Strong Financial Performance
Income grew 13.7% to GBP 8 billion, while costs reduced 1.4% to GBP 3.9 billion. This resulted in an operating profit of GBP 3.6 billion and attributable profit of GBP 2.5 billion. Return on tangible equity was 18.1%, and earnings per share increased by 28% to 31p.
Significant Dividend and Buyback Announcement
Announced an interim dividend of 9.5p, up 58%, and a new share buyback of GBP 750 million, bringing total distributions declared to shareholders in the first half to around GBP 1.5 billion.
Successful Customer Growth
Customer lending grew 3.2% to GBP 384 billion. Customer deposits increased by 1% to GBP 436 billion. Over 100,000 new customers were attracted through organic growth, with an additional 1 million customers added through the Sainsbury's transaction in May.
Improved Cost Efficiency
The cost to income ratio was reduced from around 56% last year to around 49% this year.
Upgraded 2025 Guidance
Upgraded 2025 guidance for both income and returns, expecting income greater than GBP 16 billion and a return on tangible equity above 16.5%.