0.50% 869 25 - 894 1 - - 1 0.09 0.50 to < 0.75% 552 53 - 605 1 1 - 2 0.28 0.75 to < 2.50% 3,317 434 - 3,751 10 4 - 14 0.37 2.50 to < 10.00% 1,946 679 2 2,627 21 21 - 42 1.59 10.00 to < 100% 11 147 1 159 - 13 - 13 8.28 100% (default) - - 469 469 - - 39 39 8.33 Total 12,722 1,624 472 14,818 35 39 39 113 0.76 Note: i. Includes POCI loan balances of \u00a3311 million (2025: \u00a3335 million). The POCI provision represents the movement in lifetime ECL since acquisition. The registered social landlord portfolio exposure is low risk and weighted towards the lowest PD banding range. The remaining business lending exposures are primarily within the 0.75% to 10.00% range, which account for approximately half of total provisions. 132132The following table shows the Society\u2019s gross balances and provisions for business lending balances held at amortised cost by PD range. The Society\u2019s balances exclude Virgin Money and other subsidiary lending. Business lending gross balances and provisions by PD - Society 2026 Gross balances Provisions Provision coverage (Audited)Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to <0.15% 4,916 153 - 5,069 2 - - 2 0.02 0.15 to < 0.25% 12 1 - 13 - - - - 0.08 0.25 to < 0.50% 1 - - 1 - - - - 0.34 0.50 to < 0.75% 70 6 - 76 - - - - 0.78 0.75 to < 2.50% - 21 - 21 - - - - 0.65 2.50 to < 10.00% - 11 - 11 - - - - 0.20 10.00 to < 100% - 23 - 23 - 1 - 1 3.35 100% (default) - - 66 66 - - 18 18 27.71 Total 4,999 215 66 5,280 2 1 18 21 0.39 Business lending gross balances and provisions by PD - Society 2025 Gross balances Provision (Audited)Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total coverage 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to <0.15% 4,648 210 - 4,858 1 - - 1 0.02 0.15 to < 0.25% 12 35 - 47 - - - - 0.33 0.25 to < 0.50% 10 - - 10 - - - - 0.17 0.50 to < 0.75% 15 28 - 43 - 1 - 1 2.19 0.75 to < 2.50% - 2 - 2 - - - - 0.40 2.50 to < 10.00% - 35 - 35 - - - - 0.56 10.00 to < 100% - 6 - 6 - 1 - 1 9.65 100% (default) - - 66 66 - - 19 19 28.09 Total 4,685 316 66 5,067 1 2 19 22 0.43 133133The following table shows the business lending balances held at amortised cost, impairment provisions and resulting provision coverage ratios by industry sector. Business lending portfolio by sector - Group 2026 2025 Provisions as a Provisions as a Gross balance Provision % of total Gross balance Provision % of total balance balance\u00a3m \u00a3m % \u00a3m \u00a3m % Agriculture 1,272 4 0.32 1,246 3 0.22 Business services 1,354 36 2.68 1,286 18 1.42 Commercial real estate 929 6 0.60 842 6 0.67 Government, health and education 1,412 12 0.88 1,595 12 0.72 Hospitality 1,028 7 0.63 1,020 2 0.23 Manufacturing 736 18 2.47 659 17 2.52 PFI 399 17 4.30 440 17 3.98 Registered social landlords 5,105 1 0.02 5,001 1 0.02 Resources 151 2 1.22 169 1 0.80 Retail and wholesale trade 770 26 3.38 878 19 2.17 Transport and storage 319 2 0.75 391 1 0.26 Utilities, post and telecoms 574 11 1.87 578 7 1.13 Other 619 12 1.89 713 9 1.26 Total business lending 14,668 154 1.05 14,818 113 0.76 Registered social landlords is the largest sector exposure and supports the Group\u2019s strategic purpose. The remainder of the business lending portfolio is diversified across a range of sectors, the largest being agriculture, business services, and government, health and education. 134134Forbearance The Group is committed to supporting borrowers facing financial difficulty by working with them to find a solution through proactive arrears management and forbearance. The Group applies the European Banking Authority definition of forbearance. The main types of forbearance are associated with covenants and deferrals of interest or capital repayments. The table below provides details of business lending that is currently subject to forbearance. Accounts that are currently subject to a concession are assessed as either stage 2, or stage 3 (credit impaired) where full repayment of principal and interest is no longer anticipated. Gross balances subject to forbearance (note i) - Group 2026 2025 \u00a3m \u00a3m Total forbearance 536 659 Of which stage 2 278 382 Of which stage 3 or POCI 258 277 Total forbearance as a % of total gross balances 3.6 4.4 Total impairment provision on forborne loans 57 42 Note: i. Balances include the fair value adjustment for micro hedged risk. Gross balances subject to forbearance (excluding FVTPL) represent 3.6% (2025: 4.4%) of total gross balances.135135Credit risk \u2013 Treasury assets SummaryThe treasury portfolio is held primarily for operational purposes, liquidity management and, in the case of derivatives, for market risk management. As at 31 March 2026, treasury assets represented 18.2% (2025: 17.6%) of total assets. Treasury asset balances are set out below. Treasury asset balances \u2013 Group 2026 2025 (Audited) Classification \u00a3m \u00a3m Cash and balances at central banks Amortised cost 38,411 29,483 Loans and advances to banks and similar institutions Amortised cost 1,758 1,810 Investment securities (note i) FVOCI 25,899 28,658 Investment securities (note i) FVTPL 6 5 Liquidity and investment portfolio 66,074 59,956 Derivative instruments (note ii) FVTPL 3,341 4,742 Treasury assets 69,415 64,698 Notes: i. Investment securities at FVOCI include \u00a375 million (2025: \u00a360 million) and investment securities at FVTPL include \u00a36 million (2025: \u00a35 million) which relate to investments not included within the Group\u2019s liquidity portfolio. These investments primarily relate to investments made in Fintech companies which are being held for strategic purposes. ii. Derivatives are classified as assets where their fair value is positive and liabilities where their fair value is negative. Cash levels are maintained above risk appetite thresholds, with the timing of wholesale issuance and overall liquidity composition both being factors in the absolute value of balances held. Investment securities remain focused on high-quality liquid assets, which include assets eligible for central bank operations. Derivatives are used to economically hedge financial risks inherent in core lending and funding activities and are not used for trading or speculative purposes. Treasury credit riskCredit risk exposure within the treasury portfolio predominantly arises from the government and supranational bonds held to meet liquidity requirements. In addition, counterparty credit risk arises from the use of derivatives to reduce exposure to market risks; these are only transacted with highly-rated institutions and are collateralised using standard documentation. Standardised derivatives are cleared through a central clearing counterparty (CCP). There were no impairment losses for the year ended 31 March 2026 (2025: \u00a3nil). All treasury assets within the Group\u2019s liquidity portfolio are classified as stage 1 according to the requirements of IFRS 9, reflecting the strong and stable credit quality of the Group\u2019s treasury assets.136Liquidity and investment portfolioThe tables below show the breakdown of the Group and Society liquidity and investment portfolios. Liquidity and investment portfolio \u2013 Group 2026 By credit rating (note i) By geographical region AAA AA A Below A UK US & Canada Europe Japan Other (Audited) \u00a3m % % % % % % % % % Liquid assets: Cash and balances at central banks 38,411 - 100 - - 100 - - - - Government bonds (note ii) 17,998 10 75 15 - 45 35 15 5 - Supranational bonds 3,270 67 33 - - - - - - 100 Covered bonds 3,325 100 - - - 61 17 13 - 9 Residential mortgage-backed securities (RMBS) 781 100 - - - 41 - 59 - - Other asset-backed securities 195 100 - - - 100 - - - - Liquid assets total 63,980 13 83 4 - 77 11 6 1 5 Other securities (note iii): RMBS FVOCI 255 100 - - - 100 - - - - Other investments (note iv) 81 - - - 100 87 - 13 - - Other securities total 336 76 - - 24 97 - 3 - - Loans and advances to banks and similar institutions 1,758 - 46 54 - 63 31 6 - - Total 66,074 13 81 5 1 77 11 6 1 5 Liquidity and investment portfolio \u2013 Group 2025 By credit rating (note i) By geographical region AAA AA A Below AUK US & Canada Europe Japan Other (Audited) \u00a3m % % % % % % % % % Cash and balances at central banks 29,483 - 100 - - 100 - - - - Government bonds (note ii) 18,324 8 82 10 - 45 29 16 10 - Supranational bonds 4,653 64 36 - - - - - - 100 Covered bonds 4,343 100 - - - 50 32 12 - 6 Residential mortgage-backed securities (RMBS) 721 100 - - - 54 - 46 - - Other asset-backed securities 157 100 - - - 100 - - - - Liquid assets total 57,681 16 81 3 - 70 12 7 3 8 Other securities (note iii): RMBS FVOCI 400 100 - - - 100 - - - - Other investments (note iv) 65 - - - 100 99 - 1 - - Other securities total 465 86 - - 14 100 - - - - Loans and advances to banks and similar institutions 1,810 - 50 50 - 71 21 8 - - Total 59,956 16 79 5 - 70 12 7 3 8 137137Liquidity and investment portfolio \u2013 Society 2026 By credit rating (note i) By geographical region AAA AA A Below A UK US & Canada Europe Japan Other (Audited) \u00a3m % % % % % % % % % Liquid assets: Cash and balances at central banks 22,254 - 100 - - 100 - - - - Government bonds (note ii) 16,277 10 74 16 - 41 38 16 5 - Supranational bonds 2,208 51 49 - - - - - - 100 Covered bonds 2,275 100 - - - 54 18 19 - 9 Residential mortgage-backed securities (RMBS) 780 100 - - - 41 - 59 - - Other asset-backed securities 194 100 - - - 100 - - - - Liquid assets total 43,988 14 80 6 - 70 15 8 2 5 Other securities (note iii): RMBS FVOCI 255 100 - - - 100 - - - - Other investments (note iv) 1 - - - 100 100 - - - - Other securities total 256 100 - - - 100 - - - - Loans and advances to banks and similar institutions 1,204 - 63 37 - 47 45 8 - - Total 45,448 14 79 7 - 69 16 8 2 5 Liquidity and investment portfolio \u2013 Society 2025 By credit rating (note i) By geographical region AAA AA A Below A UK US & Canada Europe Japan Other (Audited) \u00a3m % % % % % % % % % Cash and balances at central banks 18,601 - 100- - 100 - - - - Government bonds (note ii) 15,388 7 81 12 - 35 35 18 12 - Supranational bonds 2,929 46 54 - - - - - - 100 Covered bonds 2,807 100 - - - 44 33 18 - 5 Residential mortgage-backed securities (RMBS) 721 100 - - - 54 - 46 - - Other asset-backed securities 156 100 - - - 100 - - - - Liquid assets total 40,602 15 80 5 - 63 16 9 4 8 Other securities (note iii): RMBS FVOCI 400 100 - - - 100 - - - - Other investments (note iv) 1 - - - 100 100 - - - - Other securities total 401 100 - - - 100 - - - - Loans and advances to banks and similar institutions 1,339 - 46 54 - 62 28 10 - - Total 42,342 16 78 6 - 64 16 9 4 7 Notes: i. Ratings used are obtained from S&P Global, Moody\u2019s or Fitch. ii. Balances classified as government bonds include government guaranteed, agency and government sponsored bonds. iii. Includes RMBS (UK buy to let and UK non-conforming) not eligible for the Liquidity Coverage Ratio (LCR). iv. Includes investment securities of \u00a375 million (2025: \u00a360 million) at FVOCI and \u00a36 million (2025: \u00a35 million) at FVTPL for the Group, and \u00a31 million (2025: \u00a31 million) at FVTPL for the Society.138138Derivative financial instruments Derivatives are used for market risk management, and not for trading or speculative purposes, although the application of accounting rules can create volatility in the income statement in an individual financial year. The fair value of derivative assets at 31 March 2026 was \u00a33.3 billion (2025: \u00a34.7 billion) and the fair value of derivative liabilities was \u00a31.2 billion (2025: \u00a31.5 billion). Derivatives are transacted with counterparties under an International Swaps and Derivatives Association (ISDA) Master Agreement with a Credit Support Annex (CSA) always executed in conjunction. The legal agreements grant the legal right of set-off and allow the netting of positions and exchange of collateral between counterparties, which can reduce net derivative credit exposure. The table below shows the exposure to counterparty credit risk for derivative contracts after netting benefits and collateral. The \u00a33 million (2025: \u00a313 million) of unrated derivative exposure relates to Virgin Money\u2019s business banking activities. Derivative credit exposure by credit rating \u2013 Group 2026 2025 AA A Unrated Total AA A Unrated Total (Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Derivative assets as per balance sheet 928 2,410 3 3,341 1,209 3,520 13 4,742 Netting benefits (259) (770) - (1,029) (408) (828) - (1,236) Net current credit exposure 669 1,640 3 2,312 801 2,692 13 3,506 Collateral (cash) (636) (1,601) - (2,237) (796) (2,671) - (3,467) Net derivative credit exposure 33 39 3 75 5 21 13 39 139139Liquidity and funding risk Summary Liquidity risk is the risk that the Group is unable to meet its liabilities as they fall due and maintain member and other stakeholder confidence. Funding risk is the risk that the Group is unable to maintain diverse funding sources in wholesale and retail markets and manage retail funding risk that can arise from excessive concentrations of higher risk deposits. Liquidity and funding risks are managed within a comprehensive risk framework which includes policies, strategy, limit setting and monitoring, stress testing and robust governance controls. This framework ensures that the Group maintains stable and diverse funding sources and a sufficient holding of high-quality liquid assets such that regulatory requirements are met at a Group and individual entity level and that there is no significant risk that liabilities cannot be met as they fall due. The Group\u2019s Liquidity Coverage Ratio (LCR), which averaged 169% over the 12 months ended 31 March 2026 (2025: 174%), demonstrates that sufficient high-quality liquid assets are held to survive a short-term severe but plausible liquidity stress. The Group continues to manage liquidity against internal risk appetite which is more prudent than regulatory requirements. The position against the longer-term funding metric, the Net Stable Funding Ratio (NSFR), is also monitored. The Group\u2019s average NSFR for the four quarters ended 31 March 2026 was 143% (2025: 147%), well in excess of the 100% minimum regulatory requirement. Managing liquidity and funding risk The Board is responsible for setting the Group\u2019s risk appetite with respect to liquidity and funding risk, which is articulated through its risk appetite statements and translated into a set of quantitative risk appetite metrics. The Group\u2019s liquidity and funding risk framework aims to ensure that there are sufficient liquid assets at all times, in both amount and quality, to: \uf0b7 cover cash flow mismatches and fluctuations in funding; \uf0b7 retain public confidence; and \uf0b7 meet financial obligations as they fall due, even during episodes of stress. The framework also ensures the Group maintains a prudent funding mix and maturity profile, and appropriate encumbrance levels. The Group\u2019s liquidity and funding risk framework is reviewed by the Board as part of the annual Internal Liquidity Adequacy Assessment Process (ILAAP). Nationwide\u2019s Group Assets and Liabilities Committee (Group ALCO) is responsible for managing the Group\u2019s balance sheet structure and risk, within limits defined by Group risk appetite. Cash flow forecasts are maintained and reviewed weekly to support the Group in monitoring key risk metrics. A Group Liquidity Contingency Plan (LCP), which is part of the wider liquidity management and recovery plan framework, sets out early warning indicators for identifying an emerging liquidity or funding stress, as well as escalation procedures and a range of actions that could be taken in response to ensure sufficient liquidity is maintained. The LCP is tested regularly to ensure it remains robust. The Group Recovery Plan describes potential actions that could be utilised in a more extreme stress. Outlook The Group\u2019s internal liquidity risk appetite is expected to remain more prudent than regulatory requirements. The Group\u2019s funding strategy is to remain predominantly funded by deposits from individuals but includes a continued presence in wholesale funding markets. The approach to liquidity and funding risk management will continue to reflect evolving prudential rules which are currently under review as part of the PRA\u2019s consultation, CP5/26 - Modernising the liquidity policy framework, published on 17 March 2026. The post balance sheet event regarding the Part VII transfer of assets and liabilities of Virgin Money\u2019s main operating subsidiary, Clydesdale Bank PLC, to Nationwide Building Society does not materially impact the Group\u2019s liquidity and funding position. 140Liquidity riskLiquidity strategy The Group\u2019s risk appetite defines the minimum size and mix of the liquid asset buffer. Sufficient liquid assets, both in terms of amount and quality, are held to meet daily cash flow needs as well as simulated stressed requirements driven by the Group\u2019s risk appetite and regulatory assessments at the Group and individual entity level. This includes prudent management of the currency mix of liquid assets to ensure there are no undue mismatches between the currency of assets and stressed outflows.Liquid assets are held and managed by the Group Treasury function. A high-quality liquidity portfolio is maintained, predominantly comprising reserves held at central banks and highly-rated debt securities issued by a restricted range of governments, central banks and supranationals. The Group also holds high-quality covered bonds, residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). The Group undertakes securities financing transactions in the form of repo agreements. This demonstrates the liquid nature of the assets held in its liquid asset buffers as well as satisfying regulatory requirements. For contingency purposes, unencumbered mortgage assets are pre-positioned at the Bank of England and can be used in the Bank of England\u2019s liquidity operations in the event of severe disruption to market liquidity or a sudden or extreme stress. The Group continues to meet its most recent Environmental, Social and Governance (ESG) asset investment target of \u00a32 billion. Nationwide\u2019s internal definition of ESG assets remains restricted to bonds issued by multilateral development banks, and green, social or sustainable-labelled bonds issued by selected governments. Liquidity stress testing To mitigate liquidity and funding risks generated by its business activities, the Group aims to maintain a liquid asset buffer of at least 100% of the anticipated outflows seen under internal stress test scenarios and the regulatory-prescribed LCR. Potential contractual and behavioural stressed outflows are assessed across a range of liquidity risk drivers over 30 calendar days, with the key assumptions shown in the table below. Internal stress assumptions are reviewed regularly, with changes approved by Group ALCO, and approved annually by the Board Risk Committee as part of the ILAAP. Assessments over other stress horizons are also performed and assessed against contingent liquidity resources. 14114Liquidity risk driver Modelling assumptions used Deposit funding Significant unexpected outflows are experienced with no new deposits received. Wholesale funding Following a credit rating downgrade: \uf0b7 zero rollover of maturing long-term wholesale funding; \uf0b7 zero rollover of maturing short-term funding received from financial counterparties and partial roll-over from non-financial counterparties; and \uf0b7 no new wholesale funding received. Off-balance sheet Contractual outflows occur in relation to secured funding programmes and central derivatives clearing due to credit rating downgrades. Lending commitments continue to be met. Collateral outflows arise due to adverse movements in market rates. Expected inflows from mortgages, consumer, business and commercial loans are recognised. Intra-day Liquidity is needed to pre-fund outgoing payments. Liquid assets Asset values are reduced in recognition of the stressed conditions assumed. Liquid assets The tables below set out the sterling equivalent carrying value of the Group\u2019s liquid asset buffer, by asset class and by issuing currency. The liquid asset buffer includes off-balance sheet liquidity, such as securities received through reverse repo agreements, and excludes securities encumbered through repo agreements and for other purposes. Changes in the size and composition of the liquid asset buffer reflect movements in the underlying balance sheet and active management of the mix between cash and investment assets. LCR eligible assets \u2013 Group 2026 2025 Level 1 Level 2 Total Level 1 Level 2 Total \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn Cash and balances at central banks 35.1 - 35.1 25.9 - 25.9 Government and supranational bonds (note i) 18.2 1.1 19.3 17.0 2.0 19.0 Covered bonds 1.7 1.6 3.3 2.3 2.4 4.7 RMBS and ABS - 1.0 1.0 - 0.9 0.9 Total LCR eligible assets 55.0 3.7 58.7 45.2 5.3 50.5 LCR eligible assets by currency \u2013 Group 2026 2025 Other Other GBP EUR USD Total GBP EUR USD Total (note ii) (note ii) \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn Total LCR eligible assets 45.6 6.8 4.5 1.8 58.7 36.9 7.2 4.3 2.1 50.5 Notes: i. Government bonds include regional government, government guaranteed, agency and government sponsored bonds. Supranational bonds are issued by multilateral development banks and international organisations. ii. Other currencies primarily consist of Canadian dollars and Japanese yen. The weighted value of the Group\u2019s liquid asset buffer averaged \u00a355.7 billion over the 12 months ended 31 March 2026 (2025: \u00a354.5 billion). Further details can be found in the Group\u2019s Pillar 3 Disclosure 2026 at nationwide.co.uk 142142Funding risk Funding strategy Nationwide\u2019s funding strategy is to be predominantly funded by deposits from individuals, as set out below. Funding profile \u2013 Group Assets 2026 2025 Members' interests, equity and liabilities 2026 2025 (note i)\u00a3bn \u00a3bn \u00a3bn\u00a3bn Residential mortgages 286.0 275.6 Customer deposits \u2013 individuals 270.8 260.7 Treasury assets (including liquidity portfolio) 66.1 60.0 Customer deposits \u2013 business 22.8 21.1 Business lending 14.8 15.0 Wholesale funding (note ii) 60.4 57.4 Consumer lending 10.7 10.3 Other liabilities 4.0 5.6 Other assets 4.7 7.0 Capital and reserves (note iii) 24.3 23.1 Total 382.3 367.9 Total 382.3 367.9 Notes: i. Figures are stated net of impairment provisions where applicable. ii. Includes debt securities in issue, deposits from banks and other wholesale counterparties. iii. Includes all subordinated liabilities and subscribed capital. At 31 March 2026, the Group\u2019s loan to deposit ratio, which represents loans and advances to customers divided by customer deposits, was 106.0% (2025: 106.7%) Nationwide\u2019s position against the Building Societies Act Funding Limit (which limits the proportion of funding that can come from sources other than Nationwide member deposits to a 1maximum of 50%) at 31 March 2026 was 37.5% (2025: 37.2%).Wholesale fundingThe wholesale funding portfolio comprises a range of secured and unsecured instruments to ensure that a stable and diversified funding base is maintained across a range of instruments, currencies, maturities, and investor types. Part of the Group\u2019s wholesale funding strategy is to remain active in core markets and currencies. A funding risk limit framework also ensures that a prudent funding mix and maturity concentration profile is maintained and limits the level of encumbrance to ensure enough contingent funding capacity is retained in the event of a stress. Wholesale funding increased by \u00a33.0 billion to \u00a360.4 billion during the period, with changes to composition reflecting increased issuance partly offset by maturities, and the impact of a Virgin Money liability management exercise which commenced in June 2025. Drawings from the Bank of England\u2019s Term Funding Scheme with additional incentives for SMEs (TFSME) remain at \u00a30.9 billion. 1 Funding from sources other than Nationwide member deposits includes deposits from Virgin Money customers, deposits from businesses other than SMEs and certain on-balance sheet wholesale funding items. 143143The table below sets out the Group\u2019s wholesale funding and subordinated liabilities by currency. Currency composition of wholesale funding and subordinated liabilities - Group 2026 2025 GBP EUR USD Other Total GBP EUR USD Other Total \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn Repos 2.0 - 0.1 - 2.1 1.20.2 0.1 - 1.5 Deposits 2.6 - - - 2.6 3.8 - - - 3.8 Certificates of deposit 0.9 - 0.1 - 1.0 1.8 - - - 1.8 Commercial paper - - 0.7 - 0.7 0.1 - 0.6 - 0.7 Covered bonds 9.9 11.9 1.1 0.9 23.8 9.1 9.6 1.2 1.3 21.2 Securitisations 5.0 - - - 5.0 5.0 - - - 5.0 Senior preferred 1.9 5.8 2.9 1.2 11.8 3.1 7.0 3.6 1.2 14.9 Senior non-preferred 2.6 5.7 4.7 0.4 13.4 1.8 2.7 3.2 0.5 8.2 TFSME 0.9 - - - 0.9 0.9 - - - 0.9 Other (note i) - (0.8) (0.1) - (0.9) - (0.5) (0.1) - (0.6) Total of wholesale funding 25.8 22.6 9.5 2.5 60.4 26.8 19.0 8.6 3.0 57.4 Subordinated liabilities (note ii) 0.7 1.0 1.2 - 2.9 0.8 0.4 1.2 - 2.4 Notes: i. The figure shown for Other consists of fair value adjustments to debt securities in issue for micro hedged risks. ii. Subordinated liabilities include fair value hedge accounting adjustments. The following table sets out the Group\u2019s residual maturity of wholesale funding, on a contractual maturity basis. At 31 March 2026, cash, government bonds and supranational bonds included in the liquid asset buffer represented 342% (2025: 316%)of wholesale funding maturing in less than one year, assuming no rollovers. 144144Wholesale funding \u2013 residual maturity - Group 2026 Not more than Over one Over three Over six Subtotal less Over one Over two years Total one month month but not months but months but than one year year but not more than not more than not more than more than three months six months one year two years \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn Repos 1.1 1.0 - - 2.1 - - 2.1 Deposits 2.6 - - - 2.6 - - 2.6 Certificates of deposit 0.7 0.3 - - 1.0 - - 1.0 Commercial paper - 0.7 - - 0.7 - - 0.7 Covered bonds 1.5 0.8 0.7 2.4 5.4 2.5 15.9 23.8 Securitisations 0.1 0.1 0.2 0.5 0.9 1.9 2.2 5.0 Senior preferred - 0.3 0.2 1.9 2.4 2.7 6.7 11.8 Senior non-preferred - - 0.1 0.1 0.2 3.6 9.6 13.4 TFSME - - - 0.6 0.6 - 0.3 0.9 Other (note i) - - - - - - (0.9) (0.9) Total of wholesale funding 6.0 3.2 1.2 5.5 15.9 10.7 33.8 60.4 Of which secured 2.7 1.9 0.9 3.5 9.0 4.4 17.8 31.2 Of which unsecured 3.3 1.3 0.3 2.0 6.9 6.3 16.0 29.2 % of total 9.9 5.3 2.0 9.1 26.3 17.7 56.0 100.0 Wholesale funding \u2013 residual maturity \u2013 Group 2025 Not more than Over one Over three Over six Subtotal less Over one Over two years Total one month month but not months but not months but not than one year year but not more than more than more than more than three months six months one year two years \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn Repos 1.5 - - - 1.5 - - 1.5Deposits 3.7 0.1 - - 3.8 - - 3.8Certificates of deposit 1.5 0.2 0.1 - 1.8 - - 1.8Commercial paper - 0.7 - - 0.7 - - 0.7Covered bonds - 0.1 0.2 2.1 2.4 5.2 13.6 21.2 Securitisations 0.1 0.1 0.1 0.2 0.5 0.9 3.6 5.0 Senior preferred 0.1 0.4 2.5 0.4 3.4 3.1 8.4 14.9Senior non-preferred 0.1 - - - 0.1 4.3 3.8 8.2TFSME - - - - - 0.9 - 0.9Other (note i) - - - - - - (0.6) (0.6)Total of wholesale funding 7.0 1.6 2.9 2.7 14.2 14.4 28.8 57.4 Of which secured 1.6 0.2 0.3 2.3 4.4 7.0 16.8 28.2 Of which unsecured 5.4 1.4 2.6 0.4 9.8 7.4 12.0 29.2 % of total 12.2 2.8 5.1 4.6 24.7 25.1 50.2 100.0 Note: i. The figure shown for Other consists of fair value adjustments to debt securities in issue for micro hedged risks. 145145Residual maturity of financial assets and liabilities The table below segments the carrying value of financial assets and financial liabilities into relevant maturity groupings based on the final contractual maturity date (residual maturity). This gives rise to funding mismatches on the balance sheet. In practice, customer behaviours mean that liabilities are often retained for longer than their contractual maturities and assets are repaid earlier. The balance sheet structure and risks are managed and monitored by Group ALCO within Group risk appetite. Judgement and past behavioural performance of each asset and liability class are used to forecast likely cash flow requirements. Residual maturity (note i) \u2013 Group 2026 Due less Due between Due between Due between Due between Due between Due between Due after Total than one and three and six and nine and one and two and more than one monththree six months nine months twelve months two years five years five years (note ii)months (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Cash and balances at central banks 38,411 - - - - - - - 38,411 Loans and advances to banks and similar institutions 1,614 - - - - - - 144 1,758 Investment securities 43 220 388 492 633 2,864 9,077 12,188 25,905 Derivative financial instruments 66 203 231 111 175 316 1,067 1,172 3,341 Fair value adjustment for portfolio hedged risk (17) (59) (146) (196) (191) (591) (626) (295) (2,121) Loans and advances to customers (note iii) 2,476 9,679 2,705 2,751 3,001 11,176 32,478 247,217 311,483 Total financial assets 42,593 10,043 3,178 3,158 3,618 13,765 41,996 260,426 378,777 Financial liabilities Shares 156,280 8,061 11,123 15,422 10,798 9,507 5,153 708 217,052 Deposits from banks and similar institutions 3,537 1,016 - 600 - - 300 - 5,453 Of which repo 1,093 1,016 - - - - - - 2,109 Of which TFSME 8 - - 600 - - 300 - 908 Other deposits 54,803 5,221 7,833 3,850 4,405 560 94 - 76,766 Fair value adjustment for portfolio hedged risk (15) (18) (21) (33) (13) (6) - - (106) Secured funding (note iv) 1,675 907 862 1,451 1,489 4,417 11,285 6,082 28,168 Unsecured funding (notes iv and vi) 827 1,250 304 1,960 33 6,274 9,838 6,167 26,653 Of which MREL resources34 1 63 106 28 3,599 4,788 5,147 13,766 Derivative financial instruments 21 3 39 181 15 191 394 334 1,178 Subordinated liabilities (notes iv and vi) 35 (1) 854 - - - - 2,043 2,931 Subscribed capital (notes v and vi)- - - - - - - 46 46 Total financial liabilities 217,163 16,439 20,994 23,431 16,727 20,943 27,064 15,380 358,141 Off-balance sheet commitments (note vii) Financial guarantees 1 6 6 12 7 6 10 35 83 Other commitments 20,984 - - - - - - - 20,984 Net liquidity difference (195,555) (6,402) (17,822) (20,285) (13,116) (7,184) 14,922 245,011 (431) Cumulative liquidity difference (195,555) (201,957) (219,779) (240,064) (253,180) (260,364) (245,442) (431) - 146146Residual maturity (note i) \u2013 Group 2025 Due less than Due between Due between Due between Due between Due between Due between Due after Total one monthone and three and six and nine and one and two and more than (note ii)three months six months nine months twelve months two years five years five years (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Cash and balances at central banks 29,483 - - - - - - - 29,483Loans and advances to banks and similar institutions 1,676 - - - - - - 134 1,810Investment securities 207 411 515 381 966 2,237 9,117 14,829 28,663 Derivative financial instruments 13 95 611 172 265 1,153 727 1,706 4,742 Fair value adjustment for portfolio hedged risk (19) (17) (90) (57) (108) (703) (819) (224) (2,037) Loans and advances to customers (note iii) 2,578 9,291 2,759 2,838 2,885 11,161 32,413 236,964 300,889 Total financial assets 33,938 9,780 3,795 3,334 4,008 13,848 41,438 253,409 363,550 Financial liabilities Shares 151,469 9,128 15,934 16,369 10,294 2,611 811 812 207,428 Deposits from banks and similar institutions 5,143 - 10 - - 900 - - 6,053Of which repo 1,535 - 10 - - - - - 1,545Of which TFSME 10 - - - - 900 - - 910Other deposits 52,358 3,858 8,952 4,131 3,985 1,252 131 - 74,667 Fair value adjustment for portfolio hedged risk - 4 8 7 7 1 - - 27Secured funding (note iv) 111 175 353 403 1,932 6,057 11,180 5,632 25,843 Unsecured funding (notes iv and vi) 1,569 1,337 2,561 377 39 3,320 12,127 3,936 25,266 Of which MREL resources 45 1 41 23 19 1,079 5,910 3,632 10,750 Derivative financial instruments 13 16 98 24 29 296 545 526 1,547 Subordinated liabilities (notes iv and vi)25 7 2 - - 843 - 1,567 2,444 Subscribed capital (notes v and vi)- - 1 - - - - 128 129Total financial liabilities 210,688 14,525 27,919 21,311 16,286 15,280 24,794 12,601 343,404 Off-balance sheet commitments (note vii) Financial guarantees 5 7 14 7 12 13 5 37 100 Other commitments 19,363 - - - - - - - 19,363Net liquidity difference (196,118) (4,752) (24,138) (17,984) (12,290) (1,445) 16,639 240,771 683 Cumulative liquidity difference (196,118) (200,870) (225,008) (242,992) (255,282) (256,727) (240,088) 683 - Notes: i. The analysis excludes certain financial assets and liabilities relating to accruals, trade receivables, trade payables and settlement balances which are generally short-term in nature, and lease liabilities. Further information on lease liabilities is shown in note 28 to the financial statements. ii. Due less than one month includes amounts repayable on demand. iii. Comparatives have been restated to reclassify certain business term lending amounts with revolving credit facilities between maturity categories, to align to contractual maturity dates, irrespective of earlier rollover dates. iv. The balance sheet amount for debt securities in issue is split into secured funding and unsecured funding in this table. v. The principal amount for undated subscribed capital is included within the due after more than five years column. vi. Unsecured funding, subordinated liabilities and subscribed capital may include early redemption features. vii. Off-balance sheet commitments include amounts payable on demand for undrawn loan commitments, customer overpayments on residential mortgages where the borrower can draw down the amount overpaid, and commitments to acquire financial assets. Further information on commitments is shown in note 29 to the financial statements. 147147Financial liabilities \u2013 gross undiscounted contractual cash flows The tables below provide an analysis of gross contractual cash flows on both a Group and Society basis. The totals differ from the analysis of residual maturity as they include estimated future interest payments calculated using balances outstanding at the balance sheet date, contractual maturities, and appropriate forward-looking interest rates. Amounts are allocated to the relevant maturity band based on the timing of individual contractual cash flows. Gross contractual cash flows (note i) \u2013 Group 2026 Due less Due Due Due Due Due Due Due after Total than betweenbetweenbetweenbetweenbetweenbetween more than one monthone and three and six and nine and one and two and five years (note ii) three six nine twelve two years five years monthsmonths months months(Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Shares 156,280 8,625 11,592 15,760 11,005 9,929 5,537 708 219,436 Deposits from banks and similar institutions 3,537 1,021 9 614 3 13 336 - 5,533 Other deposits 54,828 5,286 8,044 3,906 4,478 568 96 - 77,206 Secured funding (note iii) 1,694 963 1,015 1,682 1,737 5,175 12,527 7,342 32,135 Unsecured funding (notes iii and iv) 835 1,264 489 2,118 405 7,233 11,490 7,250 31,084 Subordinated liabilities (note iv) 27 2 896 8 21 100 319 2,479 3,852 Subscribed capital (notes iv and v) - - 2 - 2 3 15 56 78 Total non-derivative financial liabilities 217,201 17,161 22,047 24,088 17,651 23,021 30,320 17,835 369,324 Derivative financial liabilities: Gross settled derivative outflows 640 179 1,082 4,060 421 3,554 8,141 5,737 23,814 Gross settled derivative inflows (634) (159) (1,034) (3,885) (404) (3,438) (7,903) (5,612) (23,069) Gross settled derivatives \u2013 net flows 6 20 48 175 17 116 238 125 745 Net settled derivative liabilities (note vi) 11 (3) (1) 31 (7) 79 276 163 549 Total derivative financial liabilities 17 17 47 206 10 195 514 288 1,294 Total financial liabilities 217,218 17,178 22,094 24,294 17,661 23,216 30,834 18,123 370,618 Off-balance sheet commitments (note vii) Financial guarantees 1 6 6 12 7 6 10 35 83 Other commitments 20,984 - - - - - - - 20,984 Total financial liabilities including off-balance 238,203 17,184 22,100 24,306 17,668 23,222 30,844 18,158 391,685 sheet commitments148148Gross contractual cash flows (note i) \u2013 Group2025 Due less Due Due Due Due Due Due Due after Total thanbetweenbetweenbetween between betweenbetween more than one monthone and three and six and nine and one and two and five years (note ii) three six nine twelve two years five years monthsmonths monthsmonths(Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Shares 151,470 9,684 16,354 16,616 10,397 2,738 958 812 209,029 Deposits from banks and similar institutions 5,142 - 20 10 9 933 - - 6,114 Other deposits 52,406 3,917 9,189 4,200 4,052 1,289 133 - 75,186 Secured funding (note iii) 134 244 520 611 2,178 6,848 12,316 6,647 29,498 Unsecured funding (notes iii and iv) 1,579 1,352 2,745 497 307 4,115 13,535 4,644 28,774 Subordinated liabilities (note iv) 26 12 21 20 21 974 312 1,813 3,199 Subscribed capital (notes iv and v) - - 4 - 4 8 25 127 168 Total non-derivative financial liabilities 210,757 15,209 28,853 21,954 16,968 16,905 27,279 14,043 351,968 Derivative financial liabilities: Gross settled derivative outflows 296 635 1,508 826 755 6,351 12,454 8,433 31,258 Gross settled derivative inflows (242) (572) (1,342) (708) (642) (5,836) (12,023) (8,735) (30,100) Gross settled derivatives \u2013 net flows 54 63 166 118 113 515 431 (302) 1,158 Net settled derivative liabilities (note vi) 20 3 28 31 (21) 17 176 246 500 Total derivative financial liabilities 74 66 194 149 92 532 607 (56) 1,658 Total financial liabilities 210,831 15,275 29,047 22,103 17,060 17,437 27,886 13,987 353,626 Off-balance sheet commitments (note vii) Financial guarantees 5 7 14 7 12 13 5 37 100 Other commitments 19,363 - - - - - - - 19,363 Total financial liabilities including off-balance 230,199 15,282 29,061 22,110 17,072 17,450 27,891 14,024 373,089 sheet commitments149149Gross contractual cash flows (note i) \u2013 Society2026 Due less Due Due Due Due Due Due Due after Total thanbetweenbetweenbetweenbetweenbetweenbetween more than one monthone and three and six and nine and one and two and five years (note ii) three six nine twelve two years five years monthsmonths months months(Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Shares 156,280 8,625 11,592 15,760 11,005 9,929 5,537 708 219,436 Deposits from banks and similar institutions 3,433 1,021 - - - - - - 4,454 Other deposits 1,521 1,100 1,200 111 141 8 - - 4,081 Amounts due to group undertakings 333 - - - - - - - 333 Secured funding (note iii) 1,549 110 217 1,421 710 2,052 9,325 7,342 22,726 Unsecured funding (notes iii and iv) 835 1,264 478 2,118 394 7,210 11,156 7,250 30,705 Subordinated liabilities (note iv) 27 2 896 8 21 100 319 2,479 3,852 Subscribed capital (notes iv and v) - - 2 - 2 3 15 56 78 Total non-derivative financial liabilities 163,978 12,122 14,385 19,418 12,273 19,302 26,352 17,835 285,665 Derivative financial liabilities: Gross settled derivative outflows 635 167 531 4,047 406 3,496 7,612 5,267 22,161 Gross settled derivative inflows (634) (153) (503) (3,876) (394) (3,398) (7,385) (5,115) (21,458) Gross settled derivatives \u2013 net flows 1 14 28 171 12 98 227 152 703 Net settled derivative liabilities (note vi) 9 - (9) 21 (16) 56 243 151 455 Total derivative financial liabilities 10 14 19 192 (4) 154 470 303 1,158 Total financial liabilities 163,988 12,136 14,404 19,610 12,269 19,456 26,822 18,138 286,823 Off-balance sheet commitments (note vii) Financial guarantees - - - - - - - - - Other commitments 14,067 - - 600 - - 300 - 14,967 Total financial liabilities including off-balance 178,055 12,136 14,404 20,210 12,269 19,456 27,122 18,138 301,790 sheet commitments150150Gross contractual cash flows (note i) \u2013 Society2025 Due less Due Due Due Due Due Due Due after Total thanbetweenbetweenbetween betweenbetweenbetween more than one monthone and three and six and nine and one and two and five years (note ii) three six nine twelve two years five years monthsmonths months months(Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Shares 151,470 9,684 16,354 16,616 10,397 2,738 958 812 209,029 Deposits from banks and similar institutions 5,096 - - - - - - - 5,096 Other deposits (note viii) 1,320 1,376 1,394 76 128 17 6 - 4,317 Amounts due to group undertakings (note viii) 242 - - - - - - - 242 Secured funding (note iii) 48 112 304 415 1,209 3,847 6,546 6,647 19,128 Unsecured funding (notes iii and iv) 1,567 1,352 2,716 478 245 3,136 11,661 4,644 25,799 Subordinated liabilities (note iv) 26 - 17 8 17 915 117 963 2,063 Subscribed capital (notes iv and v) - - 4 - 4 8 25 127 168 Total non-derivative financial liabilities 159,769 12,524 20,789 17,593 12,000 10,661 19,313 13,193 265,842 Derivative financial liabilities: Gross settled derivative outflows 233 583 1,421 738 682 5,020 11,017 7,943 27,637 Gross settled derivative inflows (188) (519) (1,274) (648) (597) (4,609) (10,659) (8,232) (26,726) Gross settled derivatives \u2013 net flows 45 64 147 90 85 411 358 (289) 911 Net settled derivative liabilities (note vi) 19 4 20 23 (28) 2 140 226 406 Total derivative financial liabilities 64 68 167 113 57 413 498 (63) 1,317 Total financial liabilities 159,833 12,592 20,956 17,706 12,057 11,074 19,811 13,130 267,159 Off-balance sheet commitments (note vii) Financial guarantees - - - - - - - - - Other commitments 11,754 - - - - 900 - - 12,654 Total financial liabilities including off-balance 171,587 12,592 20,956 17,706 12,057 11,974 19,811 13,130 279,813 sheet commitmentsNotes: i. The analysis excludes certain financial liabilities relating to trade payables and settlement balances which are generally short-term in nature, and lease liabilities. Further information on lease liabilities is shown in note 28 to the financial statements. ii. Due less than one month includes amounts repayable on demand. iii. The balance sheet amount for debt securities in issue is split into secured funding and unsecured funding in these tables. iv. Unsecured funding, subordinated liabilities and subscribed capital may include early redemption features. v. The principal amount for undated subscribed capital is included within the due after more than five years column. vi. Cashflows from derivative assets and liabilities, and corresponding collateral balances which meet the criteria for offset in the balance sheet, are included on a net basis, with only the residual cash flows payable reflected. Also included in this line are the residual cash flows from net settled derivatives that do not have an unconditional right of offset. Further information is detailed in note 24 to the financial statements. vii. Off-balance sheet commitments include amounts payable on demand for undrawn loan commitments, customer overpayments on residential mortgages where the borrower can draw down the amount overpaid, and commitments to acquire financial assets. viii. Comparatives have been restated to reflect changes to the Society\u2019s financial statements to present amounts due to Group undertakings separately from other line items. Further information is detailed in note 1 to the financial statements. 15115Asset encumbrance Encumbrance arises where assets are pledged as collateral against secured funding and other obligations and therefore cannot be used for other purposes. An analysis of the Group\u2019s encumbered and unencumbered on-balance sheet assets is set out below. Asset encumbrance \u2013 Group 2026 Assets encumbered as a result of transactions with Other assets (comprising assets encumbered at the Totalcounterparties other than central banks central bank and unencumbered assets) Assets not positioned at the central bank \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cash and balances at central banks 534 466 - 1,000 3,616 33,572 - 223 37,411 38,411 Loans and advances to banks and similar - - 929 929 - 110 - 719 829 1,758 institutions Investment securities (note i) - - 2,730 2,730 - 23,096 - 79 23,175 25,905 Derivative financial instruments - - - - - - - 3,341 3,341 3,341 Loans and advances to customers (note ii) 44,507 14,878 - 59,385 91,057 73,066 87,733 242 252,098 311,483 Non-financial assets - - - - - - - 3,551 3,551 3,551 Fair value adjustment for portfolio hedged risk - - - - - - - (2,121) (2,121) (2,121) Total 45,041 15,344 3,659 64,044 94,673 129,844 87,733 6,034 318,284 382,328 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cash 480 463 - 943 3,753 24,585 - 202 28,540 29,483 Loans and advances to banks and similar - 242 471 713 - 89 - 1,008 1,097 1,810 institutions Investment securities (note i) - - 4,463 4,463 - 24,136 - 64 24,200 28,663 Derivative financial instruments - - - - - - - 4,742 4,742 4,742 Loans and advances to customers (note ii) 32,739 19,353 - 52,092 96,928 62,369 89,106 394 248,797 300,889 Non-financial assets - - - - - - - 4,327 4,327 4,327 Fair value adjustment for portfolio hedged risk - - - - - - - (2,037) (2,037) (2,037) Total 33,219 20,058 4,934 58,211 100,681 111,179 89,106 8,700 309,666 367,877 Notes: i. Encumbered investment securities relate to repo transactions, collateral pledged for derivatives and assets ring-fenced for regulatory requirements. ii. Loans and advances to customers \u2018readily available for encumbrance\u2019 are expected to be immediately eligible to use in existing secured funding programmes or at the central bank. Any fair value micro hedge balance is reported as \u2018cannot be encumbered\u2019. Mortgages pledged include \u00a321.7 billion (2025: \u00a315.2 billion) in the covered bond and securitisation programmes that are in excess of the amount contractually required to support notes in issue. 152152The majority of asset encumbrance arises from the use of residential mortgage pools to collateralise the covered bond and securitisation programmes. Further information is included in note 14 to the financial statements. Certain unencumbered assets are readily available to secure funding or meet collateral requirements. These include cash and securities held in the liquid asset buffer and residential mortgages eligible for use in existing secured funding programmes or at the central bank. Other unencumbered assets, such as other residential mortgages, business lending and consumer lending, are capable of being encumbered with a degree of further management action. Assets which do not fall into either of these categories are classified as not being capable of being encumbered. External credit ratings Nationwide\u2019s long-term and short-term credit ratings are shown in the table below. Credit ratings Long-term Short-term Date of last rating Outlook action / confirmation S&P Global A+ A-1 September 2025 Stable Moody\u2019s A1 P-1 March 2026 Stable Fitch AA- F1+ May 2026 Stable Collateral sensitivity The amount of additional collateral the Group would need to provide in the event of a one notch and two notch downgrade by external credit rating agencies would be \u00a30.4 billion (2025: \u00a30.6 billion) and \u00a31.4 billion (2025: \u00a31.0 billion) respectively.153153Capital risk Capital risk is the risk that the Group fails to maintain sufficient capital to absorb losses throughout a full economic cycle and sufficient to maintain the confidence of current and prospective investors, members, the Board, and regulators. Capital is held to protect customers, cover inherent risks, provide a buffer for stress events and support the business strategy. In assessing the adequacy of capital resources, risk appetite is considered in the context of the material risks to which the Group is exposed and the appropriate strategies required to manage those risks. Managing capital risk The Board is responsible for setting the Group\u2019s risk appetite with respect to capital risk, which is articulated through its risk appetite statements, and it defines minimum levels of capital surplus above regulatory requirements that it is willing to operate with. These are translated into specific Group risk metrics, which are monitored by the Board Risk Committee (BRC), Group Executive Risk Committee (Group ERC), Group Assets and Liabilities Committee (Group ALCO) and other internal management reviews. The capital structure is managed across the Group through the governance arrangements outlined above, to ensure that the minimum regulatory requirements and the expectations of other key stakeholders continue to be met on a Group and individual consolidation basis. As part of the risk appetite framework, strong capital ratios are targeted relative to both regulatory requirements and major banking peers. Any planned changes to the balance sheet, potential regulatory developments and other factors (such as trading outlook, movements in the fair value through other comprehensive income reserve and defined benefit pension deficit) are all considered. The capital strategy is to manage capital ratios through retained earnings, supplemented by external capital where appropriate. Since general reserves form the majority of capital resources, profitability is an important factor when considering the ability to meet capital requirements. A framework is in place to ensure that overall capital requirements are appropriately allocated, to ensure regulatory requirements are met at the applicable individual levels of consolidation, and to carry out performance monitoring activity for individual product segments. In line with the Group's capital management practices, opportunities are assessed and may be taken to reduce excess capital resources through liability management exercises, and the use of open market repurchases of core capital deferred shares (CCDS). The Group's capital structure has been materially simplified through a liability management exercise which commenced in June 2025 and the routine call of certain Virgin Money instruments. The sub-consolidation Direction applied to Virgin Money UK PLC was revoked in December 2025, with the effect that the outstanding Virgin Money Additional Tier 1 Instruments ceased to be eligible as Group own funds from that point. However, these instruments, together with Virgin Money's outstanding externally held eligible liabilities instrument, continue to be eligible to meet the Group\u2019s minimum requirement for own funds and eligible liabilities (MREL) requirements until 31 December 2028, in line with the discretion applied by the Bank of England at the time of the Virgin Money acquisition. Capital is held to meet Pillar 1 requirements for credit, counterparty credit and operational risks. In addition, the Prudential Regulation Authority (PRA) requires firms to hold capital to meet Pillar 2A requirements which are firm-specific. This is a point-in-time estimate, set by the PRA on an annual basis, based on the submission of the results of the annual Internal Capital Adequacy Assessment Process (ICAAP). This process confirms the amount of capital required to be held to meet risks partly covered by Pillar 1 such as operational risk, and risks not covered by Pillar 1 such as pension and interest rate risks. The combination of Pillar 1 and Pillar 2A requirements form the Group\u2019s Total Capital Requirement (TCR). The Group\u2019s latest Pillar 2A requirements were effective from September 2025 and were equivalent to 4.0% of risk weighted assets (RWAs) at 31 March 2026 (2025: 4.7% of RWAs). This is equal to a capital requirement of \u00a33.5 billion, of which at least \u00a32.0 billion must be met by CET1 capital. The Pillar 2A percentage is above some of our banking peers due to the low average RWA density of the Group\u2019s balance sheet, given that 82% (2025: 81%) of total assets, excluding central bank reserves, are in the form of secured residential mortgages. To protect against the risk of falling below Pillar 1 and Pillar 2A requirements (thereby breaching TCR), firms are subject to regulatory capital buffers which are set out in the PRA Rulebook. The PRA may set an additional firm-specific PRA buffer based upon supervisory judgement informed by the results of the Bank of England\u2019s stress testing scenarios. This Bank of England assessment considers the impacts of the stress scenarios on a firm\u2019s capital requirements and resources, and other factors including leverage, systemic importance and any weaknesses in firms\u2019 risk management and governance procedures. The ICAAP also considers appropriate internal capital buffers to ensure that the impact of a severe but plausible stress can be absorbed. 154Stress testing The Group uses stress testing as a key risk management tool to gain a better understanding of its risk profile and its resilience to internal and external shocks. An assessment of potential vulnerabilities and available management actions is undertaken by considering a range of severe but plausible stressed scenarios for the Group. These stress tests project capital resources and requirements over a multi-year horizon. They cover a range of macroeconomic and idiosyncratic scenarios that test the most material risks to the Group\u2019s business model and support the overall assessment of the Group\u2019s capital ratio resilience. The Group aims to maintain strong capital ratios in excess of regulatory minima under stressed conditions. On 24 March 2025, the Bank of England released the 2025 Bank Capital Stress Test (BCST) with the results published by the Bank of England on 2 December 2025. The Group\u2019s low point CET1 ratio through the scenario was 14.5% after strategic management actions, comfortably above its regulatory minimum requirement of 6.5%. The leverage ratio low point was 4.8%, also remaining in excess of the 3.25% minimum regulatory requirement. This demonstrates that the Group is well capitalised and positioned to remain financially strong under stressed economic conditions. Recovery planning and resolvability The Group maintains a Group Recovery Plan under UK regulatory rules implementing the European Bank Recovery and Resolution Directive (BRRD). The plan contains a set of management actions that would be available to support the Group's capital and liquidity position in the event of stressed economic conditions. The Group submitted its initial Group Recovery Plan to the PRA in March 2025 and will make an additional submission in June 2026, before falling back into a regular submission cycle, with the next scheduled submission due in June 2027. The Virgin Money Recovery Plan has been retired following the Part VII transfer of assets and liabilities of Virgin Money\u2019s main operating subsidiary, Clydesdale Bank PLC, to Nationwide Building Society. In March 2025, the Group submitted a Group interim resolvability self-assessment to the Bank of England. This documented the capabilities across the Group that are designed to achieve the resolvability outcomes as prescribed within the Bank of England Resolvability Assessment Framework, and included enhancements and developments since the previous self-assessment submission in 2023 and as a result of the Virgin Money acquisition. A summary of the Group\u2019s approach to resolvability is available within the Resolvability Assessment Framework disclosure at nationwide.co.uk with the latest disclosures available as at June 2024, prior to the Virgin Money acquisition. The next self-assessment submission will be made in October 2026, with disclosures to follow in June 2027. 155155Capital position The capital disclosures included in this report are in line with the PRA Rulebook and the UK Capital Requirements Regulation and Directive (UK CRR and UK CRD V). The disclosures are on a consolidated Group basis, including all subsidiary entities, unless otherwise stated. Capital ratios and requirements 2026 2025 Capital ratios % %CET1 ratio 19.1 19.1 Tier 1 ratio 21.6 21.7 Total regulatory capital ratio 23.8 23.8 Leverage ratio 5.3 5.2 Capital requirements \u00a3m \u00a3m Risk weighted assets (RWAs) 87,437 81,871 Leverage exposure 353,504 344,018 Risk-based capital ratios remain in excess of regulatory requirements with the CET1 ratio remaining at 19.1%, above the Group\u2019s CET1 capital requirement of 12.3%. The CET1 capital requirement includes a 6.8% minimum Pillar 1 and Pillar 2A requirement and combined buffer requirements of 5.5% of RWAs. The CET1 ratio remained at 19.1% following an increase in CET1 capital of \u00a31.1 billion, offset by an increase in RWAs of \u00a35.6 billion. The CET1 capital resources increase was driven by statutory profit after tax. The RWA increase was predominantly driven by an increase in retail mortgages RWAs. This increase reflected both growth in lending balances and a one-off \u00a33.0 billion increase in the temporary model adjustment applied to Virgin Money\u2019s existing Internal Ratings Based (IRB) mortgage models, following regulatory feedback as part of the revised model approval process. Over time, the Group intends to align modelling approaches across its IRB portfolios. Excluding the one-off temporary model adjustment uplift, the CET1 ratio would have increased, with retained earnings sufficient to support the organic increase in RWAs. Further details on the temporary model adjustment and RWAs are provided in the Risk weighted assets section below. The PRA Rulebook requires firms to calculate a leverage ratio, which is non-risk-based, to supplement risk-based capital requirements. The Group\u2019s leverage ratio increased to 5.3% (2025: 5.2%), with Tier 1 capital resources increasing by \u00a31.1 billion as a result of the CET1 capital movements referenced above. This was partially offset by an increase in leverage exposure of \u00a39.5 billion, predominantly due to increased residential mortgage balances. The leverage ratio remains in excess of the Group\u2019s leverage capital requirement of 4.3%, which comprises a minimum Tier 1 capital requirement of 3.25% and buffer requirements of 1.05%. The buffer requirements include a 0.7% UK countercyclical leverage ratio buffer and a 0.35% additional leverage ratio buffer. Leverage requirements continue to be the Group\u2019s binding Tier 1 capital measure, as the combination of minimum and regulatory buffer requirements is in excess of the risk-based equivalent. The risk of excessive leverage is managed through regular monitoring and reporting of leverage, which forms part of risk appetite. Further details of the leverage exposure can be found in Nationwide\u2019s Group Pillar 3 Disclosures 2026 at nationwide.co.uk 156The table below shows how components of members\u2019 interests, equity and liabilities contribute to total regulatory capital and does not include non-qualifying instruments. Total regulatory capital 2026 2025 (Audited) \u00a3m \u00a3m General reserve 17,746 17,086 Proportional consolidated gains/losses arising from joint venture (note i) - 9 Core capital deferred shares (CCDS) (note ii) 1,334 1,334 Revaluation reserve 35 35 Fair value through other comprehensive income (FVOCI) reserve (26)(119) Cash flow hedge and other hedging reserves (5)79 Regulatory adjustments and deductions: Cash flow hedge and other hedging reserves (note iii) 5 (79) Direct holdings of CET1 instruments (note ii) (177) (177) Foreseeable distributions (note iv) (82) (100) Prudent valuation adjustment (note v) (86) (82) Own credit and debit valuation adjustments (note vi) (3) (4) Intangible assets (note vii) (1,024)(1,226) Goodwill (note vii) (12) (12) Defined benefit pension fund asset (note vii) (537)(669) Excess of regulatory expected losses over impairment provisions (note viii) (273)(247) Deferred tax assets that rely on future profitability and do not arise from temporary differences (note ix) (211)(217) Total regulatory adjustments and deductions (2,400)(2,813) CET1 capital 16,684 15,611 Other equity instruments (Additional Tier 1) 2,178 2,121 Tier 1 capital 18,862 17,732 Subordinated debt (note x) 1,873 1,757 Excess of impairment provisions over regulatory expected losses (note viii) 48 - Tier 2 capital 1,921 1,757 Total regulatory capital 20,783 19,489 Notes: i. The Group applied a proportional consolidation approach to the Salary Finance Loans Limited joint venture, which was accounted for in the consolidated financial statements using the equity method. The Group sold its shares in Salary Finance Loans Limited in the year. ii. The CCDS amount does not include the deductions for the Group\u2019s repurchase exercises. This is presented separately as a regulatory adjustment in line with CRR article 42. iii. In accordance with CRR article 33, institutions do not include the fair value reserves related to gains or losses on cash flow hedges of financial instruments that are not valued at fair value. iv. Foreseeable distributions in respect of CCDS and Additional Tier 1 (AT1) securities are deducted from CET1 capital under CRR rules. v. A prudent valuation adjustment (PVA) is applied in respect of fair valued instruments as required under CRR rules. vi. Own credit and debit valuation adjustments are applied to remove balance sheet gains or losses of fair valued liabilities and derivatives that result from changes in own credit standing and risk, as per the CRR. vii. Intangible, goodwill and net defined benefit pension fund assets are deducted from capital resources after netting associated deferred tax liabilities. viii. Where capital expected loss exceeds accounting provisions, the excess balance is removed from CET1 capital, gross of tax. In contrast, where provisions exceed capital expected loss, the excess amount is added to Tier 2 capital, gross of tax. This calculation is not performed for equity exposures, in line with CRR article 159. The expected loss amounts for equity exposures are deducted from CET1 capital. ix. Deferred tax assets that rely on future profitability, excluding those arising from temporary differences, are deducted as per CRR article 38, net of related tax liabilities where the conditions in CRR article 38 (3) are met. x. Subordinated debt includes fair value adjustments relating to changes in market interest rates, adjustments for unamortised premiums and discounts that are included in the condensed consolidated balance sheet, and any amortisation of the capital value of Tier 2 instruments required by regulatory rules for instruments with fewer than five years to maturity. 157157As part of the Bank Recovery and Resolution Directive, the Bank of England, in its capacity as the UK resolution authority, has published its policy for setting MREL. The Group is required to hold twice the minimum capital requirements (equating to 6.5% of leverage exposure), plus the applicable capital requirement buffers, which amount to 1.05% of leverage exposure. This equals a total loss-absorbing requirement of 7.55%. At 31 March 2026, total MREL resources were 9.7% (2025: 8.9%) of leverage exposure, in excess of the loss-absorbing requirement of 7.55% (2025: 7.55%) described above. Risk weighted assets The table below shows the breakdown of RWAs by risk type and business activity. Market risk has been set to zero as permitted by the UK CRR, as the exposure is below the threshold of 2% of own funds at a Group level. Risk weighted assets 2026 2025 Risk weighted Minimum capital Risk weighted Minimum capital assets requirements assets requirements \u00a3m \u00a3m \u00a3m \u00a3m Retail mortgages 51,266 4,101 45,914 3,673 Retail unsecured lending 10,336 827 9,481 758 Business lending 11,203 896 11,274 902 Treasury 1,248 100 1,903 152 Other (note i) 2,623 210 2,686 215 Total credit risk (excluding counterparty credit risk) 76,676 6,134 71,258 5,700 Counterparty credit risk (note ii) 515 41 463 38 Credit valuation adjustment 405 33 338 27 Operational risk 9,841 787 9,812 785 Total 87,437 6,995 81,871 6,550 Notes: i. Other relates to equity, fixed, intangible, deferred tax and other assets. ii. Counterparty credit risk relates to derivative financial instruments, securities financing transactions (repurchase agreements) and exposures to central counterparties. Total RWAs increased by \u00a35.6 billion. This was predominantly driven by a \u00a35.4 billion increase in retail mortgage RWAs that reflected both growth in balances and a one-off \u00a33.0 billion increase to the temporary model adjustments as explained further below. Other movements in total RWAs include a \u00a30.9 billion increase in retail unsecured lending RWAs, due to growth in balances, offset by a net \u00a30.6 billion reduction in other business lines.Regulatory changes were introduced in 2022 that impact the IRB models used to derive minimum capital requirements. These changes formed part of the PRA\u2019s updates to SS11/13 IRB approaches, some of which aim to increase consistency of approaches across different firms and reduce volatility of mortgage risk weights across differing economic conditions. Nationwide\u2019s revised mortgage IRB models were approved by the PRA in November 2024. Virgin Money's revised IRB mortgage models remain subject to approval. In the year, a one-off \u00a33.0 billion increase in the temporary adjustment was applied to these models, following regulatory feedback as part of the model approval process. This uplift increased Virgin Money\u2019s temporary adjustment to \u00a33.9 billion. More detailed analysis of RWAs is included in Nationwide\u2019s Group Pillar 3 Disclosures 2026 at nationwide.co.uk IRB model risk The performance and accuracy of IRB models is critical to the calculation of credit risk capital requirements. The effectiveness of the models is achieved through clear allocation and segregation of roles and responsibilities covering model ownership, approval and governance, ongoing model monitoring, review and independent validation. Further information can be found in the \u2018Use of the IRB Approach to credit risk\u2019 section of Nationwide\u2019s Group Pillar 3 Disclosures 2026 at nationwide.co.uk Basel 3.1 On 20 January 2026, the PRA published final Basel 3.1 rules, effective in the UK from 1 January 2027. The final rules include a phased introduction of the RWA standardised output floor until fully implemented by 2030. The day one impact of Basel 3.1 on the Group\u2019s CET1 ratio is expected to be positive, with a small increase in the CET1 ratio anticipated, based on the Group\u2019s current interpretation of the final rules. This is primarily due to the impact of changes to prescribed IRB model calculations. RWAs calculated under the Basel 3.1 standardised output floor are expected to exceed internally modelled RWAs towards the end of the implementation period. The exact impact of Basel 3.1 on the Group position, and the point where the output floor becomes the binding constraint, will be influenced by the Group\u2019s interpretation of the final rules and the evolution of the balance sheet. However, the Tier 1 leverage requirements are expected to remain higher than the Tier 1 standardised output floor risk-based requirements. Outlook The PRA has granted a renewed 12-month general prior permission to repurchase core capital deferred shares (CCDS) up to 2% of existing CET1 capital resources (\u00a3334 million at 31 March 2026), though this does not mean further repurchase exercises will necessarily follow. The permission will expire in January 2027. The post balance sheet event regarding the Part VII transfer of assets and liabilities of Virgin Money\u2019s main operating subsidiary, Clydesdale Bank PLC, to Nationwide Building Society does not materially impact the Group\u2019s capital position.Market risk Summary Market risk is the risk that the net value of, or net income arising from, the Group\u2019s assets and liabilities is impacted by changes in market prices or rates, specifically interest or currency rates. The Group has limited appetite for market risk and does not have a trading book. Market risk is closely monitored and managed to ensure the level of risk remains within appetite. Market risks are not taken unless they are essential to core business activities and they provide stability of earnings, minimise costs or enable operational efficiency. The principal market risks that affect the Group are listed below, together with the types of risk reporting measures used in their assessment and management. Market risk exposure Reporting measures Interest rate risk Value sensitivity, value at risk, net interest income sensitivity and economic value of equity sensitivity Product option risk Value at risk and economic value of equity sensitivity Foreign exchange (FX) risk Value sensitivity and value at risk Credit spread risk Value at risk Inflation risk Value sensitivity The Group has a capital requirement for its market risk exposure. In addition, analysis under stressed conditions is used to evaluate the impact of more extreme, but plausible events. Interest rate risk Interest rate risk is the risk of an adverse impact to market value or income due to changes in market interest rates. It arises in relation to the Group\u2019s non-traded assets and liabilities, specifically loans, deposits and financial instruments. Basis risk (risk associated with assets and liabilities repricing with reference to differing interest rate benchmarks) and structural risk (risk associated with the impact of interest rate movement on earnings and value due to the Group\u2019s reserves) are included under this broad interest rate risk category. The Group\u2019s interest rate risk is measured and monitored using a combination of value-based and earnings sensitivity assessments. Balance sheet matching (the use of internal offsets) is the primary strategy used to manage interest rate risk. Derivatives including interest rate swaps are used when matching is not appropriate or available. The Group has structural hedging programmes in place to stabilise earnings as interest rates change. The most material hedging programmes are in place to manage liabilities, including reserves and customer deposits. The Group also undertakes other balance sheet hedging to mitigate the asymmetric risk which arises in very low or negative interest rate scenarios, mainly due to the different levels at which variable product rates can reach a minimum floor level.Product option risk Product option risk is the risk that changes to hedging may be required if customer behaviour deviates from expectations, which may result in a loss if further derivative transaction activity is required The key product risks the Group is exposed to are repayment risk (early redemption or underpayment/overpayment of fixed rate mortgages), access risk (early withdrawal of fixed rate savings), and take-up risk (higher or lower completions of fixed rate mortgage reservations than expected). These risk exposures are quantified under a range of stress scenarios using models that predict customer behaviour in response to changes in interest rates. Foreign exchange (FX) risk FX risk is the risk to market value due to changes in exchange rates. The risk arises due to assets or liabilities being denominated in different currencies than the Group\u2019s base currency (sterling). Currency exposure is managed through natural offsetting on the balance sheet, with derivatives used to maintain the net exposures within approved limits. 160Credit spread risk Credit spread risk is the risk to the market value of Treasury investments arising from changes in the spread between bond yields and swap rates. The risk primarily arises in the Group\u2019s liquid asset portfolio, which predominantly consist of fixed rate debt securities, held to manage the Group\u2019s liquidity risk. Interest rate swaps are used to hedge the interest rate risk associated with these assets. However, there remains a residual risk as debt yields and swap rates do not always move in the same direction and to the same extent, meaning that the market value of the liquidity portfolio assets can change due to movements in bond yields and swap rates. Credit spread risk is monitored using a Value at Risk (VaR) metric and the risk is controlled via internal limits. Exposures are monitored daily and are reported monthly to the Group Asset and Liability Committee (ALCO). Inflation risk Inflation risk is the risk to market value and income arising from the impact of changes in inflation swap rates on inflation-linked assets in the Group\u2019s liquidity portfolio. This risk is managed through the use of inflation swaps. Residual exposures are monitored through sensitivity metrics (IE01), which measure the change in present value of future cashflows to a one basis point parallel shift in inflation swap rates. 16116The principal market risks, linked to the Group\u2019s balance sheet assets, liabilities, capital and reserves, are listed in the table below, irrespective of materiality. Market risk linkage to the balance sheet 2026 Market risk Group Society Interest rate Product option Foreign Exchange Credit spread risk Inflation risk \u00a3m \u00a3m risk risk (FX) risk Assets Cash 38,411 22,254 \uf0fc\uf020 \uf0fc\uf020Loans and advances to banks and similar institutions 1,758 1,204 \uf0fc\uf020\uf0fc\uf020Investment securities 25,905 21,990 \uf0fc\uf020\uf0fc\uf020 \uf0fc\uf020 \uf0fc\uf020Derivative financial instruments 3,341 3,956 \uf0fc\uf020 \uf0fc\uf020 \uf0fc\uf020 \uf0fc\uf020Loans and advances to customers 311,483 194,425 \uf0fc\uf020 \uf0fc\uf020 \uf0fc\uf020Other assets (note i) 1,430 52,793 \uf0fc\uf020 \uf0fc\uf020Total assets 382,328 296,622 Liabilities Shares 217,052 217,052 \uf0fc\uf020 \uf0fc\uf020 Deposits from banks and similar institutions 5,453 4,449 \uf0fc\uf020 \uf0fc\uf020Other deposits 76,766 4,056 \uf0fc\uf020 \uf0fc\uf020 \uf0fc\uf020Debt securities in issue 54,821 46,374 \uf0fc\uf020 \uf0fc\uf020Derivative financial instruments 1,178 1,478 \uf0fc\uf020\uf0fc\uf020 \uf0fc\uf020 \uf0fc\uf020Subordinated liabilities 2,931 2,932 \uf0fc\uf020\uf0fc\uf020Other liabilities 2,838 4,311 \uf0fc\uf020 \uf0fc\uf020Total liabilities 361,039 280,652 Total members\u2019 interests and equity 21,289 15,970 \uf0fc\uf020 Note: i. Other assets include the fair value adjustment for portfolio hedged risk of \u00a3(2,121) million (2025: \u00a3(2,037) million) and investments in Group undertakings of \u00a352,618 million (2025: \u00a346,889 million). Investment in Group undertakings impacts the Society balance sheet only. Other assets also include the net defined benefit asset of the Pension Fund, being the surplus of fund assets in excess of liabilities. The Pension Fund is subject to pension risk, which includes exposure to market risk factors such as interest rate risk, inflation risk, and equity risk (from changes to share prices). Pension risk is managed separately from the market risk arising from the Group\u2019s core business. Further information is detailed in the Pension risk section on page 166. Market risk governance The Group\u2019s market risk exposure arises in the banking book; the Group does not have a trading book. Most of the exposure to market risk arises from fixed rate mortgages or savings and changes in the market value of the liquidity portfolio. There is a low-level of FX risk on non-sterling financial assets and liabilities held. The Board is responsible for setting market risk appetite. Group ALCO is responsible for managing the market risk profile within defined risk appetites. Market risk is managed within a comprehensive risk framework which includes policies, limit setting and monitoring, stress testing, and robust governance controls. The framework includes setting and monitoring more granular limits within Board limits, with relevant market risk metrics reported monthly to ALCO and monitored daily by the Treasury function. 162162Market risk measurement The Group\u2019s objective is to measure, manage and control market risk exposures while maintaining a market profile consistent with the Group\u2019s risk appetite. The analytical techniques used to measure market risk are outlined below. Value and earning sensitivities Sensitivity analysis is used to assess the change in value of the net exposure to defined parallel and non-parallel shifts in interest rates. For example, a one basis point (0.01%) shift is measured using PV01. This analysis is performed daily for each currency. Earning sensitivity metrics are used to measure and quantify exposure to interest rate risks, including basis risk, and inflation risk. These techniques assess the impact on earnings when rate shocks are applied to the rates paid on liabilities and to the rates earned on assets. The Group measures Interest Rate Risk in the Banking Book (IRRBB) through Net Interest Income (NII) and Economic Value of Equity (EVE) measures, under a range of shock scenarios which factor in behavioural assumptions for retail products as interest rates change. These measures are assessed based on the standard shocks prescribed by the PRA, as well as against internally generated shock scenarios. \uf0b7 NII sensitivities assess the impact to earnings under a range of interest rate shocks over a one-year period. Sensitivities are calculated based on a static balance sheet, where all assets and liabilities maturing within the year are reinvested in like-for-like products. The sensitivity also includes the impact arising from off-balance sheet exposures. \uf0b7 EVE sensitivities measure the change in value of interest rate sensitive items, both on and off-balance sheet, under a range of interest rate shocks. Sensitivities are calculated on a run-off balance sheet basis. Both NII and EVE sensitivities are measured regularly, with risk limits set against the various shocks. Value at Risk (VaR)VaR is a technique that estimates the maximum potential losses that could occur from risk positions because of future movements in market rates and prices, over a specified time horizon, to a given level of statistical confidence. VaR is based on historic market behaviour and uses a series of recorded market rates and prices to derive plausible future scenarios. This considers inter-relationships between different markets and rates. The VaR model incorporates risk factors based on historic interest rate and currency movements using a ten-year historical data series. A two-week horizon and a 99% confidence level is used in day-to-day VaR monitoring. VaR is used to monitor interest rate, credit spread, currency and product option risks and is not used to model income. Interest Rate VaR estimates maximum potential loss given an adverse movement in interest rate. It is important to note that while Interest Rate VaR does not include the impact of future changes in expected customer behaviour, it does reflect changes in expectations of customer behaviour since the product was initially hedged. Credit Spread VaR reflects the maximum potential loss due to an adverse movement in credit spreads, which are predominantly the spreads between fixed rate bond yields and swap rates. Exposures against limits are reviewed daily and actual outcomes are monitored on an ongoing basis by management to test the validity of the assumptions and factors used in the VaR calculation. Although VaR is a valuable risk measure, it needs to be viewed in the context of the following limitations which may mean that exposures could be higher than modelled: \uf0b7 The use of a 99% confidence level, by definition, does not take account of changes in value that might occur beyond this level of confidence; \uf0b7 VaR models often under-predict the likelihood of extreme events and over-predict the benefits of offsetting positions in those extreme events; \uf0b7 The VaR model uses historical data to predict future events. Extreme market moves outside of those used to calibrate the model will deliver exceptions. In periods where volatility is increasing, the model is likely to under-predict market risks and in periods where volatility is decreasing it is likely to over-predict market risks; and \uf0b7 Historical data may not adequately predict circumstances arising from government interventions and stimulus packages, which increase the difficulty of evaluating risks. 163163The Group validates the VaR model on a monthly basis by back testing the calculated VaR against a hypothetical profit and loss, which reflects the profit and loss that would have been realised if positions were held constant over a two-week period. An exception is recognised where a loss over a two-week period exceeds the VaR calculated by the model. The number of exceptions over a 12-month period is used to assess the performance of the VaR model, which in turn helps to decide whether it requires recalibration. The model is governed by the Group\u2019s model risk management framework, to ensure it remains appropriate for risk reporting. In addition, stressed VaR is used to estimate the potential loss arising from unfavourable market movements in a stressed environment. It is calibrated with a 99% confidence level, a one day holding period, and uses market data from a two-year period of significant financial stress. Market risk monitoring Market risk is identified and assessed by monitoring and reporting risk information at Society and Group levels. Industry expertise, effective treasury management systems, processes and advanced evaluation techniques such as stress testing are used to enhance the effectiveness of the identification and assessment of all material market risks. Exposures are monitored against limits on a daily basis, with relevant management information reports shared with key stakeholders, including the regulators, in line with the reporting frequency established in the Group\u2019s Market Risk Policy. A summary of the Group\u2019s value and earnings-based assessment is presented below. Value-Based Assessments - VaR The tables below highlight the Group\u2019s limited exposure to market risk. Interest rate and credit spread VaR are monitored daily and summarised over the financial year: Value at Risk - Group 2026 2025 Close Average High Low Close Average High Low \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Interest rate VaR (99%/10-day) 18.1 13.2 22.5 6.1 7.7 5.7 7.7 4.3 Credit spread VaR (99%/10-day) 105.4 120.6 138.6 105.4 143.5 134.2 143.5 124.3 Value at Risk \u2013 Society 2026 2025 Close Average High Low Close Average High Low \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Interest rate VaR (99%/10-day) 17.0 12.1 20.9 5.0 4.9 4.7 4.9 4.3 Credit spread VaR (99%/10-day) 88.0 99.5 112.8 88.0 116.6 121.1 127.0 116.6 Net Interest Income (NII) sensitivity The sensitivities presented below measure the extent to which the Group\u2019s pre-tax earnings are exposed to changes in interest rates over a one-year period based on instantaneous parallel rises and falls in interest rates, with the shifts applied to the prevailing interest rates at the reporting date. The sensitivities are prepared based on a static balance sheet, with all assets and liabilities maturing within the year replaced with like-for-like products, and changes in interest rates being passed through to variable rate retail products, unless a floor close to 0% is reached when rates fall. No management actions are included in the sensitivities. The purpose of these sensitivities is to assess the Group\u2019s exposure to interest rate risk and therefore the sensitivities should not be considered as a guide to future earnings performance, with actual future earnings influenced by the extent to which changes in interest rates are passed through to product pricing, the timing of maturing assets and liabilities and changes to the balance sheet mix. In practice, earnings changes from actual interest rate movements will differ from those shown below because interest rate changes may not be passed through in full to those assets and liabilities that do not have a contractual link to Bank rate. 164164Potential (adverse)/favourable impact on annual pre-tax future earnings Group Society 2026 2025 2026 2025 (Audited) \u00a3m \u00a3m \u00a3m \u00a3m +100 basis points shift 131 71 95 24 +25 basis points shift 38 22 28 10 -25 basis points shift (80) (49) (62) (33) -100 basis points shift (333) (204) (255) (135) NII sensitivities remain low in absolute terms and reflect Nationwide\u2019s prudent management of interest rate risk. The sensitivities assume that changes in rates are fully passed through in these scenarios, and product margins are held static. The sensitivities also include the impact of balance sheet hedging and take-up risk in the mortgage pipeline. Economic Value of Equity (EVE)The Group also measures interest rate risk through EVE sensitivity which identifies the change in value of interest rate sensitive items, both on and off-balance sheet, under a range of interest rate shocks prescribed by the Prudential Regulation Authority (PRA). This measure includes behavioural assumptions using a run-off balance sheet basis. EVE is managed against internal and regulatory risk limits and is monitored by Group ALCO. Further details on EVE can be found in the Group\u2019s annual Pillar 3 Disclosure for 2026 at nationwide.co.uk Global market conditions Effective risk management has ensured that the Group\u2019s market risk exposures have remained insulated from the changes in the global economy, where trade tensions and the conflict in the Middle East generated volatility and threatened economic growth during the reporting period. The Group was also insulated from events in the UK economy, where the 12-month Consumer Price Inflation rose by 70 basis points from 2.6% in March 2025 to 3.3% in March 2026. During the 12-month period, the Group\u2019s approach to interest rate risk management resulted in limited exposure to the 75 basis points reduction in Bank rate, and the volatility seen in sterling Sonia swap rates which underpin retail product pricing. The Group\u2019s exposure to credit spread and inflation risk from its liquid asset holdings remains within risk appetite. Foreign exchange movements, which saw sterling strengthen against the dollar and weaken against the euro, also had an immaterial impact on earnings as foreign currency exposures are hedged. Outlook The Group will continue to have a limited appetite for market risk, which will only be taken if it is essential to core business activities and provides stability of earnings, minimises costs or enables operational efficiency. While the near-term economic outlook remains uncertain, market risk will continue to be closely managed by the Group to ensure it remains within established risk appetite. The post balance sheet event regarding the Part VII transfer of assets and liabilities of Virgin Money\u2019s main operating subsidiary, Clydesdale Bank PLC, to Nationwide Building Society does not materially impact the Group\u2019s market risk position. 16516Pension risk Summary Pension risk is defined as the risk that the value of pension schemes\u2019 assets will be insufficient to meet the estimated liabilities, creating a pension deficit. Pension risk could negatively impact the Group\u2019s capital position and may result in increased cash funding obligations to the pension schemes. The Group has funding obligations to a number of defined benefit pension schemes, including the Nationwide Pension Fund (NPF) and the Yorkshire and Clydesdale Bank Pension Scheme (YCBPS). These consist of a total of 50,000 members, with both schemes closed to future accrual except for a small number of legacy members in the YCBPS. Further details are set out below and in note 30 to the financial statements.In accordance with UK legislation, the assets of the Group\u2019s defined benefit pension schemes are held in distinct and legally separate trusts from the Group\u2019s assets, and each are administered by boards of trustees (the Trustee boards) which have fiduciary responsibilities to pension scheme members. The Group has specialist pension risk management teams responsible for monitoring the financial risk to the Group from the defined benefit pension schemes. This includes regular analysis, insight, risk appetite articulation and reporting to governance committees. The Group maintains effective engagement with the trustees in order to manage the long-term impact on the capital and financial position. For the NPF and YCBPS, this is supported by the Group\u2019s representation at the Trustee boards\u2019 investment sub-committee meetings and investment working groups, and the sharing of management information between the Group and the Trustee boards for the consideration of specific risk management initiatives. Pension risk is embedded into the Group Risk Management Framework (GRMF) and stress testing processes. The Group monitors the potential capital deterioration from the retirement benefit position that might occur in a 1-in-200 year stress test. The Group considers all pension regulation and legislation change which may impact its obligations to defined benefit schemes. Risk factors Volatility in investment returns from the assets and changes in the value of the liabilities affect the pension schemes\u2019 net deficit or surplus positions. The key risk factors which impact this position are set out below. These factors can have a positive or negative effect on the position. Asset performanceThere is a risk that the return on pension scheme assets is insufficient to meet the growth in pension liabilities, potentially resulting in a reduction in the surplus or an increase in the deficit. Pension scheme liabilities are calculated using a discount rate derived from high-quality corporate bond yields, meaning that if the assets underperform against those bond yields, the funding position may worsen. The Group\u2019s pension schemes hold a proportion of return-seeking assets, including private equity, infrastructure, property, credit investments and corporate bonds. Return-seeking assets are expected to outperform liabilities in the long-term, but they are riskier and potentially more volatile in the short to medium-term. Investments in return-seeking assets are monitored by both the Trustee boards and the Group to ensure they remain appropriate given the long-term objectives of the schemes. Further details of the assets held are set out in note 30 to the financial statements. LiabilitiesThere is a risk that the Group\u2019s pension schemes\u2019 liabilities increase to a level which is not supported by their respective asset performance, whether through discount rate changes, increases in long-term inflation expectations, or increases in the life expectancy (longevity) of the scheme participants. Approximately one third of all liabilities are hedged using longevity swaps, which have been entered into within both the NPF and the YCBPS. Actuarial assumptionsThere is a risk that a change in the methodology used to derive key actuarial assumptions (for example, the discount rate or longevity assumptions) results in a step change in the assessment of the liabilities and therefore in the net surplus or deficit, potentially impacting the Group's capital and/or deficit funding requirements. The ultimate cost of providing pension benefits over the life of the obligation will depend on actual future events, rather than assumptions made. 166Developments in the year The NPF is closed to future accrual, therefore no employer contributions were made in respect of future benefit accrual during the year. There were also no employer deficit contributions into the NPF for the year ended 31 March 2026 and none are scheduled for the year ending 31 March 2027. The 31 March 2025 Triennial Valuation has been completed and indicated a funding surplus, such that a recovery plan requiring employer deficit contributions was not required. The effective date of the NPF\u2019s next Triennial Valuation is 31 March 2028. The YCBPS was closed to future accrual on 1 August 2017 for most members. A small number of active members remain on a defined benefit accruals basis subject to certain conditions. Employer contributions for benefit accrual and expenses were \u00a36 million for the year ended 31 March 2026. The YCBPS 2022 Triennial Valuation indicated a funding surplus, such that a recovery plan requiring employer deficit contributions was not required. The 30 September 2025 Triennial Valuation is underway and will be completed by 31 December 2026. As at 31 March 2026, the value of the Group\u2019s pension schemes\u2019 assets is \u00a36,626 million (2025: \u00a36,767 million) and the value of liabilities is \u00a35,910 million (2025: \u00a35,875 million). Movements in the net defined benefit asset are set out below:Changes in the present value of net defined benefit asset \u2013 Group 2026 2025 \u00a3m \u00a3m At 1 April 892610 Pension charge (9) (7) Net interest credit 51 45 Actuarial remeasurement (224) (192) Employer contributions (including deficit contributions) 6 7 Acquisition of Virgin Money UK PLC (note i) - 429 At 31 March 716 892 Note: i. Acquisition of Virgin Money UK PLC refers to the surplus position of the YCBPS as at 1 October 2024. Movements in the YCBPS between 1 October 2024 and 31 March 2025 are included in the other components of the table. The movement in the net defined benefit asset is largely driven by the actuarial loss on defined benefit obligations for the Group, primarily an experience loss arising from reflecting updated membership data relating to the NPF\u2019s 31 March 2025 Triennial Valuation. The actuarial remeasurement quantifies the impact on the net defined benefit asset from updating financial assumptions (such as discount rate and long-term inflation), demographic assumptions (such as longevity), and the return on the pensions schemes\u2019 assets being greater or less than the discount rate. Further details can be found in note 30 to the financial statements. The Group previously considered the implication for the NPF and YCBPS of the ruling and appeal in respect of Virgin Media Limited versus NTL Pension Trustees II Limited (and others). The case challenged the validity of rule amendments made to pension schemes contracted out on a Reference Scheme Test basis between 6 April 1997 and 5 April 2016. Legislation enacted in April 2026 now gives affected pension schemes the ability to retrospectively obtain written confirmation that historic benefit changes met the necessary statutory standards. The Group assessed the possible impact on its two main pension schemes by reviewing a sample of the material amendments from the relevant period. The results of the review to date have not indicated any concerns and therefore no adjustment has been made to the defined benefit obligation value. The Group will continue to monitor developments in this area. Outlook The Group will continue to engage with the Trustee boards to ensure broad alignment on investment objectives and implementation. Potential risk management initiatives include, but are not limited to, adjusting the asset allocation (altering the allocation to return-seeking assets and to liability matching assets), longevity hedging and implementing derivative and other hedging strategies. 167167Business risk Summary Business risk is the risk that volumes decline, margins shrink, or losses increase relative to the cost or capital base, affecting the sustainability of the business and the ability to deliver the strategy due to external (macroeconomic, geopolitical, industry, regulatory or other external events) or internal factors (including the development and execution of the strategy). The Group manages this risk by maintaining recurring, sustainable income streams through provision of product and service propositions to meet current and future customer needs. In this way, the Group can consistently deliver returns aligned to risk appetite. Business risk is monitored and reported to the Board and senior management, with an emphasis on long-term resilience and sustainability. Regular assessment of technology change, customer behaviours and preferences, regulatory developments and core market conditions ensures our strategy and execution plans remain responsive, with actions identified to limit potential impacts on expected performance. Managing business risk Business risk is managed and mitigated through a range of measures, including the following activities: \uf0b7 Financial forecasting - Five-year income and cost forecasts, updated regularly to appropriately reflect internal and external risk sensitivities. \uf0b7 Performance monitoring - Monthly review of financial performance against approved forecasts and key indicators, supported by monitoring of product and service demand to ensure propositions and services are providing value and meet customer needs. \uf0b7 Stress testing - Regular scenario testing and sensitivity analysis of the key business model financial metrics through stressed economic scenarios. This is in addition to the regulatory Internal Capital Adequacy Assessment Process, recovery and reverse stress tests, and participation in the Bank of England\u2019s biennial Bank Capital Stress Test. \uf0b7 Early warning indicators and recovery planning - Ongoing monitoring of indicators to identify emerging stress, supported by a maintained Group Recovery Plan outlining a series of strategic actions that could be utilised, if required, to protect the Group. Developments in the year The Group\u2019s business model remains sensitive to changes in net interest margin across retail and business banking. As inflation expectations moderated over the year, the Bank of England reduced Bank rate by 0.75% to 3.75%. This influenced the rates available on both our mortgage and savings products, bringing them closer together and leading to a modest reduction in net interest margin. Significant mortgage rate volatility was observed in March 2026, with all major lenders adjusting pricing amid interest rate uncertainty stemming from the conflict in the Middle East. The competitive environment remains strong, with incumbent banks and digital challengers exerting significant pressure across a wide range of service and product propositions. The Group continues to focus on efficiency, simplicity, and attractive customer offerings to maintain sustainable and compelling propositions in all our core target markets. Outlook Business risk continues to be influenced by the Group\u2019s top and emerging risks. The UK outlook remains uncertain due to ongoing geopolitical tensions and global macroeconomic policy developments, creating volatility that can weigh on business and consumer confidence, including in our core target markets. This environment can potentially constrain financial decision making, such as small businesses deciding whether to invest in new equipment, and/or potential home movers considering whether to take on a larger mortgage. Effective delivery of the Group\u2019s strategic priorities remains key to mitigating business model vulnerability in a dynamic environment. 168Operational and conduct risk Summary Operational and conduct risk is the risk of impacts resulting from inadequate or failed internal processes, conduct and compliance management, people and systems, or from external events. These risks are managed through proportionate controls designed to identify and prevent failures that could affect customers, colleagues or the Group. The Board recognises the importance of, and has prioritised, continuous improvement in the understanding of the operational and conduct risks the Group is exposed to and enhancement of the associated control environment it relies on to mitigate these risks. Ongoing investment is being made to further enhance cyber defences, economic crime, and conduct and compliance capabilities across the Group. The primary areas of operational and conduct risk to which the Group is exposed are detailed below. Operational resilience and technology The Group continues to make operational resilience a top priority. A harmonised resilience framework covering methodologies, governance and reporting is in place for Board-approved important business services, such as the sending and receiving of immediate payments. The Group regularly tests its ability to recover critical services under severe but plausible scenarios, such as ransomware attacks and major third-party outages. The Group is enhancing its response capabilities through ongoing improvements and targeted investments, informed by its annual self-assessment. As integration progresses, the Group continues to focus on risks related to supplier concentration, change management, applications reaching the end of service life, and systems capacity management. This approach is designed to align to regulatory expectations and support reliable service to members and the wider financial system. Cyber security The Group maintains a robust suite of preventative, detective, responsive and recovery measures to manage cyber security risk effectively. A successful cyber attack on the Group could potentially cause significant disruption to business operations and prevent its customers accessing key services. As new technologies are implemented and external attack techniques strengthen, the Group constantly assesses how to protect against attacks. This includes engagement with industry groups and intelligence agencies alongside internal threat monitoring, ensuring a robust security culture is maintained, risk assessing third parties and allocating investment appropriately. Artificial intelligence (AI) Across all industries, rapid digitisation, rising customer experience demands and the evolution of AI capabilities have been driving more complex use of data. The Group is faced with the challenge of how to meet the expectations of customers and realise the benefits of AI, while also using data ethically and appropriately, particularly as AI evolves from generating content to making autonomous decisions and taking actions (Agentic AI). While AI offers significant benefits for customers and organisations, it creates unique risks that cut across traditional risk categories. The Group is developing its ability to realise these benefits while mitigating risk through defined AI principles and strong controls, with a focus on customer outcomes. The Group\u2019s approach to data and AI is underpinned by enhanced governance, with specialist review and oversight. Data The Group collects, stores and uses data, including personal information, to deliver services that meet the needs of its customers, to engage with its employees and to meet regulatory requirements. The Group is committed to protecting the data under its control, achieving compliance with all legal and regulatory obligations (such as the UK General Data Protection Regulation) and being transparent about how it uses data. 169Supply chain The Group relies on third parties for key services and retains responsibility for associated risks. Supply chain risk is an increasing area of regulatory focus, as many banks and building societies rely on third parties that provide similar services, and any disruption or failure in those services - including those caused by cyber attacks - could affect financial stability, market integrity and consumer protection. The Group adopts a risk-based approach to monitoring and managing supply chain risk and there is an increased focus on the identification and management of concentration risk, as opportunities to consolidate the Group\u2019s supplier base are identified and considered. Assurance of supply chain resilience, including through scenario testing, remains a priority. The Group also seeks to leverage resilience insights from any regulatory designation of suppliers under the UK critical third parties regime. Regulatory compliance risk The regulatory landscape remained highly active during the year, with developments including the continued embedding of the Consumer Duty, an FCA review of its rules for mortgage lenders, a new strategy for UK payments, final rules to make the UK\u2019s banking system more resilient (Basel 3.1), and a continued focus on firms\u2019 resilience against cyber threats and failures of essential processes or services. Regulatory compliance risk is managed across the Group by maintaining positive regulatory relationships, proactive horizon scanning, interpreting requirements in a way that avoids unnecessary burden, and ongoing assessments to evidence the steps taken by senior management to ensure the Group complies with those requirements. As part of the Government\u2019s drive to increase regulatory predictability and reduce burden, financial services regulators are aiming to rebalance risk in the system by giving firms more flexibility, with an emphasis on principles and outcomes over regulatory prescription. Examples include the FCA\u2019s application of the Consumer Duty, and regulators choosing not to create new rules for AI, but to rely on existing frameworks to give firms flexibility to adapt to the new technology. While offering opportunities, this rebalancing of risk also places greater emphasis on firms\u2019 internal judgement when interpreting regulatory expectations and deciding how to comply with broader principles rather than specific rules. Conduct risk Expectations under the Consumer Duty, requiring higher standards of customer care and proactive monitoring of outcomes, were further embedded across the Group, improving product and service design, the early identification of potential harms, and support for customers with characteristics of vulnerability. As integration of Virgin Money progresses, conduct risk practices are increasingly aligned, supporting a consistent customer-focused approach. Customer impacts of the planned Part VII transfer of assets and liabilities of Virgin Money\u2019s main operating subsidiary, Clydesdale Bank PLC, into Nationwide Building Society, were assessed in detail. These assessments allowed potential harms to be identified early and mitigated through strengthened controls and customer-centred design. The Group\u2019s investment in Virgin Money customer service capability, employee training and change delivery contributed to reductions in complaints, demonstrating progress in supporting fairer outcomes. Further opportunities to align and mature the conduct risk approach will be identified as integration advances, with customer outcomes and strong Consumer Duty execution remaining central to strategic priorities. Economic crime risk The Group, in common with other UK-based financial services businesses, is exposed to economic crime risks across all its business functions, and there is a wide range of criminal activity associated with this risk. The Group may be adversely affected if its customers, employees, third parties (including suppliers) or associated persons engage in criminal activity, or if the business\u2019s products or services are used to facilitate economic crime. The Group may incur significant costs to rectify issues, reimburse customer losses, address regulatory concerns and settle relevant penalties. During the current year, the FCA fined the Society \u00a344 million for historical weaknesses in its anti-money laundering controls in periods prior to July 2021. We endeavour to prevent the Group\u2019s products, services and commercial activities being used to facilitate any form of economic crime. These risks are managed through policies, controls, standards and procedures, which are informed by its business-wide risk and threat assessments. Significant investment continues in this area, as both legal and regulatory requirements and criminal methods continue to evolve. 170170Operational and conduct risk events Operational and conduct risk events which have occurred are monitored and reported on to understand those exposures better and to drive sustainable mitigation to prevent recurrence. For the purposes of this report, events shown include only those where a financial loss arises from an incident. Events are recorded against internally defined risk categories, in addition to reporting them against the categories defined by the Basel Committee on Banking Supervision in Basel II, which allows comparison of risk experience with its main banking peers. Operational risk events by Basel risk category, % of total events by value (note i) Operational risk events by Basel risk category, % of total events by number (note i) 2026 2025 (note ii) 2026 2025 (note ii) % % % % Clients, products and business practices 44.0 4.1 Clients, products and business practices 0.5 0.7 External fraud 43.8 20.7 External fraud 94.6 92.7 Execution, delivery and process management 10.8 74.9 Execution, delivery and process management 4.4 6.1 Internal fraud - 0.1 Internal fraud 0.1 0.1 Business disruption and system failure 0.9 - Business disruption and system failure 0.1 - Damage to physical assets 0.5 0.1 Damage to physical assets 0.2 0.1 Employment practices and workplace safety - 0.1 Employment practices and workplace safety 0.1 0.3 Total 100.0 100.0 Total 100.0 100.0 Notes: i. Risk events with aggregated gross losses of \u00a35,000 and over (before monies recovered); multiple losses related to the same event are counted once. ii. Comparatives have been restated to include additional historic data where more information has been received. 2025 figures provide a consolidated view of Nationwide\u2019s operational losses for the whole year, plus Virgin Money operational losses from 1 October 2024 when it was acquired. The most material categories are \u2018Clients, products and business practices\u2019, \u2018External fraud\u2019 and \u2018Execution, delivery and process management\u2019: \uf0b7 The value of the \u2018Clients, products and business practices\u2019 category increased due to an FCA fine for historical weaknesses in anti-money laundering controls in periods prior to July 2021. \uf0b7 \u2018External fraud\u2019 loss events have remained broadly stable; 2026 includes the full year of external fraud events for the expanded group. \uf0b7 In 2025 the \u2018Execution, delivery and process management\u2019 category included a material litigation case. Outlook The Group\u2019s operational and conduct risk outlook reflects both its operating environment and strategic direction. While key risk sources remain broadly unchanged, their impact on the Group and customers continues to evolve, along with regulatory and government responses. New regulatory requirements relating to operational resilience, and how prepared firms are to protect, detect, respond to and recover from cyber events, are expected in 2026. Certain third-party providers are due to be designated by the Government as critical to the UK financial sector, creating new obligations for those firms that could affect existing arrangements. As AI becomes more embedded in financial services, government and regulators are assessing its implications for consumers, financial markets and regulatory practices, and considering what intervention may be needed to ensure safe and trusted adoption. More generally, the regulators\u2019 shift toward principles and outcomes-based supervision will place greater reliance on firms\u2019 own judgement when interpreting expectations and choosing how to comply with principles, or how to deliver the outcomes the regulators expect. 171171Model risk Summary Models are essential in many business processes across the Group, supporting activities such as credit decisioning, capital assessment, stress testing, loss provisioning, planning, and product pricing. Whilst they are essential tools, models are simplified representations of real-world outcomes and are inherently imperfect. This creates model risk, which is the risk of adverse consequences from model errors or the inappropriate use of modelled outputs. Key drivers of model risk include data quality, methodological limitations, and implementation issues. Model risk management Model risk is governed at Board level through risk appetite and the model risk policy, with the Group Chief Risk Officer accountable for the management of model risk. Supporting policies and standards set expectations for model development, independent validation, ongoing monitoring, model adjustments, and governance. The Group Model Risk Committee (GMRC) is responsible for managing model risk across the Group and is a sub-committee of the Group Executive Risk Committee. The Group maintains well-defined and distinct roles for model risk management, model development and model validation, supporting strong governance and independent challenge throughout the model lifecycle. Developments in the year The Group has made further progress in strengthening its approach to managing model risk during the year. Group-level arrangements have now been established, including a single Board-approved risk appetite and policy, and the formation of GMRC to ensure consistency in model risk management across the Group. The Group also continued to develop its governance and risk frameworks for the responsible use of Artificial Intelligence (AI) within risk appetite. A Group AI Council was established to assess use cases holistically across all risk types, ensuring they remain within appetite. Use cases are subject to all applicable risk policies and governance processes. Outlook The Group continues to operate in an environment shaped by regulatory change and technological advancement. This will drive ongoing model development, validation and further strengthening of model risk management practices. The Group will continue to embed the model risk management framework and mature the overarching risk management of AI, alongside ensuring models meet regulatory requirements, including Basel 3.1. As integration of the Virgin Money business progresses, models will evolve to ensure that they remain appropriate for use. The Group will continue to apply appropriate model risk management controls to manage this period of material change effectively. 17239. Events after the balance sheet date Transfer of the business of Clydesdale Bank PLC to the Society On 23 February 2026, at a hearing in the High Court of Justice, London, the Court sanctioned a scheme for the transfer of the majority of the banking business of Clydesdale Bank PLC to the Society under Part VII of the Financial Services and Markets Act 2000 (FSMA) (Part VII Transfer). The scheme effective date was 2 April 2026. In addition, the Society and Clydesdale Bank PLC entered into separate legal agreements to effect the transfer of certain other balances (Other Transfers) where not covered by the Part VII Transfer. These agreements had effective dates of 2 and 3 April 2026. The Part VII Transfer and the Other Transfers (collectively, the Transfers) have resulted in an increase to total assets and total liabilities of the Society of approximately \u00a388.6 billion and \u00a382.4 billion, respectively. Consideration of \u00a3140 million was paid. These amounts will be reflected in the financial statements of the Society for the year ending 31 March 2027. As a result of the Transfers, in April 2026 the Society impaired the carrying value of its investment in the share capital of Virgin Money UK PLC, the parent holding company of Clydesdale Bank PLC, by \u00a33.8 billion, reflecting that the majority of the net assets of Clydesdale Bank PLC are now held directly by Society. Both the excess of net assets acquired above the value of consideration paid and impairment of the Society\u2019s investment will be recognised directly in general reserves in the Society\u2019s statement of movement in members\u2019 interests and equity for the year ending 31 March 2027. As the Transfers represent a hive-up of business from a subsidiary to its parent, there are no impacts to the total assets, liabilities, members\u2019 interests and equity or results of the Group. Nationwide Fairer Share payment On 20 May 2026, the Board approved a Nationwide Fairer Share payment to be made to eligible members in June 2026, amounting to approximately \u00a3440 million. This has not been reflected in these financial statements as it will be recognised in the year ending 31 March 2027, by reference to the date at which it was announced. ",
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"value": "Credit risk \u2013 Overview Credit risk is the risk of loss as a result of a customer or counterparty failing to meet their financial obligations. Credit risk encompasses: \uf0b7 borrower/counterparty risk \u2013 the risk of loss arising from a borrower or counterparty failing to pay, or becoming increasingly likely not to pay the interest or principal on a loan, or on a financial product, or for a service, on time; \uf0b7 security/collateral risk \u2013 the risk of loss arising from deteriorating security/collateral quality; \uf0b7 concentration risk \u2013 the risk of loss arising from insufficient diversification of region, sector, counterparties or other significant factor; and \uf0b7 refinance risk \u2013 the risk of loss arising when a repayment of a loan or other financial product occurs later than originally anticipated. The Group manages credit risk for the following portfolios: Portfolio Definition Residential mortgages Loans secured on residential property Consumer lending Unsecured lending comprising current account overdrafts, personal loans and credit cards Business lending Lending to non-retail customers, including registered social landlords Treasury Treasury liquidity, derivatives and investment portfolios Management of credit risk The Group lends in a responsible, affordable and sustainable way to ensure safeguarding of customers and the financial strength of the Group throughout the credit cycle. To this end, the Board approves the level of risk appetite it is willing to take in pursuit of the Group\u2019s strategy, based on Board Risk Committee recommendations. This is articulated through Board risk appetite statements and underlying principles: Safeguarding our customers and counterparties by lending responsibly: \uf0b7 Only lending to customers or counterparties who demonstrate that they can afford to borrow. \uf0b7 Supporting customers buying mortgageable properties of wide-ranging types and qualities. \uf0b7 Working with customers and counterparties to recover their financial position should there be a delay, or risk of delay, in meeting their financial obligations. Safeguarding the Group\u2019s financial performance, strength and reputation: \uf0b7 Managing asset quality so that losses through an economic cycle will not undermine profitability, financial strength and our standing with external stakeholders. \uf0b7 Ensuring that no material segment of our lending exposes the Group to excessive loss. \uf0b7 Proactively managing credit risk and complying with regulations. The Group operates with a commitment to responsible lending and a focus on championing good conduct and fair outcomes. In this respect, the Group formulates appropriate credit criteria and policies which are aimed at mitigating risk from individual transactions and ensuring that credit risk exposure remains within risk appetite. Under a governed delegated mandate structure, the Group Credit Committee, individual Material Risk Takers and relevant personnel holding lending mandates make credit decisions, based on a thorough credit risk assessment, to ensure that customers and counterparties are able to meet their obligations. Credit risk is managed within the risk appetite approved by the Board. Performance against this appetite is measured across a range of metrics and is reported to Group Credit Committee each month. Corrective action is taken when metrics move towards or beyond defined thresholds to ensure performance remains or returns to appetite within an appropriate timescale. The Group is committed to helping customers who may anticipate, or find themselves experiencing a period of financial difficulty, offering a range of forbearance options tailored to their individual circumstances. Accounts in arrears, or where the borrower is in financial difficulty, are managed by specialist teams within the Group or referred to debt charities to ensure an optimal outcome for our customers and the Group. 98Forbearance Forbearance occurs when concessions are made to the contractual terms of a loan when the customer is facing or about to face difficulties in meeting their financial commitments. A concession is where the customer receives assistance, which could be a modification to the previous terms and conditions of a facility or a total or partial refinancing of debt, either mid-term or at maturity. Requests for concessions are principally attributable to: \uf0b7 temporary cash flow problems; \uf0b7 breaches of financial covenants; or \uf0b7 an inability to repay at contractual maturity. Consistent with the European Banking Authority reporting definitions, loans are reported as forborne until they meet the regulatory forbearance exit criteria. Impairment provisions Impairment provisions on financial assets are calculated on an expected credit loss (ECL) basis for assets held at amortised cost and at fair value through other comprehensive income (FVOCI). ECL impairment provisions are based on an assessment of the probability of default (PD), exposure at default (EAD) and loss given default (LGD), discounted to give a net present value. Provision calculations for retail portfolios are typically performed on a collective rather than individual loan basis. For collective assessments, whilst each loan has an associated ECL calculation, the calculation is based on cohort level data for assets with shared credit risk characteristics (e.g. origination date, origination loan to value, term). Impairment provisions are calculated using a three-stage approach depending on changes in credit risk since original recognition of the assets: \uf0b7 a loan which is not credit impaired on initial recognition and has not subsequently experienced a significant increase in credit risk is categorised as being within stage 1, with a provision equal to a 12-month ECL (losses arising on default events expected to occur within 12 months); \uf0b7 where a loan\u2019s credit risk increases significantly, it is moved to stage 2. The provision recognised is equal to the lifetime ECL (losses on default events expected to occur at any point during the life of the asset); \uf0b7 if a loan meets the definition for credit impairment, it is moved to stage 3 with a provision equal to its lifetime ECL. In addition to the stage allocation outlined above, loans which have been purchased or originated with a credit-impaired (POCI) status are reported separately. At initial recognition, POCI assets do not carry an impairment provision; instead, gross balances are presented net of lifetime expected credit losses at acquisition. All changes in lifetime expected credit losses subsequent to acquisition are recognised as an impairment charge or release. For loans and advances held at amortised cost, the stage distribution and the provision coverage ratios are shown in this report for each portfolio. The provision coverage ratio is calculated by dividing the provisions by the gross balances for each lending portfolio. Loans remain on the balance sheet, measured net of associated provisions, until they are repaid or deemed no longer recoverable, when such loans are written off. Governance and oversight of impairment provisions The models used in the calculation of impairment provisions are governed in accordance with the Group\u2019s model risk management framework as described in the Model risk section of this report. PD, EAD and LGD models are subject to regular monitoring and annual validation. Where necessary, adjustments are approved for risks not captured in model outputs, for example where insufficient historic data exists. The Group\u2019s economic scenarios used in the calculation of impairment provisions and associated probability weightings are proposed by our Chief Economist and are governed through a quarterly meeting attended by the Group Chief Financial Officer. Details of these economic assumptions and material adjustments are included in note 10 to the financial statements. 9999Developments in the year The UK economy remained subdued during the year, with businesses continuing to face persistent cost pressures. Bank rate decreased to 3.75%, although some borrowers continued to face increases in their mortgage rate when refinancing from historically low rates. The housing market remained resilient, with modest house price growth of 2.2% over the year to March 2026. The conflict in the Middle East towards the end of the year led to an increased level of economic uncertainty; however, no significant change in overall credit performance has been observed as at 31 March 2026. Residential mortgages Residential mortgage balances increased to \u00a3286.3 billion (2025: \u00a3275.9 billion), reflecting continued support for first time buyers, including an expansion of higher loan-to-income lending, alongside a focus on customer retention through highly competitive products. New lending had a broadly stable average LTV of 72% (2025: 73%). The impact of new lending on the stock average LTV was only partially offset by house price growth and capital repayments during the year, resulting in an increase to 58% (2025: 56%). Residential mortgage arrears\u202fremained low and well below the industry average, with the arrears rate reducing slightly to\u202f0.39%\u202f(2025: 0.43%). Consumer lending Consumer lending balances increased to \u00a311.6\u202fbillion\u202f(2025: \u00a311.1\u202fbillion) driven by growth in credit cards and personal loans. Credit card lending continues to represent 70% of total consumer lending. The overall credit risk profile has remained broadly stable, reflected in an arrears rate of 1.10%\u202f(2025: 1.11%). Business lending Business lending balances have decreased to \u00a314.9\u202fbillion\u202f(2025: \u00a315.1\u202fbillion), reflecting an increasingly competitive market. Registered social landlords remain the largest sector exposure, aligned with the Group\u2019s strategic purpose by helping improve access to affordable housing. Credit performance has remained resilient despite persistent cost pressures faced by the businesses we lend to. Provisions Provisions increased to\u202f\u00a31,335\u202fmillion\u202f(2025: \u00a31,288\u202fmillion), with retail provisions remaining stable. Business lending provisions increased, driven by additional judgemental provisions for portfolio risks, as well as increased provisions for impaired loans. Total provisions include \u00a3170 million (2025: \u00a3137 million) associated with significant judgements relating to affordability considerations, persistent credit card debt, property valuation risks, and business lending portfolio risks. The impairment charge for the year was \u00a3331 million (2025: \u00a3632 million, including \u00a3456 million of one-off acquisition related impacts). Outlook The Group's base case scenario was updated to reflect economic conditions at 31 March 2026, including the impact of the conflict in the Middle East, and assumes modest UK economic growth. Bank rate is expected to remain unchanged at 3.75% during 2026, while inflation is forecast to increase in the short term to 4% before returning to the Bank of England\u2019s 2% target in 2027. House prices are expected to remain resilient and are forecast to rise by 3.2% in 2026. Recent developments in the Middle East have increased economic uncertainty, with the longer-term impact dependent on the duration of the shock to the global economy and the policy response of governments and central banks. The Group continues to apply four economic scenarios, which together reflect an appropriate range of potential economic outcomes for provisioning purposes. Further information on the economic scenarios used in calculating provisions is provided in note 10 to the financial statements.The Group continues to monitor geopolitical and economic uncertainties and assess their impact on borrowers and credit risk across our lending portfolios. Where necessary, we will continue to take appropriate action to support borrowers facing financial difficulty. Borrowers have so far demonstrated resilience to affordability pressures, and arrears are expected to remain below the industry average. 100100Maximum exposure to credit risk The Group\u2019s maximum exposure to credit risk at 31 March 2026 was \u00a3400 billion (2025: \u00a3383 billion). Credit risk largely arises from loans and advances to customers, which account for 83% (2025: 84%) of the Group\u2019s credit risk exposure. Within this, the exposure relates primarily to residential mortgages, which account for 91% (2025: 90%) of loans and advances to customers and comprise high-quality assets with historically low occurrences of arrears and repossessions. In addition to loans and advances to customers, the Group is exposed to credit risk on all other financial assets. For all financial assets recognised on the balance sheet, the maximum exposure to credit risk represents the balance sheet carrying value after allowance for impairment, plus off-balance sheet commitments. For off-balance sheet commitments, the maximum exposure is the maximum amount that the Group would have to pay if the commitments were to be called upon. For loan commitments and other credit-related commitments that are irrevocable over the life of the respective facilities, the maximum exposure is the full amount of the committed facilities. Maximum exposure to credit risk - Group 2026 Maximum % of total Gross Impairment Carrying Commitments credit risk credit risk balances provisionsvalue (note i)exposureexposure (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Amortised cost loans and advances to customers: Residential mortgages 286,298 (352) 285,946 15,603 301,549 75 Consumer lending 11,578 (829) 10,749 73 10,822 3 Business lending 14,668 (154) 14,514 5,361 19,875 5 Fair value adjustment for micro hedged risk (note ii) 204 - 204 - 204 - 312,748 (1,335) 311,413 21,037 332,450 83 Fair value through profit or loss (FVTPL) loans and advances to customers:Residential mortgages (note iii) 32 - 32 - 32 - Business lending (note iv) 38 - 38 - 38 - 70 - 70 - 70 - Other items: Cash and balances at central banks 38,411 - 38,411 - 38,411 10 Loans and advances to banks and similar institutions 1,758 - 1,758 - 1,758 - Investment securities \u2013 FVOCI 25,900 - 25,900 - 25,900 6 Investment securities \u2013 FVTPL 5 - 5 30 35 - Derivative financial instruments 3,341 - 3,341 - 3,341 1 Fair value adjustment for portfolio hedged risk (note ii) (2,121) - (2,121) - (2,121) - 67,294 - 67,294 30 67,324 17 Total 380,112 (1,335) 378,777 21,067 399,844 100 10110Maximum exposure to credit risk - Group 2025 Gross Impairment Carrying Commitments Maximum % of total balances provisionsvalue (note i)credit risk credit risk exposureexposure (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Amortised cost loans and advances to customers: Residential mortgages 275,890 (351) 275,539 13,765 289,304 76 Consumer lending 11,107 (824) 10,283 113 10,396 3 Business lending 14,818 (113) 14,705 5,580 20,285 5 Fair value adjustment for micro hedged risk (note ii) 277 - 277 - 277 - 302,092 (1,288) 300,804 19,458 320,262 84 Fair value through profit or loss (FVTPL) loans and advances to customers:Residential mortgages (note iii) 36 - 36 - 36 - Business lending (note iv) 49 - 49 - 49 - 85 - 85 - 85 - Other items: Cash and balances at central banks 29,483 - 29,483 - 29,483 8 Loans and advances to banks and similar institutions 1,810 - 1,810 - 1,810 1 Investment securities \u2013 FVOCI 28,658 - 28,658 - 28,658 7 Investment securities \u2013 FVTPL 5 - 5 5 10 - Derivative financial instruments 4,742 - 4,742 - 4,742 1 Fair value adjustment for portfolio hedged risk (note ii) (2,037) - (2,037) - (2,037) (1) 62,661 - 62,661 5 62,666 16 Total 364,838 (1,288) 363,550 19,463 383,013 100 Notes: i. In addition to the amounts shown above, the Group has revocable commitments of \u00a325,966 million (2025: \u00a323,352 million) primarily in respect of credit card and overdraft facilities. These commitments represent agreements to lend in the future, subject to certain considerations. Such commitments are cancellable by the Group, subject to notice requirements, and given their nature are not expected to be drawn down to the full level of exposure. ii. The fair value adjustment for portfolio hedged risk and the fair value adjustment for micro hedged risk (which relates to the business lending portfolio) represent hedge accounting adjustments. iii. FVTPL residential mortgages include equity release and shared equity loans.iv. Business lending was previously reported as business and commercial lending. The Society\u2019s maximum exposure to credit risk at 31 March 2026, which excludes Virgin Money and subsidiary lending included in the Group numbers in the tables above, totals \u00a3304 billion (2025: \u00a3285 billion). This includes all financial assets recognised on the Society\u2019s balance sheet. Further information is included in notes 12, 14 and 29 to the financial statements. Commitments Irrevocable undrawn commitments to lend are within the scope of provision requirements. The commitments in the table above consist of overpayment reserves and separately identifiable irrevocable commitments for the pipeline of residential mortgages, personal loans, business lending and investment securities. These commitments are not recognised on the balance sheet; the associated provision of \u00a33.8 million (2025: \u00a34.6 million) is included within provisions for liabilities and charges. The majority of the off-balance sheet commitments are in stage 1, with a provision equal to a 12-month ECL. Revocable commitments relating to overdrafts and credit cards are included in the calculation of impairment provisions, with the allowance for future drawdowns included in the estimate of the exposure at default.102102Credit risk \u2013 Residential mortgages Summary The Group\u2019s residential mortgages comprise owner-occupied, buy to let and legacy loans. Owner-occupied residential mortgages are mainly advances made through the Nationwide, Virgin Money, Clydesdale and Yorkshire Bank brands. Buy to let lending is originated under The Mortgage Works (UK) plc (TMW) as well as Virgin Money, Clydesdale and Yorkshire Bank brands. Legacy mortgages are smaller owner-occupied portfolios in run-off. Residential mortgage gross balances - Group 2026 2025 (Audited) \u00a3m \u00a3m Owner-occupied 224,856 215,546 Buy to let and legacy: Buy to let 60,637 59,383 Legacy 805 961 61,442 60,344 Amortised cost loans and advances to customers 286,298 275,890 FVTPL loans and advances to customers 32 36 Total residential mortgages 286,330 275,926 The increase in gross balances in the year reflects continued support for first time buyers, including an expansion of higher loan-to-income lending, alongside a focus on customer retention through highly competitive products. Impairment charge/(release) and write-offs for the year - Group (Audited) 2026 2025 Impairment charge/(release) \u00a3m \u00a3m Owner-occupied 14 25 Buy to let and legacy (6) 8 Total 8 33 \u00a3m \u00a3m Gross write-offs 22 12 The impairment charge reduced compared to the prior year, primarily due to the non-recurrence of \u00a321 million of one-off charges recognised in the prior year in relation to the acquisition of Virgin Money. Write-offs have increased to \u00a322 million (2025: \u00a312 million) but remain low in absolute terms. Residential mortgage arrears have remained at low levels during the year, with the arrears rate reducing slightly to 0.39% (2025: 0.43%). 103Residential mortgages staging analysis The following table shows the Group\u2019s residential mortgage lending balances carried at amortised cost, the stage allocation of the loans, impairment provisions and the resulting provision coverage ratios. Residential mortgages staging analysis - Group Stage 2 Stage 2 2026 Stage 2 Stage 2 POCI Stage 1 1 to 30 DPD >30 DPD Stage 3 Total totalUp to date (notes ii) (note i) (note i)(Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Owner-occupied 210,272 13,313 11,866 918 529 960 311 224,856 Buy to let and legacy 35,987 24,771 24,201 334 236 523 161 61,442 Total 246,259 38,084 36,067 1,252 765 1,483 472 286,298 Provisions Owner-occupied 13 63 45 7 11 51 2 129 Buy to let and legacy 33 134 106 14 14 53 3 223 Total 46 197 151 21 25 104 5 352 Provisions as a % of total balance % % % % % % % % Owner-occupied 0.01 0.47 0.38 0.82 2.05 5.33 --0.06 Buy to let and legacy 0.09 0.54 0.44 4.08 6.04 10.07 --0.36 Total 0.02 0.52 0.42 1.69 3.28 7.00 --0.12 104104Residential mortgages staging analysis - Group Stage 2 Stage 2 2025 Stage 2 Stage 2 POCI Stage 1 1 to 30 DPD >30 DPD Stage 3 Total total Up to date (note ii) (note i) (note i) (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Owner-occupied 200,586 13,740 12,434 841 465 833 387 215,546 Buy to let and legacy 35,822 23,821 23,261 344 216 504 197 60,344 Total 236,408 37,561 35,695 1,185 681 1,337 584 275,890 Provisions Owner-occupied 14 58 41 7 10 41 2 115 Buy to let and legacy 31 150 131 10 9 54 1 236 Total 45 208 172 17 19 95 3 351 Provisions as a % of total balance % % % % % % % %Owner-occupied 0.01 0.42 0.33 0.82 2.05 4.99 - 0.05 Buy to let and legacy 0.09 0.63 0.56 2.84 4.49 10.62 - 0.39 Total 0.02 0.55 0.48 1.41 2.82 7.11 - 0.13 Notes: i. Days past due (DPD) is a measure of arrears status. ii. Purchased or originated credit-impaired (POCI) loans are those which were recognised on the balance sheet when the Derbyshire Building Society was acquired in 2008 and Virgin Money was acquired in 2024. The POCI balance of \u00a3472 million (2025: \u00a3584 million) is presented net of lifetime ECL of \u00a316 million (2025: \u00a321 million). The provision coverage for POCI loans is not presented in the table due to the gross balance being reported net of the lifetime ECL at the point of acquisition. The POCI provision represents the movement in lifetime ECL since acquisition. Total balances have increased largely due to growth in the owner-occupied portfolio, resulting in an increase in stage 1 balances. Stage 2 balances have increased slightly to \u00a338.1 billion (2025: \u00a337.6 billion). Of these, only 2% (2025: 2%) are in arrears by 30 days or more, with the majority of balances in stage 2 due to an increase in the probability of default (PD) since origination. Total stage 2 balances include \u00a38.7 billion (2025: \u00a39.2 billion) of loans where the PD has been uplifted to recognise the increased risk of default due to borrower affordability pressures. Stage 3 and POCI balances make up 0.7% (2025: 0.7%) of total balances. Stage 3 balances increased to \u00a31,483 million (2025: \u00a31,337 million), primarily reflecting newly impaired loans during the year. This increase has been largely offset by a reduction in POCI balances to \u00a3472 million (2025: \u00a3584 million), as loans impaired at acquisition continue to redeem or be written off. Of the total stage 3 and POCI balances, \u00a31,204 million (2025: \u00a31,240 million) is in respect of loans which are more than 90 days past due, with the remainder being impaired due to other indicators of unlikeliness to pay such as certain types of forbearance. Residential mortgage provisions have remained stable at \u00a3352 million (2025: \u00a3351 million) and include a modelled adjustment of \u00a363 million (2025: \u00a370 million) to reflect an increase to the PD to account for ongoing affordability risks, including those related to higher interest rates. Further information is included in note 10 to the financial statements. 105105The following table shows the Society\u2019s residential mortgage lending balances carried at amortised cost, the stage allocation of the loans, impairment provisions and the resulting provision coverage ratios. The Society\u2019s balances exclude both Virgin Money and other subsidiaries, including TMW. Residential mortgages staging analysis - Society 2026 Stage 2 Stage 2 Stage 2 Stage 2 Stage 1 Stage 3 POCI Total totalUp to date 1 to 30 DPD >30 DPD (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Owner-occupied 172,070 11,335 10,203 823 309 772 - 184,177 Buy to let and legacy 53 107 101 4 2 10 - 170 Total 172,123 11,442 10,304 827 311 782 - 184,347 Provisions Owner-occupied 10 47 35 6 6 39 - 96 Buy to let and legacy - 2 2 - - 2 - 4 Total 10 49 37 6 6 41 - 100 Provisions as a % of total balance % % % % % % % % Owner-occupied 0.01 0.42 0.34 0.73 1.98 5.10 - 0.05 Buy to let and legacy 0.16 2.15 1.95 4.21 8.91 22.08 - 2.73 Total 0.01 0.43 0.36 0.75 2.02 5.32 - 0.05 Residential mortgages staging analysis - Society 2025 Stage 2 Stage 2 Stage 2 Stage 2 Stage 1 Stage 3 POCI Total total Up to date 1 to 30 DPD >30 DPD (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Owner-occupied 161,412 12,150 11,064 759 327 736 - 174,298 Buy to let and legacy 129 71 65 3 3 11 - 211 Total 161,541 12,221 11,129 762 330 747 - 174,509 Provisions Owner-occupied 8 45 32 6 7 39 - 92 Buy to let and legacy - 1 1 - - 2 - 3 Total 8 46 33 6 7 41 - 95 Provisions as a % of total balance % % % % % % % %Owner-occupied 0.00 0.38 0.30 0.76 2.03 5.31 - 0.05 Buy to let and legacy 0.18 2.32 2.28 3.14 2.43 15.55 - 1.72 Total 0.00 0.39 0.31 0.77 2.03 5.46 - 0.05 106106The table below summarises the movements in, and stage allocations of, the residential mortgages held at amortised cost, including the impact of ECL impairment provisions. The movements within the table compare the position at 31 March 2026 to that at the start of the reporting period. Reconciliation of net movements in residential mortgage balances and impairment provisions - Group Non-credit impaired Credit impaired (note i) Subject to 12-month ECL Subject to lifetime ECL Subject to lifetime ECL Total Stage 1 Stage 2 Stage 3 and POCI Gross Gross Gross Gross Provisions Provisions Provisions Provisions balancesbalancesbalancesbalances(Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 31 March 2025 236,408 45 37,561 208 1,921 98 275,890 351 Stage transfers: Transfers from stage 1 to stage 2 (12,982) (4) 12,982 4 - - - - Transfers to stage 3 (236) - (517) (9) 753 9 - - Transfers from stage 2 to stage 1 11,367 42 (11,367) (42) - - - - Transfers from stage 3 54 1 242 9 (296) (10) - - Net remeasurement of ECL arising from transfer of stage - (39) - 43 - 23 - 27 Net movement arising from transfer of stage (1,797) - 1,340 5 457 22 - 27 Change in exposure in the year (note ii) 11,648 5 (817) 4 (373) (12) 10,458 (3) Changes in risk parameters in relation to credit quality - (4) - (20) - 21 - (3) Other items impacting the income statement (note iii) - - - - - (13) - (13) Income statement charge for the year 8 Assets written off (note iii) - - - - (50) (21) (50) (21) Other adjustments (note iv) - - - - - 14 - 14 At 31 March 2026 246,259 46 38,084 197 1,955 109 286,298 352 Net carrying amount 246,213 37,887 1,846 285,946 Notes: i. Gross balances of credit impaired loans include \u00a3472 million (2025: \u00a3584 million) of POCI loans, which are presented net of lifetime ECL at acquisition of \u00a316 million (2025: \u00a321 million). ii. The change in exposure in the year includes; new assets originated, redemptions, further lending and repayments during the year. iii. The movement in provisions for \u2018assets written off\u2019 are presented net of post-write off recoveries of \u00a31 million. The income statement impact of these recoveries is included within 'other items impacting the income statement\u2019. iv. Other adjustments include the release of provisions related to POCI balances which have redeemed during the year. Further information on movements in gross loans and advances to customers and impairment provisions, including the methodology applied in preparing the table, is included in note 14 to the financial statements. 107107Loans which are reported within stage 2 are those which have experienced a significant increase in credit risk since origination, determined through both quantitative and qualitative indicators. The table below summarises the Group\u2019s stage 2 balances and impairment provisions for these indicators. Reason for residential mortgages being reported in stage 2 (note i) - Group 2026 Owner-occupied Buy to let and legacy Total Provisions Provisions Provisions Gross Gross Gross Provisions as a % of Provisions as a % of Provisions as a % of balances balances balances balance balance balance \u00a3m \u00a3m % \u00a3m \u00a3m % \u00a3m \u00a3m %Quantitative criteria: Payment status (greater than 30 DPD) 529 11 2.05 236 14 6.04 765 25 3.28 Increase in PD since origination (less than 30 DPD) 12,250 51 0.42 22,162 107 0.48 34,412 158 0.46 Qualitative criteria: Forbearance (less than 30 DPD) (note ii) 185 - 0.18 20 - 1.59 205 - 0.31 Interest only \u2013 significant risk of inability to refinance at maturity (less than 30 DPD) - - - 2,237 13 0.57 2,237 13 0.57 Other qualitative criteria 349 1 0.19 116 - 0.31 465 1 0.22 Total stage 2 gross balances 13,313 63 0.47 24,771 134 0.54 38,084 197 0.52 Reason for residential mortgages being reported in stage 2 (note i) - Group 2025 Owner-occupied Buy to let and legacy Total Provisions Provisions Provisions Gross Gross Gross Provisions as a % of Provisions as a % of Provisions as a % of balances balances balances balance balance balance \u00a3m \u00a3m % \u00a3m \u00a3m % \u00a3m \u00a3m %Quantitative criteria: Payment status (greater than 30 DPD) 465 10 2.05 216 9 4.49 681 19 2.82 Increase in PD since origination (less than 30 DPD) 12,589 46 0.37 21,731 125 0.58 34,320 171 0.50 Qualitative criteria: Forbearance (less than 30 DPD) (note ii) 206 1 0.34 24 - 1.63 230 1 0.47 Interest only \u2013 significant risk of inability to refinance at maturity (less than 30 DPD) - - - 1,709 15 0.85 1,709 15 0.85 Other qualitative criteria 480 1 0.29 141 1 0.46 621 2 0.33 Total stage 2 gross balances 13,740 58 0.42 23,821 150 0.63 37,561 208 0.55 Notes: i. Where loans satisfy more than one of the criteria for determining a significant increase in credit risk, the corresponding balance has been assigned in the order in which the categories are presented above. ii. Stage 2 forbearance relates to cases where full repayment of principal and interest is still anticipated. 108108At 31 March 2026, the Group\u2019s stage 2 balances were \u00a338.1 billion (2025: \u00a337.6 billion). Of these, only 2% (2025: 2%) are in arrears by 30 days or more, with the majority of balances in stage 2 due to an increase in PD since origination. This category includes \u00a38.7 billion (2025: \u00a39.2 billion) of loans where the PD has been uplifted to recognise the increased risk of default due to borrower affordability pressures. The impact of this uplift in PD has resulted in these loans breaching existing quantitative PD thresholds. Stage 2 loans include all loans greater than 30 days past due (DPD), including those where the original reason for being classified as stage 2 was other than arrears greater than 30 DPD. The total value of loans in stage 2 due solely to payment status is less than 0.1% (2025: 0.1%) of total stage 2 balances. The table below outlines the main criteria used to determine whether a significant increase in credit risk since origination has occurred. Criteria Detail Quantitative The primary quantitative indicators are the outputs of internal credit risk assessments. For residential mortgage exposures, PDs are derived using models, which use external information such as that from credit reference agencies, as well as internal information such as known instances of arrears or other financial difficulty. Current and historical data relating to an exposure are combined with forward-looking macroeconomic information to determine the likelihood of default. The 12-month and lifetime PDs are calculated for each loan. Similar quantitative staging principles are applied across Nationwide and Virgin Money portfolios. However, there are differences in the specific criteria, as outlined below. Nationwide portfolios: The 12-month and lifetime PDs are compared to pre-determined benchmarks at each reporting date to ascertain whether a relative or absolute increase in credit risk has occurred. The indicators for a significant increase in credit risk are: \uf0b7 Absolute measures: - The 12-month PD exceeds the 12-month PD threshold that is indicative, at the assessment date, of an account being in arrears. - The residual lifetime PD exceeds the residual lifetime PD threshold, set at inception, which represents the maximum credit risk that would have been accepted at that point. \uf0b7 Relative measure: - The residual lifetime PD has increased by at least 75 basis points and has at least doubled. Virgin Money portfolios: The residual lifetime PD is compared to a threshold which varies by portfolio and is based on the lifetime PD curves calculated at origination. The PD threshold curves were recalculated at acquisition, to reset the origination point to 1 October 2024, being the date when the Virgin Money business was acquired by the Group. Qualitative Qualitative indicators include the increased risk associated with interest only loans which may not be able to refinance at maturity, customer indebtedness markers and loans which have been in arrears during the past 12 months. Also included are forbearance events where full repayment of principal and interest is still anticipated, on a discounted basis. Backstop In addition to the primary criteria for stage allocation described above, accounts that are more than 30 days past due are also transferred to stage 2. 109109Credit quality The residential mortgage portfolio comprises many small loans which are broadly homogenous, have low volatility of credit risk outcomes and are geographically diversified. The table below shows the Group\u2019s gross balances and provisions for residential mortgages held at amortised cost, by PD range. Residential mortgage gross balances and provisions by PD - Group 2026 Gross balances Provisions Stage 3 and Stage 3 and Provision (Audited) Stage 1 Stage 2 Total Stage 1 Stage 2 Total POCI (note i) POCI (note i) coverage 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to < 0.15% 186,634 4,073 39 190,746 6 5 - 11 0.01 0.15 to < 0.25% 24,008 2,337 16 26,361 3 5 - 8 0.03 0.25 to < 0.50% 22,400 6,506 20 28,926 11 16 - 27 0.09 0.50 to < 0.75% 6,477 3,422 14 9,913 5 10 - 15 0.15 0.75 to < 2.50% 5,877 11,109 58 17,044 6 34 - 40 0.23 2.50 to < 10.00% 505 6,034 76 6,615 1 36 - 37 0.56 10.00 to < 100% 358 4,603 235 5,196 14 91 6 111 2.14 100% (default) - - 1,497 1,497 - - 103 103 6.85 Total 246,259 38,084 1,955 286,298 46 197 109 352 0.12 Residential mortgage gross balances and provisions by PD - Group 2025 Gross balances Provisions Stage 3 and Stage 3 and Provision (Audited) Stage 1 Stage 2 Total Stage 1 Stage 2 Total POCI (note i) POCI (note i) coverage 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to < 0.15% 175,908 3,617 32 179,557 5 6 - 11 0.01 0.15 to < 0.25% 24,703 2,124 16 26,843 4 5 - 9 0.03 0.25 to < 0.50% 19,419 5,160 20 24,599 5 14 - 19 0.08 0.50 to < 0.75% 8,542 3,319 14 11,875 11 9 - 20 0.17 0.75 to < 2.50% 7,032 12,249 47 19,328 10 42 - 52 0.27 2.50 to < 10.00% 613 6,678 67 7,358 5 48 - 53 0.72 10.00 to < 100% 191 4,414 201 4,806 5 84 7 96 2.00 100% (default) - - 1,524 1,524 - - 91 91 5.96 Total 236,408 37,561 1,921 275,890 45 208 98 351 0.13 Note: i. Includes POCI loan balances of \u00a3472 million (2025: \u00a3584 million). The POCI provision represents the movement in lifetime ECL since acquisition. At 31 March 2026, 95% (2025: 95%) of the portfolio had a 12-month IFRS 9 PD of less than 2.5%, reflecting the high quality of the residential mortgage portfolio. 110110The table below shows the Society\u2019s gross balances and provisions for residential mortgages held at amortised cost, by PD range. The Society\u2019s balances exclude both Virgin Money and other subsidiaries, including TMW. Residential mortgage gross balances and provisions by PD - Society 2026 Gross balances Provisions Provision coverage (Audited) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to < 0.15% 141,658 1,347 20 143,025 4 - - 4 0.00 0.15 to < 0.25% 15,409 475 7 15,891 2 1 - 3 0.01 0.25 to < 0.50% 10,136 796 8 10,940 2 2 - 4 0.04 0.50 to < 0.75% 2,564 345 5 2,914 1 1 - 2 0.06 0.75 to < 2.50% 2,336 3,563 27 5,926 1 6 - 7 0.12 2.50 to < 10.00% 20 2,677 33 2,730 - 9 - 9 0.36 10.00 to < 100% - 2,239 74 2,313 - 30 3 33 1.41 100% (default) - - 608 608 - - 38 38 6.27 Total 172,123 11,442 782 184,347 10 49 41 100 0.05 Residential mortgage gross balances and provisions by PD - Society 2025 Gross balances Provisions Provision (Audited) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total coverage 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to < 0.15% 132,568 1,801 20 134,389 3 1 - 4 0.00 0.15 to < 0.25% 14,570 622 7 15,199 1 1 - 2 0.01 0.25 to < 0.50% 9,833 983 6 10,822 2 1 - 3 0.03 0.50 to < 0.75% 2,656 442 4 3,102 1 1 - 2 0.05 0.75 to < 2.50% 1,912 3,879 20 5,811 1 7 - 8 0.14 2.50 to < 10.00% 2 2,486 33 2,521 - 9 - 9 0.37 10.00 to < 100% - 2,008 80 2,088 - 26 4 30 1.45 100% (default) - - 577 577 - - 37 37 6.41 Total 161,541 12,221 747 174,509 8 46 41 95 0.05 111111LTV and credit risk concentration Loan to value (LTV) is calculated by weighting the borrower level LTV by the individual loan balance to arrive at an average LTV. This approach is considered to be the most appropriate method for reflecting the exposure at risk. Average LTV of loan stock (by value) - Group (note i) 2026 2025 % % Owner-occupied 58 56 Buy to let and legacy 57 56 Group 58 56 Average LTV of new business (by value) - Group (note ii) 2026 2025 % % Owner-occupied 73 75 Buy to let 66 65 Group 72 73 Notes: i. The average LTV of loan stock includes both amortised cost and FVTPL balances. There have been no new FVTPL advances during the year. ii. The LTV of new business excludes further advances and product switches. New lending had a broadly stable average LTV of 72% (2025: 73%). The impact of new lending on the stock average LTV was only partially offset by house price growth and capital repayments during the year, resulting in an increase to 58% (2025: 56%). 112112Residential mortgage balances by LTV The following table shows the Group\u2019s residential mortgages, excluding FVTPL balances, by LTV across stages 1 and 2 (non-credit impaired) and stage 3 (credit impaired). The LTV is calculated using the latest indexed valuation. Residential mortgage balances by LTV \u2013 Group 2026 Gross balances Provisions Provision Stage 3 and Stage 3 and (Audited)Stage 1 Stage 2 Total Stage 1 Stage 2 Total coverage POCI (note i) POCI (note i)LTV ratio: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Up to 50% 85,174 11,170 847 97,191 4 30 19 53 0.05 50% to 60% 40,606 9,102 383 50,091 4 33 17 54 0.11 60% to 70% 41,365 9,346 315 51,026 9 44 19 72 0.14 70% to 80% 38,019 5,952 194 44,165 15 45 17 77 0.18 80% to 90% 33,288 2,034 123 35,445 11 29 14 54 0.15 90% to 100% 7,787 432 52 8,271 2 9 10 21 0.26 Over 100% 20 48 41 109 1 7 13 21 19.26 Total 246,259 38,084 1,955 286,298 46 197 109 352 0.12 Residential mortgage balances by LTV \u2013 Group 2025 Gross balances Provisions Provision Stage 3 and Stage 3 and (Audited)Stage 1 Stage 2 Total Stage 1 Stage 2 Total coverage POCI (note i) POCI (note i) LTV ratio: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Up to 50% 86,725 11,980 843 99,548 4 31 23 58 0.06 50% to 60% 41,051 9,588 399 51,038 5 37 15 57 0.11 60% to 70% 42,127 9,489 305 51,921 11 51 18 80 0.15 70% to 80% 33,735 4,886 193 38,814 15 49 13 77 0.20 80% to 90% 27,721 1,327 92 29,140 7 25 11 43 0.15 90% to 100% 5,023 242 48 5,313 2 8 8 18 0.33 Over 100% 26 49 41 116 1 7 10 18 15.36 Total 236,408 37,561 1,921 275,890 45 208 98 351 0.13 Note: i. Includes POCI loans of \u00a3472 million (2025: \u00a3584 million) and provisions of \u00a35 million (2025: \u00a33 million). 113113The following table shows the Society\u2019s residential mortgages, excluding FVTPL balances, by LTV across stages 1 and 2 (non credit impaired) and stage 3 (credit impaired). The Society\u2019s balances exclude both Virgin Money and other subsidiaries, including TMW. The LTV is calculated using the latest indexed valuation. Residential mortgage balances by LTV \u2013 Society 2026 Gross balances Provisions Provision (Audited)Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total coverage LTV ratio: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Up to 50% 60,148 3,977 344 64,469 2 6 10 18 0.03 50% to 60% 26,631 2,316 149 29,096 1 6 7 14 0.05 60% to 70% 26,369 2,139 126 28,634 1 8 7 16 0.06 70% to 80% 25,130 1,440 85 26,655 2 10 6 18 0.07 80% to 90% 28,279 1,346 55 29,680 3 15 5 23 0.08 90% to 100% 5,564 223 19 5,806 1 4 4 9 0.15 Over 100% 2 1 4 7 - - 2 2 30.39 Total 172,123 11,442 782 184,347 10 49 41 100 0.05 Residential mortgage balances by LTV \u2013 Society 2025 Gross balances Provision (Audited)Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total coverage LTV ratio: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Up to 50% 60,094 4,634 341 65,069 2 6 11 19 0.03 50% to 60% 25,931 2,621 152 28,704 1 6 7 14 0.05 60% to 70% 26,602 2,504 121 29,227 1 9 8 18 0.06 70% to 80% 21,853 1,383 81 23,317 1 11 6 18 0.08 80% to 90% 23,434 934 37 24,405 2 12 5 19 0.08 90% to 100% 3,624 144 13 3,781 1 2 3 6 0.17 Over 100% 3 1 2 6 - - 1 1 14.93 Total 161,541 12,221 747 174,509 8 46 41 95Geographical distribution During the year, the geographical distribution of the Group\u2019s residential mortgages across the UK has remained broadly stable. Lending in the Greater London and the South East regions continues to represent 46% (2025: 46%) of total residential mortgage balances. 114114Arrears Residential mortgage lending continues to have a low risk profile as demonstrated by the low level of arrears compared to the industry average. Number of cases more than 3 months in arrears as % of total book - Group 2026 2025 % % Owner-occupied 0.38 0.40 Buy to let and legacy 0.43 0.51 Total 0.39 0.43 UK Finance (UKF) industry average 0.77 0.89 Residential mortgage arrears have remained at low levels during the year, with the arrears rate reducing and remaining well below the UK industry average. The buy to let and legacy portfolio arrears rate has reduced to 0.43% (2025: 0.51%). Within this portfolio, the performance of the open buy to let book originated under the TMW brand remains strong, with 0.20% (2025: 0.21%) of cases more than 3 months in arrears. As at 31 March 2026, the mortgage portfolios include 2,527 (2025: 2,683) mortgage accounts, including those in possession, where payments were equal to or more than 12 months in arrears. The balance on these cases was \u00a3448 million (2025: \u00a3453 million), and the total value of arrears was \u00a3111 million (2025: \u00a3120 million). 115115Interest only mortgages The following table shows the Group\u2019s interest only mortgages by term to maturity. Interest only mortgages (gross balance) \u2013 term to maturity (note i) - Group Due after one Due after two Term expired Due within one Due after more % of year and before years and before Total (still open)yearthan five yearsbook two years five years 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Owner-occupied 131 304 492 1,717 9,989 12,633 5.6 Buy to let and legacy 173 347 536 2,443 52,519 56,018 91.2 Total 304 651 1,028 4,160 62,508 68,651 24.0 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Owner-occupied 126 282 445 1,860 10,470 13,183 6.1 Buy to let and legacy 172 308 536 2,169 51,787 54,972 91.1 Total 298 590 981 4,029 62,257 68,155 24.7 Note: i. Balances subject to forbearance with agreed term extensions are presented based on the latest agreed contractual term. At 31 March 2026, interest only balances of \u00a312,633 million (2025: \u00a313,183 million) account for 5.6% (2025: 6.1%) of the owner-occupied residential mortgage portfolios. Maturities of interest only mortgages are managed closely, with regular engagement with borrowers in advance of maturity, to ensure the loan is redeemed or to agree a strategy for repayment. Of the buy to let and legacy portfolio, \u00a356,018 million (2025: \u00a354,972 million) relates to interest only balances, representing 91% (2025: 91%) of balances. Buy to let remains open to new interest only lending under standard terms. There is a risk that a proportion of interest only mortgages will not be redeemed at their contractual maturity date, because a borrower does not have a means of capital repayment or has been unable to refinance the loan. Interest only loans which are judged to have a significantly increased risk of inability to refinance at maturity are transferred to stage 2. The ability of a borrower to refinance is calculated using current lending criteria which consider LTV and affordability assessments. The impact of recognising this risk is to increase provisions by \u00a326 million (2025: \u00a328 million). Past term interest only loans are not considered to be past due where contractual interest payments continue to be met, pending renegotiation of the facility. These loans are, however, treated as credit impaired and categorised as stage 3 balances from three months after the maturity date. 116116Forbearance The Group is committed to supporting borrowers facing financial difficulty by working with them to find a solution through proactive arrears management and forbearance. The Group applies the European Banking Authority (EBA) definition of forbearance. The main types of forbearance include interest or payment arrangements, where the borrower is granted a concession which varies from contractual terms and repayments during a time of financial difficulty. The table below provides details of residential mortgages held at amortised cost subject to forbearance, including balances which are within stage 1 for provision purposes, but which continue to meet the EBA definition of forbearance. Accounts that are currently subject to a concession are assessed as either stage 2, or stage 3 (credit impaired) where full repayment of principal and interest is no longer anticipated. Gross balances subject to forbearance - Group 2026 2025 Buy to let and Buy to let and Owner-occupied Total Owner-occupied Total legacylegacyGroup \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Total forbearance 1,029 382 1,411 1,048 377 1,425 Of which stage 2 359 106 465 363 108 471 Of which stage 3 or POCI 534 259 793 537 252 789 % % % % % % Total forbearance as a % of total gross balances 0.5 0.6 0.5 0.5 0.6 0.5 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Impairment provisions on forborne loans 19 25 44 16 24 40 Gross balances subject to forbearance represent 0.5% (2025: 0.5%) of total gross balances. In addition to the amortised cost balances above, \u00a31 million (2025: \u00a32 million) of FVTPL balances are also forborne.117117Credit risk \u2013 Consumer lending Summary The consumer lending portfolio comprises balances on unsecured retail banking products: credit cards, personal loans and overdrawn current accounts. Consumer lending gross balances - Group 2026 2025 (Audited) \u00a3m \u00a3m Credit cards 8,107 7,807 Personal loans 3,101 2,962 Overdrawn current accounts 370 338 Total consumer lending 11,578 11,107 The increase in gross balances in the year is driven by the credit card portfolio. Personal loans balances have increased, net of the impact of the Group\u2019s exit from the Salary Finance joint venture which reduced balances by \u00a3211 million over the year. The exit also resulted in a \u00a345 million reduction in stage 3 provisions, comprising a write-off of \u00a323 million and a provision release of \u00a322 million. All consumer lending is classified and measured at amortised cost. Impairment charge and write-offs for the year - Group (Audited)2026 2025 Impairment charge \u00a3m \u00a3m Credit cards 212 418 Personal loans 29 75 Overdrawn current accounts 28 21 Total 269 514 Gross write-offs \u00a3m \u00a3m Credit cards 243 105 Personal loans 70 44 Overdrawn current accounts 16 17 Total 329 166 The impairment charge reduced compared to the prior year, primarily due to the non-recurrence of \u00a3376 million of one-off charges recognised in the prior year in relation to the acquisition of Virgin Money. The current year impairment charge reflects a full year of the expanded Group\u2019s credit card exposure. Gross write-offs increased, primarily due to the inclusion of a full year of the expanded Group\u2019s credit card exposure. Arrears levels have remained low during the year. Excluding charged off accounts, the proportion of balances more than 3 months in arrears has remained stable and represents 1.10% (2025: 1.11%) of the portfolio. 118Consumer lending staging analysis The following table shows consumer lending balances by stage, with the corresponding impairment provisions and resulting provision coverage ratios. Consumer lending staging analysis - Group 2026 2025 Stage 1 Stage 2 Stage 3 POCI (note i) Total Stage 1 Stage 2 Stage 3 POCI (note i) Total (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Credit cards 6,291 1,563 244 9 8,107 6,311 1,304 165 27 7,807 Personal loans 2,346 620 135 - 3,101 2,131 488 342 1 2,962 Overdrawn current accounts 199 120 51 - 370 179 115 44 - 338 Total 8,836 2,303 430 9 11,578 8,621 1,907 551 28 11,107 Provisions Credit cards 126 295 151 (11) 561 104 323 119 (4) 542 Personal loans 18 53 120 - 191 16 41 158 - 215 Overdrawn current accounts 5 26 46 - 77 5 22 40 - 67 Total 149 374 317 (11) 829 125 386 317 (4) 824 Provisions as a % of total balance % % % % % % % % % % Credit cards 2.01 18.84 61.96 - 6.92 1.65 24.78 71.64 - 6.94 Personal loans 0.78 8.64 88.67 - 6.17 0.76 8.39 46.18 - 7.25 Overdrawn current accounts 2.37 21.71 91.17 - 20.86 2.77 19.39 90.17 - 19.74 Total 1.69 16.24 73.82 - 7.17 1.46 20.26 57.32 - 7.42 Note: i. POCI loans are those which were credit-impaired on acquisition and were recognised on the balance sheet when Virgin Money was acquired in 2024. The POCI balance of \u00a39 million (2025: \u00a328 million) is presented net of lifetime ECL of \u00a317 million (2025: \u00a329 million). The provision coverage for POCI loans is not presented in the table due to the gross balance being reported net of the lifetime ECL at the point of acquisition. The POCI provision represents the movement in lifetime ECL since acquisition. The change in the year is largely due to a credit card model redevelopment. Total balances have increased due to growth across all portfolios, resulting in an increase in both stage 1 and stage 2 balances. Stage 2 balances have increased to \u00a32,303 million (2025: \u00a31,907 million). This includes \u00a3664 million (2025: \u00a3291 million) of loans where the PD has been uplifted to reflect an increased allowance for affordability risk and credit card persistent debt. Only 2% (2025: 3%) of stage 2 balances are in arrears by 30 days or more, with the majority of balances in stage 2 due to an increase in PD since origination. Stage 3 and POCI balances make up 3.8% (2025: 5.2%) of total balances. The reduction during the year includes the impact of exiting the Salary Finance joint venture (2025: \u00a3211 million) which was reported within personal loans. The stage 3 gross balances and provisions include charged off balances. These are accounts which are closed to future transactions and may be held on the balance sheet for an extended period (up to 36 months) whilst recovery activities take place. The charged off balances are \u00a3187 million (2025: \u00a3178 million), and provisions held against these balances are \u00a3181 million (2025: \u00a3171 million). Consumer lending provisions have remained broadly stable at \u00a3829 million (2025: \u00a3824 million) and include a modelled adjustment of \u00a360 million (2025: \u00a336 million) to reflect an increase to the PD to account for ongoing affordability risks and credit card persistent debt. The increase in modelled adjustment has been offset by the impact of exiting the Salary Finance joint venture (2025: \u00a345 million). As a result of a redevelopment of credit card provision models, balances have moved from stage 2 into stage 1 where the provision reflects a 12-month ECL. This is turn has increased stage 1 provision coverage and reduced coverage in stage 2. Excluding charged off balances and related provisions, total provisions amount to 5.7% (2025: 6.0%) of total gross balances. 119119The following table shows the Society\u2019s consumer lending balances by stage, with the corresponding impairment provisions and resulting provision coverage ratios. The Society\u2019s balances exclude Virgin Money lending. Consumer lending staging analysis - Society 2026 2025 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total (Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Credit cards 1,471 277 85 1,833 1,277 282 82 1,641 Personal loans 2,167 614 134 2,915 1,882 479 127 2,488 Overdrawn current accounts 176 120 50 346 154 115 43 312 Total 3,814 1,011 269 5,094 3,313 876 252 4,441 Provisions Credit cards 14 63 73 150 13 57 72 142 Personal loans 17 52 119 188 14 39 112 165 Overdrawn current accounts 3 26 46 75 4 22 39 65 Total 34 141 238 413 31 118 223 372 Provisions as a % of total balance % % % % % % % % Credit cards 0.95 22.74 85.88 8.18 1.06 20.18 88.06 8.69 Personal loans 0.78 8.47 88.81 6.45 0.72 8.17 87.49 6.60 Overdrawn current accounts 1.70 21.67 92.00 21.68 2.47 19.28 90.20 20.72 Total 0.89 13.95 88.48 8.11 0.93 13.49 88.14 8.37 120120The table below summarises the movements in, and stage allocation of, the Group\u2019s consumer lending balances held at amortised cost, including the impact of ECL impairment provisions. The movements within the table compare the position at 31 March 2026 to that at the start of the reporting period. Reconciliation of net movements in consumer lending balances and impairment provisions - Group Non-credit impaired Credit impaired (note i) Subject to 12-month ECL Subject to lifetime ECL Subject to lifetime ECL Total Stage 1 Stage 2 Stage 3 and POCI Gross Gross Gross Gross Provisions Provisions Provisions Provisions balancesbalancesbalancesbalances(Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 31 March 2025 8,621 125 1,907 386 579 313 11,107 824 Stage transfers: Transfers from stage 1 to stage 2 (1,037) (24) 1,037 24 - - - - Transfers to stage 3 (140) (5) (201) (73) 341 78 - - Transfers from stage 2 to stage 1 659 119 (659) (119) - - - - Transfers from stage 3 3 2 11 4 (14) (6) - - Net remeasurement of ECL arising from transfer of stage - (122) - 158 - 101 - 137 Net movement arising from transfer of stage (515) (30) 188 (6) 327 173 - 137 Change in exposure in the year (note ii) 730 56 208 28 (138) 1 800 85 Changes in risk parameters in relation to credit quality - (2) - (34) - 149 - 113 Other items impacting the income statement (note iii) - - - - - (66) - (66) Income statement charge for the year 269 Assets written off (note iii) - - - - (329) (259) (329) (259) Other adjustments (note iv) - - - - --(5) - (5) At 31 March 2026 8,836 149 2,303 374 439 306 11,578 829 Net carrying amount 8,687 1,929 133 10,749 Notes: i. Gross balances of credit impaired loans include \u00a39 million (2025: \u00a328 million) of POCI loans, which are presented net of lifetime ECL at acquisition of \u00a317 million (2025: \u00a329 million). ii. The change in exposure in the year includes; new assets originated, redemptions, further lending and repayments during the year. iii. The movement in provisions for \u2018assets written off\u2019 are presented net of post-write off recoveries of \u00a370 million. The income statement impact of these recoveries is included within 'other items impacting the income statement\u2019. iv. Other adjustments include the release of provisions related to POCI balances which have redeemed during the year. Further information on movements in total gross loans and advances to customers and impairment provisions, including the methodology applied in preparing the table, is included in note 14 to the financial statements. 121121Loans which are reported within stage 2 are those which have experienced a significant increase in credit risk since origination, determined through both quantitative and qualitative indicators. The table below summarises the stage 2 balances and impairment provisions for these indicators. Reason for consumer lending being reported in stage 2 (note i) - Group 2026 Credit cards Personal loans Overdrawn current accounts Total Provisions Provisions Provisions Provisions Gross Gross Gross Gross Provisions as a % of Provisions as a % of Provisions as a % of Provisions as a % of balances balances balances balances balance balance balance balance \u00a3m \u00a3m % \u00a3m \u00a3m % \u00a3m \u00a3m % \u00a3m \u00a3m %Quantitative criteria: Payment status (greater than 30 DPD) (note ii) 29 17 60 12 7 53 7 4 59 48 28 58 Increase in PD since origination (less than 30 DPD) 1,194 218 18 601 46 8 99 21 21 1,894 285 15 Qualitative criteria: Forbearance (less than 30 DPD) (note iii) 4 1 13 - - 3 1 - 13 5 1 12 Other qualitative criteria (less than 30 DPD) 336 59 18 7 - 3 13 1 6 356 60 17 Total stage 2 gross balances 1,563 295 19 620 53 9 120 26 22 2,303 374 16 Reason for consumer lending being reported in stage 2 (note i) - Group 2025 Credit cards Personal loans Overdrawn current accounts Total Provisions Provisions Provisions Provisions Gross Gross Gross Gross Provisions as a % of Provisions as a % of Provisions as a % of Provisions as a % of balances balances balances balances balance balance balance balance \u00a3m \u00a3m % \u00a3m \u00a3m % \u00a3m \u00a3m % \u00a3m \u00a3m %Quantitative criteria: Payment status (greater than 30 DPD) (note ii) 35 22 63 12 6 51 5 3 56 52 31 59 Increase in PD since origination (less than 30 DPD) 924 230 25 470 35 7 96 18 19 1,490 283 19 Qualitative criteria: Forbearance (less than 30 DPD) (note iii) 9 2 29 - - 6 1 - 10 10 2 27 Other qualitative criteria (less than 30 DPD) 336 69 21 6 - 3 13 1 7 355 70 20 Total stage 2 gross balances 1,304 323 25 488 41 8 115 22 19 1,907 386 20 Notes: i. Where loans satisfy more than one of the criteria for determining a significant increase in credit risk, the corresponding balance has been assigned in the order in which the categories are presented above. ii. This category includes all loans greater than 30 DPD, including those whose original reason for being classified as stage 2 was not arrears greater than 30 DPD. iii. Stage 2 forbearance relates to cases where full repayment of principal and interest is still anticipated. Of the \u00a32,303 million (2025: \u00a31,907 million) stage 2 balances, 2% (2025: 3%) are in arrears by 30 days or more, with the majority of balances in stage 2 due to an increase in PD since origination. This category includes \u00a3410 million (2025: \u00a366 million) of balances where the PD has been uplifted to recognise the increased risk of default due to borrower affordability pressures. The increase in the year reflects the further alignment of provisions for affordability risks across the Group, following credit card model changes in the year. 122122The other qualitative criteria category includes \u00a3254 million (2025: \u00a3225 million) of loans which have been moved to stage 2 in recognition of the risk related to borrowers in credit card persistent debt. The table below outlines the main criteria used to determine whether a significant increase in credit risk since origination has occurred. Criteria Detail Quantitative The primary quantitative indicators are the outputs of internal credit risk assessments. For consumer lending exposures, PDs are derived using models, which use external information such as that from credit reference agencies, as well as internal information such as known instances of arrears or other financial difficulty. Current and historical data relating to an exposure are combined with forward-looking macroeconomic information to determine the likelihood of default. 12-month and lifetime PDs are calculated for each loan. Similar quantitative staging principles are applied across Nationwide and Virgin Money portfolios; however, there are differences in the specific criteria, as outlined below. Nationwide portfolios: The 12-month and lifetime PDs are compared to pre-determined benchmarks at each reporting date to ascertain whether a relative or absolute increase in credit risk has occurred. The indicators for a significant increase in credit risk are: \uf0b7 Absolute measures: - The 12-month PD exceeds the 12-month PD threshold that is indicative, at the assessment date, of an account being in arrears. - The residual lifetime PD exceeds the residual lifetime PD threshold, set at inception, which represents the maximum credit risk that would have been accepted at that point. \uf0b7 Relative measure: - The residual lifetime PD has increased by at least 75 basis points and has at least doubled. Virgin Money portfolios: The residual lifetime PD is compared to a threshold which varies by portfolio and is based on the lifetime PD curves calculated at origination. The PD threshold curves were recalculated at acquisition, to reset the origination point to 1 October 2024, being the date when the Virgin Money business was acquired by the Group. Qualitative Qualitative criteria include forbearance events, customer indebtedness markers, and, within the credit card portfolio, recognition of the risk related to borrowers in persistent debt. Backstop In addition to the primary criteria for stage allocation described above, accounts that are more than 30 days past due are also transferred to stage 2. 123123Credit quality The following table shows gross balances and provisions for consumer lending balances held at amortised cost by PD range. Consumer lending gross balances and provisions by PD - Group 2026 Gross balances Provisions Provision Stage 3 and Stage 3 and (Audited)Stage 1 Stage 2 Total Stage 1 Stage 2 Total coverage POCI (note i)POCI (note i) 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to <0.15% 991 26 - 1,017 2 2 - 4 0.38 0.15 to < 0.25% 612 23 - 635 2 1 - 3 0.48 0.25 to < 0.50% 1,125 97 - 1,222 9 4 - 13 1.01 0.50 to < 0.75% 887 88 - 975 17 4 - 21 2.00 0.75 to < 2.50% 3,271 421 5 3,697 48 29 (3) 74 1.99 2.50 to < 10.00% 1,884 874 8 2,766 62 106 (3) 165 5.97 10.00 to < 20.00% 52 438 3 493 5 90 (1) 94 19.13 20.00 to < 100% 14 336 6 356 4 138 1 143 40.52 100% (default) - - 417 417 - - 312 312 75.20 Total 8,836 2,303 439 11,578 149 374 306 829 7.17 Consumer lending gross balances and provisions by PD \u2013 Group 2025 Gross balances Provisions Provision Stage 3 and Stage 3 and (Audited)Stage 1 Stage 2 Total Stage 1 Stage 2 Total coverage POCI (note i)POCI (note i)12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to <0.15% 1,101 33 - 1,134 2 2 - 4 0.37 0.15 to < 0.25% 529 21 - 550 2 1 - 3 0.58 0.25 to < 0.50% 1,267 70 - 1,337 7 3 - 10 0.72 0.50 to < 0.75% 1,030 80 - 1,110 8 3 - 11 0.98 0.75 to < 2.50% 3,125 319 - 3,444 43 24 - 67 1.94 2.50 to < 10.00% 1,502 740 1 2,243 52 125 - 177 7.90 10.00 to <20.00% 45 363 1 409 5 96 - 101 24.78 20.00 to < 100% 22 281 2 305 6 132 1 139 45.71 100% (default) - - 575 575 - - 312 312 54.21 Total 8,621 1,907 579 11,107 125 386 313 824 7.42 Note: i. Includes POCI loan balances of \u00a39 million (2025: \u00a328 million). The POCI provision represents the movement in lifetime ECL since acquisition. The credit quality of the consumer lending portfolio has remained strong. 89% (2025: 88%) of the portfolio has a 12-month IFRS 9 PD of less than 10%, reflecting the high quality of the portfolio.124124The following table shows the Society\u2019s gross balances and provisions for consumer lending balances held at amortised cost by PD range. The Society\u2019s balances exclude Virgin Money and other subsidiary lending. Consumer lending gross balances and provisions by PD - Society 2026 Gross balances Provision (Audited)Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total coverage 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to <0.15% 820 26 - 846 2 1 - 3 0.40 0.15 to < 0.25% 492 23 - 515 1 1 - 2 0.46 0.25 to < 0.50% 756 96 - 852 2 4 - 6 0.69 0.50 to < 0.75% 376 82 - 458 2 3 - 5 1.11 0.75 to < 2.50% 928 272 1 1,201 10 17 - 27 2.27 2.50 to < 10.00% 427 265 1 693 13 35 - 48 6.88 10.00 to < 20.00% 6 120 1 127 1 24 - 25 19.46 20.00 to < 100% 9 127 3 139 3 56 1 60 43.46 100% (default) - - 263 263 - - 237 237 89.79 Total 3,814 1,011 269 5,094 34 141 238 413 8.11 Consumer lending gross balances and provisions by PD \u2013 Society 2025 Gross balances Provision (Audited)Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total coverage 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to <0.15% 879 34 - 913 2 2 - 4 0.40 0.15 to < 0.25% 384 21 - 405 1 1 - 2 0.54 0.25 to < 0.50% 585 67 - 652 2 3 - 5 0.71 0.50 to < 0.75% 330 70 - 400 2 3 - 5 1.14 0.75 to < 2.50% 749 229 - 978 9 16 - 25 2.50 2.50 to < 10.00% 374 235 1 610 12 29 - 41 6.89 10.00 to < 20.00% 6 109 1 116 1 21 - 22 18.73 20.00 to < 100% 6 111 2 119 2 43 1 46 39.51 100% (default) - - 248 248 - - 222 222 89.31 Total 3,313 876 252 4,441 31 118 223 372 8.37 125125Forbearance The Group is committed to supporting borrowers facing financial difficulty by working with them to find a solution through proactive arrears management and forbearance. The Group applies the European Banking Authority definition of forbearance. The main types of forbearance offered are interest payment concessions, which reduce monthly payments and may be offered to customers with an overdraft, credit card or personal loan. Interest payments are suppressed during the period of the concession and arrears do not increase. Cases subject to this concession are classified as impaired. The table below provides details of consumer lending currently subject to forbearance. Accounts that are currently subject to a concession are assessed as either stage 2, or stage 3 (credit impaired) where full repayment of principal and interest is no longer anticipated. Gross balances subject to forbearance - Group 2026 2025 Overdrawn Overdrawn Credit Personal Credit Personal current Total current Total cards loans cards loans accounts accounts \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mTotal forbearance 163 30 16 209 149 27 15 191 Of which stage 2 22 2 8 32 46 2 5 53 Of which stage 3 or POCI 136 27 7 170 94 24 10 128 % % % % % % % %Total forbearance as a % of total gross balances 2.0 1.0 4.3 1.8 1.9 0.9 4.4 1.7 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Impairment provisions on forborne loans 51 22 10 83 47 21 10 78 Gross balances subject to forbearance represent 1.8% (2025: 1.7%) of total gross balances.126126Credit risk \u2013 Business lendingSummary Business lending comprises lending to non-retail customers, including loans to registered social landlords. Lending is primarily to UK-domiciled corporate clients, some of which are owned by international companies and funds. Business lending gross balances - Group 2026 2025 (Audited) \u00a3m \u00a3m Business lending (excl. registered social landlords) 9,563 9,817 Registered social landlords 5,105 5,001 Business lending balances at amortised cost 14,668 14,818 Fair value adjustment for micro hedged risk 204 277 Business lending balances \u2013 FVTPL 38 49 Total 14,910 15,144 Gross balances have reduced slightly during the year, reflecting an increasingly competitive market. Registered social landlords is the largest sector exposure and supports the Group\u2019s strategic purpose by helping improve access to affordable housing. The remainder of the business lending portfolio is diversified across a range of sectors, the largest being agriculture, business services, and government, health and education. Group impairment charge and write-offs for the year 2026 2025 (Audited) \u00a3m \u00a3m Total impairment charge 54 85 \u00a3m \u00a3m Total gross write-offs 24 5 The impairment charge reduced compared to the prior year, primarily due to the non-recurrence of \u00a359 million of one-off charges recognised in the prior year in relation to the acquisition of Virgin Money. The current year impairment charge includes the full-year impact of the larger business lending portfolio. Gross write-offs in the year were mainly due to a small number of exposures, with the prior year write-offs including only six months of Virgin Money activity. 127The following table shows the business lending balances carried at amortised cost, the stage allocation of the loans, impairment provisions and the resulting provision coverage ratios. Business lending staging analysis \u2013 Group 2026 2025 Stage 1 Stage 2 Stage 3 POCI (note i) Total Stage 1 Stage 2 Stage 3 POCI (note i) Total (Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Business lending (excl. registered 7,214 1,818 220 311 9,563 7,991 1,354 137 335 9,817 social landlords) Registered social landlords 4,931 174 - - 5,105 4,731 270 - - 5,001 Total 12,145 1,992 220 311 14,668 12,722 1,624 137 335 14,818 Provisions Business lending (excl. registered 28 66 50 9 153 34 39 35 4 112 social landlords) Registered social landlords 1 - - - 1 1 - - - 1 Total 29 66 50 9 154 35 39 35 4 113 Provisions as a % of total balance % % % % % % % % % % Business lending (excl. registered 0.39 3.62 22.81 - 1.60 0.42 2.87 25.42 - 1.14 social landlords) Registered social landlords 0.02 0.09 - - 0.02 0.02 0.13 - - 0.02 Total 0.24 3.32 22.81 - 1.05 0.27 2.41 25.42 - 0.76 Note: i. POCI loans are those which were credit impaired on acquisition and were recognised on the balance sheet when Virgin Money was acquired in 2024. The POCI balance of \u00a3311 million (2025: \u00a3335 million) is presented net of lifetime ECL of \u00a331 million (2025: \u00a350 million). The provision coverage for POCI loans is not presented in the table due to the gross balance being reported net of the lifetime ECL at the point of acquisition. The POCI provision represents the movement in lifetime ECL since acquisition. Total gross balances have reduced slightly to \u00a314.7 billion (2025: \u00a314.8 billion) during the year. Stage 2 balances increased to \u00a31,992 million (2025: \u00a31,624 million), of which 0.2% (2025: 0.7%) are in arrears by 30 days or more. This increase is primarily driven by the implementation of a new probability of default model during the year, which has increased sensitivity to economic scenarios and resulted in a transfer of balances from stage 1 to stage 2. Stage 3 balances increased to \u00a3220 million (2025: \u00a3137 million), driven mainly by loans newly impaired during the year. This has been partially offset by a reduction in POCI balances to \u00a3311 million (2025: \u00a3335 million), as loans impaired at acquisition continue to redeem or be written off. As a result, stage 3 and POCI balances represent 3.6% (2025: 3.2%) of total balances. During the year, total provisions increased to \u00a3154 million (2025: \u00a3113 million). This includes a judgemental adjustment to modelled provisions of \u00a326 million (2025: \u00a310 million) to reflect business lending portfolio risks that are not fully captured by the models. Further information is provided in note 10 to the financial statements. The remaining increase in provisions primarily relates to stage 3 and POCI balances. Stage 3 and POCI provisions have increased by \u00a320 million over the year, due to newly impaired loans and increased provisions for existing impaired loans. There has been a broadly offsetting reduction in ECL relating to POCI loans; however, this is recognised primarily as a movement in gross balances, since for these loans, gross balances are presented net of the lifetime ECL at acquisition. The adjustment to gross balances for POCI loans has reduced by \u00a319 million over the year to \u00a331 million (2025: \u00a350 million). 128The following table shows the Society\u2019s business lending balances carried at amortised cost, the stage allocation of the loans, impairment provisions and the resulting provision coverage ratios. The Society\u2019s balances exclude both Virgin Money and other subsidiary lending. Business lending staging analysis - Society 2026 2025 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total (Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Business lending (excl. registered 402 74 66 542 469 84 66 619 social landlords) Registered social landlords 4,597 141 - 4,738 4,216 232 - 4,448 Total 4,999 215 66 5,280 4,685 316 66 5,067 Provisions Business lending (excl. registered 1 1 18 20 - 2 19 21 social landlords) Registered social landlords 1 - - 1 1 - - 1 Total 2 1 18 21 1 2 19 22 Provisions as a % of total balance % % % % % % % % Business lending (excl. registered 0.15 1.55 27.71 3.71 0.13 1.92 28.09 3.38 social landlords) Registered social landlords 0.01 0.10 - 0.02 0.01 0.14 - 0.02 Total 0.02 0.60 27.71 0.39 0.02 0.62 28.09 0.43 129129The table below summarises the movements in, and stage allocation of, the business lending balances held at amortised cost, including the impact of ECL impairment provisions. The movements within the table compare the position at 31 March 2026 to that at the start of the reporting period. Reconciliation of net movements in business lending balances and impairment provisions - Group Non-credit impaired Credit impaired Subject to 12-month ECL Subject to lifetime ECL Subject to lifetime ECL Total Stage 1 Stage 2 Stage 3 and POCI (note i) Gross Gross Gross Gross Provisions Provisions Provisions Provisions balancesbalancesbalancesbalances(Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 31 March 2025 12,722 35 1,624 39 472 39 14,818 113 Stage transfers: Transfers from stage 1 to stage 2 (889) (4) 889 4 - - - - Transfers to stage 3 (59) - (48) (2) 107 2 - - Transfers from stage 2 to stage 1 240 3 (240) (3) - - - - Transfers from stage 3 1 - 13 1 (14) (1) - - Net remeasurement of ECL arising from transfer of stage - (4) - 11 - 19 - 26 Net movement arising from transfer of stage (707) (5) 614 11 93 20 - 26 Change in exposure in the year (note ii) 130 4 (246) 21 (11) (4) (127) 21 Changes in risk parameters in relation to credit quality - (5) - (5) - 28 - 18 Other items impacting the income statement (note iii) - - - - - (11) - (11) Income statement charge for the year 54 Assets written off (note iii) - - - - (23) (22) (23) (22) Other adjustments (note iv) - - - - - 9 - 9 At 31 March 2026 12,145 29 1,992 66 531 59 14,668 154 Net carrying amount 12,116 1,926 472 14,514 Notes: i. Gross balances of credit impaired loans include \u00a3311 million (2025: \u00a3335 million) of POCI loans, which are presented net of lifetime ECL at acquisition of \u00a331 million (2025: \u00a350 million). ii. The change in exposure in the year includes; new assets originated, redemptions, further lending and repayments during the year. iii. The movement in provisions for \u2018assets written off\u2019 are presented net of post-write off recoveries of \u00a32 million. The income statement impact of these recoveries is included within 'other items impacting the income statement\u2019. iv. Other adjustments include the release of provisions related to POCI balances which have redeemed during the year. Further information on movements in gross loans and advances to customers and impairment provisions, including the methodology applied in preparing the table, is included in note 14 to the financial statements. 130130Loans which are reported within stage 2 are those which have experienced a significant increase in credit risk since origination, determined through both quantitative and qualitative indicators. The table below summarises the stage 2 balances and impairment provisions for these indicators. Reason for business lending being reported in stage 2 (note i) - Group 2026 2025 Provisions as a Provisions as a % Gross balances Provisions Gross balances Provisions % of balance of balance \u00a3m \u00a3m % \u00a3m \u00a3m % Quantitative criteria: Payment status (greater than 30 DPD) (note ii) 3 - 0.53 11 - 0.29 Increase in PD since origination (less than 30 DPD) 1,255 29 2.33 703 15 2.22 Qualitative criteria: Watchlist/approaching financial difficulty 585 31 5.32 833 23 2.72 Forbearance (less than 30 DPD) (note iii) 149 6 3.80 77 1 1.08 Other qualitative criteria (less than 30 DPD) - - 3.47 - - 4.14 Total stage 2 gross balances 1,992 66 3.32 1,624 39 2.41 Notes: i. Where loans satisfy more than one of the criteria for determining a significant increase in credit risk, the corresponding balance has been assigned in the order in which the categories are presented above. ii. This category includes all loans greater than 30 DPD, including those whose original reason for being classified as stage 2 was not arrears greater than 30 DPD. iii. Stage 2 forbearance relates to cases where full repayment of principal and interest is still anticipated. Stage 2 balances increased to \u00a31,992 million (2025: \u00a31,624 million) primarily due to the implementation of a new PD model which has increased the sensitivity to economic scenarios. The table below outlines the main criteria used to determine whether a significant increase in credit risk since origination has occurred. Criteria Detail Quantitative The primary quantitative indicators are the outputs of internal credit risk assessments. For business lending exposures, internal risk grades are derived using models, which use both external and internal information, such as known instances of arrears or other financial difficulty. Current and historical data relating to an exposure are combined with forward-looking macroeconomic information to determine the likelihood of default. 12-month and lifetime PDs are calculated for each loan, based on internal risk grade and portfolio. The internal risk grades are compared to pre-determined benchmarks at each reporting date to ascertain whether an increase in credit risk has occurred. Qualitative Qualitative indicators include early warning indicators such as loans being added to internal watchlists or loans judged to be approaching financial difficulty. Also included are forbearance events where full repayment of principal and interest is still anticipated, on a discounted basis. Backstop In addition to the primary criteria for stage allocation described above, accounts that are more than 30 days past due are also transferred to stage 2. 131131Credit quality The following table shows the gross balances and provisions for business lending balances held at amortised cost by PD range. Business lending gross balances and provisions by PD - Group 2026 Gross balances Provisions Provision Stage 3 and Stage 3 and (Audited)Stage 1 Stage 2 Total Stage 1 Stage 2 Total coverage POCI (note i)POCI (note i)12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to <0.15% 5,270 186 - 5,456 1 1 - 2 0.02 0.15 to < 0.25% 427 5 - 432 - - - - 0.06 0.25 to < 0.50% 953 36 - 989 1 - - 1 0.08 0.50 to < 0.75% 971 14 - 985 2 - - 2 0.22 0.75 to < 2.50% 2,926 592 1 3,519 9 7 - 16 0.46 2.50 to < 10.00% 1,595 968 7 2,570 16 40 (1) 55 2.14 10.00 to <100% 3 191 29 223 - 18 (4) 14 6.69 100% (default) - - 494 494 - - 64 64 12.79 Total 12,145 1,992 531 14,668 29 66 59 154 1.05 Business lending gross balances and provisions by PD - Group 2025 Gross balances Provisions Provision Stage 3 and Stage 3 and (Audited)Stage 1 Stage 2 Total Stage 1 Stage 2 Total coverage POCI (note i)POCI (note i)12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to <0.15% 5,410 247 - 5,657 2 - - 2 0.03 0.15 to < 0.25% 617 39 - 656 - - - - 0.07 0.25 to < 0.50% 869 25 - 894 1 - - 1 0.09 0.50 to < 0.75% 552 53 - 605 1 1 - 2 0.28 0.75 to < 2.50% 3,317 434 - 3,751 10 4 - 14 0.37 2.50 to < 10.00% 1,946 679 2 2,627 21 21 - 42 1.59 10.00 to < 100% 11 147 1 159 - 13 - 13 8.28 100% (default) - - 469 469 - - 39 39 8.33 Total 12,722 1,624 472 14,818 35 39 39 113 0.76 Note: i. Includes POCI loan balances of \u00a3311 million (2025: \u00a3335 million). The POCI provision represents the movement in lifetime ECL since acquisition. The registered social landlord portfolio exposure is low risk and weighted towards the lowest PD banding range. The remaining business lending exposures are primarily within the 0.75% to 10.00% range, which account for approximately half of total provisions. 132132The following table shows the Society\u2019s gross balances and provisions for business lending balances held at amortised cost by PD range. The Society\u2019s balances exclude Virgin Money and other subsidiary lending. Business lending gross balances and provisions by PD - Society 2026 Gross balances Provisions Provision coverage (Audited)Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to <0.15% 4,916 153 - 5,069 2 - - 2 0.02 0.15 to < 0.25% 12 1 - 13 - - - - 0.08 0.25 to < 0.50% 1 - - 1 - - - - 0.34 0.50 to < 0.75% 70 6 - 76 - - - - 0.78 0.75 to < 2.50% - 21 - 21 - - - - 0.65 2.50 to < 10.00% - 11 - 11 - - - - 0.20 10.00 to < 100% - 23 - 23 - 1 - 1 3.35 100% (default) - - 66 66 - - 18 18 27.71 Total 4,999 215 66 5,280 2 1 18 21 0.39 Business lending gross balances and provisions by PD - Society 2025 Gross balances Provision (Audited)Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total coverage 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to <0.15% 4,648 210 - 4,858 1 - - 1 0.02 0.15 to < 0.25% 12 35 - 47 - - - - 0.33 0.25 to < 0.50% 10 - - 10 - - - - 0.17 0.50 to < 0.75% 15 28 - 43 - 1 - 1 2.19 0.75 to < 2.50% - 2 - 2 - - - - 0.40 2.50 to < 10.00% - 35 - 35 - - - - 0.56 10.00 to < 100% - 6 - 6 - 1 - 1 9.65 100% (default) - - 66 66 - - 19 19 28.09 Total 4,685 316 66 5,067 1 2 19 22 0.43 133133The following table shows the business lending balances held at amortised cost, impairment provisions and resulting provision coverage ratios by industry sector. Business lending portfolio by sector - Group 2026 2025 Provisions as a Provisions as a Gross balance Provision % of total Gross balance Provision % of total balance balance\u00a3m \u00a3m % \u00a3m \u00a3m % Agriculture 1,272 4 0.32 1,246 3 0.22 Business services 1,354 36 2.68 1,286 18 1.42 Commercial real estate 929 6 0.60 842 6 0.67 Government, health and education 1,412 12 0.88 1,595 12 0.72 Hospitality 1,028 7 0.63 1,020 2 0.23 Manufacturing 736 18 2.47 659 17 2.52 PFI 399 17 4.30 440 17 3.98 Registered social landlords 5,105 1 0.02 5,001 1 0.02 Resources 151 2 1.22 169 1 0.80 Retail and wholesale trade 770 26 3.38 878 19 2.17 Transport and storage 319 2 0.75 391 1 0.26 Utilities, post and telecoms 574 11 1.87 578 7 1.13 Other 619 12 1.89 713 9 1.26 Total business lending 14,668 154 1.05 14,818 113 0.76 Registered social landlords is the largest sector exposure and supports the Group\u2019s strategic purpose. The remainder of the business lending portfolio is diversified across a range of sectors, the largest being agriculture, business services, and government, health and education. 134134Forbearance The Group is committed to supporting borrowers facing financial difficulty by working with them to find a solution through proactive arrears management and forbearance. The Group applies the European Banking Authority definition of forbearance. The main types of forbearance are associated with covenants and deferrals of interest or capital repayments. The table below provides details of business lending that is currently subject to forbearance. Accounts that are currently subject to a concession are assessed as either stage 2, or stage 3 (credit impaired) where full repayment of principal and interest is no longer anticipated. Gross balances subject to forbearance (note i) - Group 2026 2025 \u00a3m \u00a3m Total forbearance 536 659 Of which stage 2 278 382 Of which stage 3 or POCI 258 277 Total forbearance as a % of total gross balances 3.6 4.4 Total impairment provision on forborne loans 57 42 Note: i. Balances include the fair value adjustment for micro hedged risk. Gross balances subject to forbearance (excluding FVTPL) represent 3.6% (2025: 4.4%) of total gross balances.135135Credit risk \u2013 Treasury assets SummaryThe treasury portfolio is held primarily for operational purposes, liquidity management and, in the case of derivatives, for market risk management. As at 31 March 2026, treasury assets represented 18.2% (2025: 17.6%) of total assets. Treasury asset balances are set out below. Treasury asset balances \u2013 Group 2026 2025 (Audited) Classification \u00a3m \u00a3m Cash and balances at central banks Amortised cost 38,411 29,483 Loans and advances to banks and similar institutions Amortised cost 1,758 1,810 Investment securities (note i) FVOCI 25,899 28,658 Investment securities (note i) FVTPL 6 5 Liquidity and investment portfolio 66,074 59,956 Derivative instruments (note ii) FVTPL 3,341 4,742 Treasury assets 69,415 64,698 Notes: i. Investment securities at FVOCI include \u00a375 million (2025: \u00a360 million) and investment securities at FVTPL include \u00a36 million (2025: \u00a35 million) which relate to investments not included within the Group\u2019s liquidity portfolio. These investments primarily relate to investments made in Fintech companies which are being held for strategic purposes. ii. Derivatives are classified as assets where their fair value is positive and liabilities where their fair value is negative. Cash levels are maintained above risk appetite thresholds, with the timing of wholesale issuance and overall liquidity composition both being factors in the absolute value of balances held. Investment securities remain focused on high-quality liquid assets, which include assets eligible for central bank operations. Derivatives are used to economically hedge financial risks inherent in core lending and funding activities and are not used for trading or speculative purposes. Treasury credit riskCredit risk exposure within the treasury portfolio predominantly arises from the government and supranational bonds held to meet liquidity requirements. In addition, counterparty credit risk arises from the use of derivatives to reduce exposure to market risks; these are only transacted with highly-rated institutions and are collateralised using standard documentation. Standardised derivatives are cleared through a central clearing counterparty (CCP). There were no impairment losses for the year ended 31 March 2026 (2025: \u00a3nil). All treasury assets within the Group\u2019s liquidity portfolio are classified as stage 1 according to the requirements of IFRS 9, reflecting the strong and stable credit quality of the Group\u2019s treasury assets.136Liquidity and investment portfolioThe tables below show the breakdown of the Group and Society liquidity and investment portfolios. Liquidity and investment portfolio \u2013 Group 2026 By credit rating (note i) By geographical region AAA AA A Below A UK US & Canada Europe Japan Other (Audited) \u00a3m % % % % % % % % % Liquid assets: Cash and balances at central banks 38,411 - 100 - - 100 - - - - Government bonds (note ii) 17,998 10 75 15 - 45 35 15 5 - Supranational bonds 3,270 67 33 - - - - - - 100 Covered bonds 3,325 100 - - - 61 17 13 - 9 Residential mortgage-backed securities (RMBS) 781 100 - - - 41 - 59 - - Other asset-backed securities 195 100 - - - 100 - - - - Liquid assets total 63,980 13 83 4 - 77 11 6 1 5 Other securities (note iii): RMBS FVOCI 255 100 - - - 100 - - - - Other investments (note iv) 81 - - - 100 87 - 13 - - Other securities total 336 76 - - 24 97 - 3 - - Loans and advances to banks and similar institutions 1,758 - 46 54 - 63 31 6 - - Total 66,074 13 81 5 1 77 11 6 1 5 Liquidity and investment portfolio \u2013 Group 2025 By credit rating (note i) By geographical region AAA AA A Below AUK US & Canada Europe Japan Other (Audited) \u00a3m % % % % % % % % % Cash and balances at central banks 29,483 - 100 - - 100 - - - - Government bonds (note ii) 18,324 8 82 10 - 45 29 16 10 - Supranational bonds 4,653 64 36 - - - - - - 100 Covered bonds 4,343 100 - - - 50 32 12 - 6 Residential mortgage-backed securities (RMBS) 721 100 - - - 54 - 46 - - Other asset-backed securities 157 100 - - - 100 - - - - Liquid assets total 57,681 16 81 3 - 70 12 7 3 8 Other securities (note iii): RMBS FVOCI 400 100 - - - 100 - - - - Other investments (note iv) 65 - - - 100 99 - 1 - - Other securities total 465 86 - - 14 100 - - - - Loans and advances to banks and similar institutions 1,810 - 50 50 - 71 21 8 - - Total 59,956 16 79 5 - 70 12 7 3 8 137137Liquidity and investment portfolio \u2013 Society 2026 By credit rating (note i) By geographical region AAA AA A Below A UK US & Canada Europe Japan Other (Audited) \u00a3m % % % % % % % % % Liquid assets: Cash and balances at central banks 22,254 - 100 - - 100 - - - - Government bonds (note ii) 16,277 10 74 16 - 41 38 16 5 - Supranational bonds 2,208 51 49 - - - - - - 100 Covered bonds 2,275 100 - - - 54 18 19 - 9 Residential mortgage-backed securities (RMBS) 780 100 - - - 41 - 59 - - Other asset-backed securities 194 100 - - - 100 - - - - Liquid assets total 43,988 14 80 6 - 70 15 8 2 5 Other securities (note iii): RMBS FVOCI 255 100 - - - 100 - - - - Other investments (note iv) 1 - - - 100 100 - - - - Other securities total 256 100 - - - 100 - - - - Loans and advances to banks and similar institutions 1,204 - 63 37 - 47 45 8 - - Total 45,448 14 79 7 - 69 16 8 2 5 Liquidity and investment portfolio \u2013 Society 2025 By credit rating (note i) By geographical region AAA AA A Below A UK US & Canada Europe Japan Other (Audited) \u00a3m % % % % % % % % % Cash and balances at central banks 18,601 - 100- - 100 - - - - Government bonds (note ii) 15,388 7 81 12 - 35 35 18 12 - Supranational bonds 2,929 46 54 - - - - - - 100 Covered bonds 2,807 100 - - - 44 33 18 - 5 Residential mortgage-backed securities (RMBS) 721 100 - - - 54 - 46 - - Other asset-backed securities 156 100 - - - 100 - - - - Liquid assets total 40,602 15 80 5 - 63 16 9 4 8 Other securities (note iii): RMBS FVOCI 400 100 - - - 100 - - - - Other investments (note iv) 1 - - - 100 100 - - - - Other securities total 401 100 - - - 100 - - - - Loans and advances to banks and similar institutions 1,339 - 46 54 - 62 28 10 - - Total 42,342 16 78 6 - 64 16 9 4 7 Notes: i. Ratings used are obtained from S&P Global, Moody\u2019s or Fitch. ii. Balances classified as government bonds include government guaranteed, agency and government sponsored bonds. iii. Includes RMBS (UK buy to let and UK non-conforming) not eligible for the Liquidity Coverage Ratio (LCR). iv. Includes investment securities of \u00a375 million (2025: \u00a360 million) at FVOCI and \u00a36 million (2025: \u00a35 million) at FVTPL for the Group, and \u00a31 million (2025: \u00a31 million) at FVTPL for the Society.138138Derivative financial instruments Derivatives are used for market risk management, and not for trading or speculative purposes, although the application of accounting rules can create volatility in the income statement in an individual financial year. The fair value of derivative assets at 31 March 2026 was \u00a33.3 billion (2025: \u00a34.7 billion) and the fair value of derivative liabilities was \u00a31.2 billion (2025: \u00a31.5 billion). Derivatives are transacted with counterparties under an International Swaps and Derivatives Association (ISDA) Master Agreement with a Credit Support Annex (CSA) always executed in conjunction. The legal agreements grant the legal right of set-off and allow the netting of positions and exchange of collateral between counterparties, which can reduce net derivative credit exposure. The table below shows the exposure to counterparty credit risk for derivative contracts after netting benefits and collateral. The \u00a33 million (2025: \u00a313 million) of unrated derivative exposure relates to Virgin Money\u2019s business banking activities. Derivative credit exposure by credit rating \u2013 Group 2026 2025 AA A Unrated Total AA A Unrated Total (Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Derivative assets as per balance sheet 928 2,410 3 3,341 1,209 3,520 13 4,742 Netting benefits (259) (770) - (1,029) (408) (828) - (1,236) Net current credit exposure 669 1,640 3 2,312 801 2,692 13 3,506 Collateral (cash) (636) (1,601) - (2,237) (796) (2,671) - (3,467) Net derivative credit exposure 33 39 3 75 5 21 13 39 13913",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__10-1": {
"value": "Credit risk \u2013 Residential mortgages Summary The Group\u2019s residential mortgages comprise owner-occupied, buy to let and legacy loans. Owner-occupied residential mortgages are mainly advances made through the Nationwide, Virgin Money, Clydesdale and Yorkshire Bank brands. Buy to let lending is originated under The Mortgage Works (UK) plc (TMW) as well as Virgin Money, Clydesdale and Yorkshire Bank brands. Legacy mortgages are smaller owner-occupied portfolios in run-off. Residential mortgage gross balances - Group 2026 2025 (Audited) \u00a3m \u00a3m Owner-occupied 224,856 215,546 Buy to let and legacy: Buy to let 60,637 59,383 Legacy 805 961 61,442 60,344 Amortised cost loans and advances to customers 286,298 275,890 FVTPL loans and advances to customers 32 36 Total residential mortgages 286,330 275,926 The increase in gross balances in the year reflects continued support for first time buyers, including an expansion of higher loan-to-income lending, alongside a focus on customer retention through highly competitive products. Impairment charge/(release) and write-offs for the year - Group (Audited) 2026 2025 Impairment charge/(release) \u00a3m \u00a3m Owner-occupied 14 25 Buy to let and legacy (6) 8 Total 8 33 \u00a3m \u00a3m Gross write-offs 22 12 The impairment charge reduced compared to the prior year, primarily due to the non-recurrence of \u00a321 million of one-off charges recognised in the prior year in relation to the acquisition of Virgin Money. Write-offs have increased to \u00a322 million (2025: \u00a312 million) but remain low in absolute terms. Residential mortgage arrears have remained at low levels during the year, with the arrears rate reducing slightly to 0.39% (2025: 0.43%). 103Residential mortgages staging analysis The following table shows the Group\u2019s residential mortgage lending balances carried at amortised cost, the stage allocation of the loans, impairment provisions and the resulting provision coverage ratios. Residential mortgages staging analysis - Group Stage 2 Stage 2 2026 Stage 2 Stage 2 POCI Stage 1 1 to 30 DPD >30 DPD Stage 3 Total totalUp to date (notes ii) (note i) (note i)(Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Owner-occupied 210,272 13,313 11,866 918 529 960 311 224,856 Buy to let and legacy 35,987 24,771 24,201 334 236 523 161 61,442 Total 246,259 38,084 36,067 1,252 765 1,483 472 286,298 Provisions Owner-occupied 13 63 45 7 11 51 2 129 Buy to let and legacy 33 134 106 14 14 53 3 223 Total 46 197 151 21 25 104 5 352 Provisions as a % of total balance % % % % % % % % Owner-occupied 0.01 0.47 0.38 0.82 2.05 5.33 --0.06 Buy to let and legacy 0.09 0.54 0.44 4.08 6.04 10.07 --0.36 Total 0.02 0.52 0.42 1.69 3.28 7.00 --0.12 104104Residential mortgages staging analysis - Group Stage 2 Stage 2 2025 Stage 2 Stage 2 POCI Stage 1 1 to 30 DPD >30 DPD Stage 3 Total total Up to date (note ii) (note i) (note i) (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Owner-occupied 200,586 13,740 12,434 841 465 833 387 215,546 Buy to let and legacy 35,822 23,821 23,261 344 216 504 197 60,344 Total 236,408 37,561 35,695 1,185 681 1,337 584 275,890 Provisions Owner-occupied 14 58 41 7 10 41 2 115 Buy to let and legacy 31 150 131 10 9 54 1 236 Total 45 208 172 17 19 95 3 351 Provisions as a % of total balance % % % % % % % %Owner-occupied 0.01 0.42 0.33 0.82 2.05 4.99 - 0.05 Buy to let and legacy 0.09 0.63 0.56 2.84 4.49 10.62 - 0.39 Total 0.02 0.55 0.48 1.41 2.82 7.11 - 0.13 Notes: i. Days past due (DPD) is a measure of arrears status. ii. Purchased or originated credit-impaired (POCI) loans are those which were recognised on the balance sheet when the Derbyshire Building Society was acquired in 2008 and Virgin Money was acquired in 2024. The POCI balance of \u00a3472 million (2025: \u00a3584 million) is presented net of lifetime ECL of \u00a316 million (2025: \u00a321 million). The provision coverage for POCI loans is not presented in the table due to the gross balance being reported net of the lifetime ECL at the point of acquisition. The POCI provision represents the movement in lifetime ECL since acquisition. Total balances have increased largely due to growth in the owner-occupied portfolio, resulting in an increase in stage 1 balances. Stage 2 balances have increased slightly to \u00a338.1 billion (2025: \u00a337.6 billion). Of these, only 2% (2025: 2%) are in arrears by 30 days or more, with the majority of balances in stage 2 due to an increase in the probability of default (PD) since origination. Total stage 2 balances include \u00a38.7 billion (2025: \u00a39.2 billion) of loans where the PD has been uplifted to recognise the increased risk of default due to borrower affordability pressures. Stage 3 and POCI balances make up 0.7% (2025: 0.7%) of total balances. Stage 3 balances increased to \u00a31,483 million (2025: \u00a31,337 million), primarily reflecting newly impaired loans during the year. This increase has been largely offset by a reduction in POCI balances to \u00a3472 million (2025: \u00a3584 million), as loans impaired at acquisition continue to redeem or be written off. Of the total stage 3 and POCI balances, \u00a31,204 million (2025: \u00a31,240 million) is in respect of loans which are more than 90 days past due, with the remainder being impaired due to other indicators of unlikeliness to pay such as certain types of forbearance. Residential mortgage provisions have remained stable at \u00a3352 million (2025: \u00a3351 million) and include a modelled adjustment of \u00a363 million (2025: \u00a370 million) to reflect an increase to the PD to account for ongoing affordability risks, including those related to higher interest rates. Further information is included in note 10 to the financial statements. 105105The following table shows the Society\u2019s residential mortgage lending balances carried at amortised cost, the stage allocation of the loans, impairment provisions and the resulting provision coverage ratios. The Society\u2019s balances exclude both Virgin Money and other subsidiaries, including TMW. Residential mortgages staging analysis - Society 2026 Stage 2 Stage 2 Stage 2 Stage 2 Stage 1 Stage 3 POCI Total totalUp to date 1 to 30 DPD >30 DPD (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Owner-occupied 172,070 11,335 10,203 823 309 772 - 184,177 Buy to let and legacy 53 107 101 4 2 10 - 170 Total 172,123 11,442 10,304 827 311 782 - 184,347 Provisions Owner-occupied 10 47 35 6 6 39 - 96 Buy to let and legacy - 2 2 - - 2 - 4 Total 10 49 37 6 6 41 - 100 Provisions as a % of total balance % % % % % % % % Owner-occupied 0.01 0.42 0.34 0.73 1.98 5.10 - 0.05 Buy to let and legacy 0.16 2.15 1.95 4.21 8.91 22.08 - 2.73 Total 0.01 0.43 0.36 0.75 2.02 5.32 - 0.05 Residential mortgages staging analysis - Society 2025 Stage 2 Stage 2 Stage 2 Stage 2 Stage 1 Stage 3 POCI Total total Up to date 1 to 30 DPD >30 DPD (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Gross balances Owner-occupied 161,412 12,150 11,064 759 327 736 - 174,298 Buy to let and legacy 129 71 65 3 3 11 - 211 Total 161,541 12,221 11,129 762 330 747 - 174,509 Provisions Owner-occupied 8 45 32 6 7 39 - 92 Buy to let and legacy - 1 1 - - 2 - 3 Total 8 46 33 6 7 41 - 95 Provisions as a % of total balance % % % % % % % %Owner-occupied 0.00 0.38 0.30 0.76 2.03 5.31 - 0.05 Buy to let and legacy 0.18 2.32 2.28 3.14 2.43 15.55 - 1.72 Total 0.00 0.39 0.31 0.77 2.03 5.46 - 0.05 106106The table below summarises the movements in, and stage allocations of, the residential mortgages held at amortised cost, including the impact of ECL impairment provisions. The movements within the table compare the position at 31 March 2026 to that at the start of the reporting period. Reconciliation of net movements in residential mortgage balances and impairment provisions - Group Non-credit impaired Credit impaired (note i) Subject to 12-month ECL Subject to lifetime ECL Subject to lifetime ECL Total Stage 1 Stage 2 Stage 3 and POCI Gross Gross Gross Gross Provisions Provisions Provisions Provisions balancesbalancesbalancesbalances(Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 31 March 2025 236,408 45 37,561 208 1,921 98 275,890 351 Stage transfers: Transfers from stage 1 to stage 2 (12,982) (4) 12,982 4 - - - - Transfers to stage 3 (236) - (517) (9) 753 9 - - Transfers from stage 2 to stage 1 11,367 42 (11,367) (42) - - - - Transfers from stage 3 54 1 242 9 (296) (10) - - Net remeasurement of ECL arising from transfer of stage - (39) - 43 - 23 - 27 Net movement arising from transfer of stage (1,797) - 1,340 5 457 22 - 27 Change in exposure in the year (note ii) 11,648 5 (817) 4 (373) (12) 10,458 (3) Changes in risk parameters in relation to credit quality - (4) - (20) - 21 - (3) Other items impacting the income statement (note iii) - - - - - (13) - (13) Income statement charge for the year 8 Assets written off (note iii) - - - - (50) (21) (50) (21) Other adjustments (note iv) - - - - - 14 - 14 At 31 March 2026 246,259 46 38,084 197 1,955 109 286,298 352 Net carrying amount 246,213 37,887 1,846 285,946 Notes: i. Gross balances of credit impaired loans include \u00a3472 million (2025: \u00a3584 million) of POCI loans, which are presented net of lifetime ECL at acquisition of \u00a316 million (2025: \u00a321 million). ii. The change in exposure in the year includes; new assets originated, redemptions, further lending and repayments during the year. iii. The movement in provisions for \u2018assets written off\u2019 are presented net of post-write off recoveries of \u00a31 million. The income statement impact of these recoveries is included within 'other items impacting the income statement\u2019. iv. Other adjustments include the release of provisions related to POCI balances which have redeemed during the year. Further information on movements in gross loans and advances to customers and impairment provisions, including the methodology applied in preparing the table, is included in note 14 to the financial statements. 107107Loans which are reported within stage 2 are those which have experienced a significant increase in credit risk since origination, determined through both quantitative and qualitative indicators. The table below summarises the Group\u2019s stage 2 balances and impairment provisions for these indicators. Reason for residential mortgages being reported in stage 2 (note i) - Group 2026 Owner-occupied Buy to let and legacy Total Provisions Provisions Provisions Gross Gross Gross Provisions as a % of Provisions as a % of Provisions as a % of balances balances balances balance balance balance \u00a3m \u00a3m % \u00a3m \u00a3m % \u00a3m \u00a3m %Quantitative criteria: Payment status (greater than 30 DPD) 529 11 2.05 236 14 6.04 765 25 3.28 Increase in PD since origination (less than 30 DPD) 12,250 51 0.42 22,162 107 0.48 34,412 158 0.46 Qualitative criteria: Forbearance (less than 30 DPD) (note ii) 185 - 0.18 20 - 1.59 205 - 0.31 Interest only \u2013 significant risk of inability to refinance at maturity (less than 30 DPD) - - - 2,237 13 0.57 2,237 13 0.57 Other qualitative criteria 349 1 0.19 116 - 0.31 465 1 0.22 Total stage 2 gross balances 13,313 63 0.47 24,771 134 0.54 38,084 197 0.52 Reason for residential mortgages being reported in stage 2 (note i) - Group 2025 Owner-occupied Buy to let and legacy Total Provisions Provisions Provisions Gross Gross Gross Provisions as a % of Provisions as a % of Provisions as a % of balances balances balances balance balance balance \u00a3m \u00a3m % \u00a3m \u00a3m % \u00a3m \u00a3m %Quantitative criteria: Payment status (greater than 30 DPD) 465 10 2.05 216 9 4.49 681 19 2.82 Increase in PD since origination (less than 30 DPD) 12,589 46 0.37 21,731 125 0.58 34,320 171 0.50 Qualitative criteria: Forbearance (less than 30 DPD) (note ii) 206 1 0.34 24 - 1.63 230 1 0.47 Interest only \u2013 significant risk of inability to refinance at maturity (less than 30 DPD) - - - 1,709 15 0.85 1,709 15 0.85 Other qualitative criteria 480 1 0.29 141 1 0.46 621 2 0.33 Total stage 2 gross balances 13,740 58 0.42 23,821 150 0.63 37,561 208 0.55 Notes: i. Where loans satisfy more than one of the criteria for determining a significant increase in credit risk, the corresponding balance has been assigned in the order in which the categories are presented above. ii. Stage 2 forbearance relates to cases where full repayment of principal and interest is still anticipated. 108108At 31 March 2026, the Group\u2019s stage 2 balances were \u00a338.1 billion (2025: \u00a337.6 billion). Of these, only 2% (2025: 2%) are in arrears by 30 days or more, with the majority of balances in stage 2 due to an increase in PD since origination. This category includes \u00a38.7 billion (2025: \u00a39.2 billion) of loans where the PD has been uplifted to recognise the increased risk of default due to borrower affordability pressures. The impact of this uplift in PD has resulted in these loans breaching existing quantitative PD thresholds. Stage 2 loans include all loans greater than 30 days past due (DPD), including those where the original reason for being classified as stage 2 was other than arrears greater than 30 DPD. The total value of loans in stage 2 due solely to payment status is less than 0.1% (2025: 0.1%) of total stage 2 balances. The table below outlines the main criteria used to determine whether a significant increase in credit risk since origination has occurred. Criteria Detail Quantitative The primary quantitative indicators are the outputs of internal credit risk assessments. For residential mortgage exposures, PDs are derived using models, which use external information such as that from credit reference agencies, as well as internal information such as known instances of arrears or other financial difficulty. Current and historical data relating to an exposure are combined with forward-looking macroeconomic information to determine the likelihood of default. The 12-month and lifetime PDs are calculated for each loan. Similar quantitative staging principles are applied across Nationwide and Virgin Money portfolios. However, there are differences in the specific criteria, as outlined below. Nationwide portfolios: The 12-month and lifetime PDs are compared to pre-determined benchmarks at each reporting date to ascertain whether a relative or absolute increase in credit risk has occurred. The indicators for a significant increase in credit risk are: \uf0b7 Absolute measures: - The 12-month PD exceeds the 12-month PD threshold that is indicative, at the assessment date, of an account being in arrears. - The residual lifetime PD exceeds the residual lifetime PD threshold, set at inception, which represents the maximum credit risk that would have been accepted at that point. \uf0b7 Relative measure: - The residual lifetime PD has increased by at least 75 basis points and has at least doubled. Virgin Money portfolios: The residual lifetime PD is compared to a threshold which varies by portfolio and is based on the lifetime PD curves calculated at origination. The PD threshold curves were recalculated at acquisition, to reset the origination point to 1 October 2024, being the date when the Virgin Money business was acquired by the Group. Qualitative Qualitative indicators include the increased risk associated with interest only loans which may not be able to refinance at maturity, customer indebtedness markers and loans which have been in arrears during the past 12 months. Also included are forbearance events where full repayment of principal and interest is still anticipated, on a discounted basis. Backstop In addition to the primary criteria for stage allocation described above, accounts that are more than 30 days past due are also transferred to stage 2. 109109Credit quality The residential mortgage portfolio comprises many small loans which are broadly homogenous, have low volatility of credit risk outcomes and are geographically diversified. The table below shows the Group\u2019s gross balances and provisions for residential mortgages held at amortised cost, by PD range. Residential mortgage gross balances and provisions by PD - Group 2026 Gross balances Provisions Stage 3 and Stage 3 and Provision (Audited) Stage 1 Stage 2 Total Stage 1 Stage 2 Total POCI (note i) POCI (note i) coverage 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to < 0.15% 186,634 4,073 39 190,746 6 5 - 11 0.01 0.15 to < 0.25% 24,008 2,337 16 26,361 3 5 - 8 0.03 0.25 to < 0.50% 22,400 6,506 20 28,926 11 16 - 27 0.09 0.50 to < 0.75% 6,477 3,422 14 9,913 5 10 - 15 0.15 0.75 to < 2.50% 5,877 11,109 58 17,044 6 34 - 40 0.23 2.50 to < 10.00% 505 6,034 76 6,615 1 36 - 37 0.56 10.00 to < 100% 358 4,603 235 5,196 14 91 6 111 2.14 100% (default) - - 1,497 1,497 - - 103 103 6.85 Total 246,259 38,084 1,955 286,298 46 197 109 352 0.12 Residential mortgage gross balances and provisions by PD - Group 2025 Gross balances Provisions Stage 3 and Stage 3 and Provision (Audited) Stage 1 Stage 2 Total Stage 1 Stage 2 Total POCI (note i) POCI (note i) coverage 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to < 0.15% 175,908 3,617 32 179,557 5 6 - 11 0.01 0.15 to < 0.25% 24,703 2,124 16 26,843 4 5 - 9 0.03 0.25 to < 0.50% 19,419 5,160 20 24,599 5 14 - 19 0.08 0.50 to < 0.75% 8,542 3,319 14 11,875 11 9 - 20 0.17 0.75 to < 2.50% 7,032 12,249 47 19,328 10 42 - 52 0.27 2.50 to < 10.00% 613 6,678 67 7,358 5 48 - 53 0.72 10.00 to < 100% 191 4,414 201 4,806 5 84 7 96 2.00 100% (default) - - 1,524 1,524 - - 91 91 5.96 Total 236,408 37,561 1,921 275,890 45 208 98 351 0.13 Note: i. Includes POCI loan balances of \u00a3472 million (2025: \u00a3584 million). The POCI provision represents the movement in lifetime ECL since acquisition. At 31 March 2026, 95% (2025: 95%) of the portfolio had a 12-month IFRS 9 PD of less than 2.5%, reflecting the high quality of the residential mortgage portfolio. 110110The table below shows the Society\u2019s gross balances and provisions for residential mortgages held at amortised cost, by PD range. The Society\u2019s balances exclude both Virgin Money and other subsidiaries, including TMW. Residential mortgage gross balances and provisions by PD - Society 2026 Gross balances Provisions Provision coverage (Audited) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to < 0.15% 141,658 1,347 20 143,025 4 - - 4 0.00 0.15 to < 0.25% 15,409 475 7 15,891 2 1 - 3 0.01 0.25 to < 0.50% 10,136 796 8 10,940 2 2 - 4 0.04 0.50 to < 0.75% 2,564 345 5 2,914 1 1 - 2 0.06 0.75 to < 2.50% 2,336 3,563 27 5,926 1 6 - 7 0.12 2.50 to < 10.00% 20 2,677 33 2,730 - 9 - 9 0.36 10.00 to < 100% - 2,239 74 2,313 - 30 3 33 1.41 100% (default) - - 608 608 - - 38 38 6.27 Total 172,123 11,442 782 184,347 10 49 41 100 0.05 Residential mortgage gross balances and provisions by PD - Society 2025 Gross balances Provisions Provision (Audited) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total coverage 12-month IFRS 9 PD range \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % 0.00 to < 0.15% 132,568 1,801 20 134,389 3 1 - 4 0.00 0.15 to < 0.25% 14,570 622 7 15,199 1 1 - 2 0.01 0.25 to < 0.50% 9,833 983 6 10,822 2 1 - 3 0.03 0.50 to < 0.75% 2,656 442 4 3,102 1 1 - 2 0.05 0.75 to < 2.50% 1,912 3,879 20 5,811 1 7 - 8 0.14 2.50 to < 10.00% 2 2,486 33 2,521 - 9 - 9 0.37 10.00 to < 100% - 2,008 80 2,088 - 26 4 30 1.45 100% (default) - - 577 577 - - 37 37 6.41 Total 161,541 12,221 747 174,509 8 46 41 95 0.05 111111LTV and credit risk concentration Loan to value (LTV) is calculated by weighting the borrower level LTV by the individual loan balance to arrive at an average LTV. This approach is considered to be the most appropriate method for reflecting the exposure at risk. Average LTV of loan stock (by value) - Group (note i) 2026 2025 % % Owner-occupied 58 56 Buy to let and legacy 57 56 Group 58 56 Average LTV of new business (by value) - Group (note ii) 2026 2025 % % Owner-occupied 73 75 Buy to let 66 65 Group 72 73 Notes: i. The average LTV of loan stock includes both amortised cost and FVTPL balances. There have been no new FVTPL advances during the year. ii. The LTV of new business excludes further advances and product switches. New lending had a broadly stable average LTV of 72% (2025: 73%). The impact of new lending on the stock average LTV was only partially offset by house price growth and capital repayments during the year, resulting in an increase to 58% (2025: 56%). 112112Residential mortgage balances by LTV The following table shows the Group\u2019s residential mortgages, excluding FVTPL balances, by LTV across stages 1 and 2 (non-credit impaired) and stage 3 (credit impaired). The LTV is calculated using the latest indexed valuation. Residential mortgage balances by LTV \u2013 Group 2026 Gross balances Provisions Provision Stage 3 and Stage 3 and (Audited)Stage 1 Stage 2 Total Stage 1 Stage 2 Total coverage POCI (note i) POCI (note i)LTV ratio: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Up to 50% 85,174 11,170 847 97,191 4 30 19 53 0.05 50% to 60% 40,606 9,102 383 50,091 4 33 17 54 0.11 60% to 70% 41,365 9,346 315 51,026 9 44 19 72 0.14 70% to 80% 38,019 5,952 194 44,165 15 45 17 77 0.18 80% to 90% 33,288 2,034 123 35,445 11 29 14 54 0.15 90% to 100% 7,787 432 52 8,271 2 9 10 21 0.26 Over 100% 20 48 41 109 1 7 13 21 19.26 Total 246,259 38,084 1,955 286,298 46 197 109 352 0.12 Residential mortgage balances by LTV \u2013 Group 2025 Gross balances Provisions Provision Stage 3 and Stage 3 and (Audited)Stage 1 Stage 2 Total Stage 1 Stage 2 Total coverage POCI (note i) POCI (note i) LTV ratio: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Up to 50% 86,725 11,980 843 99,548 4 31 23 58 0.06 50% to 60% 41,051 9,588 399 51,038 5 37 15 57 0.11 60% to 70% 42,127 9,489 305 51,921 11 51 18 80 0.15 70% to 80% 33,735 4,886 193 38,814 15 49 13 77 0.20 80% to 90% 27,721 1,327 92 29,140 7 25 11 43 0.15 90% to 100% 5,023 242 48 5,313 2 8 8 18 0.33 Over 100% 26 49 41 116 1 7 10 18 15.36 Total 236,408 37,561 1,921 275,890 45 208 98 351 0.13 Note: i. Includes POCI loans of \u00a3472 million (2025: \u00a3584 million) and provisions of \u00a35 million (2025: \u00a33 million). 113113The following table shows the Society\u2019s residential mortgages, excluding FVTPL balances, by LTV across stages 1 and 2 (non credit impaired) and stage 3 (credit impaired). The Society\u2019s balances exclude both Virgin Money and other subsidiaries, including TMW. The LTV is calculated using the latest indexed valuation. Residential mortgage balances by LTV \u2013 Society 2026 Gross balances Provisions Provision (Audited)Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total coverage LTV ratio: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Up to 50% 60,148 3,977 344 64,469 2 6 10 18 0.03 50% to 60% 26,631 2,316 149 29,096 1 6 7 14 0.05 60% to 70% 26,369 2,139 126 28,634 1 8 7 16 0.06 70% to 80% 25,130 1,440 85 26,655 2 10 6 18 0.07 80% to 90% 28,279 1,346 55 29,680 3 15 5 23 0.08 90% to 100% 5,564 223 19 5,806 1 4 4 9 0.15 Over 100% 2 1 4 7 - - 2 2 30.39 Total 172,123 11,442 782 184,347 10 49 41 100 0.05 Residential mortgage balances by LTV \u2013 Society 2025 Gross balances Provision (Audited)Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total coverage LTV ratio: \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Up to 50% 60,094 4,634 341 65,069 2 6 11 19 0.03 50% to 60% 25,931 2,621 152 28,704 1 6 7 14 0.05 60% to 70% 26,602 2,504 121 29,227 1 9 8 18 0.06 70% to 80% 21,853 1,383 81 23,317 1 11 6 18 0.08 80% to 90% 23,434 934 37 24,405 2 12 5 19 0.08 90% to 100% 3,624 144 13 3,781 1 2 3 6 0.17 Over 100% 3 1 2 6 - - 1 1 14.93 Total 161,541 12,221 747 174,509 8 46 41 95Geographical distribution During the year, the geographical distribution of the Group\u2019s residential mortgages across the UK has remained broadly stable. Lending in the Greater London and the South East regions continues to represent 46% (2025: 46%) of total residential mortgage balances. 114114Arrears Residential mortgage lending continues to have a low risk profile as demonstrated by the low level of arrears compared to the industry average. Number of cases more than 3 months in arrears as % of total book - Group 2026 2025 % % Owner-occupied 0.38 0.40 Buy to let and legacy 0.43 0.51 Total 0.39 0.43 UK Finance (UKF) industry average 0.77 0.89 Residential mortgage arrears have remained at low levels during the year, with the arrears rate reducing and remaining well below the UK industry average. The buy to let and legacy portfolio arrears rate has reduced to 0.43% (2025: 0.51%). Within this portfolio, the performance of the open buy to let book originated under the TMW brand remains strong, with 0.20% (2025: 0.21%) of cases more than 3 months in arrears. As at 31 March 2026, the mortgage portfolios include 2,527 (2025: 2,683) mortgage accounts, including those in possession, where payments were equal to or more than 12 months in arrears. The balance on these cases was \u00a3448 million (2025: \u00a3453 million), and the total value of arrears was \u00a3111 million (2025: \u00a3120 million). 115115Interest only mortgages The following table shows the Group\u2019s interest only mortgages by term to maturity. Interest only mortgages (gross balance) \u2013 term to maturity (note i) - Group Due after one Due after two Term expired Due within one Due after more % of year and before years and before Total (still open)yearthan five yearsbook two years five years 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Owner-occupied 131 304 492 1,717 9,989 12,633 5.6 Buy to let and legacy 173 347 536 2,443 52,519 56,018 91.2 Total 304 651 1,028 4,160 62,508 68,651 24.0 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % Owner-occupied 126 282 445 1,860 10,470 13,183 6.1 Buy to let and legacy 172 308 536 2,169 51,787 54,972 91.1 Total 298 590 981 4,029 62,257 68,155 24.7 Note: i. Balances subject to forbearance with agreed term extensions are presented based on the latest agreed contractual term. At 31 March 2026, interest only balances of \u00a312,633 million (2025: \u00a313,183 million) account for 5.6% (2025: 6.1%) of the owner-occupied residential mortgage portfolios. Maturities of interest only mortgages are managed closely, with regular engagement with borrowers in advance of maturity, to ensure the loan is redeemed or to agree a strategy for repayment. Of the buy to let and legacy portfolio, \u00a356,018 million (2025: \u00a354,972 million) relates to interest only balances, representing 91% (2025: 91%) of balances. Buy to let remains open to new interest only lending under standard terms. There is a risk that a proportion of interest only mortgages will not be redeemed at their contractual maturity date, because a borrower does not have a means of capital repayment or has been unable to refinance the loan. Interest only loans which are judged to have a significantly increased risk of inability to refinance at maturity are transferred to stage 2. The ability of a borrower to refinance is calculated using current lending criteria which consider LTV and affordability assessments. The impact of recognising this risk is to increase provisions by \u00a326 million (2025: \u00a328 million). Past term interest only loans are not considered to be past due where contractual interest payments continue to be met, pending renegotiation of the facility. These loans are, however, treated as credit impaired and categorised as stage 3 balances from three months after the maturity date. 116116Forbearance The Group is committed to supporting borrowers facing financial difficulty by working with them to find a solution through proactive arrears management and forbearance. The Group applies the European Banking Authority (EBA) definition of forbearance. The main types of forbearance include interest or payment arrangements, where the borrower is granted a concession which varies from contractual terms and repayments during a time of financial difficulty. The table below provides details of residential mortgages held at amortised cost subject to forbearance, including balances which are within stage 1 for provision purposes, but which continue to meet the EBA definition of forbearance. Accounts that are currently subject to a concession are assessed as either stage 2, or stage 3 (credit impaired) where full repayment of principal and interest is no longer anticipated. Gross balances subject to forbearance - Group 2026 2025 Buy to let and Buy to let and Owner-occupied Total Owner-occupied Total legacylegacyGroup \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Total forbearance 1,029 382 1,411 1,048 377 1,425 Of which stage 2 359 106 465 363 108 471 Of which stage 3 or POCI 534 259 793 537 252 789 % % % % % % Total forbearance as a % of total gross balances 0.5 0.6 0.5 0.5 0.6 0.5 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Impairment provisions on forborne loans 19 25 44 16 24 40 Gross balances subject to forbearance represent 0.5% (2025: 0.5%) of total gross balances. In addition to the amortised cost balances above, \u00a31 million (2025: \u00a32 million) of FVTPL balances are also forborne.14. Loans and advances to customers 2026 2025 Loans held at amortised cost Loans held Total Loans held at amortised cost Loans held Total Gross Provisions Other (note i) Total Gross Provisions Other (note i) Total at FVTPL at FVTPL Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Owner-occupied mortgages 224,856 (129) - 224,727 32 224,759 215,546 (115) - 215,431 36 215,467 Buy to let and legacy residential 61,442 (223) - 61,219 - 61,219 60,344 (236) - 60,108 - 60,108 mortgages Consumer lending 11,578 (829) - 10,749 - 10,749 11,107 (824) - 10,283 - 10,283 Business lending 14,668 (154) 204 14,718 38 14,756 14,818 (113) 277 14,982 49 15,031 Total 312,544 (1,335) 204 311,413 70 311,483 301,815 (1,288) 277 300,804 85 300,889 2026 2025 Loans held at amortised cost Loans held Total Loans held at amortised cost Loans held Total Gross Provisions Other (note i) Total Gross Provisions Other (note i) Total at FVTPL at FVTPL Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Owner-occupied mortgages 184,177 (96) - 184,081 32 184,113 174,298 (92) - 174,206 36 174,242 Buy to let and legacy residential 170 (4) - 166 - 166 211 (3) - 208 - 208 mortgages Consumer lending 5,094 (413) - 4,681 - 4,681 4,441 (372) - 4,069 - 4,069 Business lending 5,280 (21) 204 5,463 2 5,465 5,067 (22) 277 5,322 2 5,324 Total 194,721 (534) 204 194,391 34 194,425 184,017 (489) 277 183,805 38 183,843 Note: i. \u2018Other\u2019 represents a fair value adjustment for micro hedged risk for business loans that were previously hedged on an individual basis. The hedge accounting relationships have been discontinued and the balances are being amortised over the remaining life of the loans. 228The tables below summarise the movements in, and stage allocation of, gross loans and advances to customers held at amortised cost, including the impact of impairment provisions and excluding the fair value adjustment for micro hedged risk. Additional tables summarising the movements for the Group\u2019s residential mortgages, consumer lending and business lending are presented in the Credit risk section of the Risk report. The tables are prepared on a net basis. The movements within the tables compare the position at 31 March 2026 to that at 31 March 2025. Further detail on the methodology is included within the footnotes to the tables. The reasons for key movements for the year ended 31 March 2026 were as follows: \uf0b7 Gross balances increased by \u00a310.7 billion, of which \u00a310.4 billion relates to residential mortgages. \uf0b7 Assets written off in the year totalled \u00a3302 million, of which \u00a3259 million relates to consumer lending. \uf0b7 Impairment provisions increased by \u00a347 million in the period to \u00a31,335 million. \u00a341 million of the increase relates to business lending. Further detail on impairment provisions by portfolio is shown in note 10 and in the Credit risk section of the Risk report. Reconciliation of net movements in balances and impairment provisions Non-credit impaired Credit impaired (note i) Subject to 12-month ECL Subject to lifetime ECL Subject to lifetime ECL Total Stage 1 Stage 2 Stage 3 and POCI Gross Gross Gross Gross Provisions Provisions Provisions Provisions balances balances balances balances Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 1 April 2025 257,751 205 41,092 633 2,972 450 301,815 1,288 Stage transfers: Transfers from stage 1 to stage 2 (14,908) (32) 14,908 32 - - - - Transfers to stage 3 (435) (5) (766) (84) 1,201 89 - - Transfers from stage 2 to stage 1 12,266 164 (12,266) (164) - - - - Transfers from stage 3 58 3 266 14 (324) (17) - - Net remeasurement of ECL arising from transfer of stage (note ii) - (165) - 212 - 143 - 190 Net movement arising from transfer of stage (3,019) (35) 2,142 10 877 215 - 190 Change in exposure in the year (note iii) 12,508 65 (855) 53 (522) (15) 11,131 103 Changes in risk parameters in relation to credit quality (note iv) - (11) - (59) - 198 - 128 Other items impacting the income statement (note v) - - - - - (90) - (90) Income statement charge for the year 331 Assets written off (note v) - - - - (402) (302) (402) (302) Other adjustments (note vi) - - - - - 18 - 18 At 31 March 2026 267,240 224 42,379 637 2,925 474 312,544 1,335 Net carrying amount 267,016 41,742 2,451 311,209 Reconciliation of net movements in balances and impairment provisions Non-credit impaired Credit impaired (note i) Subject to 12-month ECL Subject to lifetime ECL Subject to lifetime ECL Total Stage 1 Stage 2 Stage 3 and POCI Gross Gross Gross Gross Provisions Provisions Provisions Provisions balances balances balances balances Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 5 April 2024 174,860 54 37,303 381 1,666 346 213,829 781 Stage transfers: Transfers from stage 1 to stage 2 (12,976) (6) 12,976 6 - - - - Transfers to stage 3 (158) (1) (495) (35) 653 36 - - Transfers from stage 2 to stage 1 12,112 104 (12,112) (104) - - - -Transfers from stage 3 58 2 222 12 (280) (14) - - Net remeasurement of ECL arising from transfer of stage (note ii) - (87) - 64 - 61 - 38Net movement arising from transfer of stage (964) 12 591 (57) 373 83 - 38Change in exposure in the period (note iii) 83,855 141 3,198 323 1,138 184 88,191 648 Changes in risk parameters in relation to credit quality (note iv) - (2) - (14) - 20 - 4 Other items impacting the income statement (note v) - - - - - (58) - (58)Income statement charge for the period 632Assets written off (note v) - - - - (205) (141) (205) (141) Other adjustments (note vi) - - - - - 16 - 16At 31 March 2025 257,751 205 41,092 633 2,972 450 301,815 1,288 Net carrying amount 257,546 40,459 2,522 300,527 Notes: i. Gross balances of credit impaired loans include \u00a3792 million (2025: \u00a3947 million) of purchased or originated credit impaired (POCI) loans which are presented net of lifetime ECL of \u00a364 million (2025: \u00a3100 million). These loans were recognised on the balance sheet when Derbyshire Building Society was acquired in 2008, and Virgin Money was acquired in 2024. ii. The remeasurement of provisions arising from a change in stage is reported within the stage to which the assets are transferred. iii. This comprises new assets originated, redemptions, and further lending and capital repayments made where the asset is not derecognised. The gross balances value is calculated as the closing balance for the period less the opening balance for the period. The provisions value is calculated as the change in exposure at default (EAD) multiplied by opening provision coverage for the period. For any asset that is derecognised in the period, the value disclosed is the provision at the start of the period. iv. This comprises changes in risk parameters, and changes to modelling inputs and methodology. The provision movement for the change in risk parameters is calculated for assets that do not move stage in the period. v. The movement in provisions for \u2018assets written off\u2019 are presented net of post-write off recoveries of \u00a373 million (2025: \u00a342 million). The income statement impact of these recoveries is included within 'other items impacting the income statement'. vi. Other adjustments include the release of provisions related to POCI balances which have redeemed during the period. Reconciliation of net movements in balances and impairment provisions Non-credit impaired Credit impaired Subject to 12-month ECL Subject to lifetime ECL Subject to lifetime ECL Total Stage 1 Stage 2 Stage 3 Gross Gross Gross Gross Provisions Provisions Provisions Provisions balances balances balances balances Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 1 April 2025 169,539 40 13,413 166 1,065 283 184,017 489 Stage transfers: Transfers from stage 1 to stage 2 (6,476) (6) 6,476 6 - - - - Transfers to stage 3 (155) (1) (305) (19) 460 20 - - Transfers from stage 2 to stage 1 6,319 58 (6,319) (58) - - - - Transfers from stage 3 37 1 164 7 (201) (8) - - Net remeasurement of ECL arising from transfer of stage (note i) - (48) - 69 - 68 - 89 Net movement arising from transfer of stage (275) 4 16 5 259 80 - 89 Change in exposure in the year (note ii) 11,672 2 (761) 16 (108) 4 10,803 22 Changes in risk parameters related to credit quality (note iii) - - - 4 - 16 - 20 Other items impacting the income statement (note iv) - - - - - (12) - (12) Income statement charge for the year 119 Assets written off (note iv) - - - - (99) (71) (99) (71) Other adjustments (note v) - - - - - (3) - (3) At 31 March 2026 180,936 46 12,668 191 1,117 297 194,721 534 Net carrying amount 180,890 12,477 820 194,187 Reconciliation of net movements in balances and impairment provisions Non-credit impaired Credit impaired Subject to 12-month ECL Subject to lifetime ECL Subject to lifetime ECL Total Stage 1 Stage 2 Stage 3 Gross Gross Gross Gross Provisions Provisions Provisions Provisions balances balances balances balances Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 5 April 2024 154,715 38 14,428 234 1,014 281 170,157 553 Stage transfers: Transfers from stage 1 to stage 2 (7,247) (5) 7,247 5 - - - - Transfers to stage 3 (138) (1) (329) (27) 467 28 - - Transfers from stage 2 to stage 1 6,907 85 (6,907) (85) - - - - Transfers from stage 3 43 1 151 7 (194) (8) - - Net remeasurement of ECL arising from transfer of stage (note i) - (70) - 49 - 56 - 35Net movement arising from transfer of stage (435) 10 162 (51) 273 76 - 35Change in exposure in the period (note ii) 15,259 (3) (1,177) - (123) (1) 13,959 (4) Changes in risk parameters related to credit quality (note iii) - (5) - (17) - 17 - (5) Other items impacting the income statement (note iv) - - - - - (8) - (8)Income statement charge for the period 18Assets written off (note iv) - - - - (99) (81) (99) (81)Other adjustments (note v) - - - - - (1) - (1)At 31 March 2025 169,539 40 13,413 166 1,065 283 184,017 489 Net carrying amount 169,499 13,247 782 183,528Notes: i. The remeasurement of provisions arising from a change in stage is reported within the stage to which the assets are transferred. ii. This comprises new assets originated, redemptions, and further lending and capital repayments made where the asset is not derecognised. The gross balances value is calculated as the closing balance for the period less the opening balance for the period. The provisions value is calculated as the change in exposure at default (EAD) multiplied by opening provision coverage for the period. For any asset that is derecognised in the period, the value disclosed is the provision at the start of the period. iii. This comprises changes in risk parameters, and changes to modelling inputs and methodology. The provision movement for the change in risk parameters is calculated for assets that do not move stage in the period. iv. The movement in provisions for \u2018assets written off\u2019 are presented net of post-write off recoveries of \u00a315 million (2025: \u00a39 million). The income statement impact of these recoveries is included within 'other items impacting the income statement'. v. Other adjustments include the release of provisions related to POCI balances which have redeemed during the period. Maturity analysis The following table shows the residual maturity of loans and advances to customers, based on their contractual maturity: Residual maturity of loans and advances to customers Group Society 2025 2026 2026 2025 (note i) \u00a3m \u00a3m \u00a3m \u00a3m Repayable: On demand 1,063 1,020 347 313 In not more than three months 11,538 11,291 3,853 3,641 In more than three months but not more than one year 8,491 8,513 5,813 5,727 In more than one year but not more than five years 43,793 43,706 29,081 28,568 In more than five years 247,729 237,370 155,661 145,806 312,614 301,900 194,755 184,055 Impairment provision on loans and advances (1,335) (1,288) (534) (489) Fair value adjustment for micro hedged risk 204 277 204 277 Total 311,483 300,889 194,425 183,843 Note: i. Comparatives have been restated to reclassify certain business term lending amounts with revolving credit facilities between maturity categories, to align to contractual maturity dates, irrespective of earlier rollover dates. The maturity analysis is produced on the basis that where a loan is repayable by instalments, each such instalment is treated as a separate repayment. The analysis is based on contractual maturity rather than actual redemption levels, which are likely to be materially different. Asset backed funding Certain mortgages have been pledged to the Group\u2019s asset backed funding programmes or utilised as whole mortgage loan pools for the Bank of England\u2019s (BoE\u2019s) Term Funding Scheme with additional incentives for Small and Medium sized Enterprises (TFSME) and other short-term liquidity facilities. The programmes have enabled the Group to obtain secured funding. Mortgages pledged and the carrying values of the notes in issue are as follows: Mortgages pledged to asset backed funding programmes 2026 2025 Notes in issue Notes in issue Held by Held by the Group Held by Held by the Group Mortgages third Mortgages third pledgedpartiesDrawn Undrawn Total notes pledgedpartiesDrawn Undrawn Total notes (note i) (note ii) (note iii) (note iv) in issue (note i) (note ii) (note iii) (note iv)in issue Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Covered bond programmes 44,507 23,111 - - 23,111 32,739 20,829 - - 20,829 Securitisation programmes 14,878 5,055 - 5,125 10,180 19,353 5,015 - 6,128 11,143 Whole mortgage loan pools 5,382 - 2,942 - 2,942 1,219 - 910 - 910 Total 64,767 28,166 2,942 5,125 36,233 53,311 25,844 910 6,128 32,882 Notes: i. Mortgages pledged include \u00a321.7 billion (2025: \u00a315.2 billion) in the covered bond and securitisation programmes that are in excess of the amount contractually required to support notes in issue. ii. Notes in issue which are held by third parties are included within debt securities in issue. Further information on debt securities is included in note 18. iii. Notes in issue, held by the Group and drawn, are whole mortgage loan pools securing amounts drawn with the BoE. iv. Notes in issue, held by the Group and undrawn, are debt securities issued by the programmes to the Society or other Group entities. Mortgages pledged under the covered bond programmes provide security for covered bonds issued by the Society or Virgin Money. The securitisation notes are issued by the programmes and the issuing entities are fully consolidated into the accounts of the Group. The issuance proceeds are used to purchase, for the benefit of note holders, a share of the beneficial interest in the pledged mortgages. The remaining beneficial interest in the pledged mortgages stays with the originator of the mortgages and includes its required minimum seller share in accordance with the rules of the programme. The entitlement of note holders is restricted to payment of principal and interest to the extent that the resources of the programme are sufficient to support such payment and the holders of the notes have agreed not to seek recourse in any other form. The Group is under no obligation to support losses incurred by the programmes or holders of the notes and does not intend to provide such further support. The whole mortgage loan pools are pledged at the BoE Single Collateral Pool. Notes are not issued when pledging the mortgage loan pools at the BoE. Instead, the whole loan pool is pledged to the BoE and drawings are made directly against the eligible collateral, subject to a haircut. In accordance with accounting standards, notes in issue held by the Group and undrawn are not recognised in the Group\u2019s or Society\u2019s balance sheets. Mortgages pledged are not derecognised from the Group or Society balance sheets as substantially all the risks and rewards of ownership have been retained. The Group and Society continue to be exposed to the liquidity risk, interest rate risk and credit risk of the mortgages. No gain or loss has been recognised on pledging the mortgages to the programmes. The following table sets out the carrying value and fair value of the transferred assets and liabilities for the securitisation programmes: Carrying value Fair value Transferred Associated Total Transferred Associated Total assetsliabilitiesassetsliabilities\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 31 March 2026 14,878 (10,180) 4,698 14,661 (10,164) 4,497 At 31 March 2025 19,353 (11,143) 8,210 19,221 (11,154) 8,067",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
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"value": "Liquidity and funding risk Summary Liquidity risk is the risk that the Group is unable to meet its liabilities as they fall due and maintain member and other stakeholder confidence. Funding risk is the risk that the Group is unable to maintain diverse funding sources in wholesale and retail markets and manage retail funding risk that can arise from excessive concentrations of higher risk deposits. Liquidity and funding risks are managed within a comprehensive risk framework which includes policies, strategy, limit setting and monitoring, stress testing and robust governance controls. This framework ensures that the Group maintains stable and diverse funding sources and a sufficient holding of high-quality liquid assets such that regulatory requirements are met at a Group and individual entity level and that there is no significant risk that liabilities cannot be met as they fall due. The Group\u2019s Liquidity Coverage Ratio (LCR), which averaged 169% over the 12 months ended 31 March 2026 (2025: 174%), demonstrates that sufficient high-quality liquid assets are held to survive a short-term severe but plausible liquidity stress. The Group continues to manage liquidity against internal risk appetite which is more prudent than regulatory requirements. The position against the longer-term funding metric, the Net Stable Funding Ratio (NSFR), is also monitored. The Group\u2019s average NSFR for the four quarters ended 31 March 2026 was 143% (2025: 147%), well in excess of the 100% minimum regulatory requirement. Managing liquidity and funding risk The Board is responsible for setting the Group\u2019s risk appetite with respect to liquidity and funding risk, which is articulated through its risk appetite statements and translated into a set of quantitative risk appetite metrics. The Group\u2019s liquidity and funding risk framework aims to ensure that there are sufficient liquid assets at all times, in both amount and quality, to: \uf0b7 cover cash flow mismatches and fluctuations in funding; \uf0b7 retain public confidence; and \uf0b7 meet financial obligations as they fall due, even during episodes of stress. The framework also ensures the Group maintains a prudent funding mix and maturity profile, and appropriate encumbrance levels. The Group\u2019s liquidity and funding risk framework is reviewed by the Board as part of the annual Internal Liquidity Adequacy Assessment Process (ILAAP). Nationwide\u2019s Group Assets and Liabilities Committee (Group ALCO) is responsible for managing the Group\u2019s balance sheet structure and risk, within limits defined by Group risk appetite. Cash flow forecasts are maintained and reviewed weekly to support the Group in monitoring key risk metrics. A Group Liquidity Contingency Plan (LCP), which is part of the wider liquidity management and recovery plan framework, sets out early warning indicators for identifying an emerging liquidity or funding stress, as well as escalation procedures and a range of actions that could be taken in response to ensure sufficient liquidity is maintained. The LCP is tested regularly to ensure it remains robust. The Group Recovery Plan describes potential actions that could be utilised in a more extreme stress. Outlook The Group\u2019s internal liquidity risk appetite is expected to remain more prudent than regulatory requirements. The Group\u2019s funding strategy is to remain predominantly funded by deposits from individuals but includes a continued presence in wholesale funding markets. The approach to liquidity and funding risk management will continue to reflect evolving prudential rules which are currently under review as part of the PRA\u2019s consultation, CP5/26 - Modernising the liquidity policy framework, published on 17 March 2026. The post balance sheet event regarding the Part VII transfer of assets and liabilities of Virgin Money\u2019s main operating subsidiary, Clydesdale Bank PLC, to Nationwide Building Society does not materially impact the Group\u2019s liquidity and funding position. 140Liquidity riskLiquidity strategy The Group\u2019s risk appetite defines the minimum size and mix of the liquid asset buffer. Sufficient liquid assets, both in terms of amount and quality, are held to meet daily cash flow needs as well as simulated stressed requirements driven by the Group\u2019s risk appetite and regulatory assessments at the Group and individual entity level. This includes prudent management of the currency mix of liquid assets to ensure there are no undue mismatches between the currency of assets and stressed outflows.Liquid assets are held and managed by the Group Treasury function. A high-quality liquidity portfolio is maintained, predominantly comprising reserves held at central banks and highly-rated debt securities issued by a restricted range of governments, central banks and supranationals. The Group also holds high-quality covered bonds, residential mortgage-backed securities (RMBS) and asset-backed securities (ABS). The Group undertakes securities financing transactions in the form of repo agreements. This demonstrates the liquid nature of the assets held in its liquid asset buffers as well as satisfying regulatory requirements. For contingency purposes, unencumbered mortgage assets are pre-positioned at the Bank of England and can be used in the Bank of England\u2019s liquidity operations in the event of severe disruption to market liquidity or a sudden or extreme stress. The Group continues to meet its most recent Environmental, Social and Governance (ESG) asset investment target of \u00a32 billion. Nationwide\u2019s internal definition of ESG assets remains restricted to bonds issued by multilateral development banks, and green, social or sustainable-labelled bonds issued by selected governments. Liquidity stress testing To mitigate liquidity and funding risks generated by its business activities, the Group aims to maintain a liquid asset buffer of at least 100% of the anticipated outflows seen under internal stress test scenarios and the regulatory-prescribed LCR. Potential contractual and behavioural stressed outflows are assessed across a range of liquidity risk drivers over 30 calendar days, with the key assumptions shown in the table below. Internal stress assumptions are reviewed regularly, with changes approved by Group ALCO, and approved annually by the Board Risk Committee as part of the ILAAP. Assessments over other stress horizons are also performed and assessed against contingent liquidity resources. 14114Liquidity risk driver Modelling assumptions used Deposit funding Significant unexpected outflows are experienced with no new deposits received. Wholesale funding Following a credit rating downgrade: \uf0b7 zero rollover of maturing long-term wholesale funding; \uf0b7 zero rollover of maturing short-term funding received from financial counterparties and partial roll-over from non-financial counterparties; and \uf0b7 no new wholesale funding received. Off-balance sheet Contractual outflows occur in relation to secured funding programmes and central derivatives clearing due to credit rating downgrades. Lending commitments continue to be met. Collateral outflows arise due to adverse movements in market rates. Expected inflows from mortgages, consumer, business and commercial loans are recognised. Intra-day Liquidity is needed to pre-fund outgoing payments. Liquid assets Asset values are reduced in recognition of the stressed conditions assumed. Liquid assets The tables below set out the sterling equivalent carrying value of the Group\u2019s liquid asset buffer, by asset class and by issuing currency. The liquid asset buffer includes off-balance sheet liquidity, such as securities received through reverse repo agreements, and excludes securities encumbered through repo agreements and for other purposes. Changes in the size and composition of the liquid asset buffer reflect movements in the underlying balance sheet and active management of the mix between cash and investment assets. LCR eligible assets \u2013 Group 2026 2025 Level 1 Level 2 Total Level 1 Level 2 Total \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn Cash and balances at central banks 35.1 - 35.1 25.9 - 25.9 Government and supranational bonds (note i) 18.2 1.1 19.3 17.0 2.0 19.0 Covered bonds 1.7 1.6 3.3 2.3 2.4 4.7 RMBS and ABS - 1.0 1.0 - 0.9 0.9 Total LCR eligible assets 55.0 3.7 58.7 45.2 5.3 50.5 LCR eligible assets by currency \u2013 Group 2026 2025 Other Other GBP EUR USD Total GBP EUR USD Total (note ii) (note ii) \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn Total LCR eligible assets 45.6 6.8 4.5 1.8 58.7 36.9 7.2 4.3 2.1 50.5 Notes: i. Government bonds include regional government, government guaranteed, agency and government sponsored bonds. Supranational bonds are issued by multilateral development banks and international organisations. ii. Other currencies primarily consist of Canadian dollars and Japanese yen. The weighted value of the Group\u2019s liquid asset buffer averaged \u00a355.7 billion over the 12 months ended 31 March 2026 (2025: \u00a354.5 billion). Further details can be found in the Group\u2019s Pillar 3 Disclosure 2026 at nationwide.co.uk 142142Funding risk Funding strategy Nationwide\u2019s funding strategy is to be predominantly funded by deposits from individuals, as set out below. Funding profile \u2013 Group Assets 2026 2025 Members' interests, equity and liabilities 2026 2025 (note i)\u00a3bn \u00a3bn \u00a3bn\u00a3bn Residential mortgages 286.0 275.6 Customer deposits \u2013 individuals 270.8 260.7 Treasury assets (including liquidity portfolio) 66.1 60.0 Customer deposits \u2013 business 22.8 21.1 Business lending 14.8 15.0 Wholesale funding (note ii) 60.4 57.4 Consumer lending 10.7 10.3 Other liabilities 4.0 5.6 Other assets 4.7 7.0 Capital and reserves (note iii) 24.3 23.1 Total 382.3 367.9 Total 382.3 367.9 Notes: i. Figures are stated net of impairment provisions where applicable. ii. Includes debt securities in issue, deposits from banks and other wholesale counterparties. iii. Includes all subordinated liabilities and subscribed capital. At 31 March 2026, the Group\u2019s loan to deposit ratio, which represents loans and advances to customers divided by customer deposits, was 106.0% (2025: 106.7%) Nationwide\u2019s position against the Building Societies Act Funding Limit (which limits the proportion of funding that can come from sources other than Nationwide member deposits to a 1maximum of 50%) at 31 March 2026 was 37.5% (2025: 37.2%).Wholesale fundingThe wholesale funding portfolio comprises a range of secured and unsecured instruments to ensure that a stable and diversified funding base is maintained across a range of instruments, currencies, maturities, and investor types. Part of the Group\u2019s wholesale funding strategy is to remain active in core markets and currencies. A funding risk limit framework also ensures that a prudent funding mix and maturity concentration profile is maintained and limits the level of encumbrance to ensure enough contingent funding capacity is retained in the event of a stress. Wholesale funding increased by \u00a33.0 billion to \u00a360.4 billion during the period, with changes to composition reflecting increased issuance partly offset by maturities, and the impact of a Virgin Money liability management exercise which commenced in June 2025. Drawings from the Bank of England\u2019s Term Funding Scheme with additional incentives for SMEs (TFSME) remain at \u00a30.9 billion. 1 Funding from sources other than Nationwide member deposits includes deposits from Virgin Money customers, deposits from businesses other than SMEs and certain on-balance sheet wholesale funding items. 143143The table below sets out the Group\u2019s wholesale funding and subordinated liabilities by currency. Currency composition of wholesale funding and subordinated liabilities - Group 2026 2025 GBP EUR USD Other Total GBP EUR USD Other Total \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn Repos 2.0 - 0.1 - 2.1 1.20.2 0.1 - 1.5 Deposits 2.6 - - - 2.6 3.8 - - - 3.8 Certificates of deposit 0.9 - 0.1 - 1.0 1.8 - - - 1.8 Commercial paper - - 0.7 - 0.7 0.1 - 0.6 - 0.7 Covered bonds 9.9 11.9 1.1 0.9 23.8 9.1 9.6 1.2 1.3 21.2 Securitisations 5.0 - - - 5.0 5.0 - - - 5.0 Senior preferred 1.9 5.8 2.9 1.2 11.8 3.1 7.0 3.6 1.2 14.9 Senior non-preferred 2.6 5.7 4.7 0.4 13.4 1.8 2.7 3.2 0.5 8.2 TFSME 0.9 - - - 0.9 0.9 - - - 0.9 Other (note i) - (0.8) (0.1) - (0.9) - (0.5) (0.1) - (0.6) Total of wholesale funding 25.8 22.6 9.5 2.5 60.4 26.8 19.0 8.6 3.0 57.4 Subordinated liabilities (note ii) 0.7 1.0 1.2 - 2.9 0.8 0.4 1.2 - 2.4 Notes: i. The figure shown for Other consists of fair value adjustments to debt securities in issue for micro hedged risks. ii. Subordinated liabilities include fair value hedge accounting adjustments. The following table sets out the Group\u2019s residual maturity of wholesale funding, on a contractual maturity basis. At 31 March 2026, cash, government bonds and supranational bonds included in the liquid asset buffer represented 342% (2025: 316%)of wholesale funding maturing in less than one year, assuming no rollovers. 144144Wholesale funding \u2013 residual maturity - Group 2026 Not more than Over one Over three Over six Subtotal less Over one Over two years Total one month month but not months but months but than one year year but not more than not more than not more than more than three months six months one year two years \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn Repos 1.1 1.0 - - 2.1 - - 2.1 Deposits 2.6 - - - 2.6 - - 2.6 Certificates of deposit 0.7 0.3 - - 1.0 - - 1.0 Commercial paper - 0.7 - - 0.7 - - 0.7 Covered bonds 1.5 0.8 0.7 2.4 5.4 2.5 15.9 23.8 Securitisations 0.1 0.1 0.2 0.5 0.9 1.9 2.2 5.0 Senior preferred - 0.3 0.2 1.9 2.4 2.7 6.7 11.8 Senior non-preferred - - 0.1 0.1 0.2 3.6 9.6 13.4 TFSME - - - 0.6 0.6 - 0.3 0.9 Other (note i) - - - - - - (0.9) (0.9) Total of wholesale funding 6.0 3.2 1.2 5.5 15.9 10.7 33.8 60.4 Of which secured 2.7 1.9 0.9 3.5 9.0 4.4 17.8 31.2 Of which unsecured 3.3 1.3 0.3 2.0 6.9 6.3 16.0 29.2 % of total 9.9 5.3 2.0 9.1 26.3 17.7 56.0 100.0 Wholesale funding \u2013 residual maturity \u2013 Group 2025 Not more than Over one Over three Over six Subtotal less Over one Over two years Total one month month but not months but not months but not than one year year but not more than more than more than more than three months six months one year two years \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn \u00a3bn Repos 1.5 - - - 1.5 - - 1.5Deposits 3.7 0.1 - - 3.8 - - 3.8Certificates of deposit 1.5 0.2 0.1 - 1.8 - - 1.8Commercial paper - 0.7 - - 0.7 - - 0.7Covered bonds - 0.1 0.2 2.1 2.4 5.2 13.6 21.2 Securitisations 0.1 0.1 0.1 0.2 0.5 0.9 3.6 5.0 Senior preferred 0.1 0.4 2.5 0.4 3.4 3.1 8.4 14.9Senior non-preferred 0.1 - - - 0.1 4.3 3.8 8.2TFSME - - - - - 0.9 - 0.9Other (note i) - - - - - - (0.6) (0.6)Total of wholesale funding 7.0 1.6 2.9 2.7 14.2 14.4 28.8 57.4 Of which secured 1.6 0.2 0.3 2.3 4.4 7.0 16.8 28.2 Of which unsecured 5.4 1.4 2.6 0.4 9.8 7.4 12.0 29.2 % of total 12.2 2.8 5.1 4.6 24.7 25.1 50.2 100.0 Note: i. The figure shown for Other consists of fair value adjustments to debt securities in issue for micro hedged risks. 145145Residual maturity of financial assets and liabilities The table below segments the carrying value of financial assets and financial liabilities into relevant maturity groupings based on the final contractual maturity date (residual maturity). This gives rise to funding mismatches on the balance sheet. In practice, customer behaviours mean that liabilities are often retained for longer than their contractual maturities and assets are repaid earlier. The balance sheet structure and risks are managed and monitored by Group ALCO within Group risk appetite. Judgement and past behavioural performance of each asset and liability class are used to forecast likely cash flow requirements. Residual maturity (note i) \u2013 Group 2026 Due less Due between Due between Due between Due between Due between Due between Due after Total than one and three and six and nine and one and two and more than one monththree six months nine months twelve months two years five years five years (note ii)months (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Cash and balances at central banks 38,411 - - - - - - - 38,411 Loans and advances to banks and similar institutions 1,614 - - - - - - 144 1,758 Investment securities 43 220 388 492 633 2,864 9,077 12,188 25,905 Derivative financial instruments 66 203 231 111 175 316 1,067 1,172 3,341 Fair value adjustment for portfolio hedged risk (17) (59) (146) (196) (191) (591) (626) (295) (2,121) Loans and advances to customers (note iii) 2,476 9,679 2,705 2,751 3,001 11,176 32,478 247,217 311,483 Total financial assets 42,593 10,043 3,178 3,158 3,618 13,765 41,996 260,426 378,777 Financial liabilities Shares 156,280 8,061 11,123 15,422 10,798 9,507 5,153 708 217,052 Deposits from banks and similar institutions 3,537 1,016 - 600 - - 300 - 5,453 Of which repo 1,093 1,016 - - - - - - 2,109 Of which TFSME 8 - - 600 - - 300 - 908 Other deposits 54,803 5,221 7,833 3,850 4,405 560 94 - 76,766 Fair value adjustment for portfolio hedged risk (15) (18) (21) (33) (13) (6) - - (106) Secured funding (note iv) 1,675 907 862 1,451 1,489 4,417 11,285 6,082 28,168 Unsecured funding (notes iv and vi) 827 1,250 304 1,960 33 6,274 9,838 6,167 26,653 Of which MREL resources34 1 63 106 28 3,599 4,788 5,147 13,766 Derivative financial instruments 21 3 39 181 15 191 394 334 1,178 Subordinated liabilities (notes iv and vi) 35 (1) 854 - - - - 2,043 2,931 Subscribed capital (notes v and vi)- - - - - - - 46 46 Total financial liabilities 217,163 16,439 20,994 23,431 16,727 20,943 27,064 15,380 358,141 Off-balance sheet commitments (note vii) Financial guarantees 1 6 6 12 7 6 10 35 83 Other commitments 20,984 - - - - - - - 20,984 Net liquidity difference (195,555) (6,402) (17,822) (20,285) (13,116) (7,184) 14,922 245,011 (431) Cumulative liquidity difference (195,555) (201,957) (219,779) (240,064) (253,180) (260,364) (245,442) (431) - 146146Residual maturity (note i) \u2013 Group 2025 Due less than Due between Due between Due between Due between Due between Due between Due after Total one monthone and three and six and nine and one and two and more than (note ii)three months six months nine months twelve months two years five years five years (Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Cash and balances at central banks 29,483 - - - - - - - 29,483Loans and advances to banks and similar institutions 1,676 - - - - - - 134 1,810Investment securities 207 411 515 381 966 2,237 9,117 14,829 28,663 Derivative financial instruments 13 95 611 172 265 1,153 727 1,706 4,742 Fair value adjustment for portfolio hedged risk (19) (17) (90) (57) (108) (703) (819) (224) (2,037) Loans and advances to customers (note iii) 2,578 9,291 2,759 2,838 2,885 11,161 32,413 236,964 300,889 Total financial assets 33,938 9,780 3,795 3,334 4,008 13,848 41,438 253,409 363,550 Financial liabilities Shares 151,469 9,128 15,934 16,369 10,294 2,611 811 812 207,428 Deposits from banks and similar institutions 5,143 - 10 - - 900 - - 6,053Of which repo 1,535 - 10 - - - - - 1,545Of which TFSME 10 - - - - 900 - - 910Other deposits 52,358 3,858 8,952 4,131 3,985 1,252 131 - 74,667 Fair value adjustment for portfolio hedged risk - 4 8 7 7 1 - - 27Secured funding (note iv) 111 175 353 403 1,932 6,057 11,180 5,632 25,843 Unsecured funding (notes iv and vi) 1,569 1,337 2,561 377 39 3,320 12,127 3,936 25,266 Of which MREL resources 45 1 41 23 19 1,079 5,910 3,632 10,750 Derivative financial instruments 13 16 98 24 29 296 545 526 1,547 Subordinated liabilities (notes iv and vi)25 7 2 - - 843 - 1,567 2,444 Subscribed capital (notes v and vi)- - 1 - - - - 128 129Total financial liabilities 210,688 14,525 27,919 21,311 16,286 15,280 24,794 12,601 343,404 Off-balance sheet commitments (note vii) Financial guarantees 5 7 14 7 12 13 5 37 100 Other commitments 19,363 - - - - - - - 19,363Net liquidity difference (196,118) (4,752) (24,138) (17,984) (12,290) (1,445) 16,639 240,771 683 Cumulative liquidity difference (196,118) (200,870) (225,008) (242,992) (255,282) (256,727) (240,088) 683 - Notes: i. The analysis excludes certain financial assets and liabilities relating to accruals, trade receivables, trade payables and settlement balances which are generally short-term in nature, and lease liabilities. Further information on lease liabilities is shown in note 28 to the financial statements. ii. Due less than one month includes amounts repayable on demand. iii. Comparatives have been restated to reclassify certain business term lending amounts with revolving credit facilities between maturity categories, to align to contractual maturity dates, irrespective of earlier rollover dates. iv. The balance sheet amount for debt securities in issue is split into secured funding and unsecured funding in this table. v. The principal amount for undated subscribed capital is included within the due after more than five years column. vi. Unsecured funding, subordinated liabilities and subscribed capital may include early redemption features. vii. Off-balance sheet commitments include amounts payable on demand for undrawn loan commitments, customer overpayments on residential mortgages where the borrower can draw down the amount overpaid, and commitments to acquire financial assets. Further information on commitments is shown in note 29 to the financial statements. 147147Financial liabilities \u2013 gross undiscounted contractual cash flows The tables below provide an analysis of gross contractual cash flows on both a Group and Society basis. The totals differ from the analysis of residual maturity as they include estimated future interest payments calculated using balances outstanding at the balance sheet date, contractual maturities, and appropriate forward-looking interest rates. Amounts are allocated to the relevant maturity band based on the timing of individual contractual cash flows. Gross contractual cash flows (note i) \u2013 Group 2026 Due less Due Due Due Due Due Due Due after Total than betweenbetweenbetweenbetweenbetweenbetween more than one monthone and three and six and nine and one and two and five years (note ii) three six nine twelve two years five years monthsmonths months months(Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Shares 156,280 8,625 11,592 15,760 11,005 9,929 5,537 708 219,436 Deposits from banks and similar institutions 3,537 1,021 9 614 3 13 336 - 5,533 Other deposits 54,828 5,286 8,044 3,906 4,478 568 96 - 77,206 Secured funding (note iii) 1,694 963 1,015 1,682 1,737 5,175 12,527 7,342 32,135 Unsecured funding (notes iii and iv) 835 1,264 489 2,118 405 7,233 11,490 7,250 31,084 Subordinated liabilities (note iv) 27 2 896 8 21 100 319 2,479 3,852 Subscribed capital (notes iv and v) - - 2 - 2 3 15 56 78 Total non-derivative financial liabilities 217,201 17,161 22,047 24,088 17,651 23,021 30,320 17,835 369,324 Derivative financial liabilities: Gross settled derivative outflows 640 179 1,082 4,060 421 3,554 8,141 5,737 23,814 Gross settled derivative inflows (634) (159) (1,034) (3,885) (404) (3,438) (7,903) (5,612) (23,069) Gross settled derivatives \u2013 net flows 6 20 48 175 17 116 238 125 745 Net settled derivative liabilities (note vi) 11 (3) (1) 31 (7) 79 276 163 549 Total derivative financial liabilities 17 17 47 206 10 195 514 288 1,294 Total financial liabilities 217,218 17,178 22,094 24,294 17,661 23,216 30,834 18,123 370,618 Off-balance sheet commitments (note vii) Financial guarantees 1 6 6 12 7 6 10 35 83 Other commitments 20,984 - - - - - - - 20,984 Total financial liabilities including off-balance 238,203 17,184 22,100 24,306 17,668 23,222 30,844 18,158 391,685 sheet commitments148148Gross contractual cash flows (note i) \u2013 Group2025 Due less Due Due Due Due Due Due Due after Total thanbetweenbetweenbetween between betweenbetween more than one monthone and three and six and nine and one and two and five years (note ii) three six nine twelve two years five years monthsmonths monthsmonths(Audited) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Shares 151,470 9,684 16,354 16,616 10,397 2,738 958 812 209,029 Deposits from banks and similar institutions 5,142 - 20 10 9 933 - - 6,114 Other deposits 52,406 3,917 9,189 4,200 4,052 1,289 133 - 75,186 Secured funding (note iii) 134 244 520 611 2,178 6,848 12,316 6,647 29,498 Unsecured funding (notes iii and iv) 1,579 1,352 2,745 497 307 4,115 13,535 4,644 28,774 Subordinated liabilities (note iv) 26 12 21 20 21 974 312 1,813 3,199 Subscribed capital (notes iv and v) - - 4 - 4 8 25 127 168 Total non-derivative financial liabilities 210,757 15,209 28,853 21,954 16,968 16,905 27,279 14,043 351,968 Derivative financial liabilities: Gross settled derivative outflows 296 635 1,508 826 755 6,351 12,454 8,433 31,258 Gross settled derivative inflows (242) (572) (1,342) (708) (642) (5,836) (12,023) (8,735) (30,100) Gross settled derivatives \u2013 net flows 54 63 166 118 113 515 431 (302) 1,158 Net settled derivative liabilities (note vi) 20 3 28 31 (21) 17 176 246 500 Total derivative financial liabilities 74 66 194 149 92 532 607 (56) 1,658 Total financial liabilities 210,831 15,275 29,047 22,103 17,060 17,437 27,886 13,987 353,626 Off-balance sheet commitments (note vii) Financial guarantees 5 7 14 7 12 13 5 37 100 Other commitments 19,363 - - - - - - - 19,363 Total financial liabilities including off-balance 230,199 15,282 29,061 22,110 17,072 17,450 27,891 14,024 373,089 sheet commitments149149Gross contractual cash flows (note i) \u2013 Society2026 Due less Due Due Due Due Due Due Due after Total thanbetweenbetweenbetweenbetweenbetweenbetween more than one monthone and three and six and nine and one and two and five years (note ii) three six nine twelve two years five years monthsmonths months months(Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Shares 156,280 8,625 11,592 15,760 11,005 9,929 5,537 708 219,436 Deposits from banks and similar institutions 3,433 1,021 - - - - - - 4,454 Other deposits 1,521 1,100 1,200 111 141 8 - - 4,081 Amounts due to group undertakings 333 - - - - - - - 333 Secured funding (note iii) 1,549 110 217 1,421 710 2,052 9,325 7,342 22,726 Unsecured funding (notes iii and iv) 835 1,264 478 2,118 394 7,210 11,156 7,250 30,705 Subordinated liabilities (note iv) 27 2 896 8 21 100 319 2,479 3,852 Subscribed capital (notes iv and v) - - 2 - 2 3 15 56 78 Total non-derivative financial liabilities 163,978 12,122 14,385 19,418 12,273 19,302 26,352 17,835 285,665 Derivative financial liabilities: Gross settled derivative outflows 635 167 531 4,047 406 3,496 7,612 5,267 22,161 Gross settled derivative inflows (634) (153) (503) (3,876) (394) (3,398) (7,385) (5,115) (21,458) Gross settled derivatives \u2013 net flows 1 14 28 171 12 98 227 152 703 Net settled derivative liabilities (note vi) 9 - (9) 21 (16) 56 243 151 455 Total derivative financial liabilities 10 14 19 192 (4) 154 470 303 1,158 Total financial liabilities 163,988 12,136 14,404 19,610 12,269 19,456 26,822 18,138 286,823 Off-balance sheet commitments (note vii) Financial guarantees - - - - - - - - - Other commitments 14,067 - - 600 - - 300 - 14,967 Total financial liabilities including off-balance 178,055 12,136 14,404 20,210 12,269 19,456 27,122 18,138 301,790 sheet commitments150150Gross contractual cash flows (note i) \u2013 Society2025 Due less Due Due Due Due Due Due Due after Total thanbetweenbetweenbetween betweenbetweenbetween more than one monthone and three and six and nine and one and two and five years (note ii) three six nine twelve two years five years monthsmonths months months(Audited)\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Shares 151,470 9,684 16,354 16,616 10,397 2,738 958 812 209,029 Deposits from banks and similar institutions 5,096 - - - - - - - 5,096 Other deposits (note viii) 1,320 1,376 1,394 76 128 17 6 - 4,317 Amounts due to group undertakings (note viii) 242 - - - - - - - 242 Secured funding (note iii) 48 112 304 415 1,209 3,847 6,546 6,647 19,128 Unsecured funding (notes iii and iv) 1,567 1,352 2,716 478 245 3,136 11,661 4,644 25,799 Subordinated liabilities (note iv) 26 - 17 8 17 915 117 963 2,063 Subscribed capital (notes iv and v) - - 4 - 4 8 25 127 168 Total non-derivative financial liabilities 159,769 12,524 20,789 17,593 12,000 10,661 19,313 13,193 265,842 Derivative financial liabilities: Gross settled derivative outflows 233 583 1,421 738 682 5,020 11,017 7,943 27,637 Gross settled derivative inflows (188) (519) (1,274) (648) (597) (4,609) (10,659) (8,232) (26,726) Gross settled derivatives \u2013 net flows 45 64 147 90 85 411 358 (289) 911 Net settled derivative liabilities (note vi) 19 4 20 23 (28) 2 140 226 406 Total derivative financial liabilities 64 68 167 113 57 413 498 (63) 1,317 Total financial liabilities 159,833 12,592 20,956 17,706 12,057 11,074 19,811 13,130 267,159 Off-balance sheet commitments (note vii) Financial guarantees - - - - - - - - - Other commitments 11,754 - - - - 900 - - 12,654 Total financial liabilities including off-balance 171,587 12,592 20,956 17,706 12,057 11,974 19,811 13,130 279,813 sheet commitmentsNotes: i. The analysis excludes certain financial liabilities relating to trade payables and settlement balances which are generally short-term in nature, and lease liabilities. Further information on lease liabilities is shown in note 28 to the financial statements. ii. Due less than one month includes amounts repayable on demand. iii. The balance sheet amount for debt securities in issue is split into secured funding and unsecured funding in these tables. iv. Unsecured funding, subordinated liabilities and subscribed capital may include early redemption features. v. The principal amount for undated subscribed capital is included within the due after more than five years column. vi. Cashflows from derivative assets and liabilities, and corresponding collateral balances which meet the criteria for offset in the balance sheet, are included on a net basis, with only the residual cash flows payable reflected. Also included in this line are the residual cash flows from net settled derivatives that do not have an unconditional right of offset. Further information is detailed in note 24 to the financial statements. vii. Off-balance sheet commitments include amounts payable on demand for undrawn loan commitments, customer overpayments on residential mortgages where the borrower can draw down the amount overpaid, and commitments to acquire financial assets. viii. Comparatives have been restated to reflect changes to the Society\u2019s financial statements to present amounts due to Group undertakings separately from other line items. Further information is detailed in note 1 to the financial statements. 15115Asset encumbrance Encumbrance arises where assets are pledged as collateral against secured funding and other obligations and therefore cannot be used for other purposes. An analysis of the Group\u2019s encumbered and unencumbered on-balance sheet assets is set out below. Asset encumbrance \u2013 Group 2026 Assets encumbered as a result of transactions with Other assets (comprising assets encumbered at the Totalcounterparties other than central banks central bank and unencumbered assets) Assets not positioned at the central bank \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cash and balances at central banks 534 466 - 1,000 3,616 33,572 - 223 37,411 38,411 Loans and advances to banks and similar - - 929 929 - 110 - 719 829 1,758 institutions Investment securities (note i) - - 2,730 2,730 - 23,096 - 79 23,175 25,905 Derivative financial instruments - - - - - - - 3,341 3,341 3,341 Loans and advances to customers (note ii) 44,507 14,878 - 59,385 91,057 73,066 87,733 242 252,098 311,483 Non-financial assets - - - - - - - 3,551 3,551 3,551 Fair value adjustment for portfolio hedged risk - - - - - - - (2,121) (2,121) (2,121) Total 45,041 15,344 3,659 64,044 94,673 129,844 87,733 6,034 318,284 382,328 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cash 480 463 - 943 3,753 24,585 - 202 28,540 29,483 Loans and advances to banks and similar - 242 471 713 - 89 - 1,008 1,097 1,810 institutions Investment securities (note i) - - 4,463 4,463 - 24,136 - 64 24,200 28,663 Derivative financial instruments - - - - - - - 4,742 4,742 4,742 Loans and advances to customers (note ii) 32,739 19,353 - 52,092 96,928 62,369 89,106 394 248,797 300,889 Non-financial assets - - - - - - - 4,327 4,327 4,327 Fair value adjustment for portfolio hedged risk - - - - - - - (2,037) (2,037) (2,037) Total 33,219 20,058 4,934 58,211 100,681 111,179 89,106 8,700 309,666 367,877 Notes: i. Encumbered investment securities relate to repo transactions, collateral pledged for derivatives and assets ring-fenced for regulatory requirements. ii. Loans and advances to customers \u2018readily available for encumbrance\u2019 are expected to be immediately eligible to use in existing secured funding programmes or at the central bank. Any fair value micro hedge balance is reported as \u2018cannot be encumbered\u2019. Mortgages pledged include \u00a321.7 billion (2025: \u00a315.2 billion) in the covered bond and securitisation programmes that are in excess of the amount contractually required to support notes in issue. 152152The majority of asset encumbrance arises from the use of residential mortgage pools to collateralise the covered bond and securitisation programmes. Further information is included in note 14 to the financial statements. Certain unencumbered assets are readily available to secure funding or meet collateral requirements. These include cash and securities held in the liquid asset buffer and residential mortgages eligible for use in existing secured funding programmes or at the central bank. Other unencumbered assets, such as other residential mortgages, business lending and consumer lending, are capable of being encumbered with a degree of further management action. Assets which do not fall into either of these categories are classified as not being capable of being encumbered. External credit ratings Nationwide\u2019s long-term and short-term credit ratings are shown in the table below. Credit ratings Long-term Short-term Date of last rating Outlook action / confirmation S&P Global A+ A-1 September 2025 Stable Moody\u2019s A1 P-1 March 2026 Stable Fitch AA- F1+ May 2026 Stable Collateral sensitivity The amount of additional collateral the Group would need to provide in the event of a one notch and two notch downgrade by external credit rating agencies would be \u00a30.4 billion (2025: \u00a30.6 billion) and \u00a31.4 billion (2025: \u00a31.0 billion) respectively.15315",
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"value": "Capital risk Capital risk is the risk that the Group fails to maintain sufficient capital to absorb losses throughout a full economic cycle and sufficient to maintain the confidence of current and prospective investors, members, the Board, and regulators. Capital is held to protect customers, cover inherent risks, provide a buffer for stress events and support the business strategy. In assessing the adequacy of capital resources, risk appetite is considered in the context of the material risks to which the Group is exposed and the appropriate strategies required to manage those risks. Managing capital risk The Board is responsible for setting the Group\u2019s risk appetite with respect to capital risk, which is articulated through its risk appetite statements, and it defines minimum levels of capital surplus above regulatory requirements that it is willing to operate with. These are translated into specific Group risk metrics, which are monitored by the Board Risk Committee (BRC), Group Executive Risk Committee (Group ERC), Group Assets and Liabilities Committee (Group ALCO) and other internal management reviews. The capital structure is managed across the Group through the governance arrangements outlined above, to ensure that the minimum regulatory requirements and the expectations of other key stakeholders continue to be met on a Group and individual consolidation basis. As part of the risk appetite framework, strong capital ratios are targeted relative to both regulatory requirements and major banking peers. Any planned changes to the balance sheet, potential regulatory developments and other factors (such as trading outlook, movements in the fair value through other comprehensive income reserve and defined benefit pension deficit) are all considered. The capital strategy is to manage capital ratios through retained earnings, supplemented by external capital where appropriate. Since general reserves form the majority of capital resources, profitability is an important factor when considering the ability to meet capital requirements. A framework is in place to ensure that overall capital requirements are appropriately allocated, to ensure regulatory requirements are met at the applicable individual levels of consolidation, and to carry out performance monitoring activity for individual product segments. In line with the Group's capital management practices, opportunities are assessed and may be taken to reduce excess capital resources through liability management exercises, and the use of open market repurchases of core capital deferred shares (CCDS). The Group's capital structure has been materially simplified through a liability management exercise which commenced in June 2025 and the routine call of certain Virgin Money instruments. The sub-consolidation Direction applied to Virgin Money UK PLC was revoked in December 2025, with the effect that the outstanding Virgin Money Additional Tier 1 Instruments ceased to be eligible as Group own funds from that point. However, these instruments, together with Virgin Money's outstanding externally held eligible liabilities instrument, continue to be eligible to meet the Group\u2019s minimum requirement for own funds and eligible liabilities (MREL) requirements until 31 December 2028, in line with the discretion applied by the Bank of England at the time of the Virgin Money acquisition. Capital is held to meet Pillar 1 requirements for credit, counterparty credit and operational risks. In addition, the Prudential Regulation Authority (PRA) requires firms to hold capital to meet Pillar 2A requirements which are firm-specific. This is a point-in-time estimate, set by the PRA on an annual basis, based on the submission of the results of the annual Internal Capital Adequacy Assessment Process (ICAAP). This process confirms the amount of capital required to be held to meet risks partly covered by Pillar 1 such as operational risk, and risks not covered by Pillar 1 such as pension and interest rate risks. The combination of Pillar 1 and Pillar 2A requirements form the Group\u2019s Total Capital Requirement (TCR). The Group\u2019s latest Pillar 2A requirements were effective from September 2025 and were equivalent to 4.0% of risk weighted assets (RWAs) at 31 March 2026 (2025: 4.7% of RWAs). This is equal to a capital requirement of \u00a33.5 billion, of which at least \u00a32.0 billion must be met by CET1 capital. The Pillar 2A percentage is above some of our banking peers due to the low average RWA density of the Group\u2019s balance sheet, given that 82% (2025: 81%) of total assets, excluding central bank reserves, are in the form of secured residential mortgages. To protect against the risk of falling below Pillar 1 and Pillar 2A requirements (thereby breaching TCR), firms are subject to regulatory capital buffers which are set out in the PRA Rulebook. The PRA may set an additional firm-specific PRA buffer based upon supervisory judgement informed by the results of the Bank of England\u2019s stress testing scenarios. This Bank of England assessment considers the impacts of the stress scenarios on a firm\u2019s capital requirements and resources, and other factors including leverage, systemic importance and any weaknesses in firms\u2019 risk management and governance procedures. The ICAAP also considers appropriate internal capital buffers to ensure that the impact of a severe but plausible stress can be absorbed. 154Stress testing The Group uses stress testing as a key risk management tool to gain a better understanding of its risk profile and its resilience to internal and external shocks. An assessment of potential vulnerabilities and available management actions is undertaken by considering a range of severe but plausible stressed scenarios for the Group. These stress tests project capital resources and requirements over a multi-year horizon. They cover a range of macroeconomic and idiosyncratic scenarios that test the most material risks to the Group\u2019s business model and support the overall assessment of the Group\u2019s capital ratio resilience. The Group aims to maintain strong capital ratios in excess of regulatory minima under stressed conditions. On 24 March 2025, the Bank of England released the 2025 Bank Capital Stress Test (BCST) with the results published by the Bank of England on 2 December 2025. The Group\u2019s low point CET1 ratio through the scenario was 14.5% after strategic management actions, comfortably above its regulatory minimum requirement of 6.5%. The leverage ratio low point was 4.8%, also remaining in excess of the 3.25% minimum regulatory requirement. This demonstrates that the Group is well capitalised and positioned to remain financially strong under stressed economic conditions. Recovery planning and resolvability The Group maintains a Group Recovery Plan under UK regulatory rules implementing the European Bank Recovery and Resolution Directive (BRRD). The plan contains a set of management actions that would be available to support the Group's capital and liquidity position in the event of stressed economic conditions. The Group submitted its initial Group Recovery Plan to the PRA in March 2025 and will make an additional submission in June 2026, before falling back into a regular submission cycle, with the next scheduled submission due in June 2027. The Virgin Money Recovery Plan has been retired following the Part VII transfer of assets and liabilities of Virgin Money\u2019s main operating subsidiary, Clydesdale Bank PLC, to Nationwide Building Society. In March 2025, the Group submitted a Group interim resolvability self-assessment to the Bank of England. This documented the capabilities across the Group that are designed to achieve the resolvability outcomes as prescribed within the Bank of England Resolvability Assessment Framework, and included enhancements and developments since the previous self-assessment submission in 2023 and as a result of the Virgin Money acquisition. A summary of the Group\u2019s approach to resolvability is available within the Resolvability Assessment Framework disclosure at nationwide.co.uk with the latest disclosures available as at June 2024, prior to the Virgin Money acquisition. The next self-assessment submission will be made in October 2026, with disclosures to follow in June 2027. 155155Capital position The capital disclosures included in this report are in line with the PRA Rulebook and the UK Capital Requirements Regulation and Directive (UK CRR and UK CRD V). The disclosures are on a consolidated Group basis, including all subsidiary entities, unless otherwise stated. Capital ratios and requirements 2026 2025 Capital ratios % %CET1 ratio 19.1 19.1 Tier 1 ratio 21.6 21.7 Total regulatory capital ratio 23.8 23.8 Leverage ratio 5.3 5.2 Capital requirements \u00a3m \u00a3m Risk weighted assets (RWAs) 87,437 81,871 Leverage exposure 353,504 344,018 Risk-based capital ratios remain in excess of regulatory requirements with the CET1 ratio remaining at 19.1%, above the Group\u2019s CET1 capital requirement of 12.3%. The CET1 capital requirement includes a 6.8% minimum Pillar 1 and Pillar 2A requirement and combined buffer requirements of 5.5% of RWAs. The CET1 ratio remained at 19.1% following an increase in CET1 capital of \u00a31.1 billion, offset by an increase in RWAs of \u00a35.6 billion. The CET1 capital resources increase was driven by statutory profit after tax. The RWA increase was predominantly driven by an increase in retail mortgages RWAs. This increase reflected both growth in lending balances and a one-off \u00a33.0 billion increase in the temporary model adjustment applied to Virgin Money\u2019s existing Internal Ratings Based (IRB) mortgage models, following regulatory feedback as part of the revised model approval process. Over time, the Group intends to align modelling approaches across its IRB portfolios. Excluding the one-off temporary model adjustment uplift, the CET1 ratio would have increased, with retained earnings sufficient to support the organic increase in RWAs. Further details on the temporary model adjustment and RWAs are provided in the Risk weighted assets section below. The PRA Rulebook requires firms to calculate a leverage ratio, which is non-risk-based, to supplement risk-based capital requirements. The Group\u2019s leverage ratio increased to 5.3% (2025: 5.2%), with Tier 1 capital resources increasing by \u00a31.1 billion as a result of the CET1 capital movements referenced above. This was partially offset by an increase in leverage exposure of \u00a39.5 billion, predominantly due to increased residential mortgage balances. The leverage ratio remains in excess of the Group\u2019s leverage capital requirement of 4.3%, which comprises a minimum Tier 1 capital requirement of 3.25% and buffer requirements of 1.05%. The buffer requirements include a 0.7% UK countercyclical leverage ratio buffer and a 0.35% additional leverage ratio buffer. Leverage requirements continue to be the Group\u2019s binding Tier 1 capital measure, as the combination of minimum and regulatory buffer requirements is in excess of the risk-based equivalent. The risk of excessive leverage is managed through regular monitoring and reporting of leverage, which forms part of risk appetite. Further details of the leverage exposure can be found in Nationwide\u2019s Group Pillar 3 Disclosures 2026 at nationwide.co.uk 156The table below shows how components of members\u2019 interests, equity and liabilities contribute to total regulatory capital and does not include non-qualifying instruments. Total regulatory capital 2026 2025 (Audited) \u00a3m \u00a3m General reserve 17,746 17,086 Proportional consolidated gains/losses arising from joint venture (note i) - 9 Core capital deferred shares (CCDS) (note ii) 1,334 1,334 Revaluation reserve 35 35 Fair value through other comprehensive income (FVOCI) reserve (26)(119) Cash flow hedge and other hedging reserves (5)79 Regulatory adjustments and deductions: Cash flow hedge and other hedging reserves (note iii) 5 (79) Direct holdings of CET1 instruments (note ii) (177) (177) Foreseeable distributions (note iv) (82) (100) Prudent valuation adjustment (note v) (86) (82) Own credit and debit valuation adjustments (note vi) (3) (4) Intangible assets (note vii) (1,024)(1,226) Goodwill (note vii) (12) (12) Defined benefit pension fund asset (note vii) (537)(669) Excess of regulatory expected losses over impairment provisions (note viii) (273)(247) Deferred tax assets that rely on future profitability and do not arise from temporary differences (note ix) (211)(217) Total regulatory adjustments and deductions (2,400)(2,813) CET1 capital 16,684 15,611 Other equity instruments (Additional Tier 1) 2,178 2,121 Tier 1 capital 18,862 17,732 Subordinated debt (note x) 1,873 1,757 Excess of impairment provisions over regulatory expected losses (note viii) 48 - Tier 2 capital 1,921 1,757 Total regulatory capital 20,783 19,489 Notes: i. The Group applied a proportional consolidation approach to the Salary Finance Loans Limited joint venture, which was accounted for in the consolidated financial statements using the equity method. The Group sold its shares in Salary Finance Loans Limited in the year. ii. The CCDS amount does not include the deductions for the Group\u2019s repurchase exercises. This is presented separately as a regulatory adjustment in line with CRR article 42. iii. In accordance with CRR article 33, institutions do not include the fair value reserves related to gains or losses on cash flow hedges of financial instruments that are not valued at fair value. iv. Foreseeable distributions in respect of CCDS and Additional Tier 1 (AT1) securities are deducted from CET1 capital under CRR rules. v. A prudent valuation adjustment (PVA) is applied in respect of fair valued instruments as required under CRR rules. vi. Own credit and debit valuation adjustments are applied to remove balance sheet gains or losses of fair valued liabilities and derivatives that result from changes in own credit standing and risk, as per the CRR. vii. Intangible, goodwill and net defined benefit pension fund assets are deducted from capital resources after netting associated deferred tax liabilities. viii. Where capital expected loss exceeds accounting provisions, the excess balance is removed from CET1 capital, gross of tax. In contrast, where provisions exceed capital expected loss, the excess amount is added to Tier 2 capital, gross of tax. This calculation is not performed for equity exposures, in line with CRR article 159. The expected loss amounts for equity exposures are deducted from CET1 capital. ix. Deferred tax assets that rely on future profitability, excluding those arising from temporary differences, are deducted as per CRR article 38, net of related tax liabilities where the conditions in CRR article 38 (3) are met. x. Subordinated debt includes fair value adjustments relating to changes in market interest rates, adjustments for unamortised premiums and discounts that are included in the condensed consolidated balance sheet, and any amortisation of the capital value of Tier 2 instruments required by regulatory rules for instruments with fewer than five years to maturity. 157157As part of the Bank Recovery and Resolution Directive, the Bank of England, in its capacity as the UK resolution authority, has published its policy for setting MREL. The Group is required to hold twice the minimum capital requirements (equating to 6.5% of leverage exposure), plus the applicable capital requirement buffers, which amount to 1.05% of leverage exposure. This equals a total loss-absorbing requirement of 7.55%. At 31 March 2026, total MREL resources were 9.7% (2025: 8.9%) of leverage exposure, in excess of the loss-absorbing requirement of 7.55% (2025: 7.55%) described above. Risk weighted assets The table below shows the breakdown of RWAs by risk type and business activity. Market risk has been set to zero as permitted by the UK CRR, as the exposure is below the threshold of 2% of own funds at a Group level. Risk weighted assets 2026 2025 Risk weighted Minimum capital Risk weighted Minimum capital assets requirements assets requirements \u00a3m \u00a3m \u00a3m \u00a3m Retail mortgages 51,266 4,101 45,914 3,673 Retail unsecured lending 10,336 827 9,481 758 Business lending 11,203 896 11,274 902 Treasury 1,248 100 1,903 152 Other (note i) 2,623 210 2,686 215 Total credit risk (excluding counterparty credit risk) 76,676 6,134 71,258 5,700 Counterparty credit risk (note ii) 515 41 463 38 Credit valuation adjustment 405 33 338 27 Operational risk 9,841 787 9,812 785 Total 87,437 6,995 81,871 6,550 Notes: i. Other relates to equity, fixed, intangible, deferred tax and other assets. ii. Counterparty credit risk relates to derivative financial instruments, securities financing transactions (repurchase agreements) and exposures to central counterparties. Total RWAs increased by \u00a35.6 billion. This was predominantly driven by a \u00a35.4 billion increase in retail mortgage RWAs that reflected both growth in balances and a one-off \u00a33.0 billion increase to the temporary model adjustments as explained further below. Other movements in total RWAs include a \u00a30.9 billion increase in retail unsecured lending RWAs, due to growth in balances, offset by a net \u00a30.6 billion reduction in other business lines.Regulatory changes were introduced in 2022 that impact the IRB models used to derive minimum capital requirements. These changes formed part of the PRA\u2019s updates to SS11/13 IRB approaches, some of which aim to increase consistency of approaches across different firms and reduce volatility of mortgage risk weights across differing economic conditions. Nationwide\u2019s revised mortgage IRB models were approved by the PRA in November 2024. Virgin Money's revised IRB mortgage models remain subject to approval. In the year, a one-off \u00a33.0 billion increase in the temporary adjustment was applied to these models, following regulatory feedback as part of the model approval process. This uplift increased Virgin Money\u2019s temporary adjustment to \u00a33.9 billion. More detailed analysis of RWAs is included in Nationwide\u2019s Group Pillar 3 Disclosures 2026 at nationwide.co.uk IRB model risk The performance and accuracy of IRB models is critical to the calculation of credit risk capital requirements. The effectiveness of the models is achieved through clear allocation and segregation of roles and responsibilities covering model ownership, approval and governance, ongoing model monitoring, review and independent validation. Further information can be found in the \u2018Use of the IRB Approach to credit risk\u2019 section of Nationwide\u2019s Group Pillar 3 Disclosures 2026 at nationwide.co.uk Basel 3.1 On 20 January 2026, the PRA published final Basel 3.1 rules, effective in the UK from 1 January 2027. The final rules include a phased introduction of the RWA standardised output floor until fully implemented by 2030. The day one impact of Basel 3.1 on the Group\u2019s CET1 ratio is expected to be positive, with a small increase in the CET1 ratio anticipated, based on the Group\u2019s current interpretation of the final rules. This is primarily due to the impact of changes to prescribed IRB model calculations. RWAs calculated under the Basel 3.1 standardised output floor are expected to exceed internally modelled RWAs towards the end of the implementation period. The exact impact of Basel 3.1 on the Group position, and the point where the output floor becomes the binding constraint, will be influenced by the Group\u2019s interpretation of the final rules and the evolution of the balance sheet. However, the Tier 1 leverage requirements are expected to remain higher than the Tier 1 standardised output floor risk-based requirements. Outlook The PRA has granted a renewed 12-month general prior permission to repurchase core capital deferred shares (CCDS) up to 2% of existing CET1 capital resources (\u00a3334 million at 31 March 2026), though this does not mean further repurchase exercises will necessarily follow. The permission will expire in January 2027. The post balance sheet event regarding the Part VII transfer of assets and liabilities of Virgin Money\u2019s main operating subsidiary, Clydesdale Bank PLC, to Nationwide Building Society does not materially impact the Group\u2019s capital position.37. Capital management The Group is subject to the regulatory capital requirements applied by its regulator, the Prudential Regulation Authority (PRA). Regulatory capital comprises the Group\u2019s general reserve, fair value through other comprehensive income reserve, revaluation reserve, core capital deferred shares, other equity instruments and subordinated debt, subject to various adjustments and transitional arrangements required by the capital rules. During the year the Group complied with the capital requirements applied by the PRA. Further unaudited details about the Group\u2019s capital position can be found in the Capital risk section of the Risk report.",
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"value": "Market risk Summary Market risk is the risk that the net value of, or net income arising from, the Group\u2019s assets and liabilities is impacted by changes in market prices or rates, specifically interest or currency rates. The Group has limited appetite for market risk and does not have a trading book. Market risk is closely monitored and managed to ensure the level of risk remains within appetite. Market risks are not taken unless they are essential to core business activities and they provide stability of earnings, minimise costs or enable operational efficiency. The principal market risks that affect the Group are listed below, together with the types of risk reporting measures used in their assessment and management. Market risk exposure Reporting measures Interest rate risk Value sensitivity, value at risk, net interest income sensitivity and economic value of equity sensitivity Product option risk Value at risk and economic value of equity sensitivity Foreign exchange (FX) risk Value sensitivity and value at risk Credit spread risk Value at risk Inflation risk Value sensitivity The Group has a capital requirement for its market risk exposure. In addition, analysis under stressed conditions is used to evaluate the impact of more extreme, but plausible events. Interest rate risk Interest rate risk is the risk of an adverse impact to market value or income due to changes in market interest rates. It arises in relation to the Group\u2019s non-traded assets and liabilities, specifically loans, deposits and financial instruments. Basis risk (risk associated with assets and liabilities repricing with reference to differing interest rate benchmarks) and structural risk (risk associated with the impact of interest rate movement on earnings and value due to the Group\u2019s reserves) are included under this broad interest rate risk category. The Group\u2019s interest rate risk is measured and monitored using a combination of value-based and earnings sensitivity assessments. Balance sheet matching (the use of internal offsets) is the primary strategy used to manage interest rate risk. Derivatives including interest rate swaps are used when matching is not appropriate or available. The Group has structural hedging programmes in place to stabilise earnings as interest rates change. The most material hedging programmes are in place to manage liabilities, including reserves and customer deposits. The Group also undertakes other balance sheet hedging to mitigate the asymmetric risk which arises in very low or negative interest rate scenarios, mainly due to the different levels at which variable product rates can reach a minimum floor level.Product option risk Product option risk is the risk that changes to hedging may be required if customer behaviour deviates from expectations, which may result in a loss if further derivative transaction activity is required The key product risks the Group is exposed to are repayment risk (early redemption or underpayment/overpayment of fixed rate mortgages), access risk (early withdrawal of fixed rate savings), and take-up risk (higher or lower completions of fixed rate mortgage reservations than expected). These risk exposures are quantified under a range of stress scenarios using models that predict customer behaviour in response to changes in interest rates. Foreign exchange (FX) risk FX risk is the risk to market value due to changes in exchange rates. The risk arises due to assets or liabilities being denominated in different currencies than the Group\u2019s base currency (sterling). Currency exposure is managed through natural offsetting on the balance sheet, with derivatives used to maintain the net exposures within approved limits. 160Credit spread risk Credit spread risk is the risk to the market value of Treasury investments arising from changes in the spread between bond yields and swap rates. The risk primarily arises in the Group\u2019s liquid asset portfolio, which predominantly consist of fixed rate debt securities, held to manage the Group\u2019s liquidity risk. Interest rate swaps are used to hedge the interest rate risk associated with these assets. However, there remains a residual risk as debt yields and swap rates do not always move in the same direction and to the same extent, meaning that the market value of the liquidity portfolio assets can change due to movements in bond yields and swap rates. Credit spread risk is monitored using a Value at Risk (VaR) metric and the risk is controlled via internal limits. Exposures are monitored daily and are reported monthly to the Group Asset and Liability Committee (ALCO). Inflation risk Inflation risk is the risk to market value and income arising from the impact of changes in inflation swap rates on inflation-linked assets in the Group\u2019s liquidity portfolio. This risk is managed through the use of inflation swaps. Residual exposures are monitored through sensitivity metrics (IE01), which measure the change in present value of future cashflows to a one basis point parallel shift in inflation swap rates. 16116The principal market risks, linked to the Group\u2019s balance sheet assets, liabilities, capital and reserves, are listed in the table below, irrespective of materiality. Market risk linkage to the balance sheet 2026 Market risk Group Society Interest rate Product option Foreign Exchange Credit spread risk Inflation risk \u00a3m \u00a3m risk risk (FX) risk Assets Cash 38,411 22,254 \uf0fc\uf020 \uf0fc\uf020Loans and advances to banks and similar institutions 1,758 1,204 \uf0fc\uf020\uf0fc\uf020Investment securities 25,905 21,990 \uf0fc\uf020\uf0fc\uf020 \uf0fc\uf020 \uf0fc\uf020Derivative financial instruments 3,341 3,956 \uf0fc\uf020 \uf0fc\uf020 \uf0fc\uf020 \uf0fc\uf020Loans and advances to customers 311,483 194,425 \uf0fc\uf020 \uf0fc\uf020 \uf0fc\uf020Other assets (note i) 1,430 52,793 \uf0fc\uf020 \uf0fc\uf020Total assets 382,328 296,622 Liabilities Shares 217,052 217,052 \uf0fc\uf020 \uf0fc\uf020 Deposits from banks and similar institutions 5,453 4,449 \uf0fc\uf020 \uf0fc\uf020Other deposits 76,766 4,056 \uf0fc\uf020 \uf0fc\uf020 \uf0fc\uf020Debt securities in issue 54,821 46,374 \uf0fc\uf020 \uf0fc\uf020Derivative financial instruments 1,178 1,478 \uf0fc\uf020\uf0fc\uf020 \uf0fc\uf020 \uf0fc\uf020Subordinated liabilities 2,931 2,932 \uf0fc\uf020\uf0fc\uf020Other liabilities 2,838 4,311 \uf0fc\uf020 \uf0fc\uf020Total liabilities 361,039 280,652 Total members\u2019 interests and equity 21,289 15,970 \uf0fc\uf020 Note: i. Other assets include the fair value adjustment for portfolio hedged risk of \u00a3(2,121) million (2025: \u00a3(2,037) million) and investments in Group undertakings of \u00a352,618 million (2025: \u00a346,889 million). Investment in Group undertakings impacts the Society balance sheet only. Other assets also include the net defined benefit asset of the Pension Fund, being the surplus of fund assets in excess of liabilities. The Pension Fund is subject to pension risk, which includes exposure to market risk factors such as interest rate risk, inflation risk, and equity risk (from changes to share prices). Pension risk is managed separately from the market risk arising from the Group\u2019s core business. Further information is detailed in the Pension risk section on page 166. Market risk governance The Group\u2019s market risk exposure arises in the banking book; the Group does not have a trading book. Most of the exposure to market risk arises from fixed rate mortgages or savings and changes in the market value of the liquidity portfolio. There is a low-level of FX risk on non-sterling financial assets and liabilities held. The Board is responsible for setting market risk appetite. Group ALCO is responsible for managing the market risk profile within defined risk appetites. Market risk is managed within a comprehensive risk framework which includes policies, limit setting and monitoring, stress testing, and robust governance controls. The framework includes setting and monitoring more granular limits within Board limits, with relevant market risk metrics reported monthly to ALCO and monitored daily by the Treasury function. 162162Market risk measurement The Group\u2019s objective is to measure, manage and control market risk exposures while maintaining a market profile consistent with the Group\u2019s risk appetite. The analytical techniques used to measure market risk are outlined below. Value and earning sensitivities Sensitivity analysis is used to assess the change in value of the net exposure to defined parallel and non-parallel shifts in interest rates. For example, a one basis point (0.01%) shift is measured using PV01. This analysis is performed daily for each currency. Earning sensitivity metrics are used to measure and quantify exposure to interest rate risks, including basis risk, and inflation risk. These techniques assess the impact on earnings when rate shocks are applied to the rates paid on liabilities and to the rates earned on assets. The Group measures Interest Rate Risk in the Banking Book (IRRBB) through Net Interest Income (NII) and Economic Value of Equity (EVE) measures, under a range of shock scenarios which factor in behavioural assumptions for retail products as interest rates change. These measures are assessed based on the standard shocks prescribed by the PRA, as well as against internally generated shock scenarios. \uf0b7 NII sensitivities assess the impact to earnings under a range of interest rate shocks over a one-year period. Sensitivities are calculated based on a static balance sheet, where all assets and liabilities maturing within the year are reinvested in like-for-like products. The sensitivity also includes the impact arising from off-balance sheet exposures. \uf0b7 EVE sensitivities measure the change in value of interest rate sensitive items, both on and off-balance sheet, under a range of interest rate shocks. Sensitivities are calculated on a run-off balance sheet basis. Both NII and EVE sensitivities are measured regularly, with risk limits set against the various shocks. Value at Risk (VaR)VaR is a technique that estimates the maximum potential losses that could occur from risk positions because of future movements in market rates and prices, over a specified time horizon, to a given level of statistical confidence. VaR is based on historic market behaviour and uses a series of recorded market rates and prices to derive plausible future scenarios. This considers inter-relationships between different markets and rates. The VaR model incorporates risk factors based on historic interest rate and currency movements using a ten-year historical data series. A two-week horizon and a 99% confidence level is used in day-to-day VaR monitoring. VaR is used to monitor interest rate, credit spread, currency and product option risks and is not used to model income. Interest Rate VaR estimates maximum potential loss given an adverse movement in interest rate. It is important to note that while Interest Rate VaR does not include the impact of future changes in expected customer behaviour, it does reflect changes in expectations of customer behaviour since the product was initially hedged. Credit Spread VaR reflects the maximum potential loss due to an adverse movement in credit spreads, which are predominantly the spreads between fixed rate bond yields and swap rates. Exposures against limits are reviewed daily and actual outcomes are monitored on an ongoing basis by management to test the validity of the assumptions and factors used in the VaR calculation. Although VaR is a valuable risk measure, it needs to be viewed in the context of the following limitations which may mean that exposures could be higher than modelled: \uf0b7 The use of a 99% confidence level, by definition, does not take account of changes in value that might occur beyond this level of confidence; \uf0b7 VaR models often under-predict the likelihood of extreme events and over-predict the benefits of offsetting positions in those extreme events; \uf0b7 The VaR model uses historical data to predict future events. Extreme market moves outside of those used to calibrate the model will deliver exceptions. In periods where volatility is increasing, the model is likely to under-predict market risks and in periods where volatility is decreasing it is likely to over-predict market risks; and \uf0b7 Historical data may not adequately predict circumstances arising from government interventions and stimulus packages, which increase the difficulty of evaluating risks. 163163The Group validates the VaR model on a monthly basis by back testing the calculated VaR against a hypothetical profit and loss, which reflects the profit and loss that would have been realised if positions were held constant over a two-week period. An exception is recognised where a loss over a two-week period exceeds the VaR calculated by the model. The number of exceptions over a 12-month period is used to assess the performance of the VaR model, which in turn helps to decide whether it requires recalibration. The model is governed by the Group\u2019s model risk management framework, to ensure it remains appropriate for risk reporting. In addition, stressed VaR is used to estimate the potential loss arising from unfavourable market movements in a stressed environment. It is calibrated with a 99% confidence level, a one day holding period, and uses market data from a two-year period of significant financial stress. Market risk monitoring Market risk is identified and assessed by monitoring and reporting risk information at Society and Group levels. Industry expertise, effective treasury management systems, processes and advanced evaluation techniques such as stress testing are used to enhance the effectiveness of the identification and assessment of all material market risks. Exposures are monitored against limits on a daily basis, with relevant management information reports shared with key stakeholders, including the regulators, in line with the reporting frequency established in the Group\u2019s Market Risk Policy. A summary of the Group\u2019s value and earnings-based assessment is presented below. Value-Based Assessments - VaR The tables below highlight the Group\u2019s limited exposure to market risk. Interest rate and credit spread VaR are monitored daily and summarised over the financial year: Value at Risk - Group 2026 2025 Close Average High Low Close Average High Low \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Interest rate VaR (99%/10-day) 18.1 13.2 22.5 6.1 7.7 5.7 7.7 4.3 Credit spread VaR (99%/10-day) 105.4 120.6 138.6 105.4 143.5 134.2 143.5 124.3 Value at Risk \u2013 Society 2026 2025 Close Average High Low Close Average High Low \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Interest rate VaR (99%/10-day) 17.0 12.1 20.9 5.0 4.9 4.7 4.9 4.3 Credit spread VaR (99%/10-day) 88.0 99.5 112.8 88.0 116.6 121.1 127.0 116.6 Net Interest Income (NII) sensitivity The sensitivities presented below measure the extent to which the Group\u2019s pre-tax earnings are exposed to changes in interest rates over a one-year period based on instantaneous parallel rises and falls in interest rates, with the shifts applied to the prevailing interest rates at the reporting date. The sensitivities are prepared based on a static balance sheet, with all assets and liabilities maturing within the year replaced with like-for-like products, and changes in interest rates being passed through to variable rate retail products, unless a floor close to 0% is reached when rates fall. No management actions are included in the sensitivities. The purpose of these sensitivities is to assess the Group\u2019s exposure to interest rate risk and therefore the sensitivities should not be considered as a guide to future earnings performance, with actual future earnings influenced by the extent to which changes in interest rates are passed through to product pricing, the timing of maturing assets and liabilities and changes to the balance sheet mix. In practice, earnings changes from actual interest rate movements will differ from those shown below because interest rate changes may not be passed through in full to those assets and liabilities that do not have a contractual link to Bank rate. 164164Potential (adverse)/favourable impact on annual pre-tax future earnings Group Society 2026 2025 2026 2025 (Audited) \u00a3m \u00a3m \u00a3m \u00a3m +100 basis points shift 131 71 95 24 +25 basis points shift 38 22 28 10 -25 basis points shift (80) (49) (62) (33) -100 basis points shift (333) (204) (255) (135) NII sensitivities remain low in absolute terms and reflect Nationwide\u2019s prudent management of interest rate risk. The sensitivities assume that changes in rates are fully passed through in these scenarios, and product margins are held static. The sensitivities also include the impact of balance sheet hedging and take-up risk in the mortgage pipeline. Economic Value of Equity (EVE)The Group also measures interest rate risk through EVE sensitivity which identifies the change in value of interest rate sensitive items, both on and off-balance sheet, under a range of interest rate shocks prescribed by the Prudential Regulation Authority (PRA). This measure includes behavioural assumptions using a run-off balance sheet basis. EVE is managed against internal and regulatory risk limits and is monitored by Group ALCO. Further details on EVE can be found in the Group\u2019s annual Pillar 3 Disclosure for 2026 at nationwide.co.uk Global market conditions Effective risk management has ensured that the Group\u2019s market risk exposures have remained insulated from the changes in the global economy, where trade tensions and the conflict in the Middle East generated volatility and threatened economic growth during the reporting period. The Group was also insulated from events in the UK economy, where the 12-month Consumer Price Inflation rose by 70 basis points from 2.6% in March 2025 to 3.3% in March 2026. During the 12-month period, the Group\u2019s approach to interest rate risk management resulted in limited exposure to the 75 basis points reduction in Bank rate, and the volatility seen in sterling Sonia swap rates which underpin retail product pricing. The Group\u2019s exposure to credit spread and inflation risk from its liquid asset holdings remains within risk appetite. Foreign exchange movements, which saw sterling strengthen against the dollar and weaken against the euro, also had an immaterial impact on earnings as foreign currency exposures are hedged. Outlook The Group will continue to have a limited appetite for market risk, which will only be taken if it is essential to core business activities and provides stability of earnings, minimises costs or enables operational efficiency. While the near-term economic outlook remains uncertain, market risk will continue to be closely managed by the Group to ensure it remains within established risk appetite. The post balance sheet event regarding the Part VII transfer of assets and liabilities of Virgin Money\u2019s main operating subsidiary, Clydesdale Bank PLC, to Nationwide Building Society does not materially impact the Group\u2019s market risk position. 16516Pension risk Summary Pension risk is defined as the risk that the value of pension schemes\u2019 assets will be insufficient to meet the estimated liabilities, creating a pension deficit. Pension risk could negatively impact the Group\u2019s capital position and may result in increased cash funding obligations to the pension schemes. The Group has funding obligations to a number of defined benefit pension schemes, including the Nationwide Pension Fund (NPF) and the Yorkshire and Clydesdale Bank Pension Scheme (YCBPS). These consist of a total of 50,000 members, with both schemes closed to future accrual except for a small number of legacy members in the YCBPS. Further details are set out below and in note 30 to the financial statements.In accordance with UK legislation, the assets of the Group\u2019s defined benefit pension schemes are held in distinct and legally separate trusts from the Group\u2019s assets, and each are administered by boards of trustees (the Trustee boards) which have fiduciary responsibilities to pension scheme members. The Group has specialist pension risk management teams responsible for monitoring the financial risk to the Group from the defined benefit pension schemes. This includes regular analysis, insight, risk appetite articulation and reporting to governance committees. The Group maintains effective engagement with the trustees in order to manage the long-term impact on the capital and financial position. For the NPF and YCBPS, this is supported by the Group\u2019s representation at the Trustee boards\u2019 investment sub-committee meetings and investment working groups, and the sharing of management information between the Group and the Trustee boards for the consideration of specific risk management initiatives. Pension risk is embedded into the Group Risk Management Framework (GRMF) and stress testing processes. The Group monitors the potential capital deterioration from the retirement benefit position that might occur in a 1-in-200 year stress test. The Group considers all pension regulation and legislation change which may impact its obligations to defined benefit schemes. Risk factors Volatility in investment returns from the assets and changes in the value of the liabilities affect the pension schemes\u2019 net deficit or surplus positions. The key risk factors which impact this position are set out below. These factors can have a positive or negative effect on the position. Asset performanceThere is a risk that the return on pension scheme assets is insufficient to meet the growth in pension liabilities, potentially resulting in a reduction in the surplus or an increase in the deficit. Pension scheme liabilities are calculated using a discount rate derived from high-quality corporate bond yields, meaning that if the assets underperform against those bond yields, the funding position may worsen. The Group\u2019s pension schemes hold a proportion of return-seeking assets, including private equity, infrastructure, property, credit investments and corporate bonds. Return-seeking assets are expected to outperform liabilities in the long-term, but they are riskier and potentially more volatile in the short to medium-term. Investments in return-seeking assets are monitored by both the Trustee boards and the Group to ensure they remain appropriate given the long-term objectives of the schemes. Further details of the assets held are set out in note 30 to the financial statements. LiabilitiesThere is a risk that the Group\u2019s pension schemes\u2019 liabilities increase to a level which is not supported by their respective asset performance, whether through discount rate changes, increases in long-term inflation expectations, or increases in the life expectancy (longevity) of the scheme participants. Approximately one third of all liabilities are hedged using longevity swaps, which have been entered into within both the NPF and the YCBPS. Actuarial assumptionsThere is a risk that a change in the methodology used to derive key actuarial assumptions (for example, the discount rate or longevity assumptions) results in a step change in the assessment of the liabilities and therefore in the net surplus or deficit, potentially impacting the Group's capital and/or deficit funding requirements. The ultimate cost of providing pension benefits over the life of the obligation will depend on actual future events, rather than assumptions made. 166Developments in the year The NPF is closed to future accrual, therefore no employer contributions were made in respect of future benefit accrual during the year. There were also no employer deficit contributions into the NPF for the year ended 31 March 2026 and none are scheduled for the year ending 31 March 2027. The 31 March 2025 Triennial Valuation has been completed and indicated a funding surplus, such that a recovery plan requiring employer deficit contributions was not required. The effective date of the NPF\u2019s next Triennial Valuation is 31 March 2028. The YCBPS was closed to future accrual on 1 August 2017 for most members. A small number of active members remain on a defined benefit accruals basis subject to certain conditions. Employer contributions for benefit accrual and expenses were \u00a36 million for the year ended 31 March 2026. The YCBPS 2022 Triennial Valuation indicated a funding surplus, such that a recovery plan requiring employer deficit contributions was not required. The 30 September 2025 Triennial Valuation is underway and will be completed by 31 December 2026. As at 31 March 2026, the value of the Group\u2019s pension schemes\u2019 assets is \u00a36,626 million (2025: \u00a36,767 million) and the value of liabilities is \u00a35,910 million (2025: \u00a35,875 million). Movements in the net defined benefit asset are set out below:Changes in the present value of net defined benefit asset \u2013 Group 2026 2025 \u00a3m \u00a3m At 1 April 892610 Pension charge (9) (7) Net interest credit 51 45 Actuarial remeasurement (224) (192) Employer contributions (including deficit contributions) 6 7 Acquisition of Virgin Money UK PLC (note i) - 429 At 31 March 716 892 Note: i. Acquisition of Virgin Money UK PLC refers to the surplus position of the YCBPS as at 1 October 2024. Movements in the YCBPS between 1 October 2024 and 31 March 2025 are included in the other components of the table. The movement in the net defined benefit asset is largely driven by the actuarial loss on defined benefit obligations for the Group, primarily an experience loss arising from reflecting updated membership data relating to the NPF\u2019s 31 March 2025 Triennial Valuation. The actuarial remeasurement quantifies the impact on the net defined benefit asset from updating financial assumptions (such as discount rate and long-term inflation), demographic assumptions (such as longevity), and the return on the pensions schemes\u2019 assets being greater or less than the discount rate. Further details can be found in note 30 to the financial statements. The Group previously considered the implication for the NPF and YCBPS of the ruling and appeal in respect of Virgin Media Limited versus NTL Pension Trustees II Limited (and others). The case challenged the validity of rule amendments made to pension schemes contracted out on a Reference Scheme Test basis between 6 April 1997 and 5 April 2016. Legislation enacted in April 2026 now gives affected pension schemes the ability to retrospectively obtain written confirmation that historic benefit changes met the necessary statutory standards. The Group assessed the possible impact on its two main pension schemes by reviewing a sample of the material amendments from the relevant period. The results of the review to date have not indicated any concerns and therefore no adjustment has been made to the defined benefit obligation value. The Group will continue to monitor developments in this area. Outlook The Group will continue to engage with the Trustee boards to ensure broad alignment on investment objectives and implementation. Potential risk management initiatives include, but are not limited to, adjusting the asset allocation (altering the allocation to return-seeking assets and to liability matching assets), longevity hedging and implementing derivative and other hedging strategies. 167167Business risk Summary Business risk is the risk that volumes decline, margins shrink, or losses increase relative to the cost or capital base, affecting the sustainability of the business and the ability to deliver the strategy due to external (macroeconomic, geopolitical, industry, regulatory or other external events) or internal factors (including the development and execution of the strategy). The Group manages this risk by maintaining recurring, sustainable income streams through provision of product and service propositions to meet current and future customer needs. In this way, the Group can consistently deliver returns aligned to risk appetite. Business risk is monitored and reported to the Board and senior management, with an emphasis on long-term resilience and sustainability. Regular assessment of technology change, customer behaviours and preferences, regulatory developments and core market conditions ensures our strategy and execution plans remain responsive, with actions identified to limit potential impacts on expected performance. Managing business risk Business risk is managed and mitigated through a range of measures, including the following activities: \uf0b7 Financial forecasting - Five-year income and cost forecasts, updated regularly to appropriately reflect internal and external risk sensitivities. \uf0b7 Performance monitoring - Monthly review of financial performance against approved forecasts and key indicators, supported by monitoring of product and service demand to ensure propositions and services are providing value and meet customer needs. \uf0b7 Stress testing - Regular scenario testing and sensitivity analysis of the key business model financial metrics through stressed economic scenarios. This is in addition to the regulatory Internal Capital Adequacy Assessment Process, recovery and reverse stress tests, and participation in the Bank of England\u2019s biennial Bank Capital Stress Test. \uf0b7 Early warning indicators and recovery planning - Ongoing monitoring of indicators to identify emerging stress, supported by a maintained Group Recovery Plan outlining a series of strategic actions that could be utilised, if required, to protect the Group. Developments in the year The Group\u2019s business model remains sensitive to changes in net interest margin across retail and business banking. As inflation expectations moderated over the year, the Bank of England reduced Bank rate by 0.75% to 3.75%. This influenced the rates available on both our mortgage and savings products, bringing them closer together and leading to a modest reduction in net interest margin. Significant mortgage rate volatility was observed in March 2026, with all major lenders adjusting pricing amid interest rate uncertainty stemming from the conflict in the Middle East. The competitive environment remains strong, with incumbent banks and digital challengers exerting significant pressure across a wide range of service and product propositions. The Group continues to focus on efficiency, simplicity, and attractive customer offerings to maintain sustainable and compelling propositions in all our core target markets. Outlook Business risk continues to be influenced by the Group\u2019s top and emerging risks. The UK outlook remains uncertain due to ongoing geopolitical tensions and global macroeconomic policy developments, creating volatility that can weigh on business and consumer confidence, including in our core target markets. This environment can potentially constrain financial decision making, such as small businesses deciding whether to invest in new equipment, and/or potential home movers considering whether to take on a larger mortgage. Effective delivery of the Group\u2019s strategic priorities remains key to mitigating business model vulnerability in a dynamic environment. 168Operational and conduct risk Summary Operational and conduct risk is the risk of impacts resulting from inadequate or failed internal processes, conduct and compliance management, people and systems, or from external events. These risks are managed through proportionate controls designed to identify and prevent failures that could affect customers, colleagues or the Group. The Board recognises the importance of, and has prioritised, continuous improvement in the understanding of the operational and conduct risks the Group is exposed to and enhancement of the associated control environment it relies on to mitigate these risks. Ongoing investment is being made to further enhance cyber defences, economic crime, and conduct and compliance capabilities across the Group. The primary areas of operational and conduct risk to which the Group is exposed are detailed below. Operational resilience and technology The Group continues to make operational resilience a top priority. A harmonised resilience framework covering methodologies, governance and reporting is in place for Board-approved important business services, such as the sending and receiving of immediate payments. The Group regularly tests its ability to recover critical services under severe but plausible scenarios, such as ransomware attacks and major third-party outages. The Group is enhancing its response capabilities through ongoing improvements and targeted investments, informed by its annual self-assessment. As integration progresses, the Group continues to focus on risks related to supplier concentration, change management, applications reaching the end of service life, and systems capacity management. This approach is designed to align to regulatory expectations and support reliable service to members and the wider financial system. Cyber security The Group maintains a robust suite of preventative, detective, responsive and recovery measures to manage cyber security risk effectively. A successful cyber attack on the Group could potentially cause significant disruption to business operations and prevent its customers accessing key services. As new technologies are implemented and external attack techniques strengthen, the Group constantly assesses how to protect against attacks. This includes engagement with industry groups and intelligence agencies alongside internal threat monitoring, ensuring a robust security culture is maintained, risk assessing third parties and allocating investment appropriately. Artificial intelligence (AI) Across all industries, rapid digitisation, rising customer experience demands and the evolution of AI capabilities have been driving more complex use of data. The Group is faced with the challenge of how to meet the expectations of customers and realise the benefits of AI, while also using data ethically and appropriately, particularly as AI evolves from generating content to making autonomous decisions and taking actions (Agentic AI). While AI offers significant benefits for customers and organisations, it creates unique risks that cut across traditional risk categories. The Group is developing its ability to realise these benefits while mitigating risk through defined AI principles and strong controls, with a focus on customer outcomes. The Group\u2019s approach to data and AI is underpinned by enhanced governance, with specialist review and oversight. Data The Group collects, stores and uses data, including personal information, to deliver services that meet the needs of its customers, to engage with its employees and to meet regulatory requirements. The Group is committed to protecting the data under its control, achieving compliance with all legal and regulatory obligations (such as the UK General Data Protection Regulation) and being transparent about how it uses data. 169Supply chain The Group relies on third parties for key services and retains responsibility for associated risks. Supply chain risk is an increasing area of regulatory focus, as many banks and building societies rely on third parties that provide similar services, and any disruption or failure in those services - including those caused by cyber attacks - could affect financial stability, market integrity and consumer protection. The Group adopts a risk-based approach to monitoring and managing supply chain risk and there is an increased focus on the identification and management of concentration risk, as opportunities to consolidate the Group\u2019s supplier base are identified and considered. Assurance of supply chain resilience, including through scenario testing, remains a priority. The Group also seeks to leverage resilience insights from any regulatory designation of suppliers under the UK critical third parties regime. Regulatory compliance risk The regulatory landscape remained highly active during the year, with developments including the continued embedding of the Consumer Duty, an FCA review of its rules for mortgage lenders, a new strategy for UK payments, final rules to make the UK\u2019s banking system more resilient (Basel 3.1), and a continued focus on firms\u2019 resilience against cyber threats and failures of essential processes or services. Regulatory compliance risk is managed across the Group by maintaining positive regulatory relationships, proactive horizon scanning, interpreting requirements in a way that avoids unnecessary burden, and ongoing assessments to evidence the steps taken by senior management to ensure the Group complies with those requirements. As part of the Government\u2019s drive to increase regulatory predictability and reduce burden, financial services regulators are aiming to rebalance risk in the system by giving firms more flexibility, with an emphasis on principles and outcomes over regulatory prescription. Examples include the FCA\u2019s application of the Consumer Duty, and regulators choosing not to create new rules for AI, but to rely on existing frameworks to give firms flexibility to adapt to the new technology. While offering opportunities, this rebalancing of risk also places greater emphasis on firms\u2019 internal judgement when interpreting regulatory expectations and deciding how to comply with broader principles rather than specific rules. Conduct risk Expectations under the Consumer Duty, requiring higher standards of customer care and proactive monitoring of outcomes, were further embedded across the Group, improving product and service design, the early identification of potential harms, and support for customers with characteristics of vulnerability. As integration of Virgin Money progresses, conduct risk practices are increasingly aligned, supporting a consistent customer-focused approach. Customer impacts of the planned Part VII transfer of assets and liabilities of Virgin Money\u2019s main operating subsidiary, Clydesdale Bank PLC, into Nationwide Building Society, were assessed in detail. These assessments allowed potential harms to be identified early and mitigated through strengthened controls and customer-centred design. The Group\u2019s investment in Virgin Money customer service capability, employee training and change delivery contributed to reductions in complaints, demonstrating progress in supporting fairer outcomes. Further opportunities to align and mature the conduct risk approach will be identified as integration advances, with customer outcomes and strong Consumer Duty execution remaining central to strategic priorities. Economic crime risk The Group, in common with other UK-based financial services businesses, is exposed to economic crime risks across all its business functions, and there is a wide range of criminal activity associated with this risk. The Group may be adversely affected if its customers, employees, third parties (including suppliers) or associated persons engage in criminal activity, or if the business\u2019s products or services are used to facilitate economic crime. The Group may incur significant costs to rectify issues, reimburse customer losses, address regulatory concerns and settle relevant penalties. During the current year, the FCA fined the Society \u00a344 million for historical weaknesses in its anti-money laundering controls in periods prior to July 2021. We endeavour to prevent the Group\u2019s products, services and commercial activities being used to facilitate any form of economic crime. These risks are managed through policies, controls, standards and procedures, which are informed by its business-wide risk and threat assessments. Significant investment continues in this area, as both legal and regulatory requirements and criminal methods continue to evolve. 170170Operational and conduct risk events Operational and conduct risk events which have occurred are monitored and reported on to understand those exposures better and to drive sustainable mitigation to prevent recurrence. For the purposes of this report, events shown include only those where a financial loss arises from an incident. Events are recorded against internally defined risk categories, in addition to reporting them against the categories defined by the Basel Committee on Banking Supervision in Basel II, which allows comparison of risk experience with its main banking peers. Operational risk events by Basel risk category, % of total events by value (note i) Operational risk events by Basel risk category, % of total events by number (note i) 2026 2025 (note ii) 2026 2025 (note ii) % % % % Clients, products and business practices 44.0 4.1 Clients, products and business practices 0.5 0.7 External fraud 43.8 20.7 External fraud 94.6 92.7 Execution, delivery and process management 10.8 74.9 Execution, delivery and process management 4.4 6.1 Internal fraud - 0.1 Internal fraud 0.1 0.1 Business disruption and system failure 0.9 - Business disruption and system failure 0.1 - Damage to physical assets 0.5 0.1 Damage to physical assets 0.2 0.1 Employment practices and workplace safety - 0.1 Employment practices and workplace safety 0.1 0.3 Total 100.0 100.0 Total 100.0 100.0 Notes: i. Risk events with aggregated gross losses of \u00a35,000 and over (before monies recovered); multiple losses related to the same event are counted once. ii. Comparatives have been restated to include additional historic data where more information has been received. 2025 figures provide a consolidated view of Nationwide\u2019s operational losses for the whole year, plus Virgin Money operational losses from 1 October 2024 when it was acquired. The most material categories are \u2018Clients, products and business practices\u2019, \u2018External fraud\u2019 and \u2018Execution, delivery and process management\u2019: \uf0b7 The value of the \u2018Clients, products and business practices\u2019 category increased due to an FCA fine for historical weaknesses in anti-money laundering controls in periods prior to July 2021. \uf0b7 \u2018External fraud\u2019 loss events have remained broadly stable; 2026 includes the full year of external fraud events for the expanded group. \uf0b7 In 2025 the \u2018Execution, delivery and process management\u2019 category included a material litigation case. Outlook The Group\u2019s operational and conduct risk outlook reflects both its operating environment and strategic direction. While key risk sources remain broadly unchanged, their impact on the Group and customers continues to evolve, along with regulatory and government responses. New regulatory requirements relating to operational resilience, and how prepared firms are to protect, detect, respond to and recover from cyber events, are expected in 2026. Certain third-party providers are due to be designated by the Government as critical to the UK financial sector, creating new obligations for those firms that could affect existing arrangements. As AI becomes more embedded in financial services, government and regulators are assessing its implications for consumers, financial markets and regulatory practices, and considering what intervention may be needed to ensure safe and trusted adoption. More generally, the regulators\u2019 shift toward principles and outcomes-based supervision will place greater reliance on firms\u2019 own judgement when interpreting expectations and choosing how to comply with principles, or how to deliver the outcomes the regulators expect. 171171Model risk Summary Models are essential in many business processes across the Group, supporting activities such as credit decisioning, capital assessment, stress testing, loss provisioning, planning, and product pricing. Whilst they are essential tools, models are simplified representations of real-world outcomes and are inherently imperfect. This creates model risk, which is the risk of adverse consequences from model errors or the inappropriate use of modelled outputs. Key drivers of model risk include data quality, methodological limitations, and implementation issues. Model risk management Model risk is governed at Board level through risk appetite and the model risk policy, with the Group Chief Risk Officer accountable for the management of model risk. Supporting policies and standards set expectations for model development, independent validation, ongoing monitoring, model adjustments, and governance. The Group Model Risk Committee (GMRC) is responsible for managing model risk across the Group and is a sub-committee of the Group Executive Risk Committee. The Group maintains well-defined and distinct roles for model risk management, model development and model validation, supporting strong governance and independent challenge throughout the model lifecycle. Developments in the year The Group has made further progress in strengthening its approach to managing model risk during the year. Group-level arrangements have now been established, including a single Board-approved risk appetite and policy, and the formation of GMRC to ensure consistency in model risk management across the Group. The Group also continued to develop its governance and risk frameworks for the responsible use of Artificial Intelligence (AI) within risk appetite. A Group AI Council was established to assess use cases holistically across all risk types, ensuring they remain within appetite. Use cases are subject to all applicable risk policies and governance processes. Outlook The Group continues to operate in an environment shaped by regulatory change and technological advancement. This will drive ongoing model development, validation and further strengthening of model risk management practices. The Group will continue to embed the model risk management framework and mature the overarching risk management of AI, alongside ensuring models meet regulatory requirements, including Basel 3.1. As integration of the Virgin Money business progresses, models will evolve to ensure that they remain appropriate for use. The Group will continue to apply appropriate model risk management controls to manage this period of material change effectively. 172",
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"value": "1. Statement of accounting policies Basis of preparation The Group and Society financial statements are prepared in accordance with international accounting standards in conformity with the requirements of the Building Societies Act 1986 and with those parts of the Building Societies (Accounts and Related Provisions) Regulations 1998 (as amended) that are applicable. International accounting standards which have been adopted for use within the UK have also been applied in these financial statements. Elements of the Risk report (marked as \u2018audited\u2019) form an integral part of the Group and Society financial statements. The financial statements have been prepared under the historical cost convention as modified by the revaluation of investment properties, branches and non-specialised buildings, financial assets measured at fair value through other comprehensive income (FVOCI), and derivatives and certain other financial assets and liabilities measured at fair value through profit and loss (FVTPL). The consolidated financial statements are presented in sterling, which is the functional currency of the Group and Society. Acquisition of Virgin Money UK PLC On 1 October 2024, the Group acquired Virgin Money UK PLC (hereafter referred to as Virgin Money). For the comparative period presented, the results of Virgin Money are included in the Group\u2019s consolidated financial results for the period from 1 October 2024 to 31 March 2025 only. Reporting date The year end date of the Society was changed in the prior period to 31 March. For the comparative period presented, the consolidated financial statements include the period from 5 April 2024 to 31 March 2025. Basis of consolidation The assets, liabilities and results of the Society and its undertakings, which include subsidiaries and structured entities, are included in the financial statements on the basis of accounts made up to the reporting date. Going concern The Group\u2019s business activities and financial position, the factors likely to affect its future development and performance, its objectives and policies in managing the financial risks to which it is exposed, and its capital, funding and liquidity positions are set out in the Strategic report and the Risk report. The directors have assessed the Group\u2019s ability to continue as a going concern, with reference to current and anticipated market conditions as well as the impact of climate-related matters. The directors confirm they are satisfied that the Group has adequate resources to continue in business for a period of not less than 12 months from the date of approval of these consolidated financial statements and that it is therefore appropriate to adopt the going concern basis. Restatement of prior year comparativesA voluntary accounting policy change has been reflected in the Society\u2019s balance sheet, to reclassify amounts due to and due from Group undertakings separately from other line items. This change was made to improve presentation by more clearly denoting those balances as arising with related parties. This change had no impact on the Society\u2019s total assets, total liabilities or members\u2019 interests and equity at 31 March 2025, and had no impact on profits for the year ended 31 March 2025. Comparatives as at 31 March 2025 have been restated accordingly and are set out below. Balance sheet extract at 31 March 2025 Previously Adjustments Restatedpublished Society \u00a3m \u00a3m \u00a3m Assets Investments in Group undertakings 46,889 (42,833) 4,056 Amounts due from Group undertakings - 42,833 42,833 Liabilities Other deposits 4,525 (242) 4,283 Other liabilities 3,433 (2,706) 727 Amounts due to Group undertakings - 2,948 2,948 Adoption of new and revised IFRSs There were no new standards, amendments to standards or interpretations issued by the International Accounting Standards Board (IASB) that had an effect on these financial statements. Future accounting developments \u2018Amendments to the Classification and Measurement of Financial Instruments -Amendments to IFRS 9 and IFRS 7\u2019 was issued in May 2024 and is effective for accounting periods beginning on or after 1 January 2026. The amendments provide clarification as to the derecognition criteria for financial liabilities when using an electronic payment system. The amendments also provide guidance on the classification of financial assets that contain contractual terms that change the timing or amount of contractual cash flows. These amendments are not expected to have a significant impact on the Group. IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 was issued in April 2024 and is effective for accounting periods beginning on or after 1 January 2027, replacing IAS 1. While much of IAS 1 has been retained in IFRS 18, the new standard establishes updated principles for the presentation and disclosure of information in the financial statements, with particular focus on the income statement. The requirements of IFRS 18 are currently being assessed, and while the new standard will potentially alter the presentation of information, it is not anticipated to affect underlying recognition or measurement criteria. The IASB has also issued a number of other minor amendments to IFRSs that become effective for annual reporting periods beginning on or after 1 January 2026. These amendments are not expected to have a significant impact for the Group. Accounting policies A summary of the Group\u2019s material accounting policies is set out below. The accounting policies are consistent with those applied by the Group and the Society in the financial statements for the year ended 31 March 2025, except for the voluntary change to the Society\u2019s accounting policy for the presentation of balances due to and due from Group companies, as described above. Further information about judgements in applying accounting policies and critical accounting estimates is provided in note 2. Investments in subsidiary undertakings Investments in subsidiary undertakings are stated in the Society accounts at cost less provisions for any impairment in value. Securitisation and covered bond transactions The Group has securitised certain mortgage loans by the transfer of the loans to structured entities controlled by the Group. The securitisation enables a subsequent issuance of debt, either by the entity which originated the mortgages (the \u2018originator\u2019) or the structured entities, to investors who gain the security of the underlying assets as collateral. Those structured entities are fully consolidated into the Group accounts. The transfers of the mortgage loans to the structured entities are not treated as sales by the originator. The originator continues to recognise the mortgage loans on its own balance sheet after the transfer because it retains their risks and rewards through the receipt of substantially all of the profits or losses of the structured entities. In the accounts of the originator, the proceeds received from the transfer are accounted for as a deemed loan repayable to the structured entities. For covered bonds, the originator itself and not the structured entity issues the covered bonds and then lends the proceeds to the structured entity on back-to-back terms. The structured entity then uses these proceeds as consideration for the loans transferred from the originator. In the accounts of the originator, neither the loan to the structured entity nor the consideration for the transfer of mortgage loans is recognised separately as an additional asset and liability. The Group has also entered into self-issuances of debt to be used as collateral for repurchase (\u2018repo\u2019) and similar transactions. Investments in self-issued debt and the related obligation, together with the related income, expenditure and cash flows, are not recognised in the Society\u2019s or Group\u2019s financial statements. This avoids the \u2018grossing-up\u2019 of the financial statements that would otherwise arise. To manage interest rate risk, the Society enters into derivative transactions with the structured entities, receiving a rate of interest based on the securitised mortgages and paying a rate inherent in the debt issuances. These internal derivatives are treated as part of the deemed loan and not separately fair valued because the relevant mortgage loans are not derecognised. All other derivatives relating to securitisations are treated as explained in the derivatives and hedge accounting policy below.Interest receivable and interest expense For instruments measured at amortised cost the effective interest rate (EIR) method is used to measure the carrying value of a financial asset or liability and to allocate associated interest income or expense over the relevant period. In calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instrument (for example, early redemption penalty charges) and anticipated customer behaviour but does not consider future credit losses. The calculation includes all fees received and paid and costs incurred that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts above or below market rates. Interest income is calculated by applying the EIR to the gross carrying amount of non-credit impaired financial assets. For credit impaired financial assets the interest income is calculated by applying the EIR to the amortised cost of the credit impaired financial assets (i.e. net of the allowance for expected credit losses (ECLs)). Where loans are credit impaired on origination, or when purchased from third parties, the carrying amount at initial recognition is net of the lifetime ECL at that date. For these assets, the EIR reflects the ECLs in determining the future cash flows expected to be received from the financial asset. Interest receivable and similar income calculated using the effective interest rate method also includes interest on financial assets classified as fair value through other comprehensive income, and on derivatives in qualifying hedge relationships. Interest income not calculated using the effective interest rate method, including interest on financial assets classified as fair value through profit or loss and derivatives not in qualifying hedge relationships, is presented as other interest receivable and similar income. Member reward payments Member reward payments represent discretionary payments to members of the Society which may be determined by the Board from time to time, depending on the financial strength of the Society. The Group recognises the expected cost of member reward payments within accruals and deferred income on the date at which they are announced. Fees and commissions Fee and commission income and expense comprises fees that are not an integral part of the EIR. Fees and commissions relating to current accounts, savings accounts, mortgages, business lending and credit cards are either: \uf0b7 transaction-based and therefore recognised when the performance obligation related to the transaction is fulfilled, or \uf0b7 related to the provision of services over a period of time and therefore recognised on a systematic basis over the life of the agreement as services are provided. Trail commission relating to investments under administration, general insurance and protection products sold on behalf of third parties may include variable consideration. Where this is the case the trail commission is recognised either on the accruals basis over the period to which the commission relates or, if the uncertainties are more significant, once the uncertainties are resolved. Segmental reporting As at 31 March 2025, the Group comprised two reportable segments: the Nationwide sub-group and the Virgin Money sub-group. At that time, the Group Management Committee (GMC) was recognised as the chief operating decision maker. Subsequently, the GMC was replaced by the Group Executive Committee (Group ExCo), which now fulfils the role of chief operating decision maker. Internal reporting to the Group ExCo no longer distinguishes between the two sub-groups. Instead, performance is reviewed and strategic decisions are made based on the Group as a whole. Accordingly, the Group now comprises a single reportable segment. Furthermore, as the Group\u2019s operations are almost entirely based in the United Kingdom, no geographical segmental analysis is required. As such, no segmental disclosures are presented. Leases At inception, the Group assesses whether a contract is, or contains, a lease. This assessment involves exercising judgement as to whether the contract conveys the right to control the use of an identified asset, and the right to obtain substantially all of the economic benefits from this asset, for a period of time. Leases held by the Group as a lessee consist primarily of property contracts for branches and office buildings. The Group recognises a right-of-use (RoU) asset and a lease liability at the commencement of the lease, except for short-term leases (defined as leases with a lease term of less than 12 months) and leases of low value assets. Payments for short-term leases and leases of low value assets are generally recognised in the income statement on a straight-line basis. Intangible assets Intangible assets held by the Group consist of core deposit and purchased credit card relationship intangible assets acquired in business combinations, as well as externally acquired and internally developed computer software. These assets are held at cost (equivalent to fair value at acquisition for core deposit and purchased credit card relationship intangible assets) less accumulated amortisation and impairment. Intangible assets are amortised using the straight-line method over the following estimated useful lives: Core deposit intangible 6.5 years Purchased credit card relationships 5 years Computer software 3 to 10 years Intangible assets are reviewed for indicators of impairment at each reporting date and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Where the carrying amount is not recoverable, the asset is written down immediately to the estimated recoverable amount. Property, plant and equipment Freehold and long leasehold properties comprise mainly branches and office buildings. Branches and non-specialised buildings are stated at revalued amounts representing fair value, determined by market-based evidence at the date of the valuation, less any subsequent accumulated depreciation and subsequent impairment. Valuations are completed annually as at 31 March, or more frequently if required, by external, independent and qualified surveyors who have recent experience in the location and type of properties. Valuations are performed in accordance with the Royal Institution of Chartered Surveyors Appraisal and Valuation Standards and are generally performed on a vacant possession basis, using a comparative method of valuation with reference to sales prices and observable market rents for similar properties in similar locations. The Group holds a small number of investment properties comprising properties held for rental which are held at fair value, with changes in fair value recognised in the income statement. Other property, plant and equipment, including specialised administration buildings, are included at historical cost less accumulated depreciation and impairment. Land is not depreciated. Other assets are depreciated over the following estimated useful lives: Branches and non-specialised buildings 60 years Specialised administration buildings up to 60 years Plant and machinery 5 to 15 years Equipment, fixtures, fittings and vehicles 3 to 10 years Assets are reviewed for indicators of impairment at each reporting date and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Where the carrying amount is not recoverable the asset is written down immediately to the estimated recoverable amount. Employee benefits The Group operates a number of defined benefit and defined contribution pension arrangements. The net defined benefit asset or liability represents the difference between the present value of defined benefit obligations and the fair value of plan assets, after applying the asset ceiling test, where a net defined benefit surplus recognised on the balance sheet is limited to the present value of available refunds and reductions in future contributions to the plan. The defined benefit obligation is calculated by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows, using a discount rate derived from yields of high-quality corporate bonds that have terms to maturity approximating to the terms of the related pension liability. Actuarial remeasurements arise from experience adjustments (the effects of differences between previous actuarial assumptions and what has actually occurred) and changes in forward-looking actuarial assumptions. Actuarial remeasurements are recognised in full, in the year they occur, in other comprehensive income. A defined contribution arrangement is one into which the Group and the employee pay fixed contributions, without any further obligation to pay additional contributions. Payments to defined contribution schemes are charged to the income statement as they fall due. The Group also offers variable compensation to employees, including bonus schemes. For performance-based awards, no amounts are recognised in the income statement until it is considered probable that payments will be made. Where a performance-based bonus payment is considered probable, the amount recognised in the income statement will reflect the portion of the vesting period that has passed. The vesting period for performance-based awards runs from the start of the performance period associated with the plan to the settlement date. Provisions A provision is recognised where there is a present obligation as a result of a past event, it is probable that the obligation will be settled, and it can be reliably estimated. Contingent liabilities Contingent liabilities are possible obligations whose existence will be confirmed only by the outcome of uncertain future events, and present obligations where the outflow of resources is uncertain or cannot be measured reliably. Contingent liabilities are not recognised on the balance sheet but are disclosed, unless the likelihood of an outflow of economic resources is remote. Taxation Current tax payable on profits is recognised as an expense in the period in which profits arise. Current tax assets and liabilities are measured at the amount expected to be recovered from, or paid to, taxation authorities. Management evaluates where uncertain taxation positions exist and recognises provisions, where appropriate, to reflect the best estimate of the probable outcome. Deferred tax is provided in full on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements, using tax rates and laws that have been enacted or substantively enacted by 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. The amounts recognised for deferred tax assets are reviewed at each reporting date. In the case of deferred tax assets relating to tax losses carried forward, the Group assesses the likelihood of recovery and considers whether it is probable that sufficient future taxable profits will be available over a suitable planning horizon against which the tax losses can be utilised. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against current tax liabilities, and where the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity, or different taxable entities where there is an intention to settle on a net basis. 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 outside the income statement. In this case, the tax appears in the same statement as the transaction that gave rise to it. An exception to this principle relates to the tax consequences of the Group's distributions on other equity instruments. Although such distributions are recognised directly in equity, the tax consequences are credited to the income statement, where the profit being distributed originally arose. Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprise cash and non-restricted balances with less than three months maturity from the date of acquisition, included within cash and balances at central banks and loans and advances to banks and similar institutions on the balance sheet. Financial assets Financial assets primarily consist of cash and balances at central banks, loans and advances to banks and similar institutions, investment securities, derivative financial instruments and loans and advances to customers. Recognition and derecognition All financial assets are recognised initially at fair value. Purchases and sales of investment securities and derivative financial instruments are accounted for at trade date. All other financial assets are accounted for at settlement date. Financial assets are derecognised when the rights to receive cash flows have expired or where the assets have been transferred and substantially all the risks and rewards of ownership have been transferred. Modification of contractual terms An instrument that is renegotiated is derecognised if the existing agreement is cancelled and a new agreement is made on substantially different terms (such as renegotiations of commercial loans). Residential mortgages reaching the end of a fixed interest deal period are deemed repricing events, rather than a modification of contractual terms, as the change in interest rate at the end of the fixed rate period was envisaged in the original mortgage contract. Where an instrument is renegotiated and not derecognised, the change is considered a modification of contractual terms. Where this arises, the gross carrying amount of the loan is recalculated as the present value of the renegotiated or modified contractual cash flows, discounted at the loan\u2019s original effective interest rate. Any gain or loss on recalculation is recognised immediately in the income statement. Classification and measurement The classification and subsequent measurement of financial assets is based on an assessment of the Group\u2019s business models for managing the assets and their contractual cash flow characteristics. Financial assets are classified into the following three categories: (a)Amortised cost Financial assets held to collect contractual cash flows and where contractual terms comprise solely payments of principal and interest (SPPI) are classified as amortised cost. This category of financial assets includes cash and balances at central banks, loans and advances to banks and similar institutions, the majority of the Group\u2019s residential mortgage and business lending, all unsecured lending, and certain investment securities within a \u2018hold to collect\u2019 business model. Financial assets within this category are recognised on settlement date (for cash and balances with central banks, loans and advances to banks and similar institutions, and loans and advances to customers), or on the trade date for purchases of investment securities. After initial recognition, the assets are measured at amortised cost using the effective interest rate method, less provisions for expected credit losses. Leases entered into by the Group as lessor, where the Group transfers substantially all the risks and rewards of ownership to the lessee, are classified as finance leases. The leased asset is not held on the Group balance sheet; instead, a finance lease is recognised representing the minimum lease payments receivable under the terms of the lease, discounted at the rate implicit in the lease. Interest income is recognised in interest receivable, allocated to accounting years to reflect a constant periodic rate of return. (b)Fair value through other comprehensive income (FVOCI) Debt instruments held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and where contractual terms comprise solely payments of principal and interest (SPPI), are classified as, and measured at, FVOCI. This category of financial assets includes most of the Group\u2019s investment securities which are held to manage liquidity requirements. Financial assets within this category are recognised on trade date. The assets are measured at fair value using, in the majority of cases, market prices or, where there is no active market, prices obtained from market participants. In sourcing valuations, the Group makes use of a consensus pricing service, in line with standard industry practice. In cases where market prices or prices from market participants are not available, discounted cash flow models are used. Interest on FVOCI debt instruments is recognised in interest receivable and similar income in the income statement, using the effective interest rate method. Unrealised gains and losses arising from changes in value are recognised in other comprehensive income. Provisions for expected credit losses and foreign exchange gains or losses are recognised in the income statement. Cumulative gains or losses arising on sale of FVOCI debt instruments are recognised in the income statement within other operating income/(expense), net of any credit or foreign exchange gains or losses already recognised. Upon initial recognition, the Group may elect to classify irrevocably some of its equity investments as FVOCI when they meet the definition of equity under IAS 32 \u2018Financial Instruments: Presentation\u2019 and are not held for trading. Such classification is determined on an instrument-by instrument basis. Gains and losses on these equity instruments are never recycled to the income statement. Dividends are recognised in the income statement as other operating income unless deemed to represent a recovery of part of the cost of the investment. Equity instruments at FVOCI are not subject to an impairment assessment. (c)Fair value through profit or loss (FVTPL) All other financial assets are measured at FVTPL. Financial assets within this category primarily include derivative instruments and a small number of residential and business loans and investment securities with contractual cash flow characteristics which do not meet the SPPI criteria. The contractual terms for these cash flows include contingent or leverage features, or returns based on movements in underlying collateral values such as house prices. Fair values are based on observable market data, valuations obtained from third parties or, where these are not available, internal models. Gains or losses arising from changes in the fair value of these instruments and on disposal are recognised in the income statement within other operating income. Hedge accounting is not applied to assets classified as FVTPL; however, hedging may be applied for economic purposes. Gains or losses arising from changes in the fair value of derivatives economically hedging FVTPL financial assets are also included within other operating income. Impairment of financial assets Financial assets within the scope of IFRS 9 expected credit loss (ECL) requirements comprise all financial debt instruments measured at either amortised cost or FVOCI. These include cash and balances at central banks, loans and advances to banks and similar institutions, and the majority of investment securities and loans and advances to customers. Also within scope are irrevocable undrawn commitments to lend and intra-group lending (the latter being eliminated on consolidation in the Group financial statements). The ECL represents the present value of expected cash shortfalls following the default of a financial instrument, including any undrawn commitment. A cash shortfall is the difference between the cash flows that are due in accordance with the contractual terms of the instrument and the cash flows that the Group expects to receive. The allowance for ECLs is based on an assessment of the probability of default, exposure at default and loss given default, discounted at the effective interest rate to give a net present value of cash flows. The estimation of ECLs is unbiased and probability weighted, taking into account all reasonable and supportable information, including forward-looking economic assumptions and a range of possible outcomes. ECLs are typically calculated from initial recognition of the financial asset for the maximum contractual period that the Group is exposed to the credit risk. However, for revolving credit loans such as credit cards and overdrafts, the Group\u2019s credit risk is not limited to their contractual period and therefore the expected life of the loan and associated undrawn commitment is calculated based on the behavioural life of the loan. For financial assets recognised in the balance sheet at amortised cost, the allowance for ECLs is offset against the gross carrying value so that the amount presented in the balance sheet is net of impairment provisions. For financial assets classified as FVOCI, any credit losses recognised are offset against cumulative fair value movements within the other comprehensive income reserve. For separately identifiable irrevocable loan commitments, where the related financial asset has not yet been advanced, the provision is presented in provisions for liabilities and charges in the balance sheet. Forward-looking economic inputs ECLs are calculated by reference to information on past events, current conditions and forecasts of future economic conditions. Multiple economic scenarios are incorporated into ECL calculation models. These scenarios are based on external sources where available and appropriate, and internally generated assumptions in all other cases. An appropriate number of scenarios are considered to capture any non-linear relationship between economic assumptions and credit losses. These scenarios are weighted based on management\u2019s view of their probability Further information is provided in note 10. Credit risk categorisationFor the purpose of calculating ECLs, assets are categorised into three stages as follows: Stage 1: no significant increase in credit risk since initial recognition On initial recognition, and for financial assets where there has not been a significant increase in credit risk since initial recognition, provision is made for losses from credit default events expected to occur within the next 12 months. Expected credit losses for these stage 1 assets continue to be recognised on this basis unless there is a significant increase in the credit risk of the asset. Stage 2: significant increase in credit risk Financial assets are categorised as being within stage 2 where an instrument has experienced a significant increase in credit risk since initial recognition. For these assets, provision is made for losses from credit default events expected to occur over the lifetime of the instrument. Whether a significant increase in credit risk has occurred is ascertained by considering both quantitative and qualitative factors. Quantitative considerations take into account changes in the residual lifetime probability of default (PD) of the asset. As a backstop, all assets with an arrears status of more than 30 days past due on contractual payments are considered to be in stage 2. Qualitative factors that may indicate a significant change in credit risk include concession events that are deemed to be forbearance. Further information about the identification of significant increases in credit risk is provided in note 10. Stage 3: credit impaired (or defaulted) loans Financial assets are transferred into stage 3 when there is objective evidence that an instrument is credit impaired. Provisions for stage 3 assets are made on the basis of credit default events expected to occur over the lifetime of the instrument. Assets are considered credit impaired when: \uf0b7 Contractual payments of either principal or interest are past due by more than 90 days; \uf0b7 There are other indications that the borrower is unlikely to pay, such as signs of financial difficulty, probable bankruptcy, breaches of contract and concession events which have a detrimental impact on the present value of future cash flows; or \uf0b7 The loan is otherwise considered to be in default. Interest income on stage 3 credit impaired loans is recognised in the income statement on the loan balance net of the ECL provision. The gross balance sheet value of stage 3 loans reflects the contractual terms of the assets and continues to increase over time with the contractually accrued interest. Purchased or originated credit impaired (POCI) loans Where loans are credit impaired on origination, or when purchased from third parties, lifetime ECLs are incorporated into the calculation of the effective interest rate on initial recognition. POCI assets do not carry an impairment allowance on initial recognition, and the amount recognised as a loss allowance subsequently is equal to the changes in lifetime ECLs since initial recognition of the asset discounted at the credit impaired EIR. POCI loans are separately disclosed as credit impaired loans and cannot be transferred out of the POCI designation, even if there is a significant improvement in credit quality. Transfers between stages Transfers from stage 1 to 2 occur when there has been a significant increase in credit risk and from stage 2 to 3 when credit impairment is indicated as described above. Loans in stage 2 or 3 can transfer back to stage 1 or 2 once the criteria for a significant increase in credit risk or impairment are no longer met. For loans subject to concession events deemed to be forbearance, accounts are transferred back to stage 1 or 2 only after being up to date for a period of up to 36 months, depending on the concession. Write-off Loans remain on the balance sheet, net of associated provisions, until they are deemed to have no reasonable expectation of recovery. Loans are generally written off after realisation of any proceeds from collateral and upon conclusion of the collectionsprocess, including consideration of whether an account has reached a point where continuing attempts to recover are no longer likely to be successful. Where a loan is not recoverable, it is written off against the related provision for loan impairment once all the necessary procedures have been completed and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the value of impairment charges recorded in the income statement. Financial liabilities Borrowings, including shares, deposits, debt securities in issue, subordinated liabilities and permanent interest-bearing shares (subscribed capital) are recognised initially at fair value, being the issue proceeds net of premiums, discounts and transaction costs incurred. All borrowings are subsequently measured at amortised cost using the effective interest rate method. Amortised cost is adjusted for the amortisation of any premiums, discounts and transaction costs. The amortisation is recognised in interest expense and similar charges using the effective interest rate method. Derivative financial liabilities are measured at FVTPL. Borrowings that are designated as hedged items are subject to measurement under the hedge accounting requirements described in the derivatives and hedge accounting policy below. Financial liabilities are derecognised when the obligation is discharged, cancelled or has expired. The financial liabilities of dormant shares and deposit accounts are extinguished when balances have been transferred to the Government-backed unclaimed asset scheme under the terms of the Dormant Accounts and Building Society Accounts Act 2008, with no impact on the income statement. Fair value of assets and liabilities IFRS 13 \u2018Fair Value Measurement\u2019 requires an entity to classify assets and liabilities held at fair value, and those not measured at fair value but for which the fair value is disclosed, according to a hierarchy that reflects the significance of observable market inputs in calculating those fair values. The three levels of the fair value hierarchy are defined below. Level 1 \u2013 Valuation using quoted market prices Assets and liabilities are classified as Level 1 if their value is observable in an active market. Such instruments are valued by reference to unadjusted quoted prices for identical assets or liabilities in active markets where the quoted price is readily available, and the price reflects actual and regularly occurring market transactions on an arm\u2019s length basis. An active market is one in which transactions occur with sufficient volume and frequency to provide pricing information on an ongoing basis. Level 2 \u2013 Valuation technique using observable inputs Assets and liabilities classified as Level 2 are valued using models whose inputs are observable in an active market. Valuations based on observable inputs include derivative financial instruments such as swaps and forward rate agreements which are valued using market standard pricing techniques, and options that are commonly traded in markets where all the inputs to the market standard pricing models are observable. They also include investment securities valued using consensus pricing or other observable market prices. Level 3 \u2013 Valuation technique using significant unobservable inputs Assets and liabilities are classified as Level 3 if their valuation incorporates significant inputs that are not based on observable market data. A valuation input is considered observable if it can be directly observed from transactions in an active market, or if there is compelling external evidence demonstrating an executable exit price. An input is deemed significant if it is shown to contribute more than 10% to the valuation of a financial instrument. Derivatives and hedge accounting Derivatives are entered into to reduce exposures to fluctuations in interest rates, exchange rates, market indices and credit risk, and are not used for speculative purposes. (a) Derivative financial instruments Derivatives are carried at fair value with movements in fair values recognised in the income statement. Derivative financial instruments are principally valued by discounted cash flow models using yield curves that are based on observable market data or on valuations obtained from third parties. Discounting uses the appropriate risk-free rate for the currency of the cash flow; for example, GBP cash flows are discounted using a Sonia yield curve. In the first instance, fair values are calculated using mid prices. An adjustment is then made to derivative assets and liabilities to value them on a bid and offer basis respectively. The bid-offer adjustment is calculated on a portfolio basis and reflects the costs that would be incurred if substantially all residual net portfolio market risks were closed out using available hedging instruments or by disposing of or unwinding actual positions. The methodology for determining the bid-offer adjustments involves netting between long and short positions and the grouping of risk by type, in accordance with the hedging strategy. Bid-offer spreads are derived from market sources such as broker data and are reviewed periodically. In measuring fair value, separate credit valuation and debit valuation adjustments are made for counterparty or own credit risk to the extent not already included in the valuation. Funding valuation adjustments are also made to reflect an estimate of the adjustment a market participant would make to incorporate funding costs and benefits that arise in relation to derivative exposures. All derivatives are classified as assets where their fair value is positive and liabilities where their fair value is negative. Where there is the legal right and intention to settle net, then the derivative is classified as a net asset or liability, as appropriate. Where cash collateral is received, to mitigate the risk inherent in amounts due to the Group, a liability is recognised within deposits from banks and similar institutions. Similarly, where cash collateral is given, to mitigate the risk inherent in amounts due from the Group, an asset is recognised within loans and advances to banks and similar institutions. Where securities collateral is received the securities are not recognised in the accounts as the Group does not obtain the risks and rewards of the securities. Where securities collateral is given, the securities are not derecognised as the Group retains substantially all the risks and rewards of ownership. (b) Hedge accounting The Group has adopted the general hedge accounting requirements of IFRS 9 but continues to apply the scope exception which allows ongoing application of IAS 39 for fair value hedge accounting for a portfolio (macro) hedge of interest rate risk. When transactions meet the criteria specified in IFRS 9, the Group can apply two types of hedge accounting: either hedges of the changes in fair value of the financial asset or liability (fair value hedge accounting) or hedges of the variability in cash flows of the financial asset or liability (cash flow hedge accounting). The Group does not have hedges of net investments. At inception each hedge relationship is formally documented, including a description of the hedged item (a financial asset or liability which is being economically hedged) and the hedging instrument (a derivative), as well as the methods which will be used to assess the effectiveness of the hedge. Hedges accounted for under IFRS 9 are required to be effective on a prospective basis, in line with risk management strategy. Macro hedges which continue to be accounted for under IAS 39 are required to be highly effective on both a retrospective and a prospective basis. Fair value and cash flow hedges may have residual hedge ineffectiveness. This is the degree to which the change in fair value of the hedging instrument does not offset the change in fair value of the hedged item. This ineffectiveness is recognised in the income statement and typically arises from: \uf0b7 Differences in the magnitude or timing of future expected cash flows in the hedged item and hedging instrument; \uf0b7 Differences in the market curves used to value the hedged item and hedging instrument; \uf0b7 Unexpected adjustments to either the hedged item or hedging instrument, due to early repayments or disposals; or \uf0b7 The ongoing amortisation of any existing balance sheet mismatch between the fair value of the hedged item and hedging instrument. The Group discontinues hedge accounting when: \uf0b7 It is evident from testing that a hedging instrument ceases to meet the hedge effectiveness requirements; \uf0b7 The hedging instrument expires, or is sold, terminated or exercised; or \uf0b7 The hedged item matures, is sold or repaid or, in the case of a forecasted item, is no longer deemed to be highly probable to occur. For macro hedges which continue to be accounted for under IAS 39, the Group may also decide to prospectively cease hedge accounting even though the hedge relationship continues to be highly effective, by ceasing to designate the financial instrument as a hedge. For hedges accounted for under IFRS 9, the Group is unable to voluntarily de-designate hedging relationships, unless there has been a change to risk management objectives. Fair value hedge accounting Fair value hedge accounting results in the carrying value of the hedged item being adjusted to reflect changes in fair value attributable to the risk being hedged. This creates an offset to the fair value movements of the hedging instrument. Changes in the fair value of the hedged items and hedging instruments are recorded in the income statement, except for changes in the fair value of hedging instruments accounted for under IFRS 9 which are attributable to foreign currency basis spreads. Where foreign currency basis spreads are excluded from hedge designation, this element of fair valuation of the hedging instrument is instead recognised directly within equity within the \u2018other hedging reserve\u2019. For larger and distinctively identifiable assets and liabilities, such as investment securities and debt securities in issue, a single or small number of hedging instruments may be used. This is referred to as a micro fair value hedge. If the hedge is effective, the Group adjusts the carrying value of that specific asset or liability to reflect changes in its fair value due to movements in the designated benchmark rate, such as Sonia. This creates an offset to the fair value movement of the hedging instruments. For hedged items which are classified as FVOCI, such as investment securities, there is no further need to adjust their carrying value as they are already held at fair value. Instead, hedge accounting results in an amount being removed from the FVOCI reserve and instead reported in the income statement, to create an offset to the change in fair value of the hedging instrument. For balances within portfolios of homogeneous instruments, such as mortgages, savings, and business and commercial loans, derivatives may be used to hedge risks on a portfolio basis. The Group creates separate macro hedges for assets and liabilities. The Group determines the hedged item by identifying portfolios of similar assets or liabilities and scheduling the expected future cash flows from these items into repricing time buckets, based on expected rather than actual repricing dates. A portion of the total cash flow from each time bucket is then included in the hedged item. The size of this portion is set so that it is expected to create a highly effective fair value offset to the equivalent future cash flows from the hedging instruments. If the hedge is highly effective the Group records an adjustment in the fair value adjustment for portfolio hedged risk category on the balance sheet. Macro hedges are frequently rebalanced to include new business. In fair value hedge accounting relationships, if the hedging instrument no longer meets the criteria for hedge accounting, the cumulative fair value hedge adjustment is amortised over the period to maturity of the previously designated hedge relationship. If the hedged item is sold or repaid, the unamortised fair value adjustment is immediately recognised in the income statement.Cash flow hedge accounting In a cash flow hedge accounting relationship, the portion of the hedging instrument\u2019s fair value movement that is deemed to be an effective hedge is deferred to the cash flow hedge reserve, instead of being immediately recognised in the income statement. The ineffective portion of the derivative fair value movement is recognised immediately in the income statement. Amounts deferred to the cash flow hedge reserve are subsequently recycled to the income statement. This recycling occurs when the underlying asset or liability being hedged impacts the income statement, for example when interest payments are recognised. In cash flow hedge accounting relationships, if the derivative no longer meets the criteria for hedge accounting, the cumulative gain or loss from the effective portion of the movement in the fair value of the derivative remains in other comprehensive income until the cash flows from the underlying hedged item are recognised in the income statement or are no longer expected to occur. If the hedged item is sold or repaid, the cumulative gain or loss in other comprehensive income is immediately recognised in the income statement. Sale and repurchase agreements Investment and other securities may be lent or sold subject to a commitment to repurchase them at a pre-determined price (a repo). Such securities are retained on the balance sheet when substantially all the risks and rewards of ownership (typically, the interest rate risk and credit risk on the asset) remain within the Group, and the counterparty liability is included separately on the balance sheet within deposits from banks and similar institutions as appropriate. Similarly, where the Group borrows or purchases securities subject to a commitment to resell them (a reverse repo) but does not acquire the risks and rewards of ownership, the transactions are treated as collateralised loans within loans and advances to banks and similar institutions, and the securities are not included on the balance sheet. The difference between sale and repurchase price is accrued over the life of the agreements using the effective interest rate method. Equity instruments Issued financial instruments are classified as equity instruments where the contractual arrangement with the holder does not result in the Group having a present obligation to deliver cash, another financial asset or a variable number of equity instruments. Where the Group does have a present obligation, the instrument is classified as a financial liability. Own equity instruments that are reacquired, referred to as treasury shares, are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in share premium.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__17": {
"value": "Basis of preparation The Group and Society financial statements are prepared in accordance with international accounting standards in conformity with the requirements of the Building Societies Act 1986 and with those parts of the Building Societies (Accounts and Related Provisions) Regulations 1998 (as amended) that are applicable. International accounting standards which have been adopted for use within the UK have also been applied in these financial statements. Elements of the Risk report (marked as \u2018audited\u2019) form an integral part of the Group and Society financial statements. The financial statements have been prepared under the historical cost convention as modified by the revaluation of investment properties, branches and non-specialised buildings, financial assets measured at fair value through other comprehensive income (FVOCI), and derivatives and certain other financial assets and liabilities measured at fair value through profit and loss (FVTPL). The consolidated financial statements are presented in sterling, which is the functional currency of the Group and Society.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__16": {
"value": "Basis of preparation The Group and Society financial statements are prepared in accordance with international accounting standards in conformity with the requirements of the Building Societies Act 1986 and with those parts of the Building Societies (Accounts and Related Provisions) Regulations 1998 (as amended) that are applicable. International accounting standards which have been adopted for use within the UK have also been applied in these financial statements. Elements of the Risk report (marked as \u2018audited\u2019) form an integral part of the Group and Society financial statements. The financial statements have been prepared under the historical cost convention as modified by the revaluation of investment properties, branches and non-specialised buildings, financial assets measured at fair value through other comprehensive income (FVOCI), and derivatives and certain other financial assets and liabilities measured at fair value through profit and loss (FVTPL). The consolidated financial statements are presented in sterling, which is the functional currency of the Group and Society.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__18": {
"value": "Reporting date The year end date of the Society was changed in the prior period to 31 March. For the comparative period presented, the consolidated financial statements include the period from 5 April 2024 to 31 March 2025.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfReasonForUsingLongerOrShorterReportingPeriod",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__19": {
"value": "Basis of consolidation The assets, liabilities and results of the Society and its undertakings, which include subsidiaries and structured entities, are included in the financial statements on the basis of accounts made up to the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__20": {
"value": "Going concern The Group\u2019s business activities and financial position, the factors likely to affect its future development and performance, its objectives and policies in managing the financial risks to which it is exposed, and its capital, funding and liquidity positions are set out in the Strategic report and the Risk report. The directors have assessed the Group\u2019s ability to continue as a going concern, with reference to current and anticipated market conditions as well as the impact of climate-related matters. The directors confirm they are satisfied that the Group has adequate resources to continue in business for a period of not less than 12 months from the date of approval of these consolidated financial statements and that it is therefore appropriate to adopt the going concern basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__21": {
"value": "Restatement of prior year comparativesA voluntary accounting policy change has been reflected in the Society\u2019s balance sheet, to reclassify amounts due to and due from Group undertakings separately from other line items. This change was made to improve presentation by more clearly denoting those balances as arising with related parties. This change had no impact on the Society\u2019s total assets, total liabilities or members\u2019 interests and equity at 31 March 2025, and had no impact on profits for the year ended 31 March 2025. Comparatives as at 31 March 2025 have been restated accordingly and are set out below. Balance sheet extract at 31 March 2025 Previously Adjustments Restatedpublished Society \u00a3m \u00a3m \u00a3m Assets Investments in Group undertakings 46,889 (42,833) 4,056 Amounts due from Group undertakings - 42,833 42,833 Liabilities Other deposits 4,525 (242) 4,283 Other liabilities 3,433 (2,706) 727 Amounts due to Group undertakings - 2,948 2,948",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__22": {
"value": "Investments in subsidiary undertakings Investments in subsidiary undertakings are stated in the Society accounts at cost less provisions for any impairment in value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__23": {
"value": "Interest receivable and interest expense For instruments measured at amortised cost the effective interest rate (EIR) method is used to measure the carrying value of a financial asset or liability and to allocate associated interest income or expense over the relevant period. In calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instrument (for example, early redemption penalty charges) and anticipated customer behaviour but does not consider future credit losses. The calculation includes all fees received and paid and costs incurred that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts above or below market rates. Interest income is calculated by applying the EIR to the gross carrying amount of non-credit impaired financial assets. For credit impaired financial assets the interest income is calculated by applying the EIR to the amortised cost of the credit impaired financial assets (i.e. net of the allowance for expected credit losses (ECLs)). Where loans are credit impaired on origination, or when purchased from third parties, the carrying amount at initial recognition is net of the lifetime ECL at that date. For these assets, the EIR reflects the ECLs in determining the future cash flows expected to be received from the financial asset. Interest receivable and similar income calculated using the effective interest rate method also includes interest on financial assets classified as fair value through other comprehensive income, and on derivatives in qualifying hedge relationships. Interest income not calculated using the effective interest rate method, including interest on financial assets classified as fair value through profit or loss and derivatives not in qualifying hedge relationships, is presented as other interest receivable and similar income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__24": {
"value": "Member reward payments Member reward payments represent discretionary payments to members of the Society which may be determined by the Board from time to time, depending on the financial strength of the Society. The Group recognises the expected cost of member reward payments within accruals and deferred income on the date at which they are announced. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__25": {
"value": "Fees and commissions Fee and commission income and expense comprises fees that are not an integral part of the EIR. Fees and commissions relating to current accounts, savings accounts, mortgages, business lending and credit cards are either: \uf0b7 transaction-based and therefore recognised when the performance obligation related to the transaction is fulfilled, or \uf0b7 related to the provision of services over a period of time and therefore recognised on a systematic basis over the life of the agreement as services are provided. Trail commission relating to investments under administration, general insurance and protection products sold on behalf of third parties may include variable consideration. Where this is the case the trail commission is recognised either on the accruals basis over the period to which the commission relates or, if the uncertainties are more significant, once the uncertainties are resolved.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__26": {
"value": "Segmental reporting As at 31 March 2025, the Group comprised two reportable segments: the Nationwide sub-group and the Virgin Money sub-group. At that time, the Group Management Committee (GMC) was recognised as the chief operating decision maker. Subsequently, the GMC was replaced by the Group Executive Committee (Group ExCo), which now fulfils the role of chief operating decision maker. Internal reporting to the Group ExCo no longer distinguishes between the two sub-groups. Instead, performance is reviewed and strategic decisions are made based on the Group as a whole. Accordingly, the Group now comprises a single reportable segment. Furthermore, as the Group\u2019s operations are almost entirely based in the United Kingdom, no geographical segmental analysis is required. As such, no segmental disclosures are presented.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__27": {
"value": "Leases At inception, the Group assesses whether a contract is, or contains, a lease. This assessment involves exercising judgement as to whether the contract conveys the right to control the use of an identified asset, and the right to obtain substantially all of the economic benefits from this asset, for a period of time. Leases held by the Group as a lessee consist primarily of property contracts for branches and office buildings. The Group recognises a right-of-use (RoU) asset and a lease liability at the commencement of the lease, except for short-term leases (defined as leases with a lease term of less than 12 months) and leases of low value assets. Payments for short-term leases and leases of low value assets are generally recognised in the income statement on a straight-line basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__30-1": {
"value": "Intangible assets Intangible assets held by the Group consist of core deposit and purchased credit card relationship intangible assets acquired in business combinations, as well as externally acquired and internally developed computer software. These assets are held at cost (equivalent to fair value at acquisition for core deposit and purchased credit card relationship intangible assets) less accumulated amortisation and impairment. Intangible assets are amortised using the straight-line method over the following estimated useful lives: Core deposit intangible 6.5 years Purchased credit card relationships 5 years Computer software 3 to 10 years Intangible assets are reviewed for indicators of impairment at each reporting date and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Where the carrying amount is not recoverable, the asset is written down immediately to the estimated recoverable amount.Property, plant and equipment Freehold and long leasehold properties comprise mainly branches and office buildings. Branches and non-specialised buildings are stated at revalued amounts representing fair value, determined by market-based evidence at the date of the valuation, less any subsequent accumulated depreciation and subsequent impairment. Valuations are completed annually as at 31 March, or more frequently if required, by external, independent and qualified surveyors who have recent experience in the location and type of properties. Valuations are performed in accordance with the Royal Institution of Chartered Surveyors Appraisal and Valuation Standards and are generally performed on a vacant possession basis, using a comparative method of valuation with reference to sales prices and observable market rents for similar properties in similar locations. The Group holds a small number of investment properties comprising properties held for rental which are held at fair value, with changes in fair value recognised in the income statement. Other property, plant and equipment, including specialised administration buildings, are included at historical cost less accumulated depreciation and impairment. Land is not depreciated. Other assets are depreciated over the following estimated useful lives: Branches and non-specialised buildings 60 years Specialised administration buildings up to 60 years Plant and machinery 5 to 15 years Equipment, fixtures, fittings and vehicles 3 to 10 years Assets are reviewed for indicators of impairment at each reporting date and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Where the carrying amount is not recoverable the asset is written down immediately to the estimated recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__29-1": {
"value": "Intangible assets Intangible assets held by the Group consist of core deposit and purchased credit card relationship intangible assets acquired in business combinations, as well as externally acquired and internally developed computer software. These assets are held at cost (equivalent to fair value at acquisition for core deposit and purchased credit card relationship intangible assets) less accumulated amortisation and impairment. Intangible assets are amortised using the straight-line method over the following estimated useful lives: Core deposit intangible 6.5 years Purchased credit card relationships 5 years Computer software 3 to 10 years Intangible assets are reviewed for indicators of impairment at each reporting date and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Where the carrying amount is not recoverable, the asset is written down immediately to the estimated recoverable amount.Property, plant and equipment Freehold and long leasehold properties comprise mainly branches and office buildings. Branches and non-specialised buildings are stated at revalued amounts representing fair value, determined by market-based evidence at the date of the valuation, less any subsequent accumulated depreciation and subsequent impairment. Valuations are completed annually as at 31 March, or more frequently if required, by external, independent and qualified surveyors who have recent experience in the location and type of properties. Valuations are performed in accordance with the Royal Institution of Chartered Surveyors Appraisal and Valuation Standards and are generally performed on a vacant possession basis, using a comparative method of valuation with reference to sales prices and observable market rents for similar properties in similar locations. The Group holds a small number of investment properties comprising properties held for rental which are held at fair value, with changes in fair value recognised in the income statement. Other property, plant and equipment, including specialised administration buildings, are included at historical cost less accumulated depreciation and impairment. Land is not depreciated. Other assets are depreciated over the following estimated useful lives: Branches and non-specialised buildings 60 years Specialised administration buildings up to 60 years Plant and machinery 5 to 15 years Equipment, fixtures, fittings and vehicles 3 to 10 years Assets are reviewed for indicators of impairment at each reporting date and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Where the carrying amount is not recoverable the asset is written down immediately to the estimated recoverable amount.Impairment of financial assets Financial assets within the scope of IFRS 9 expected credit loss (ECL) requirements comprise all financial debt instruments measured at either amortised cost or FVOCI. These include cash and balances at central banks, loans and advances to banks and similar institutions, and the majority of investment securities and loans and advances to customers. Also within scope are irrevocable undrawn commitments to lend and intra-group lending (the latter being eliminated on consolidation in the Group financial statements). The ECL represents the present value of expected cash shortfalls following the default of a financial instrument, including any undrawn commitment. A cash shortfall is the difference between the cash flows that are due in accordance with the contractual terms of the instrument and the cash flows that the Group expects to receive. The allowance for ECLs is based on an assessment of the probability of default, exposure at default and loss given default, discounted at the effective interest rate to give a net present value of cash flows. The estimation of ECLs is unbiased and probability weighted, taking into account all reasonable and supportable information, including forward-looking economic assumptions and a range of possible outcomes. ECLs are typically calculated from initial recognition of the financial asset for the maximum contractual period that the Group is exposed to the credit risk. However, for revolving credit loans such as credit cards and overdrafts, the Group\u2019s credit risk is not limited to their contractual period and therefore the expected life of the loan and associated undrawn commitment is calculated based on the behavioural life of the loan. For financial assets recognised in the balance sheet at amortised cost, the allowance for ECLs is offset against the gross carrying value so that the amount presented in the balance sheet is net of impairment provisions. For financial assets classified as FVOCI, any credit losses recognised are offset against cumulative fair value movements within the other comprehensive income reserve. For separately identifiable irrevocable loan commitments, where the related financial asset has not yet been advanced, the provision is presented in provisions for liabilities and charges in the balance sheet. Forward-looking economic inputs ECLs are calculated by reference to information on past events, current conditions and forecasts of future economic conditions. Multiple economic scenarios are incorporated into ECL calculation models. These scenarios are based on external sources where available and appropriate, and internally generated assumptions in all other cases. An appropriate number of scenarios are considered to capture any non-linear relationship between economic assumptions and credit losses. These scenarios are weighted based on management\u2019s view of their probability Further information is provided in note 10. Credit risk categorisationFor the purpose of calculating ECLs, assets are categorised into three stages as follows: Stage 1: no significant increase in credit risk since initial recognition On initial recognition, and for financial assets where there has not been a significant increase in credit risk since initial recognition, provision is made for losses from credit default events expected to occur within the next 12 months. Expected credit losses for these stage 1 assets continue to be recognised on this basis unless there is a significant increase in the credit risk of the asset. Stage 2: significant increase in credit risk Financial assets are categorised as being within stage 2 where an instrument has experienced a significant increase in credit risk since initial recognition. For these assets, provision is made for losses from credit default events expected to occur over the lifetime of the instrument. Whether a significant increase in credit risk has occurred is ascertained by considering both quantitative and qualitative factors. Quantitative considerations take into account changes in the residual lifetime probability of default (PD) of the asset. As a backstop, all assets with an arrears status of more than 30 days past due on contractual payments are considered to be in stage 2. Qualitative factors that may indicate a significant change in credit risk include concession events that are deemed to be forbearance. Further information about the identification of significant increases in credit risk is provided in note 10. Stage 3: credit impaired (or defaulted) loans Financial assets are transferred into stage 3 when there is objective evidence that an instrument is credit impaired. Provisions for stage 3 assets are made on the basis of credit default events expected to occur over the lifetime of the instrument. Assets are considered credit impaired when: \uf0b7 Contractual payments of either principal or interest are past due by more than 90 days; \uf0b7 There are other indications that the borrower is unlikely to pay, such as signs of financial difficulty, probable bankruptcy, breaches of contract and concession events which have a detrimental impact on the present value of future cash flows; or \uf0b7 The loan is otherwise considered to be in default. Interest income on stage 3 credit impaired loans is recognised in the income statement on the loan balance net of the ECL provision. The gross balance sheet value of stage 3 loans reflects the contractual terms of the assets and continues to increase over time with the contractually accrued interest. Purchased or originated credit impaired (POCI) loans Where loans are credit impaired on origination, or when purchased from third parties, lifetime ECLs are incorporated into the calculation of the effective interest rate on initial recognition. POCI assets do not carry an impairment allowance on initial recognition, and the amount recognised as a loss allowance subsequently is equal to the changes in lifetime ECLs since initial recognition of the asset discounted at the credit impaired EIR. POCI loans are separately disclosed as credit impaired loans and cannot be transferred out of the POCI designation, even if there is a significant improvement in credit quality. Transfers between stages Transfers from stage 1 to 2 occur when there has been a significant increase in credit risk and from stage 2 to 3 when credit impairment is indicated as described above. Loans in stage 2 or 3 can transfer back to stage 1 or 2 once the criteria for a significant increase in credit risk or impairment are no longer met. For loans subject to concession events deemed to be forbearance, accounts are transferred back to stage 1 or 2 only after being up to date for a period of up to 36 months, depending on the concession. Write-off Loans remain on the balance sheet, net of associated provisions, until they are deemed to have no reasonable expectation of recovery. Loans are generally written off after realisation of any proceeds from collateral and upon conclusion of the collectionsprocess, including consideration of whether an account has reached a point where continuing attempts to recover are no longer likely to be successful. Where a loan is not recoverable, it is written off against the related provision for loan impairment once all the necessary procedures have been completed and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the value of impairment charges recorded in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__28": {
"value": "Intangible assets Intangible assets held by the Group consist of core deposit and purchased credit card relationship intangible assets acquired in business combinations, as well as externally acquired and internally developed computer software. These assets are held at cost (equivalent to fair value at acquisition for core deposit and purchased credit card relationship intangible assets) less accumulated amortisation and impairment. Intangible assets are amortised using the straight-line method over the following estimated useful lives: Core deposit intangible 6.5 years Purchased credit card relationships 5 years Computer software 3 to 10 years Intangible assets are reviewed for indicators of impairment at each reporting date and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Where the carrying amount is not recoverable, the asset is written down immediately to the estimated recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__35": {
"value": "Property, plant and equipment Freehold and long leasehold properties comprise mainly branches and office buildings. Branches and non-specialised buildings are stated at revalued amounts representing fair value, determined by market-based evidence at the date of the valuation, less any subsequent accumulated depreciation and subsequent impairment. Valuations are completed annually as at 31 March, or more frequently if required, by external, independent and qualified surveyors who have recent experience in the location and type of properties. Valuations are performed in accordance with the Royal Institution of Chartered Surveyors Appraisal and Valuation Standards and are generally performed on a vacant possession basis, using a comparative method of valuation with reference to sales prices and observable market rents for similar properties in similar locations. The Group holds a small number of investment properties comprising properties held for rental which are held at fair value, with changes in fair value recognised in the income statement. Other property, plant and equipment, including specialised administration buildings, are included at historical cost less accumulated depreciation and impairment. Land is not depreciated. Other assets are depreciated over the following estimated useful lives: Branches and non-specialised buildings 60 years Specialised administration buildings up to 60 years Plant and machinery 5 to 15 years Equipment, fixtures, fittings and vehicles 3 to 10 years Assets are reviewed for indicators of impairment at each reporting date and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Where the carrying amount is not recoverable the asset is written down immediately to the estimated recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__34": {
"value": "Property, plant and equipment Freehold and long leasehold properties comprise mainly branches and office buildings. Branches and non-specialised buildings are stated at revalued amounts representing fair value, determined by market-based evidence at the date of the valuation, less any subsequent accumulated depreciation and subsequent impairment. Valuations are completed annually as at 31 March, or more frequently if required, by external, independent and qualified surveyors who have recent experience in the location and type of properties. Valuations are performed in accordance with the Royal Institution of Chartered Surveyors Appraisal and Valuation Standards and are generally performed on a vacant possession basis, using a comparative method of valuation with reference to sales prices and observable market rents for similar properties in similar locations. The Group holds a small number of investment properties comprising properties held for rental which are held at fair value, with changes in fair value recognised in the income statement. Other property, plant and equipment, including specialised administration buildings, are included at historical cost less accumulated depreciation and impairment. Land is not depreciated. Other assets are depreciated over the following estimated useful lives: Branches and non-specialised buildings 60 years Specialised administration buildings up to 60 years Plant and machinery 5 to 15 years Equipment, fixtures, fittings and vehicles 3 to 10 years Assets are reviewed for indicators of impairment at each reporting date and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Where the carrying amount is not recoverable the asset is written down immediately to the estimated recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__31": {
"value": "Property, plant and equipment Freehold and long leasehold properties comprise mainly branches and office buildings. Branches and non-specialised buildings are stated at revalued amounts representing fair value, determined by market-based evidence at the date of the valuation, less any subsequent accumulated depreciation and subsequent impairment. Valuations are completed annually as at 31 March, or more frequently if required, by external, independent and qualified surveyors who have recent experience in the location and type of properties. Valuations are performed in accordance with the Royal Institution of Chartered Surveyors Appraisal and Valuation Standards and are generally performed on a vacant possession basis, using a comparative method of valuation with reference to sales prices and observable market rents for similar properties in similar locations. The Group holds a small number of investment properties comprising properties held for rental which are held at fair value, with changes in fair value recognised in the income statement. Other property, plant and equipment, including specialised administration buildings, are included at historical cost less accumulated depreciation and impairment. Land is not depreciated. Other assets are depreciated over the following estimated useful lives: Branches and non-specialised buildings 60 years Specialised administration buildings up to 60 years Plant and machinery 5 to 15 years Equipment, fixtures, fittings and vehicles 3 to 10 years Assets are reviewed for indicators of impairment at each reporting date and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Where the carrying amount is not recoverable the asset is written down immediately to the estimated recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__36": {
"value": "Employee benefits The Group operates a number of defined benefit and defined contribution pension arrangements. The net defined benefit asset or liability represents the difference between the present value of defined benefit obligations and the fair value of plan assets, after applying the asset ceiling test, where a net defined benefit surplus recognised on the balance sheet is limited to the present value of available refunds and reductions in future contributions to the plan. The defined benefit obligation is calculated by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows, using a discount rate derived from yields of high-quality corporate bonds that have terms to maturity approximating to the terms of the related pension liability. Actuarial remeasurements arise from experience adjustments (the effects of differences between previous actuarial assumptions and what has actually occurred) and changes in forward-looking actuarial assumptions. Actuarial remeasurements are recognised in full, in the year they occur, in other comprehensive income. A defined contribution arrangement is one into which the Group and the employee pay fixed contributions, without any further obligation to pay additional contributions. Payments to defined contribution schemes are charged to the income statement as they fall due. The Group also offers variable compensation to employees, including bonus schemes. For performance-based awards, no amounts are recognised in the income statement until it is considered probable that payments will be made. Where a performance-based bonus payment is considered probable, the amount recognised in the income statement will reflect the portion of the vesting period that has passed. The vesting period for performance-based awards runs from the start of the performance period associated with the plan to the settlement date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__37": {
"value": "Provisions A provision is recognised where there is a present obligation as a result of a past event, it is probable that the obligation will be settled, and it can be reliably estimated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__38": {
"value": "Contingent liabilities Contingent liabilities are possible obligations whose existence will be confirmed only by the outcome of uncertain future events, and present obligations where the outflow of resources is uncertain or cannot be measured reliably. Contingent liabilities are not recognised on the balance sheet but are disclosed, unless the likelihood of an outflow of economic resources is remote.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__39": {
"value": "Taxation Current tax payable on profits is recognised as an expense in the period in which profits arise. Current tax assets and liabilities are measured at the amount expected to be recovered from, or paid to, taxation authorities. Management evaluates where uncertain taxation positions exist and recognises provisions, where appropriate, to reflect the best estimate of the probable outcome. Deferred tax is provided in full on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements, using tax rates and laws that have been enacted or substantively enacted by 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. The amounts recognised for deferred tax assets are reviewed at each reporting date. In the case of deferred tax assets relating to tax losses carried forward, the Group assesses the likelihood of recovery and considers whether it is probable that sufficient future taxable profits will be available over a suitable planning horizon against which the tax losses can be utilised. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets against current tax liabilities, and where the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity, or different taxable entities where there is an intention to settle on a net basis. 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 outside the income statement. In this case, the tax appears in the same statement as the transaction that gave rise to it. An exception to this principle relates to the tax consequences of the Group's distributions on other equity instruments. Although such distributions are recognised directly in equity, the tax consequences are credited to the income statement, where the profit being distributed originally arose. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__40": {
"value": "Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprise cash and non-restricted balances with less than three months maturity from the date of acquisition, included within cash and balances at central banks and loans and advances to banks and similar institutions on the balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__41-1": {
"value": "Financial assets Financial assets primarily consist of cash and balances at central banks, loans and advances to banks and similar institutions, investment securities, derivative financial instruments and loans and advances to customers. Recognition and derecognition All financial assets are recognised initially at fair value. Purchases and sales of investment securities and derivative financial instruments are accounted for at trade date. All other financial assets are accounted for at settlement date. Financial assets are derecognised when the rights to receive cash flows have expired or where the assets have been transferred and substantially all the risks and rewards of ownership have been transferred. Modification of contractual terms An instrument that is renegotiated is derecognised if the existing agreement is cancelled and a new agreement is made on substantially different terms (such as renegotiations of commercial loans). Residential mortgages reaching the end of a fixed interest deal period are deemed repricing events, rather than a modification of contractual terms, as the change in interest rate at the end of the fixed rate period was envisaged in the original mortgage contract. Where an instrument is renegotiated and not derecognised, the change is considered a modification of contractual terms. Where this arises, the gross carrying amount of the loan is recalculated as the present value of the renegotiated or modified contractual cash flows, discounted at the loan\u2019s original effective interest rate. Any gain or loss on recalculation is recognised immediately in the income statement. Classification and measurement The classification and subsequent measurement of financial assets is based on an assessment of the Group\u2019s business models for managing the assets and their contractual cash flow characteristics. Financial assets are classified into the following three categories: (a)Amortised cost Financial assets held to collect contractual cash flows and where contractual terms comprise solely payments of principal and interest (SPPI) are classified as amortised cost. This category of financial assets includes cash and balances at central banks, loans and advances to banks and similar institutions, the majority of the Group\u2019s residential mortgage and business lending, all unsecured lending, and certain investment securities within a \u2018hold to collect\u2019 business model. Financial assets within this category are recognised on settlement date (for cash and balances with central banks, loans and advances to banks and similar institutions, and loans and advances to customers), or on the trade date for purchases of investment securities. After initial recognition, the assets are measured at amortised cost using the effective interest rate method, less provisions for expected credit losses. Leases entered into by the Group as lessor, where the Group transfers substantially all the risks and rewards of ownership to the lessee, are classified as finance leases. The leased asset is not held on the Group balance sheet; instead, a finance lease is recognised representing the minimum lease payments receivable under the terms of the lease, discounted at the rate implicit in the lease. Interest income is recognised in interest receivable, allocated to accounting years to reflect a constant periodic rate of return. (b)Fair value through other comprehensive income (FVOCI) Debt instruments held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and where contractual terms comprise solely payments of principal and interest (SPPI), are classified as, and measured at, FVOCI. This category of financial assets includes most of the Group\u2019s investment securities which are held to manage liquidity requirements. Financial assets within this category are recognised on trade date. The assets are measured at fair value using, in the majority of cases, market prices or, where there is no active market, prices obtained from market participants. In sourcing valuations, the Group makes use of a consensus pricing service, in line with standard industry practice. In cases where market prices or prices from market participants are not available, discounted cash flow models are used. Interest on FVOCI debt instruments is recognised in interest receivable and similar income in the income statement, using the effective interest rate method. Unrealised gains and losses arising from changes in value are recognised in other comprehensive income. Provisions for expected credit losses and foreign exchange gains or losses are recognised in the income statement. Cumulative gains or losses arising on sale of FVOCI debt instruments are recognised in the income statement within other operating income/(expense), net of any credit or foreign exchange gains or losses already recognised. Upon initial recognition, the Group may elect to classify irrevocably some of its equity investments as FVOCI when they meet the definition of equity under IAS 32 \u2018Financial Instruments: Presentation\u2019 and are not held for trading. Such classification is determined on an instrument-by instrument basis. Gains and losses on these equity instruments are never recycled to the income statement. Dividends are recognised in the income statement as other operating income unless deemed to represent a recovery of part of the cost of the investment. Equity instruments at FVOCI are not subject to an impairment assessment. (c)Fair value through profit or loss (FVTPL) All other financial assets are measured at FVTPL. Financial assets within this category primarily include derivative instruments and a small number of residential and business loans and investment securities with contractual cash flow characteristics which do not meet the SPPI criteria. The contractual terms for these cash flows include contingent or leverage features, or returns based on movements in underlying collateral values such as house prices. Fair values are based on observable market data, valuations obtained from third parties or, where these are not available, internal models. Gains or losses arising from changes in the fair value of these instruments and on disposal are recognised in the income statement within other operating income. Hedge accounting is not applied to assets classified as FVTPL; however, hedging may be applied for economic purposes. Gains or losses arising from changes in the fair value of derivatives economically hedging FVTPL financial assets are also included within other operating income.Impairment of financial assets Financial assets within the scope of IFRS 9 expected credit loss (ECL) requirements comprise all financial debt instruments measured at either amortised cost or FVOCI. These include cash and balances at central banks, loans and advances to banks and similar institutions, and the majority of investment securities and loans and advances to customers. Also within scope are irrevocable undrawn commitments to lend and intra-group lending (the latter being eliminated on consolidation in the Group financial statements). The ECL represents the present value of expected cash shortfalls following the default of a financial instrument, including any undrawn commitment. A cash shortfall is the difference between the cash flows that are due in accordance with the contractual terms of the instrument and the cash flows that the Group expects to receive. The allowance for ECLs is based on an assessment of the probability of default, exposure at default and loss given default, discounted at the effective interest rate to give a net present value of cash flows. The estimation of ECLs is unbiased and probability weighted, taking into account all reasonable and supportable information, including forward-looking economic assumptions and a range of possible outcomes. ECLs are typically calculated from initial recognition of the financial asset for the maximum contractual period that the Group is exposed to the credit risk. However, for revolving credit loans such as credit cards and overdrafts, the Group\u2019s credit risk is not limited to their contractual period and therefore the expected life of the loan and associated undrawn commitment is calculated based on the behavioural life of the loan. For financial assets recognised in the balance sheet at amortised cost, the allowance for ECLs is offset against the gross carrying value so that the amount presented in the balance sheet is net of impairment provisions. For financial assets classified as FVOCI, any credit losses recognised are offset against cumulative fair value movements within the other comprehensive income reserve. For separately identifiable irrevocable loan commitments, where the related financial asset has not yet been advanced, the provision is presented in provisions for liabilities and charges in the balance sheet. Forward-looking economic inputs ECLs are calculated by reference to information on past events, current conditions and forecasts of future economic conditions. Multiple economic scenarios are incorporated into ECL calculation models. These scenarios are based on external sources where available and appropriate, and internally generated assumptions in all other cases. An appropriate number of scenarios are considered to capture any non-linear relationship between economic assumptions and credit losses. These scenarios are weighted based on management\u2019s view of their probability Further information is provided in note 10. Credit risk categorisationFor the purpose of calculating ECLs, assets are categorised into three stages as follows: Stage 1: no significant increase in credit risk since initial recognition On initial recognition, and for financial assets where there has not been a significant increase in credit risk since initial recognition, provision is made for losses from credit default events expected to occur within the next 12 months. Expected credit losses for these stage 1 assets continue to be recognised on this basis unless there is a significant increase in the credit risk of the asset. Stage 2: significant increase in credit risk Financial assets are categorised as being within stage 2 where an instrument has experienced a significant increase in credit risk since initial recognition. For these assets, provision is made for losses from credit default events expected to occur over the lifetime of the instrument. Whether a significant increase in credit risk has occurred is ascertained by considering both quantitative and qualitative factors. Quantitative considerations take into account changes in the residual lifetime probability of default (PD) of the asset. As a backstop, all assets with an arrears status of more than 30 days past due on contractual payments are considered to be in stage 2. Qualitative factors that may indicate a significant change in credit risk include concession events that are deemed to be forbearance. Further information about the identification of significant increases in credit risk is provided in note 10. Stage 3: credit impaired (or defaulted) loans Financial assets are transferred into stage 3 when there is objective evidence that an instrument is credit impaired. Provisions for stage 3 assets are made on the basis of credit default events expected to occur over the lifetime of the instrument. Assets are considered credit impaired when: \uf0b7 Contractual payments of either principal or interest are past due by more than 90 days; \uf0b7 There are other indications that the borrower is unlikely to pay, such as signs of financial difficulty, probable bankruptcy, breaches of contract and concession events which have a detrimental impact on the present value of future cash flows; or \uf0b7 The loan is otherwise considered to be in default. Interest income on stage 3 credit impaired loans is recognised in the income statement on the loan balance net of the ECL provision. The gross balance sheet value of stage 3 loans reflects the contractual terms of the assets and continues to increase over time with the contractually accrued interest. Purchased or originated credit impaired (POCI) loans Where loans are credit impaired on origination, or when purchased from third parties, lifetime ECLs are incorporated into the calculation of the effective interest rate on initial recognition. POCI assets do not carry an impairment allowance on initial recognition, and the amount recognised as a loss allowance subsequently is equal to the changes in lifetime ECLs since initial recognition of the asset discounted at the credit impaired EIR. POCI loans are separately disclosed as credit impaired loans and cannot be transferred out of the POCI designation, even if there is a significant improvement in credit quality. Transfers between stages Transfers from stage 1 to 2 occur when there has been a significant increase in credit risk and from stage 2 to 3 when credit impairment is indicated as described above. Loans in stage 2 or 3 can transfer back to stage 1 or 2 once the criteria for a significant increase in credit risk or impairment are no longer met. For loans subject to concession events deemed to be forbearance, accounts are transferred back to stage 1 or 2 only after being up to date for a period of up to 36 months, depending on the concession. Write-off Loans remain on the balance sheet, net of associated provisions, until they are deemed to have no reasonable expectation of recovery. Loans are generally written off after realisation of any proceeds from collateral and upon conclusion of the collectionsprocess, including consideration of whether an account has reached a point where continuing attempts to recover are no longer likely to be successful. Where a loan is not recoverable, it is written off against the related provision for loan impairment once all the necessary procedures have been completed and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the value of impairment charges recorded in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__43": {
"value": "Impairment of financial assets Financial assets within the scope of IFRS 9 expected credit loss (ECL) requirements comprise all financial debt instruments measured at either amortised cost or FVOCI. These include cash and balances at central banks, loans and advances to banks and similar institutions, and the majority of investment securities and loans and advances to customers. Also within scope are irrevocable undrawn commitments to lend and intra-group lending (the latter being eliminated on consolidation in the Group financial statements). The ECL represents the present value of expected cash shortfalls following the default of a financial instrument, including any undrawn commitment. A cash shortfall is the difference between the cash flows that are due in accordance with the contractual terms of the instrument and the cash flows that the Group expects to receive. The allowance for ECLs is based on an assessment of the probability of default, exposure at default and loss given default, discounted at the effective interest rate to give a net present value of cash flows. The estimation of ECLs is unbiased and probability weighted, taking into account all reasonable and supportable information, including forward-looking economic assumptions and a range of possible outcomes. ECLs are typically calculated from initial recognition of the financial asset for the maximum contractual period that the Group is exposed to the credit risk. However, for revolving credit loans such as credit cards and overdrafts, the Group\u2019s credit risk is not limited to their contractual period and therefore the expected life of the loan and associated undrawn commitment is calculated based on the behavioural life of the loan. For financial assets recognised in the balance sheet at amortised cost, the allowance for ECLs is offset against the gross carrying value so that the amount presented in the balance sheet is net of impairment provisions. For financial assets classified as FVOCI, any credit losses recognised are offset against cumulative fair value movements within the other comprehensive income reserve. For separately identifiable irrevocable loan commitments, where the related financial asset has not yet been advanced, the provision is presented in provisions for liabilities and charges in the balance sheet. Forward-looking economic inputs ECLs are calculated by reference to information on past events, current conditions and forecasts of future economic conditions. Multiple economic scenarios are incorporated into ECL calculation models. These scenarios are based on external sources where available and appropriate, and internally generated assumptions in all other cases. An appropriate number of scenarios are considered to capture any non-linear relationship between economic assumptions and credit losses. These scenarios are weighted based on management\u2019s view of their probability Further information is provided in note 10. Credit risk categorisationFor the purpose of calculating ECLs, assets are categorised into three stages as follows: Stage 1: no significant increase in credit risk since initial recognition On initial recognition, and for financial assets where there has not been a significant increase in credit risk since initial recognition, provision is made for losses from credit default events expected to occur within the next 12 months. Expected credit losses for these stage 1 assets continue to be recognised on this basis unless there is a significant increase in the credit risk of the asset. Stage 2: significant increase in credit risk Financial assets are categorised as being within stage 2 where an instrument has experienced a significant increase in credit risk since initial recognition. For these assets, provision is made for losses from credit default events expected to occur over the lifetime of the instrument. Whether a significant increase in credit risk has occurred is ascertained by considering both quantitative and qualitative factors. Quantitative considerations take into account changes in the residual lifetime probability of default (PD) of the asset. As a backstop, all assets with an arrears status of more than 30 days past due on contractual payments are considered to be in stage 2. Qualitative factors that may indicate a significant change in credit risk include concession events that are deemed to be forbearance. Further information about the identification of significant increases in credit risk is provided in note 10. Stage 3: credit impaired (or defaulted) loans Financial assets are transferred into stage 3 when there is objective evidence that an instrument is credit impaired. Provisions for stage 3 assets are made on the basis of credit default events expected to occur over the lifetime of the instrument. Assets are considered credit impaired when: \uf0b7 Contractual payments of either principal or interest are past due by more than 90 days; \uf0b7 There are other indications that the borrower is unlikely to pay, such as signs of financial difficulty, probable bankruptcy, breaches of contract and concession events which have a detrimental impact on the present value of future cash flows; or \uf0b7 The loan is otherwise considered to be in default. Interest income on stage 3 credit impaired loans is recognised in the income statement on the loan balance net of the ECL provision. The gross balance sheet value of stage 3 loans reflects the contractual terms of the assets and continues to increase over time with the contractually accrued interest. Purchased or originated credit impaired (POCI) loans Where loans are credit impaired on origination, or when purchased from third parties, lifetime ECLs are incorporated into the calculation of the effective interest rate on initial recognition. POCI assets do not carry an impairment allowance on initial recognition, and the amount recognised as a loss allowance subsequently is equal to the changes in lifetime ECLs since initial recognition of the asset discounted at the credit impaired EIR. POCI loans are separately disclosed as credit impaired loans and cannot be transferred out of the POCI designation, even if there is a significant improvement in credit quality. Transfers between stages Transfers from stage 1 to 2 occur when there has been a significant increase in credit risk and from stage 2 to 3 when credit impairment is indicated as described above. Loans in stage 2 or 3 can transfer back to stage 1 or 2 once the criteria for a significant increase in credit risk or impairment are no longer met. For loans subject to concession events deemed to be forbearance, accounts are transferred back to stage 1 or 2 only after being up to date for a period of up to 36 months, depending on the concession. Write-off Loans remain on the balance sheet, net of associated provisions, until they are deemed to have no reasonable expectation of recovery. Loans are generally written off after realisation of any proceeds from collateral and upon conclusion of the collectionsprocess, including consideration of whether an account has reached a point where continuing attempts to recover are no longer likely to be successful. Where a loan is not recoverable, it is written off against the related provision for loan impairment once all the necessary procedures have been completed and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the value of impairment charges recorded in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__47": {
"value": "Financial liabilities Borrowings, including shares, deposits, debt securities in issue, subordinated liabilities and permanent interest-bearing shares (subscribed capital) are recognised initially at fair value, being the issue proceeds net of premiums, discounts and transaction costs incurred. All borrowings are subsequently measured at amortised cost using the effective interest rate method. Amortised cost is adjusted for the amortisation of any premiums, discounts and transaction costs. The amortisation is recognised in interest expense and similar charges using the effective interest rate method. Derivative financial liabilities are measured at FVTPL. Borrowings that are designated as hedged items are subject to measurement under the hedge accounting requirements described in the derivatives and hedge accounting policy below. Financial liabilities are derecognised when the obligation is discharged, cancelled or has expired. The financial liabilities of dormant shares and deposit accounts are extinguished when balances have been transferred to the Government-backed unclaimed asset scheme under the terms of the Dormant Accounts and Building Society Accounts Act 2008, with no impact on the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__46": {
"value": "Financial liabilities Borrowings, including shares, deposits, debt securities in issue, subordinated liabilities and permanent interest-bearing shares (subscribed capital) are recognised initially at fair value, being the issue proceeds net of premiums, discounts and transaction costs incurred. All borrowings are subsequently measured at amortised cost using the effective interest rate method. Amortised cost is adjusted for the amortisation of any premiums, discounts and transaction costs. The amortisation is recognised in interest expense and similar charges using the effective interest rate method. Derivative financial liabilities are measured at FVTPL. Borrowings that are designated as hedged items are subject to measurement under the hedge accounting requirements described in the derivatives and hedge accounting policy below. Financial liabilities are derecognised when the obligation is discharged, cancelled or has expired. The financial liabilities of dormant shares and deposit accounts are extinguished when balances have been transferred to the Government-backed unclaimed asset scheme under the terms of the Dormant Accounts and Building Society Accounts Act 2008, with no impact on the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__45": {
"value": "Financial liabilities Borrowings, including shares, deposits, debt securities in issue, subordinated liabilities and permanent interest-bearing shares (subscribed capital) are recognised initially at fair value, being the issue proceeds net of premiums, discounts and transaction costs incurred. All borrowings are subsequently measured at amortised cost using the effective interest rate method. Amortised cost is adjusted for the amortisation of any premiums, discounts and transaction costs. The amortisation is recognised in interest expense and similar charges using the effective interest rate method. Derivative financial liabilities are measured at FVTPL. Borrowings that are designated as hedged items are subject to measurement under the hedge accounting requirements described in the derivatives and hedge accounting policy below. Financial liabilities are derecognised when the obligation is discharged, cancelled or has expired. The financial liabilities of dormant shares and deposit accounts are extinguished when balances have been transferred to the Government-backed unclaimed asset scheme under the terms of the Dormant Accounts and Building Society Accounts Act 2008, with no impact on the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__48": {
"value": "Fair value of assets and liabilities IFRS 13 \u2018Fair Value Measurement\u2019 requires an entity to classify assets and liabilities held at fair value, and those not measured at fair value but for which the fair value is disclosed, according to a hierarchy that reflects the significance of observable market inputs in calculating those fair values. The three levels of the fair value hierarchy are defined below. Level 1 \u2013 Valuation using quoted market prices Assets and liabilities are classified as Level 1 if their value is observable in an active market. Such instruments are valued by reference to unadjusted quoted prices for identical assets or liabilities in active markets where the quoted price is readily available, and the price reflects actual and regularly occurring market transactions on an arm\u2019s length basis. An active market is one in which transactions occur with sufficient volume and frequency to provide pricing information on an ongoing basis. Level 2 \u2013 Valuation technique using observable inputs Assets and liabilities classified as Level 2 are valued using models whose inputs are observable in an active market. Valuations based on observable inputs include derivative financial instruments such as swaps and forward rate agreements which are valued using market standard pricing techniques, and options that are commonly traded in markets where all the inputs to the market standard pricing models are observable. They also include investment securities valued using consensus pricing or other observable market prices. Level 3 \u2013 Valuation technique using significant unobservable inputs Assets and liabilities are classified as Level 3 if their valuation incorporates significant inputs that are not based on observable market data. A valuation input is considered observable if it can be directly observed from transactions in an active market, or if there is compelling external evidence demonstrating an executable exit price. An input is deemed significant if it is shown to contribute more than 10% to the valuation of a financial instrument.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__51": {
"value": "Derivatives and hedge accounting Derivatives are entered into to reduce exposures to fluctuations in interest rates, exchange rates, market indices and credit risk, and are not used for speculative purposes. (a) Derivative financial instruments Derivatives are carried at fair value with movements in fair values recognised in the income statement. Derivative financial instruments are principally valued by discounted cash flow models using yield curves that are based on observable market data or on valuations obtained from third parties. Discounting uses the appropriate risk-free rate for the currency of the cash flow; for example, GBP cash flows are discounted using a Sonia yield curve. In the first instance, fair values are calculated using mid prices. An adjustment is then made to derivative assets and liabilities to value them on a bid and offer basis respectively. The bid-offer adjustment is calculated on a portfolio basis and reflects the costs that would be incurred if substantially all residual net portfolio market risks were closed out using available hedging instruments or by disposing of or unwinding actual positions. The methodology for determining the bid-offer adjustments involves netting between long and short positions and the grouping of risk by type, in accordance with the hedging strategy. Bid-offer spreads are derived from market sources such as broker data and are reviewed periodically. In measuring fair value, separate credit valuation and debit valuation adjustments are made for counterparty or own credit risk to the extent not already included in the valuation. Funding valuation adjustments are also made to reflect an estimate of the adjustment a market participant would make to incorporate funding costs and benefits that arise in relation to derivative exposures. All derivatives are classified as assets where their fair value is positive and liabilities where their fair value is negative. Where there is the legal right and intention to settle net, then the derivative is classified as a net asset or liability, as appropriate. Where cash collateral is received, to mitigate the risk inherent in amounts due to the Group, a liability is recognised within deposits from banks and similar institutions. Similarly, where cash collateral is given, to mitigate the risk inherent in amounts due from the Group, an asset is recognised within loans and advances to banks and similar institutions. Where securities collateral is received the securities are not recognised in the accounts as the Group does not obtain the risks and rewards of the securities. Where securities collateral is given, the securities are not derecognised as the Group retains substantially all the risks and rewards of ownership. (b) Hedge accounting The Group has adopted the general hedge accounting requirements of IFRS 9 but continues to apply the scope exception which allows ongoing application of IAS 39 for fair value hedge accounting for a portfolio (macro) hedge of interest rate risk. When transactions meet the criteria specified in IFRS 9, the Group can apply two types of hedge accounting: either hedges of the changes in fair value of the financial asset or liability (fair value hedge accounting) or hedges of the variability in cash flows of the financial asset or liability (cash flow hedge accounting). The Group does not have hedges of net investments. At inception each hedge relationship is formally documented, including a description of the hedged item (a financial asset or liability which is being economically hedged) and the hedging instrument (a derivative), as well as the methods which will be used to assess the effectiveness of the hedge. Hedges accounted for under IFRS 9 are required to be effective on a prospective basis, in line with risk management strategy. Macro hedges which continue to be accounted for under IAS 39 are required to be highly effective on both a retrospective and a prospective basis. Fair value and cash flow hedges may have residual hedge ineffectiveness. This is the degree to which the change in fair value of the hedging instrument does not offset the change in fair value of the hedged item. This ineffectiveness is recognised in the income statement and typically arises from: \uf0b7 Differences in the magnitude or timing of future expected cash flows in the hedged item and hedging instrument; \uf0b7 Differences in the market curves used to value the hedged item and hedging instrument; \uf0b7 Unexpected adjustments to either the hedged item or hedging instrument, due to early repayments or disposals; or \uf0b7 The ongoing amortisation of any existing balance sheet mismatch between the fair value of the hedged item and hedging instrument. The Group discontinues hedge accounting when: \uf0b7 It is evident from testing that a hedging instrument ceases to meet the hedge effectiveness requirements; \uf0b7 The hedging instrument expires, or is sold, terminated or exercised; or \uf0b7 The hedged item matures, is sold or repaid or, in the case of a forecasted item, is no longer deemed to be highly probable to occur. For macro hedges which continue to be accounted for under IAS 39, the Group may also decide to prospectively cease hedge accounting even though the hedge relationship continues to be highly effective, by ceasing to designate the financial instrument as a hedge. For hedges accounted for under IFRS 9, the Group is unable to voluntarily de-designate hedging relationships, unless there has been a change to risk management objectives. Fair value hedge accounting Fair value hedge accounting results in the carrying value of the hedged item being adjusted to reflect changes in fair value attributable to the risk being hedged. This creates an offset to the fair value movements of the hedging instrument. Changes in the fair value of the hedged items and hedging instruments are recorded in the income statement, except for changes in the fair value of hedging instruments accounted for under IFRS 9 which are attributable to foreign currency basis spreads. Where foreign currency basis spreads are excluded from hedge designation, this element of fair valuation of the hedging instrument is instead recognised directly within equity within the \u2018other hedging reserve\u2019. For larger and distinctively identifiable assets and liabilities, such as investment securities and debt securities in issue, a single or small number of hedging instruments may be used. This is referred to as a micro fair value hedge. If the hedge is effective, the Group adjusts the carrying value of that specific asset or liability to reflect changes in its fair value due to movements in the designated benchmark rate, such as Sonia. This creates an offset to the fair value movement of the hedging instruments. For hedged items which are classified as FVOCI, such as investment securities, there is no further need to adjust their carrying value as they are already held at fair value. Instead, hedge accounting results in an amount being removed from the FVOCI reserve and instead reported in the income statement, to create an offset to the change in fair value of the hedging instrument. For balances within portfolios of homogeneous instruments, such as mortgages, savings, and business and commercial loans, derivatives may be used to hedge risks on a portfolio basis. The Group creates separate macro hedges for assets and liabilities. The Group determines the hedged item by identifying portfolios of similar assets or liabilities and scheduling the expected future cash flows from these items into repricing time buckets, based on expected rather than actual repricing dates. A portion of the total cash flow from each time bucket is then included in the hedged item. The size of this portion is set so that it is expected to create a highly effective fair value offset to the equivalent future cash flows from the hedging instruments. If the hedge is highly effective the Group records an adjustment in the fair value adjustment for portfolio hedged risk category on the balance sheet. Macro hedges are frequently rebalanced to include new business. In fair value hedge accounting relationships, if the hedging instrument no longer meets the criteria for hedge accounting, the cumulative fair value hedge adjustment is amortised over the period to maturity of the previously designated hedge relationship. If the hedged item is sold or repaid, the unamortised fair value adjustment is immediately recognised in the income statement.Cash flow hedge accounting In a cash flow hedge accounting relationship, the portion of the hedging instrument\u2019s fair value movement that is deemed to be an effective hedge is deferred to the cash flow hedge reserve, instead of being immediately recognised in the income statement. The ineffective portion of the derivative fair value movement is recognised immediately in the income statement. Amounts deferred to the cash flow hedge reserve are subsequently recycled to the income statement. This recycling occurs when the underlying asset or liability being hedged impacts the income statement, for example when interest payments are recognised. In cash flow hedge accounting relationships, if the derivative no longer meets the criteria for hedge accounting, the cumulative gain or loss from the effective portion of the movement in the fair value of the derivative remains in other comprehensive income until the cash flows from the underlying hedged item are recognised in the income statement or are no longer expected to occur. If the hedged item is sold or repaid, the cumulative gain or loss in other comprehensive income is immediately recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__50": {
"value": "Derivatives and hedge accounting Derivatives are entered into to reduce exposures to fluctuations in interest rates, exchange rates, market indices and credit risk, and are not used for speculative purposes. (a) Derivative financial instruments Derivatives are carried at fair value with movements in fair values recognised in the income statement. Derivative financial instruments are principally valued by discounted cash flow models using yield curves that are based on observable market data or on valuations obtained from third parties. Discounting uses the appropriate risk-free rate for the currency of the cash flow; for example, GBP cash flows are discounted using a Sonia yield curve. In the first instance, fair values are calculated using mid prices. An adjustment is then made to derivative assets and liabilities to value them on a bid and offer basis respectively. The bid-offer adjustment is calculated on a portfolio basis and reflects the costs that would be incurred if substantially all residual net portfolio market risks were closed out using available hedging instruments or by disposing of or unwinding actual positions. The methodology for determining the bid-offer adjustments involves netting between long and short positions and the grouping of risk by type, in accordance with the hedging strategy. Bid-offer spreads are derived from market sources such as broker data and are reviewed periodically. In measuring fair value, separate credit valuation and debit valuation adjustments are made for counterparty or own credit risk to the extent not already included in the valuation. Funding valuation adjustments are also made to reflect an estimate of the adjustment a market participant would make to incorporate funding costs and benefits that arise in relation to derivative exposures. All derivatives are classified as assets where their fair value is positive and liabilities where their fair value is negative. Where there is the legal right and intention to settle net, then the derivative is classified as a net asset or liability, as appropriate. Where cash collateral is received, to mitigate the risk inherent in amounts due to the Group, a liability is recognised within deposits from banks and similar institutions. Similarly, where cash collateral is given, to mitigate the risk inherent in amounts due from the Group, an asset is recognised within loans and advances to banks and similar institutions. Where securities collateral is received the securities are not recognised in the accounts as the Group does not obtain the risks and rewards of the securities. Where securities collateral is given, the securities are not derecognised as the Group retains substantially all the risks and rewards of ownership. (b) Hedge accounting The Group has adopted the general hedge accounting requirements of IFRS 9 but continues to apply the scope exception which allows ongoing application of IAS 39 for fair value hedge accounting for a portfolio (macro) hedge of interest rate risk. When transactions meet the criteria specified in IFRS 9, the Group can apply two types of hedge accounting: either hedges of the changes in fair value of the financial asset or liability (fair value hedge accounting) or hedges of the variability in cash flows of the financial asset or liability (cash flow hedge accounting). The Group does not have hedges of net investments. At inception each hedge relationship is formally documented, including a description of the hedged item (a financial asset or liability which is being economically hedged) and the hedging instrument (a derivative), as well as the methods which will be used to assess the effectiveness of the hedge. Hedges accounted for under IFRS 9 are required to be effective on a prospective basis, in line with risk management strategy. Macro hedges which continue to be accounted for under IAS 39 are required to be highly effective on both a retrospective and a prospective basis. Fair value and cash flow hedges may have residual hedge ineffectiveness. This is the degree to which the change in fair value of the hedging instrument does not offset the change in fair value of the hedged item. This ineffectiveness is recognised in the income statement and typically arises from: \uf0b7 Differences in the magnitude or timing of future expected cash flows in the hedged item and hedging instrument; \uf0b7 Differences in the market curves used to value the hedged item and hedging instrument; \uf0b7 Unexpected adjustments to either the hedged item or hedging instrument, due to early repayments or disposals; or \uf0b7 The ongoing amortisation of any existing balance sheet mismatch between the fair value of the hedged item and hedging instrument. The Group discontinues hedge accounting when: \uf0b7 It is evident from testing that a hedging instrument ceases to meet the hedge effectiveness requirements; \uf0b7 The hedging instrument expires, or is sold, terminated or exercised; or \uf0b7 The hedged item matures, is sold or repaid or, in the case of a forecasted item, is no longer deemed to be highly probable to occur. For macro hedges which continue to be accounted for under IAS 39, the Group may also decide to prospectively cease hedge accounting even though the hedge relationship continues to be highly effective, by ceasing to designate the financial instrument as a hedge. For hedges accounted for under IFRS 9, the Group is unable to voluntarily de-designate hedging relationships, unless there has been a change to risk management objectives. Fair value hedge accounting Fair value hedge accounting results in the carrying value of the hedged item being adjusted to reflect changes in fair value attributable to the risk being hedged. This creates an offset to the fair value movements of the hedging instrument. Changes in the fair value of the hedged items and hedging instruments are recorded in the income statement, except for changes in the fair value of hedging instruments accounted for under IFRS 9 which are attributable to foreign currency basis spreads. Where foreign currency basis spreads are excluded from hedge designation, this element of fair valuation of the hedging instrument is instead recognised directly within equity within the \u2018other hedging reserve\u2019. For larger and distinctively identifiable assets and liabilities, such as investment securities and debt securities in issue, a single or small number of hedging instruments may be used. This is referred to as a micro fair value hedge. If the hedge is effective, the Group adjusts the carrying value of that specific asset or liability to reflect changes in its fair value due to movements in the designated benchmark rate, such as Sonia. This creates an offset to the fair value movement of the hedging instruments. For hedged items which are classified as FVOCI, such as investment securities, there is no further need to adjust their carrying value as they are already held at fair value. Instead, hedge accounting results in an amount being removed from the FVOCI reserve and instead reported in the income statement, to create an offset to the change in fair value of the hedging instrument. For balances within portfolios of homogeneous instruments, such as mortgages, savings, and business and commercial loans, derivatives may be used to hedge risks on a portfolio basis. The Group creates separate macro hedges for assets and liabilities. The Group determines the hedged item by identifying portfolios of similar assets or liabilities and scheduling the expected future cash flows from these items into repricing time buckets, based on expected rather than actual repricing dates. A portion of the total cash flow from each time bucket is then included in the hedged item. The size of this portion is set so that it is expected to create a highly effective fair value offset to the equivalent future cash flows from the hedging instruments. If the hedge is highly effective the Group records an adjustment in the fair value adjustment for portfolio hedged risk category on the balance sheet. Macro hedges are frequently rebalanced to include new business. In fair value hedge accounting relationships, if the hedging instrument no longer meets the criteria for hedge accounting, the cumulative fair value hedge adjustment is amortised over the period to maturity of the previously designated hedge relationship. If the hedged item is sold or repaid, the unamortised fair value adjustment is immediately recognised in the income statement.Cash flow hedge accounting In a cash flow hedge accounting relationship, the portion of the hedging instrument\u2019s fair value movement that is deemed to be an effective hedge is deferred to the cash flow hedge reserve, instead of being immediately recognised in the income statement. The ineffective portion of the derivative fair value movement is recognised immediately in the income statement. Amounts deferred to the cash flow hedge reserve are subsequently recycled to the income statement. This recycling occurs when the underlying asset or liability being hedged impacts the income statement, for example when interest payments are recognised. In cash flow hedge accounting relationships, if the derivative no longer meets the criteria for hedge accounting, the cumulative gain or loss from the effective portion of the movement in the fair value of the derivative remains in other comprehensive income until the cash flows from the underlying hedged item are recognised in the income statement or are no longer expected to occur. If the hedged item is sold or repaid, the cumulative gain or loss in other comprehensive income is immediately recognised in the income statement.",
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"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
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"f0__s7__6__49": {
"value": "Derivatives and hedge accounting Derivatives are entered into to reduce exposures to fluctuations in interest rates, exchange rates, market indices and credit risk, and are not used for speculative purposes. (a) Derivative financial instruments Derivatives are carried at fair value with movements in fair values recognised in the income statement. Derivative financial instruments are principally valued by discounted cash flow models using yield curves that are based on observable market data or on valuations obtained from third parties. Discounting uses the appropriate risk-free rate for the currency of the cash flow; for example, GBP cash flows are discounted using a Sonia yield curve. In the first instance, fair values are calculated using mid prices. An adjustment is then made to derivative assets and liabilities to value them on a bid and offer basis respectively. The bid-offer adjustment is calculated on a portfolio basis and reflects the costs that would be incurred if substantially all residual net portfolio market risks were closed out using available hedging instruments or by disposing of or unwinding actual positions. The methodology for determining the bid-offer adjustments involves netting between long and short positions and the grouping of risk by type, in accordance with the hedging strategy. Bid-offer spreads are derived from market sources such as broker data and are reviewed periodically. In measuring fair value, separate credit valuation and debit valuation adjustments are made for counterparty or own credit risk to the extent not already included in the valuation. Funding valuation adjustments are also made to reflect an estimate of the adjustment a market participant would make to incorporate funding costs and benefits that arise in relation to derivative exposures. All derivatives are classified as assets where their fair value is positive and liabilities where their fair value is negative. Where there is the legal right and intention to settle net, then the derivative is classified as a net asset or liability, as appropriate. Where cash collateral is received, to mitigate the risk inherent in amounts due to the Group, a liability is recognised within deposits from banks and similar institutions. Similarly, where cash collateral is given, to mitigate the risk inherent in amounts due from the Group, an asset is recognised within loans and advances to banks and similar institutions. Where securities collateral is received the securities are not recognised in the accounts as the Group does not obtain the risks and rewards of the securities. Where securities collateral is given, the securities are not derecognised as the Group retains substantially all the risks and rewards of ownership. (b) Hedge accounting The Group has adopted the general hedge accounting requirements of IFRS 9 but continues to apply the scope exception which allows ongoing application of IAS 39 for fair value hedge accounting for a portfolio (macro) hedge of interest rate risk. When transactions meet the criteria specified in IFRS 9, the Group can apply two types of hedge accounting: either hedges of the changes in fair value of the financial asset or liability (fair value hedge accounting) or hedges of the variability in cash flows of the financial asset or liability (cash flow hedge accounting). The Group does not have hedges of net investments. At inception each hedge relationship is formally documented, including a description of the hedged item (a financial asset or liability which is being economically hedged) and the hedging instrument (a derivative), as well as the methods which will be used to assess the effectiveness of the hedge. Hedges accounted for under IFRS 9 are required to be effective on a prospective basis, in line with risk management strategy. Macro hedges which continue to be accounted for under IAS 39 are required to be highly effective on both a retrospective and a prospective basis. Fair value and cash flow hedges may have residual hedge ineffectiveness. This is the degree to which the change in fair value of the hedging instrument does not offset the change in fair value of the hedged item. This ineffectiveness is recognised in the income statement and typically arises from: \uf0b7 Differences in the magnitude or timing of future expected cash flows in the hedged item and hedging instrument; \uf0b7 Differences in the market curves used to value the hedged item and hedging instrument; \uf0b7 Unexpected adjustments to either the hedged item or hedging instrument, due to early repayments or disposals; or \uf0b7 The ongoing amortisation of any existing balance sheet mismatch between the fair value of the hedged item and hedging instrument. The Group discontinues hedge accounting when: \uf0b7 It is evident from testing that a hedging instrument ceases to meet the hedge effectiveness requirements; \uf0b7 The hedging instrument expires, or is sold, terminated or exercised; or \uf0b7 The hedged item matures, is sold or repaid or, in the case of a forecasted item, is no longer deemed to be highly probable to occur. For macro hedges which continue to be accounted for under IAS 39, the Group may also decide to prospectively cease hedge accounting even though the hedge relationship continues to be highly effective, by ceasing to designate the financial instrument as a hedge. For hedges accounted for under IFRS 9, the Group is unable to voluntarily de-designate hedging relationships, unless there has been a change to risk management objectives. Fair value hedge accounting Fair value hedge accounting results in the carrying value of the hedged item being adjusted to reflect changes in fair value attributable to the risk being hedged. This creates an offset to the fair value movements of the hedging instrument. Changes in the fair value of the hedged items and hedging instruments are recorded in the income statement, except for changes in the fair value of hedging instruments accounted for under IFRS 9 which are attributable to foreign currency basis spreads. Where foreign currency basis spreads are excluded from hedge designation, this element of fair valuation of the hedging instrument is instead recognised directly within equity within the \u2018other hedging reserve\u2019. For larger and distinctively identifiable assets and liabilities, such as investment securities and debt securities in issue, a single or small number of hedging instruments may be used. This is referred to as a micro fair value hedge. If the hedge is effective, the Group adjusts the carrying value of that specific asset or liability to reflect changes in its fair value due to movements in the designated benchmark rate, such as Sonia. This creates an offset to the fair value movement of the hedging instruments. For hedged items which are classified as FVOCI, such as investment securities, there is no further need to adjust their carrying value as they are already held at fair value. Instead, hedge accounting results in an amount being removed from the FVOCI reserve and instead reported in the income statement, to create an offset to the change in fair value of the hedging instrument. For balances within portfolios of homogeneous instruments, such as mortgages, savings, and business and commercial loans, derivatives may be used to hedge risks on a portfolio basis. The Group creates separate macro hedges for assets and liabilities. The Group determines the hedged item by identifying portfolios of similar assets or liabilities and scheduling the expected future cash flows from these items into repricing time buckets, based on expected rather than actual repricing dates. A portion of the total cash flow from each time bucket is then included in the hedged item. The size of this portion is set so that it is expected to create a highly effective fair value offset to the equivalent future cash flows from the hedging instruments. If the hedge is highly effective the Group records an adjustment in the fair value adjustment for portfolio hedged risk category on the balance sheet. Macro hedges are frequently rebalanced to include new business. In fair value hedge accounting relationships, if the hedging instrument no longer meets the criteria for hedge accounting, the cumulative fair value hedge adjustment is amortised over the period to maturity of the previously designated hedge relationship. If the hedged item is sold or repaid, the unamortised fair value adjustment is immediately recognised in the income statement.Cash flow hedge accounting In a cash flow hedge accounting relationship, the portion of the hedging instrument\u2019s fair value movement that is deemed to be an effective hedge is deferred to the cash flow hedge reserve, instead of being immediately recognised in the income statement. The ineffective portion of the derivative fair value movement is recognised immediately in the income statement. Amounts deferred to the cash flow hedge reserve are subsequently recycled to the income statement. This recycling occurs when the underlying asset or liability being hedged impacts the income statement, for example when interest payments are recognised. In cash flow hedge accounting relationships, if the derivative no longer meets the criteria for hedge accounting, the cumulative gain or loss from the effective portion of the movement in the fair value of the derivative remains in other comprehensive income until the cash flows from the underlying hedged item are recognised in the income statement or are no longer expected to occur. If the hedged item is sold or repaid, the cumulative gain or loss in other comprehensive income is immediately recognised in the income statement.",
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"language": "en",
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"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
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"f0__s7__6__52": {
"value": "Sale and repurchase agreements Investment and other securities may be lent or sold subject to a commitment to repurchase them at a pre-determined price (a repo). Such securities are retained on the balance sheet when substantially all the risks and rewards of ownership (typically, the interest rate risk and credit risk on the asset) remain within the Group, and the counterparty liability is included separately on the balance sheet within deposits from banks and similar institutions as appropriate. Similarly, where the Group borrows or purchases securities subject to a commitment to resell them (a reverse repo) but does not acquire the risks and rewards of ownership, the transactions are treated as collateralised loans within loans and advances to banks and similar institutions, and the securities are not included on the balance sheet. The difference between sale and repurchase price is accrued over the life of the agreements using the effective interest rate method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
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},
"f0__s7__6__53": {
"value": "Equity instruments Issued financial instruments are classified as equity instruments where the contractual arrangement with the holder does not result in the Group having a present obligation to deliver cash, another financial asset or a variable number of equity instruments. Where the Group does have a present obligation, the instrument is classified as a financial liability. Own equity instruments that are reacquired, referred to as treasury shares, are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in share premium.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
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"f0__s7__6__55-1": {
"value": "2. Judgements in applying accounting policies and critical accounting estimates The preparation of the Group\u2019s financial statements in accordance with IFRS involves management making judgements and estimates when applying those accounting policies that affect the reported amounts of assets, liabilities, income and expense. Actual results may differ from those on which management\u2019s estimates are based. Estimates 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. For the period ended 31 March 2026, this evaluation has considered the impact of climate-related risks on the Group\u2019s 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 physical and transition risks of climate change in the short to medium term. The key areas involving significant sources of estimation uncertainty or a higher degree of judgement by management in applying the Group\u2019s accounting policies, where actual results may differ from those on which management\u2019s estimates are based, are disclosed in the following notes: Estimates Judgements Impairment charge and provisions on loans and advances to customers Note 10 Note 10 Retirement benefit obligations Note 30 Deferred taxation Note 11 Note 11Critical accounting estimates and judgements Impairment is measured as the impact of credit risk on the present value of management\u2019s estimate of future cash flows. In determining the required level of impairment provisions, outputs from statistical models are used, and judgements incorporated to determine the probability of default (PD), the exposure at default (EAD), and the loss given default (LGD) for each loan. Provisions represent a probability-weighted average of these calculations under multiple economic scenarios. Adjustments are made in modelling provisions, applying further judgements to take into account model limitations, or to deal with instances where insufficient data exists to fully reflect credit risks in the models. The most significant areas of judgement are: \uf0b7 The approach to identifying significant increases in credit risk; and \uf0b7 The approach to identifying credit-impaired loans. The most significant areas of estimation uncertainty are: \uf0b7 The use of forward-looking economic information using multiple economic scenarios; and \uf0b7 The additional judgements made in modelling expected credit losses (ECL) \u2013 these currently include PD uplifts relating to both affordability risks and risks associated with credit card persistent debt, LGD uplifts for property valuation risks and business lending portfolio risks. Sensitivity analysis has been completed, based on the results from previous climate change stress tests, that supports the Group\u2019s view that the impact of climate change on impairment provisions remains immaterial. The potential economic impact of climate change is captured by our existing range of economic scenarios. Supported by our controls operated at lending origination, the expected credit losses associated with physical risks are low and arise over the long term, and therefore currently have an immaterial impact on the Group\u2019s retail lending due to the effect of loan amortisation and redemptions over time. The scope of potential future Government transition policies and the Group\u2019s response to these remain highly uncertain. The potential additional costs to landlords from the Government\u2019s \u201cWarm homes plan\u201d are incorporated within the adjustment to modelled provisions made in respect of affordability risks. The Group\u2019s exposure to increased losses from business sectors most affected by climate change, whether via physical or transition risks, are also judged to be immaterial in the medium term. Identifying significant increases in credit risk (stage 2) Loans are allocated to stage 1 or stage 2 according to whether there has been a significant increase in credit risk. Judgement has been used to select both quantitative and qualitative criteria which are used to determine whether a significant increase in credit risk has taken place. These criteria are detailed within the Credit risk section of the Risk report. The primary quantitative indicators are the outputs of internal credit risk assessments. While different approaches are used within each portfolio, the intention is to combine current and historical data relating to the exposure with forward-looking economic information to determine the PD at each reporting date. For residential mortgages and consumer lending, the main indicators of a significant increase in credit risk are either of the following: Nationwide portfolios: \uf0b7 The residual lifetime PD exceeds a benchmark determined by reference to the maximum credit risk that would have been accepted at origination; or \uf0b7 The residual lifetime PD is at least 75 basis points more than, and at least double, the residual lifetime PD calculated at origination. Virgin Money portfolios: \uf0b7 The residual lifetime PD exceeds a threshold which varies by portfolio and is based on the lifetime PD curves calculated at origination. The PD threshold curves were recalculated at acquisition, to reset the origination point to 1 October 2024, being the date when the Virgin Money business was acquired by the Group. Identifying credit impaired loans (stage 3) The identification of credit-impaired loans is an important judgement within the staging approach. A loan is credit-impaired if it has an arrears status of more than 90 days past due, is considered to be in default, or it is considered unlikely that the borrower will repay the outstanding balance in full, without recourse to actions such as realising security. Critical accounting estimates and judgements (continued) Use of forward-looking economic information Management exercises judgement in estimating future economic conditions which are incorporated into provisions through modelling of multiple scenarios. The economic scenarios are reviewed and updated on a quarterly basis. The provision recognised is the probability-weighted sum of the provisions calculated under a range of economic scenarios. The scenarios and associated probability weights are derived using external data and statistical methodologies, together with management judgement. The Group continues to model four economic scenarios, which together encompass an appropriate range of potential economic outcomes. The base case scenario is aligned to the Group\u2019s financial planning process. The upside and downside scenarios are reasonably likely favourable and adverse alternatives to the base case, and the severe downside scenario is aligned with the Group\u2019s internal stress testing. The probability weightings applied to the scenarios were unchanged over the year and are shown in the table below. Scenario probability weighting Upside Base caseDownside Severe downside scenario scenarioscenario scenario % %% % 31 March 2026 10 45 30 15 31 March 2025 10 45 30 15 Critical accounting estimates and judgements (continued) In the base case scenario, modest GDP growth of 1.4% is expected in 2026. In this scenario, unemployment is forecast to rise to 5.4% by the end of 2026. In the downside scenario, the GDP forecast reflects a significant UK recession, with peak unemployment increasing to 6.3%, whilst the severe downside scenario assumes a severe and longer-lasting economic downturn, with unemployment peaking at 8.8%. The house price forecasts used within the provision calculations cover a wide range of outcomes. House prices are expected to increase in the base case scenario by 3.2% per annum over the next five years. The downside scenario assumes significant falls in 2027 and 2028, driven by a deterioration in economic conditions, whilst the severe downside scenario includes a fall in house prices of 28.7% from the end of 2025 to the low point in late 2028. Bank rate in the base case scenario is expected to remain unchanged at 3.75% during 2026, with inflation expected to fall to the Bank of England target rate of 2.0% by the end of 2027. In the downside scenario, the recession results in Bank rate remaining at low levels from 2027 onwards, in order to stimulate economic demand. By contrast, the severe downside scenario assumes a sustained period of high inflation, requiring Bank rate to increase to 8.5%. The increased level of economic uncertainty arising from recent developments in the Middle East has been reflected in both the economic scenario forecasts and associated scenario weightings as at 31 March 2026. In the base case scenario, Bank rate assumptions were updated to reflect Bank rate remaining at 3.75% in 2026 before reducing in 2027, and consumer price inflation expectations were increased to 4.0% for 2026 before reducing in 2027. The 15% weighting allocated to the severe downside economic scenarios reflects the current high level of geopolitical uncertainty. The graphs below show the historical and forecasted GDP level, unemployment rate and average house price for the Group\u2019s current economic scenarios, as well as the previous base case economic scenario. Critical accounting estimates and judgements (continued) The tables below provide a summary of the values of the key UK economic variables used within the economic scenarios over the first five years of the scenario: Economic variables 5-year averageDec-25 to peak Dec-25 to trough Rate/annual growth rate at December 2025-2030 (note i) (note ii) (note ii) Actual Forecast 2025 2026 2027 2028 2029 2030 31 March 2026 % % % % % % % % %GDP growth Upside scenario 1.02.3 2.2 2.0 2.0 2.0 2.1 11.0 0.5 Base case scenario 1.01.4 1.6 1.6 1.4 1.5 1.5 7.7 0.4 Downside scenario 1.0(0.9) (1.2) 3.3 2.4 1.9 1.1 5.6 (2.3) Severe downside scenario 1.0(1.0) (3.2) (0.6) 4.5 3.2 0.6 2.8 (5.0) Probability weighted 1.00.4 0.1 1.8 2.2 1.9Unemployment Upside scenario 5.1 4.5 4.1 4.0 4.0 4.0 4.2 5.0 4.0 Base case scenario 5.1 5.4 5.2 5.0 4.7 4.5 5.0 5.4 4.5 Downside scenario 5.1 6.1 6.2 5.6 5.1 5.0 5.6 6.3 5.0 Severe downside scenario 5.1 6.5 8.6 7.8 6.3 5.6 6.9 8.8 5.5 Probability weighted 5.1 5.7 5.9 5.5 5.0 4.8 HPI growth Upside scenario 1.7 5.4 5.1 4.7 4.4 4.0 4.7 25.8 1.4 Base case scenario 1.7 3.2 3.2 3.2 3.2 3.2 3.2 17.3 0.7 Downside scenario 1.7 (1.5) (8.0) (8.6) 3.5 14.8 (0.3) 0.8 (18.1) Severe downside scenario 1.7 (8.9) (16.8) (5.9) 10.9 10.6 (2.6) (0.8) (28.7) Probability weighted 1.7 0.2 (2.9) (1.5) 4.6 7.9 Bank rate Upside scenario 3.8 4.0 4.5 4.5 4.5 4.5 4.3 4.5 3.8 Base case scenario 3.8 3.8 3.3 3.3 3.3 3.3 3.4 3.8 3.3 Downside scenario 3.8 2.0 0.5 0.5 0.5 0.5 1.0 3.8 0.5 Severe downside scenario 3.8 4.0 7.5 5.0 4.3 3.8 5.0 8.5 3.8 Probability weighted 3.8 3.3 3.2 2.8 2.7 2.6 Consumer price inflation Upside scenario 3.3 2.0 2.0 2.0 2.0 2.0 2.1 2.6 2.0 Base case scenario 3.3 4.0 2.0 1.8 2.0 2.0 2.4 4.0 1.7 Downside scenario 3.3 0.5 0.3 1.0 1.8 2.0 1.2 2.4 0.2 Severe downside scenario 3.3 6.0 7.0 2.0 2.0 2.0 3.8 8.0 2.0 Probability weighted 3.3 3.1 2.2 1.6 1.9 2.0 Critical accounting estimates and judgements (continued) Economic variables 5-year average Dec-24 to peak Dec-24 to trough Rate/annual growth rate at December 2024-2029 (note i) (note ii) (note ii) Actual Forecast (note iii) 2024 2025 2026 2027 2028 2029 31 March 2025 % % % % % % %%% GDP growth Upside scenario 1.9 1.7 2.0 2.0 2.0 2.0 2.0 10.2 0.3Base case scenario 1.9 1.4 1.7 1.6 1.6 1.4 1.5 8.0 0.2Downside scenario 1.9 (0.9) (1.2) 3.3 2.4 1.9 1.1 5.6 (2.1)Severe downside scenario 1.9 (1.8) (3.7) 2.8 2.8 2.2 0.4 2.2 (5.5)Probability weighted 1.9 0.3 0.1 2.4 2.1 1.8 Unemployment Upside scenario 4.4 4.1 4.0 4.04.0 4.0 4.0 4.3 4.0Base case scenario 4.4 4.7 4.6 4.4 4.3 4.3 4.5 4.7 4.3 Downside scenario 4.4 5.4 6.2 5.6 5.2 5.0 5.4 6.2 4.7Severe downside scenario 4.4 5.9 8.4 8.5 7.0 6.0 7.1 9.3 4.8 Probability weighted 4.4 5.0 5.6 5.3 4.9 4.7 HPI growth Upside scenario 3.6 5.4 4.5 3.8 3.8 3.8 4.2 23.1 1.3 Base case scenario 3.6 1.9 2.3 2.7 3.3 3.2 2.7 14.3 0.1 Downside scenario 3.6 (4.9) (9.4) (3.7) 8.7 9.3 (0.3) (0.6) (17.1) Severe downside scenario 3.6 (12.4) (18.1) (1.8) 9.3 9.7 (3.3) (1.4) (30.1)Probability weighted 3.6 (1.9) (4.1) 0.2 5.9 6.1 Bank rate Upside scenario 4.8 4.3 4.3 4.3 4.3 4.3 4.3 4.5 4.3 Base case scenario 4.8 3.8 3.5 3.5 3.3 3.3 3.6 4.5 3.3Downside scenario 4.8 2.5 0.5 0.5 0.5 0.5 1.3 4.5 0.5Severe downside scenario 4.8 6.5 8.0 5.0 4.3 3.5 5.4 8.5 3.5 Probability weighted 4.8 3.8 3.4 2.9 2.7 2.6 Consumer price inflation Upside scenario 2.6 2.5 2.0 2.0 2.0 2.0 2.1 2.7 2.0 Base case scenario 2.6 3.4 2.0 2.0 2.0 2.0 2.3 3.5 1.8 Downside scenario 2.6 1.5 0.3 1.2 1.8 2.0 1.5 2.8 0.3 Severe downside scenario 2.6 6.5 7.0 2.2 2.0 2.0 4.1 8.0 2.0 Probability weighted 2.6 3.2 2.2 1.8 1.9 2.0 Notes: i. The average rate for GDP and HPI is based on the cumulative annual growth rate over the forecast period. Average unemployment and CPI is calculated using a simple average using quarterly points. ii. GDP growth and HPI are shown as the largest cumulative growth/fall over the forecast period. The unemployment rate and CPI is shown as the highest/lowest rate over the forecast period. iii. The 2024 actual GDP data as presented in the Annual Report and Accounts 2025 has been updated to reflect the most recent published economic data. Critical accounting estimates and judgements (continued) To give an indication of the sensitivity of ECLs to different economic scenarios, the table below shows the ECL if 100% weighting is applied to each scenario: Expected credit losses Proportion of balances in stage 2 under 100% weighted scenarios under 100% weighted scenarios Reported Severe Severe Upside Base case Downside Reported Upside Base case Downside Reported stage 3 downside downside scenario scenario scenario provision scenario scenario scenario stage 2 and POCI scenario scenario (note i) 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % % % % % % Residential mortgages 235 232 282 963 352 12.5 11.4 9.4 30.4 13.3 0.7 Consumer lending \u2013 credit cards 474 494 503 1,074 561 17.1 17.4 17.1 36.4 19.3 3.1 Consumer lending \u2013 personal loans 247 253 259 357 268 20.6 20.8 19.8 27.0 21.3 5.4 and overdrafts Business lending 134 142 173 300 154 9.7 10.2 17.0 37.1 13.6 3.6 Total 1,090 1,121 1,217 2,694 1,335 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % % % % % % Residential mortgages 224 229 271 1,089 351 12.6 11.6 9.9 37.7 13.6 0.7 Consumer lending \u2013 credit cards 475 480 479 1,120 542 13.6 13.7 13.4 41.2 16.7 2.5 Consumer lending \u2013 personal loans 270 272 279 331 282 17.6 17.5 17.0 25.2 18.3 11.7 and overdrafts Business lending 102 106 118 288 113 9.2 9.3 11.7 39.2 11.0 3.2 Total 1,071 1,087 1,147 2,828 1,288 Note: i. The stage allocation of stage 3 assets is not sensitive to economic scenarios. The stage 3 proportion is the same as in all four economic scenarios as the stage 3 classification is determined by an asset\u2019s impaired status at the reporting date. Reported ECL represents 119% (2025: 118%) of the base case scenario ECL, primarily due to the impact of increased losses in the severe downside scenario. The increased ECLs in both the downside and severe downside scenarios are primarily the result of increased unemployment rates combined with material house price falls. The low Bank rate forecast in the downside scenario is the main driver of residential mortgage and consumer lending stage 2 proportions being lower in the downside scenario than in the base case scenario. The ECL for each scenario multiplied by the scenario probability will not reconcile to the reported provision. Whilst the stage allocation of loans varies in each individual scenario, each loan is allocated to a single stage in the reported provision calculation; this is based on a weighted average PD which takes into account the economic scenarios. A probability-weighted 12-month or lifetime ECL (which takes into account the economic scenarios) is then calculated based on the stage allocation. Critical accounting estimates and judgements (continued) The table below shows the sensitivity of provisions at 31 March 2026 to changes to the probability weightings applied to the economic scenarios: Sensitivity to key forward-looking information assumptions Increase in provision 2026 \u00a3m Single-factor sensitivity to key economic variables (note i) 10% decrease in house prices (HPI) at 31 March 2026 and throughout the forecast period 16 1% increase in unemployment rate at 31 March 2026 and throughout the forecast period 39 Sensitivity to changes in scenario probability weightings 10% increase in the probability of the downside scenario (reducing the upside by a corresponding 10%) 13 5% increase in the probability of the severe downside scenario (reducing the downside by a corresponding 5%) 74 Note: i. These are single-factor sensitivities; therefore, they should not be extrapolated due to the likely non-linear effects. The provision impacts are calculated using the base case scenario. The house price sensitivity is the impact of a 10% decrease in house prices on LGD for the residential mortgage portfolio. The table below shows key adjustments made in modelling provisions in relation to the significant areas of estimation uncertainty, with further details on each provided below. Significant adjustments made in modelling provisions 2026 2025 Consumer lending Consumer lending Residential Personal Business Residential Personal Business Total Total Mortgages Credit cards loans and lending Mortgages Credit cards loans and lending overdrafts overdrafts \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m PD uplift for affordability risks 63 32 8 - 103 70 6 7 - 83 PD uplift for credit card persistent debt - 20 - - 20 - 23 - - 23 LGD uplift for property valuation risks 21 - - - 21 21 - - - 21 Business lending portfolio risks - - - 26 26 - - - 10 10 Total 84 52 8 26 170 91 29 7 10 137 Of which: Stage 1 14 1 1 6 22 14 1 1 4 20 Stage 2 62 51 7 20 140 70 28 6 6 110 Stage 3 8 - - - 8 7 - - - 7 PD uplift for affordability risks At 31 March 2026, the PD uplift adjustment for affordability risks increased provisions by \u00a3103 million (2025: \u00a383 million). This adjustment reflects the ongoing affordability pressures faced by borrowers, primarily within the residential mortgage portfolio. This adjustment includes the risks associated with borrowers who have switched to higher mortgage rates or are expected to switch to higher mortgage interest rates in the next two years. The adjustment to credit card provisions has increased to \u00a332 million (2025: \u00a36 million) due to further alignment of this judgement across the Group, following credit card model changes in the year. This adjustment resulted in approximately \u00a38.7 billion (2025: \u00a39.2 billion) of residential mortgages and \u00a3410 million (2025: \u00a366 million) of consumer lending balances moving from stage 1 to stage 2. PD uplift for credit card persistent debt A borrower is defined as being in persistent debt if they have been paying more in interest, fees and charges than they are paying to reduce their outstanding balance for at least three years. Nationwide provides support to these borrowers, including the offer of forbearance, to help reduce the level of their credit card debt. To reflect an increase in risk since origination, accounts are moved to stage 2 if they are approaching, or have reached persistent debt status, and therefore receive a lifetime ECL. This adjustment increases provisions by \u00a320 million (2025: \u00a323 million) and results in \u00a3254 million (2025: \u00a3225 million) of additional credit card balances being reported in stage 2. LGD uplift for property valuation risks An adjustment has been made to account for property valuation risks associated with flats. This adjustment remains in place due to insufficient evidence of recovery in values for this sector of the market, increasing provisions by \u00a321 million (2025: \u00a321 million). Business lending portfolio risks Adjustments to modelled provisions are recognised where appropriate to reflect risks within the business lending portfolio which are not fully captured by models. Although the provision models capture general economic uncertainty through the use of multiple economic scenarios, losses could also exceed modelled estimates as a result of concentration risks within the portfolio. An adjustment to increase provisions by \u00a313 million (2025: \u00a3nil million) has been estimated with reference to historic variation in the frequency and value of large individual losses across the portfolio. In addition, a \u00a313 million (2025: \u00a310 million) adjustment continues to be recognised for the leveraged lending portfolio, reflecting the potential for loss given default to exceed modelled estimates, due in part to the limited volume of historical defaults available for model calibration. The cumulative impact of these two adjustments represents a significant judgement in the context of overall business lending provisions. Critical accounting estimates and judgements The key assumptions used to calculate the defined benefit obligation which represent significant sources of estimation uncertainty are the discount rate, inflation assumptions and mortality assumptions. If different assumptions were used, this could have a material effect on the reported surplus. The sensitivity of the Group results to these assumptions is shown below. Change in key assumptions at 31 March 2026 Increase in defined benefit obligation \u00a3m 1.0% decrease in discount rate 814 0.1% increase in inflation assumption 60 1 year increase in life expectancy at age 60 in respect of all members 133 The above sensitivities apply to individual assumptions in isolation. In practice, changes to individual assumptions in isolation are unlikely to occur, and changes in some of the assumptions may be correlated. The inflation assumption sensitivity includes the impact on the rate of increases to pensions, both before and after retirement. ",
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"value": "2. Judgements in applying accounting policies and critical accounting estimates The preparation of the Group\u2019s financial statements in accordance with IFRS involves management making judgements and estimates when applying those accounting policies that affect the reported amounts of assets, liabilities, income and expense. Actual results may differ from those on which management\u2019s estimates are based. Estimates 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. For the period ended 31 March 2026, this evaluation has considered the impact of climate-related risks on the Group\u2019s 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 physical and transition risks of climate change in the short to medium term. The key areas involving significant sources of estimation uncertainty or a higher degree of judgement by management in applying the Group\u2019s accounting policies, where actual results may differ from those on which management\u2019s estimates are based, are disclosed in the following notes: Estimates Judgements Impairment charge and provisions on loans and advances to customers Note 10 Note 10 Retirement benefit obligations Note 30 Deferred taxation Note 11 Note 11Critical accounting estimates and judgements Impairment is measured as the impact of credit risk on the present value of management\u2019s estimate of future cash flows. In determining the required level of impairment provisions, outputs from statistical models are used, and judgements incorporated to determine the probability of default (PD), the exposure at default (EAD), and the loss given default (LGD) for each loan. Provisions represent a probability-weighted average of these calculations under multiple economic scenarios. Adjustments are made in modelling provisions, applying further judgements to take into account model limitations, or to deal with instances where insufficient data exists to fully reflect credit risks in the models. The most significant areas of judgement are: \uf0b7 The approach to identifying significant increases in credit risk; and \uf0b7 The approach to identifying credit-impaired loans. The most significant areas of estimation uncertainty are: \uf0b7 The use of forward-looking economic information using multiple economic scenarios; and \uf0b7 The additional judgements made in modelling expected credit losses (ECL) \u2013 these currently include PD uplifts relating to both affordability risks and risks associated with credit card persistent debt, LGD uplifts for property valuation risks and business lending portfolio risks. Sensitivity analysis has been completed, based on the results from previous climate change stress tests, that supports the Group\u2019s view that the impact of climate change on impairment provisions remains immaterial. The potential economic impact of climate change is captured by our existing range of economic scenarios. Supported by our controls operated at lending origination, the expected credit losses associated with physical risks are low and arise over the long term, and therefore currently have an immaterial impact on the Group\u2019s retail lending due to the effect of loan amortisation and redemptions over time. The scope of potential future Government transition policies and the Group\u2019s response to these remain highly uncertain. The potential additional costs to landlords from the Government\u2019s \u201cWarm homes plan\u201d are incorporated within the adjustment to modelled provisions made in respect of affordability risks. The Group\u2019s exposure to increased losses from business sectors most affected by climate change, whether via physical or transition risks, are also judged to be immaterial in the medium term. Identifying significant increases in credit risk (stage 2) Loans are allocated to stage 1 or stage 2 according to whether there has been a significant increase in credit risk. Judgement has been used to select both quantitative and qualitative criteria which are used to determine whether a significant increase in credit risk has taken place. These criteria are detailed within the Credit risk section of the Risk report. The primary quantitative indicators are the outputs of internal credit risk assessments. While different approaches are used within each portfolio, the intention is to combine current and historical data relating to the exposure with forward-looking economic information to determine the PD at each reporting date. For residential mortgages and consumer lending, the main indicators of a significant increase in credit risk are either of the following: Nationwide portfolios: \uf0b7 The residual lifetime PD exceeds a benchmark determined by reference to the maximum credit risk that would have been accepted at origination; or \uf0b7 The residual lifetime PD is at least 75 basis points more than, and at least double, the residual lifetime PD calculated at origination. Virgin Money portfolios: \uf0b7 The residual lifetime PD exceeds a threshold which varies by portfolio and is based on the lifetime PD curves calculated at origination. The PD threshold curves were recalculated at acquisition, to reset the origination point to 1 October 2024, being the date when the Virgin Money business was acquired by the Group. Identifying credit impaired loans (stage 3) The identification of credit-impaired loans is an important judgement within the staging approach. A loan is credit-impaired if it has an arrears status of more than 90 days past due, is considered to be in default, or it is considered unlikely that the borrower will repay the outstanding balance in full, without recourse to actions such as realising security. Critical accounting estimates and judgements (continued) Use of forward-looking economic information Management exercises judgement in estimating future economic conditions which are incorporated into provisions through modelling of multiple scenarios. The economic scenarios are reviewed and updated on a quarterly basis. The provision recognised is the probability-weighted sum of the provisions calculated under a range of economic scenarios. The scenarios and associated probability weights are derived using external data and statistical methodologies, together with management judgement. The Group continues to model four economic scenarios, which together encompass an appropriate range of potential economic outcomes. The base case scenario is aligned to the Group\u2019s financial planning process. The upside and downside scenarios are reasonably likely favourable and adverse alternatives to the base case, and the severe downside scenario is aligned with the Group\u2019s internal stress testing. The probability weightings applied to the scenarios were unchanged over the year and are shown in the table below. Scenario probability weighting Upside Base caseDownside Severe downside scenario scenarioscenario scenario % %% % 31 March 2026 10 45 30 15 31 March 2025 10 45 30 15 Critical accounting estimates and judgements (continued) In the base case scenario, modest GDP growth of 1.4% is expected in 2026. In this scenario, unemployment is forecast to rise to 5.4% by the end of 2026. In the downside scenario, the GDP forecast reflects a significant UK recession, with peak unemployment increasing to 6.3%, whilst the severe downside scenario assumes a severe and longer-lasting economic downturn, with unemployment peaking at 8.8%. The house price forecasts used within the provision calculations cover a wide range of outcomes. House prices are expected to increase in the base case scenario by 3.2% per annum over the next five years. The downside scenario assumes significant falls in 2027 and 2028, driven by a deterioration in economic conditions, whilst the severe downside scenario includes a fall in house prices of 28.7% from the end of 2025 to the low point in late 2028. Bank rate in the base case scenario is expected to remain unchanged at 3.75% during 2026, with inflation expected to fall to the Bank of England target rate of 2.0% by the end of 2027. In the downside scenario, the recession results in Bank rate remaining at low levels from 2027 onwards, in order to stimulate economic demand. By contrast, the severe downside scenario assumes a sustained period of high inflation, requiring Bank rate to increase to 8.5%. The increased level of economic uncertainty arising from recent developments in the Middle East has been reflected in both the economic scenario forecasts and associated scenario weightings as at 31 March 2026. In the base case scenario, Bank rate assumptions were updated to reflect Bank rate remaining at 3.75% in 2026 before reducing in 2027, and consumer price inflation expectations were increased to 4.0% for 2026 before reducing in 2027. The 15% weighting allocated to the severe downside economic scenarios reflects the current high level of geopolitical uncertainty. The graphs below show the historical and forecasted GDP level, unemployment rate and average house price for the Group\u2019s current economic scenarios, as well as the previous base case economic scenario. Critical accounting estimates and judgements (continued) The tables below provide a summary of the values of the key UK economic variables used within the economic scenarios over the first five years of the scenario: Economic variables 5-year averageDec-25 to peak Dec-25 to trough Rate/annual growth rate at December 2025-2030 (note i) (note ii) (note ii) Actual Forecast 2025 2026 2027 2028 2029 2030 31 March 2026 % % % % % % % % %GDP growth Upside scenario 1.02.3 2.2 2.0 2.0 2.0 2.1 11.0 0.5 Base case scenario 1.01.4 1.6 1.6 1.4 1.5 1.5 7.7 0.4 Downside scenario 1.0(0.9) (1.2) 3.3 2.4 1.9 1.1 5.6 (2.3) Severe downside scenario 1.0(1.0) (3.2) (0.6) 4.5 3.2 0.6 2.8 (5.0) Probability weighted 1.00.4 0.1 1.8 2.2 1.9Unemployment Upside scenario 5.1 4.5 4.1 4.0 4.0 4.0 4.2 5.0 4.0 Base case scenario 5.1 5.4 5.2 5.0 4.7 4.5 5.0 5.4 4.5 Downside scenario 5.1 6.1 6.2 5.6 5.1 5.0 5.6 6.3 5.0 Severe downside scenario 5.1 6.5 8.6 7.8 6.3 5.6 6.9 8.8 5.5 Probability weighted 5.1 5.7 5.9 5.5 5.0 4.8 HPI growth Upside scenario 1.7 5.4 5.1 4.7 4.4 4.0 4.7 25.8 1.4 Base case scenario 1.7 3.2 3.2 3.2 3.2 3.2 3.2 17.3 0.7 Downside scenario 1.7 (1.5) (8.0) (8.6) 3.5 14.8 (0.3) 0.8 (18.1) Severe downside scenario 1.7 (8.9) (16.8) (5.9) 10.9 10.6 (2.6) (0.8) (28.7) Probability weighted 1.7 0.2 (2.9) (1.5) 4.6 7.9 Bank rate Upside scenario 3.8 4.0 4.5 4.5 4.5 4.5 4.3 4.5 3.8 Base case scenario 3.8 3.8 3.3 3.3 3.3 3.3 3.4 3.8 3.3 Downside scenario 3.8 2.0 0.5 0.5 0.5 0.5 1.0 3.8 0.5 Severe downside scenario 3.8 4.0 7.5 5.0 4.3 3.8 5.0 8.5 3.8 Probability weighted 3.8 3.3 3.2 2.8 2.7 2.6 Consumer price inflation Upside scenario 3.3 2.0 2.0 2.0 2.0 2.0 2.1 2.6 2.0 Base case scenario 3.3 4.0 2.0 1.8 2.0 2.0 2.4 4.0 1.7 Downside scenario 3.3 0.5 0.3 1.0 1.8 2.0 1.2 2.4 0.2 Severe downside scenario 3.3 6.0 7.0 2.0 2.0 2.0 3.8 8.0 2.0 Probability weighted 3.3 3.1 2.2 1.6 1.9 2.0 Critical accounting estimates and judgements (continued) Economic variables 5-year average Dec-24 to peak Dec-24 to trough Rate/annual growth rate at December 2024-2029 (note i) (note ii) (note ii) Actual Forecast (note iii) 2024 2025 2026 2027 2028 2029 31 March 2025 % % % % % % %%% GDP growth Upside scenario 1.9 1.7 2.0 2.0 2.0 2.0 2.0 10.2 0.3Base case scenario 1.9 1.4 1.7 1.6 1.6 1.4 1.5 8.0 0.2Downside scenario 1.9 (0.9) (1.2) 3.3 2.4 1.9 1.1 5.6 (2.1)Severe downside scenario 1.9 (1.8) (3.7) 2.8 2.8 2.2 0.4 2.2 (5.5)Probability weighted 1.9 0.3 0.1 2.4 2.1 1.8 Unemployment Upside scenario 4.4 4.1 4.0 4.04.0 4.0 4.0 4.3 4.0Base case scenario 4.4 4.7 4.6 4.4 4.3 4.3 4.5 4.7 4.3 Downside scenario 4.4 5.4 6.2 5.6 5.2 5.0 5.4 6.2 4.7Severe downside scenario 4.4 5.9 8.4 8.5 7.0 6.0 7.1 9.3 4.8 Probability weighted 4.4 5.0 5.6 5.3 4.9 4.7 HPI growth Upside scenario 3.6 5.4 4.5 3.8 3.8 3.8 4.2 23.1 1.3 Base case scenario 3.6 1.9 2.3 2.7 3.3 3.2 2.7 14.3 0.1 Downside scenario 3.6 (4.9) (9.4) (3.7) 8.7 9.3 (0.3) (0.6) (17.1) Severe downside scenario 3.6 (12.4) (18.1) (1.8) 9.3 9.7 (3.3) (1.4) (30.1)Probability weighted 3.6 (1.9) (4.1) 0.2 5.9 6.1 Bank rate Upside scenario 4.8 4.3 4.3 4.3 4.3 4.3 4.3 4.5 4.3 Base case scenario 4.8 3.8 3.5 3.5 3.3 3.3 3.6 4.5 3.3Downside scenario 4.8 2.5 0.5 0.5 0.5 0.5 1.3 4.5 0.5Severe downside scenario 4.8 6.5 8.0 5.0 4.3 3.5 5.4 8.5 3.5 Probability weighted 4.8 3.8 3.4 2.9 2.7 2.6 Consumer price inflation Upside scenario 2.6 2.5 2.0 2.0 2.0 2.0 2.1 2.7 2.0 Base case scenario 2.6 3.4 2.0 2.0 2.0 2.0 2.3 3.5 1.8 Downside scenario 2.6 1.5 0.3 1.2 1.8 2.0 1.5 2.8 0.3 Severe downside scenario 2.6 6.5 7.0 2.2 2.0 2.0 4.1 8.0 2.0 Probability weighted 2.6 3.2 2.2 1.8 1.9 2.0 Notes: i. The average rate for GDP and HPI is based on the cumulative annual growth rate over the forecast period. Average unemployment and CPI is calculated using a simple average using quarterly points. ii. GDP growth and HPI are shown as the largest cumulative growth/fall over the forecast period. The unemployment rate and CPI is shown as the highest/lowest rate over the forecast period. iii. The 2024 actual GDP data as presented in the Annual Report and Accounts 2025 has been updated to reflect the most recent published economic data. Critical accounting estimates and judgements (continued) To give an indication of the sensitivity of ECLs to different economic scenarios, the table below shows the ECL if 100% weighting is applied to each scenario: Expected credit losses Proportion of balances in stage 2 under 100% weighted scenarios under 100% weighted scenarios Reported Severe Severe Upside Base case Downside Reported Upside Base case Downside Reported stage 3 downside downside scenario scenario scenario provision scenario scenario scenario stage 2 and POCI scenario scenario (note i) 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % % % % % % Residential mortgages 235 232 282 963 352 12.5 11.4 9.4 30.4 13.3 0.7 Consumer lending \u2013 credit cards 474 494 503 1,074 561 17.1 17.4 17.1 36.4 19.3 3.1 Consumer lending \u2013 personal loans 247 253 259 357 268 20.6 20.8 19.8 27.0 21.3 5.4 and overdrafts Business lending 134 142 173 300 154 9.7 10.2 17.0 37.1 13.6 3.6 Total 1,090 1,121 1,217 2,694 1,335 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % % % % % % Residential mortgages 224 229 271 1,089 351 12.6 11.6 9.9 37.7 13.6 0.7 Consumer lending \u2013 credit cards 475 480 479 1,120 542 13.6 13.7 13.4 41.2 16.7 2.5 Consumer lending \u2013 personal loans 270 272 279 331 282 17.6 17.5 17.0 25.2 18.3 11.7 and overdrafts Business lending 102 106 118 288 113 9.2 9.3 11.7 39.2 11.0 3.2 Total 1,071 1,087 1,147 2,828 1,288 Note: i. The stage allocation of stage 3 assets is not sensitive to economic scenarios. The stage 3 proportion is the same as in all four economic scenarios as the stage 3 classification is determined by an asset\u2019s impaired status at the reporting date. Reported ECL represents 119% (2025: 118%) of the base case scenario ECL, primarily due to the impact of increased losses in the severe downside scenario. The increased ECLs in both the downside and severe downside scenarios are primarily the result of increased unemployment rates combined with material house price falls. The low Bank rate forecast in the downside scenario is the main driver of residential mortgage and consumer lending stage 2 proportions being lower in the downside scenario than in the base case scenario. The ECL for each scenario multiplied by the scenario probability will not reconcile to the reported provision. Whilst the stage allocation of loans varies in each individual scenario, each loan is allocated to a single stage in the reported provision calculation; this is based on a weighted average PD which takes into account the economic scenarios. A probability-weighted 12-month or lifetime ECL (which takes into account the economic scenarios) is then calculated based on the stage allocation. Critical accounting estimates and judgements (continued) The table below shows the sensitivity of provisions at 31 March 2026 to changes to the probability weightings applied to the economic scenarios: Sensitivity to key forward-looking information assumptions Increase in provision 2026 \u00a3m Single-factor sensitivity to key economic variables (note i) 10% decrease in house prices (HPI) at 31 March 2026 and throughout the forecast period 16 1% increase in unemployment rate at 31 March 2026 and throughout the forecast period 39 Sensitivity to changes in scenario probability weightings 10% increase in the probability of the downside scenario (reducing the upside by a corresponding 10%) 13 5% increase in the probability of the severe downside scenario (reducing the downside by a corresponding 5%) 74 Note: i. These are single-factor sensitivities; therefore, they should not be extrapolated due to the likely non-linear effects. The provision impacts are calculated using the base case scenario. The house price sensitivity is the impact of a 10% decrease in house prices on LGD for the residential mortgage portfolio. The table below shows key adjustments made in modelling provisions in relation to the significant areas of estimation uncertainty, with further details on each provided below. Significant adjustments made in modelling provisions 2026 2025 Consumer lending Consumer lending Residential Personal Business Residential Personal Business Total Total Mortgages Credit cards loans and lending Mortgages Credit cards loans and lending overdrafts overdrafts \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m PD uplift for affordability risks 63 32 8 - 103 70 6 7 - 83 PD uplift for credit card persistent debt - 20 - - 20 - 23 - - 23 LGD uplift for property valuation risks 21 - - - 21 21 - - - 21 Business lending portfolio risks - - - 26 26 - - - 10 10 Total 84 52 8 26 170 91 29 7 10 137 Of which: Stage 1 14 1 1 6 22 14 1 1 4 20 Stage 2 62 51 7 20 140 70 28 6 6 110 Stage 3 8 - - - 8 7 - - - 7 PD uplift for affordability risks At 31 March 2026, the PD uplift adjustment for affordability risks increased provisions by \u00a3103 million (2025: \u00a383 million). This adjustment reflects the ongoing affordability pressures faced by borrowers, primarily within the residential mortgage portfolio. This adjustment includes the risks associated with borrowers who have switched to higher mortgage rates or are expected to switch to higher mortgage interest rates in the next two years. The adjustment to credit card provisions has increased to \u00a332 million (2025: \u00a36 million) due to further alignment of this judgement across the Group, following credit card model changes in the year. This adjustment resulted in approximately \u00a38.7 billion (2025: \u00a39.2 billion) of residential mortgages and \u00a3410 million (2025: \u00a366 million) of consumer lending balances moving from stage 1 to stage 2. PD uplift for credit card persistent debt A borrower is defined as being in persistent debt if they have been paying more in interest, fees and charges than they are paying to reduce their outstanding balance for at least three years. Nationwide provides support to these borrowers, including the offer of forbearance, to help reduce the level of their credit card debt. To reflect an increase in risk since origination, accounts are moved to stage 2 if they are approaching, or have reached persistent debt status, and therefore receive a lifetime ECL. This adjustment increases provisions by \u00a320 million (2025: \u00a323 million) and results in \u00a3254 million (2025: \u00a3225 million) of additional credit card balances being reported in stage 2. LGD uplift for property valuation risks An adjustment has been made to account for property valuation risks associated with flats. This adjustment remains in place due to insufficient evidence of recovery in values for this sector of the market, increasing provisions by \u00a321 million (2025: \u00a321 million). Business lending portfolio risks Adjustments to modelled provisions are recognised where appropriate to reflect risks within the business lending portfolio which are not fully captured by models. Although the provision models capture general economic uncertainty through the use of multiple economic scenarios, losses could also exceed modelled estimates as a result of concentration risks within the portfolio. An adjustment to increase provisions by \u00a313 million (2025: \u00a3nil million) has been estimated with reference to historic variation in the frequency and value of large individual losses across the portfolio. In addition, a \u00a313 million (2025: \u00a310 million) adjustment continues to be recognised for the leveraged lending portfolio, reflecting the potential for loss given default to exceed modelled estimates, due in part to the limited volume of historical defaults available for model calibration. The cumulative impact of these two adjustments represents a significant judgement in the context of overall business lending provisions. Critical accounting estimates and judgements The key assumptions used to calculate the defined benefit obligation which represent significant sources of estimation uncertainty are the discount rate, inflation assumptions and mortality assumptions. If different assumptions were used, this could have a material effect on the reported surplus. The sensitivity of the Group results to these assumptions is shown below. Change in key assumptions at 31 March 2026 Increase in defined benefit obligation \u00a3m 1.0% decrease in discount rate 814 0.1% increase in inflation assumption 60 1 year increase in life expectancy at age 60 in respect of all members 133 The above sensitivities apply to individual assumptions in isolation. In practice, changes to individual assumptions in isolation are unlikely to occur, and changes in some of the assumptions may be correlated. The inflation assumption sensitivity includes the impact on the rate of increases to pensions, both before and after retirement. ",
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"value": "3. Interest receivable and similar income Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m On financial assets measured at amortised cost: Residential mortgages 11,160 8,904 6,960 5,955 Group undertakings - - 1,835 1,623 Other loans (note i) 2,036 1,399 780 749 Other liquid assets, including reserves at central banks 1,355 1,647 864 1,414 On investment securities measured at FVOCI 738 644 564 540 Net income on financial instruments hedging assets in a qualifying 1,760 3,416 1,547 3,201 hedge accounting relationship Total interest receivable and similar income calculated using the 17,049 16,010 12,550 13,482 effective interest rate method Interest on net defined benefit pension surplus (note 30) 51 45 31 30 Other interest and similar income (note ii) 2 27 - 26 Total 17,102 16,082 12,581 13,538 Notes: i. Includes interest on finance lease receivables of \u00a362 million (2025: \u00a331 million). More information on leasing arrangements can be found in note 28. ii. Includes interest on financial instruments hedging assets that are not in a qualifying hedge accounting relationship. ",
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"value": "3. Interest receivable and similar income Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m On financial assets measured at amortised cost: Residential mortgages 11,160 8,904 6,960 5,955 Group undertakings - - 1,835 1,623 Other loans (note i) 2,036 1,399 780 749 Other liquid assets, including reserves at central banks 1,355 1,647 864 1,414 On investment securities measured at FVOCI 738 644 564 540 Net income on financial instruments hedging assets in a qualifying 1,760 3,416 1,547 3,201 hedge accounting relationship Total interest receivable and similar income calculated using the 17,049 16,010 12,550 13,482 effective interest rate method Interest on net defined benefit pension surplus (note 30) 51 45 31 30 Other interest and similar income (note ii) 2 27 - 26 Total 17,102 16,082 12,581 13,538 Notes: i. Includes interest on finance lease receivables of \u00a362 million (2025: \u00a331 million). More information on leasing arrangements can be found in note 28. ii. Includes interest on financial instruments hedging assets that are not in a qualifying hedge accounting relationship. 4. Interest expense and similar charges Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m On shares held by members 5,608 6,001 5,608 6,001 On non-member retail deposits 1,536 834 - - On subscribed capital 8 10 8 10 On other deposits and other borrowings: Subordinated liabilities 128 96 113 75 Group undertakings - - 145 137 Deposits from banks and similar institutions and other deposits 890 1,246 424 965 Debt securities in issue 2,102 1,837 1,644 1,509 Net expense on financial instruments hedging liabilities 754 1,066 665 979 Total 11,026 11,090 8,607 9,676",
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"f0__s7__6__59": {
"value": "4. Interest expense and similar charges Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m On shares held by members 5,608 6,001 5,608 6,001 On non-member retail deposits 1,536 834 - - On subscribed capital 8 10 8 10 On other deposits and other borrowings: Subordinated liabilities 128 96 113 75 Group undertakings - - 145 137 Deposits from banks and similar institutions and other deposits 890 1,246 424 965 Debt securities in issue 2,102 1,837 1,644 1,509 Net expense on financial instruments hedging liabilities 754 1,066 665 979 Total 11,026 11,090 8,607 9,676",
"dimensions": {
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"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
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},
"f0__s7__6__60": {
"value": "5. Fee and commission income and expense 2026 2025 Income Expense Net Income Expense Net Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Current account and savings (note i) 421 (299) 122 337 (265) 72 Insurance, protection and investments 64 - 64 55 - 55 Mortgage 9 (30) (21) 13 (31) (18) Credit card 117 (66) 51 69 (43) 26 Business (note i) 86 (9) 77 40 (3) 37 Other fees and commissions (note i) - (16) (16) 1 (14) (13) Total 697 (420) 277 515 (356) 159 2026 2025 Income Expense Net Income Expense Net Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Current account and savings 383 (260) 123 317 (245) 72 Insurance, protection and investments 44 - 44 41 - 41 Mortgage 4 (22) (18) 7 (25) (18) Credit card 43 (24) 19 41 (26) 15 Business (note i) 7 - 7 7 - 7 Other fees and commissions (note i) 1 (12) (11) 2 (12) (10) Total 482 (318) 164 415 (308) 107 Note: i. Fees and commissions arising on business lending and business deposits have been separately presented in the current year. Prior year comparatives have been updated to be presented on a consistbasis.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
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"f0__s7__6__63": {
"value": "6. Other operating income Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Income from investments in Group undertakings - - 167 2 (Losses)/gains on disposal of FVOCI investment securities (25) 8 (21) 8 Losses on financial assets measured at FVTPL (1) (2) (2) (2) Recharges for services to Group undertakings - - 105 83 Other income 17 15 - 6 Total (9) 21 249 97 There were no gains or losses on disposal of financial assets measured at amortised cost in the year ended 31 March 2026 (2025: \u00a3nil).",
"dimensions": {
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"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
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},
"f0__s7__6__62": {
"value": "6. Other operating income Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Income from investments in Group undertakings - - 167 2 (Losses)/gains on disposal of FVOCI investment securities (25) 8 (21) 8 Losses on financial assets measured at FVTPL (1) (2) (2) (2) Recharges for services to Group undertakings - - 105 83 Other income 17 15 - 6 Total (9) 21 249 97 There were no gains or losses on disposal of financial assets measured at amortised cost in the year ended 31 March 2026 (2025: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__61": {
"value": "6. Other operating income Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Income from investments in Group undertakings - - 167 2 (Losses)/gains on disposal of FVOCI investment securities (25) 8 (21) 8 Losses on financial assets measured at FVTPL (1) (2) (2) (2) Recharges for services to Group undertakings - - 105 83 Other income 17 15 - 6 Total (9) 21 249 97 There were no gains or losses on disposal of financial assets measured at amortised cost in the year ended 31 March 2026 (2025: \u00a3nil).",
"dimensions": {
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"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
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},
"f0__s7__6__65-1": {
"value": "7. Gains/losses from derivatives and hedge accounting As a part of its risk management strategy, the Group uses derivatives to economically hedge financial assets and liabilities. More information on how the Group manages market risk can be found in the Risk report. Hedge accounting is employed by the Group to minimise the accounting volatility associated with the change in fair value of derivative financial instruments. The Group only uses derivatives for the hedging of risks; however, income statement volatility can still arise due to hedge accounting ineffectiveness or because hedge accounting is either not applied or is not currently achievable. The overall impact of derivatives will remain volatile from period to period as new derivative transactions replace those which mature to ensure that interest rate and other market risks are continually managed. Note 1 describes how fair value and cash flow hedge accounting affect the financial statements and the main sources of the residual hedge ineffectiveness remaining in the income statement. Further information on the current derivative portfolio and the allocation to hedge accounting types is included in note 15. Gains/(losses) from derivatives and hedge accounting Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Gains from fair value hedge accounting (note i) 76 73 81 88 (Losses)/gains from cash flow hedge accounting (33) (32) 1 (1) Fair value losses from other derivatives (note ii) (10) (29) (2) (42) Foreign exchange retranslation (note iii) 2 - (1) 1 Total 35 12 79 46 Notes: i. Includes gains or losses from portfolio hedges of interest rate risk arising from amortisation of existing balance sheet amounts and hedge ineffectiveness. ii. Gains or losses arise from derivatives used for economic hedging purposes which are not currently in a hedge accounting relationship, including derivatives economically hedging fixed rate mortgages not yet on the balance sheet, and valuation adjustments applied at a portfolio level which are not allocated to individual hedge accounting relationships. iii. Gains or losses arise from the retranslation of foreign currency monetary items not subject to effective hedge accounting. Fair value hedge accounting Interest rate and currency derivatives are used to economically hedge the fair value of fixed rate assets and liabilities. The market risk from fixed rate assets and liabilities may be netted down before deciding to use derivatives. The derivatives used are predominantly interest rate swaps, which convert fixed rate cash flows to a benchmark floating rate such as Sonia, and cross currency swaps which convert foreign currency cash flows to GBP cash flows. In addition, bond forwards are used to reduce swap spread risk within the investment securities portfolio and inflation swaps are used to economically hedge contractual inflation risk within investment securities. The table below provides further information on the Group\u2019s fair value hedges: Fair value hedge accounting 2026 Change in fair value used for Hedge Carrying Of which: determining hedge ineffectiveness amount accumulated ineffectiveness recognised in of the fair value the income hedged item adjustment Group statement (note ii) (note i) Hedged item balance sheet Hedging instrument Risk category Hedged item Instrument classification (note ii) (note ii, iii) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAssets: Loans and advances to customers (note iv) Interest rate swaps Interest rate (157) 171 14 175,788 (1,917) Investment securities Interest rate swaps, bond forwards Interest rate 100 (103) (3) 7,481 (200) Interest rate swaps, cross currency Interest rate and foreign Investment securities (38) 38 - 10,868 (273) interest rate swaps exchange Interest rate swaps, inflation Interest rate, inflation and Investment securities swaps, cross currency interest rate foreign exchange 42 (41) 1 1,841 (111) swaps Investment securities Inflation swaps Interest rate and inflation 80 (83) (3) 2,730 (65) Total assets 27 (18) 9 198,708 (2,566) Liabilities: Shares (note v) Interest rate swaps Interest rate 133 (128) 5 50,727 (106) Debt securities in issue Interest rate swaps Interest rate 37 - 37 2,592 (42) Interest rate swaps, cross currency Interest rate and foreign Debt securities in issue 203 (200) 3 26,441 (933) interest rate swaps exchange Interest rate swaps, cross currency Interest rate and foreign Subordinated liabilities 6 17 23 2,230 (32) interest rate swaps exchange Subscribed capital Interest rate swaps Interest rate - (1) (1) 41 2 Total liabilities 379 (312) 67 82,031 (1,111) Total fair value hedges 406 (330) 76 Fair value hedge accounting 2025 Change in fair value used for Hedge Carrying Of which: determining hedge ineffectiveness amount accumulated ineffectiveness recognised in of the fair value the income hedged item adjustment Group statement (note ii) (note i) Hedged item balance sheet Hedging instrument Risk category Hedged item Instrument classification (note ii) (note ii, iii) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAssets: Loans and advances to customers (note iv) Interest rate swaps Interest rate 1,220 (1,186) 34 148,076 (1,760) Investment securities Interest rate swaps, bond forwards Interest rate (106) 106 - 7,491 (315) Interest rate swaps, cross currency Interest rate and foreign Investment securities 428 (419) 9 12,513 (235) interest rate swaps exchange Interest rate swaps, inflation Interest rate, inflation and Investment securities swaps, cross currency interest rate foreign exchange 163 (164) (1) 1,917 (153) swaps Investment securities Inflation swaps Interest rate and inflation 23 (27) (4) 3,282 (138) Total assets 1,728 (1,690) 38 173,279 (2,601) Liabilities: Interest rate Shares (note v) Interest rate swaps 23 (27) (4) 36,514 27 Debt securities in issue Interest rate swaps Interest rate (1) 24 23 4,129 (5) Interest rate swaps, cross currency Interest rate and foreign Debt securities in issue (574) 579 5 21,869 (653) interest rate swaps exchange Interest rate swaps, cross currency Interest rate and foreign Subordinated liabilities (55) 67 12 2,444 (25) interest rate swaps exchange Subscribed capital Interest rate swaps Interest rate (2) 1 (1) 124 2 Total liabilities (609) 644 35 65,080 (654) Total fair value hedges 1,119 (1,046) 73 Notes: i. Includes gains or losses from portfolio hedges of interest rate risk arising from amortisation of existing balance sheet amounts and hedge ineffectiveness. ii. Under IAS 21 both the hedged item and instrument are revalued on the balance sheet for changes in foreign currency valuation; these offsetting amounts are therefore excluded from the change in fair value of both the hedged item and instrument presented above. The accumulated change from foreign exchange revaluation for assets is a reduction of \u00a3319 million (2025: reduction of \u00a3838 million), and for liabilities is an increase of \u00a3195 million (2025: reduction of \u00a3530 million). iii. The Group does not include cross currency basis spreads within its hedge accounting relationships. The change in fair value is instead deferred to an \u2018other hedging reserve\u2019 and so is not included in the change in value of the hedging instrument. iv. Some of the Group\u2019s loans and advances to customers have been included as hedged items in macro fair value hedges of interest rate risk. The accumulated fair value hedge adjustment includes \u00a3(2,121) million (2025: \u00a3(2,037) million) which is recognised in the separate balance sheet asset \u2018fair value adjustment for portfolio hedged risk\u2019. The remaining amount relates to fair value adjustments included in the carrying value of commercial loans which were previously in a micro fair value hedge accounting relationship as shown in note 14. v. A portion of the Group's shares were included as hedged items in macro fair value hedges of interest rate risk, with the accumulated fair value hedge adjustments recognised in the separate balance sheet liability 'fair value adjustment for portfolio hedged risk' of \u00a3(106) million (2025: \u00a327 million). Cash flow hedge accounting The Group\u2019s risk management approach may involve creating future cash flow certainty. The Group uses interest rate swaps in cash flow hedges of sterling floating rate assets and floating rate liabilities. The Group uses cross currency interest rate swaps to hedge non-sterling investment securities, debt securities in issue and subordinated liabilities. A portion of the interest rate flows within these derivatives has been included as a hedging instrument in cash flow hedges. In addition, inflation swaps are used to hedge RPI-linked debt securities in issue. The table below provides further information on the Group\u2019s cash flow hedges: Cash flow hedge accounting 2026 Change in fair value used for Changes in instrument fair value Amounts accumulated Amounts determining hedge reported as in the cash flow hedge reserve reclassified ineffectiveness Hedge Net amounts (excluding deferred taxation) from reserves ineffectiveness deferred to to income Group recognised in other statement Hedged item balance Hedging instrument Risk category Hedged item Hedging the income comprehensive Continuing Discontinued (note ii) sheet classification instrument statement income hedges hedges (note i) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cross currency interest Interest rate and Investment securities (1) 1 - 1 - - - rate swaps foreign exchange Floating rate assets and Interest rate swaps Interest rate 118 (152) (34) (118) (127) 56 28 floating rate liabilities Cross currency interest Interest rate and Debt securities in issue (23) 22 1 21 16 104 11 rate swaps foreign exchange Cross currency interest Interest rate and Subordinated liabilities 1 (1) - (1) 2 6 - rate swaps foreign exchange Total cash flow hedges 95 (130) (33) (97) (109) 166 39 Cash flow hedge accounting 2025 Change in fair value used for Changes in instrument fair value Amounts accumulated Amounts determining hedge reported as in the cash flow hedge reserve reclassified ineffectiveness Hedge Net amounts (excluding deferred taxation) from reserves ineffectiveness deferred to to income Group recognised in other statement Hedged item balance sheet Hedging instrument Risk category Hedged item Hedging the income comprehensive Continuing Discontinued (note ii) classification instrument statement income hedges hedges (note i) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mCross currency interest Interest rate and Investment securities - (2) (1) (1) (1) - 2 rate swaps foreign exchange Floating rate assets and Interest rate swaps Interest rate (49) 18 (31) 49 26 21 (1) floating rate liabilities Cross currency interest Interest rate and Debt securities in issue 5 (3) - (3) (5) 128 14 rate swaps foreign exchange Cross currency interest Interest rate and Subordinated liabilities 3 (4) - (4) 3 7 (4) rate swaps foreign exchange Total cash flow hedges (41) 9 (32) 41 23 156 11 Notes: i. The statement of comprehensive income has a net loss of \u00a390 million (2025: net gain of \u00a35 million) for the cash flow hedge reserve; this reflects net losses deferred to other comprehensive income of \u00a397 million (2025: net gains of \u00a341 million) and amortisation of amounts which have since been migrated to fair value hedges of \u00a325 million (2025: \u00a335 million), net of tax of \u00a332 million (2025: \u00a3(1) million). Amortisation of amounts relating to instruments migrated to fair value hedges is presented within the fair value hedge accounting table within the change in fair value of the hedging instrument. ii. The amounts reclassified from reserves to income statement of \u00a339 million (2025: \u00a311 million) exclude amortisation of migrated hedges of \u00a325 million (2025: \u00a335 million) which are shown within the cash flow hedge reserve section of the statements of comprehensive income. Of these amounts reclassified, \u00a34 million (2025: \u00a311 million) and \u00a335 million (2025: \u00a3nil) were reclassified from the cash flow hedge reserve to net interest income and other operating income, respectively, in the income statement.15. Derivative financial instruments All of the Group\u2019s derivative financial instruments are used to manage economic risk, although not all of the derivatives are subject to hedge accounting. Note 7 sets out the link between economic risk management and the hedge accounting applied by the Group. The table below provides an analysis of the notional amount and fair value of derivatives by both hedge accounting type and instrument type. The amount of ineffectiveness recognised for each hedge type is shown in note 7. Contract/notional amount is the amount on which payment flows are derived, and does not represent amounts at risk. Derivatives by instrument and hedge type Group Society2026 2025 2026 2025 Contract/ Fair value (note ii) Contract/ Fair value (note ii) Contract/ Fair value (note ii) Contract/ Fair value (note ii) notional notional notional notional amount Assets Liabilities Assets Liabilities Assets Liabilities amount amount amount (note i) (note i) (note i) (note i) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Micro fair value hedges: Interest rate swaps 56,117 40 238 54,003 38 214 62,151 560 266 55,228 444 321 Cross currency interest rate swaps 48,642 1,322 677 47,064 1,562 1,063 57,672 1,416 1,027 52,999 1,832 1,115 Bond forwards 1,100 13 - 42 - - 1,100 13 - 42 - - Inflation swaps 4,728 10 93 5,663 43 32 4,728 10 93 4,183 43 32 110,587 1,385 1,008 106,772 1,643 1,309 125,651 1,999 1,386 112,452 2,319 1,468 Macro fair value hedges: Interest rate swaps 309,688 472 18 292,950 1,195 31 280,376 472 18 272,687 1,195 31 309,688 472 18 292,950 1,195 31 280,376 472 18 272,687 1,195 31 Cash flow hedges: Interest rate swaps 92,858 - 29 28,014 5 3 55,715 - 26 - - - Cross currency interest rate swaps 42,040 21 8 32,623 13 17 41,161 21 8 31,744 13 16 134,898 21 37 60,637 18 20 96,876 21 34 31,744 13 16 Not subject to hedge accounting: (note iii) Interest rate swaps 83,946 1,275 69 107,246 1,646 119 83,729 1,291 43 106,592 1,629 85 Cross currency interest rate swaps 1,769 30 17 1,546 33 38 1,769 25 (19) 2,201 27 19 Foreign exchange swaps 2,655 22 10 1,668 13 4 2,061 17 4 1,157 10 - Inflation swaps 10,657 131 10 10,325 180 16 10,657 131 10 10,325 180 16 Other derivatives 1,053 5 9 1,359 14 10 168 - 2 109 - 2 100,080 1,463 115 122,144 1,886 187 98,384 1,464 40 120,384 1,846 122 Total 655,253 3,341 1,178 582,503 4,742 1,547 601,287 3,956 1,478 537,267 5,373 1,637 Notes: i. Where the same derivative contract has been used in more than one hedge type, for example where one risk component has been included in a fair value hedge and another risk component has been included in a cash flow hedge, the full notional amount has been included in both categories. Where two derivative contracts are entered into which represent offsetting positions, the full notional amounts of both contracts are presented. ii. Derivative asset and liability fair values are presented based upon their carrying values within the balance sheet, with some instruments being presented gross and others netted with other balances with the same counterparty, in accordance with the requirements of IAS 32. Further information is included in note 24. iii. Bid-offer, credit and funding valuation adjustments are applied at a portfolio level and not allocated to individual hedge accounting relationships and have therefore been included in the \u2018Not subject to hedge accounting section\u2019, which can result in negative amounts presented. The contractual maturity of derivatives used as hedging instruments in fair value and cash flow hedges is provided in the table below. Contractual maturity of hedging instruments (contract/notional amount) 2026 2025 Less than Between one More than Total Less than Between one More than Total one year and five years five years one year and five years five years Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mMicro fair value hedges Interest rate swaps 10,545 25,395 20,177 56,117 6,135 30,133 17,735 54,003 Cross currency interest rate swaps 9,662 24,074 14,906 48,642 5,182 28,645 13,237 47,064 Bond forwards 1,100 - - 1,100 42 - - 42Inflation swaps - 1,758 2,970 4,728 - 1,911 3,752 5,663 21,307 51,227 38,053 110,587 11,359 60,689 34,724 106,772 Macro fair value hedges: Interest rate swaps 148,856 155,909 4,923 309,688 128,681 158,777 5,492 292,950 148,856 155,909 4,923 309,688 128,681 158,777 5,492 292,950 Cash flow hedges Interest rate swaps 48,743 35,188 8,927 92,858 14,766 10,462 2,786 28,014Cross currency interest rate swaps 7,752 20,806 13,482 42,040 3,529 20,433 8,661 32,623 56,495 55,994 22,409 134,898 18,295 30,895 11,447 60,637 Contractual maturity of hedging instruments (contract/notional amount) 2026 2025 Less than Between one More than Total Less than Between one More than five Total one year and five years five years one year and five years years Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mMicro fair value hedges Interest rate swaps 11,455 27,715 22,981 62,151 5,302 31,642 18,28455,228 Cross currency interest rate swaps 10,075 28,067 19,530 57,672 5,938 31,033 16,028 52,999 Bond forwards 1,100 - - 1,100 42 - - 42Inflation swaps - 1,759 2,969 4,728 - 1,381 2,802 4,18322,630 57,541 45,480 125,651 11,282 64,056 37,114 112,452 Macro fair value hedges: Interest rate swaps 139,505 136,043 4,828 280,376 124,179 143,016 5,492 272,687 139,505 136,043 4,828 280,376 124,179 143,016 5,492 272,687 Cash flow hedges Interest rate swaps 29,852 21,637 4,226 55,715 - - - - Cross currency interest rate swaps 7,753 20,367 13,041 41,161 3,529 19,994 8,221 31,74437,605 42,004 17,267 96,876 3,529 19,994 8,221 31,744 The weighted average rates of hedging instruments which achieve fixed rates are summarised in the table below. Fair value and cash flow hedging instruments which do not achieve a fixed rate have not been included in this analysis. Average rates achieved 2026 2025 Less than Between one More than Total Less than Between one More than Total one year and five five years one year and five five years Group years years Cross currency interest rate swaps Average EUR/GBP rate 1.18 1.17 1.18 1.17 1.13 1.17 1.19 1.17 Average USD/GBP rate 1.29 1.30 1.33 1.30 1.39 1.29 1.30 1.30 Average JPY/GBP rate 154.07 165.78 - 160.81 143.40 157.83 - 149.98 Average NOK/GBP rate 11.35 11.21 13.15 11.74 - 11.28 13.06 11.72 Average HKD/GBP rate 11.05 11.60 10.29 10.89 12.14 11.52 9.13 11.56 Average CHF/GBP rate 1.11 1.14 1.18 1.15 1.16 1.14 1.24 1.16 Average CAD/GBP rate 1.85 1.77 1.69 1.74 1.78 1.75 1.70 1.72 Average AUD/GBP rate - 1.80 1.74 1.79 - 1.80 1.70 1.78 Average rates achieved 2026 2025 Less than Between one More than Total Less than Between one More than Total one year and five five years one year and five five years Society years years Cross currency interest rate swaps Average EUR/GBP rate 1.21 1.17 1.18 1.18 1.13 1.18Average USD/GBP rate 1.28 1.30 1.33 1.30 1.39 1.28 1.30 1.29 Average JPY/GBP rate 154.07 165.78 - 160.81 143.40 157.83 -149.98 Average NOK/GBP rate 11.35 11.21 13.23 12.00 - 11.28 13.18 11.99Average HKD/GBP rate 11.05 11.60 10.29 10.89 12.14 11.52 9.1311.56 Average CHF/GBP rate 1.11 1.14 1.18 1.15 1.16 1.14 1.24 1.16 Average CAD/GBP rate 1.85 1.77 1.69 1.74 1.78 1.75 1.701.72 Average AUD/GBP rate - 1.80 1.74 1.79 - 1.80 1.701.78",
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"f0__s7__6__64-1": {
"value": "7. Gains/losses from derivatives and hedge accounting As a part of its risk management strategy, the Group uses derivatives to economically hedge financial assets and liabilities. More information on how the Group manages market risk can be found in the Risk report. Hedge accounting is employed by the Group to minimise the accounting volatility associated with the change in fair value of derivative financial instruments. The Group only uses derivatives for the hedging of risks; however, income statement volatility can still arise due to hedge accounting ineffectiveness or because hedge accounting is either not applied or is not currently achievable. The overall impact of derivatives will remain volatile from period to period as new derivative transactions replace those which mature to ensure that interest rate and other market risks are continually managed. Note 1 describes how fair value and cash flow hedge accounting affect the financial statements and the main sources of the residual hedge ineffectiveness remaining in the income statement. Further information on the current derivative portfolio and the allocation to hedge accounting types is included in note 15. Gains/(losses) from derivatives and hedge accounting Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Gains from fair value hedge accounting (note i) 76 73 81 88 (Losses)/gains from cash flow hedge accounting (33) (32) 1 (1) Fair value losses from other derivatives (note ii) (10) (29) (2) (42) Foreign exchange retranslation (note iii) 2 - (1) 1 Total 35 12 79 46 Notes: i. Includes gains or losses from portfolio hedges of interest rate risk arising from amortisation of existing balance sheet amounts and hedge ineffectiveness. ii. Gains or losses arise from derivatives used for economic hedging purposes which are not currently in a hedge accounting relationship, including derivatives economically hedging fixed rate mortgages not yet on the balance sheet, and valuation adjustments applied at a portfolio level which are not allocated to individual hedge accounting relationships. iii. Gains or losses arise from the retranslation of foreign currency monetary items not subject to effective hedge accounting. Fair value hedge accounting Interest rate and currency derivatives are used to economically hedge the fair value of fixed rate assets and liabilities. The market risk from fixed rate assets and liabilities may be netted down before deciding to use derivatives. The derivatives used are predominantly interest rate swaps, which convert fixed rate cash flows to a benchmark floating rate such as Sonia, and cross currency swaps which convert foreign currency cash flows to GBP cash flows. In addition, bond forwards are used to reduce swap spread risk within the investment securities portfolio and inflation swaps are used to economically hedge contractual inflation risk within investment securities. The table below provides further information on the Group\u2019s fair value hedges: Fair value hedge accounting 2026 Change in fair value used for Hedge Carrying Of which: determining hedge ineffectiveness amount accumulated ineffectiveness recognised in of the fair value the income hedged item adjustment Group statement (note ii) (note i) Hedged item balance sheet Hedging instrument Risk category Hedged item Instrument classification (note ii) (note ii, iii) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAssets: Loans and advances to customers (note iv) Interest rate swaps Interest rate (157) 171 14 175,788 (1,917) Investment securities Interest rate swaps, bond forwards Interest rate 100 (103) (3) 7,481 (200) Interest rate swaps, cross currency Interest rate and foreign Investment securities (38) 38 - 10,868 (273) interest rate swaps exchange Interest rate swaps, inflation Interest rate, inflation and Investment securities swaps, cross currency interest rate foreign exchange 42 (41) 1 1,841 (111) swaps Investment securities Inflation swaps Interest rate and inflation 80 (83) (3) 2,730 (65) Total assets 27 (18) 9 198,708 (2,566) Liabilities: Shares (note v) Interest rate swaps Interest rate 133 (128) 5 50,727 (106) Debt securities in issue Interest rate swaps Interest rate 37 - 37 2,592 (42) Interest rate swaps, cross currency Interest rate and foreign Debt securities in issue 203 (200) 3 26,441 (933) interest rate swaps exchange Interest rate swaps, cross currency Interest rate and foreign Subordinated liabilities 6 17 23 2,230 (32) interest rate swaps exchange Subscribed capital Interest rate swaps Interest rate - (1) (1) 41 2 Total liabilities 379 (312) 67 82,031 (1,111) Total fair value hedges 406 (330) 76 Fair value hedge accounting 2025 Change in fair value used for Hedge Carrying Of which: determining hedge ineffectiveness amount accumulated ineffectiveness recognised in of the fair value the income hedged item adjustment Group statement (note ii) (note i) Hedged item balance sheet Hedging instrument Risk category Hedged item Instrument classification (note ii) (note ii, iii) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAssets: Loans and advances to customers (note iv) Interest rate swaps Interest rate 1,220 (1,186) 34 148,076 (1,760) Investment securities Interest rate swaps, bond forwards Interest rate (106) 106 - 7,491 (315) Interest rate swaps, cross currency Interest rate and foreign Investment securities 428 (419) 9 12,513 (235) interest rate swaps exchange Interest rate swaps, inflation Interest rate, inflation and Investment securities swaps, cross currency interest rate foreign exchange 163 (164) (1) 1,917 (153) swaps Investment securities Inflation swaps Interest rate and inflation 23 (27) (4) 3,282 (138) Total assets 1,728 (1,690) 38 173,279 (2,601) Liabilities: Interest rate Shares (note v) Interest rate swaps 23 (27) (4) 36,514 27 Debt securities in issue Interest rate swaps Interest rate (1) 24 23 4,129 (5) Interest rate swaps, cross currency Interest rate and foreign Debt securities in issue (574) 579 5 21,869 (653) interest rate swaps exchange Interest rate swaps, cross currency Interest rate and foreign Subordinated liabilities (55) 67 12 2,444 (25) interest rate swaps exchange Subscribed capital Interest rate swaps Interest rate (2) 1 (1) 124 2 Total liabilities (609) 644 35 65,080 (654) Total fair value hedges 1,119 (1,046) 73 Notes: i. Includes gains or losses from portfolio hedges of interest rate risk arising from amortisation of existing balance sheet amounts and hedge ineffectiveness. ii. Under IAS 21 both the hedged item and instrument are revalued on the balance sheet for changes in foreign currency valuation; these offsetting amounts are therefore excluded from the change in fair value of both the hedged item and instrument presented above. The accumulated change from foreign exchange revaluation for assets is a reduction of \u00a3319 million (2025: reduction of \u00a3838 million), and for liabilities is an increase of \u00a3195 million (2025: reduction of \u00a3530 million). iii. The Group does not include cross currency basis spreads within its hedge accounting relationships. The change in fair value is instead deferred to an \u2018other hedging reserve\u2019 and so is not included in the change in value of the hedging instrument. iv. Some of the Group\u2019s loans and advances to customers have been included as hedged items in macro fair value hedges of interest rate risk. The accumulated fair value hedge adjustment includes \u00a3(2,121) million (2025: \u00a3(2,037) million) which is recognised in the separate balance sheet asset \u2018fair value adjustment for portfolio hedged risk\u2019. The remaining amount relates to fair value adjustments included in the carrying value of commercial loans which were previously in a micro fair value hedge accounting relationship as shown in note 14. v. A portion of the Group's shares were included as hedged items in macro fair value hedges of interest rate risk, with the accumulated fair value hedge adjustments recognised in the separate balance sheet liability 'fair value adjustment for portfolio hedged risk' of \u00a3(106) million (2025: \u00a327 million). Cash flow hedge accounting The Group\u2019s risk management approach may involve creating future cash flow certainty. The Group uses interest rate swaps in cash flow hedges of sterling floating rate assets and floating rate liabilities. The Group uses cross currency interest rate swaps to hedge non-sterling investment securities, debt securities in issue and subordinated liabilities. A portion of the interest rate flows within these derivatives has been included as a hedging instrument in cash flow hedges. In addition, inflation swaps are used to hedge RPI-linked debt securities in issue. The table below provides further information on the Group\u2019s cash flow hedges: Cash flow hedge accounting 2026 Change in fair value used for Changes in instrument fair value Amounts accumulated Amounts determining hedge reported as in the cash flow hedge reserve reclassified ineffectiveness Hedge Net amounts (excluding deferred taxation) from reserves ineffectiveness deferred to to income Group recognised in other statement Hedged item balance Hedging instrument Risk category Hedged item Hedging the income comprehensive Continuing Discontinued (note ii) sheet classification instrument statement income hedges hedges (note i) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cross currency interest Interest rate and Investment securities (1) 1 - 1 - - - rate swaps foreign exchange Floating rate assets and Interest rate swaps Interest rate 118 (152) (34) (118) (127) 56 28 floating rate liabilities Cross currency interest Interest rate and Debt securities in issue (23) 22 1 21 16 104 11 rate swaps foreign exchange Cross currency interest Interest rate and Subordinated liabilities 1 (1) - (1) 2 6 - rate swaps foreign exchange Total cash flow hedges 95 (130) (33) (97) (109) 166 39 Cash flow hedge accounting 2025 Change in fair value used for Changes in instrument fair value Amounts accumulated Amounts determining hedge reported as in the cash flow hedge reserve reclassified ineffectiveness Hedge Net amounts (excluding deferred taxation) from reserves ineffectiveness deferred to to income Group recognised in other statement Hedged item balance sheet Hedging instrument Risk category Hedged item Hedging the income comprehensive Continuing Discontinued (note ii) classification instrument statement income hedges hedges (note i) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mCross currency interest Interest rate and Investment securities - (2) (1) (1) (1) - 2 rate swaps foreign exchange Floating rate assets and Interest rate swaps Interest rate (49) 18 (31) 49 26 21 (1) floating rate liabilities Cross currency interest Interest rate and Debt securities in issue 5 (3) - (3) (5) 128 14 rate swaps foreign exchange Cross currency interest Interest rate and Subordinated liabilities 3 (4) - (4) 3 7 (4) rate swaps foreign exchange Total cash flow hedges (41) 9 (32) 41 23 156 11 Notes: i. The statement of comprehensive income has a net loss of \u00a390 million (2025: net gain of \u00a35 million) for the cash flow hedge reserve; this reflects net losses deferred to other comprehensive income of \u00a397 million (2025: net gains of \u00a341 million) and amortisation of amounts which have since been migrated to fair value hedges of \u00a325 million (2025: \u00a335 million), net of tax of \u00a332 million (2025: \u00a3(1) million). Amortisation of amounts relating to instruments migrated to fair value hedges is presented within the fair value hedge accounting table within the change in fair value of the hedging instrument. ii. The amounts reclassified from reserves to income statement of \u00a339 million (2025: \u00a311 million) exclude amortisation of migrated hedges of \u00a325 million (2025: \u00a335 million) which are shown within the cash flow hedge reserve section of the statements of comprehensive income. Of these amounts reclassified, \u00a34 million (2025: \u00a311 million) and \u00a335 million (2025: \u00a3nil) were reclassified from the cash flow hedge reserve to net interest income and other operating income, respectively, in the income statement.10. Impairment charge and provisions on loans and advances to customers The following tables set out the impairment charges during the year and the closing provision balances which are deducted from the relevant asset values in the balance sheet: Impairment charge Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Owner-occupied mortgages 14 25 6 5 Buy to let and legacy residential mortgages (6) 8 1 (2) Consumer lending 269 514 114 18 Business lending 54 85 (2) (3) Total 331 632 119 18 Impairment provisions Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Owner-occupied mortgages 129 115 96 92 Buy to let and legacy residential mortgages 223 236 4 3 Consumer lending 829 824 413 372 Business lending 154 113 21 22 Total 1,335 1,288 534 489 Critical accounting estimates and judgements Impairment is measured as the impact of credit risk on the present value of management\u2019s estimate of future cash flows. In determining the required level of impairment provisions, outputs from statistical models are used, and judgements incorporated to determine the probability of default (PD), the exposure at default (EAD), and the loss given default (LGD) for each loan. Provisions represent a probability-weighted average of these calculations under multiple economic scenarios. Adjustments are made in modelling provisions, applying further judgements to take into account model limitations, or to deal with instances where insufficient data exists to fully reflect credit risks in the models. The most significant areas of judgement are: \uf0b7 The approach to identifying significant increases in credit risk; and \uf0b7 The approach to identifying credit-impaired loans. The most significant areas of estimation uncertainty are: \uf0b7 The use of forward-looking economic information using multiple economic scenarios; and \uf0b7 The additional judgements made in modelling expected credit losses (ECL) \u2013 these currently include PD uplifts relating to both affordability risks and risks associated with credit card persistent debt, LGD uplifts for property valuation risks and business lending portfolio risks. Sensitivity analysis has been completed, based on the results from previous climate change stress tests, that supports the Group\u2019s view that the impact of climate change on impairment provisions remains immaterial. The potential economic impact of climate change is captured by our existing range of economic scenarios. Supported by our controls operated at lending origination, the expected credit losses associated with physical risks are low and arise over the long term, and therefore currently have an immaterial impact on the Group\u2019s retail lending due to the effect of loan amortisation and redemptions over time. The scope of potential future Government transition policies and the Group\u2019s response to these remain highly uncertain. The potential additional costs to landlords from the Government\u2019s \u201cWarm homes plan\u201d are incorporated within the adjustment to modelled provisions made in respect of affordability risks. The Group\u2019s exposure to increased losses from business sectors most affected by climate change, whether via physical or transition risks, are also judged to be immaterial in the medium term. Identifying significant increases in credit risk (stage 2) Loans are allocated to stage 1 or stage 2 according to whether there has been a significant increase in credit risk. Judgement has been used to select both quantitative and qualitative criteria which are used to determine whether a significant increase in credit risk has taken place. These criteria are detailed within the Credit risk section of the Risk report. The primary quantitative indicators are the outputs of internal credit risk assessments. While different approaches are used within each portfolio, the intention is to combine current and historical data relating to the exposure with forward-looking economic information to determine the PD at each reporting date. For residential mortgages and consumer lending, the main indicators of a significant increase in credit risk are either of the following: Nationwide portfolios: \uf0b7 The residual lifetime PD exceeds a benchmark determined by reference to the maximum credit risk that would have been accepted at origination; or \uf0b7 The residual lifetime PD is at least 75 basis points more than, and at least double, the residual lifetime PD calculated at origination. Virgin Money portfolios: \uf0b7 The residual lifetime PD exceeds a threshold which varies by portfolio and is based on the lifetime PD curves calculated at origination. The PD threshold curves were recalculated at acquisition, to reset the origination point to 1 October 2024, being the date when the Virgin Money business was acquired by the Group. Identifying credit impaired loans (stage 3) The identification of credit-impaired loans is an important judgement within the staging approach. A loan is credit-impaired if it has an arrears status of more than 90 days past due, is considered to be in default, or it is considered unlikely that the borrower will repay the outstanding balance in full, without recourse to actions such as realising security. Critical accounting estimates and judgements (continued) Use of forward-looking economic information Management exercises judgement in estimating future economic conditions which are incorporated into provisions through modelling of multiple scenarios. The economic scenarios are reviewed and updated on a quarterly basis. The provision recognised is the probability-weighted sum of the provisions calculated under a range of economic scenarios. The scenarios and associated probability weights are derived using external data and statistical methodologies, together with management judgement. The Group continues to model four economic scenarios, which together encompass an appropriate range of potential economic outcomes. The base case scenario is aligned to the Group\u2019s financial planning process. The upside and downside scenarios are reasonably likely favourable and adverse alternatives to the base case, and the severe downside scenario is aligned with the Group\u2019s internal stress testing. The probability weightings applied to the scenarios were unchanged over the year and are shown in the table below. Scenario probability weighting Upside Base caseDownside Severe downside scenario scenarioscenario scenario % %% % 31 March 2026 10 45 30 15 31 March 2025 10 45 30 15 Critical accounting estimates and judgements (continued) In the base case scenario, modest GDP growth of 1.4% is expected in 2026. In this scenario, unemployment is forecast to rise to 5.4% by the end of 2026. In the downside scenario, the GDP forecast reflects a significant UK recession, with peak unemployment increasing to 6.3%, whilst the severe downside scenario assumes a severe and longer-lasting economic downturn, with unemployment peaking at 8.8%. The house price forecasts used within the provision calculations cover a wide range of outcomes. House prices are expected to increase in the base case scenario by 3.2% per annum over the next five years. The downside scenario assumes significant falls in 2027 and 2028, driven by a deterioration in economic conditions, whilst the severe downside scenario includes a fall in house prices of 28.7% from the end of 2025 to the low point in late 2028. Bank rate in the base case scenario is expected to remain unchanged at 3.75% during 2026, with inflation expected to fall to the Bank of England target rate of 2.0% by the end of 2027. In the downside scenario, the recession results in Bank rate remaining at low levels from 2027 onwards, in order to stimulate economic demand. By contrast, the severe downside scenario assumes a sustained period of high inflation, requiring Bank rate to increase to 8.5%. The increased level of economic uncertainty arising from recent developments in the Middle East has been reflected in both the economic scenario forecasts and associated scenario weightings as at 31 March 2026. In the base case scenario, Bank rate assumptions were updated to reflect Bank rate remaining at 3.75% in 2026 before reducing in 2027, and consumer price inflation expectations were increased to 4.0% for 2026 before reducing in 2027. The 15% weighting allocated to the severe downside economic scenarios reflects the current high level of geopolitical uncertainty. The graphs below show the historical and forecasted GDP level, unemployment rate and average house price for the Group\u2019s current economic scenarios, as well as the previous base case economic scenario. Critical accounting estimates and judgements (continued) The tables below provide a summary of the values of the key UK economic variables used within the economic scenarios over the first five years of the scenario: Economic variables 5-year averageDec-25 to peak Dec-25 to trough Rate/annual growth rate at December 2025-2030 (note i) (note ii) (note ii) Actual Forecast 2025 2026 2027 2028 2029 2030 31 March 2026 % % % % % % % % %GDP growth Upside scenario 1.02.3 2.2 2.0 2.0 2.0 2.1 11.0 0.5 Base case scenario 1.01.4 1.6 1.6 1.4 1.5 1.5 7.7 0.4 Downside scenario 1.0(0.9) (1.2) 3.3 2.4 1.9 1.1 5.6 (2.3) Severe downside scenario 1.0(1.0) (3.2) (0.6) 4.5 3.2 0.6 2.8 (5.0) Probability weighted 1.00.4 0.1 1.8 2.2 1.9Unemployment Upside scenario 5.1 4.5 4.1 4.0 4.0 4.0 4.2 5.0 4.0 Base case scenario 5.1 5.4 5.2 5.0 4.7 4.5 5.0 5.4 4.5 Downside scenario 5.1 6.1 6.2 5.6 5.1 5.0 5.6 6.3 5.0 Severe downside scenario 5.1 6.5 8.6 7.8 6.3 5.6 6.9 8.8 5.5 Probability weighted 5.1 5.7 5.9 5.5 5.0 4.8 HPI growth Upside scenario 1.7 5.4 5.1 4.7 4.4 4.0 4.7 25.8 1.4 Base case scenario 1.7 3.2 3.2 3.2 3.2 3.2 3.2 17.3 0.7 Downside scenario 1.7 (1.5) (8.0) (8.6) 3.5 14.8 (0.3) 0.8 (18.1) Severe downside scenario 1.7 (8.9) (16.8) (5.9) 10.9 10.6 (2.6) (0.8) (28.7) Probability weighted 1.7 0.2 (2.9) (1.5) 4.6 7.9 Bank rate Upside scenario 3.8 4.0 4.5 4.5 4.5 4.5 4.3 4.5 3.8 Base case scenario 3.8 3.8 3.3 3.3 3.3 3.3 3.4 3.8 3.3 Downside scenario 3.8 2.0 0.5 0.5 0.5 0.5 1.0 3.8 0.5 Severe downside scenario 3.8 4.0 7.5 5.0 4.3 3.8 5.0 8.5 3.8 Probability weighted 3.8 3.3 3.2 2.8 2.7 2.6 Consumer price inflation Upside scenario 3.3 2.0 2.0 2.0 2.0 2.0 2.1 2.6 2.0 Base case scenario 3.3 4.0 2.0 1.8 2.0 2.0 2.4 4.0 1.7 Downside scenario 3.3 0.5 0.3 1.0 1.8 2.0 1.2 2.4 0.2 Severe downside scenario 3.3 6.0 7.0 2.0 2.0 2.0 3.8 8.0 2.0 Probability weighted 3.3 3.1 2.2 1.6 1.9 2.0 Critical accounting estimates and judgements (continued) Economic variables 5-year average Dec-24 to peak Dec-24 to trough Rate/annual growth rate at December 2024-2029 (note i) (note ii) (note ii) Actual Forecast (note iii) 2024 2025 2026 2027 2028 2029 31 March 2025 % % % % % % %%% GDP growth Upside scenario 1.9 1.7 2.0 2.0 2.0 2.0 2.0 10.2 0.3Base case scenario 1.9 1.4 1.7 1.6 1.6 1.4 1.5 8.0 0.2Downside scenario 1.9 (0.9) (1.2) 3.3 2.4 1.9 1.1 5.6 (2.1)Severe downside scenario 1.9 (1.8) (3.7) 2.8 2.8 2.2 0.4 2.2 (5.5)Probability weighted 1.9 0.3 0.1 2.4 2.1 1.8 Unemployment Upside scenario 4.4 4.1 4.0 4.04.0 4.0 4.0 4.3 4.0Base case scenario 4.4 4.7 4.6 4.4 4.3 4.3 4.5 4.7 4.3 Downside scenario 4.4 5.4 6.2 5.6 5.2 5.0 5.4 6.2 4.7Severe downside scenario 4.4 5.9 8.4 8.5 7.0 6.0 7.1 9.3 4.8 Probability weighted 4.4 5.0 5.6 5.3 4.9 4.7 HPI growth Upside scenario 3.6 5.4 4.5 3.8 3.8 3.8 4.2 23.1 1.3 Base case scenario 3.6 1.9 2.3 2.7 3.3 3.2 2.7 14.3 0.1 Downside scenario 3.6 (4.9) (9.4) (3.7) 8.7 9.3 (0.3) (0.6) (17.1) Severe downside scenario 3.6 (12.4) (18.1) (1.8) 9.3 9.7 (3.3) (1.4) (30.1)Probability weighted 3.6 (1.9) (4.1) 0.2 5.9 6.1 Bank rate Upside scenario 4.8 4.3 4.3 4.3 4.3 4.3 4.3 4.5 4.3 Base case scenario 4.8 3.8 3.5 3.5 3.3 3.3 3.6 4.5 3.3Downside scenario 4.8 2.5 0.5 0.5 0.5 0.5 1.3 4.5 0.5Severe downside scenario 4.8 6.5 8.0 5.0 4.3 3.5 5.4 8.5 3.5 Probability weighted 4.8 3.8 3.4 2.9 2.7 2.6 Consumer price inflation Upside scenario 2.6 2.5 2.0 2.0 2.0 2.0 2.1 2.7 2.0 Base case scenario 2.6 3.4 2.0 2.0 2.0 2.0 2.3 3.5 1.8 Downside scenario 2.6 1.5 0.3 1.2 1.8 2.0 1.5 2.8 0.3 Severe downside scenario 2.6 6.5 7.0 2.2 2.0 2.0 4.1 8.0 2.0 Probability weighted 2.6 3.2 2.2 1.8 1.9 2.0 Notes: i. The average rate for GDP and HPI is based on the cumulative annual growth rate over the forecast period. Average unemployment and CPI is calculated using a simple average using quarterly points. ii. GDP growth and HPI are shown as the largest cumulative growth/fall over the forecast period. The unemployment rate and CPI is shown as the highest/lowest rate over the forecast period. iii. The 2024 actual GDP data as presented in the Annual Report and Accounts 2025 has been updated to reflect the most recent published economic data. Critical accounting estimates and judgements (continued) To give an indication of the sensitivity of ECLs to different economic scenarios, the table below shows the ECL if 100% weighting is applied to each scenario: Expected credit losses Proportion of balances in stage 2 under 100% weighted scenarios under 100% weighted scenarios Reported Severe Severe Upside Base case Downside Reported Upside Base case Downside Reported stage 3 downside downside scenario scenario scenario provision scenario scenario scenario stage 2 and POCI scenario scenario (note i) 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % % % % % % Residential mortgages 235 232 282 963 352 12.5 11.4 9.4 30.4 13.3 0.7 Consumer lending \u2013 credit cards 474 494 503 1,074 561 17.1 17.4 17.1 36.4 19.3 3.1 Consumer lending \u2013 personal loans 247 253 259 357 268 20.6 20.8 19.8 27.0 21.3 5.4 and overdrafts Business lending 134 142 173 300 154 9.7 10.2 17.0 37.1 13.6 3.6 Total 1,090 1,121 1,217 2,694 1,335 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % % % % % % Residential mortgages 224 229 271 1,089 351 12.6 11.6 9.9 37.7 13.6 0.7 Consumer lending \u2013 credit cards 475 480 479 1,120 542 13.6 13.7 13.4 41.2 16.7 2.5 Consumer lending \u2013 personal loans 270 272 279 331 282 17.6 17.5 17.0 25.2 18.3 11.7 and overdrafts Business lending 102 106 118 288 113 9.2 9.3 11.7 39.2 11.0 3.2 Total 1,071 1,087 1,147 2,828 1,288 Note: i. The stage allocation of stage 3 assets is not sensitive to economic scenarios. The stage 3 proportion is the same as in all four economic scenarios as the stage 3 classification is determined by an asset\u2019s impaired status at the reporting date. Reported ECL represents 119% (2025: 118%) of the base case scenario ECL, primarily due to the impact of increased losses in the severe downside scenario. The increased ECLs in both the downside and severe downside scenarios are primarily the result of increased unemployment rates combined with material house price falls. The low Bank rate forecast in the downside scenario is the main driver of residential mortgage and consumer lending stage 2 proportions being lower in the downside scenario than in the base case scenario. The ECL for each scenario multiplied by the scenario probability will not reconcile to the reported provision. Whilst the stage allocation of loans varies in each individual scenario, each loan is allocated to a single stage in the reported provision calculation; this is based on a weighted average PD which takes into account the economic scenarios. A probability-weighted 12-month or lifetime ECL (which takes into account the economic scenarios) is then calculated based on the stage allocation. Critical accounting estimates and judgements (continued) The table below shows the sensitivity of provisions at 31 March 2026 to changes to the probability weightings applied to the economic scenarios: Sensitivity to key forward-looking information assumptions Increase in provision 2026 \u00a3m Single-factor sensitivity to key economic variables (note i) 10% decrease in house prices (HPI) at 31 March 2026 and throughout the forecast period 16 1% increase in unemployment rate at 31 March 2026 and throughout the forecast period 39 Sensitivity to changes in scenario probability weightings 10% increase in the probability of the downside scenario (reducing the upside by a corresponding 10%) 13 5% increase in the probability of the severe downside scenario (reducing the downside by a corresponding 5%) 74 Note: i. These are single-factor sensitivities; therefore, they should not be extrapolated due to the likely non-linear effects. The provision impacts are calculated using the base case scenario. The house price sensitivity is the impact of a 10% decrease in house prices on LGD for the residential mortgage portfolio. The table below shows key adjustments made in modelling provisions in relation to the significant areas of estimation uncertainty, with further details on each provided below. Significant adjustments made in modelling provisions 2026 2025 Consumer lending Consumer lending Residential Personal Business Residential Personal Business Total Total Mortgages Credit cards loans and lending Mortgages Credit cards loans and lending overdrafts overdrafts \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m PD uplift for affordability risks 63 32 8 - 103 70 6 7 - 83 PD uplift for credit card persistent debt - 20 - - 20 - 23 - - 23 LGD uplift for property valuation risks 21 - - - 21 21 - - - 21 Business lending portfolio risks - - - 26 26 - - - 10 10 Total 84 52 8 26 170 91 29 7 10 137 Of which: Stage 1 14 1 1 6 22 14 1 1 4 20 Stage 2 62 51 7 20 140 70 28 6 6 110 Stage 3 8 - - - 8 7 - - - 7 PD uplift for affordability risks At 31 March 2026, the PD uplift adjustment for affordability risks increased provisions by \u00a3103 million (2025: \u00a383 million). This adjustment reflects the ongoing affordability pressures faced by borrowers, primarily within the residential mortgage portfolio. This adjustment includes the risks associated with borrowers who have switched to higher mortgage rates or are expected to switch to higher mortgage interest rates in the next two years. The adjustment to credit card provisions has increased to \u00a332 million (2025: \u00a36 million) due to further alignment of this judgement across the Group, following credit card model changes in the year. This adjustment resulted in approximately \u00a38.7 billion (2025: \u00a39.2 billion) of residential mortgages and \u00a3410 million (2025: \u00a366 million) of consumer lending balances moving from stage 1 to stage 2. PD uplift for credit card persistent debt A borrower is defined as being in persistent debt if they have been paying more in interest, fees and charges than they are paying to reduce their outstanding balance for at least three years. Nationwide provides support to these borrowers, including the offer of forbearance, to help reduce the level of their credit card debt. To reflect an increase in risk since origination, accounts are moved to stage 2 if they are approaching, or have reached persistent debt status, and therefore receive a lifetime ECL. This adjustment increases provisions by \u00a320 million (2025: \u00a323 million) and results in \u00a3254 million (2025: \u00a3225 million) of additional credit card balances being reported in stage 2. LGD uplift for property valuation risks An adjustment has been made to account for property valuation risks associated with flats. This adjustment remains in place due to insufficient evidence of recovery in values for this sector of the market, increasing provisions by \u00a321 million (2025: \u00a321 million). Business lending portfolio risks Adjustments to modelled provisions are recognised where appropriate to reflect risks within the business lending portfolio which are not fully captured by models. Although the provision models capture general economic uncertainty through the use of multiple economic scenarios, losses could also exceed modelled estimates as a result of concentration risks within the portfolio. An adjustment to increase provisions by \u00a313 million (2025: \u00a3nil million) has been estimated with reference to historic variation in the frequency and value of large individual losses across the portfolio. In addition, a \u00a313 million (2025: \u00a310 million) adjustment continues to be recognised for the leveraged lending portfolio, reflecting the potential for loss given default to exceed modelled estimates, due in part to the limited volume of historical defaults available for model calibration. The cumulative impact of these two adjustments represents a significant judgement in the context of overall business lending provisions. 12. Classification and measurement The following tables summarise the classification of carrying amounts of the Group\u2019s and Society\u2019s financial assets and liabilities: Classification of financial assets and liabilities 2026 2025 Amortised Fair value Fair value Total Amortised Fair value Fair value Total cost through other through profit cost through other through profit comprehensive or loss comprehensive or loss income (note i) income (note i) Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mFinancial assets Cash and balances at central banks 38,411 - - 38,411 29,483 - - 29,483 Loans and advances to banks and similar institutions 1,758 - - 1,758 1,810 - - 1,810Investment securities - 25,899 6 25,905 - 28,658 5 28,663 Derivative financial instruments - - 3,341 3,341 - - 4,742 4,742 Fair value adjustment for portfolio hedged risk (2,121) - - (2,121) (2,037) - - (2,037) Loans and advances to customers 311,413 - 70 311,483 300,804 - 85 300,889 Total financial assets (note ii) 349,461 25,899 3,417 378,777 330,060 28,658 4,832 363,550 Other (note ii) 3,551 4,327 Total assets 382,328 367,877 Financial liabilities Shares 217,052 - - 217,052 207,428 - - 207,428 Deposits from banks and similar institutions 5,453 - - 5,453 6,053 - - 6,053 Other deposits 76,766 - - 76,766 74,667 - - 74,667 Fair value adjustment for portfolio hedged risk (106) - - (106) 27 - - 27Debt securities in issue 54,821 - - 54,821 51,109 - - 51,109 Derivative financial instruments - - 1,178 1,178 - - 1,547 1,547Subordinated liabilities 2,931 - - 2,931 2,444 - - 2,444 Subscribed capital 46 - - 46 129 - - 129Lease liabilities 297 - - 297 315 - - 315Total financial liabilities (note ii) 357,260 - 1,178 358,438 342,172 - 1,547 343,719 Other (notes ii and iii) 2,601 3,676 Total liabilities 361,039 347,395 Classification of financial assets and liabilities 2026 2025 Amortised Fair value Fair value Total Amortised Fair value Fair value Total cost through other through profit cost through other through profit comprehensive or loss comprehensive or loss income (note i) income (note i) Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mFinancial assets Cash and balances at central banks 22,254 - - 22,254 18,601 - - 18,601 Loans and advances to banks and similar institutions 1,204 - - 1,204 1,339 - - 1,339 Investment securities - 21,989 1 21,990 - 22,401 1 22,402 Derivative financial instruments - - 3,956 3,956 - - 5,373 5,373 Fair value adjustment for portfolio hedged risk (1,940) - - (1,940) (1,985) - - (1,985) Loans and advances to customers 194,391 - 34 194,425 183,805 - 38 183,843 Amounts due from Group undertakings (notes iv and v) 47,461 - - 47,461 42,833 - - 42,833 Total financial assets (note ii) 263,370 21,989 3,991 289,350 244,593 22,401 5,412 272,406 Other (note ii) 7,272 6,734 Total assets 296,622 279,140 Financial liabilities Shares 217,052 - - 217,052 207,428 - - 207,428 Deposits from banks and similar institutions 4,449 - - 4,449 5,102 - - 5,102 Other deposits (note iv) 4,056 - - 4,056 4,283 - - 4,283 Fair value adjustment for portfolio hedged risk (106) - - (106) 27 - - 27Debt securities in issue 46,374 - - 46,374 39,429 - - 39,429 Derivative financial instruments - - 1,478 1,478 - - 1,637 1,637 Amounts due to Group undertakings (notes iv and v) 333 - - 333 242 - - 242Subordinated liabilities 2,932 - - 2,932 1,674 - - 1,674 Subscribed capital 46 - - 46 129 - - 129Lease liabilities 146 - - 146 156 - - 156Total financial liabilities (note ii) 275,282 - 1,478 276,760 258,470 - 1,637 260,107 Other (note ii) 3,892 4,434 Total liabilities 280,652 264,541 Notes: i. The Group has \u00a336 million (2025: \u00a347 million) of assets for which it had taken the option to designate at FVTPL. The Group has no liabilities (2025: \u00a3nil) for which it had taken the option to designate at FVTPL. As at 31 March 2026 and 31 March 2025 the Society had no assets or liabilities for which it had taken the option to designate at FVTPL. ii. Total financial assets and financial liabilities exclude certain financial instruments presented within 'other' relating to accruals, trade receivables, trade payables and settlement balances which are classified at amortised cost. iii. Other liabilities for the Group include \u00a31,231 million (2025: \u00a31,429 million) of notes in circulation. iv. Comparatives have been restated as detailed in note 1. v. Amounts due to and from Group undertakings presented in the table above include financial assets and liabilities only, with non-financial assets and liabilities included within 'other.' Further information on the fair value of financial assets and liabilities is included in notes 21 to 23. 13. Investment securities Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Government, government guaranteed and 21,268 22,977 18,485 18,316 supranational investment securities Other debt investment securities 4,560 5,624 3,504 4,085 Investments in equity shares 77 62 1 1 Total 25,905 28,663 21,990 22,402 The Group may use its investment securities as collateral to secure deposits received under sale and repurchase agreements or to support derivative financial instruments. The Group retains substantially all of the risks and rewards associated with those investment securities and as a result they are retained on the balance sheet. The counterparty receiving that collateral normally has the contractual right to sell or repledge it. Similarly, Nationwide is allowed to repledge any collateral received as part of reverse repo transactions. Investment securities with a fair value of \u00a31,067 million (2025: \u00a32,163 million) have been used for sale and repurchase agreements and \u00a31,466 million (2025: \u00a32,353 million) for derivative financial instruments. In addition, \u00a3197 million (2025: \u00a3197 million) of investment securities are held for regulatory requirements. The Group also holds \u00a3993 million (2025: \u00a3624 million) of investment securities as collateral under reverse repurchase agreements which are not recognised in the table above. No collateral has been repledged at 31 March 2026 (31 March 2025: \u00a3nil). Further information on investment securities is included in the Credit risk - Treasury assets section of the Risk report. 14. Loans and advances to customers 2026 2025 Loans held at amortised cost Loans held Total Loans held at amortised cost Loans held Total Gross Provisions Other (note i) Total Gross Provisions Other (note i) Total at FVTPL at FVTPL Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Owner-occupied mortgages 224,856 (129) - 224,727 32 224,759 215,546 (115) - 215,431 36 215,467 Buy to let and legacy residential 61,442 (223) - 61,219 - 61,219 60,344 (236) - 60,108 - 60,108 mortgages Consumer lending 11,578 (829) - 10,749 - 10,749 11,107 (824) - 10,283 - 10,283 Business lending 14,668 (154) 204 14,718 38 14,756 14,818 (113) 277 14,982 49 15,031 Total 312,544 (1,335) 204 311,413 70 311,483 301,815 (1,288) 277 300,804 85 300,889 2026 2025 Loans held at amortised cost Loans held Total Loans held at amortised cost Loans held Total Gross Provisions Other (note i) Total Gross Provisions Other (note i) Total at FVTPL at FVTPL Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Owner-occupied mortgages 184,177 (96) - 184,081 32 184,113 174,298 (92) - 174,206 36 174,242 Buy to let and legacy residential 170 (4) - 166 - 166 211 (3) - 208 - 208 mortgages Consumer lending 5,094 (413) - 4,681 - 4,681 4,441 (372) - 4,069 - 4,069 Business lending 5,280 (21) 204 5,463 2 5,465 5,067 (22) 277 5,322 2 5,324 Total 194,721 (534) 204 194,391 34 194,425 184,017 (489) 277 183,805 38 183,843 Note: i. \u2018Other\u2019 represents a fair value adjustment for micro hedged risk for business loans that were previously hedged on an individual basis. The hedge accounting relationships have been discontinued and the balances are being amortised over the remaining life of the loans. 228The tables below summarise the movements in, and stage allocation of, gross loans and advances to customers held at amortised cost, including the impact of impairment provisions and excluding the fair value adjustment for micro hedged risk. Additional tables summarising the movements for the Group\u2019s residential mortgages, consumer lending and business lending are presented in the Credit risk section of the Risk report. The tables are prepared on a net basis. The movements within the tables compare the position at 31 March 2026 to that at 31 March 2025. Further detail on the methodology is included within the footnotes to the tables. The reasons for key movements for the year ended 31 March 2026 were as follows: \uf0b7 Gross balances increased by \u00a310.7 billion, of which \u00a310.4 billion relates to residential mortgages. \uf0b7 Assets written off in the year totalled \u00a3302 million, of which \u00a3259 million relates to consumer lending. \uf0b7 Impairment provisions increased by \u00a347 million in the period to \u00a31,335 million. \u00a341 million of the increase relates to business lending. Further detail on impairment provisions by portfolio is shown in note 10 and in the Credit risk section of the Risk report. Reconciliation of net movements in balances and impairment provisions Non-credit impaired Credit impaired (note i) Subject to 12-month ECL Subject to lifetime ECL Subject to lifetime ECL Total Stage 1 Stage 2 Stage 3 and POCI Gross Gross Gross Gross Provisions Provisions Provisions Provisions balances balances balances balances Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 1 April 2025 257,751 205 41,092 633 2,972 450 301,815 1,288 Stage transfers: Transfers from stage 1 to stage 2 (14,908) (32) 14,908 32 - - - - Transfers to stage 3 (435) (5) (766) (84) 1,201 89 - - Transfers from stage 2 to stage 1 12,266 164 (12,266) (164) - - - - Transfers from stage 3 58 3 266 14 (324) (17) - - Net remeasurement of ECL arising from transfer of stage (note ii) - (165) - 212 - 143 - 190 Net movement arising from transfer of stage (3,019) (35) 2,142 10 877 215 - 190 Change in exposure in the year (note iii) 12,508 65 (855) 53 (522) (15) 11,131 103 Changes in risk parameters in relation to credit quality (note iv) - (11) - (59) - 198 - 128 Other items impacting the income statement (note v) - - - - - (90) - (90) Income statement charge for the year 331 Assets written off (note v) - - - - (402) (302) (402) (302) Other adjustments (note vi) - - - - - 18 - 18 At 31 March 2026 267,240 224 42,379 637 2,925 474 312,544 1,335 Net carrying amount 267,016 41,742 2,451 311,209 Reconciliation of net movements in balances and impairment provisions Non-credit impaired Credit impaired (note i) Subject to 12-month ECL Subject to lifetime ECL Subject to lifetime ECL Total Stage 1 Stage 2 Stage 3 and POCI Gross Gross Gross Gross Provisions Provisions Provisions Provisions balances balances balances balances Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 5 April 2024 174,860 54 37,303 381 1,666 346 213,829 781 Stage transfers: Transfers from stage 1 to stage 2 (12,976) (6) 12,976 6 - - - - Transfers to stage 3 (158) (1) (495) (35) 653 36 - - Transfers from stage 2 to stage 1 12,112 104 (12,112) (104) - - - -Transfers from stage 3 58 2 222 12 (280) (14) - - Net remeasurement of ECL arising from transfer of stage (note ii) - (87) - 64 - 61 - 38Net movement arising from transfer of stage (964) 12 591 (57) 373 83 - 38Change in exposure in the period (note iii) 83,855 141 3,198 323 1,138 184 88,191 648 Changes in risk parameters in relation to credit quality (note iv) - (2) - (14) - 20 - 4 Other items impacting the income statement (note v) - - - - - (58) - (58)Income statement charge for the period 632Assets written off (note v) - - - - (205) (141) (205) (141) Other adjustments (note vi) - - - - - 16 - 16At 31 March 2025 257,751 205 41,092 633 2,972 450 301,815 1,288 Net carrying amount 257,546 40,459 2,522 300,527 Notes: i. Gross balances of credit impaired loans include \u00a3792 million (2025: \u00a3947 million) of purchased or originated credit impaired (POCI) loans which are presented net of lifetime ECL of \u00a364 million (2025: \u00a3100 million). These loans were recognised on the balance sheet when Derbyshire Building Society was acquired in 2008, and Virgin Money was acquired in 2024. ii. The remeasurement of provisions arising from a change in stage is reported within the stage to which the assets are transferred. iii. This comprises new assets originated, redemptions, and further lending and capital repayments made where the asset is not derecognised. The gross balances value is calculated as the closing balance for the period less the opening balance for the period. The provisions value is calculated as the change in exposure at default (EAD) multiplied by opening provision coverage for the period. For any asset that is derecognised in the period, the value disclosed is the provision at the start of the period. iv. This comprises changes in risk parameters, and changes to modelling inputs and methodology. The provision movement for the change in risk parameters is calculated for assets that do not move stage in the period. v. The movement in provisions for \u2018assets written off\u2019 are presented net of post-write off recoveries of \u00a373 million (2025: \u00a342 million). The income statement impact of these recoveries is included within 'other items impacting the income statement'. vi. Other adjustments include the release of provisions related to POCI balances which have redeemed during the period. Reconciliation of net movements in balances and impairment provisions Non-credit impaired Credit impaired Subject to 12-month ECL Subject to lifetime ECL Subject to lifetime ECL Total Stage 1 Stage 2 Stage 3 Gross Gross Gross Gross Provisions Provisions Provisions Provisions balances balances balances balances Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 1 April 2025 169,539 40 13,413 166 1,065 283 184,017 489 Stage transfers: Transfers from stage 1 to stage 2 (6,476) (6) 6,476 6 - - - - Transfers to stage 3 (155) (1) (305) (19) 460 20 - - Transfers from stage 2 to stage 1 6,319 58 (6,319) (58) - - - - Transfers from stage 3 37 1 164 7 (201) (8) - - Net remeasurement of ECL arising from transfer of stage (note i) - (48) - 69 - 68 - 89 Net movement arising from transfer of stage (275) 4 16 5 259 80 - 89 Change in exposure in the year (note ii) 11,672 2 (761) 16 (108) 4 10,803 22 Changes in risk parameters related to credit quality (note iii) - - - 4 - 16 - 20 Other items impacting the income statement (note iv) - - - - - (12) - (12) Income statement charge for the year 119 Assets written off (note iv) - - - - (99) (71) (99) (71) Other adjustments (note v) - - - - - (3) - (3) At 31 March 2026 180,936 46 12,668 191 1,117 297 194,721 534 Net carrying amount 180,890 12,477 820 194,187 Reconciliation of net movements in balances and impairment provisions Non-credit impaired Credit impaired Subject to 12-month ECL Subject to lifetime ECL Subject to lifetime ECL Total Stage 1 Stage 2 Stage 3 Gross Gross Gross Gross Provisions Provisions Provisions Provisions balances balances balances balances Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mAt 5 April 2024 154,715 38 14,428 234 1,014 281 170,157 553 Stage transfers: Transfers from stage 1 to stage 2 (7,247) (5) 7,247 5 - - - - Transfers to stage 3 (138) (1) (329) (27) 467 28 - - Transfers from stage 2 to stage 1 6,907 85 (6,907) (85) - - - - Transfers from stage 3 43 1 151 7 (194) (8) - - Net remeasurement of ECL arising from transfer of stage (note i) - (70) - 49 - 56 - 35Net movement arising from transfer of stage (435) 10 162 (51) 273 76 - 35Change in exposure in the period (note ii) 15,259 (3) (1,177) - (123) (1) 13,959 (4) Changes in risk parameters related to credit quality (note iii) - (5) - (17) - 17 - (5) Other items impacting the income statement (note iv) - - - - - (8) - (8)Income statement charge for the period 18Assets written off (note iv) - - - - (99) (81) (99) (81)Other adjustments (note v) - - - - - (1) - (1)At 31 March 2025 169,539 40 13,413 166 1,065 283 184,017 489 Net carrying amount 169,499 13,247 782 183,528Notes: i. The remeasurement of provisions arising from a change in stage is reported within the stage to which the assets are transferred. ii. This comprises new assets originated, redemptions, and further lending and capital repayments made where the asset is not derecognised. The gross balances value is calculated as the closing balance for the period less the opening balance for the period. The provisions value is calculated as the change in exposure at default (EAD) multiplied by opening provision coverage for the period. For any asset that is derecognised in the period, the value disclosed is the provision at the start of the period. iii. This comprises changes in risk parameters, and changes to modelling inputs and methodology. The provision movement for the change in risk parameters is calculated for assets that do not move stage in the period. iv. The movement in provisions for \u2018assets written off\u2019 are presented net of post-write off recoveries of \u00a315 million (2025: \u00a39 million). The income statement impact of these recoveries is included within 'other items impacting the income statement'. v. Other adjustments include the release of provisions related to POCI balances which have redeemed during the period. Maturity analysis The following table shows the residual maturity of loans and advances to customers, based on their contractual maturity: Residual maturity of loans and advances to customers Group Society 2025 2026 2026 2025 (note i) \u00a3m \u00a3m \u00a3m \u00a3m Repayable: On demand 1,063 1,020 347 313 In not more than three months 11,538 11,291 3,853 3,641 In more than three months but not more than one year 8,491 8,513 5,813 5,727 In more than one year but not more than five years 43,793 43,706 29,081 28,568 In more than five years 247,729 237,370 155,661 145,806 312,614 301,900 194,755 184,055 Impairment provision on loans and advances (1,335) (1,288) (534) (489) Fair value adjustment for micro hedged risk 204 277 204 277 Total 311,483 300,889 194,425 183,843 Note: i. Comparatives have been restated to reclassify certain business term lending amounts with revolving credit facilities between maturity categories, to align to contractual maturity dates, irrespective of earlier rollover dates. The maturity analysis is produced on the basis that where a loan is repayable by instalments, each such instalment is treated as a separate repayment. The analysis is based on contractual maturity rather than actual redemption levels, which are likely to be materially different. Asset backed funding Certain mortgages have been pledged to the Group\u2019s asset backed funding programmes or utilised as whole mortgage loan pools for the Bank of England\u2019s (BoE\u2019s) Term Funding Scheme with additional incentives for Small and Medium sized Enterprises (TFSME) and other short-term liquidity facilities. The programmes have enabled the Group to obtain secured funding. Mortgages pledged and the carrying values of the notes in issue are as follows: Mortgages pledged to asset backed funding programmes 2026 2025 Notes in issue Notes in issue Held by Held by the Group Held by Held by the Group Mortgages third Mortgages third pledgedpartiesDrawn Undrawn Total notes pledgedpartiesDrawn Undrawn Total notes (note i) (note ii) (note iii) (note iv) in issue (note i) (note ii) (note iii) (note iv)in issue Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Covered bond programmes 44,507 23,111 - - 23,111 32,739 20,829 - - 20,829 Securitisation programmes 14,878 5,055 - 5,125 10,180 19,353 5,015 - 6,128 11,143 Whole mortgage loan pools 5,382 - 2,942 - 2,942 1,219 - 910 - 910 Total 64,767 28,166 2,942 5,125 36,233 53,311 25,844 910 6,128 32,882 Notes: i. Mortgages pledged include \u00a321.7 billion (2025: \u00a315.2 billion) in the covered bond and securitisation programmes that are in excess of the amount contractually required to support notes in issue. ii. Notes in issue which are held by third parties are included within debt securities in issue. Further information on debt securities is included in note 18. iii. Notes in issue, held by the Group and drawn, are whole mortgage loan pools securing amounts drawn with the BoE. iv. Notes in issue, held by the Group and undrawn, are debt securities issued by the programmes to the Society or other Group entities. Mortgages pledged under the covered bond programmes provide security for covered bonds issued by the Society or Virgin Money. The securitisation notes are issued by the programmes and the issuing entities are fully consolidated into the accounts of the Group. The issuance proceeds are used to purchase, for the benefit of note holders, a share of the beneficial interest in the pledged mortgages. The remaining beneficial interest in the pledged mortgages stays with the originator of the mortgages and includes its required minimum seller share in accordance with the rules of the programme. The entitlement of note holders is restricted to payment of principal and interest to the extent that the resources of the programme are sufficient to support such payment and the holders of the notes have agreed not to seek recourse in any other form. The Group is under no obligation to support losses incurred by the programmes or holders of the notes and does not intend to provide such further support. The whole mortgage loan pools are pledged at the BoE Single Collateral Pool. Notes are not issued when pledging the mortgage loan pools at the BoE. Instead, the whole loan pool is pledged to the BoE and drawings are made directly against the eligible collateral, subject to a haircut. In accordance with accounting standards, notes in issue held by the Group and undrawn are not recognised in the Group\u2019s or Society\u2019s balance sheets. Mortgages pledged are not derecognised from the Group or Society balance sheets as substantially all the risks and rewards of ownership have been retained. The Group and Society continue to be exposed to the liquidity risk, interest rate risk and credit risk of the mortgages. No gain or loss has been recognised on pledging the mortgages to the programmes. The following table sets out the carrying value and fair value of the transferred assets and liabilities for the securitisation programmes: Carrying value Fair value Transferred Associated Total Transferred Associated Total assetsliabilitiesassetsliabilities\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 31 March 2026 14,878 (10,180) 4,698 14,661 (10,164) 4,497 At 31 March 2025 19,353 (11,143) 8,210 19,221 (11,154) 8,06715. Derivative financial instruments All of the Group\u2019s derivative financial instruments are used to manage economic risk, although not all of the derivatives are subject to hedge accounting. Note 7 sets out the link between economic risk management and the hedge accounting applied by the Group. The table below provides an analysis of the notional amount and fair value of derivatives by both hedge accounting type and instrument type. The amount of ineffectiveness recognised for each hedge type is shown in note 7. Contract/notional amount is the amount on which payment flows are derived, and does not represent amounts at risk. Derivatives by instrument and hedge type Group Society2026 2025 2026 2025 Contract/ Fair value (note ii) Contract/ Fair value (note ii) Contract/ Fair value (note ii) Contract/ Fair value (note ii) notional notional notional notional amount Assets Liabilities Assets Liabilities Assets Liabilities amount amount amount (note i) (note i) (note i) (note i) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Micro fair value hedges: Interest rate swaps 56,117 40 238 54,003 38 214 62,151 560 266 55,228 444 321 Cross currency interest rate swaps 48,642 1,322 677 47,064 1,562 1,063 57,672 1,416 1,027 52,999 1,832 1,115 Bond forwards 1,100 13 - 42 - - 1,100 13 - 42 - - Inflation swaps 4,728 10 93 5,663 43 32 4,728 10 93 4,183 43 32 110,587 1,385 1,008 106,772 1,643 1,309 125,651 1,999 1,386 112,452 2,319 1,468 Macro fair value hedges: Interest rate swaps 309,688 472 18 292,950 1,195 31 280,376 472 18 272,687 1,195 31 309,688 472 18 292,950 1,195 31 280,376 472 18 272,687 1,195 31 Cash flow hedges: Interest rate swaps 92,858 - 29 28,014 5 3 55,715 - 26 - - - Cross currency interest rate swaps 42,040 21 8 32,623 13 17 41,161 21 8 31,744 13 16 134,898 21 37 60,637 18 20 96,876 21 34 31,744 13 16 Not subject to hedge accounting: (note iii) Interest rate swaps 83,946 1,275 69 107,246 1,646 119 83,729 1,291 43 106,592 1,629 85 Cross currency interest rate swaps 1,769 30 17 1,546 33 38 1,769 25 (19) 2,201 27 19 Foreign exchange swaps 2,655 22 10 1,668 13 4 2,061 17 4 1,157 10 - Inflation swaps 10,657 131 10 10,325 180 16 10,657 131 10 10,325 180 16 Other derivatives 1,053 5 9 1,359 14 10 168 - 2 109 - 2 100,080 1,463 115 122,144 1,886 187 98,384 1,464 40 120,384 1,846 122 Total 655,253 3,341 1,178 582,503 4,742 1,547 601,287 3,956 1,478 537,267 5,373 1,637 Notes: i. Where the same derivative contract has been used in more than one hedge type, for example where one risk component has been included in a fair value hedge and another risk component has been included in a cash flow hedge, the full notional amount has been included in both categories. Where two derivative contracts are entered into which represent offsetting positions, the full notional amounts of both contracts are presented. ii. Derivative asset and liability fair values are presented based upon their carrying values within the balance sheet, with some instruments being presented gross and others netted with other balances with the same counterparty, in accordance with the requirements of IAS 32. Further information is included in note 24. iii. Bid-offer, credit and funding valuation adjustments are applied at a portfolio level and not allocated to individual hedge accounting relationships and have therefore been included in the \u2018Not subject to hedge accounting section\u2019, which can result in negative amounts presented. The contractual maturity of derivatives used as hedging instruments in fair value and cash flow hedges is provided in the table below. Contractual maturity of hedging instruments (contract/notional amount) 2026 2025 Less than Between one More than Total Less than Between one More than Total one year and five years five years one year and five years five years Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mMicro fair value hedges Interest rate swaps 10,545 25,395 20,177 56,117 6,135 30,133 17,735 54,003 Cross currency interest rate swaps 9,662 24,074 14,906 48,642 5,182 28,645 13,237 47,064 Bond forwards 1,100 - - 1,100 42 - - 42Inflation swaps - 1,758 2,970 4,728 - 1,911 3,752 5,663 21,307 51,227 38,053 110,587 11,359 60,689 34,724 106,772 Macro fair value hedges: Interest rate swaps 148,856 155,909 4,923 309,688 128,681 158,777 5,492 292,950 148,856 155,909 4,923 309,688 128,681 158,777 5,492 292,950 Cash flow hedges Interest rate swaps 48,743 35,188 8,927 92,858 14,766 10,462 2,786 28,014Cross currency interest rate swaps 7,752 20,806 13,482 42,040 3,529 20,433 8,661 32,623 56,495 55,994 22,409 134,898 18,295 30,895 11,447 60,637 Contractual maturity of hedging instruments (contract/notional amount) 2026 2025 Less than Between one More than Total Less than Between one More than five Total one year and five years five years one year and five years years Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mMicro fair value hedges Interest rate swaps 11,455 27,715 22,981 62,151 5,302 31,642 18,28455,228 Cross currency interest rate swaps 10,075 28,067 19,530 57,672 5,938 31,033 16,028 52,999 Bond forwards 1,100 - - 1,100 42 - - 42Inflation swaps - 1,759 2,969 4,728 - 1,381 2,802 4,18322,630 57,541 45,480 125,651 11,282 64,056 37,114 112,452 Macro fair value hedges: Interest rate swaps 139,505 136,043 4,828 280,376 124,179 143,016 5,492 272,687 139,505 136,043 4,828 280,376 124,179 143,016 5,492 272,687 Cash flow hedges Interest rate swaps 29,852 21,637 4,226 55,715 - - - - Cross currency interest rate swaps 7,753 20,367 13,041 41,161 3,529 19,994 8,221 31,74437,605 42,004 17,267 96,876 3,529 19,994 8,221 31,744 The weighted average rates of hedging instruments which achieve fixed rates are summarised in the table below. Fair value and cash flow hedging instruments which do not achieve a fixed rate have not been included in this analysis. Average rates achieved 2026 2025 Less than Between one More than Total Less than Between one More than Total one year and five five years one year and five five years Group years years Cross currency interest rate swaps Average EUR/GBP rate 1.18 1.17 1.18 1.17 1.13 1.17 1.19 1.17 Average USD/GBP rate 1.29 1.30 1.33 1.30 1.39 1.29 1.30 1.30 Average JPY/GBP rate 154.07 165.78 - 160.81 143.40 157.83 - 149.98 Average NOK/GBP rate 11.35 11.21 13.15 11.74 - 11.28 13.06 11.72 Average HKD/GBP rate 11.05 11.60 10.29 10.89 12.14 11.52 9.13 11.56 Average CHF/GBP rate 1.11 1.14 1.18 1.15 1.16 1.14 1.24 1.16 Average CAD/GBP rate 1.85 1.77 1.69 1.74 1.78 1.75 1.70 1.72 Average AUD/GBP rate - 1.80 1.74 1.79 - 1.80 1.70 1.78 Average rates achieved 2026 2025 Less than Between one More than Total Less than Between one More than Total one year and five five years one year and five five years Society years years Cross currency interest rate swaps Average EUR/GBP rate 1.21 1.17 1.18 1.18 1.13 1.18Average USD/GBP rate 1.28 1.30 1.33 1.30 1.39 1.28 1.30 1.29 Average JPY/GBP rate 154.07 165.78 - 160.81 143.40 157.83 -149.98 Average NOK/GBP rate 11.35 11.21 13.23 12.00 - 11.28 13.18 11.99Average HKD/GBP rate 11.05 11.60 10.29 10.89 12.14 11.52 9.1311.56 Average CHF/GBP rate 1.11 1.14 1.18 1.15 1.16 1.14 1.24 1.16 Average CAD/GBP rate 1.85 1.77 1.69 1.74 1.78 1.75 1.701.72 Average AUD/GBP rate - 1.80 1.74 1.79 - 1.80 1.701.7816. Deposits from banks and similar institutions A maturity analysis for the Group\u2019s deposits from banks and similar institutions can be found in the Liquidity and funding risk section of the Risk report. Deposits from banks and similar institutions include \u00a30.9 billion (2025: \u00a30.9 billion) and \u00a3nil (2025: \u00a3nil) of TFSME for the Group and Society, respectively. 17. Other deposits Group Society 2025 2026 2025 2026 (note i) \u00a3m \u00a3m \u00a3m \u00a3m Non-member retail deposits 53,771 53,312 - - Non-member business deposits 22,761 21,087 3,822 4,015 Other 234 268 234 268 Total 76,766 74,667 4,056 4,283 Note: i. Comparatives have been restated as detailed in note 1. Non-member retail deposits represent Virgin Money retail customer deposits.18. Debt securities in issue Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Certificates of deposit and commercial paper 1,721 2,516 1,721 2,516 Covered bonds 23,778 21,251 20,021 16,810 Securitisations 5,055 5,015 - - Senior preferred (notes i, ii) 11,793 14,792 11,474 12,131 Senior non-preferred (note ii) 13,449 8,193 13,457 8,193 55,796 51,767 46,673 39,650 Fair value adjustment for micro hedged risk (975) (658) (299) (221) Total 54,821 51,109 46,374 39,429 Note: i. Senior preferred debt securities in issue for the Group at 31 March 2026 include \u00a3319 million (2025: \u00a32,661 million) of MREL-eligible liabilities issued by Virgin Money UK PLC. ii. On 2 July 2025, as a result of a consent exercise, senior preferred debt securities with a notional value of \u00a31,483 million issued by Virgin Money UK PLC were cancelled and exchanged for senior non-preferred debt securities issued by Nationwide Building Society. The total for debt securities in issue in the Group includes \u00a328,166 million (2025: \u00a325,844 million), and in the Society includes \u00a320,021 million (2025: \u00a316,810 million), secured on certain loans and advances to customers. Further information is given in note 14. Senior non-preferred notes are a class of liability which rank equally with each other and behind the claims against the Society of all depositors, creditors and investing members other than holders of Tier 2 eligible subordinated notes, permanent interest-bearing shares (PIBS), Additional Tier 1 (AT1) instruments and core capital deferred shares (CCDS) issued by the Society. Senior non-preferred notes contribute to meeting the Society\u2019s minimum requirement for own funds and eligible liabilities (MREL) and loss absorbing requirements.19. Subordinated liabilities Group Society 2026 2025 2026 2025 Issuance date Next call date Maturity date \u00a3m \u00a3m \u00a3m \u00a3m Tier 2 eligible notes Nationwide Building Society issued notes: 4% subordinated notes (USD 1.25 billion) (note i) 14 September 2016 14 September 2026 842 864 842 864 4.125% subordinated notes (USD 1.25 billion) (note ii) 18 October 2017 18 October 2027 18 October 2032 390 400 390 400 4.375% subordinated notes (EUR 0.5 billion) 16 April 2024 16 April 2029 16 April 2034 452 434 452 434 4% subordinated notes (EUR 0.65 billion) 30 April 2025 30 July 2030 30 July 2035 578 - 578 - 2.625% subordinated notes (GBP 0.3 billion) (note iii) 19 May 2021 19 May 2026 19 August 2031 298 - 300 - 1.676% subordinated notes (GBP 0.4 billion) 14 October 2025 14 July 2031 14 July 2036 403 - 403 - Virgin Money UK PLC issued notes: 5.13% subordinated notes (GBP 0.475 billion) (note iv) 11 September 2020 11 December 2030 - 481 - - 2.625% subordinated notes (GBP 0.3 billion) (note iii) 19 May 2021 19 May 2026 19 August 2031 - 290 - - 2,963 2,469 2,965 1,698 Fair value hedge accounting adjustments (32) (25) (33) (24) Total 2,931 2,444 2,932 1,674Notes: i. The Society repurchased USD 136 million of the outstanding principal on 10 June 2022. ii. The Society repurchased USD 742 million of the outstanding principal on 10 June 2022. iii. Nationwide was substituted in place of Virgin Money UK PLC as the obligor of these notes on 2 July 2025. iv. The Group exercised its option to call these notes during the period ended 31 March 2026. The Tier 2 eligible subordinated notes rank at least pari passu with other such notes of the relevant issuer, behind claims of all senior creditors and ahead of claims against the Group of holders of PIBS, AT1 instruments and CCDS. These notes are dated subordinated securities on which there is an obligation to pay coupons and are included within the Group's regulatory capital base as Tier 2 capital. The interest rate and foreign exchange risks arising from the issuance of fixed rate and foreign currency subordinated liabilities have been mitigated through the use of derivatives. 20. Subscribed capital Group and Society 2026 2025 Next call date \u00a3m \u00a3m 5.769% permanent interest-bearing shares (note i) - 84 7.859% permanent interest-bearing shares (note ii) 13 March 2030 39 38 Floating rate (Sonia + 4.2%) permanent interest-bearing shares 30 September 2030 5 5 44 127 Fair value hedge accounting adjustments 2 2 Total 46 129 Notes:i. The society exercised its option to call these notes during the period ended 31 March 2026. ii. Repayable, at the option of the Society, in full on the initial call date or every fifth anniversary thereafter. If not repaid on a call date, then the interest rate is reset at a rate linked to the prevailing five-year benchmark gilt rate. All PIBS are denominated in sterling and only repayable with the prior consent of the PRA. PIBS do not form part of capital resources. PIBS rank equally with each other. They are deferred shares of the Society and rank behind the claims against the Society of all noteholders, depositors, creditors and investing members of the Society, other than the holders of AT1 and CCDS instruments. The interest rate risk arising from the issuance of fixed rate PIBS has been mitigated through the use of interest rate swaps.21. Fair value hierarchy of financial assets and liabilities held at fair value The following table shows the Group\u2019s and Society\u2019s financial assets and liabilities that are held at fair value by fair value hierarchy, balance sheet classification and product type: 2026 2025 Fair values based on Fair values based on Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Government, government guaranteed and supranational investment securities 21,268 - - 21,268 22,977 - - 22,977 Other debt investment securities 3,326 1,230 4 4,560 4,344 1,277 3 Investments in equity shares - - 77 77 - - 62 62 Total investment securities 24,594 1,230 81 25,905 27,321 1,277 65 28,663 Interest rate swaps - 1,787 - 1,787 - 2,884 - 2,884 Cross currency interest rate swaps - 1,373 - 1,373 - 1,608 - 1,608 Foreign exchange swaps - 22 - 22 - 13 - 13 Inflation swaps - 141 - 141 - 182 41 223 Other derivatives - 18 - 18 - 8 6 14 Total derivative financial instruments - 3,341 - 3,341 - 4,695 47 4,742 Loans and advances to customers - 36 34 70 - 47 38 85 Total financial assets 24,594 4,607 115 29,316 27,321 6,019 150 33,490 Financial liabilities Interest rate swaps - 354 - 354 - 367 - 367 Cross currency interest rate swaps - 702 - 702 - 1,118 - 1,118 Foreign exchange swaps - 10 - 10 - 4 - 4 Inflation swaps - 103 - 103 - 23 25 48 Other derivatives - 9 - 9 - 8 2 10 Total derivative financial instruments - 1,178 - 1,178 - 1,520 27 1,547 Total financial liabilities - 1,178 - 1,178 - 1,520 27 1,547 2026 2025 Fair values based on Fair values based on Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Government, government guaranteed and supranational investment securities 18,485 - - 18,485 18,316 - - 18,316Other debt investment securities 2,274 1,230 - 3,504 2,8081,277 - Investments in equity shares - - 1 1 - - 1 1 Total investment securities 20,759 1,230 1 21,990 21,124 1,277 1 22,402 Interest rate swaps - 2,323 - 2,323 - 3,268 - 3,268 Cross currency interest rate swaps - 1,462 - 1,462 - 1,872 - 1,872 Foreign exchange swaps - 17 - 17 - 10 - 10 Inflation swaps - 141 - 141 - 182 41 223 Other derivatives - 13 - 13 - - - - Total derivative financial instruments - 3,956 - 3,956 - 5,332 41 5,373 Loans and advances to customers - - 34 34 - - 38 38 Total financial assets 20,759 5,186 35 25,980 21,124 6,609 80 27,813 Financial liabilities Interest rate swaps - 353 - 353 - 437 - 437 Cross currency interest rate swaps - 1,016 - 1,016 - 1,150 - 1,150 Foreign exchange swaps - 4 - 4 - - - - Inflation swaps - 103 - 103 - 23 25 48 Other derivatives - 2 - 2 - - 2 2 Total derivative financial instruments - 1,478 - 1,478 - 1,610 27 1,637 Total financial liabilities - 1,478 - 1,478 - 1,610 27 1,637 The Level 1 portfolio comprises government and other highly rated securities for which traded prices are readily available. Asset valuations for Level 2 investment securities are sourced from consensus pricing or other observable market prices. None of the Level 2 investment securities are valued using models. Level 2 derivative assets and liabilities are valued using observable market data for all significant valuation inputs. More detail on the Level 3 portfolio is provided in note 22. Transfers between fair value hierarchies Instruments move between fair value hierarchies primarily due to increases or decreases in market activity or changes to the significance of unobservable inputs to valuation. Transfers are recognised at the date of the event or change in circumstances which caused the transfer. There were no transfers between the Level 1 and Level 2 portfolios during the current year or prior period.22. Fair value of financial assets and liabilities held at fair value \u2013 Level 3 portfolio During the year, the main constituents of the Level 3 portfolio were: \uf0b7 certain loans and advances to customers, including a closed portfolio of residential mortgages; \uf0b7 certain investment securities, including investments made in Fintech companies; and \uf0b7 inflation swaps where seasonality is significant to the valuation. The table below sets out movements in the Level 3 portfolio, including transfers in and out of Level 3. The majority of the Group\u2019s Level 3 assets and liabilities are held within the Society, with the exception of its Level 3 investment securities which are predominantly held in a subsidiary of the Society. Movements in Level 3 portfolio 2026 2025 Investment Derivative Derivative Loans and Investment Derivative Derivative Loans and securities financial financial advances to securities financial financial advances to (note i) assets liabilities customers (note i) assets liabilities customers Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 April (2025: 5 April) 65 47 (27) 38 63 195 (5) 42 Gains/(losses) recognised in the income statement, within: Net interest income - 4 - 1 - 95 5 1 Gains/(losses) from derivatives and hedge accounting (note ii) 1 (13) (7) - - (163) 16 - Other operating income - - 3 (1) (3) 99 1 - Gains/(losses) recognised in other comprehensive income, within: Fair value through other comprehensive income reserve 1 - - - (2) - - - Additions 15 - - - 6 - - - Acquisition of Virgin Money - - - - 2 - - - Disposals (1) - (3) - (1) (97) (1) - Settlements/repayments - (26) (39) (4) - (82) (47) (5) Transfers out of Level 3 portfolio (note iii) - (12) 73 - - - 4 - At 31 March 81 - - 34 65 47 (27) 38 Unrealised (losses)/gains recognised in the income statement - (14) (7) (1) 3 (58) 17 - attributable to assets and liabilities held at the end of the period Notes: i. Includes \u00a375 million (2025: \u00a360 million) of equity investments which have been designated at FVOCI as the investments are being held for long-term strategic purposes. ii. Includes foreign exchange revaluation gains/(losses). iii. The proportional impact of seasonality on the value of USD-denominated and EUR-denominated inflation swaps reduced during the years ended 31 March 2026 and 31 March 2025, respectively, resulting in these instruments no longer being categorised within Level 3 of the fair value hierarchy. Level 3 portfolio sensitivity analysis of valuations using unobservable inputs The fair value of financial instruments is, in certain circumstances, measured using valuation techniques based on market prices that are not observable in an active market or significant unobservable market inputs. Reasonable alternative assumptions can be applied for sensitivity analysis, taking account of the nature of valuation techniques used, as well as the availability and reliability of observable proxy and historic data. The following table shows the sensitivity of the Level 3 fair values to reasonable alternative assumptions (as set out in the table of significant unobservable inputs below) and the resultant impact of such changes in fair value on the income statement or other comprehensive income. Sensitivity of Level 3 fair values 2026 2025 Income statement Other comprehensive Income statement Other comprehensive income income Favourable Unfavourable Favourable Unfavourable Favourable Unfavourable Favourable Unfavourable Fair value changes changes changes changes Fair value changes changes changes changes Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Investment securities 81 1 (1) 19 (19) 65 1 (1) 15 (15) Net derivative financial instruments - - - - - 20 5 (5) - - Loans and advances to customers 34 1 (1) - - 38 2 (1) - - Total 115 2 (2) 19 (19) 123 8 (7) 15 (15) Alternative assumptions are considered for each product and varied according to the quality of the data and variability of the underlying market. The following table discloses the significant unobservable inputs underlying the above alternative assumptions for assets and liabilities recognised at fair value and classified as Level 3, along with the range of values for those significant unobservable inputs. Where sensitivities are described, the inverse relationship will also generally apply. Significant unobservable inputs 2026 2025 Total Total Valuation Significant Range Units Total Total Valuation Significant Range Units assets liabilities technique unobservable (note i) assets liabilities technique unobservable (note i) inputs inputs Group \u00a3m \u00a3m \u00a3m \u00a3m Internal Various Internal Various Investment securities 81 - - - \u00a3 65 - - - \u00a3 assessment (note ii) assessment (note ii) Derivative financial Discounted Discounted - - Seasonality - - % 47 (27) Seasonality 0.02 0.54 % instruments cash flows cash flows Loans and advances to Discounted Discounted 34 - Discount rate 5.56 7.56 % 38 - Discount rate 5.11 7.11 % customers cash flows cash flows Notes: i. The range represents the values of the highest and lowest levels used in the calculation of favourable and unfavourable changes as presented in the table of sensitivities above. ii. Given the wide range of investments and variety of inputs to modelled values, which may include inputs such as observed market prices, discount rates or probability weightings of expected outcomes, the Group does not disclose ranges as they are not meaningful without reference to individual underlying investments, which would be impracticable. Some of the significant unobservable inputs used in the fair value measurement of investment securities may be interdependent. Discount rate The discount rate is used to determine the present value of future cash flows. The level of the discount rate takes into account the time value of money, but also the risk associated with the investment at the time the investment was made. Typically, the greater the risk, the higher the discount rate. A higher discount rate leads to a lower valuation and vice versa. Seasonality An inflation swap curve is built using inflation swap quotes to project future levels of the inflation indices in each of the markets in which the Group is active. These curves are used to calculate future cash flows. While inflation swap instruments give a good indication of annual growth in inflation, monthly index fixings throughout the year tend to behave differently and so the inflation swap curve is adjusted for this seasonality accordingly. The higher the seasonality, the greater the adjustment to the inflation swap curve. 23. Fair value of financial assets and liabilities measured at amortised cost The following tables summarise the Group\u2019s and Society\u2019s carrying value and fair value of financial assets and liabilities measured at amortised cost on the balance sheet: Fair value of financial assets and liabilities (note i) 2026 2025 Carrying Fair values based on Total fair Carrying Fair values based on Total fair Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 value value value value Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Loans and advances to banks and similar 1,758 - 1,758 - 1,758 1,810 - 1,810 - 1,810 institutions Loans and advances to customers: Residential mortgages 285,946 - - 282,080 282,080 275,539 - - 272,365 272,365 Consumer lending 10,749 - - 11,093 11,093 10,283 - - 10,596 10,596 Business lending 14,718 - 1,029 13,367 14,396 14,982 - 995 13,632 14,627 Total 313,171 - 2,787 306,540 309,327 302,614 - 2,805 296,593 299,398 Financial liabilities Shares 217,052 - 216,789 - 216,789 207,428 - 207,459 - 207,459 Deposits from banks and similar institutions 5,453 - 5,453 - 5,453 6,053 - 6,053 - 6,053 Other deposits 76,766 - 76,702 - 76,702 74,667 - 74,568 13 74,581 Debt securities in issue 54,821 21,104 34,033 - 55,137 51,109 18,719 32,722 - 51,441 Subordinated liabilities 2,931 - 2,959 - 2,959 2,444 - 2,464 - 2,464 Subscribed capital 46 - 47 - 47 129 - 129 - 129 Total 357,069 21,104 335,983 - 357,087 341,830 18,719 323,395 13 342,127 Fair value of financial assets and liabilities (note i) 2026 2025 Carrying Fair values based on Total fair Carrying Fair values based on Total fair value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 value value value Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Loans and advances to banks and similar 1,204 - 1,204 - 1,204 1,339 - 1,339 - 1,339 institutions Loans and advances to customers: Residential mortgages 184,247 - - 181,538 181,538 174,414 - - 171,410 171,410 Consumer lending 4,681 - - 4,602 4,602 4,069 - - 4,003 4,003 Business lending 5,463 - - 5,072 5,072 5,322 - - 4,890 4,890 Amounts due from Group undertakings (note ii) 47,461 - 4,022 43,455 47,477 42,833 - 752 42,079 42,831 Total 243,056 - 5,226 234,667 239,893 227,977 - 2,091 222,382 224,473 Financial liabilities Shares 217,052 - 216,789 - 216,789 207,428 - 207,459 - 207,459 Deposits from banks and similar institutions 4,449 - 4,449 - 4,449 5,102 - 5,102 - 5,102 Other deposits (note ii) 4,056 - 4,055 - 4,055 4,283 - 4,270 13 4,283 Debt securities in issue 46,374 17,351 28,678 - 46,029 39,429 14,274 25,039 - 39,313 Amounts due to Group undertakings (note ii) 333 - 333 - 333 242 - 242 - 242 Subordinated liabilities 2,932 - 2,958 - 2,958 1,674 - 1,692 - 1,692 Subscribed capital 46 - 47 - 47 129 - 129 - 129 Total 275,242 17,351 257,309 - 274,660 258,287 14,274 243,933 13 258,220 Notes: i. The tables above exclude cash and certain other financial assets and liabilities such as accruals, trade receivables, trade payables and settlement balances which are short-term in nature and for which fair value approximates carrying value. ii. Comparatives have been restated as detailed in note 1. Fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It does not reflect the economic benefits and costs that the group expects to flow from an instrument\u2019s cash flows over its expected future life. The assumptions and methodologies underlying the calculation of fair values of financial instruments at the balance sheet date are set out below. Loans and advances to banks and similar institutions The fair value of loans and advances to banks and similar institutions is estimated by discounting expected cash flows at a market discount rate. Loans and advances to customers The fair value of loans and advances to customers is estimated by discounting expected cash flows at rates that reflect current pricing for similar lending. Loans are segregated into portfolios with similar characteristics, with fair values estimated using valuation models incorporating a range of input assumptions considered consistent with those that would be used by market participants in valuing such loans, including expected credit losses and customer prepayment rates. Cash flows are discounted at rates which are appropriate based on the underlying portfolios. Amounts due from Group undertakings Level 2 amounts due from Group undertakings represent debt instruments issued by Virgin Money UK PLC to Nationwide Building Society. The fair value of these instruments is estimated using a discounted cash flow model applying yields on similar externally issued instruments. Level 3 amounts due from Group undertakings represent other loans to subsidiaries where carrying value approximates fair value as the rate payable resets biannually based on current market conditions. Shares, deposits and amounts due to Group undertakings Fair values of shares, deposits and amounts due to Group undertakings are estimated using discounted cash flow valuation techniques. In many cases, the fair value disclosed approximates carrying value because the instruments are short-term in nature or have interest rates that reprice frequently. The fair value for deposits with longer-term maturities, such as time deposits, are estimated using discounted cash flows applying either market rates or current rates for deposits of similar remaining maturities. Debt securities in issue, subordinated liabilities and subscribed capital The estimated fair values of longer dated liabilities are calculated based on quoted market prices where available or using similar instruments as a proxy for those liabilities that are not of sufficient size or liquidity to have an active market quote. For those notes for which quoted market prices are not available, a discounted cash flow model is used based on a current yield curve appropriate for the remaining term to maturity.24. Offsetting financial assets and financial liabilities The Group has financial assets and liabilities for which there is a legally enforceable right to set off the recognised amounts, and there is an intention to settle on a net basis or realise the asset and liability simultaneously. In accordance with IAS 32 \u2018Financial Instruments: Presentation,\u2019 where the right to set off is not unconditional in all circumstances this does not result in an offset of balance sheet assets and liabilities. The following table shows: \uf0b7 Amounts which have been offset, where there is an enforceable master netting arrangement or similar agreement in place, an unconditional right to offset exists and there is an intention to settle net (\u2018amounts offset\u2019); and \uf0b7 Amounts which have not been offset, where there is an enforceable master netting arrangement or similar agreement in place, but the offset criteria are otherwise not satisfied (\u2018master netting arrangements\u2019) and/or where financial collateral has been paid or received (\u2018financial collateral\u2019). Offsetting financial assets and financial liabilities 2026 2025 Gross Amounts Net amounts Master Financial Net Gross Amounts Net amounts Master Financial Net amounts offset reported on netting collateral amounts amounts offset reported on netting collateral amounts recognised (note i) the balance arrangements (note ii) recognised (note i) the balance arrangements (note ii) sheet sheet \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Derivative financial assets 11,911 (8,570) 3,341 (1,029) (2,237) 75 13,986 (9,244) 4,742 (1,236) (3,467) 39 Reverse repurchase 993 (993) - - - - 624 (624) - - - - agreements Total financial assets 12,904 (9,563) 3,341 (1,029) (2,237) 75 14,610 (9,868) 4,742 (1,236) (3,467) 39 Financial liabilities Derivative financial liabilities 9,047 (7,869) 1,178 (1,029) (12) 137 10,491 (8,944) 1,547 (1,236) (100) 211 Repurchase agreements 3,102 (993) 2,109 - (2,109) - 2,169 (624) 1,545 (10) (1,535) - Total financial liabilities 12,149 (8,862) 3,287 (1,029) (2,121) 137 12,660 (9,568) 3,092 (1,246) (1,635) 211 Notes: i. Amounts offset for derivative financial assets of \u00a38,570 million (2025: \u00a39,244 million) include cash collateral netted of \u00a31,289 million (2025: \u00a3720 million). Amounts offset for derivative financial liabilities of \u00a37,869 million (2025: \u00a38,944 million) include cash collateral netted of \u00a3588 million (2025: \u00a3420 million). ii. Financial collateral for repurchase agreements and reverse repurchase agreements may include investment securities or mortgage balances, with amounts presented limited to the net amounts reported on the balance sheet. Master netting arrangements consist of agreements such as an International Swaps and Derivatives Association (ISDA) Master Agreement, global master repurchase agreements and global master securities lending agreements, whereby outstanding transactions with the same counterparty can be offset and settled net, either unconditionally or following a default or other predetermined event. Financial collateral on derivative financial instruments consists of cash paid or received, typically daily or weekly, to mitigate the credit risk on the fair value of derivative contracts. Financial collateral on repurchase agreements typically comprises highly liquid securities which are legally transferred and can be liquidated in the event of counterparty default. The net amounts after offsetting presented above show the exposure to counterparty credit risk for derivative contracts after netting benefits and collateral, and are not intended to represent the Group\u2019s actual exposure to credit risk. This is due to a variety of credit mitigation strategies which are employed in addition to netting and collateral arrangements. ",
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"value": "8. Administrative expenses Group Society 2026 2025 2026 2025 Note \u00a3m \u00a3m \u00a3m \u00a3m Staff costs: Wages and salaries 1,082 839 714 669 Bonuses 155 132 108 97 Social security costs 172 116 115 90 Pension costs 30 258 204 183 169 Other staff costs (note i) 24 12 (45) (22) 1,691 1,303 1,075 1,003 Other administrative expenses: Property costs 164 133 113 110 Technology costs 845 598 519 452 Other operating costs 722 877 409 368 Depreciation, amortisation and impairment 694 592 483 499 Bank levy 33 34 33 34 Customer-related, legal and regulatory provisions 10 13 (12) 8 2,468 2,247 1,545 1,471 Total 4,159 3,550 2,620 2,474 Note: i. Other staff costs include credits of \u00a3120 million (2025: \u00a399 million) for the Group and the Society for capitalised permanent, contract and temporary staff costs. Executive directors and certain senior executives are entitled to long-term bonus payments under the Annual Performance Pay (APP) and the Long-Term Performance Pay (LTPP) plans. Long-term bonus awards made under the APP plan are based on current period results but are generally paid over a period of up to two years for executive directors, and up to four years for certain senior executives, with part of the awards linked to the value of Nationwide\u2019s core capital deferred shares (CCDS). Awards made under LTPP plans are based on longer term performance over a two or three-year period but are paid up to two years after the end of the performance period, with part of the awards linked to the value of Nationwide\u2019s CCDS. Long-term bonus awards made to Virgin Money employees with a performance period of 1 October 2024 to 31 March 2025 are reported within Annual Performance Pay 2025 in the table below. Long-term awards made to Virgin Money employees with a performance period commencing after the acquisition, and exceeding 12 months, will be reported within the Long-Term Performance Pay section of the table once recognised in the income statement. Legacy awards of Virgin Money, shown in the table, reflect new awards issued to replace those which lapsed as a result of the acquisition. No bonus is recognised in the income statement for the APP, LTPP or legacy Virgin Money plans until it is considered probable that payments will be made. Where a bonus payment is considered probable, the amount recognised in the income statement will reflect the portion of the vesting period that has passed. The vesting period for each plan runs from the start of the performance period or service period associated with the plan to the end of the service period. The payment of deferred elements remains subject to further discretion by the Remuneration Committee. During the period ended 31 March 2026, following changes to PRA regulations for the minimum deferral period to be applied to remuneration for Material Risk Takers, the Remuneration Committee reduced the deferral period of some of the Group\u2019s existing awards. This has resulted in accelerated recognition of remuneration expense in the period. The table below shows actual and expected charges to the income statement in respect of all APP, LTPP and legacy Virgin Money long-term bonuses for each relevant scheme year: Income statement charge for long-term bonuses Group Society Actual Actual Expected Expected Actual Actual Expected Expected 2025 2026 2027 2028 and 2025 2026 2027 2028 and (notes i, ii) (note iii) beyond (notes i, ii) (note iii) beyond (note iii) (note iii) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Annual Performance Pay: 2024 and previous years 12.6 3.3 0.8 0.4 12.6 3.3 0.8 0.4 2025 10.2 8.0 1.4 0.7 9.6 8.0 1.4 0.7 2026 - 16.1 6.0 2.7 - 12.6 5.2 2.1 Long-Term Performance Pay (note iv): 2024-2026, 2025-2027 and 2026-2028 - 2.3 0.3 0.6 - 2.3 0.3 0.6 Virgin Money legacy awards 3.6 2.3 0.5 0.1 - - - - Income statement charge for long-term bonuses 26.4 32.0 9.0 4.5 22.2 26.2 7.7 3.8 Notes: i. The bonus expense within employee costs includes \u00a312 million and \u00a38 million (2025: \u00a310 million and \u00a38 million), for Group and Society respectively, of deferred bonuses which will be paid more than one year from the balance sheet date. ii. In the year ended 31 March 2026, \u00a312 million and \u00a310 million (2025: \u00a315 million and \u00a311 million), in respect of Group and Society respectively, were recognised in the income statement in relation to awards linked to share-based payments, being amounts dependent on the performance of the Group\u2019s CCDS. These payments are deferred and are therefore included in accruals and deferred income on the balance sheet. iii. The amounts expected are based on past performance and are subject to change as a result of future leavers and CCDS performance. iv. Amounts are only recognised, or reported as expected in future periods, once payments are deemed probable. Further details on the long-term performance pay plan are included in the Report of the directors on remuneration. The remuneration of the external auditor, Ernst & Young LLP (EY), is set out below. External auditor\u2019s remuneration Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Statutory audit fees (note i) 11.2 18.5 5.8 9.4 Fees for audit-related assurances services 0.7 1.0 0.5 0.5 Total audit and audit-related assurance services 11.9 19.5 6.3 9.9 Other non-audit services 0.9 0.9 0.9 0.8 Total 12.8 20.4 7.2 10.7 Note: i. The Group statutory audit fees for 2025 include fees for audit services rendered to Virgin Money UK PLC for the period ended 30 September 2024. These services were completed in the period following the acquisition.",
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"value": "8. Administrative expenses Group Society 2026 2025 2026 2025 Note \u00a3m \u00a3m \u00a3m \u00a3m Staff costs: Wages and salaries 1,082 839 714 669 Bonuses 155 132 108 97 Social security costs 172 116 115 90 Pension costs 30 258 204 183 169 Other staff costs (note i) 24 12 (45) (22) 1,691 1,303 1,075 1,003 Other administrative expenses: Property costs 164 133 113 110 Technology costs 845 598 519 452 Other operating costs 722 877 409 368 Depreciation, amortisation and impairment 694 592 483 499 Bank levy 33 34 33 34 Customer-related, legal and regulatory provisions 10 13 (12) 8 2,468 2,247 1,545 1,471 Total 4,159 3,550 2,620 2,474 Note: i. Other staff costs include credits of \u00a3120 million (2025: \u00a399 million) for the Group and the Society for capitalised permanent, contract and temporary staff costs. Executive directors and certain senior executives are entitled to long-term bonus payments under the Annual Performance Pay (APP) and the Long-Term Performance Pay (LTPP) plans. Long-term bonus awards made under the APP plan are based on current period results but are generally paid over a period of up to two years for executive directors, and up to four years for certain senior executives, with part of the awards linked to the value of Nationwide\u2019s core capital deferred shares (CCDS). Awards made under LTPP plans are based on longer term performance over a two or three-year period but are paid up to two years after the end of the performance period, with part of the awards linked to the value of Nationwide\u2019s CCDS. Long-term bonus awards made to Virgin Money employees with a performance period of 1 October 2024 to 31 March 2025 are reported within Annual Performance Pay 2025 in the table below. Long-term awards made to Virgin Money employees with a performance period commencing after the acquisition, and exceeding 12 months, will be reported within the Long-Term Performance Pay section of the table once recognised in the income statement. Legacy awards of Virgin Money, shown in the table, reflect new awards issued to replace those which lapsed as a result of the acquisition. No bonus is recognised in the income statement for the APP, LTPP or legacy Virgin Money plans until it is considered probable that payments will be made. Where a bonus payment is considered probable, the amount recognised in the income statement will reflect the portion of the vesting period that has passed. The vesting period for each plan runs from the start of the performance period or service period associated with the plan to the end of the service period. The payment of deferred elements remains subject to further discretion by the Remuneration Committee. During the period ended 31 March 2026, following changes to PRA regulations for the minimum deferral period to be applied to remuneration for Material Risk Takers, the Remuneration Committee reduced the deferral period of some of the Group\u2019s existing awards. This has resulted in accelerated recognition of remuneration expense in the period. The table below shows actual and expected charges to the income statement in respect of all APP, LTPP and legacy Virgin Money long-term bonuses for each relevant scheme year: Income statement charge for long-term bonuses Group Society Actual Actual Expected Expected Actual Actual Expected Expected 2025 2026 2027 2028 and 2025 2026 2027 2028 and (notes i, ii) (note iii) beyond (notes i, ii) (note iii) beyond (note iii) (note iii) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Annual Performance Pay: 2024 and previous years 12.6 3.3 0.8 0.4 12.6 3.3 0.8 0.4 2025 10.2 8.0 1.4 0.7 9.6 8.0 1.4 0.7 2026 - 16.1 6.0 2.7 - 12.6 5.2 2.1 Long-Term Performance Pay (note iv): 2024-2026, 2025-2027 and 2026-2028 - 2.3 0.3 0.6 - 2.3 0.3 0.6 Virgin Money legacy awards 3.6 2.3 0.5 0.1 - - - - Income statement charge for long-term bonuses 26.4 32.0 9.0 4.5 22.2 26.2 7.7 3.8 Notes: i. The bonus expense within employee costs includes \u00a312 million and \u00a38 million (2025: \u00a310 million and \u00a38 million), for Group and Society respectively, of deferred bonuses which will be paid more than one year from the balance sheet date. ii. In the year ended 31 March 2026, \u00a312 million and \u00a310 million (2025: \u00a315 million and \u00a311 million), in respect of Group and Society respectively, were recognised in the income statement in relation to awards linked to share-based payments, being amounts dependent on the performance of the Group\u2019s CCDS. These payments are deferred and are therefore included in accruals and deferred income on the balance sheet. iii. The amounts expected are based on past performance and are subject to change as a result of future leavers and CCDS performance. iv. Amounts are only recognised, or reported as expected in future periods, once payments are deemed probable. Further details on the long-term performance pay plan are included in the Report of the directors on remuneration. The remuneration of the external auditor, Ernst & Young LLP (EY), is set out below. External auditor\u2019s remuneration Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Statutory audit fees (note i) 11.2 18.5 5.8 9.4 Fees for audit-related assurances services 0.7 1.0 0.5 0.5 Total audit and audit-related assurance services 11.9 19.5 6.3 9.9 Other non-audit services 0.9 0.9 0.9 0.8 Total 12.8 20.4 7.2 10.7 Note: i. The Group statutory audit fees for 2025 include fees for audit services rendered to Virgin Money UK PLC for the period ended 30 September 2024. These services were completed in the period following the acquisition.30. Retirement benefit obligations During the year, the Group operated three defined contribution pension schemes in the UK \u2013 the Nationwide Group Personal Pension Plan (GPP), Virgin Money\u2019s My Retirement scheme and the Nationwide Temporary Workers Pension Scheme. There is also a defined contribution pension scheme for a small number of employees in the Isle of Man. The Group also has funding obligations to several defined benefit pension schemes, which are administered by boards of trustees. Pension trustees are required by law to act in the interests of all relevant beneficiaries and are responsible for the investment policy of fund assets, as well as the day-to-day administration. The Group\u2019s largest pension scheme is the Nationwide Pension Fund (NPF). This is a defined benefit pension scheme, with both final salary and career average revalued earnings (CARE) sections. The NPF was closed to new entrants in 2007 and was closed to future accrual in 2021. Following the acquisition of Virgin Money in 2024, the Group also has funding obligations to the Yorkshire and Clydesdale Bank Pension Scheme (YCBPS). This scheme, with both final salary and CARE sections, was closed to new entrants in 2004 and to future accrual for almost all current employees in 2017. In line with UK pensions legislation, a formal actuarial valuation (Triennial Valuation) of the assets and liabilities of each of the defined benefit pension schemes is carried out at least every three years by independent actuaries. The main differences between the assumptions used for assessing defined benefit liabilities for purposes of the actuarial funding valuation and those used for accounting under IAS 19 \u2018Employee Benefits\u2019 are that the financial and demographic assumptions used for the funding valuation are generally more prudent than those used for the IAS 19 valuation. The 31 March 2025 NPF Triennial Valuation has been completed and indicated a funding surplus, and therefore a recovery plan requiring employer deficit contributions was not needed. The 30 September 2025 YCBPS Triennial Valuation is ongoing and will be completed by 31 December 2026. The previous YCBPS Triennial Valuation as at 30 September 2022 also indicated a funding surplus, and therefore a recovery plan requiring employer deficit contributions was not needed. Further information on the Group\u2019s obligations to defined benefit pension schemes is set out below. Defined benefit pension schemes Retirement benefit assets and liabilities Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Fair value of fund assets 6,626 6,767 4,089 4,165 Present value of funded obligations (5,910) (5,875) (3,740) (3,631) Surplus at 31 March 716 892 349 534 Other liabilities (4) (4) (3) (3) Retirement benefit obligations for the Society relate to the NPF. Approximately 46% (2025: 55%) of the NPF\u2019s pension obligations relate to deferred members (current and former employees not yet drawing their pension) and 54% (2025: 45%) to current pensioners and dependants. The weighted average duration of the NPF\u2019s pension obligation is approximately 14 years (2025: 14 years), reflecting an average duration of 17 years for deferred members and 11 years for current pensioners. Less than 1% (2025: less than 1%) of the YCBPS obligations are attributable to current employees still accruing benefits, 45% (2025: 45%) relate to deferred members and 54% (2025: 55%) to current pensioners and dependants. The weighted average duration of the YCBPS\u2019 pension obligation is approximately 12 years (2025: 13 years) reflecting an average duration of 14, 15 and 9 years for active members, deferred members and current pensioners respectively. The Group\u2019s retirement benefit obligations include a surplus of \u00a31 million (2025: surplus \u00a31 million) relating to Nationwide (Isle of Man) Limited, which has a defined benefit scheme providing benefits based on both final salary and CARE, which was closed to new entrants in 2009. The Group\u2019s retirement benefit obligations also include \u00a34 million (2025: \u00a34 million) in respect of unfunded legacy defined benefit arrangements. This obligation is included within other liabilities. The amounts recognised in the income statement are as follows: Retirement benefit obligations recognised in the income statement Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Defined contribution cost (249) (197) (178) (164) Defined benefit schemes - administrative expenses (9) (7) (5) (5) Included in employee costs (note 8) (258) (204) (183) (169) Interest on net defined benefit asset (note 3) 51 45 31 30 Total (207) (159) (152) (139) Changes in the present value of the net defined benefit asset are as follows: Movements in net defined benefit asset Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m At 1 April (2024: 5 April) 892 610 534 610 Interest on net defined benefit asset 51 45 31 30 Return on assets less than discount rate (note i) (212) (800) (130) (551) Contributions by employer 6 7 - - Acquisition of Virgin Money - 429 - - Administrative expenses (9) (7) (5) (5) Actuarial (losses)/gains on defined benefit obligations (note i) (12) 608 (81) 450 At 31 March 716 892 349 534 Note: i. The net impact before tax on the surplus of return on assets and actuarial (losses)/gains is a decrease of \u00a3224 million (2025: \u00a3192 million) for Group and a decrease of \u00a3211 million (2025: \u00a3101 million) for Society in other comprehensive income. The loss relating to the return on assets being less than the discount rate of \u00a3212 million (2025: \u00a3800 million) for the Group and \u00a3130 million (2025: \u00a3551 million) for Society is driven by decreases in value of the liability matching assets due to increases in long-term government bond yields in the year. As the NPF is closed to future accrual, there have been no current service costs, past service costs or employer contributions made in respect of future benefit accrual during the current or prior year. The YCBPS has a very small number of active members in the scheme which gives rise to employer contributions and service costs made in respect of future benefit accrual. There have been no employer deficit contributions required into the NPF or the YCBPS and there are no such contributions scheduled in the year ending 31 March 2027 or future years under the current Schedules of Contributions, other than the ongoing funding of the YCBPS administrative expenses. Employer deficit contributions of less than \u00a31 million (2025: less than \u00a31 million) were made in respect of the Group\u2019s defined benefit scheme in its Nationwide (Isle of Man) Limited subsidiary and there are no deficit contributions scheduled in the year ending 31 March 2027 or future years under the Schedule of Contributions. The actuarial loss on defined benefit obligations for the Group of \u00a312 million (2025: \u00a3608 million gain) and the Society of \u00a381 million (2025: \u00a3450 million gain) is due to: \uf0b7 A gain of \u00a3179 million (2025: \u00a3639 million) in the Group and \u00a3102 million (2025: \u00a3473 million) in the Society from changes in financial assumptions, driven by a 0.40% increase in the discount rate (which decreases the value of liabilities) partially offset by a 0.20% increase in assumed Retail Price Index (RPI) inflation (which increases the value of the liabilities). \uf0b7 A loss of \u00a348 million (2025: \u00a31 million gain) in the Group and \u00a350 million (2025: \u00a3nil) in the Society arising from the impacts of updates to demographic assumptions and applying the latest industry views for future longevity improvements. \uf0b7 An experience loss of \u00a3143 million (2025: \u00a332 million) in the Group and \u00a3133 million (2025: \u00a323 million) in the Society primarily reflecting updated membership experience from the NPF\u2019s 31 March 2025 Triennial Valuation, as well as the impact of differences between estimates of long-term inflation, compared to actual inflation. Changes in the present value of defined benefit obligations are as follows: Movements in defined benefit obligations Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m At 1 April (2024: 5 April) (5,875) (4,069) (3,631) (4,060) Interest expense on retirement obligation (329) (257) (204) (194) Experience loss on plan assumptions (143) (32) (133) (23) Changes in demographic assumptions (48) 1 (50) - Changes in financial assumptions 179 639 102 473 Acquisition of Virgin Money - (2,394) - - Benefits paid 306 237 176 173 At 31 March (5,910) (5,875) (3,740) (3,631) Changes in the fair value of plan assets for the pension schemes are as follows: Movements in plan assets Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m At 1 April (2024: 5 April) 6,767 4,679 4,165 4,670 Interest income on assets 380 302 235 224 Return on assets less than discount rate (212) (800) (130) (551) Administrative expenses (9) (7) (5) (5) Contributions by employer 6 7 - - Acquisition of Virgin Money - 2,823 - - Benefits paid (306) (237) (176) (173) At 31 March 6,626 6,767 4,089 4,165 The major categories of assets held for the pension schemes, stated at fair value, are as follows: Categories of plan assets 2026 2025 Quoted Unquoted Total Quoted Unquoted Total Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Listed equities - - - 9 - 9 Government bonds 4,766 - 4,766 4,694 - 4,694 Corporate bonds and other credit investments 1,171 21 1,192 1,141 - 1,141 Infrastructure - 435 435 - 437 437 Property - 452 452 - 540 540 Private equity investments - 947 947 - 1,059 1,059 Private debt investments - 535 535 - 629 629 Cash and derivatives - 214 214 - 281 281 Liability relating to repurchase agreement - (2,019) (2,019) - (2,100) (2,100) Insurance policies - 91 91 - 97 97 Longevity swaps - (10) (10) - (42) (42) Other assets and liabilities - 23 23 - 22 22 Total 5,937 689 6,626 5,844 923 6,767 Categories of plan assets 2026 2025 Quoted Unquoted Total Quoted Unquoted Total Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Listed equities - - - 8 - 8 Government bonds 3,316 - 3,316 3,325 - 3,325 Corporate bonds and other credit investments 174 21 195 74 - 74 Infrastructure - 253 253 - 217 217 Property - 447 447 - 511 511 Private equity investments - 675 675 - 751 751 Private debt investments - 535 535 - 629 629 Cash and derivatives - 116 116 - 139 139 Liability relating to repurchase agreement - (1,563) (1,563) - (1,589) (1,589) Insurance policies - 91 91 - 97 97 Longevity swaps - 1 1 - (18) (18) Other assets and liabilities - 23 23 - 21 21 Total 3,490 599 4,089 3,407 758 4,165 The NPF does not invest in the Group\u2019s own financial instruments or property. At 31 March 2026, the YCBPS held investments of \u00a31 million (2025: \u00a32 million) in the Group\u2019s own financial instruments or property. Private market investments, including private equity, private debt, infrastructure and property, totalled \u00a32,639 million (2025: \u00a32,665 million). As these investments are not quoted in active markets, valuations are based on the most recent valuation provided by the asset manager and adjusted for cash movements up to the balance sheet date. The NPF\u2019s and the YCBPS\u2019 liabilities are well hedged by matching assets, primarily government bonds and corporate bonds. In addition, the NPF and YCBPS invest in alternative matching assets such as property ground rents and property leases (included in property above) that are expected to generate inflation-linked income over the long term. The NPF and YCBPS also hold return-seeking assets which are expected to generate a return over and above its liabilities in the long term but may create risk and volatility in the short to medium term. In 2023, the NPF and YCBPS each entered into longevity swap transactions to manage longevity risk. The swaps covered approximately 7,000 and 9,000 pensioners of the NPF and YCBPS respectively. These transactions provide income to the schemes in the event that pensions are paid out for longer than expected, mitigating the financial impact and reducing the schemes\u2019 longevity risk exposure by approximately one third. The swaps are included in plan assets of NPF and YCBPS at fair values of \u00a31 million and \u00a3(11) million at 31 March 2026 (2025: \u00a3(18) million and \u00a3(24) million), respectively. Future changes to the fair value of these longevity swaps are expected to broadly offset changes in the schemes\u2019 liabilities relating to updates to life expectancy for those pensioners covered. In January 2022 the NPF Trustee completed a pensioner buy-in for the smaller Cheshire & Derbyshire section of the NPF, removing the investment and longevity risk to the NPF in relation to members in this section. At 31 March 2026, the value of the insurance asset for the Cheshire & Derbyshire section buy-in was \u00a391 million (2025: \u00a397 million). The pension scheme investments are monitored by both the Group and the trustees to ensure they remain appropriate given the long-term objectives of the schemes. The principal actuarial assumptions used are as follows: Financial assumptions 2026 2025 % % Discount rate 6.15 5.75 Future pension increases (maximum 5%) 3.05 2.90 Retail Price Index (RPI) inflation 3.20 3.00 Consumer price index (CPI) inflation 2.70 2.40 Life expectancy assumptions 2026 2025 Years Years Age 60 at 31 March 2026: Males 27.2 27.0 Females 29.3 28.9 Age 60 at 31 March 2046: Males 28.5 28.3 Females 30.6 30.3 The assumptions for mortality rates are based on standard mortality tables which allow for future improvements in life expectancy and are adjusted to represent the membership profiles of the Group\u2019s pension schemes. The assumptions made are illustrated in the table above, showing how long the Group would expect the average member to live for after the age of 60, based on reaching that age at 31 March 2026 and in 20 years\u2019 time. Related party transactions The Group provides a number of services to its pension schemes, including: \uf0b7 Banking services to the YCBPS, with deposits outstanding of \u00a311 million at 31 March 2026 (2025: \u00a312 million). \uf0b7 Administrative services to the NPF and YCBPS, and investment management services to the NPF. \uf0b7 Provision of a \u00a37 million BACS facility held for the YCBPS in relation to payments to its members (\u00a3nil drawn at 31 March 2026 and 2025). \uf0b7 Provision of a contingent asset to the NPF in the form of self-issued residential mortgage-backed securities to provide additional security to the NPF in the case of certain events, such as insolvency of the Society. Critical accounting estimates and judgements The key assumptions used to calculate the defined benefit obligation which represent significant sources of estimation uncertainty are the discount rate, inflation assumptions and mortality assumptions. If different assumptions were used, this could have a material effect on the reported surplus. The sensitivity of the Group results to these assumptions is shown below. Change in key assumptions at 31 March 2026 Increase in defined benefit obligation \u00a3m 1.0% decrease in discount rate 814 0.1% increase in inflation assumption 60 1 year increase in life expectancy at age 60 in respect of all members 133 The above sensitivities apply to individual assumptions in isolation. In practice, changes to individual assumptions in isolation are unlikely to occur, and changes in some of the assumptions may be correlated. The inflation assumption sensitivity includes the impact on the rate of increases to pensions, both before and after retirement. ",
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"f0__s7__6__67": {
"value": "8. Administrative expenses Group Society 2026 2025 2026 2025 Note \u00a3m \u00a3m \u00a3m \u00a3m Staff costs: Wages and salaries 1,082 839 714 669 Bonuses 155 132 108 97 Social security costs 172 116 115 90 Pension costs 30 258 204 183 169 Other staff costs (note i) 24 12 (45) (22) 1,691 1,303 1,075 1,003 Other administrative expenses: Property costs 164 133 113 110 Technology costs 845 598 519 452 Other operating costs 722 877 409 368 Depreciation, amortisation and impairment 694 592 483 499 Bank levy 33 34 33 34 Customer-related, legal and regulatory provisions 10 13 (12) 8 2,468 2,247 1,545 1,471 Total 4,159 3,550 2,620 2,474 Note: i. Other staff costs include credits of \u00a3120 million (2025: \u00a399 million) for the Group and the Society for capitalised permanent, contract and temporary staff costs. Executive directors and certain senior executives are entitled to long-term bonus payments under the Annual Performance Pay (APP) and the Long-Term Performance Pay (LTPP) plans. Long-term bonus awards made under the APP plan are based on current period results but are generally paid over a period of up to two years for executive directors, and up to four years for certain senior executives, with part of the awards linked to the value of Nationwide\u2019s core capital deferred shares (CCDS). Awards made under LTPP plans are based on longer term performance over a two or three-year period but are paid up to two years after the end of the performance period, with part of the awards linked to the value of Nationwide\u2019s CCDS. Long-term bonus awards made to Virgin Money employees with a performance period of 1 October 2024 to 31 March 2025 are reported within Annual Performance Pay 2025 in the table below. Long-term awards made to Virgin Money employees with a performance period commencing after the acquisition, and exceeding 12 months, will be reported within the Long-Term Performance Pay section of the table once recognised in the income statement. Legacy awards of Virgin Money, shown in the table, reflect new awards issued to replace those which lapsed as a result of the acquisition. No bonus is recognised in the income statement for the APP, LTPP or legacy Virgin Money plans until it is considered probable that payments will be made. Where a bonus payment is considered probable, the amount recognised in the income statement will reflect the portion of the vesting period that has passed. The vesting period for each plan runs from the start of the performance period or service period associated with the plan to the end of the service period. The payment of deferred elements remains subject to further discretion by the Remuneration Committee. During the period ended 31 March 2026, following changes to PRA regulations for the minimum deferral period to be applied to remuneration for Material Risk Takers, the Remuneration Committee reduced the deferral period of some of the Group\u2019s existing awards. This has resulted in accelerated recognition of remuneration expense in the period. The table below shows actual and expected charges to the income statement in respect of all APP, LTPP and legacy Virgin Money long-term bonuses for each relevant scheme year: Income statement charge for long-term bonuses Group Society Actual Actual Expected Expected Actual Actual Expected Expected 2025 2026 2027 2028 and 2025 2026 2027 2028 and (notes i, ii) (note iii) beyond (notes i, ii) (note iii) beyond (note iii) (note iii) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Annual Performance Pay: 2024 and previous years 12.6 3.3 0.8 0.4 12.6 3.3 0.8 0.4 2025 10.2 8.0 1.4 0.7 9.6 8.0 1.4 0.7 2026 - 16.1 6.0 2.7 - 12.6 5.2 2.1 Long-Term Performance Pay (note iv): 2024-2026, 2025-2027 and 2026-2028 - 2.3 0.3 0.6 - 2.3 0.3 0.6 Virgin Money legacy awards 3.6 2.3 0.5 0.1 - - - - Income statement charge for long-term bonuses 26.4 32.0 9.0 4.5 22.2 26.2 7.7 3.8 Notes: i. The bonus expense within employee costs includes \u00a312 million and \u00a38 million (2025: \u00a310 million and \u00a38 million), for Group and Society respectively, of deferred bonuses which will be paid more than one year from the balance sheet date. ii. In the year ended 31 March 2026, \u00a312 million and \u00a310 million (2025: \u00a315 million and \u00a311 million), in respect of Group and Society respectively, were recognised in the income statement in relation to awards linked to share-based payments, being amounts dependent on the performance of the Group\u2019s CCDS. These payments are deferred and are therefore included in accruals and deferred income on the balance sheet. iii. The amounts expected are based on past performance and are subject to change as a result of future leavers and CCDS performance. iv. Amounts are only recognised, or reported as expected in future periods, once payments are deemed probable. Further details on the long-term performance pay plan are included in the Report of the directors on remuneration. The remuneration of the external auditor, Ernst & Young LLP (EY), is set out below. External auditor\u2019s remuneration Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Statutory audit fees (note i) 11.2 18.5 5.8 9.4 Fees for audit-related assurances services 0.7 1.0 0.5 0.5 Total audit and audit-related assurance services 11.9 19.5 6.3 9.9 Other non-audit services 0.9 0.9 0.9 0.8 Total 12.8 20.4 7.2 10.7 Note: i. The Group statutory audit fees for 2025 include fees for audit services rendered to Virgin Money UK PLC for the period ended 30 September 2024. These services were completed in the period following the acquisition.",
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"value": "8. Administrative expenses Group Society 2026 2025 2026 2025 Note \u00a3m \u00a3m \u00a3m \u00a3m Staff costs: Wages and salaries 1,082 839 714 669 Bonuses 155 132 108 97 Social security costs 172 116 115 90 Pension costs 30 258 204 183 169 Other staff costs (note i) 24 12 (45) (22) 1,691 1,303 1,075 1,003 Other administrative expenses: Property costs 164 133 113 110 Technology costs 845 598 519 452 Other operating costs 722 877 409 368 Depreciation, amortisation and impairment 694 592 483 499 Bank levy 33 34 33 34 Customer-related, legal and regulatory provisions 10 13 (12) 8 2,468 2,247 1,545 1,471 Total 4,159 3,550 2,620 2,474 Note: i. Other staff costs include credits of \u00a3120 million (2025: \u00a399 million) for the Group and the Society for capitalised permanent, contract and temporary staff costs. Executive directors and certain senior executives are entitled to long-term bonus payments under the Annual Performance Pay (APP) and the Long-Term Performance Pay (LTPP) plans. Long-term bonus awards made under the APP plan are based on current period results but are generally paid over a period of up to two years for executive directors, and up to four years for certain senior executives, with part of the awards linked to the value of Nationwide\u2019s core capital deferred shares (CCDS). Awards made under LTPP plans are based on longer term performance over a two or three-year period but are paid up to two years after the end of the performance period, with part of the awards linked to the value of Nationwide\u2019s CCDS. Long-term bonus awards made to Virgin Money employees with a performance period of 1 October 2024 to 31 March 2025 are reported within Annual Performance Pay 2025 in the table below. Long-term awards made to Virgin Money employees with a performance period commencing after the acquisition, and exceeding 12 months, will be reported within the Long-Term Performance Pay section of the table once recognised in the income statement. Legacy awards of Virgin Money, shown in the table, reflect new awards issued to replace those which lapsed as a result of the acquisition. No bonus is recognised in the income statement for the APP, LTPP or legacy Virgin Money plans until it is considered probable that payments will be made. Where a bonus payment is considered probable, the amount recognised in the income statement will reflect the portion of the vesting period that has passed. The vesting period for each plan runs from the start of the performance period or service period associated with the plan to the end of the service period. The payment of deferred elements remains subject to further discretion by the Remuneration Committee. During the period ended 31 March 2026, following changes to PRA regulations for the minimum deferral period to be applied to remuneration for Material Risk Takers, the Remuneration Committee reduced the deferral period of some of the Group\u2019s existing awards. This has resulted in accelerated recognition of remuneration expense in the period. The table below shows actual and expected charges to the income statement in respect of all APP, LTPP and legacy Virgin Money long-term bonuses for each relevant scheme year: Income statement charge for long-term bonuses Group Society Actual Actual Expected Expected Actual Actual Expected Expected 2025 2026 2027 2028 and 2025 2026 2027 2028 and (notes i, ii) (note iii) beyond (notes i, ii) (note iii) beyond (note iii) (note iii) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Annual Performance Pay: 2024 and previous years 12.6 3.3 0.8 0.4 12.6 3.3 0.8 0.4 2025 10.2 8.0 1.4 0.7 9.6 8.0 1.4 0.7 2026 - 16.1 6.0 2.7 - 12.6 5.2 2.1 Long-Term Performance Pay (note iv): 2024-2026, 2025-2027 and 2026-2028 - 2.3 0.3 0.6 - 2.3 0.3 0.6 Virgin Money legacy awards 3.6 2.3 0.5 0.1 - - - - Income statement charge for long-term bonuses 26.4 32.0 9.0 4.5 22.2 26.2 7.7 3.8 Notes: i. The bonus expense within employee costs includes \u00a312 million and \u00a38 million (2025: \u00a310 million and \u00a38 million), for Group and Society respectively, of deferred bonuses which will be paid more than one year from the balance sheet date. ii. In the year ended 31 March 2026, \u00a312 million and \u00a310 million (2025: \u00a315 million and \u00a311 million), in respect of Group and Society respectively, were recognised in the income statement in relation to awards linked to share-based payments, being amounts dependent on the performance of the Group\u2019s CCDS. These payments are deferred and are therefore included in accruals and deferred income on the balance sheet. iii. The amounts expected are based on past performance and are subject to change as a result of future leavers and CCDS performance. iv. Amounts are only recognised, or reported as expected in future periods, once payments are deemed probable. Further details on the long-term performance pay plan are included in the Report of the directors on remuneration. The remuneration of the external auditor, Ernst & Young LLP (EY), is set out below. External auditor\u2019s remuneration Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Statutory audit fees (note i) 11.2 18.5 5.8 9.4 Fees for audit-related assurances services 0.7 1.0 0.5 0.5 Total audit and audit-related assurance services 11.9 19.5 6.3 9.9 Other non-audit services 0.9 0.9 0.9 0.8 Total 12.8 20.4 7.2 10.7 Note: i. The Group statutory audit fees for 2025 include fees for audit services rendered to Virgin Money UK PLC for the period ended 30 September 2024. These services were completed in the period following the acquisition.",
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"value": "directors on remuneration. The remuneration of the external auditor, Ernst & Young LLP (EY), is set out below. External auditor\u2019s remuneration Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Statutory audit fees (note i) 11.2 18.5 5.8 9.4 Fees for audit-related assurances services 0.7 1.0 0.5 0.5 Total audit and audit-related assurance services 11.9 19.5 6.3 9.9 Other non-audit services 0.9 0.9 0.9 0.8 Total 12.8 20.4 7.2 10.7 Note: i. The Group statutory audit fees for 2025 include fees for audit services rendered to Virgin Money UK PLC for the period ended 30 September 2024. These services were completed in the period following the acquisition.",
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"value": "9. Employees Average number of persons employed during the period Group (note i) Society 2026 2025 2026 2025 26,890 22,042 17,978 17,901 Note: i. Virgin Money employees are included in the average number of persons employed by the Group from the date of acquisition (1 October 2024). The average number of persons employed is calculated over a 12-month period, therefore the Group\u2019s average number of employees for year ended 31 March 2025 includes Virgin Money employees for only 6 months of the year.",
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"value": "10. Impairment charge and provisions on loans and advances to customers The following tables set out the impairment charges during the year and the closing provision balances which are deducted from the relevant asset values in the balance sheet: Impairment charge Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Owner-occupied mortgages 14 25 6 5 Buy to let and legacy residential mortgages (6) 8 1 (2) Consumer lending 269 514 114 18 Business lending 54 85 (2) (3) Total 331 632 119 18 Impairment provisions Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Owner-occupied mortgages 129 115 96 92 Buy to let and legacy residential mortgages 223 236 4 3 Consumer lending 829 824 413 372 Business lending 154 113 21 22 Total 1,335 1,288 534 489 Critical accounting estimates and judgements Impairment is measured as the impact of credit risk on the present value of management\u2019s estimate of future cash flows. In determining the required level of impairment provisions, outputs from statistical models are used, and judgements incorporated to determine the probability of default (PD), the exposure at default (EAD), and the loss given default (LGD) for each loan. Provisions represent a probability-weighted average of these calculations under multiple economic scenarios. Adjustments are made in modelling provisions, applying further judgements to take into account model limitations, or to deal with instances where insufficient data exists to fully reflect credit risks in the models. The most significant areas of judgement are: \uf0b7 The approach to identifying significant increases in credit risk; and \uf0b7 The approach to identifying credit-impaired loans. The most significant areas of estimation uncertainty are: \uf0b7 The use of forward-looking economic information using multiple economic scenarios; and \uf0b7 The additional judgements made in modelling expected credit losses (ECL) \u2013 these currently include PD uplifts relating to both affordability risks and risks associated with credit card persistent debt, LGD uplifts for property valuation risks and business lending portfolio risks. Sensitivity analysis has been completed, based on the results from previous climate change stress tests, that supports the Group\u2019s view that the impact of climate change on impairment provisions remains immaterial. The potential economic impact of climate change is captured by our existing range of economic scenarios. Supported by our controls operated at lending origination, the expected credit losses associated with physical risks are low and arise over the long term, and therefore currently have an immaterial impact on the Group\u2019s retail lending due to the effect of loan amortisation and redemptions over time. The scope of potential future Government transition policies and the Group\u2019s response to these remain highly uncertain. The potential additional costs to landlords from the Government\u2019s \u201cWarm homes plan\u201d are incorporated within the adjustment to modelled provisions made in respect of affordability risks. The Group\u2019s exposure to increased losses from business sectors most affected by climate change, whether via physical or transition risks, are also judged to be immaterial in the medium term. Identifying significant increases in credit risk (stage 2) Loans are allocated to stage 1 or stage 2 according to whether there has been a significant increase in credit risk. Judgement has been used to select both quantitative and qualitative criteria which are used to determine whether a significant increase in credit risk has taken place. These criteria are detailed within the Credit risk section of the Risk report. The primary quantitative indicators are the outputs of internal credit risk assessments. While different approaches are used within each portfolio, the intention is to combine current and historical data relating to the exposure with forward-looking economic information to determine the PD at each reporting date. For residential mortgages and consumer lending, the main indicators of a significant increase in credit risk are either of the following: Nationwide portfolios: \uf0b7 The residual lifetime PD exceeds a benchmark determined by reference to the maximum credit risk that would have been accepted at origination; or \uf0b7 The residual lifetime PD is at least 75 basis points more than, and at least double, the residual lifetime PD calculated at origination. Virgin Money portfolios: \uf0b7 The residual lifetime PD exceeds a threshold which varies by portfolio and is based on the lifetime PD curves calculated at origination. The PD threshold curves were recalculated at acquisition, to reset the origination point to 1 October 2024, being the date when the Virgin Money business was acquired by the Group. Identifying credit impaired loans (stage 3) The identification of credit-impaired loans is an important judgement within the staging approach. A loan is credit-impaired if it has an arrears status of more than 90 days past due, is considered to be in default, or it is considered unlikely that the borrower will repay the outstanding balance in full, without recourse to actions such as realising security. Critical accounting estimates and judgements (continued) Use of forward-looking economic information Management exercises judgement in estimating future economic conditions which are incorporated into provisions through modelling of multiple scenarios. The economic scenarios are reviewed and updated on a quarterly basis. The provision recognised is the probability-weighted sum of the provisions calculated under a range of economic scenarios. The scenarios and associated probability weights are derived using external data and statistical methodologies, together with management judgement. The Group continues to model four economic scenarios, which together encompass an appropriate range of potential economic outcomes. The base case scenario is aligned to the Group\u2019s financial planning process. The upside and downside scenarios are reasonably likely favourable and adverse alternatives to the base case, and the severe downside scenario is aligned with the Group\u2019s internal stress testing. The probability weightings applied to the scenarios were unchanged over the year and are shown in the table below. Scenario probability weighting Upside Base caseDownside Severe downside scenario scenarioscenario scenario % %% % 31 March 2026 10 45 30 15 31 March 2025 10 45 30 15 Critical accounting estimates and judgements (continued) In the base case scenario, modest GDP growth of 1.4% is expected in 2026. In this scenario, unemployment is forecast to rise to 5.4% by the end of 2026. In the downside scenario, the GDP forecast reflects a significant UK recession, with peak unemployment increasing to 6.3%, whilst the severe downside scenario assumes a severe and longer-lasting economic downturn, with unemployment peaking at 8.8%. The house price forecasts used within the provision calculations cover a wide range of outcomes. House prices are expected to increase in the base case scenario by 3.2% per annum over the next five years. The downside scenario assumes significant falls in 2027 and 2028, driven by a deterioration in economic conditions, whilst the severe downside scenario includes a fall in house prices of 28.7% from the end of 2025 to the low point in late 2028. Bank rate in the base case scenario is expected to remain unchanged at 3.75% during 2026, with inflation expected to fall to the Bank of England target rate of 2.0% by the end of 2027. In the downside scenario, the recession results in Bank rate remaining at low levels from 2027 onwards, in order to stimulate economic demand. By contrast, the severe downside scenario assumes a sustained period of high inflation, requiring Bank rate to increase to 8.5%. The increased level of economic uncertainty arising from recent developments in the Middle East has been reflected in both the economic scenario forecasts and associated scenario weightings as at 31 March 2026. In the base case scenario, Bank rate assumptions were updated to reflect Bank rate remaining at 3.75% in 2026 before reducing in 2027, and consumer price inflation expectations were increased to 4.0% for 2026 before reducing in 2027. The 15% weighting allocated to the severe downside economic scenarios reflects the current high level of geopolitical uncertainty. The graphs below show the historical and forecasted GDP level, unemployment rate and average house price for the Group\u2019s current economic scenarios, as well as the previous base case economic scenario. Critical accounting estimates and judgements (continued) The tables below provide a summary of the values of the key UK economic variables used within the economic scenarios over the first five years of the scenario: Economic variables 5-year averageDec-25 to peak Dec-25 to trough Rate/annual growth rate at December 2025-2030 (note i) (note ii) (note ii) Actual Forecast 2025 2026 2027 2028 2029 2030 31 March 2026 % % % % % % % % %GDP growth Upside scenario 1.02.3 2.2 2.0 2.0 2.0 2.1 11.0 0.5 Base case scenario 1.01.4 1.6 1.6 1.4 1.5 1.5 7.7 0.4 Downside scenario 1.0(0.9) (1.2) 3.3 2.4 1.9 1.1 5.6 (2.3) Severe downside scenario 1.0(1.0) (3.2) (0.6) 4.5 3.2 0.6 2.8 (5.0) Probability weighted 1.00.4 0.1 1.8 2.2 1.9Unemployment Upside scenario 5.1 4.5 4.1 4.0 4.0 4.0 4.2 5.0 4.0 Base case scenario 5.1 5.4 5.2 5.0 4.7 4.5 5.0 5.4 4.5 Downside scenario 5.1 6.1 6.2 5.6 5.1 5.0 5.6 6.3 5.0 Severe downside scenario 5.1 6.5 8.6 7.8 6.3 5.6 6.9 8.8 5.5 Probability weighted 5.1 5.7 5.9 5.5 5.0 4.8 HPI growth Upside scenario 1.7 5.4 5.1 4.7 4.4 4.0 4.7 25.8 1.4 Base case scenario 1.7 3.2 3.2 3.2 3.2 3.2 3.2 17.3 0.7 Downside scenario 1.7 (1.5) (8.0) (8.6) 3.5 14.8 (0.3) 0.8 (18.1) Severe downside scenario 1.7 (8.9) (16.8) (5.9) 10.9 10.6 (2.6) (0.8) (28.7) Probability weighted 1.7 0.2 (2.9) (1.5) 4.6 7.9 Bank rate Upside scenario 3.8 4.0 4.5 4.5 4.5 4.5 4.3 4.5 3.8 Base case scenario 3.8 3.8 3.3 3.3 3.3 3.3 3.4 3.8 3.3 Downside scenario 3.8 2.0 0.5 0.5 0.5 0.5 1.0 3.8 0.5 Severe downside scenario 3.8 4.0 7.5 5.0 4.3 3.8 5.0 8.5 3.8 Probability weighted 3.8 3.3 3.2 2.8 2.7 2.6 Consumer price inflation Upside scenario 3.3 2.0 2.0 2.0 2.0 2.0 2.1 2.6 2.0 Base case scenario 3.3 4.0 2.0 1.8 2.0 2.0 2.4 4.0 1.7 Downside scenario 3.3 0.5 0.3 1.0 1.8 2.0 1.2 2.4 0.2 Severe downside scenario 3.3 6.0 7.0 2.0 2.0 2.0 3.8 8.0 2.0 Probability weighted 3.3 3.1 2.2 1.6 1.9 2.0 Critical accounting estimates and judgements (continued) Economic variables 5-year average Dec-24 to peak Dec-24 to trough Rate/annual growth rate at December 2024-2029 (note i) (note ii) (note ii) Actual Forecast (note iii) 2024 2025 2026 2027 2028 2029 31 March 2025 % % % % % % %%% GDP growth Upside scenario 1.9 1.7 2.0 2.0 2.0 2.0 2.0 10.2 0.3Base case scenario 1.9 1.4 1.7 1.6 1.6 1.4 1.5 8.0 0.2Downside scenario 1.9 (0.9) (1.2) 3.3 2.4 1.9 1.1 5.6 (2.1)Severe downside scenario 1.9 (1.8) (3.7) 2.8 2.8 2.2 0.4 2.2 (5.5)Probability weighted 1.9 0.3 0.1 2.4 2.1 1.8 Unemployment Upside scenario 4.4 4.1 4.0 4.04.0 4.0 4.0 4.3 4.0Base case scenario 4.4 4.7 4.6 4.4 4.3 4.3 4.5 4.7 4.3 Downside scenario 4.4 5.4 6.2 5.6 5.2 5.0 5.4 6.2 4.7Severe downside scenario 4.4 5.9 8.4 8.5 7.0 6.0 7.1 9.3 4.8 Probability weighted 4.4 5.0 5.6 5.3 4.9 4.7 HPI growth Upside scenario 3.6 5.4 4.5 3.8 3.8 3.8 4.2 23.1 1.3 Base case scenario 3.6 1.9 2.3 2.7 3.3 3.2 2.7 14.3 0.1 Downside scenario 3.6 (4.9) (9.4) (3.7) 8.7 9.3 (0.3) (0.6) (17.1) Severe downside scenario 3.6 (12.4) (18.1) (1.8) 9.3 9.7 (3.3) (1.4) (30.1)Probability weighted 3.6 (1.9) (4.1) 0.2 5.9 6.1 Bank rate Upside scenario 4.8 4.3 4.3 4.3 4.3 4.3 4.3 4.5 4.3 Base case scenario 4.8 3.8 3.5 3.5 3.3 3.3 3.6 4.5 3.3Downside scenario 4.8 2.5 0.5 0.5 0.5 0.5 1.3 4.5 0.5Severe downside scenario 4.8 6.5 8.0 5.0 4.3 3.5 5.4 8.5 3.5 Probability weighted 4.8 3.8 3.4 2.9 2.7 2.6 Consumer price inflation Upside scenario 2.6 2.5 2.0 2.0 2.0 2.0 2.1 2.7 2.0 Base case scenario 2.6 3.4 2.0 2.0 2.0 2.0 2.3 3.5 1.8 Downside scenario 2.6 1.5 0.3 1.2 1.8 2.0 1.5 2.8 0.3 Severe downside scenario 2.6 6.5 7.0 2.2 2.0 2.0 4.1 8.0 2.0 Probability weighted 2.6 3.2 2.2 1.8 1.9 2.0 Notes: i. The average rate for GDP and HPI is based on the cumulative annual growth rate over the forecast period. Average unemployment and CPI is calculated using a simple average using quarterly points. ii. GDP growth and HPI are shown as the largest cumulative growth/fall over the forecast period. The unemployment rate and CPI is shown as the highest/lowest rate over the forecast period. iii. The 2024 actual GDP data as presented in the Annual Report and Accounts 2025 has been updated to reflect the most recent published economic data. Critical accounting estimates and judgements (continued) To give an indication of the sensitivity of ECLs to different economic scenarios, the table below shows the ECL if 100% weighting is applied to each scenario: Expected credit losses Proportion of balances in stage 2 under 100% weighted scenarios under 100% weighted scenarios Reported Severe Severe Upside Base case Downside Reported Upside Base case Downside Reported stage 3 downside downside scenario scenario scenario provision scenario scenario scenario stage 2 and POCI scenario scenario (note i) 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % % % % % % Residential mortgages 235 232 282 963 352 12.5 11.4 9.4 30.4 13.3 0.7 Consumer lending \u2013 credit cards 474 494 503 1,074 561 17.1 17.4 17.1 36.4 19.3 3.1 Consumer lending \u2013 personal loans 247 253 259 357 268 20.6 20.8 19.8 27.0 21.3 5.4 and overdrafts Business lending 134 142 173 300 154 9.7 10.2 17.0 37.1 13.6 3.6 Total 1,090 1,121 1,217 2,694 1,335 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % % % % % % Residential mortgages 224 229 271 1,089 351 12.6 11.6 9.9 37.7 13.6 0.7 Consumer lending \u2013 credit cards 475 480 479 1,120 542 13.6 13.7 13.4 41.2 16.7 2.5 Consumer lending \u2013 personal loans 270 272 279 331 282 17.6 17.5 17.0 25.2 18.3 11.7 and overdrafts Business lending 102 106 118 288 113 9.2 9.3 11.7 39.2 11.0 3.2 Total 1,071 1,087 1,147 2,828 1,288 Note: i. The stage allocation of stage 3 assets is not sensitive to economic scenarios. The stage 3 proportion is the same as in all four economic scenarios as the stage 3 classification is determined by an asset\u2019s impaired status at the reporting date. Reported ECL represents 119% (2025: 118%) of the base case scenario ECL, primarily due to the impact of increased losses in the severe downside scenario. The increased ECLs in both the downside and severe downside scenarios are primarily the result of increased unemployment rates combined with material house price falls. The low Bank rate forecast in the downside scenario is the main driver of residential mortgage and consumer lending stage 2 proportions being lower in the downside scenario than in the base case scenario. The ECL for each scenario multiplied by the scenario probability will not reconcile to the reported provision. Whilst the stage allocation of loans varies in each individual scenario, each loan is allocated to a single stage in the reported provision calculation; this is based on a weighted average PD which takes into account the economic scenarios. A probability-weighted 12-month or lifetime ECL (which takes into account the economic scenarios) is then calculated based on the stage allocation. Critical accounting estimates and judgements (continued) The table below shows the sensitivity of provisions at 31 March 2026 to changes to the probability weightings applied to the economic scenarios: Sensitivity to key forward-looking information assumptions Increase in provision 2026 \u00a3m Single-factor sensitivity to key economic variables (note i) 10% decrease in house prices (HPI) at 31 March 2026 and throughout the forecast period 16 1% increase in unemployment rate at 31 March 2026 and throughout the forecast period 39 Sensitivity to changes in scenario probability weightings 10% increase in the probability of the downside scenario (reducing the upside by a corresponding 10%) 13 5% increase in the probability of the severe downside scenario (reducing the downside by a corresponding 5%) 74 Note: i. These are single-factor sensitivities; therefore, they should not be extrapolated due to the likely non-linear effects. The provision impacts are calculated using the base case scenario. The house price sensitivity is the impact of a 10% decrease in house prices on LGD for the residential mortgage portfolio. The table below shows key adjustments made in modelling provisions in relation to the significant areas of estimation uncertainty, with further details on each provided below. Significant adjustments made in modelling provisions 2026 2025 Consumer lending Consumer lending Residential Personal Business Residential Personal Business Total Total Mortgages Credit cards loans and lending Mortgages Credit cards loans and lending overdrafts overdrafts \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m PD uplift for affordability risks 63 32 8 - 103 70 6 7 - 83 PD uplift for credit card persistent debt - 20 - - 20 - 23 - - 23 LGD uplift for property valuation risks 21 - - - 21 21 - - - 21 Business lending portfolio risks - - - 26 26 - - - 10 10 Total 84 52 8 26 170 91 29 7 10 137 Of which: Stage 1 14 1 1 6 22 14 1 1 4 20 Stage 2 62 51 7 20 140 70 28 6 6 110 Stage 3 8 - - - 8 7 - - - 7 PD uplift for affordability risks At 31 March 2026, the PD uplift adjustment for affordability risks increased provisions by \u00a3103 million (2025: \u00a383 million). This adjustment reflects the ongoing affordability pressures faced by borrowers, primarily within the residential mortgage portfolio. This adjustment includes the risks associated with borrowers who have switched to higher mortgage rates or are expected to switch to higher mortgage interest rates in the next two years. The adjustment to credit card provisions has increased to \u00a332 million (2025: \u00a36 million) due to further alignment of this judgement across the Group, following credit card model changes in the year. This adjustment resulted in approximately \u00a38.7 billion (2025: \u00a39.2 billion) of residential mortgages and \u00a3410 million (2025: \u00a366 million) of consumer lending balances moving from stage 1 to stage 2. PD uplift for credit card persistent debt A borrower is defined as being in persistent debt if they have been paying more in interest, fees and charges than they are paying to reduce their outstanding balance for at least three years. Nationwide provides support to these borrowers, including the offer of forbearance, to help reduce the level of their credit card debt. To reflect an increase in risk since origination, accounts are moved to stage 2 if they are approaching, or have reached persistent debt status, and therefore receive a lifetime ECL. This adjustment increases provisions by \u00a320 million (2025: \u00a323 million) and results in \u00a3254 million (2025: \u00a3225 million) of additional credit card balances being reported in stage 2. LGD uplift for property valuation risks An adjustment has been made to account for property valuation risks associated with flats. This adjustment remains in place due to insufficient evidence of recovery in values for this sector of the market, increasing provisions by \u00a321 million (2025: \u00a321 million). Business lending portfolio risks Adjustments to modelled provisions are recognised where appropriate to reflect risks within the business lending portfolio which are not fully captured by models. Although the provision models capture general economic uncertainty through the use of multiple economic scenarios, losses could also exceed modelled estimates as a result of concentration risks within the portfolio. An adjustment to increase provisions by \u00a313 million (2025: \u00a3nil million) has been estimated with reference to historic variation in the frequency and value of large individual losses across the portfolio. In addition, a \u00a313 million (2025: \u00a310 million) adjustment continues to be recognised for the leveraged lending portfolio, reflecting the potential for loss given default to exceed modelled estimates, due in part to the limited volume of historical defaults available for model calibration. The cumulative impact of these two adjustments represents a significant judgement in the context of overall business lending provisions. ",
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"value": "10. Impairment charge and provisions on loans and advances to customers The following tables set out the impairment charges during the year and the closing provision balances which are deducted from the relevant asset values in the balance sheet: Impairment charge Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Owner-occupied mortgages 14 25 6 5 Buy to let and legacy residential mortgages (6) 8 1 (2) Consumer lending 269 514 114 18 Business lending 54 85 (2) (3) Total 331 632 119 18 Impairment provisions Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Owner-occupied mortgages 129 115 96 92 Buy to let and legacy residential mortgages 223 236 4 3 Consumer lending 829 824 413 372 Business lending 154 113 21 22 Total 1,335 1,288 534 489 Critical accounting estimates and judgements Impairment is measured as the impact of credit risk on the present value of management\u2019s estimate of future cash flows. In determining the required level of impairment provisions, outputs from statistical models are used, and judgements incorporated to determine the probability of default (PD), the exposure at default (EAD), and the loss given default (LGD) for each loan. Provisions represent a probability-weighted average of these calculations under multiple economic scenarios. Adjustments are made in modelling provisions, applying further judgements to take into account model limitations, or to deal with instances where insufficient data exists to fully reflect credit risks in the models. The most significant areas of judgement are: \uf0b7 The approach to identifying significant increases in credit risk; and \uf0b7 The approach to identifying credit-impaired loans. The most significant areas of estimation uncertainty are: \uf0b7 The use of forward-looking economic information using multiple economic scenarios; and \uf0b7 The additional judgements made in modelling expected credit losses (ECL) \u2013 these currently include PD uplifts relating to both affordability risks and risks associated with credit card persistent debt, LGD uplifts for property valuation risks and business lending portfolio risks. Sensitivity analysis has been completed, based on the results from previous climate change stress tests, that supports the Group\u2019s view that the impact of climate change on impairment provisions remains immaterial. The potential economic impact of climate change is captured by our existing range of economic scenarios. Supported by our controls operated at lending origination, the expected credit losses associated with physical risks are low and arise over the long term, and therefore currently have an immaterial impact on the Group\u2019s retail lending due to the effect of loan amortisation and redemptions over time. The scope of potential future Government transition policies and the Group\u2019s response to these remain highly uncertain. The potential additional costs to landlords from the Government\u2019s \u201cWarm homes plan\u201d are incorporated within the adjustment to modelled provisions made in respect of affordability risks. The Group\u2019s exposure to increased losses from business sectors most affected by climate change, whether via physical or transition risks, are also judged to be immaterial in the medium term. Identifying significant increases in credit risk (stage 2) Loans are allocated to stage 1 or stage 2 according to whether there has been a significant increase in credit risk. Judgement has been used to select both quantitative and qualitative criteria which are used to determine whether a significant increase in credit risk has taken place. These criteria are detailed within the Credit risk section of the Risk report. The primary quantitative indicators are the outputs of internal credit risk assessments. While different approaches are used within each portfolio, the intention is to combine current and historical data relating to the exposure with forward-looking economic information to determine the PD at each reporting date. For residential mortgages and consumer lending, the main indicators of a significant increase in credit risk are either of the following: Nationwide portfolios: \uf0b7 The residual lifetime PD exceeds a benchmark determined by reference to the maximum credit risk that would have been accepted at origination; or \uf0b7 The residual lifetime PD is at least 75 basis points more than, and at least double, the residual lifetime PD calculated at origination. Virgin Money portfolios: \uf0b7 The residual lifetime PD exceeds a threshold which varies by portfolio and is based on the lifetime PD curves calculated at origination. The PD threshold curves were recalculated at acquisition, to reset the origination point to 1 October 2024, being the date when the Virgin Money business was acquired by the Group. Identifying credit impaired loans (stage 3) The identification of credit-impaired loans is an important judgement within the staging approach. A loan is credit-impaired if it has an arrears status of more than 90 days past due, is considered to be in default, or it is considered unlikely that the borrower will repay the outstanding balance in full, without recourse to actions such as realising security. Critical accounting estimates and judgements (continued) Use of forward-looking economic information Management exercises judgement in estimating future economic conditions which are incorporated into provisions through modelling of multiple scenarios. The economic scenarios are reviewed and updated on a quarterly basis. The provision recognised is the probability-weighted sum of the provisions calculated under a range of economic scenarios. The scenarios and associated probability weights are derived using external data and statistical methodologies, together with management judgement. The Group continues to model four economic scenarios, which together encompass an appropriate range of potential economic outcomes. The base case scenario is aligned to the Group\u2019s financial planning process. The upside and downside scenarios are reasonably likely favourable and adverse alternatives to the base case, and the severe downside scenario is aligned with the Group\u2019s internal stress testing. The probability weightings applied to the scenarios were unchanged over the year and are shown in the table below. Scenario probability weighting Upside Base caseDownside Severe downside scenario scenarioscenario scenario % %% % 31 March 2026 10 45 30 15 31 March 2025 10 45 30 15 Critical accounting estimates and judgements (continued) In the base case scenario, modest GDP growth of 1.4% is expected in 2026. In this scenario, unemployment is forecast to rise to 5.4% by the end of 2026. In the downside scenario, the GDP forecast reflects a significant UK recession, with peak unemployment increasing to 6.3%, whilst the severe downside scenario assumes a severe and longer-lasting economic downturn, with unemployment peaking at 8.8%. The house price forecasts used within the provision calculations cover a wide range of outcomes. House prices are expected to increase in the base case scenario by 3.2% per annum over the next five years. The downside scenario assumes significant falls in 2027 and 2028, driven by a deterioration in economic conditions, whilst the severe downside scenario includes a fall in house prices of 28.7% from the end of 2025 to the low point in late 2028. Bank rate in the base case scenario is expected to remain unchanged at 3.75% during 2026, with inflation expected to fall to the Bank of England target rate of 2.0% by the end of 2027. In the downside scenario, the recession results in Bank rate remaining at low levels from 2027 onwards, in order to stimulate economic demand. By contrast, the severe downside scenario assumes a sustained period of high inflation, requiring Bank rate to increase to 8.5%. The increased level of economic uncertainty arising from recent developments in the Middle East has been reflected in both the economic scenario forecasts and associated scenario weightings as at 31 March 2026. In the base case scenario, Bank rate assumptions were updated to reflect Bank rate remaining at 3.75% in 2026 before reducing in 2027, and consumer price inflation expectations were increased to 4.0% for 2026 before reducing in 2027. The 15% weighting allocated to the severe downside economic scenarios reflects the current high level of geopolitical uncertainty. The graphs below show the historical and forecasted GDP level, unemployment rate and average house price for the Group\u2019s current economic scenarios, as well as the previous base case economic scenario. Critical accounting estimates and judgements (continued) The tables below provide a summary of the values of the key UK economic variables used within the economic scenarios over the first five years of the scenario: Economic variables 5-year averageDec-25 to peak Dec-25 to trough Rate/annual growth rate at December 2025-2030 (note i) (note ii) (note ii) Actual Forecast 2025 2026 2027 2028 2029 2030 31 March 2026 % % % % % % % % %GDP growth Upside scenario 1.02.3 2.2 2.0 2.0 2.0 2.1 11.0 0.5 Base case scenario 1.01.4 1.6 1.6 1.4 1.5 1.5 7.7 0.4 Downside scenario 1.0(0.9) (1.2) 3.3 2.4 1.9 1.1 5.6 (2.3) Severe downside scenario 1.0(1.0) (3.2) (0.6) 4.5 3.2 0.6 2.8 (5.0) Probability weighted 1.00.4 0.1 1.8 2.2 1.9Unemployment Upside scenario 5.1 4.5 4.1 4.0 4.0 4.0 4.2 5.0 4.0 Base case scenario 5.1 5.4 5.2 5.0 4.7 4.5 5.0 5.4 4.5 Downside scenario 5.1 6.1 6.2 5.6 5.1 5.0 5.6 6.3 5.0 Severe downside scenario 5.1 6.5 8.6 7.8 6.3 5.6 6.9 8.8 5.5 Probability weighted 5.1 5.7 5.9 5.5 5.0 4.8 HPI growth Upside scenario 1.7 5.4 5.1 4.7 4.4 4.0 4.7 25.8 1.4 Base case scenario 1.7 3.2 3.2 3.2 3.2 3.2 3.2 17.3 0.7 Downside scenario 1.7 (1.5) (8.0) (8.6) 3.5 14.8 (0.3) 0.8 (18.1) Severe downside scenario 1.7 (8.9) (16.8) (5.9) 10.9 10.6 (2.6) (0.8) (28.7) Probability weighted 1.7 0.2 (2.9) (1.5) 4.6 7.9 Bank rate Upside scenario 3.8 4.0 4.5 4.5 4.5 4.5 4.3 4.5 3.8 Base case scenario 3.8 3.8 3.3 3.3 3.3 3.3 3.4 3.8 3.3 Downside scenario 3.8 2.0 0.5 0.5 0.5 0.5 1.0 3.8 0.5 Severe downside scenario 3.8 4.0 7.5 5.0 4.3 3.8 5.0 8.5 3.8 Probability weighted 3.8 3.3 3.2 2.8 2.7 2.6 Consumer price inflation Upside scenario 3.3 2.0 2.0 2.0 2.0 2.0 2.1 2.6 2.0 Base case scenario 3.3 4.0 2.0 1.8 2.0 2.0 2.4 4.0 1.7 Downside scenario 3.3 0.5 0.3 1.0 1.8 2.0 1.2 2.4 0.2 Severe downside scenario 3.3 6.0 7.0 2.0 2.0 2.0 3.8 8.0 2.0 Probability weighted 3.3 3.1 2.2 1.6 1.9 2.0 Critical accounting estimates and judgements (continued) Economic variables 5-year average Dec-24 to peak Dec-24 to trough Rate/annual growth rate at December 2024-2029 (note i) (note ii) (note ii) Actual Forecast (note iii) 2024 2025 2026 2027 2028 2029 31 March 2025 % % % % % % %%% GDP growth Upside scenario 1.9 1.7 2.0 2.0 2.0 2.0 2.0 10.2 0.3Base case scenario 1.9 1.4 1.7 1.6 1.6 1.4 1.5 8.0 0.2Downside scenario 1.9 (0.9) (1.2) 3.3 2.4 1.9 1.1 5.6 (2.1)Severe downside scenario 1.9 (1.8) (3.7) 2.8 2.8 2.2 0.4 2.2 (5.5)Probability weighted 1.9 0.3 0.1 2.4 2.1 1.8 Unemployment Upside scenario 4.4 4.1 4.0 4.04.0 4.0 4.0 4.3 4.0Base case scenario 4.4 4.7 4.6 4.4 4.3 4.3 4.5 4.7 4.3 Downside scenario 4.4 5.4 6.2 5.6 5.2 5.0 5.4 6.2 4.7Severe downside scenario 4.4 5.9 8.4 8.5 7.0 6.0 7.1 9.3 4.8 Probability weighted 4.4 5.0 5.6 5.3 4.9 4.7 HPI growth Upside scenario 3.6 5.4 4.5 3.8 3.8 3.8 4.2 23.1 1.3 Base case scenario 3.6 1.9 2.3 2.7 3.3 3.2 2.7 14.3 0.1 Downside scenario 3.6 (4.9) (9.4) (3.7) 8.7 9.3 (0.3) (0.6) (17.1) Severe downside scenario 3.6 (12.4) (18.1) (1.8) 9.3 9.7 (3.3) (1.4) (30.1)Probability weighted 3.6 (1.9) (4.1) 0.2 5.9 6.1 Bank rate Upside scenario 4.8 4.3 4.3 4.3 4.3 4.3 4.3 4.5 4.3 Base case scenario 4.8 3.8 3.5 3.5 3.3 3.3 3.6 4.5 3.3Downside scenario 4.8 2.5 0.5 0.5 0.5 0.5 1.3 4.5 0.5Severe downside scenario 4.8 6.5 8.0 5.0 4.3 3.5 5.4 8.5 3.5 Probability weighted 4.8 3.8 3.4 2.9 2.7 2.6 Consumer price inflation Upside scenario 2.6 2.5 2.0 2.0 2.0 2.0 2.1 2.7 2.0 Base case scenario 2.6 3.4 2.0 2.0 2.0 2.0 2.3 3.5 1.8 Downside scenario 2.6 1.5 0.3 1.2 1.8 2.0 1.5 2.8 0.3 Severe downside scenario 2.6 6.5 7.0 2.2 2.0 2.0 4.1 8.0 2.0 Probability weighted 2.6 3.2 2.2 1.8 1.9 2.0 Notes: i. The average rate for GDP and HPI is based on the cumulative annual growth rate over the forecast period. Average unemployment and CPI is calculated using a simple average using quarterly points. ii. GDP growth and HPI are shown as the largest cumulative growth/fall over the forecast period. The unemployment rate and CPI is shown as the highest/lowest rate over the forecast period. iii. The 2024 actual GDP data as presented in the Annual Report and Accounts 2025 has been updated to reflect the most recent published economic data. Critical accounting estimates and judgements (continued) To give an indication of the sensitivity of ECLs to different economic scenarios, the table below shows the ECL if 100% weighting is applied to each scenario: Expected credit losses Proportion of balances in stage 2 under 100% weighted scenarios under 100% weighted scenarios Reported Severe Severe Upside Base case Downside Reported Upside Base case Downside Reported stage 3 downside downside scenario scenario scenario provision scenario scenario scenario stage 2 and POCI scenario scenario (note i) 31 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % % % % % % Residential mortgages 235 232 282 963 352 12.5 11.4 9.4 30.4 13.3 0.7 Consumer lending \u2013 credit cards 474 494 503 1,074 561 17.1 17.4 17.1 36.4 19.3 3.1 Consumer lending \u2013 personal loans 247 253 259 357 268 20.6 20.8 19.8 27.0 21.3 5.4 and overdrafts Business lending 134 142 173 300 154 9.7 10.2 17.0 37.1 13.6 3.6 Total 1,090 1,121 1,217 2,694 1,335 31 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % % % % % % Residential mortgages 224 229 271 1,089 351 12.6 11.6 9.9 37.7 13.6 0.7 Consumer lending \u2013 credit cards 475 480 479 1,120 542 13.6 13.7 13.4 41.2 16.7 2.5 Consumer lending \u2013 personal loans 270 272 279 331 282 17.6 17.5 17.0 25.2 18.3 11.7 and overdrafts Business lending 102 106 118 288 113 9.2 9.3 11.7 39.2 11.0 3.2 Total 1,071 1,087 1,147 2,828 1,288 Note: i. The stage allocation of stage 3 assets is not sensitive to economic scenarios. The stage 3 proportion is the same as in all four economic scenarios as the stage 3 classification is determined by an asset\u2019s impaired status at the reporting date. Reported ECL represents 119% (2025: 118%) of the base case scenario ECL, primarily due to the impact of increased losses in the severe downside scenario. The increased ECLs in both the downside and severe downside scenarios are primarily the result of increased unemployment rates combined with material house price falls. The low Bank rate forecast in the downside scenario is the main driver of residential mortgage and consumer lending stage 2 proportions being lower in the downside scenario than in the base case scenario. The ECL for each scenario multiplied by the scenario probability will not reconcile to the reported provision. Whilst the stage allocation of loans varies in each individual scenario, each loan is allocated to a single stage in the reported provision calculation; this is based on a weighted average PD which takes into account the economic scenarios. A probability-weighted 12-month or lifetime ECL (which takes into account the economic scenarios) is then calculated based on the stage allocation. Critical accounting estimates and judgements (continued) The table below shows the sensitivity of provisions at 31 March 2026 to changes to the probability weightings applied to the economic scenarios: Sensitivity to key forward-looking information assumptions Increase in provision 2026 \u00a3m Single-factor sensitivity to key economic variables (note i) 10% decrease in house prices (HPI) at 31 March 2026 and throughout the forecast period 16 1% increase in unemployment rate at 31 March 2026 and throughout the forecast period 39 Sensitivity to changes in scenario probability weightings 10% increase in the probability of the downside scenario (reducing the upside by a corresponding 10%) 13 5% increase in the probability of the severe downside scenario (reducing the downside by a corresponding 5%) 74 Note: i. These are single-factor sensitivities; therefore, they should not be extrapolated due to the likely non-linear effects. The provision impacts are calculated using the base case scenario. The house price sensitivity is the impact of a 10% decrease in house prices on LGD for the residential mortgage portfolio. The table below shows key adjustments made in modelling provisions in relation to the significant areas of estimation uncertainty, with further details on each provided below. Significant adjustments made in modelling provisions 2026 2025 Consumer lending Consumer lending Residential Personal Business Residential Personal Business Total Total Mortgages Credit cards loans and lending Mortgages Credit cards loans and lending overdrafts overdrafts \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m PD uplift for affordability risks 63 32 8 - 103 70 6 7 - 83 PD uplift for credit card persistent debt - 20 - - 20 - 23 - - 23 LGD uplift for property valuation risks 21 - - - 21 21 - - - 21 Business lending portfolio risks - - - 26 26 - - - 10 10 Total 84 52 8 26 170 91 29 7 10 137 Of which: Stage 1 14 1 1 6 22 14 1 1 4 20 Stage 2 62 51 7 20 140 70 28 6 6 110 Stage 3 8 - - - 8 7 - - - 7 PD uplift for affordability risks At 31 March 2026, the PD uplift adjustment for affordability risks increased provisions by \u00a3103 million (2025: \u00a383 million). This adjustment reflects the ongoing affordability pressures faced by borrowers, primarily within the residential mortgage portfolio. This adjustment includes the risks associated with borrowers who have switched to higher mortgage rates or are expected to switch to higher mortgage interest rates in the next two years. The adjustment to credit card provisions has increased to \u00a332 million (2025: \u00a36 million) due to further alignment of this judgement across the Group, following credit card model changes in the year. This adjustment resulted in approximately \u00a38.7 billion (2025: \u00a39.2 billion) of residential mortgages and \u00a3410 million (2025: \u00a366 million) of consumer lending balances moving from stage 1 to stage 2. PD uplift for credit card persistent debt A borrower is defined as being in persistent debt if they have been paying more in interest, fees and charges than they are paying to reduce their outstanding balance for at least three years. Nationwide provides support to these borrowers, including the offer of forbearance, to help reduce the level of their credit card debt. To reflect an increase in risk since origination, accounts are moved to stage 2 if they are approaching, or have reached persistent debt status, and therefore receive a lifetime ECL. This adjustment increases provisions by \u00a320 million (2025: \u00a323 million) and results in \u00a3254 million (2025: \u00a3225 million) of additional credit card balances being reported in stage 2. LGD uplift for property valuation risks An adjustment has been made to account for property valuation risks associated with flats. This adjustment remains in place due to insufficient evidence of recovery in values for this sector of the market, increasing provisions by \u00a321 million (2025: \u00a321 million). Business lending portfolio risks Adjustments to modelled provisions are recognised where appropriate to reflect risks within the business lending portfolio which are not fully captured by models. Although the provision models capture general economic uncertainty through the use of multiple economic scenarios, losses could also exceed modelled estimates as a result of concentration risks within the portfolio. An adjustment to increase provisions by \u00a313 million (2025: \u00a3nil million) has been estimated with reference to historic variation in the frequency and value of large individual losses across the portfolio. In addition, a \u00a313 million (2025: \u00a310 million) adjustment continues to be recognised for the leveraged lending portfolio, reflecting the potential for loss given default to exceed modelled estimates, due in part to the limited volume of historical defaults available for model calibration. The cumulative impact of these two adjustments represents a significant judgement in the context of overall business lending provisions. An impairment loss of \u00a311 million (2025: \u00a313 million) was recognised in the year for the Group and Society, primarily as a result of software becoming obsolete earlier than envisaged due to ongoing investment to ensure the Group's technology estate is fit for the future.",
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"value": "11. Taxation Tax charge in the income statement Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Current tax: UK corporation tax charge 451 96 345 173 Adjustments in respect of prior years (33) (77) (47) (77) Total current tax charge 418 19 298 96 Deferred tax: Current year credit (85) (114) (38) (20) Adjustments in respect of prior years 54 59 64 59 Total deferred taxation (credit)/charge (31) (55) 26 39 Tax charge/(credit) 387 (36) 324 135 The actual tax charge differs from the theoretical amount that would arise using the standard rate of corporation tax in the UK as follows: Reconciliation of tax charge Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Profit before tax: 1,490 2,302 1,328 620 Tax calculated at a tax rate of 25% 373 576 332 155 Adjustments in respect of prior years 21 (18) 17 (18) Tax credit on Additional Tier 1 items (45) (34) (34) (25) Loss on redemption of Additional Tier 1 capital non-controlling interests (12) - - - Banking surcharge 35 6 35 16 Bank levy 8 8 8 8 Dividend income - - (34) - Deferred tax assets derecognised 4 3 - - Gain on acquisition - (575) - - Net expenses not deductible for tax purposes/(income not taxable) (note i) 18 15 4 2 Effect of deferred tax provided at different tax rates (15) (17) (4) (3) Tax charge/(credit) 387 (36) 324 135 Note: i. Net expenses not deductible for tax purposes/(income not taxable) primarily includes penalties and fines, depreciation on non-qualifying assets and premiums paid on the surrender of a lease. In addition, the Society is liable for tax on the results of Nationwide Covered Bonds LLP, the profit or loss of which is reported within that entity. In the year ended 31 March 2026, the main rate of UK corporation tax remained at 25%, the annual banking surcharge allowance remained at \u00a3100 million, and the banking surcharge rate remained at 3%. These rates have been reflected in the current tax and deferred tax balances recognised in these financial statements.The Group tax charge for the year of \u00a3387 million (2025: \u00a336 million credit) represents an effective tax rate of 26.0% (2025: (1.6)%). The Society tax charge for the year of \u00a3324 million (2025: \u00a3135 million) represents an effective tax rate of 24.4% (2025: 21.8%). On 17 November 2022 the UK Government confirmed its intention to implement the G20-OECD Inclusive Framework Pillar 2 rules in the UK, including a Qualified Domestic Minimum Top-Up Tax rule. This legislation, enacted on 11 July 2023, 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. The Group is within the scope of the legislation; however, as the UK rate of corporation tax is 25%, and the Group\u2019s business is UK-based, there is no impact of these rules on the financial statements. The IAS 12 exemption to recognise and disclose information about deferred tax assets and liabilities related to Pillar 2 income taxes has been applied.Deferred tax Deferred tax movements Deferred tax assets Deferred tax liabilities Fixed Cash flow & FVOCI Accounting Acquisition Tax losses Other Total Retirement Cash flow & Other Total assets other investment policy accounting carried items benefit other items hedging securities transition forward obligations hedging adjustment (note i) Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 5 April 2024 43 16 13 22 - - 15 109 (153) (41) (12) (206) Acquisition of Virgin Money 94 (66) 7 7 (165) 213 4 94 (107) - - (107) Income statement (charge)/credit (40) 14 1 95 (25) 7 2 54 (10) 7 4 1 Other comprehensive income - (9) 30 - - - - 21 46 - - 46(charge)/credit At 1 April 2025 97 (45) 51 124 (190) 220 21 278 (224) (34) (8) (266) Income statement (charge)/credit (12) 21 (3)(17) 53 (8) 1 35 (9) 6(1) (4) Other comprehensive income - 23 (35) - - - - (12) 53 -- 53 credit/(charge) At 31 March 2026 85(1) 13 107 (137) 212 22 301 (180) (28)(9) (217) Note: i. Deferred tax on the Group\u2019s retirement benefit asset is provided at 25% (2025: 25%).Deferred tax movements Deferred tax assets Deferred tax liabilities Fixed assets Cash flow & FVOCI Accounting Other items Total Retirement Total other hedginginvestment policy benefit securities transition obligations adjustment (note i)Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 5 April 2024 43 16 19 14 14 106 (153) (153) Income statement (charge)/credit (30) - - (4) 1 (33) (6) (6) Other comprehensive income credit - 3 29 - - 32 25 25 At 1 April 2025 13 19 48 10 15 105 (134) (134) Income statement (charge)/credit (23) - - (3) 6 (20) (6) (6) Other comprehensive income credit/(charge) - 4 (36) - - (32) 53 53 At 31 March 2026 (10) 23 12 7 21 53 (87) (87) Note: i. Deferred tax on the Society\u2019s retirement benefit asset is provided at 25% (2025: 25%). The majority of deferred tax assets are anticipated to be recoverable after more than one year. As a result of exemptions on dividends from subsidiaries, and on capital gains on disposal, there are no significant taxable temporary differences associated with investments in subsidiaries. In addition to the amounts recognised, the Group and Society have gross unrecognised deferred tax assets totalling \u00a3341 million and \u00a369 million (31 March 2025: \u00a3332 million and \u00a369 million) respectively. For the Group, these amounts comprise deferred tax assets for trading tax losses of \u00a3239 million and for temporary differences and tax losses on capital assets of \u00a3102 million. For the Society, the unrecognised amounts relate entirely to temporary differences and tax losses on capital assets. The temporary differences and tax losses on capital assets primarily relate to revalued properties, for which capital losses realised on disposal can be carried forward indefinitely. Deferred tax assets have not been recognised in respect of these items because it is not considered probable that sufficient future taxable gains will be available against which they can be utilised. The recognition of deferred tax assets relating to trading tax losses is explained further in the \u2018Critical accounting estimates and judgements\u2019 section below. Critical accounting estimates and judgements The Group has recognised deferred tax assets of \u00a3212 million (2025: \u00a3220 million) in respect of trading tax losses, based on expected future taxable profits. Deferred tax assets of \u00a360 million (2025: \u00a358 million) have not been recognised, representing tax at 25% on \u00a3239 million of trading tax losses that are not forecast to be used in the foreseeable future. The Group has assessed the likelihood of recovery of the recognised deferred tax assets in respect of trading losses at 31 March 2026 and considers it probable that sufficient future taxable profits will be available over its planning horizon against which the underlying deductible temporary differences can be utilised. Deferred tax assets in respect of these tax losses are recognised to the extent that they are expected to be utilised within six years of the balance sheet date. An increase or decrease of one year to the forecast period would increase or decrease the recognised deferred tax asset in respect of losses by \u00a334 million. An increase or decrease of 10% to forecast Group taxable profits would increase or decrease the deferred tax asset recognised in respect of tax losses by \u00a317 million. All tax assets arising will be used within the UK. For other deferred tax assets recognised on the balance sheet, the Group considers that there will be sufficient future trading profits, in excess of profits arising from the reversal of existing taxable temporary differences, to utilise the deferred tax assets.",
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"value": "11. Taxation Tax charge in the income statement Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Current tax: UK corporation tax charge 451 96 345 173 Adjustments in respect of prior years (33) (77) (47) (77) Total current tax charge 418 19 298 96 Deferred tax: Current year credit (85) (114) (38) (20) Adjustments in respect of prior years 54 59 64 59 Total deferred taxation (credit)/charge (31) (55) 26 39 Tax charge/(credit) 387 (36) 324 135 The actual tax charge differs from the theoretical amount that would arise using the standard rate of corporation tax in the UK as follows: Reconciliation of tax charge Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Profit before tax: 1,490 2,302 1,328 620 Tax calculated at a tax rate of 25% 373 576 332 155 Adjustments in respect of prior years 21 (18) 17 (18) Tax credit on Additional Tier 1 items (45) (34) (34) (25) Loss on redemption of Additional Tier 1 capital non-controlling interests (12) - - - Banking surcharge 35 6 35 16 Bank levy 8 8 8 8 Dividend income - - (34) - Deferred tax assets derecognised 4 3 - - Gain on acquisition - (575) - - Net expenses not deductible for tax purposes/(income not taxable) (note i) 18 15 4 2 Effect of deferred tax provided at different tax rates (15) (17) (4) (3) Tax charge/(credit) 387 (36) 324 135 Note: i. Net expenses not deductible for tax purposes/(income not taxable) primarily includes penalties and fines, depreciation on non-qualifying assets and premiums paid on the surrender of a lease. In addition, the Society is liable for tax on the results of Nationwide Covered Bonds LLP, the profit or loss of which is reported within that entity. In the year ended 31 March 2026, the main rate of UK corporation tax remained at 25%, the annual banking surcharge allowance remained at \u00a3100 million, and the banking surcharge rate remained at 3%. These rates have been reflected in the current tax and deferred tax balances recognised in these financial statements.The Group tax charge for the year of \u00a3387 million (2025: \u00a336 million credit) represents an effective tax rate of 26.0% (2025: (1.6)%). The Society tax charge for the year of \u00a3324 million (2025: \u00a3135 million) represents an effective tax rate of 24.4% (2025: 21.8%). On 17 November 2022 the UK Government confirmed its intention to implement the G20-OECD Inclusive Framework Pillar 2 rules in the UK, including a Qualified Domestic Minimum Top-Up Tax rule. This legislation, enacted on 11 July 2023, 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. The Group is within the scope of the legislation; however, as the UK rate of corporation tax is 25%, and the Group\u2019s business is UK-based, there is no impact of these rules on the financial statements. The IAS 12 exemption to recognise and disclose information about deferred tax assets and liabilities related to Pillar 2 income taxes has been applied.Deferred tax Deferred tax movements Deferred tax assets Deferred tax liabilities Fixed Cash flow & FVOCI Accounting Acquisition Tax losses Other Total Retirement Cash flow & Other Total assets other investment policy accounting carried items benefit other items hedging securities transition forward obligations hedging adjustment (note i) Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 5 April 2024 43 16 13 22 - - 15 109 (153) (41) (12) (206) Acquisition of Virgin Money 94 (66) 7 7 (165) 213 4 94 (107) - - (107) Income statement (charge)/credit (40) 14 1 95 (25) 7 2 54 (10) 7 4 1 Other comprehensive income - (9) 30 - - - - 21 46 - - 46(charge)/credit At 1 April 2025 97 (45) 51 124 (190) 220 21 278 (224) (34) (8) (266) Income statement (charge)/credit (12) 21 (3)(17) 53 (8) 1 35 (9) 6(1) (4) Other comprehensive income - 23 (35) - - - - (12) 53 -- 53 credit/(charge) At 31 March 2026 85(1) 13 107 (137) 212 22 301 (180) (28)(9) (217) Note: i. Deferred tax on the Group\u2019s retirement benefit asset is provided at 25% (2025: 25%).Deferred tax movements Deferred tax assets Deferred tax liabilities Fixed assets Cash flow & FVOCI Accounting Other items Total Retirement Total other hedginginvestment policy benefit securities transition obligations adjustment (note i)Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 5 April 2024 43 16 19 14 14 106 (153) (153) Income statement (charge)/credit (30) - - (4) 1 (33) (6) (6) Other comprehensive income credit - 3 29 - - 32 25 25 At 1 April 2025 13 19 48 10 15 105 (134) (134) Income statement (charge)/credit (23) - - (3) 6 (20) (6) (6) Other comprehensive income credit/(charge) - 4 (36) - - (32) 53 53 At 31 March 2026 (10) 23 12 7 21 53 (87) (87) Note: i. Deferred tax on the Society\u2019s retirement benefit asset is provided at 25% (2025: 25%). The majority of deferred tax assets are anticipated to be recoverable after more than one year. As a result of exemptions on dividends from subsidiaries, and on capital gains on disposal, there are no significant taxable temporary differences associated with investments in subsidiaries. In addition to the amounts recognised, the Group and Society have gross unrecognised deferred tax assets totalling \u00a3341 million and \u00a369 million (31 March 2025: \u00a3332 million and \u00a369 million) respectively. For the Group, these amounts comprise deferred tax assets for trading tax losses of \u00a3239 million and for temporary differences and tax losses on capital assets of \u00a3102 million. For the Society, the unrecognised amounts relate entirely to temporary differences and tax losses on capital assets. The temporary differences and tax losses on capital assets primarily relate to revalued properties, for which capital losses realised on disposal can be carried forward indefinitely. Deferred tax assets have not been recognised in respect of these items because it is not considered probable that sufficient future taxable gains will be available against which they can be utilised. The recognition of deferred tax assets relating to trading tax losses is explained further in the \u2018Critical accounting estimates and judgements\u2019 section below. Critical accounting estimates and judgements The Group has recognised deferred tax assets of \u00a3212 million (2025: \u00a3220 million) in respect of trading tax losses, based on expected future taxable profits. Deferred tax assets of \u00a360 million (2025: \u00a358 million) have not been recognised, representing tax at 25% on \u00a3239 million of trading tax losses that are not forecast to be used in the foreseeable future. The Group has assessed the likelihood of recovery of the recognised deferred tax assets in respect of trading losses at 31 March 2026 and considers it probable that sufficient future taxable profits will be available over its planning horizon against which the underlying deductible temporary differences can be utilised. Deferred tax assets in respect of these tax losses are recognised to the extent that they are expected to be utilised within six years of the balance sheet date. An increase or decrease of one year to the forecast period would increase or decrease the recognised deferred tax asset in respect of losses by \u00a334 million. An increase or decrease of 10% to forecast Group taxable profits would increase or decrease the deferred tax asset recognised in respect of tax losses by \u00a317 million. All tax assets arising will be used within the UK. For other deferred tax assets recognised on the balance sheet, the Group considers that there will be sufficient future trading profits, in excess of profits arising from the reversal of existing taxable temporary differences, to utilise the deferred tax assets.",
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"f0__s7__6__82-1": {
"value": "12. Classification and measurement The following tables summarise the classification of carrying amounts of the Group\u2019s and Society\u2019s financial assets and liabilities: Classification of financial assets and liabilities 2026 2025 Amortised Fair value Fair value Total Amortised Fair value Fair value Total cost through other through profit cost through other through profit comprehensive or loss comprehensive or loss income (note i) income (note i) Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mFinancial assets Cash and balances at central banks 38,411 - - 38,411 29,483 - - 29,483 Loans and advances to banks and similar institutions 1,758 - - 1,758 1,810 - - 1,810Investment securities - 25,899 6 25,905 - 28,658 5 28,663 Derivative financial instruments - - 3,341 3,341 - - 4,742 4,742 Fair value adjustment for portfolio hedged risk (2,121) - - (2,121) (2,037) - - (2,037) Loans and advances to customers 311,413 - 70 311,483 300,804 - 85 300,889 Total financial assets (note ii) 349,461 25,899 3,417 378,777 330,060 28,658 4,832 363,550 Other (note ii) 3,551 4,327 Total assets 382,328 367,877 Financial liabilities Shares 217,052 - - 217,052 207,428 - - 207,428 Deposits from banks and similar institutions 5,453 - - 5,453 6,053 - - 6,053 Other deposits 76,766 - - 76,766 74,667 - - 74,667 Fair value adjustment for portfolio hedged risk (106) - - (106) 27 - - 27Debt securities in issue 54,821 - - 54,821 51,109 - - 51,109 Derivative financial instruments - - 1,178 1,178 - - 1,547 1,547Subordinated liabilities 2,931 - - 2,931 2,444 - - 2,444 Subscribed capital 46 - - 46 129 - - 129Lease liabilities 297 - - 297 315 - - 315Total financial liabilities (note ii) 357,260 - 1,178 358,438 342,172 - 1,547 343,719 Other (notes ii and iii) 2,601 3,676 Total liabilities 361,039 347,395 Classification of financial assets and liabilities 2026 2025 Amortised Fair value Fair value Total Amortised Fair value Fair value Total cost through other through profit cost through other through profit comprehensive or loss comprehensive or loss income (note i) income (note i) Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3mFinancial assets Cash and balances at central banks 22,254 - - 22,254 18,601 - - 18,601 Loans and advances to banks and similar institutions 1,204 - - 1,204 1,339 - - 1,339 Investment securities - 21,989 1 21,990 - 22,401 1 22,402 Derivative financial instruments - - 3,956 3,956 - - 5,373 5,373 Fair value adjustment for portfolio hedged risk (1,940) - - (1,940) (1,985) - - (1,985) Loans and advances to customers 194,391 - 34 194,425 183,805 - 38 183,843 Amounts due from Group undertakings (notes iv and v) 47,461 - - 47,461 42,833 - - 42,833 Total financial assets (note ii) 263,370 21,989 3,991 289,350 244,593 22,401 5,412 272,406 Other (note ii) 7,272 6,734 Total assets 296,622 279,140 Financial liabilities Shares 217,052 - - 217,052 207,428 - - 207,428 Deposits from banks and similar institutions 4,449 - - 4,449 5,102 - - 5,102 Other deposits (note iv) 4,056 - - 4,056 4,283 - - 4,283 Fair value adjustment for portfolio hedged risk (106) - - (106) 27 - - 27Debt securities in issue 46,374 - - 46,374 39,429 - - 39,429 Derivative financial instruments - - 1,478 1,478 - - 1,637 1,637 Amounts due to Group undertakings (notes iv and v) 333 - - 333 242 - - 242Subordinated liabilities 2,932 - - 2,932 1,674 - - 1,674 Subscribed capital 46 - - 46 129 - - 129Lease liabilities 146 - - 146 156 - - 156Total financial liabilities (note ii) 275,282 - 1,478 276,760 258,470 - 1,637 260,107 Other (note ii) 3,892 4,434 Total liabilities 280,652 264,541 Notes: i. The Group has \u00a336 million (2025: \u00a347 million) of assets for which it had taken the option to designate at FVTPL. The Group has no liabilities (2025: \u00a3nil) for which it had taken the option to designate at FVTPL. As at 31 March 2026 and 31 March 2025 the Society had no assets or liabilities for which it had taken the option to designate at FVTPL. ii. Total financial assets and financial liabilities exclude certain financial instruments presented within 'other' relating to accruals, trade receivables, trade payables and settlement balances which are classified at amortised cost. iii. Other liabilities for the Group include \u00a31,231 million (2025: \u00a31,429 million) of notes in circulation. iv. Comparatives have been restated as detailed in note 1. v. Amounts due to and from Group undertakings presented in the table above include financial assets and liabilities only, with non-financial assets and liabilities included within 'other.' Further information on the fair value of financial assets and liabilities is included in notes 21 to 23. Derivatives by instrument and hedge type Group Society2026 2025 2026 2025 Contract/ Fair value (note ii) Contract/ Fair value (note ii) Contract/ Fair value (note ii) Contract/ Fair value (note ii) notional notional notional notional amount Assets Liabilities Assets Liabilities Assets Liabilities amount amount amount (note i) (note i) (note i) (note i) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Micro fair value hedges: Interest rate swaps 56,117 40 238 54,003 38 214 62,151 560 266 55,228 444 321 Cross currency interest rate swaps 48,642 1,322 677 47,064 1,562 1,063 57,672 1,416 1,027 52,999 1,832 1,115 Bond forwards 1,100 13 - 42 - - 1,100 13 - 42 - - Inflation swaps 4,728 10 93 5,663 43 32 4,728 10 93 4,183 43 32 110,587 1,385 1,008 106,772 1,643 1,309 125,651 1,999 1,386 112,452 2,319 1,468 Macro fair value hedges: Interest rate swaps 309,688 472 18 292,950 1,195 31 280,376 472 18 272,687 1,195 31 309,688 472 18 292,950 1,195 31 280,376 472 18 272,687 1,195 31 Cash flow hedges: Interest rate swaps 92,858 - 29 28,014 5 3 55,715 - 26 - - - Cross currency interest rate swaps 42,040 21 8 32,623 13 17 41,161 21 8 31,744 13 16 134,898 21 37 60,637 18 20 96,876 21 34 31,744 13 16 Not subject to hedge accounting: (note iii) Interest rate swaps 83,946 1,275 69 107,246 1,646 119 83,729 1,291 43 106,592 1,629 85 Cross currency interest rate swaps 1,769 30 17 1,546 33 38 1,769 25 (19) 2,201 27 19 Foreign exchange swaps 2,655 22 10 1,668 13 4 2,061 17 4 1,157 10 - Inflation swaps 10,657 131 10 10,325 180 16 10,657 131 10 10,325 180 16 Other derivatives 1,053 5 9 1,359 14 10 168 - 2 109 - 2 100,080 1,463 115 122,144 1,886 187 98,384 1,464 40 120,384 1,846 122 Total 655,253 3,341 1,178 582,503 4,742 1,547 601,287 3,956 1,478 537,267 5,373 1,637 Notes: i. Where the same derivative contract has been used in more than one hedge type, for example where one risk component has been included in a fair value hedge and another risk component has been included in a cash flow hedge, the full notional amount has been included in both categories. Where two derivative contracts are entered into which represent offsetting positions, the full notional amounts of both contracts are presented. ii. Derivative asset and liability fair values are presented based upon their carrying values within the balance sheet, with some instruments being presented gross and others netted with other balances with the same counterparty, in accordance with the requirements of IAS 32. Further information is included in note 24. iii. Bid-offer, credit and funding valuation adjustments are applied at a portfolio level and not allocated to individual hedge accounting relationships and have therefore been included in the \u2018Not subject to hedge accounting section\u2019, which can result in negative amounts presented.",
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"f0__s7__6__84": {
"value": "13. Investment securities Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Government, government guaranteed and 21,268 22,977 18,485 18,316 supranational investment securities Other debt investment securities 4,560 5,624 3,504 4,085 Investments in equity shares 77 62 1 1 Total 25,905 28,663 21,990 22,402 The Group may use its investment securities as collateral to secure deposits received under sale and repurchase agreements or to support derivative financial instruments. The Group retains substantially all of the risks and rewards associated with those investment securities and as a result they are retained on the balance sheet. The counterparty receiving that collateral normally has the contractual right to sell or repledge it. Similarly, Nationwide is allowed to repledge any collateral received as part of reverse repo transactions. Investment securities with a fair value of \u00a31,067 million (2025: \u00a32,163 million) have been used for sale and repurchase agreements and \u00a31,466 million (2025: \u00a32,353 million) for derivative financial instruments. In addition, \u00a3197 million (2025: \u00a3197 million) of investment securities are held for regulatory requirements. The Group also holds \u00a3993 million (2025: \u00a3624 million) of investment securities as collateral under reverse repurchase agreements which are not recognised in the table above. No collateral has been repledged at 31 March 2026 (31 March 2025: \u00a3nil). Further information on investment securities is included in the Credit risk - Treasury assets section of the Risk report. ",
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"f0__s7__6__87-1": {
"value": "Asset backed funding Certain mortgages have been pledged to the Group\u2019s asset backed funding programmes or utilised as whole mortgage loan pools for the Bank of England\u2019s (BoE\u2019s) Term Funding Scheme with additional incentives for Small and Medium sized Enterprises (TFSME) and other short-term liquidity facilities. The programmes have enabled the Group to obtain secured funding. Mortgages pledged and the carrying values of the notes in issue are as follows: Mortgages pledged to asset backed funding programmes 2026 2025 Notes in issue Notes in issue Held by Held by the Group Held by Held by the Group Mortgages third Mortgages third pledgedpartiesDrawn Undrawn Total notes pledgedpartiesDrawn Undrawn Total notes (note i) (note ii) (note iii) (note iv) in issue (note i) (note ii) (note iii) (note iv)in issue Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Covered bond programmes 44,507 23,111 - - 23,111 32,739 20,829 - - 20,829 Securitisation programmes 14,878 5,055 - 5,125 10,180 19,353 5,015 - 6,128 11,143 Whole mortgage loan pools 5,382 - 2,942 - 2,942 1,219 - 910 - 910 Total 64,767 28,166 2,942 5,125 36,233 53,311 25,844 910 6,128 32,882 Notes: i. Mortgages pledged include \u00a321.7 billion (2025: \u00a315.2 billion) in the covered bond and securitisation programmes that are in excess of the amount contractually required to support notes in issue. ii. Notes in issue which are held by third parties are included within debt securities in issue. Further information on debt securities is included in note 18. iii. Notes in issue, held by the Group and drawn, are whole mortgage loan pools securing amounts drawn with the BoE. iv. Notes in issue, held by the Group and undrawn, are debt securities issued by the programmes to the Society or other Group entities. Mortgages pledged under the covered bond programmes provide security for covered bonds issued by the Society or Virgin Money. The securitisation notes are issued by the programmes and the issuing entities are fully consolidated into the accounts of the Group. The issuance proceeds are used to purchase, for the benefit of note holders, a share of the beneficial interest in the pledged mortgages. The remaining beneficial interest in the pledged mortgages stays with the originator of the mortgages and includes its required minimum seller share in accordance with the rules of the programme. The entitlement of note holders is restricted to payment of principal and interest to the extent that the resources of the programme are sufficient to support such payment and the holders of the notes have agreed not to seek recourse in any other form. The Group is under no obligation to support losses incurred by the programmes or holders of the notes and does not intend to provide such further support. The whole mortgage loan pools are pledged at the BoE Single Collateral Pool. Notes are not issued when pledging the mortgage loan pools at the BoE. Instead, the whole loan pool is pledged to the BoE and drawings are made directly against the eligible collateral, subject to a haircut. In accordance with accounting standards, notes in issue held by the Group and undrawn are not recognised in the Group\u2019s or Society\u2019s balance sheets. Mortgages pledged are not derecognised from the Group or Society balance sheets as substantially all the risks and rewards of ownership have been retained. The Group and Society continue to be exposed to the liquidity risk, interest rate risk and credit risk of the mortgages. No gain or loss has been recognised on pledging the mortgages to the programmes. The following table sets out the carrying value and fair value of the transferred assets and liabilities for the securitisation programmes: Carrying value Fair value Transferred Associated Total Transferred Associated Total assetsliabilitiesassetsliabilities\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 31 March 2026 14,878 (10,180) 4,698 14,661 (10,164) 4,497 At 31 March 2025 19,353 (11,143) 8,210 19,221 (11,154) 8,06718. Debt securities in issue Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Certificates of deposit and commercial paper 1,721 2,516 1,721 2,516 Covered bonds 23,778 21,251 20,021 16,810 Securitisations 5,055 5,015 - - Senior preferred (notes i, ii) 11,793 14,792 11,474 12,131 Senior non-preferred (note ii) 13,449 8,193 13,457 8,193 55,796 51,767 46,673 39,650 Fair value adjustment for micro hedged risk (975) (658) (299) (221) Total 54,821 51,109 46,374 39,429 Note: i. Senior preferred debt securities in issue for the Group at 31 March 2026 include \u00a3319 million (2025: \u00a32,661 million) of MREL-eligible liabilities issued by Virgin Money UK PLC. ii. On 2 July 2025, as a result of a consent exercise, senior preferred debt securities with a notional value of \u00a31,483 million issued by Virgin Money UK PLC were cancelled and exchanged for senior non-preferred debt securities issued by Nationwide Building Society. The total for debt securities in issue in the Group includes \u00a328,166 million (2025: \u00a325,844 million), and in the Society includes \u00a320,021 million (2025: \u00a316,810 million), secured on certain loans and advances to customers. Further information is given in note 14. Senior non-preferred notes are a class of liability which rank equally with each other and behind the claims against the Society of all depositors, creditors and investing members other than holders of Tier 2 eligible subordinated notes, permanent interest-bearing shares (PIBS), Additional Tier 1 (AT1) instruments and core capital deferred shares (CCDS) issued by the Society. Senior non-preferred notes contribute to meeting the Society\u2019s minimum requirement for own funds and eligible liabilities (MREL) and loss absorbing requirements.",
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"f0__s7__6__92": {
"value": "16. Deposits from banks and similar institutions A maturity analysis for the Group\u2019s deposits from banks and similar institutions can be found in the Liquidity and funding risk section of the Risk report. Deposits from banks and similar institutions include \u00a30.9 billion (2025: \u00a30.9 billion) and \u00a3nil (2025: \u00a3nil) of TFSME for the Group and Society, respectively. ",
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"f0__s7__6__94": {
"value": "17. Other deposits Group Society 2025 2026 2025 2026 (note i) \u00a3m \u00a3m \u00a3m \u00a3m Non-member retail deposits 53,771 53,312 - - Non-member business deposits 22,761 21,087 3,822 4,015 Other 234 268 234 268 Total 76,766 74,667 4,056 4,283 Note: i. Comparatives have been restated as detailed in note 1. Non-member retail deposits represent Virgin Money retail customer deposits.",
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"f0__s7__6__98": {
"value": "19. Subordinated liabilities Group Society 2026 2025 2026 2025 Issuance date Next call date Maturity date \u00a3m \u00a3m \u00a3m \u00a3m Tier 2 eligible notes Nationwide Building Society issued notes: 4% subordinated notes (USD 1.25 billion) (note i) 14 September 2016 14 September 2026 842 864 842 864 4.125% subordinated notes (USD 1.25 billion) (note ii) 18 October 2017 18 October 2027 18 October 2032 390 400 390 400 4.375% subordinated notes (EUR 0.5 billion) 16 April 2024 16 April 2029 16 April 2034 452 434 452 434 4% subordinated notes (EUR 0.65 billion) 30 April 2025 30 July 2030 30 July 2035 578 - 578 - 2.625% subordinated notes (GBP 0.3 billion) (note iii) 19 May 2021 19 May 2026 19 August 2031 298 - 300 - 1.676% subordinated notes (GBP 0.4 billion) 14 October 2025 14 July 2031 14 July 2036 403 - 403 - Virgin Money UK PLC issued notes: 5.13% subordinated notes (GBP 0.475 billion) (note iv) 11 September 2020 11 December 2030 - 481 - - 2.625% subordinated notes (GBP 0.3 billion) (note iii) 19 May 2021 19 May 2026 19 August 2031 - 290 - - 2,963 2,469 2,965 1,698 Fair value hedge accounting adjustments (32) (25) (33) (24) Total 2,931 2,444 2,932 1,674Notes: i. The Society repurchased USD 136 million of the outstanding principal on 10 June 2022. ii. The Society repurchased USD 742 million of the outstanding principal on 10 June 2022. iii. Nationwide was substituted in place of Virgin Money UK PLC as the obligor of these notes on 2 July 2025. iv. The Group exercised its option to call these notes during the period ended 31 March 2026. The Tier 2 eligible subordinated notes rank at least pari passu with other such notes of the relevant issuer, behind claims of all senior creditors and ahead of claims against the Group of holders of PIBS, AT1 instruments and CCDS. These notes are dated subordinated securities on which there is an obligation to pay coupons and are included within the Group's regulatory capital base as Tier 2 capital. The interest rate and foreign exchange risks arising from the issuance of fixed rate and foreign currency subordinated liabilities have been mitigated through the use of derivatives. ",
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"value": "21. Fair value hierarchy of financial assets and liabilities held at fair value The following table shows the Group\u2019s and Society\u2019s financial assets and liabilities that are held at fair value by fair value hierarchy, balance sheet classification and product type: 2026 2025 Fair values based on Fair values based on Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Government, government guaranteed and supranational investment securities 21,268 - - 21,268 22,977 - - 22,977 Other debt investment securities 3,326 1,230 4 4,560 4,344 1,277 3 Investments in equity shares - - 77 77 - - 62 62 Total investment securities 24,594 1,230 81 25,905 27,321 1,277 65 28,663 Interest rate swaps - 1,787 - 1,787 - 2,884 - 2,884 Cross currency interest rate swaps - 1,373 - 1,373 - 1,608 - 1,608 Foreign exchange swaps - 22 - 22 - 13 - 13 Inflation swaps - 141 - 141 - 182 41 223 Other derivatives - 18 - 18 - 8 6 14 Total derivative financial instruments - 3,341 - 3,341 - 4,695 47 4,742 Loans and advances to customers - 36 34 70 - 47 38 85 Total financial assets 24,594 4,607 115 29,316 27,321 6,019 150 33,490 Financial liabilities Interest rate swaps - 354 - 354 - 367 - 367 Cross currency interest rate swaps - 702 - 702 - 1,118 - 1,118 Foreign exchange swaps - 10 - 10 - 4 - 4 Inflation swaps - 103 - 103 - 23 25 48 Other derivatives - 9 - 9 - 8 2 10 Total derivative financial instruments - 1,178 - 1,178 - 1,520 27 1,547 Total financial liabilities - 1,178 - 1,178 - 1,520 27 1,547 2026 2025 Fair values based on Fair values based on Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Government, government guaranteed and supranational investment securities 18,485 - - 18,485 18,316 - - 18,316Other debt investment securities 2,274 1,230 - 3,504 2,8081,277 - Investments in equity shares - - 1 1 - - 1 1 Total investment securities 20,759 1,230 1 21,990 21,124 1,277 1 22,402 Interest rate swaps - 2,323 - 2,323 - 3,268 - 3,268 Cross currency interest rate swaps - 1,462 - 1,462 - 1,872 - 1,872 Foreign exchange swaps - 17 - 17 - 10 - 10 Inflation swaps - 141 - 141 - 182 41 223 Other derivatives - 13 - 13 - - - - Total derivative financial instruments - 3,956 - 3,956 - 5,332 41 5,373 Loans and advances to customers - - 34 34 - - 38 38 Total financial assets 20,759 5,186 35 25,980 21,124 6,609 80 27,813 Financial liabilities Interest rate swaps - 353 - 353 - 437 - 437 Cross currency interest rate swaps - 1,016 - 1,016 - 1,150 - 1,150 Foreign exchange swaps - 4 - 4 - - - - Inflation swaps - 103 - 103 - 23 25 48 Other derivatives - 2 - 2 - - 2 2 Total derivative financial instruments - 1,478 - 1,478 - 1,610 27 1,637 Total financial liabilities - 1,478 - 1,478 - 1,610 27 1,637 The Level 1 portfolio comprises government and other highly rated securities for which traded prices are readily available. Asset valuations for Level 2 investment securities are sourced from consensus pricing or other observable market prices. None of the Level 2 investment securities are valued using models. Level 2 derivative assets and liabilities are valued using observable market data for all significant valuation inputs. More detail on the Level 3 portfolio is provided in note 22. Transfers between fair value hierarchies Instruments move between fair value hierarchies primarily due to increases or decreases in market activity or changes to the significance of unobservable inputs to valuation. Transfers are recognised at the date of the event or change in circumstances which caused the transfer. There were no transfers between the Level 1 and Level 2 portfolios during the current year or prior period.22. Fair value of financial assets and liabilities held at fair value \u2013 Level 3 portfolio During the year, the main constituents of the Level 3 portfolio were: \uf0b7 certain loans and advances to customers, including a closed portfolio of residential mortgages; \uf0b7 certain investment securities, including investments made in Fintech companies; and \uf0b7 inflation swaps where seasonality is significant to the valuation. The table below sets out movements in the Level 3 portfolio, including transfers in and out of Level 3. The majority of the Group\u2019s Level 3 assets and liabilities are held within the Society, with the exception of its Level 3 investment securities which are predominantly held in a subsidiary of the Society. Movements in Level 3 portfolio 2026 2025 Investment Derivative Derivative Loans and Investment Derivative Derivative Loans and securities financial financial advances to securities financial financial advances to (note i) assets liabilities customers (note i) assets liabilities customers Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 April (2025: 5 April) 65 47 (27) 38 63 195 (5) 42 Gains/(losses) recognised in the income statement, within: Net interest income - 4 - 1 - 95 5 1 Gains/(losses) from derivatives and hedge accounting (note ii) 1 (13) (7) - - (163) 16 - Other operating income - - 3 (1) (3) 99 1 - Gains/(losses) recognised in other comprehensive income, within: Fair value through other comprehensive income reserve 1 - - - (2) - - - Additions 15 - - - 6 - - - Acquisition of Virgin Money - - - - 2 - - - Disposals (1) - (3) - (1) (97) (1) - Settlements/repayments - (26) (39) (4) - (82) (47) (5) Transfers out of Level 3 portfolio (note iii) - (12) 73 - - - 4 - At 31 March 81 - - 34 65 47 (27) 38 Unrealised (losses)/gains recognised in the income statement - (14) (7) (1) 3 (58) 17 - attributable to assets and liabilities held at the end of the period Notes: i. Includes \u00a375 million (2025: \u00a360 million) of equity investments which have been designated at FVOCI as the investments are being held for long-term strategic purposes. ii. Includes foreign exchange revaluation gains/(losses). iii. The proportional impact of seasonality on the value of USD-denominated and EUR-denominated inflation swaps reduced during the years ended 31 March 2026 and 31 March 2025, respectively, resulting in these instruments no longer being categorised within Level 3 of the fair value hierarchy. Level 3 portfolio sensitivity analysis of valuations using unobservable inputs The fair value of financial instruments is, in certain circumstances, measured using valuation techniques based on market prices that are not observable in an active market or significant unobservable market inputs. Reasonable alternative assumptions can be applied for sensitivity analysis, taking account of the nature of valuation techniques used, as well as the availability and reliability of observable proxy and historic data. The following table shows the sensitivity of the Level 3 fair values to reasonable alternative assumptions (as set out in the table of significant unobservable inputs below) and the resultant impact of such changes in fair value on the income statement or other comprehensive income. Sensitivity of Level 3 fair values 2026 2025 Income statement Other comprehensive Income statement Other comprehensive income income Favourable Unfavourable Favourable Unfavourable Favourable Unfavourable Favourable Unfavourable Fair value changes changes changes changes Fair value changes changes changes changes Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Investment securities 81 1 (1) 19 (19) 65 1 (1) 15 (15) Net derivative financial instruments - - - - - 20 5 (5) - - Loans and advances to customers 34 1 (1) - - 38 2 (1) - - Total 115 2 (2) 19 (19) 123 8 (7) 15 (15) Alternative assumptions are considered for each product and varied according to the quality of the data and variability of the underlying market. The following table discloses the significant unobservable inputs underlying the above alternative assumptions for assets and liabilities recognised at fair value and classified as Level 3, along with the range of values for those significant unobservable inputs. Where sensitivities are described, the inverse relationship will also generally apply. Significant unobservable inputs 2026 2025 Total Total Valuation Significant Range Units Total Total Valuation Significant Range Units assets liabilities technique unobservable (note i) assets liabilities technique unobservable (note i) inputs inputs Group \u00a3m \u00a3m \u00a3m \u00a3m Internal Various Internal Various Investment securities 81 - - - \u00a3 65 - - - \u00a3 assessment (note ii) assessment (note ii) Derivative financial Discounted Discounted - - Seasonality - - % 47 (27) Seasonality 0.02 0.54 % instruments cash flows cash flows Loans and advances to Discounted Discounted 34 - Discount rate 5.56 7.56 % 38 - Discount rate 5.11 7.11 % customers cash flows cash flows Notes: i. The range represents the values of the highest and lowest levels used in the calculation of favourable and unfavourable changes as presented in the table of sensitivities above. ii. Given the wide range of investments and variety of inputs to modelled values, which may include inputs such as observed market prices, discount rates or probability weightings of expected outcomes, the Group does not disclose ranges as they are not meaningful without reference to individual underlying investments, which would be impracticable. Some of the significant unobservable inputs used in the fair value measurement of investment securities may be interdependent. Discount rate The discount rate is used to determine the present value of future cash flows. The level of the discount rate takes into account the time value of money, but also the risk associated with the investment at the time the investment was made. Typically, the greater the risk, the higher the discount rate. A higher discount rate leads to a lower valuation and vice versa. Seasonality An inflation swap curve is built using inflation swap quotes to project future levels of the inflation indices in each of the markets in which the Group is active. These curves are used to calculate future cash flows. While inflation swap instruments give a good indication of annual growth in inflation, monthly index fixings throughout the year tend to behave differently and so the inflation swap curve is adjusted for this seasonality accordingly. The higher the seasonality, the greater the adjustment to the inflation swap curve. 23. Fair value of financial assets and liabilities measured at amortised cost The following tables summarise the Group\u2019s and Society\u2019s carrying value and fair value of financial assets and liabilities measured at amortised cost on the balance sheet: Fair value of financial assets and liabilities (note i) 2026 2025 Carrying Fair values based on Total fair Carrying Fair values based on Total fair Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 value value value value Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Loans and advances to banks and similar 1,758 - 1,758 - 1,758 1,810 - 1,810 - 1,810 institutions Loans and advances to customers: Residential mortgages 285,946 - - 282,080 282,080 275,539 - - 272,365 272,365 Consumer lending 10,749 - - 11,093 11,093 10,283 - - 10,596 10,596 Business lending 14,718 - 1,029 13,367 14,396 14,982 - 995 13,632 14,627 Total 313,171 - 2,787 306,540 309,327 302,614 - 2,805 296,593 299,398 Financial liabilities Shares 217,052 - 216,789 - 216,789 207,428 - 207,459 - 207,459 Deposits from banks and similar institutions 5,453 - 5,453 - 5,453 6,053 - 6,053 - 6,053 Other deposits 76,766 - 76,702 - 76,702 74,667 - 74,568 13 74,581 Debt securities in issue 54,821 21,104 34,033 - 55,137 51,109 18,719 32,722 - 51,441 Subordinated liabilities 2,931 - 2,959 - 2,959 2,444 - 2,464 - 2,464 Subscribed capital 46 - 47 - 47 129 - 129 - 129 Total 357,069 21,104 335,983 - 357,087 341,830 18,719 323,395 13 342,127 Fair value of financial assets and liabilities (note i) 2026 2025 Carrying Fair values based on Total fair Carrying Fair values based on Total fair value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 value value value Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Loans and advances to banks and similar 1,204 - 1,204 - 1,204 1,339 - 1,339 - 1,339 institutions Loans and advances to customers: Residential mortgages 184,247 - - 181,538 181,538 174,414 - - 171,410 171,410 Consumer lending 4,681 - - 4,602 4,602 4,069 - - 4,003 4,003 Business lending 5,463 - - 5,072 5,072 5,322 - - 4,890 4,890 Amounts due from Group undertakings (note ii) 47,461 - 4,022 43,455 47,477 42,833 - 752 42,079 42,831 Total 243,056 - 5,226 234,667 239,893 227,977 - 2,091 222,382 224,473 Financial liabilities Shares 217,052 - 216,789 - 216,789 207,428 - 207,459 - 207,459 Deposits from banks and similar institutions 4,449 - 4,449 - 4,449 5,102 - 5,102 - 5,102 Other deposits (note ii) 4,056 - 4,055 - 4,055 4,283 - 4,270 13 4,283 Debt securities in issue 46,374 17,351 28,678 - 46,029 39,429 14,274 25,039 - 39,313 Amounts due to Group undertakings (note ii) 333 - 333 - 333 242 - 242 - 242 Subordinated liabilities 2,932 - 2,958 - 2,958 1,674 - 1,692 - 1,692 Subscribed capital 46 - 47 - 47 129 - 129 - 129 Total 275,242 17,351 257,309 - 274,660 258,287 14,274 243,933 13 258,220 Notes: i. The tables above exclude cash and certain other financial assets and liabilities such as accruals, trade receivables, trade payables and settlement balances which are short-term in nature and for which fair value approximates carrying value. ii. Comparatives have been restated as detailed in note 1. Fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It does not reflect the economic benefits and costs that the group expects to flow from an instrument\u2019s cash flows over its expected future life. The assumptions and methodologies underlying the calculation of fair values of financial instruments at the balance sheet date are set out below. Loans and advances to banks and similar institutions The fair value of loans and advances to banks and similar institutions is estimated by discounting expected cash flows at a market discount rate. Loans and advances to customers The fair value of loans and advances to customers is estimated by discounting expected cash flows at rates that reflect current pricing for similar lending. Loans are segregated into portfolios with similar characteristics, with fair values estimated using valuation models incorporating a range of input assumptions considered consistent with those that would be used by market participants in valuing such loans, including expected credit losses and customer prepayment rates. Cash flows are discounted at rates which are appropriate based on the underlying portfolios. Amounts due from Group undertakings Level 2 amounts due from Group undertakings represent debt instruments issued by Virgin Money UK PLC to Nationwide Building Society. The fair value of these instruments is estimated using a discounted cash flow model applying yields on similar externally issued instruments. Level 3 amounts due from Group undertakings represent other loans to subsidiaries where carrying value approximates fair value as the rate payable resets biannually based on current market conditions. Shares, deposits and amounts due to Group undertakings Fair values of shares, deposits and amounts due to Group undertakings are estimated using discounted cash flow valuation techniques. In many cases, the fair value disclosed approximates carrying value because the instruments are short-term in nature or have interest rates that reprice frequently. The fair value for deposits with longer-term maturities, such as time deposits, are estimated using discounted cash flows applying either market rates or current rates for deposits of similar remaining maturities. Debt securities in issue, subordinated liabilities and subscribed capital The estimated fair values of longer dated liabilities are calculated based on quoted market prices where available or using similar instruments as a proxy for those liabilities that are not of sufficient size or liquidity to have an active market quote. For those notes for which quoted market prices are not available, a discounted cash flow model is used based on a current yield curve appropriate for the remaining term to maturity.",
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"value": "21. Fair value hierarchy of financial assets and liabilities held at fair value The following table shows the Group\u2019s and Society\u2019s financial assets and liabilities that are held at fair value by fair value hierarchy, balance sheet classification and product type: 2026 2025 Fair values based on Fair values based on Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Government, government guaranteed and supranational investment securities 21,268 - - 21,268 22,977 - - 22,977 Other debt investment securities 3,326 1,230 4 4,560 4,344 1,277 3 Investments in equity shares - - 77 77 - - 62 62 Total investment securities 24,594 1,230 81 25,905 27,321 1,277 65 28,663 Interest rate swaps - 1,787 - 1,787 - 2,884 - 2,884 Cross currency interest rate swaps - 1,373 - 1,373 - 1,608 - 1,608 Foreign exchange swaps - 22 - 22 - 13 - 13 Inflation swaps - 141 - 141 - 182 41 223 Other derivatives - 18 - 18 - 8 6 14 Total derivative financial instruments - 3,341 - 3,341 - 4,695 47 4,742 Loans and advances to customers - 36 34 70 - 47 38 85 Total financial assets 24,594 4,607 115 29,316 27,321 6,019 150 33,490 Financial liabilities Interest rate swaps - 354 - 354 - 367 - 367 Cross currency interest rate swaps - 702 - 702 - 1,118 - 1,118 Foreign exchange swaps - 10 - 10 - 4 - 4 Inflation swaps - 103 - 103 - 23 25 48 Other derivatives - 9 - 9 - 8 2 10 Total derivative financial instruments - 1,178 - 1,178 - 1,520 27 1,547 Total financial liabilities - 1,178 - 1,178 - 1,520 27 1,547 2026 2025 Fair values based on Fair values based on Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Government, government guaranteed and supranational investment securities 18,485 - - 18,485 18,316 - - 18,316Other debt investment securities 2,274 1,230 - 3,504 2,8081,277 - Investments in equity shares - - 1 1 - - 1 1 Total investment securities 20,759 1,230 1 21,990 21,124 1,277 1 22,402 Interest rate swaps - 2,323 - 2,323 - 3,268 - 3,268 Cross currency interest rate swaps - 1,462 - 1,462 - 1,872 - 1,872 Foreign exchange swaps - 17 - 17 - 10 - 10 Inflation swaps - 141 - 141 - 182 41 223 Other derivatives - 13 - 13 - - - - Total derivative financial instruments - 3,956 - 3,956 - 5,332 41 5,373 Loans and advances to customers - - 34 34 - - 38 38 Total financial assets 20,759 5,186 35 25,980 21,124 6,609 80 27,813 Financial liabilities Interest rate swaps - 353 - 353 - 437 - 437 Cross currency interest rate swaps - 1,016 - 1,016 - 1,150 - 1,150 Foreign exchange swaps - 4 - 4 - - - - Inflation swaps - 103 - 103 - 23 25 48 Other derivatives - 2 - 2 - - 2 2 Total derivative financial instruments - 1,478 - 1,478 - 1,610 27 1,637 Total financial liabilities - 1,478 - 1,478 - 1,610 27 1,637 The Level 1 portfolio comprises government and other highly rated securities for which traded prices are readily available. Asset valuations for Level 2 investment securities are sourced from consensus pricing or other observable market prices. None of the Level 2 investment securities are valued using models. Level 2 derivative assets and liabilities are valued using observable market data for all significant valuation inputs. More detail on the Level 3 portfolio is provided in note 22. Transfers between fair value hierarchies Instruments move between fair value hierarchies primarily due to increases or decreases in market activity or changes to the significance of unobservable inputs to valuation. Transfers are recognised at the date of the event or change in circumstances which caused the transfer. There were no transfers between the Level 1 and Level 2 portfolios during the current year or prior period.22. Fair value of financial assets and liabilities held at fair value \u2013 Level 3 portfolio During the year, the main constituents of the Level 3 portfolio were: \uf0b7 certain loans and advances to customers, including a closed portfolio of residential mortgages; \uf0b7 certain investment securities, including investments made in Fintech companies; and \uf0b7 inflation swaps where seasonality is significant to the valuation. The table below sets out movements in the Level 3 portfolio, including transfers in and out of Level 3. The majority of the Group\u2019s Level 3 assets and liabilities are held within the Society, with the exception of its Level 3 investment securities which are predominantly held in a subsidiary of the Society. Movements in Level 3 portfolio 2026 2025 Investment Derivative Derivative Loans and Investment Derivative Derivative Loans and securities financial financial advances to securities financial financial advances to (note i) assets liabilities customers (note i) assets liabilities customers Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 April (2025: 5 April) 65 47 (27) 38 63 195 (5) 42 Gains/(losses) recognised in the income statement, within: Net interest income - 4 - 1 - 95 5 1 Gains/(losses) from derivatives and hedge accounting (note ii) 1 (13) (7) - - (163) 16 - Other operating income - - 3 (1) (3) 99 1 - Gains/(losses) recognised in other comprehensive income, within: Fair value through other comprehensive income reserve 1 - - - (2) - - - Additions 15 - - - 6 - - - Acquisition of Virgin Money - - - - 2 - - - Disposals (1) - (3) - (1) (97) (1) - Settlements/repayments - (26) (39) (4) - (82) (47) (5) Transfers out of Level 3 portfolio (note iii) - (12) 73 - - - 4 - At 31 March 81 - - 34 65 47 (27) 38 Unrealised (losses)/gains recognised in the income statement - (14) (7) (1) 3 (58) 17 - attributable to assets and liabilities held at the end of the period Notes: i. Includes \u00a375 million (2025: \u00a360 million) of equity investments which have been designated at FVOCI as the investments are being held for long-term strategic purposes. ii. Includes foreign exchange revaluation gains/(losses). iii. The proportional impact of seasonality on the value of USD-denominated and EUR-denominated inflation swaps reduced during the years ended 31 March 2026 and 31 March 2025, respectively, resulting in these instruments no longer being categorised within Level 3 of the fair value hierarchy. Level 3 portfolio sensitivity analysis of valuations using unobservable inputs The fair value of financial instruments is, in certain circumstances, measured using valuation techniques based on market prices that are not observable in an active market or significant unobservable market inputs. Reasonable alternative assumptions can be applied for sensitivity analysis, taking account of the nature of valuation techniques used, as well as the availability and reliability of observable proxy and historic data. The following table shows the sensitivity of the Level 3 fair values to reasonable alternative assumptions (as set out in the table of significant unobservable inputs below) and the resultant impact of such changes in fair value on the income statement or other comprehensive income. Sensitivity of Level 3 fair values 2026 2025 Income statement Other comprehensive Income statement Other comprehensive income income Favourable Unfavourable Favourable Unfavourable Favourable Unfavourable Favourable Unfavourable Fair value changes changes changes changes Fair value changes changes changes changes Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Investment securities 81 1 (1) 19 (19) 65 1 (1) 15 (15) Net derivative financial instruments - - - - - 20 5 (5) - - Loans and advances to customers 34 1 (1) - - 38 2 (1) - - Total 115 2 (2) 19 (19) 123 8 (7) 15 (15) Alternative assumptions are considered for each product and varied according to the quality of the data and variability of the underlying market. The following table discloses the significant unobservable inputs underlying the above alternative assumptions for assets and liabilities recognised at fair value and classified as Level 3, along with the range of values for those significant unobservable inputs. Where sensitivities are described, the inverse relationship will also generally apply. Significant unobservable inputs 2026 2025 Total Total Valuation Significant Range Units Total Total Valuation Significant Range Units assets liabilities technique unobservable (note i) assets liabilities technique unobservable (note i) inputs inputs Group \u00a3m \u00a3m \u00a3m \u00a3m Internal Various Internal Various Investment securities 81 - - - \u00a3 65 - - - \u00a3 assessment (note ii) assessment (note ii) Derivative financial Discounted Discounted - - Seasonality - - % 47 (27) Seasonality 0.02 0.54 % instruments cash flows cash flows Loans and advances to Discounted Discounted 34 - Discount rate 5.56 7.56 % 38 - Discount rate 5.11 7.11 % customers cash flows cash flows Notes: i. The range represents the values of the highest and lowest levels used in the calculation of favourable and unfavourable changes as presented in the table of sensitivities above. ii. Given the wide range of investments and variety of inputs to modelled values, which may include inputs such as observed market prices, discount rates or probability weightings of expected outcomes, the Group does not disclose ranges as they are not meaningful without reference to individual underlying investments, which would be impracticable. Some of the significant unobservable inputs used in the fair value measurement of investment securities may be interdependent. Discount rate The discount rate is used to determine the present value of future cash flows. The level of the discount rate takes into account the time value of money, but also the risk associated with the investment at the time the investment was made. Typically, the greater the risk, the higher the discount rate. A higher discount rate leads to a lower valuation and vice versa. Seasonality An inflation swap curve is built using inflation swap quotes to project future levels of the inflation indices in each of the markets in which the Group is active. These curves are used to calculate future cash flows. While inflation swap instruments give a good indication of annual growth in inflation, monthly index fixings throughout the year tend to behave differently and so the inflation swap curve is adjusted for this seasonality accordingly. The higher the seasonality, the greater the adjustment to the inflation swap curve. 23. Fair value of financial assets and liabilities measured at amortised cost The following tables summarise the Group\u2019s and Society\u2019s carrying value and fair value of financial assets and liabilities measured at amortised cost on the balance sheet: Fair value of financial assets and liabilities (note i) 2026 2025 Carrying Fair values based on Total fair Carrying Fair values based on Total fair Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 value value value value Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Loans and advances to banks and similar 1,758 - 1,758 - 1,758 1,810 - 1,810 - 1,810 institutions Loans and advances to customers: Residential mortgages 285,946 - - 282,080 282,080 275,539 - - 272,365 272,365 Consumer lending 10,749 - - 11,093 11,093 10,283 - - 10,596 10,596 Business lending 14,718 - 1,029 13,367 14,396 14,982 - 995 13,632 14,627 Total 313,171 - 2,787 306,540 309,327 302,614 - 2,805 296,593 299,398 Financial liabilities Shares 217,052 - 216,789 - 216,789 207,428 - 207,459 - 207,459 Deposits from banks and similar institutions 5,453 - 5,453 - 5,453 6,053 - 6,053 - 6,053 Other deposits 76,766 - 76,702 - 76,702 74,667 - 74,568 13 74,581 Debt securities in issue 54,821 21,104 34,033 - 55,137 51,109 18,719 32,722 - 51,441 Subordinated liabilities 2,931 - 2,959 - 2,959 2,444 - 2,464 - 2,464 Subscribed capital 46 - 47 - 47 129 - 129 - 129 Total 357,069 21,104 335,983 - 357,087 341,830 18,719 323,395 13 342,127 Fair value of financial assets and liabilities (note i) 2026 2025 Carrying Fair values based on Total fair Carrying Fair values based on Total fair value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 value value value Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Financial assets Loans and advances to banks and similar 1,204 - 1,204 - 1,204 1,339 - 1,339 - 1,339 institutions Loans and advances to customers: Residential mortgages 184,247 - - 181,538 181,538 174,414 - - 171,410 171,410 Consumer lending 4,681 - - 4,602 4,602 4,069 - - 4,003 4,003 Business lending 5,463 - - 5,072 5,072 5,322 - - 4,890 4,890 Amounts due from Group undertakings (note ii) 47,461 - 4,022 43,455 47,477 42,833 - 752 42,079 42,831 Total 243,056 - 5,226 234,667 239,893 227,977 - 2,091 222,382 224,473 Financial liabilities Shares 217,052 - 216,789 - 216,789 207,428 - 207,459 - 207,459 Deposits from banks and similar institutions 4,449 - 4,449 - 4,449 5,102 - 5,102 - 5,102 Other deposits (note ii) 4,056 - 4,055 - 4,055 4,283 - 4,270 13 4,283 Debt securities in issue 46,374 17,351 28,678 - 46,029 39,429 14,274 25,039 - 39,313 Amounts due to Group undertakings (note ii) 333 - 333 - 333 242 - 242 - 242 Subordinated liabilities 2,932 - 2,958 - 2,958 1,674 - 1,692 - 1,692 Subscribed capital 46 - 47 - 47 129 - 129 - 129 Total 275,242 17,351 257,309 - 274,660 258,287 14,274 243,933 13 258,220 Notes: i. The tables above exclude cash and certain other financial assets and liabilities such as accruals, trade receivables, trade payables and settlement balances which are short-term in nature and for which fair value approximates carrying value. ii. Comparatives have been restated as detailed in note 1. Fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It does not reflect the economic benefits and costs that the group expects to flow from an instrument\u2019s cash flows over its expected future life. The assumptions and methodologies underlying the calculation of fair values of financial instruments at the balance sheet date are set out below. Loans and advances to banks and similar institutions The fair value of loans and advances to banks and similar institutions is estimated by discounting expected cash flows at a market discount rate. Loans and advances to customers The fair value of loans and advances to customers is estimated by discounting expected cash flows at rates that reflect current pricing for similar lending. Loans are segregated into portfolios with similar characteristics, with fair values estimated using valuation models incorporating a range of input assumptions considered consistent with those that would be used by market participants in valuing such loans, including expected credit losses and customer prepayment rates. Cash flows are discounted at rates which are appropriate based on the underlying portfolios. Amounts due from Group undertakings Level 2 amounts due from Group undertakings represent debt instruments issued by Virgin Money UK PLC to Nationwide Building Society. The fair value of these instruments is estimated using a discounted cash flow model applying yields on similar externally issued instruments. Level 3 amounts due from Group undertakings represent other loans to subsidiaries where carrying value approximates fair value as the rate payable resets biannually based on current market conditions. Shares, deposits and amounts due to Group undertakings Fair values of shares, deposits and amounts due to Group undertakings are estimated using discounted cash flow valuation techniques. In many cases, the fair value disclosed approximates carrying value because the instruments are short-term in nature or have interest rates that reprice frequently. The fair value for deposits with longer-term maturities, such as time deposits, are estimated using discounted cash flows applying either market rates or current rates for deposits of similar remaining maturities. Debt securities in issue, subordinated liabilities and subscribed capital The estimated fair values of longer dated liabilities are calculated based on quoted market prices where available or using similar instruments as a proxy for those liabilities that are not of sufficient size or liquidity to have an active market quote. For those notes for which quoted market prices are not available, a discounted cash flow model is used based on a current yield curve appropriate for the remaining term to maturity.IFRS 13 requires that all assets held at fair value are classified according to a hierarchy that reflects the significance of observable market inputs in calculating those fair values. Branches and non-specialised buildings valuations are classified within Level 2 of the fair value hierarchy.",
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"value": "25. Intangible assets Group Computer software Total computer Core deposit Purchased credit Goodwill Total Externally Internally software intangible card and other acquired developed relationships 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cost At 1 April 2025 359 2,903 3,262 360 292 12 3,926 Additions 3 336 339 - - - 339 Disposals (13) (164) (177) - (4) - (181) At 31 March 2026 349 3,075 3,424 360 288 12 4,084 Accumulated amortisation and impairment At 1 April 2025 300 2,088 2,388 28 29 - 2,445 Amortisation charge 21 406 427 55 58 - 540 Impairment in the year 2 9 11 - - - 11 Disposals (13) (164) (177) - - - (177) At 31 March 2026 310 2,339 2,649 83 87 - 2,819 Net book value At 31 March 2026 39 736 775 277 201 12 1,265 Group Computer software Total computer Core deposit Purchased credit Goodwill Total Externally Internally software intangible card and other acquired developed relationships 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cost At 5 April 2024 342 2,592 2,934 - - 12 2,946 Additions 33 275 308 - - 308 Acquisition of Virgin Money - 116 116 360 292 - 768 Disposals (16) (80) (96) - - - (96) At 31 March 2025 359 2,903 3,262 360 292 12 3,926 Accumulated amortisation and impairment At 5 April 2024 290 1,808 2,098 - - - 2,098 Amortisation charge 26 347 373 28 29 - 430 Impairment in the period - 13 13 - - - 13 Disposals (16) (80) (96) - - - (96) At 31 March 2025 300 2,088 2,388 28 29 - 2,445 Net book value At 31 March 2025 59 815 874 332 263 12 1,481 The Group\u2019s core deposit intangible and purchased credit card relationships relate to the Society\u2019s acquisition of Virgin Money. The Group\u2019s goodwill relates to the Society\u2019s acquisition of The Mortgage Works (UK) PLC. Society 2026 2025 Computer software Total Computer software Total Externally Internally Externally Internally acquired developed acquired developed \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cost At 1 April 2025 (2024: 5 April) 359 2,787 3,146 342 2,592 2,934 Additions 3 326 329 33 275 308 Disposals (13) (164) (177) (16) (80) (96) At 31 March 349 2,949 3,298 359 2,787 3,146 Accumulated amortisation and impairment At 1 April 2025 (2024: 5 April) 300 2,064 2,364 290 1,808 2,098 Amortisation charge 21 333 354 26 323 349 Impairment in the period 2 9 11 - 13 13 Disposals (13) (164) (177) (16) (80) (96) At 31 March 310 2,242 2,552 300 2,064 2,364 Net book value At 31 March 39 707 746 59 723 782 Computer software capitalised during the year primarily relates to the Group\u2019s investment in digital services, data capabilities and modernisation of the Group\u2019s technology estate. The total cost includes \u00a3149 million (2025: \u00a3119 million) for the Group and \u00a3141 million (2025: \u00a3119 million) for the Society, of assets in the course of construction which, to the extent that they are not yet ready for use by the business, have no amortisation charged against them. For all other computer software capitalised the estimated useful life of individual assets is predominantly four years. An impairment loss of \u00a311 million (2025: \u00a313 million) was recognised in the year for the Group and Society, primarily as a result of software becoming obsolete earlier than envisaged due to ongoing investment to ensure the Group's technology estate is fit for the future. In addition, during the year ended 31 March 2026, the useful economic life of certain intangible assets was reduced to reflect management\u2019s best estimate of the expected life, considering the impact of technological change, planned integration activities and anticipated future investment resulting in technological obsolescence of the assets. This change resulted in additional amortisation charges of \u00a348 million and \u00a311 million being recognised by Group and Society respectively in the year ended 31 March 2026. Capital expenditure contracted for, but not accrued, at 31 March 2026 was \u00a317 million for the Group and Society (2025: \u00a317 million for the Group and Society). ",
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"f0__s7__6__111": {
"value": "25. Intangible assets Group Computer software Total computer Core deposit Purchased credit Goodwill Total Externally Internally software intangible card and other acquired developed relationships 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cost At 1 April 2025 359 2,903 3,262 360 292 12 3,926 Additions 3 336 339 - - - 339 Disposals (13) (164) (177) - (4) - (181) At 31 March 2026 349 3,075 3,424 360 288 12 4,084 Accumulated amortisation and impairment At 1 April 2025 300 2,088 2,388 28 29 - 2,445 Amortisation charge 21 406 427 55 58 - 540 Impairment in the year 2 9 11 - - - 11 Disposals (13) (164) (177) - - - (177) At 31 March 2026 310 2,339 2,649 83 87 - 2,819 Net book value At 31 March 2026 39 736 775 277 201 12 1,265 Group Computer software Total computer Core deposit Purchased credit Goodwill Total Externally Internally software intangible card and other acquired developed relationships 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cost At 5 April 2024 342 2,592 2,934 - - 12 2,946 Additions 33 275 308 - - 308 Acquisition of Virgin Money - 116 116 360 292 - 768 Disposals (16) (80) (96) - - - (96) At 31 March 2025 359 2,903 3,262 360 292 12 3,926 Accumulated amortisation and impairment At 5 April 2024 290 1,808 2,098 - - - 2,098 Amortisation charge 26 347 373 28 29 - 430 Impairment in the period - 13 13 - - - 13 Disposals (16) (80) (96) - - - (96) At 31 March 2025 300 2,088 2,388 28 29 - 2,445 Net book value At 31 March 2025 59 815 874 332 263 12 1,481 The Group\u2019s core deposit intangible and purchased credit card relationships relate to the Society\u2019s acquisition of Virgin Money. The Group\u2019s goodwill relates to the Society\u2019s acquisition of The Mortgage Works (UK) PLC. Society 2026 2025 Computer software Total Computer software Total Externally Internally Externally Internally acquired developed acquired developed \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cost At 1 April 2025 (2024: 5 April) 359 2,787 3,146 342 2,592 2,934 Additions 3 326 329 33 275 308 Disposals (13) (164) (177) (16) (80) (96) At 31 March 349 2,949 3,298 359 2,787 3,146 Accumulated amortisation and impairment At 1 April 2025 (2024: 5 April) 300 2,064 2,364 290 1,808 2,098 Amortisation charge 21 333 354 26 323 349 Impairment in the period 2 9 11 - 13 13 Disposals (13) (164) (177) (16) (80) (96) At 31 March 310 2,242 2,552 300 2,064 2,364 Net book value At 31 March 39 707 746 59 723 782 Computer software capitalised during the year primarily relates to the Group\u2019s investment in digital services, data capabilities and modernisation of the Group\u2019s technology estate. The total cost includes \u00a3149 million (2025: \u00a3119 million) for the Group and \u00a3141 million (2025: \u00a3119 million) for the Society, of assets in the course of construction which, to the extent that they are not yet ready for use by the business, have no amortisation charged against them. For all other computer software capitalised the estimated useful life of individual assets is predominantly four years. An impairment loss of \u00a311 million (2025: \u00a313 million) was recognised in the year for the Group and Society, primarily as a result of software becoming obsolete earlier than envisaged due to ongoing investment to ensure the Group's technology estate is fit for the future. In addition, during the year ended 31 March 2026, the useful economic life of certain intangible assets was reduced to reflect management\u2019s best estimate of the expected life, considering the impact of technological change, planned integration activities and anticipated future investment resulting in technological obsolescence of the assets. This change resulted in additional amortisation charges of \u00a348 million and \u00a311 million being recognised by Group and Society respectively in the year ended 31 March 2026. Capital expenditure contracted for, but not accrued, at 31 March 2026 was \u00a317 million for the Group and Society (2025: \u00a317 million for the Group and Society). ",
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"f0__s7__6__110": {
"value": "25. Intangible assets Group Computer software Total computer Core deposit Purchased credit Goodwill Total Externally Internally software intangible card and other acquired developed relationships 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cost At 1 April 2025 359 2,903 3,262 360 292 12 3,926 Additions 3 336 339 - - - 339 Disposals (13) (164) (177) - (4) - (181) At 31 March 2026 349 3,075 3,424 360 288 12 4,084 Accumulated amortisation and impairment At 1 April 2025 300 2,088 2,388 28 29 - 2,445 Amortisation charge 21 406 427 55 58 - 540 Impairment in the year 2 9 11 - - - 11 Disposals (13) (164) (177) - - - (177) At 31 March 2026 310 2,339 2,649 83 87 - 2,819 Net book value At 31 March 2026 39 736 775 277 201 12 1,265 Group Computer software Total computer Core deposit Purchased credit Goodwill Total Externally Internally software intangible card and other acquired developed relationships 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cost At 5 April 2024 342 2,592 2,934 - - 12 2,946 Additions 33 275 308 - - 308 Acquisition of Virgin Money - 116 116 360 292 - 768 Disposals (16) (80) (96) - - - (96) At 31 March 2025 359 2,903 3,262 360 292 12 3,926 Accumulated amortisation and impairment At 5 April 2024 290 1,808 2,098 - - - 2,098 Amortisation charge 26 347 373 28 29 - 430 Impairment in the period - 13 13 - - - 13 Disposals (16) (80) (96) - - - (96) At 31 March 2025 300 2,088 2,388 28 29 - 2,445 Net book value At 31 March 2025 59 815 874 332 263 12 1,481 The Group\u2019s core deposit intangible and purchased credit card relationships relate to the Society\u2019s acquisition of Virgin Money. The Group\u2019s goodwill relates to the Society\u2019s acquisition of The Mortgage Works (UK) PLC. Society 2026 2025 Computer software Total Computer software Total Externally Internally Externally Internally acquired developed acquired developed \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cost At 1 April 2025 (2024: 5 April) 359 2,787 3,146 342 2,592 2,934 Additions 3 326 329 33 275 308 Disposals (13) (164) (177) (16) (80) (96) At 31 March 349 2,949 3,298 359 2,787 3,146 Accumulated amortisation and impairment At 1 April 2025 (2024: 5 April) 300 2,064 2,364 290 1,808 2,098 Amortisation charge 21 333 354 26 323 349 Impairment in the period 2 9 11 - 13 13 Disposals (13) (164) (177) (16) (80) (96) At 31 March 310 2,242 2,552 300 2,064 2,364 Net book value At 31 March 39 707 746 59 723 782 Computer software capitalised during the year primarily relates to the Group\u2019s investment in digital services, data capabilities and modernisation of the Group\u2019s technology estate. The total cost includes \u00a3149 million (2025: \u00a3119 million) for the Group and \u00a3141 million (2025: \u00a3119 million) for the Society, of assets in the course of construction which, to the extent that they are not yet ready for use by the business, have no amortisation charged against them. For all other computer software capitalised the estimated useful life of individual assets is predominantly four years. An impairment loss of \u00a311 million (2025: \u00a313 million) was recognised in the year for the Group and Society, primarily as a result of software becoming obsolete earlier than envisaged due to ongoing investment to ensure the Group's technology estate is fit for the future. In addition, during the year ended 31 March 2026, the useful economic life of certain intangible assets was reduced to reflect management\u2019s best estimate of the expected life, considering the impact of technological change, planned integration activities and anticipated future investment resulting in technological obsolescence of the assets. This change resulted in additional amortisation charges of \u00a348 million and \u00a311 million being recognised by Group and Society respectively in the year ended 31 March 2026. Capital expenditure contracted for, but not accrued, at 31 March 2026 was \u00a317 million for the Group and Society (2025: \u00a317 million for the Group and Society). ",
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"f0__s7__6__115": {
"value": "26. Property, plant and equipment Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Branches and non-specialised buildings 139 141 130 133 Specialised administration buildings 68 71 68 71 Investment properties (note i) 34 35 2 2 Plant and machinery 43 49 37 45 Equipment, fixtures, fittings and vehicles 285 292 252 258 Right-of-use branches and non-specialised buildings 190 208 98 106 Total 759 796 587 615 Note: i. Included within investment properties for the Group is \u00a329 million (2025: \u00a330 million) of right-of-use investment properties. Property, plant and equipment includes \u00a39 million (2025: \u00a36 million) for the Group and \u00a36 million (2025: \u00a35 million) for the Society of assets in the course of construction. Capital expenditure contracted for but not accrued at 31 March 2026 was \u00a318 million for the Group and Society (2025: \u00a36 million for the Group and Society). As at 31 March 2026, branches and non-specialised buildings includes \u00a33 million for the Group and Society (2025: \u00a36 million for the Group and Society) of properties which are classified as held for sale. Branches and non-specialised buildings are valued annually at the balance sheet date by independent surveyors. The current use of all branches and non-specialised buildings represents the highest and best use, and there have been no changes to the valuation technique during the period. IFRS 13 requires that all assets held at fair value are classified according to a hierarchy that reflects the significance of observable market inputs in calculating those fair values. Branches and non-specialised buildings valuations are classified within Level 2 of the fair value hierarchy. Branches and non-specialised buildings revalued annually would have a carrying value under the historic cost model of \u00a363 million (2025: \u00a365 million) for the Group and \u00a351 million (2025: \u00a353 million) for the Society. Investment properties revalued annually would have a carrying value under the historic cost model of \u00a333 million (2025: \u00a335 million) for the Group and \u00a31 million (2025: \u00a32 million) for the Society. ",
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"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
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"f0__s7__6__114": {
"value": "26. Property, plant and equipment Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Branches and non-specialised buildings 139 141 130 133 Specialised administration buildings 68 71 68 71 Investment properties (note i) 34 35 2 2 Plant and machinery 43 49 37 45 Equipment, fixtures, fittings and vehicles 285 292 252 258 Right-of-use branches and non-specialised buildings 190 208 98 106 Total 759 796 587 615 Note: i. Included within investment properties for the Group is \u00a329 million (2025: \u00a330 million) of right-of-use investment properties. Property, plant and equipment includes \u00a39 million (2025: \u00a36 million) for the Group and \u00a36 million (2025: \u00a35 million) for the Society of assets in the course of construction. Capital expenditure contracted for but not accrued at 31 March 2026 was \u00a318 million for the Group and Society (2025: \u00a36 million for the Group and Society). As at 31 March 2026, branches and non-specialised buildings includes \u00a33 million for the Group and Society (2025: \u00a36 million for the Group and Society) of properties which are classified as held for sale. Branches and non-specialised buildings are valued annually at the balance sheet date by independent surveyors. The current use of all branches and non-specialised buildings represents the highest and best use, and there have been no changes to the valuation technique during the period. IFRS 13 requires that all assets held at fair value are classified according to a hierarchy that reflects the significance of observable market inputs in calculating those fair values. Branches and non-specialised buildings valuations are classified within Level 2 of the fair value hierarchy. Branches and non-specialised buildings revalued annually would have a carrying value under the historic cost model of \u00a363 million (2025: \u00a365 million) for the Group and \u00a351 million (2025: \u00a353 million) for the Society. Investment properties revalued annually would have a carrying value under the historic cost model of \u00a333 million (2025: \u00a335 million) for the Group and \u00a31 million (2025: \u00a32 million) for the Society. ",
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"value": "27. Provisions for liabilities and charges Group Society Customer- Legal and Property- Other Total Customer- Legal and Property- Other Total related regulatory related provisions related regulatory related provisions \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 April 2025 21 - 28 21 70 8 - 11 7 26Charge for the year 28 56 9 27 120 16 44 2 16 78 Release for the year (7) - (4) (11) (22) (4) - (1) (4) (9) Net income statement charge (note i) 21 56 5 16 98 12 44 1 12 69 Provisions utilised (8) (56) (2) (24) (90) (2) (44) - (16) (62) At 31 March 2026 34 - 31 13 78 18 - 12 3 33 Note: i. The net income statement charge is included within administrative expenses. 252Customer-related provisions During the course of its business, the Group receives complaints from customers in relation to past sales or ongoing administration and is subject to enquiries from regulators or other public bodies, including the Financial Ombudsman Service, on a range of customer-related matters. In addition, the Group may identify through its own investigations matters which require redress. Consideration of these matters may result in a provision, a contingent liability or both, depending upon relevant facts and circumstances. No provision is made where it is concluded that it is not probable that a quantifiable payment will be made; this will include circumstances where the facts are unclear or further time is required to reasonably quantify the expected cost. Provisions are based upon detailed reviews completed to date and represent the Group\u2019s best estimate of the liability. The Group held provisions of \u00a334 million (2025: \u00a321 million) and the Society held provisions of \u00a318 million (2025: \u00a38 million) for the potential costs of remediation and redress in relation to issues with historical quality control procedures, past sales and administration of customer accounts, and other matters requiring redress. This includes amounts held as a result of the Group\u2019s investigation into some legacy data quality matters. The provision has been based on reviews performed to date; as additional work is undertaken, it is possible that the ultimate liability may be higher or lower than the total amount provided. An estimate of the potential impact of any contingent liabilities associated with ongoing investigations has not been provided as it is not practicable to do so. Whilst there is uncertainty as to the timing of the utilisation of customer-related provisions, the Group expects the majority to have been utilised within the next year. Legal and regulatory provisions The Group is also subject to enquiries from, and discussions with, its regulators and other government bodies, including tax authorities, on a range of matters, and may be engaged in legal proceedings in the course of its business. During the year, the FCA fined the Society \u00a344 million for historical weaknesses in its anti-money laundering controls in periods prior to July 2021. The Group does not disclose further information in the case of matters subject to active legal proceedings where such disclosure could be seriously prejudicial to the conduct of the claims. Property-related provisions Property-related provisions include estimated costs relating to vacant properties and costs for restoring leased properties to the condition required under lease agreements at the end of the lease term. Provisions relating to vacant properties are utilised over the remaining lease terms. Provisions relating to reinstatement obligations are utilised upon exit from the properties. Other provisions Other provisions include amounts for severance costs and expected credit losses on irrevocable lending commitments. Whilst there is uncertainty as to the timing of the utilisation of provisions, the Group expects the majority to have been utilised within the next two years.",
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},
"f0__s7__6__118": {
"value": "28. Leasing The Group and Society lease various offices, branches and other premises under leasing arrangements. The following tables show the amounts recognised in the income statement and on the balance sheet arising from these leases: Leasing amounts recognised in the income statement Group Society 2026 2025 2026 2025 Income statement classification \u00a3m \u00a3m \u00a3m \u00a3m Finance lease interest income Interest receivable and similar income 62 31 - - Interest expense Interest expense and similar charges (8) (6) (4) (4) Depreciation and impairment of right-of-use assets Administrative expenses (33) (26) (22) (20) Lease expense in respect of short-term and low value leases Administrative expenses (11) (10) (10) (9) Amounts receivable under leases where the Group is a lessor Other operating income 3 3 3 3 Leasing amounts recognised at the balance sheet date Group Society 2026 2025 2026 2025 Balance sheet classification \u00a3m \u00a3m \u00a3m \u00a3m Right-of-use assets Property, plant and equipment 219 238 98 106 Lease liabilities Other liabilities (297) (315) (146) (156) Finance lease receivables Loans and advances to customers 1,074 1,066 - - Total leasing cash outflows in the period for the Group were \u00a352 million (2025: \u00a349 million) and \u00a337 million (2025: \u00a340 million) for the Society. No lease commitments (2025: \u00a3nil) were entered into that had not yet commenced at the balance sheet date for the Group or the Society. Future undiscounted minimum payments under lease liabilities were as follows: Leasing commitments Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Amounts falling due: Within one year 40 44 25 29 Between one and two years 37 40 22 26 Between two and three years 34 37 20 23 Between three and four years 33 34 18 21 Between four and five years 29 33 15 18 After five years 169 193 53 64 Total 342 381 153 181 Right-of-use assets recognised on the balance sheet and the movements during the period were as follows: Right-of-use assets Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m At 1 April 2025 (2024: 5 April) 238 116 106 116 Additions 15 11 14 11 Acquisition of Virgin Money - 137 - - Revaluation (1) 1 - - Disposals - (1) - (1) Depreciation and impairment (33) (26) (22) (20) At 31 March 219 238 98 106 Of which: Branches and non-specialised buildings 190 208 98 106 Investment property 29 30 - - The Group leases a variety of assets to third parties under finance lease and hire purchase arrangements, including vehicles and general plant and machinery. Future undiscounted minimum lease payments receivable in respect of leased assets were as follows: Finance lease receivable Group 2026 2025 \u00a3m \u00a3m Amounts falling due: Within one year 458 461 Between one and two years 292 282 Between two and three years 204 206 Between three and four years 124 117 Between four and five years 66 77 After five years 28 26 Total 1,172 1,169 Unearned finance income (98) (103) Net investment in finance lease and hire purchase receivables 1,074 1,066 The Society had no finance lease receivables falling due at the current year end or prior period end. At the balance sheet date, the Group had \u00a317 million (2025: \u00a312 million) of future minimum lease payments receivable under operating leases where the Group was the lessor, of which \u00a37 million (2025: \u00a34 million) were receivable under non-cancellable subleases. The Society had \u00a316 million (2025: \u00a312 million) of future minimum lease payments receivables under operating leases, of which \u00a34 million (2025: \u00a32 million) was receivable under non-cancellable subleases.",
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"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
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},
"f0__s7__6__120": {
"value": "29. Contingent liabilities, contingent assets and commitments Contingent liabilities and contingent assets During the ordinary course of business, the Group may be subject to complaints, disputes and threatened or actual legal proceedings brought by or on behalf of current or former employees, customers, investors or other third parties. The Group may also be subject to legal and regulatory reviews, challenges, investigations and enforcement actions which may result in, among other things, actions being taken by governmental, tax and regulatory authorities, increased costs being incurred in relation to remediation of systems and controls, or fines. Any such material cases are periodically reassessed, with the assistance of external professional advisers where appropriate, to determine the likelihood of incurring a liability and any ability to recover any losses in future periods. For further information on the approach for contingent liabilities associated with customer-related provisions, see note 27. During the year, a recovery was made on a litigation matter disclosed as a contingent asset at 31 March 2025 in the Annual Report and Accounts 2025. The amount of the settlement has not been disclosed on the basis it would be prejudicial to the settled outcome. There are no other current complaints, disputes, threatened or actual legal proceedings, regulatory or other matters, the resolution of which are expected to have a material adverse impact on its financial position. However, in light of the uncertainties involved in such matters there can be no assurance that the outcome of a particular matter or matters may not ultimately be material to the Group\u2019s results.Commitments The following table summarises the nominal principal amount for commitments which are not recorded on the balance sheet. Since a significant portion of guarantees and commitments are expected to expire without being drawn upon, the total of the contract amounts is not representative of future liquidity requirements. Commitments Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Financial guarantees 83 100 - - Other loan commitments 20,954 19,358 14,067 11,734 Other financial commitments 30 5 - 920 The Group provides guarantees in the normal course of business on behalf of its customers. Guarantees written are conditional commitments issued by the Group to guarantee the performance of a customer to a third party and are primarily issued to support direct financial obligations such as commercial bills or other debt instruments issued by a counterparty. The maximum amount that the Group could be required to pay under a guarantee is its principal amount as disclosed in the table above. The other financial commitments balance in the Society at 31 March 2025 included amounts drawn by Clydesdale Bank PLC under the Sterling Monetary Framework, which were previously guaranteed by the Society. In addition to the amounts shown above, the Group has revocable commitments of \u00a325,966 million (2025: \u00a323,352 million) in respect of credit card, overdraft, and asset finance facilities. These commitments represent agreements to lend in the future, subject to certain considerations. Such commitments are cancellable by the Group, subject to notice requirements, and given their nature are not expected to be drawn down to the full level of exposure. Detail of commitments in respect of capital expenditure contracted for, but not provided for, can be found in notes 25 and 26. Future undiscounted minimum payments due in respect of lease liabilities are disclosed in note 28.",
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"f0__s7__6__119": {
"value": "29. Contingent liabilities, contingent assets and commitments Contingent liabilities and contingent assets During the ordinary course of business, the Group may be subject to complaints, disputes and threatened or actual legal proceedings brought by or on behalf of current or former employees, customers, investors or other third parties. The Group may also be subject to legal and regulatory reviews, challenges, investigations and enforcement actions which may result in, among other things, actions being taken by governmental, tax and regulatory authorities, increased costs being incurred in relation to remediation of systems and controls, or fines. Any such material cases are periodically reassessed, with the assistance of external professional advisers where appropriate, to determine the likelihood of incurring a liability and any ability to recover any losses in future periods. For further information on the approach for contingent liabilities associated with customer-related provisions, see note 27. During the year, a recovery was made on a litigation matter disclosed as a contingent asset at 31 March 2025 in the Annual Report and Accounts 2025. The amount of the settlement has not been disclosed on the basis it would be prejudicial to the settled outcome. There are no other current complaints, disputes, threatened or actual legal proceedings, regulatory or other matters, the resolution of which are expected to have a material adverse impact on its financial position. However, in light of the uncertainties involved in such matters there can be no assurance that the outcome of a particular matter or matters may not ultimately be material to the Group\u2019s results.Commitments The following table summarises the nominal principal amount for commitments which are not recorded on the balance sheet. Since a significant portion of guarantees and commitments are expected to expire without being drawn upon, the total of the contract amounts is not representative of future liquidity requirements. Commitments Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Financial guarantees 83 100 - - Other loan commitments 20,954 19,358 14,067 11,734 Other financial commitments 30 5 - 920 The Group provides guarantees in the normal course of business on behalf of its customers. Guarantees written are conditional commitments issued by the Group to guarantee the performance of a customer to a third party and are primarily issued to support direct financial obligations such as commercial bills or other debt instruments issued by a counterparty. The maximum amount that the Group could be required to pay under a guarantee is its principal amount as disclosed in the table above. The other financial commitments balance in the Society at 31 March 2025 included amounts drawn by Clydesdale Bank PLC under the Sterling Monetary Framework, which were previously guaranteed by the Society. In addition to the amounts shown above, the Group has revocable commitments of \u00a325,966 million (2025: \u00a323,352 million) in respect of credit card, overdraft, and asset finance facilities. These commitments represent agreements to lend in the future, subject to certain considerations. Such commitments are cancellable by the Group, subject to notice requirements, and given their nature are not expected to be drawn down to the full level of exposure. Detail of commitments in respect of capital expenditure contracted for, but not provided for, can be found in notes 25 and 26. Future undiscounted minimum payments due in respect of lease liabilities are disclosed in note 28.",
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},
"f0__s7__6__125": {
"value": "31. Core capital deferred shares Group and Society Number of CCDS Share premium Treasury shareTotal shares reserve \u00a3m \u00a3m \u00a3m \u00a3m At 31 March 2026 (note i) 9,122,345 11 1,323 (177) 1,157 At 31 March 2025 (note i) 9,122,345 11 1,323 (177) 1,157 Note: i. The total number of shares outstanding at 31 March 2026 and 31 March 2025 is 10,555,500, which includes 1,433,155 shares repurchased and retained by the Society. Core capital deferred shares (CCDS) are a form of Common Equity Tier 1 (CET1) capital which has been developed to enable the Group to raise capital from the capital markets. CCDS are perpetual instruments. They rank equally to each other and are junior to claims against the Society of all depositors, creditors and investing members. In the event of a winding up or dissolution of the Society, if a surplus was available, the amount that the investor would receive for each CCDS held is limited to the average principal amount in issue, which is currently \u00a3126.39 per share. There is a cap on the distributions that can be paid to holders of CCDS in any financial year. The cap is currently set at \u00a321.56 per share and is adjusted annually in line with CPI. A final distribution of \u00a347 million (\u00a35.125 per share) for the financial year ended 31 March 2025 was paid on 20 June 2025 and an interim distribution of \u00a347 million (\u00a35.125 per share) in respect of the period to 30 September 2025 was paid on 22 December 2025. These distributions have been recognised in the statement of movements in members\u2019 interests and equity. Since the balance sheet date, the directors have declared a distribution of \u00a35.125 per share in respect of the period to 31 March 2026, amounting in aggregate to \u00a347 million. This has not been reflected in these financial statements as it will be recognised in the year ending 31 March 2027, by reference to the date at which it was declared. ",
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"entity": "scheme:549300XFX12G42QIKN82",
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},
"f0__s7__6__124-1": {
"value": "31. Core capital deferred shares Group and Society Number of CCDS Share premium Treasury shareTotal shares reserve \u00a3m \u00a3m \u00a3m \u00a3m At 31 March 2026 (note i) 9,122,345 11 1,323 (177) 1,157 At 31 March 2025 (note i) 9,122,345 11 1,323 (177) 1,157 Note: i. The total number of shares outstanding at 31 March 2026 and 31 March 2025 is 10,555,500, which includes 1,433,155 shares repurchased and retained by the Society. Core capital deferred shares (CCDS) are a form of Common Equity Tier 1 (CET1) capital which has been developed to enable the Group to raise capital from the capital markets. CCDS are perpetual instruments. They rank equally to each other and are junior to claims against the Society of all depositors, creditors and investing members. In the event of a winding up or dissolution of the Society, if a surplus was available, the amount that the investor would receive for each CCDS held is limited to the average principal amount in issue, which is currently \u00a3126.39 per share. There is a cap on the distributions that can be paid to holders of CCDS in any financial year. The cap is currently set at \u00a321.56 per share and is adjusted annually in line with CPI. A final distribution of \u00a347 million (\u00a35.125 per share) for the financial year ended 31 March 2025 was paid on 20 June 2025 and an interim distribution of \u00a347 million (\u00a35.125 per share) in respect of the period to 30 September 2025 was paid on 22 December 2025. These distributions have been recognised in the statement of movements in members\u2019 interests and equity. Since the balance sheet date, the directors have declared a distribution of \u00a35.125 per share in respect of the period to 31 March 2026, amounting in aggregate to \u00a347 million. This has not been reflected in these financial statements as it will be recognised in the year ending 31 March 2027, by reference to the date at which it was declared. 32. Other equity instruments Group and Society 2026 2025 Call period Issuance date Next reset date Reset rate \u00a3m \u00a3m commencement date Nationwide 7.875% Additional Tier 1 10 June 2025 20 December 2031 20 December 2031 Benchmark gilts + 3.59% 700 - Nationwide 7.5% Additional Tier 1 16 September 2024 20 December 2030 20 June 2031 Benchmark gilts + 3.852% 750 750 Nationwide 5.75% Additional Tier 1 10 June 2020 20 June 2027 20 December 2027 Benchmark gilts + 5.625% 750 750 2,200 1,500 Issuance costs (22) (15) Total 2,178 1,485 Other equity instruments are Nationwide\u2019s Additional Tier 1 (AT1) capital instruments. The AT1 instruments rank equally to each other and are junior to claims against the Society of all depositors, creditors and investing members, other than the holders of CCDS. The AT1 instruments pay a fully discretionary, non-cumulative fixed rate of interest. Coupons are paid semi-annually in June and December. AT1 instruments have no maturity date but are repayable at the option of the Society from the first day of the call period to the first reset date, and on every reset date thereafter. If they are not repaid the interest rate resets at the rates shown in the table above. If the CET1 ratio for the Society, on either a consolidated or unconsolidated basis, falls below 7% the AT1 instruments convert to CCDS instruments at the rate of one CCDS share for every \u00a3100 of AT1 holding. Interest payments totalling \u00a3128 million were made in the year ended 31 March 2026 (2025: \u00a393 million), representing the maximum non-cumulative fixed coupon amounts. These payments have been recognised in the statement of movements in member\u2019s interest and equity. A coupon payment of \u00a377 million is expected to be paid on 20 June 2026 and will be recognised in the statement of movements in members\u2019 interests and equity in the year ending 31 March 2027. ",
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"entity": "scheme:549300XFX12G42QIKN82",
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"f0__s7__6__128": {
"value": "33. Investments in Group undertakings Society investments in Group undertakings 2026 2025 (note i) \u00a3m \u00a3m At 1 April 2025 (2024: 5 April) 4,056 376 Additions (note ii) 806 3,679 Impairment release 2 1 At 31 March 4,864 4,056 Notes: i. Comparatives have been restated as detailed in note 1. ii. Additions reflect the issuance of \u00a3520 million of Additional Tier 1 instruments and \u00a3286 million of share capital issuances. Prior year additions relate to the acquisition of Virgin Money UK PLC, including \u00a3800 million of share capital issuances. The Society received dividends and distributions from Group undertakings during the year ended 31 March 2026 totalling \u00a3167 million (2025: \u00a32 million). Subsidiary undertakings The interests of the Society in its subsidiary undertakings as at 31 March 2026 are set out below. Active subsidiaries Name of undertaking Country of Registered office Notes incorporation CGF No. 9 Limited Scotland 177 Bothwell Street, Glasgow, G2 7ER i Clydesdale Bank Asset Finance Limited Scotland 177 Bothwell Street, Glasgow, G2 7ER i Clydesdale Bank PLC Scotland 177 Bothwell Street, Glasgow, G2 7ER ii CYB Intermediaries Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL ii CYB Investments Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL i Derbyshire Home Loans Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW ii Dunfermline BS Nominees Limited Scotland 1 Masterton Park, Carnegie Campus, Dunfermline, Fife, KY11 8NX i E-Mex Home Funding Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW ii Home Propositions Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW i Nationwide (Isle of Man) Limited Isle of Man Atlantic House, Circular Road, Douglas, Isle of Man, IM1 1AG Nationwide Syndications Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW i NBS Ventures Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW i NBS Ventures Management Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW i Piper Javelin Holding Company Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW i Piper Javelin No 1 Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW i St Vincent (Equities) Limited Scotland 177 Bothwell Street, Glasgow, G2 7ER i The Mortgage Works (UK) PLC England Nationwide House, Pipers Way, Swindon, SN38 1NW ii UCB Home Loans Corporation Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW ii Virgin Money Holdings (UK) Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL i Virgin Money Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL i Virgin Money Personal Financial Service Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL i Virgin Money UK PLC England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL ii Yorkshire Bank Home Loans Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL ii Notes: i. For these companies, the Group has adopted the audit exemption for the year ended 31 March 2026 under Section 479A of the Companies Act 2006. The Society guarantees all outstanding liabilities of the exempted subsidiary undertakings. ii. Audited accounts are prepared for entities which are either listed or regulated. Dormant subsidiaries Name of undertaking Country of Registered office incorporation C.B. Nominees Limited Scotland 177 Bothwell Street, Glasgow, G2 7ER Confederation Mortgage Services Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW CYB SSP Trustee Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL Exeter Trust Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW Nationwide Home Loans Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW Nationwide Housing Trust Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW Nationwide Trust Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW NBS CoSec Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW NLF1 Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW NOK1 Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW Virgin Money Giving Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL Virgin Money Retirement Savings Plan Trustee Limited Scotland 177 Bothwell Street, Glasgow, G2 7ER YCBPS Property Nominee Company Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL Yorkshire and Clydesdale Bank Pension Trustee Limited Scotland 177 Bothwell Street, Glasgow, G2 7ER Yorkshire Bank Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL The Society directly or indirectly holds 100% of the issued share capital of each subsidiary undertaking. All of the subsidiary undertakings are limited liability companies, with the exception of C.B. Nominees Limited which is limited by guarantee. There are no significant restrictions on any of the Society\u2019s subsidiaries in paying dividends or repaying loans, subject to their financial and operating performance and availability of distributable reserves. Investments in associates and joint ventures are recognised in the financial statements using the equity method and are included within other assets. The interests of the Group in associates and joint ventures as at 31 March 2026 are set out below. Associates and joint ventures Name of undertaking Status % of share class held by immediate Registered office Financial year end parent company and Group Argot Properties Limited Joint venture 50% Ground Floor T3 Trinity Park, Bickenhill Lane, 31 December Birmingham, B37 7ES Eagle Place Covered Bonds Finance Limited Associate 20% 5 Churchill Place, 10th Floor, London, E14 5HU 31 March Longwide Limited Joint venture 50% Nationwide House, Pipers Way, Swindon, SN38 1NW 31 March The Group\u2019s interests in equity shares of unconsolidated entities are included in investment securities as set out in note 13. Interest in charitable foundations The Group has an interest in The Virgin Money Foundation, a charitable foundation registered in England as a company limited by guarantee. Clydesdale Bank PLC acts as a guarantor for \u00a31 and is also a donor. Non-controlling interests The Group has a non-controlling interest, represented by Virgin Money UK PLC\u2019s AT1 equity instruments, which reduced to \u00a3204 million (2025: \u00a3759 million), as a portion of the instruments were redeemed during the year. Distributions of \u00a345 million (2025: \u00a334 million) were paid in the year to non-controlling interests. Subsidiaries by virtue of control Details of consolidated and unconsolidated structured entities are set out in note 34.",
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"f0__s7__6__127-1": {
"value": "33. Investments in Group undertakings Society investments in Group undertakings 2026 2025 (note i) \u00a3m \u00a3m At 1 April 2025 (2024: 5 April) 4,056 376 Additions (note ii) 806 3,679 Impairment release 2 1 At 31 March 4,864 4,056 Notes: i. Comparatives have been restated as detailed in note 1. ii. Additions reflect the issuance of \u00a3520 million of Additional Tier 1 instruments and \u00a3286 million of share capital issuances. Prior year additions relate to the acquisition of Virgin Money UK PLC, including \u00a3800 million of share capital issuances. The Society received dividends and distributions from Group undertakings during the year ended 31 March 2026 totalling \u00a3167 million (2025: \u00a32 million). Subsidiary undertakings The interests of the Society in its subsidiary undertakings as at 31 March 2026 are set out below. Active subsidiaries Name of undertaking Country of Registered office Notes incorporation CGF No. 9 Limited Scotland 177 Bothwell Street, Glasgow, G2 7ER i Clydesdale Bank Asset Finance Limited Scotland 177 Bothwell Street, Glasgow, G2 7ER i Clydesdale Bank PLC Scotland 177 Bothwell Street, Glasgow, G2 7ER ii CYB Intermediaries Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL ii CYB Investments Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL i Derbyshire Home Loans Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW ii Dunfermline BS Nominees Limited Scotland 1 Masterton Park, Carnegie Campus, Dunfermline, Fife, KY11 8NX i E-Mex Home Funding Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW ii Home Propositions Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW i Nationwide (Isle of Man) Limited Isle of Man Atlantic House, Circular Road, Douglas, Isle of Man, IM1 1AG Nationwide Syndications Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW i NBS Ventures Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW i NBS Ventures Management Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW i Piper Javelin Holding Company Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW i Piper Javelin No 1 Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW i St Vincent (Equities) Limited Scotland 177 Bothwell Street, Glasgow, G2 7ER i The Mortgage Works (UK) PLC England Nationwide House, Pipers Way, Swindon, SN38 1NW ii UCB Home Loans Corporation Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW ii Virgin Money Holdings (UK) Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL i Virgin Money Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL i Virgin Money Personal Financial Service Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL i Virgin Money UK PLC England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL ii Yorkshire Bank Home Loans Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL ii Notes: i. For these companies, the Group has adopted the audit exemption for the year ended 31 March 2026 under Section 479A of the Companies Act 2006. The Society guarantees all outstanding liabilities of the exempted subsidiary undertakings. ii. Audited accounts are prepared for entities which are either listed or regulated. Dormant subsidiaries Name of undertaking Country of Registered office incorporation C.B. Nominees Limited Scotland 177 Bothwell Street, Glasgow, G2 7ER Confederation Mortgage Services Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW CYB SSP Trustee Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL Exeter Trust Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW Nationwide Home Loans Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW Nationwide Housing Trust Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW Nationwide Trust Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW NBS CoSec Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW NLF1 Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW NOK1 Limited England Nationwide House, Pipers Way, Swindon, SN38 1NW Virgin Money Giving Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL Virgin Money Retirement Savings Plan Trustee Limited Scotland 177 Bothwell Street, Glasgow, G2 7ER YCBPS Property Nominee Company Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL Yorkshire and Clydesdale Bank Pension Trustee Limited Scotland 177 Bothwell Street, Glasgow, G2 7ER Yorkshire Bank Limited England Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL The Society directly or indirectly holds 100% of the issued share capital of each subsidiary undertaking. All of the subsidiary undertakings are limited liability companies, with the exception of C.B. Nominees Limited which is limited by guarantee. There are no significant restrictions on any of the Society\u2019s subsidiaries in paying dividends or repaying loans, subject to their financial and operating performance and availability of distributable reserves. Investments in associates and joint ventures are recognised in the financial statements using the equity method and are included within other assets. The interests of the Group in associates and joint ventures as at 31 March 2026 are set out below. Associates and joint ventures Name of undertaking Status % of share class held by immediate Registered office Financial year end parent company and Group Argot Properties Limited Joint venture 50% Ground Floor T3 Trinity Park, Bickenhill Lane, 31 December Birmingham, B37 7ES Eagle Place Covered Bonds Finance Limited Associate 20% 5 Churchill Place, 10th Floor, London, E14 5HU 31 March Longwide Limited Joint venture 50% Nationwide House, Pipers Way, Swindon, SN38 1NW 31 March The Group\u2019s interests in equity shares of unconsolidated entities are included in investment securities as set out in note 13. Interest in charitable foundations The Group has an interest in The Virgin Money Foundation, a charitable foundation registered in England as a company limited by guarantee. Clydesdale Bank PLC acts as a guarantor for \u00a31 and is also a donor. Non-controlling interests The Group has a non-controlling interest, represented by Virgin Money UK PLC\u2019s AT1 equity instruments, which reduced to \u00a3204 million (2025: \u00a3759 million), as a portion of the instruments were redeemed during the year. Distributions of \u00a345 million (2025: \u00a334 million) were paid in the year to non-controlling interests. Subsidiaries by virtue of control Details of consolidated and unconsolidated structured entities are set out in note 34.34. Structured entities A structured entity is an entity in which voting or similar rights are not the dominant factor in deciding control. Structured entities are consolidated when the substance of the relationship indicates control. The Group considers factors such as the purpose and design of the entity, the nature of its relationship with the entity, the size of its holding and its exposure to variability of returns. Consolidated structured entities The following structured entities are consolidated in the Group\u2019s results: Structured entity name Nature of business Registered office Eagle Place Covered Bonds LLP Mortgage acquisition and guarantor of covered bonds Jubilee House, Gosforth, Newcastle upon Tyne, NE3 4PL Lanark Funding Limited Funding company Suite 2, Seventh Floor, 50 Broadway, London, SW1H 0DB Lanark Holdings Limited Holding company Suite 2, Seventh Floor, 50 Broadway, London, SW1H 0DB Lanark Master Issuer PLC Issuer of securitised notes Suite 2, Seventh Floor, 50 Broadway, London, SW1H 0DB Lanark Trustees Limited Mortgages trustee Suite 2, Seventh Floor, 50 Broadway, London, SW1H 0DB Lannraig Funding Limited Funding company (in liquidation) 18a Capricorn Centre Cranes Farm Road, Basildon, Essex, SS14 3JJ Lannraig Holdings Limited Holding company (under strike off) 5 Churchill Place, 10th Floor, London, E14 5HU Lannraig Master Issuer PLC Issuer of securitised notes (in liquidation) 18a Capricorn Centre Cranes Farm Road, Basildon, Essex, SS14 3JJ Nationwide Covered Bonds LLP Mortgage acquisition and guarantor of covered bonds Nationwide House, Pipers Way, Swindon, SN38 1NW Wilmington Trust SP Services (London) Limited, Third Floor, 1 King\u2019s Silverstone Funding (No.1) Limited Funding company Arms Yard, London, EC2R 7AF Wilmington Trust SP Services (London) Limited, Third Floor, 1 King\u2019s Silverstone Master Issuer PLC Issuer of securitised notes Arms Yard, London, EC2R 7AF Further details on the activities of the above structured entities are included in note 14. Unconsolidated structured entities The Group has interests in structured entities which it does not sponsor or control. These largely consist of holdings of mortgage-backed securities and covered bonds issued by entities that are sponsored by other unrelated financial institutions. The entities are financed primarily by investments from investors, such as the purchase of issued notes. The Group\u2019s direct interests in unconsolidated structured entities comprise primarily investments in asset-backed securities which are reported within investment securities on the balance sheet. The total carrying value of these interests at 31 March 2026 is \u00a34,554 million (2025: \u00a35,620 million). Further details on the credit risk that the Group is exposed to in respect of these assets can be found in the Credit risk - Treasury assets section of the Risk report. Management has concluded that the Group has no control or significant influence over these entities and that the carrying value of the interests held in these entities represents the maximum exposure to loss. During the period the Group has not provided any non-contractual financial or other support to these entities and has no current intention of providing any such support.",
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"value": "35. Related party transactions Key management personnel From 1 September 2025, the Group and Society\u2019s key management personnel are considered to be the Group Executive Committee and the non-executive directors of Nationwide Building Society, as defined by IAS 24 \u2018Related Party Disclosures\u2019. Prior to 1 September 2025, the Group\u2019s key management personnel were the Group Management Committee and non-executive directors of Nationwide Building Society and the Society\u2019s key management personnel were the members of the Executive Committee and the non-executive directors of Nationwide Building Society. Key management personnel compensation Key management personnel compensation Group Society (note i) 2026 2025 2026 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Short-term employee benefits 11,970 9,871 11,363 10,406 Long-term benefits 6,352 2,468 6,417 2,565 Share based payments 3,717 3,031 3,894 2,990 Contractual/other settlements 465 - 927 - Total 22,504 15,370 22,601 15,961 Note: i. Society key management personnel provide services to the Group as a whole and their principal activities are not limited to the Society. Where Society key management personnel are remunerated by the Society, amounts presented include all compensation paid or payable, with no reduction for amounts attributable to services provided to subsidiaries. Where Society key management personnel are remunerated by a subsidiary within the Group, their compensation is excluded from Society total compensation on the basis that it does not relate to services provided directly to Nationwide Building Society. Long-term benefits include amounts relating to long-term bonus schemes, some of which will be paid in future periods. Further information on these can be found in note 8. Share-based payments include amounts that are dependent on the performance of CCDS. Further information on the remuneration of executive and non-executive directors is included in the Report of the directors on remuneration. Transactions with key management personnel Balances with key management personnel Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Loans receivable 3.2 1.6 3.1 0.8 Deposits payable 10.3 5.0 6.1 3.4 All loans and deposits with key management personnel were made in the ordinary course of business on substantially the same terms, including interest rates and security, as generally available to other members and customers for comparable transactions. These transactions did not involve more than normal risk of repayment or present other unfavourable features. A register is maintained by the Society containing details of loans and arrangements made between the Society or its subsidiary undertakings and directors of the Society or persons connected with directors of the Society. The register will be available for inspection by members at the Annual General Meeting on 15 July 2026 and during normal office hours at the Society\u2019s principal office (Nationwide House, Pipers Way, Swindon, SN38 1NW) during the period of 15 days prior to the meeting. Subsidiary, parent and ultimate controlling party The Group is controlled by Nationwide Building Society, the ultimate parent, which is registered in England and Wales. Details of subsidiary undertakings are shown in note 33. Transactions with related parties A number of transactions are entered into with related parties in the normal course of business. These include loans, deposits and the payment and recharge of administrative expenses. The outstanding balances between Society and its subsidiaries for these related party transactions at the year end, and the associated income and expenses for the year, are as follows: Income statement 2026 2025 \u00a3m \u00a3m Interest receivable and similar income 1,835 1,623 Interest expense and similar charges (145) (137) Income from investments in Group undertakings (note i) 167 2 Recharges for services to Group undertakings (note i) 105 83 Recharges for services from Group undertakings (note ii) (17) - Notes: i. Income from investments in Group undertakings and recharges for services to Group undertakings are reported in other operating income (note 6). ii. Recharges for services from Group undertakings are reported in other operating costs in administrative expenses (note 8). Transactions with related parties (continued) Balance sheet 2026 2025 \u00a3m \u00a3m Assets Loans to subsidiaries 43,455 42,079 Other debt instruments 4,006 754 Other assets 293 - Amounts due from Group undertakings (note i) 47,754 42,833 Derivative financial instruments 688 679 Liabilities Other deposits 333 242 Other liabilities 2,908 2,706 Amounts due to Group undertakings (note i) 3,241 2,948 Derivative financial instruments 428 331 Note: i. Comparatives have been restated as detailed in note 1. The Group received \u00a37 million of interest from joint ventures during the year ended 31 March 2026 (2025: \u00a37 million). At 31 March 2026 the Group held no material intra-Group balances with joint ventures (2025: \u00a3211 million loans receivable and \u00a312 million deposits payable). Transactions with Group companies Transactions with Group companies arise in the normal course of business. Interest on outstanding loans and deposits accrues at a transfer pricing rate agreed between the Society and its subsidiary undertakings. The Society does not charge the net defined benefit cost to the subsidiary undertakings that participate in the Nationwide Pension Fund.",
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"f0__s7__6__134": {
"value": "36. Notes to the cash flow statements Non-cash items included in profit before tax Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Net increase/(decrease) in impairment provisions 47 507 45 (64) Net increase/(decrease) in provisions for liabilities and charges 8 (117) 7 (119) Amortisation and (gains)/losses on investment securities 41 432 33 436 Amortisation of acquisition fair value adjustments 34 39 - - Depreciation, amortisation and impairment 694 592 483 499 Impairment (release) on investment in Group undertakings - - (2) (1) Loss/(profit) on property, plant and equipment and write downs of inventory 6 - 7 (1) Net credit in respect of retirement benefit obligations (42) (38) (26) (25) Interest on financing liabilities 867 771 765 643 Gains from derivatives and hedge accounting (35) (12) (79) (46) Gain on acquisition of Virgin Money - (2,300) - - Total 1,620 (126) 1,233 1,322 Changes in operating assets and liabilities Group Society 2026202520262025\u00a3m\u00a3m\u00a3m\u00a3mLoans and advances to banks and similar institutions and payment scheme (522) (8) 153 (24) collateral Net derivative financial instruments 1,290 251 1,653 (285) Loans and advances to customers (10,745) (16,719) (10,700) (13,856) Other operating assets 91 278 (2,060) (1,656) Shares 9,624 14,062 9,624 14,062 Deposits from banks and similar institutions and other deposits (note i) 1,496 (12,981) (883) (11,465) Debt securities in issue 740 4,808 1,373 3,209 Contributions to defined benefit pension schemes (6) (7) - - Other operating liabilities (note i) (1,090) 451 (412) 1,344 Total 878 (9,865) (1,252) (8,671) Note: i. Comparatives have been restated as detailed in note 1. Cash and cash equivalents Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Cash and balances at central banks 36,052 27,187 21,007 17,153 Loans and advances to banks and similar institutions repayable in 3 months or 826 1,338 783 968 less Total 36,878 28,525 21,790 18,121 Balances required to be maintained with the Bank of England in support of participation in payment schemes totalled \u00a32,359 million (2025: \u00a32,296 million) for the Group and \u00a31,247 million (2025: \u00a31,448 million) for the Society. These balances are included within cash and balances at central banks on the balance sheet and are not included in cash and cash equivalents in the cash flow statement as they are not liquid in nature. Cash collateral and other deposit balances relating to derivative activities, totalling \u00a3933 million (2025: \u00a3472 million) for Group and \u00a3421 million (2025: \u00a3371 million) for Society, are also excluded from cash and cash equivalents. Taxation paid presented on the Society\u2019s statement of cash flows includes amounts paid to taxation authorities and amounts paid under group relief arrangements. Movements in liabilities arising from financing activities are set out below. Movements in liabilities arising from financing activities 2026 2025 Subordinated Debt Subscribed Lease Total Subordinated Debt Subscribed Lease Total liabilities securities in capital liabilities liabilities securities in capital liabilities issue (note i) issue (note i) Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 April 2025 (2024: 5 April) 2,444 10,762 129 315 13,650 2,075 5,150 173 172 7,570Acquisition of Virgin Money - - - - - 766 2,672 - 165 3,603Issuances/additions 951 3,728 - 14 4,693 426 3,734 - 10 4,170Redemptions/repayments (475) (955) (83) (45) (1,558) (842) (839) (44) (40) (1,765)Foreign exchange (6) 126 - - 120 (50) (140) - - (190)Fair value and other movements 17 (53) - 13 (23) 69 185 - 8 262At 31 March 2,931 13,608 46 297 16,882 2,444 10,762 129 31513,650Movements in liabilities arising from financing activities 2026 2025 Subordinated Debt Subscribed Lease Total Subordinated Debt Subscribed Lease Total liabilities securities in capital liabilities liabilities securities in capital liabilities issue (note i) issue (note i) Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 April 2025 (2024: 5 April) 1,674 8,092 129 156 10,051 2,075 5,150 173 172 7,570Issuances/additions 1,246 5,268 - 12 6,526 426 3,734 - 10 4,170Redemptions/repayments - (105) (83) (29) (217) (842) (839) (44) (32) (1,757)Foreign exchange (6) 95 - - 89 (50) (104) - - (154)Fair value and other movements 18 (53) - 7 (28) 65 151 - 6 222At 31 March 2,932 13,297 46 146 16,421 1,674 8,092 129 156 10,051Note: i. Debt securities in issue in the table above comprise MREL eligible liabilities. Derivative financial instruments used to hedge financing liabilities include interest rate and cross-currency swaps. Financing cash flows relating to these swaps include: \uf0b7 interest paid of \u00a3235 million (2025: \u00a3376 million) for the Group and \u00a3179 million (2025: \u00a3315 million) for the Society; \uf0b7 payments on redemption of \u00a39 million (2025: \u00a397 million) for the Group and the Society; and \uf0b7 proceeds on issuance of \u00a32 million (2025: \u00a3nil) for the Group and \u00a353 million (2025: \u00a3nil) for the Society. Other changes in the value of these derivatives in the year ended 31 March 2026 include decreases of \u00a3122 million (2025: \u00a3275 million) for the Group and decreases of \u00a3173 million (2025: \u00a3251 million) for the Society due to foreign exchange, fair value and other movements.",
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"value": "36. Notes to the cash flow statements Non-cash items included in profit before tax Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Net increase/(decrease) in impairment provisions 47 507 45 (64) Net increase/(decrease) in provisions for liabilities and charges 8 (117) 7 (119) Amortisation and (gains)/losses on investment securities 41 432 33 436 Amortisation of acquisition fair value adjustments 34 39 - - Depreciation, amortisation and impairment 694 592 483 499 Impairment (release) on investment in Group undertakings - - (2) (1) Loss/(profit) on property, plant and equipment and write downs of inventory 6 - 7 (1) Net credit in respect of retirement benefit obligations (42) (38) (26) (25) Interest on financing liabilities 867 771 765 643 Gains from derivatives and hedge accounting (35) (12) (79) (46) Gain on acquisition of Virgin Money - (2,300) - - Total 1,620 (126) 1,233 1,322 Changes in operating assets and liabilities Group Society 2026202520262025\u00a3m\u00a3m\u00a3m\u00a3mLoans and advances to banks and similar institutions and payment scheme (522) (8) 153 (24) collateral Net derivative financial instruments 1,290 251 1,653 (285) Loans and advances to customers (10,745) (16,719) (10,700) (13,856) Other operating assets 91 278 (2,060) (1,656) Shares 9,624 14,062 9,624 14,062 Deposits from banks and similar institutions and other deposits (note i) 1,496 (12,981) (883) (11,465) Debt securities in issue 740 4,808 1,373 3,209 Contributions to defined benefit pension schemes (6) (7) - - Other operating liabilities (note i) (1,090) 451 (412) 1,344 Total 878 (9,865) (1,252) (8,671) Note: i. Comparatives have been restated as detailed in note 1. Cash and cash equivalents Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Cash and balances at central banks 36,052 27,187 21,007 17,153 Loans and advances to banks and similar institutions repayable in 3 months or 826 1,338 783 968 less Total 36,878 28,525 21,790 18,121 Balances required to be maintained with the Bank of England in support of participation in payment schemes totalled \u00a32,359 million (2025: \u00a32,296 million) for the Group and \u00a31,247 million (2025: \u00a31,448 million) for the Society. These balances are included within cash and balances at central banks on the balance sheet and are not included in cash and cash equivalents in the cash flow statement as they are not liquid in nature. Cash collateral and other deposit balances relating to derivative activities, totalling \u00a3933 million (2025: \u00a3472 million) for Group and \u00a3421 million (2025: \u00a3371 million) for Society, are also excluded from cash and cash equivalents. Taxation paid presented on the Society\u2019s statement of cash flows includes amounts paid to taxation authorities and amounts paid under group relief arrangements. Movements in liabilities arising from financing activities are set out below. Movements in liabilities arising from financing activities 2026 2025 Subordinated Debt Subscribed Lease Total Subordinated Debt Subscribed Lease Total liabilities securities in capital liabilities liabilities securities in capital liabilities issue (note i) issue (note i) Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 April 2025 (2024: 5 April) 2,444 10,762 129 315 13,650 2,075 5,150 173 172 7,570Acquisition of Virgin Money - - - - - 766 2,672 - 165 3,603Issuances/additions 951 3,728 - 14 4,693 426 3,734 - 10 4,170Redemptions/repayments (475) (955) (83) (45) (1,558) (842) (839) (44) (40) (1,765)Foreign exchange (6) 126 - - 120 (50) (140) - - (190)Fair value and other movements 17 (53) - 13 (23) 69 185 - 8 262At 31 March 2,931 13,608 46 297 16,882 2,444 10,762 129 31513,650Movements in liabilities arising from financing activities 2026 2025 Subordinated Debt Subscribed Lease Total Subordinated Debt Subscribed Lease Total liabilities securities in capital liabilities liabilities securities in capital liabilities issue (note i) issue (note i) Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 April 2025 (2024: 5 April) 1,674 8,092 129 156 10,051 2,075 5,150 173 172 7,570Issuances/additions 1,246 5,268 - 12 6,526 426 3,734 - 10 4,170Redemptions/repayments - (105) (83) (29) (217) (842) (839) (44) (32) (1,757)Foreign exchange (6) 95 - - 89 (50) (104) - - (154)Fair value and other movements 18 (53) - 7 (28) 65 151 - 6 222At 31 March 2,932 13,297 46 146 16,421 1,674 8,092 129 156 10,051Note: i. Debt securities in issue in the table above comprise MREL eligible liabilities. Derivative financial instruments used to hedge financing liabilities include interest rate and cross-currency swaps. Financing cash flows relating to these swaps include: \uf0b7 interest paid of \u00a3235 million (2025: \u00a3376 million) for the Group and \u00a3179 million (2025: \u00a3315 million) for the Society; \uf0b7 payments on redemption of \u00a39 million (2025: \u00a397 million) for the Group and the Society; and \uf0b7 proceeds on issuance of \u00a32 million (2025: \u00a3nil) for the Group and \u00a353 million (2025: \u00a3nil) for the Society. Other changes in the value of these derivatives in the year ended 31 March 2026 include decreases of \u00a3122 million (2025: \u00a3275 million) for the Group and decreases of \u00a3173 million (2025: \u00a3251 million) for the Society due to foreign exchange, fair value and other movements.",
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"value": "36. Notes to the cash flow statements Non-cash items included in profit before tax Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Net increase/(decrease) in impairment provisions 47 507 45 (64) Net increase/(decrease) in provisions for liabilities and charges 8 (117) 7 (119) Amortisation and (gains)/losses on investment securities 41 432 33 436 Amortisation of acquisition fair value adjustments 34 39 - - Depreciation, amortisation and impairment 694 592 483 499 Impairment (release) on investment in Group undertakings - - (2) (1) Loss/(profit) on property, plant and equipment and write downs of inventory 6 - 7 (1) Net credit in respect of retirement benefit obligations (42) (38) (26) (25) Interest on financing liabilities 867 771 765 643 Gains from derivatives and hedge accounting (35) (12) (79) (46) Gain on acquisition of Virgin Money - (2,300) - - Total 1,620 (126) 1,233 1,322 Changes in operating assets and liabilities Group Society 2026202520262025\u00a3m\u00a3m\u00a3m\u00a3mLoans and advances to banks and similar institutions and payment scheme (522) (8) 153 (24) collateral Net derivative financial instruments 1,290 251 1,653 (285) Loans and advances to customers (10,745) (16,719) (10,700) (13,856) Other operating assets 91 278 (2,060) (1,656) Shares 9,624 14,062 9,624 14,062 Deposits from banks and similar institutions and other deposits (note i) 1,496 (12,981) (883) (11,465) Debt securities in issue 740 4,808 1,373 3,209 Contributions to defined benefit pension schemes (6) (7) - - Other operating liabilities (note i) (1,090) 451 (412) 1,344 Total 878 (9,865) (1,252) (8,671) Note: i. Comparatives have been restated as detailed in note 1. Cash and cash equivalents Group Society 2026 2025 2026 2025 \u00a3m \u00a3m \u00a3m \u00a3m Cash and balances at central banks 36,052 27,187 21,007 17,153 Loans and advances to banks and similar institutions repayable in 3 months or 826 1,338 783 968 less Total 36,878 28,525 21,790 18,121 Balances required to be maintained with the Bank of England in support of participation in payment schemes totalled \u00a32,359 million (2025: \u00a32,296 million) for the Group and \u00a31,247 million (2025: \u00a31,448 million) for the Society. These balances are included within cash and balances at central banks on the balance sheet and are not included in cash and cash equivalents in the cash flow statement as they are not liquid in nature. Cash collateral and other deposit balances relating to derivative activities, totalling \u00a3933 million (2025: \u00a3472 million) for Group and \u00a3421 million (2025: \u00a3371 million) for Society, are also excluded from cash and cash equivalents. Taxation paid presented on the Society\u2019s statement of cash flows includes amounts paid to taxation authorities and amounts paid under group relief arrangements. Movements in liabilities arising from financing activities are set out below. Movements in liabilities arising from financing activities 2026 2025 Subordinated Debt Subscribed Lease Total Subordinated Debt Subscribed Lease Total liabilities securities in capital liabilities liabilities securities in capital liabilities issue (note i) issue (note i) Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 April 2025 (2024: 5 April) 2,444 10,762 129 315 13,650 2,075 5,150 173 172 7,570Acquisition of Virgin Money - - - - - 766 2,672 - 165 3,603Issuances/additions 951 3,728 - 14 4,693 426 3,734 - 10 4,170Redemptions/repayments (475) (955) (83) (45) (1,558) (842) (839) (44) (40) (1,765)Foreign exchange (6) 126 - - 120 (50) (140) - - (190)Fair value and other movements 17 (53) - 13 (23) 69 185 - 8 262At 31 March 2,931 13,608 46 297 16,882 2,444 10,762 129 31513,650Movements in liabilities arising from financing activities 2026 2025 Subordinated Debt Subscribed Lease Total Subordinated Debt Subscribed Lease Total liabilities securities in capital liabilities liabilities securities in capital liabilities issue (note i) issue (note i) Society \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 April 2025 (2024: 5 April) 1,674 8,092 129 156 10,051 2,075 5,150 173 172 7,570Issuances/additions 1,246 5,268 - 12 6,526 426 3,734 - 10 4,170Redemptions/repayments - (105) (83) (29) (217) (842) (839) (44) (32) (1,757)Foreign exchange (6) 95 - - 89 (50) (104) - - (154)Fair value and other movements 18 (53) - 7 (28) 65 151 - 6 222At 31 March 2,932 13,297 46 146 16,421 1,674 8,092 129 156 10,051Note: i. Debt securities in issue in the table above comprise MREL eligible liabilities. Derivative financial instruments used to hedge financing liabilities include interest rate and cross-currency swaps. Financing cash flows relating to these swaps include: \uf0b7 interest paid of \u00a3235 million (2025: \u00a3376 million) for the Group and \u00a3179 million (2025: \u00a3315 million) for the Society; \uf0b7 payments on redemption of \u00a39 million (2025: \u00a397 million) for the Group and the Society; and \uf0b7 proceeds on issuance of \u00a32 million (2025: \u00a3nil) for the Group and \u00a353 million (2025: \u00a3nil) for the Society. Other changes in the value of these derivatives in the year ended 31 March 2026 include decreases of \u00a3122 million (2025: \u00a3275 million) for the Group and decreases of \u00a3173 million (2025: \u00a3251 million) for the Society due to foreign exchange, fair value and other movements.",
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"value": "building society",
"dimensions": {
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"value": "United Kingdom.",
"dimensions": {
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"value": "United Kingdom.",
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"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
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"value": "Nationwide Building Society",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__136": {
"value": "Nationwide Building Society",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__141": {
"value": "Nationwide House Pipers Way Swindon United Kingdom SN38 1NW",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__140": {
"value": "Nationwide House Pipers Way Swindon United Kingdom SN38 1NW",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
},
"f0__s7__6__144": {
"value": "39. Events after the balance sheet date Transfer of the business of Clydesdale Bank PLC to the Society On 23 February 2026, at a hearing in the High Court of Justice, London, the Court sanctioned a scheme for the transfer of the majority of the banking business of Clydesdale Bank PLC to the Society under Part VII of the Financial Services and Markets Act 2000 (FSMA) (Part VII Transfer). The scheme effective date was 2 April 2026. In addition, the Society and Clydesdale Bank PLC entered into separate legal agreements to effect the transfer of certain other balances (Other Transfers) where not covered by the Part VII Transfer. These agreements had effective dates of 2 and 3 April 2026. The Part VII Transfer and the Other Transfers (collectively, the Transfers) have resulted in an increase to total assets and total liabilities of the Society of approximately \u00a388.6 billion and \u00a382.4 billion, respectively. Consideration of \u00a3140 million was paid. These amounts will be reflected in the financial statements of the Society for the year ending 31 March 2027. As a result of the Transfers, in April 2026 the Society impaired the carrying value of its investment in the share capital of Virgin Money UK PLC, the parent holding company of Clydesdale Bank PLC, by \u00a33.8 billion, reflecting that the majority of the net assets of Clydesdale Bank PLC are now held directly by Society. Both the excess of net assets acquired above the value of consideration paid and impairment of the Society\u2019s investment will be recognised directly in general reserves in the Society\u2019s statement of movement in members\u2019 interests and equity for the year ending 31 March 2027. As the Transfers represent a hive-up of business from a subsidiary to its parent, there are no impacts to the total assets, liabilities, members\u2019 interests and equity or results of the Group. Nationwide Fairer Share payment On 20 May 2026, the Board approved a Nationwide Fairer Share payment to be made to eligible members in June 2026, amounting to approximately \u00a3440 million. This has not been reflected in these financial statements as it will be recognised in the year ending 31 March 2027, by reference to the date at which it was announced. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300XFX12G42QIKN82",
"period": "2025-04-01T00:00:00/2026-04-01T00:00:00"
}
}
}
}