Strong Financial Performance
Customer lending grew 0.9% to GBP 375 billion, and deposits increased 0.5% to GBP 433 billion. Income rose 15.8% year-on-year to GBP 4 billion. Operating profit was GBP 1.8 billion, and attributable profit was GBP 1.3 billion. Earnings per share increased 48% to 15.5p.
Climate and Sustainable Funding Milestone
Provided GBP 8 billion of climate and sustainable funding, bringing the total to GBP 101 billion since July 2021, exceeding the GBP 100 billion 2025 target.
Positive Capital and Risk Management
CET1 ratio at 13.8% with strong capital generation of 49 basis points before shareholder distributions. Government shareholding reduced to less than 2%.
Sainsbury's Bank Transaction Completion
Acquisition adds around 1 million new customer accounts, GBP 2.5 billion of unsecured lending, and GBP 2.7 billion of savings. Incremental income expected around GBP 100 million in 2025.
Updated 2025 Guidance
Based on strong Q1, updated 2025 guidance to expect income and returns at the upper end of the range.