Highlights Financial Results: - Underlying loss before tax of £26.8 million (H2 2023: loss £33.0 million) is primarily driven by a lower net interest margin of 1.64% (H2 2023: 1.85%, Q2 2024 NIM of 1.74%) due to a transient higher cost of deposits at 2.18% following the successful deposit campaign in Q4 2023 (H2 2023:1.29%).
- Upgraded Guidance includes profitability during Q4 2024, mid-to-upper single digit RoTE in 2025, double digit RoTE in 2026 and mid-to-upper teens thereafter. This is driven by cost discipline, asset rotation and the mortgage portfolio sale.
- New stores: Began construction in Chester and signed lease in Gateshead. Looking for more new store sites in North of England and East Midlands.
- Total underlying operating expenses reduced 6% or £17 million HoH to £255 million (H2 2023: £272 million), with £80 million of annualised run-rate savings on track to be delivered by December 2024.
- Total net loans as at 30 June 2024 were £11.5 billion, down 6% compared to full year position (31 December 2023: £12.3 billion) as the bank strategically repositions its balance sheet towards higher yielding commercial, corporate, SME and specialist mortgage lending.
- Metro Bank has a solid credit approved commercial pipeline across H1 2024 equivalent to 116% of total new lending in 2023, with H1 2024 drawdowns c.81% of total new lending in 2023.
- Customer deposits of £15.7 billion at 30 June 2024, down £0.8 billion on February 2024 peak of c.£16.5 billion (31 December 2023: £15.6 billion), reflecting the deliberate focus on reducing liquidity and cost of deposits.
- Metro Bank's MREL ratio was 22.2% as at 30 June 2024, up 20bps from 22.0% as at 31 December 2023, reflecting ongoing focus on capital management whilst optimising risk-adjusted returns on regulatory capital. Year-on-year MREL increased c.410bps from 18.1% as at 30 June 2023. On completion[1] of the mortgage sale, there is a pro forma improvement in Metro Bank's total capital plus MREL ratio of c.122bps from 22.2% to 23.4%, c.530bps higher than 30 June 2023.
Post-period end developments: - £2.5 billion mortgage portfolio sale, announced post-period end, with the transaction earnings, NIM and capital ratio accretive. The additional lending capacity created by this sale enables a continued shift into higher yielding assets.
- TFSME to be repaid from proceeds of mortgage sale eliminating any industry wide deposit funding headwinds going forward.
 Upgraded Guidance:
- Expect return to profitability during Q4 2024
- RoTE guidance increased to mid-to-upper single digit in 2025, double digit in 2026 and mid-to-upper teens thereafter
- Continued NIM expansion driven by asset rotation, and expect NIMs in 2024, 2025 and 2026 to be approaching 2.50%, 3.25% and 4.00% respectively
- Continued cost discipline and control, with cost to income ratios in 2026, 2027 and 2028 to be approaching 70%, 60% and 50% respectively
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"Metro Bank has made significant underlying progress during the first half of 2024. We have built real momentum in credit approved pipelines across commercial, corporate and SME lending, whilst expanding spreads in retail mortgages and repricing deposits. At the same time, our continued cost discipline is creating a simpler, more agile bank that is fit for the future.
"Our upgraded guidance today reflects progress against our strategy, including the recent residential mortgage portfolio sale. We expect these actions to positively impact on our balance sheet in the fourth quarter of the current financial year, delivering a return to profitability.
"We look to the future with renewed confidence, as we continue to strengthen and deepen our people-people banking and relationship-led services in areas our FANS value the most."
Key Financials
£ in millions | 30 Jun 2024 | 31 Dec 2023 | Change from H2 2023 | 30 Jun 2023 | Change from H1 2023 |
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Assets | £21,489 | £22,245 | (3%) | £21,747 | (1%) |
Loans | £11,543 | £12,297 | (6%) | £12,572 | (8%) |
Deposits | £15,726 | £15,623 | 1% | £15,529 | 1% |
Loan to deposit ratio | 73% | 79% | (6pp) | 81% | (8pp) |
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CET1 capital ratio | 12.9% | 13.1% | (20bps) | 10.4% | 250bps |
Total capital ratio (TCR) | 15.0% | 15.1% | (10bps) | 13.2% | 180bps |
MREL ratio1 | 22.2% | 22.0% | 20bps | 18.1% | 410bps |
Liquidity coverage ratio | 365% | 332% | 33pp | 214% | 151pp |
£ in millions | H1 2024 | H2 2023 | Change from H2 2023 | H1 2023 | Change from H1 2023 |
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Total underlying revenue2 | £234.0 | £260.9 | (10%) | £285.6 | (18%) |
Underlying profit/(loss) before tax3 | (£26.8) | (£33.0) | 19% | £16.1 | (266%) |
Statutory profit/(loss) before tax | (£33.5) | £15.1 | (322%) | £15.4 | (318%) |
Net interest margin | 1.64% | 1.85% | (21bps) | 2.14% | (50bps) |
Lending yield | 5.18% | 4.91% | 27bps | 4.50% | 68bps |
Cost of deposits | 2.18% | 1.29% | 89bps | 0.66% | 152bps |
Cost of risk | 0.10% | 0.34% | (24bps) | 0.18% | (8bps) |
Underlying EPS | (3.9p) | (12.2p) | 8.3p | 7.8p | (11.7p) |
Tangible book value per share | £1.37 | £1.40 | (2%) | £4.42 | (69%) |
- The mortgage portfolio sale has been excluded from this figure. Pro forma on completion of the residential mortgage portfolio sale is estimated to result in a 23.4% total capital plus MREL ratio. Completion of the transaction is conditional on a satisfactory response from the Competition & Markets Authority
- Underlying revenue excludes grant income recognised relating to the Capability & Innovation fund.
- Underlying loss before tax is an alternative performance measure and excludes impairment and write-off of property, plant & equipment (PPE) and intangible assets, transformation costs, remediation costs, costs incurred as part of the holding company insertion and costs of the capital raise and refinancing in H2 2023.
Investor presentation
A presentation for investors and analysts will be held at 9AM (UK time) on 31 July 2024. The presentation will be webcast on:
For those wishing to dial-in:
From the UK dial: 0800 358 1035
From the US dial: +1 855 979 6654
Access code: 191899
Other global dial-in numbers:
Financial performance for the half year ended 30 June 2023
Deposits
£ in millions | 30 Jun 2024 | 31 Dec 2023 | Change from H2 2023 | 30 Jun 2023 | Change from H1 2023 |
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Demand: current accounts | £5,662 | £5,696 | (1%) | £7,106 | (20%) |
Demand: savings accounts | £8,108 | £7,827 | 4% | £7,218 | 12% |
Fixed term: savings accounts | £1,956 | £2,100 | (7%) | £1,205 | 62% |
Deposits from customers | £15,726 | £15,623 | 1% | £15,529 | 1% |
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Deposits from customers includes: | | | | |
Retail customers (excluding retail partnerships) | £7,170 | £7,235 | (1%) | £5,647 | 27% |
SMEs4 | £4,224 | £3,782 | 12% | £5,066 | (17%) |
| £11,394 | £11,017 | 3% | £10,713 | 6% |
Retail partnerships | £1,734 | £1,708 | 2% | £1,910 | (9%) |
Commercial customers (excluding SMEs4) | £2,598 | £2,898 | (10%) | £2,906 | (11%) |
| £4,332 | £4,606 | (6%) | £4,816 | (10%) |
4. SME defined as enterprises which employ fewer than 250 persons and which have an annual turnover not exceeding €50 million, and/or an annual balance sheet total not exceeding €43 million and have aggregate deposits less than €1 million. |
- Customer deposits reduced by 1% at H1 2024 to £15.7 billion, down £0.8 billion on February 2024 peak of £16.5 billion (31 December 2023: £15.6 billion) reflecting the deliberate focus on reducing liquidity and cost of deposits. The core customer deposit base continues to be predominantly Retail and SME. Fixed term deposits have increased 62% year-on-year reflecting the success of the Q4 2023 deposit campaign.
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- Cost of deposits was 2.18% for H1 2024 (H2 2023: 1.29%) reflecting the impact of the deposit campaign in Q4 2023. Monthly cost of deposits has been reducing since its peak in February 2024 and is 2.12% in Q2 2024.
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- Stores remain a key element to the Group's service offering and Metro Bank has changed store hours and reprioritised in-store services to align with customer activity.
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- Metro Bank plans to open two new stores in Q2 2025 in Chester and Gateshead for further market coverage in the North of England. Locations are being prioritised to support Metro Bank's commercial, corporate and SME banking offering.
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Loans
£ in millions | 30 Jun 2024 | 31 Dec 2023 | Change from H2 2023 | 30 Jun 2023 | Change from H1 2023 |
| | | | | |
Gross loans and advances to customers | £11,739 | £12,496 | (6%) | £12,769 | (8%) |
Less: allowance for impairment | (£196) | (£199) | 2% | (£197) | 1% |
Net loans and advances to customers | £11,543 | £12,297 | (6%) | £12,572 | (8%) |
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Gross loans and advances to customers consists of: | | | | | |
Retail mortgages | £7,512 | £7,818 | (4%) | £7,591 | (1%) |
Commercial lending5 | £2,437 | £2,443 | 0% | £2,659 | (8%) |
Consumer lending | £1,003 | £1,297 | (23%) | £1,410 | (29%) |
Government-backed lending6 | £787 | £938 | (16%) | £1,109 | (29%) |
5. Includes CLBILS. 6. BBLS, CBILS and RLS. |
- Total net loans as at 30 June 2024 were £11.5 billion, down 6% compared to £12.3 billion at 31 December 2023 as focus remains on optimising the mix for risk-adjusted return on regulatory capital. The Consumer and Government-backed lending portfolios are in run-off as the Group continues to pivot its strategy towards commercial, corporate and SME lending, and specialist mortgages. Yields continue to improve despite the Bank of England base rate remaining stable. The loan to deposit ratio reduced to 73% (31 December 2023: 79%).
- Retail mortgages decreased 4% to £7.5 billion (31 December 2023: £7.8 billion) and remain the largest component of the lending book at 64% (31 December 2023: 63%). The Debt to Value (DTV) of the portfolio at 31 June 2024 was 61% (31 December 2023: 58%) as a result of observed house price falls over the period. The pivot towards more specialist mortgages continues following recent investment to enhance product offerings. Metro Bank's operating model is tailored to more complex underwriting which enables the Group to meet the needs of more customers and scale underserved markets whilst offering improved risk-adjusted returns.
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- Commercial loans (excluding BBLS, CBILS and RLS) remained stable during H1 2024 at £2,437 million (31 December 2023: £2,443 million) reflecting continued focus on commercial customers whilst shrinking commercial real estate to £440 million (31 December 2023: £509 million) and portfolio buy-to-let to £365 million (31 December 2023: £465 million). The DTV of the portfolio at 31 June 2024 was 57% (31 December 2023: 55%) and the portfolio has a coverage ratio of 2.08% (31 December 2023: 2.13%). Metro Bank is committed to supporting local businesses as we continue to pivot towards commercial, corporate and SME lending.
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- Cost of risk decreased to 0.10% for the half year (H2 2023: 0.34%). The overall impact of risk profile, credit performance and macroeconomic outlook has resulted in a lower cost of risk in the first half. The credit quality of new lending continues to be strong through the current macro-economic environment and the bank retains its prudent approach to provisioning.
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- Overall arrears levels have remained broadly stable and there have been no material signs of increased stress. Non-performing loans increased to 3.75% (31 December 2023: 3.11%) driven largely by the maturity profile of the consumer portfolio that is in run off and reduced commercial lending volumes, partly offset by successful BBLS claims and repayments of a few large commercial and mortgage exposures. Excluding government-backed lending, non-performing loans were 3.13% at 31 June 2024 (31 December 2023: 2.58%).
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- The loan portfolio remains highly collateralised and prudently provisioned. The ECL provision as at 30 June 2024 was £196 million with a coverage ratio of 1.67%, compared to £199 million with a coverage ratio of 1.59% as at 31 December 2023. The level of post-model overlays remained at 10% of the ECL stock, or £20 million which has reduced since 31 December 2023 (12% of ECL stock, or £23.4 million) is mainly due to a more up to date impact assessment of the new IFRS9 commercial models.
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Profit and Loss Account
- Net interest margin (NIM) of 1.64% for the half is down 21bps compared to 1.85% in H2 2023 as a result of a higher cost of deposits at 2.18% (H2 2023: 1.29%, H1 2023: 0.66%) and reduction of lower yielding assets.
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- Underlying net interest income decreased by 10% HoH at £172 million (H2 2023: £190 million) driven by reductions in net interest margin (NIM) reflecting the impact of increased cost of deposits following the successful deposit campaign in Q4 2023, and the lag between underwrite to completion; as the bank pivots its lending towards higher yielding lending assets.
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- Underlying net fee and other income decreased HoH to £62 million (H2 2023: £69 million). The HoH decrease of 10% reflects the seasonal nature of fee income largely driven by customer activity and transactional volumes.
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- Underlying costs reduced 6% to £255 million (H2 2023: £272 million). The Group has delivered £50 million of annualised run-rate cost savings and is on track to deliver the additional £30 million cost savings on an annualised run-rate basis by December 2024.
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- Underlying loss before tax of £27 million achieved in the first half (H2 2023: loss of £33 million) reflecting the NIM and cost of funding impact in the first half of the year.
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- Statutory loss before tax of £34 million (H2 2023: profit of £15 million) HoH movement a function of the £74 million one-off benefit resulting from the capital raise and refinancing in H2 2023.
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Capital, Funding and Liquidity
| Position 30 June 2024 | Position 31 December 2023 | Minimum requirement including buffers7 | Minimum requirement excluding buffers | Common Equity Tier 1 (CET1) | 12.9% | 13.1% | 9.2% | 4.7% | Tier 1 | 12.9% | 13.1% | 10.8% | 6.3% | Total Capital | 15.0% | 15.1% | 12.9% | 8.4% | Total Capital + MREL | 22.2% | 22.0% | 21.2% | 16.7% |
1. CRD IV buffers |
- Total RWAs as at 30 June 2024 were £7.2 billion (31 December 2023: £7.5 billion). The movement reflects the actions taken to optimise the balance sheet, with a lag between pipeline to conversion as we pivot our lending mix. RWA density was 29.7% compared to 30.2% as at 31 December 2023 and the movement HoH continues to reflect the elevated liquidity position.
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- The £2.5 billion mortgage asset sale post-period is expected to reduce RWAs by c. £824 million and results in a pro forma improvement in total capital plus MREL of c122 bps to 23.4% (31 December 2023: 22.0%, 30 June 2023: 18.1%).
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- Strong liquidity and funding position maintained. All customer loans are fully funded by customer deposits with a loan-to-deposit ratio of 73% compared to 79% at the end of 2023. Liquidity Coverage Ratio (LCR) was 365% compared to 332% as at 31 December 2023, with cash balances at c£4 billion. Net Stable Funding Ratio (NSFR) was 153% compared to 145% as at 31 December 2023.
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- The Treasury portfolio of £8.8 billion includes £4.7 billion of investment securities, of which 79% are rated AAA and 21% are rated AA. Of the total investment securities, 93% is held at amortised cost and 7% is held at fair value through other comprehensive income.
- Over the next 3 years more than £2.0 billion of fixed rate treasury assets will mature at an average blended yield of just over 1%, these will be replaced by asset with yields in line with or greater than the prevailing base rate.
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- UK leverage ratio was 5.5% as at 30 June 2024 (31 December 2023: 5.3%).
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Outlook revised upwards
| | Updated Guidance |
ROTE | • Increased to mid-to-upper single digit in 2025, double digit in 2026 and mid-to-upper teens thereafter |
NIM | • Continued NIM expansion driven by asset rotation, and NIMs in 2024, 2025 and 2026 to be approaching 2.5%, 3.25% and 4.00%, respectively • Mortgage lending originations > 200bps above prevailing reference rate SWAP from H1 2025 • Commercial lending originations already > 350bps above prevailing Bank of England base rate • Benefit from fixed rate treasury and mortgage maturities across 2025-2028 |
Costs | • £80m of annualised run-rate cost savings on track to be delivered by Q4 2024 • 2024 costs are expected to be below 2023, with further reductions in 2025 reflecting the benefit of the full £80 million annualised cost savings • Cost to income ratios in 2026, 2027 and 2028 to be approaching 70%, 60% and 50%, respectively |
Lending | • Total lending to grow at an 8 – 11% CAGR (after drop due to mortgage portfolio sale) over the next few years • Future lending book composition by early 2029: • Back book mortgages (c.£5bn) will run-off • Mortgages as a % of total lending balances reduces to c.30% • Commercial as a % of total lending balances grows to c.70% • All other lending broadly runs-off during the period |
Deposits | • Ongoing optimisation on deposits to reduce cost of funding continues, with CoD expected to consistently reduce across H2 2024 • Deposits broadly flat from 2024 to 2026, followed by mid-to-upper single digit growth thereafter |
Metro Bank Holdings PLC
Summary Balance Sheet and Profit & Loss Account
(Unaudited)
Balance Sheet | HoH change | | 30 Jun 2024 | 31 Dec 2023 | 30 Jun 2023 |
| | | | £'million | £'million | £'million |
Assets | | | | | |
Loans and advances to customers | (6%) | | £11,543 | £12,297 | £12,572 |
Treasury assets8 | 1% | | £8,819 | £8,770 | £8,023 |
Other assets9 | (4%) | | £1,127 | £1,178 | £1,152 |
Total assets | (3%) | | £21,489 | £22,245 | £21,747 |
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Liabilities | | | | | |
Deposits from customers | 1% | | £15,726 | £15,623 | £15,529 |
Deposits from central banks | 0% | | £3,050 | £3,050 | £3,800 |
Debt securities | (3%) | | £675 | £694 | £573 |
Other liabilities | (46%) | | £934 | £1,744 | £875 |
Total liabilities | (3%) | | £20,385 | £21,111 | £20,777 |
Total shareholder's equity | (3%) | | £1,104 | £1,134 | £970 |
Total equity and liabilities | (3%) | | £21,489 | £22,245 | £21,747 |
- Comprises investment securities and cash & balances with the Bank of England.
- Comprises property, plant & equipment, intangible assets and other assets.
| | HoH change | Half year ended |
Profit & Loss Account | 30 Jun 2024 | 31 Dec 2023 | 30 Jun 2023 |
| | | £'million | £'million | £'million |
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Underlying net interest income | (10%) | £171.9 | £190.4 | £221.5 |
Underlying net fee and other income | (10%) | £62.0 | £68.6 | £63.3 |
Underlying net gains on sale of assets | | £0.1 | £1.9 | £0.8 |
Total underlying revenue | (10%) | £234.0 | £260.9 | £285.6 |
| | | | | |
Underlying operating costs | (6%) | (£254.6) | (£272.0) | (£258.2) |
Expected credit loss expense | | (£6.2) | (£21.9) | (£11.3) |
| | | | | |
Underlying profit/(loss) before tax | | (£26.8) | (£33.0) | £16.1 |
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Impairment and write-off of property plant & equipment and intangible assets | | (£0.3) | (£4.6) | - |
Transformation costs | | (£4.5) | (£20.2) | - |
Remediation costs | | (£1.8) | (£0.8) | £0.8 |
Capital raise and refinancing | | - | £74.0 | - |
Holding company insertion | | (£0.1) | (£0.3) | (£1.5) |
Statutory profit/(loss) before tax | | (£33.5) | £15.1 | £15.4 |
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Statutory taxation | | £0.4 | £1.7 | (£2.7) |
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Statutory profit/(loss) after tax | | (£33.1) | £16.8 | £12.7 |
| | | Half year ended |
Key metrics | 30 Jun 2024 | 31 Dec 2023 | 30 Jun 2023 |
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Underlying earnings per share – basic | | (3.9p) | (12.2p) | 7.8p |
Number of shares | | 672.7m | 672.7m | 172.6m |
Net interest margin (NIM) | | 1.64% | 1.85% | 2.14% |
Cost of deposits | | 2.18% | 1.29% | 0.66% |
Cost of risk | | 0.10% | 0.34% | 0.18% |
Arrears rate | | 3.8% | 3.8% | 3.5% |
Underlying cost: income ratio | | 109% | 104% | 90% |
Tangible book value per share | | £1.37 | £1.40 | £4.42 |
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Highlights
Financial Results:
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Underlying loss before tax of £26.8 million (H2 2023: loss £33.0 million) is primarily driven by a lower net interest margin of 1.64% (H2 2023: 1.85%, Q2 2024 NIM of 1.74%) due to a transient higher cost of deposits at 2.18% following the successful deposit campaign in Q4 2023 (H2 2023:1.29%).
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Upgraded Guidance includes profitability during Q4 2024, mid-to-upper single digit RoTE in 2025, double digit RoTE in 2026 and mid-to-upper teens thereafter. This is driven by cost discipline, asset rotation and the mortgage portfolio sale.
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New stores: Began construction in Chester and signed lease in Gateshead. Looking for more new store sites in North of England and East Midlands.
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Total underlying operating expenses reduced 6% or £17 million HoH to £255 million (H2 2023: £272 million), with £80 million of annualised run-rate savings on track to be delivered by December 2024.
- Total net loans as at 30 June 2024 were £11.5 billion, down 6% compared to full year position (31 December 2023: £12.3 billion) as the bank strategically repositions its balance sheet towards higher yielding commercial, corporate, SME and specialist mortgage lending.
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Metro Bank has a solid credit approved commercial pipeline across H1 2024 equivalent to 116% of total new lending in 2023, with H1 2024 drawdowns c.81% of total new lending in 2023.
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Customer deposits of £15.7 billion at 30 June 2024, down £0.8 billion on February 2024 peak of c.£16.5 billion (31 December 2023: £15.6 billion), reflecting the deliberate focus on reducing liquidity and cost of deposits.
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Metro Bank's MREL ratio was 22.2% as at 30 June 2024, up 20bps from 22.0% as at 31 December 2023, reflecting ongoing focus on capital management whilst optimising risk-adjusted returns on regulatory capital. Year-on-year MREL increased c.410bps from 18.1% as at 30 June 2023. On completion[1] of the mortgage sale, there is a pro forma improvement in Metro Bank's total capital plus MREL ratio of c.122bps from 22.2% to 23.4%, c.530bps higher than 30 June 2023.
Post-period end developments:
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£2.5 billion mortgage portfolio sale, announced post-period end, with the transaction earnings, NIM and capital ratio accretive. The additional lending capacity created by this sale enables a continued shift into higher yielding assets.
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TFSME to be repaid from proceeds of mortgage sale eliminating any industry wide deposit funding headwinds going forward.
Upgraded Guidance:
- Expect return to profitability during Q4 2024
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RoTE guidance increased to mid-to-upper single digit in 2025, double digit in 2026 and mid-to-upper teens thereafter
- Continued NIM expansion driven by asset rotation, and expect NIMs in 2024, 2025 and 2026 to be approaching 2.50%, 3.25% and 4.00% respectively
- Continued cost discipline and control, with cost to income ratios in 2026, 2027 and 2028 to be approaching 70%, 60% and 50% respectively
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亮点
财务业绩：
- 2023年下半年出现2680万英镑的税前亏损（2023年下半年3300万英镑的亏损），主要因为净利息收益率降至1.64%（2023下半年1.85%，2024年第二季度净利息收益率为1.74%），由于成功的2023年第四季度存款活动，存款成本短暂上升至2.18%（2023下半年为1.29%）。
- 升级后的指导方针包括2024年第四季度的盈利能力、2025年中高单位贡献率、2026年两位数贡献率和此后中高的青少年。这是由成本纪律、资产轮换和抵押贷款组合销售推动的。
- 新商店：开始在切斯特建设，并在盖茨黑德签订了租约。正在寻找更多北英格兰和东米德兰兹的新商店位置。
- 总基础运营费用降低了6%，或者1700万英镑，达到了2.55亿英镑（2023下半年：2.72亿英镑），其中8000万英镑的年化节约已经按计划在2024年12月交付。
- 截至2024年6月30日的总净贷款为110亿英镑，较全年水平下降6%（2023年12月31日为123亿英镑），因银行在战略上将资产负债表重新定位为收益率更高的商业、公司、中小板和专业抵押贷款。
- 梅特罗银行在2024年上半年有一个坚实的审批信用商业管道，其规模相当于2023年总新贷款的116%，2024年上半年的支出占2023年总新贷款的约81%。
- 2024年6月30日，客户存款为15.7亿英镑，比2月份165亿英镑的峰值下降了8亿英镑（2023年12月31日为15.6亿英镑），反映了有意在减少流动性和存款成本。
- 截至2024年6月30日，梅特罗银行的MREL比率为22.2%，比2023年12月31日的22.0%增加了20bp，反映了在优化风险调整回报的同时专注于资本管理。年度MREL从2023年6月30日开始增加约410bp。在抵押贷款销售完成后，从总资本加权平均资本率22.2%到23.4%，相当于2023年6月30日的提高了约530bp。
期末后的进展：
- 宣布后，2500亿英镑的抵押贷款组合销售交易收益、NIm和资本比率增值。这次销售创造的额外贷款能力使银行能够继续向更高的收益资产转移。
- 从抵押贷款销售获得利润后，TFSME就被偿还了，从而消除了未来行业范围存款资金的压力。
指导方针升级：
- 预计在2024年第四季度回归盈利能力
- RoTE指导方针上调至2025年中高位数、2026年两位数和此后的中高位数
- 由资产轮换推动的持续净利息收益率扩张，预计2024年、2025年和2026年的净利息收益率分别接近于2.50%、3.25%和4.00%。
- 通过成本纪律和控制持续，预计2026年、2027年和2028年的成本收入比将接近70%、60%和50%。
|
Daniel Frumkin, Chief Executive Officer at Metro Bank, said:
梅特罗银行首席执行官Daniel Frumkin表示：
"Metro Bank has made significant underlying progress during the first half of 2024. We have built real momentum in credit approved pipelines across commercial, corporate and SME lending, whilst expanding spreads in retail mortgages and repricing deposits. At the same time, our continued cost discipline is creating a simpler, more agile bank that is fit for the future.
在2024年上半年，梅特罗银行取得了重大的基础性进展。我们在商业、公司和中小板借贷审批管道方面积累了真正的动力，同时扩大了零售抵押贷款利差和重新定价存款。同时，我们持续的成本纪律正在创造一个更简单、更敏捷的银行，适应未来。
"Our upgraded guidance today reflects progress against our strategy, including the recent residential mortgage portfolio sale. We expect these actions to positively impact on our balance sheet in the fourth quarter of the current financial year, delivering a return to profitability.
我们今天的升级指导方针反映了我们策略的进展，包括最近的住宅抵押贷款组合销售。我们预计这些举措将对我们本财年第四季度的资产负债表产生积极的影响，带来盈利的回报。
"We look to the future with renewed confidence, as we continue to strengthen and deepen our people-people banking and relationship-led services in areas our FANS value the most."
我们期待未来的信心增强，并在FANS最看重的领域继续加强和深化我们的人与人之间的银行关系和关系型服务。
£ in millions |
30 Jun
2024
|
31 Dec
2023
|
Change from
H2 2023
|
30 Jun
2023
|
Change from
H1 2023
|
|
|
|
|
|
|
Assets |
£21,489 |
£22,245 |
(3%) |
£21,747 |
(1%) |
Loans |
£11,543 |
£12,297 |
(6%) |
£12,572 |
(8%) |
Deposits |
£15,726 |
£15,623 |
1% |
£15,529 |
1% |
Loan to deposit ratio |
73% |
79% |
(6pp) |
81% |
(8pp) |
|
|
|
|
|
|
CET1 capital ratio |
12.9% |
13.1% |
(20bps) |
10.4% |
250bps |
Total capital ratio (TCR) |
15.0% |
15.1% |
(10bps) |
13.2% |
180bps |
MREL ratio1 |
22.2% |
22.0% |
20bps |
18.1% |
410bps |
Liquidity coverage ratio |
365% |
332% |
33pp |
214% |
151pp |
百万英镑 |
6月30日
2024
|
12月31日
2023
|
从
2023年下半年
|
6月30日
2023
|
从
2023年上半年
|
|
|
|
|
|
|
资产 |
£21,489 |
£22,245 |
（3%） |
£21,747 |
(1%) |
贷款 |
11,543 |
12,297 |
（6％） |
12,572 |
（8%） |
存款 |
£15,726 |
£15,623 |
1% |
£15,529 |
1% |
贷存比 |
73% |
79% |
(6页) |
81% |
(8页) |
|
|
|
|
|
|
CET1资本充足率 |
12.9% |
13.1% |
(20个基点) |
10.4% |
250个基点 |
总资本比率（TCR） |
15.0% |
15.1% |
(10个基点) |
13.2% |
180个基点 |
MREL比率1 |
22.2% |
22.0% |
20个基点 |
18.1% |
410个基点 |
流动性覆盖率 |
365% |
332% |
33个百分点 |
214% |
151个基点 |
£ in millions |
H1
2024
|
H2
2023
|
Change from
H2 2023
|
H1
2023
|
Change from
H1 2023
|
|
|
|
|
|
|
Total underlying revenue2 |
£234.0 |
£260.9 |
(10%) |
£285.6 |
(18%) |
Underlying profit/(loss) before tax3 |
(£26.8) |
(£33.0) |
19% |
£16.1 |
(266%) |
Statutory profit/(loss) before tax |
(£33.5) |
£15.1 |
(322%) |
£15.4 |
(318%) |
Net interest margin |
1.64% |
1.85% |
(21bps) |
2.14% |
(50bps) |
Lending yield |
5.18% |
4.91% |
27bps |
4.50% |
68bps |
Cost of deposits |
2.18% |
1.29% |
89bps |
0.66% |
152bps |
Cost of risk |
0.10% |
0.34% |
(24bps) |
0.18% |
(8bps) |
Underlying EPS |
(3.9p) |
(12.2p) |
8.3p |
7.8p |
(11.7p) |
Tangible book value per share |
£1.37 |
£1.40 |
(2%) |
£4.42 |
(69%) |
百万英镑 |
上半年
2024
|
下半年
2023
|
相对于
2023下半年
|
上半年
2023
|
相对于
2023年上半年
|
|
|
|
|
|
|
总基础收入2 |
234.0英镑 |
260.9英镑 |
（10%） |
285.6英镑 |
（18%） |
税前基础利润/亏损3 |
（26.8英镑） |
（33.0英镑） |
19% |
16.1英镑 |
(266%) |
税前法定利润/（亏损） |
（£33.5） |
£15.1 |
(322%) |
£15.4 |
(318%) |
净利息收益率 |
1.64% |
1.85% |
(21bps) |
2.14% |
(50bps) |
贷款收益率 |
5.18% |
4.91% |
27bps |
4.50% |
68bps |
存款成本 |
2.18% |
1.29% |
89bps |
0.66% |
152bps |
风险成本 |
0.10% |
0.34% |
(24bps) |
0.18% |
(8 bps) |
基本每股收益 |
(3.9p) |
(12.2p) |
8.3p |
7.8p |
（11.7便士） |
每股有形账面价值 |
£1.37 |
£1.40 |
(2%) |
£4.42 |
(69%) |
- The mortgage portfolio sale has been excluded from this figure. Pro forma on completion of the residential mortgage portfolio sale is estimated to result in a 23.4% total capital plus MREL ratio. Completion of the transaction is conditional on a satisfactory response from the Competition & Markets Authority
- Underlying revenue excludes grant income recognised relating to the Capability & Innovation fund.
- Underlying loss before tax is an alternative performance measure and excludes impairment and write-off of property, plant & equipment (PPE) and intangible assets, transformation costs, remediation costs, costs incurred as part of the holding company insertion and costs of the capital raise and refinancing in H2 2023.
- 该贷款组合出售的额度未计入此数字。在住房抵押贷款组合出售的基础上，总资本加MREL比率预计将达到23.4%。交易的完成取决于竞争与市场管理局的满意回应。
- 基本业绩不包括与能力和创新基金相关的授予收入识别。
- 基本税前亏损是一种备选业绩指标，其中不包括财产、厂房和设备（PPE）和无形资产的减值和冲销、转型成本、整治成本、控股公司插入的成本以及H2 2023年期间进行的资本增加和再融资的成本。
A presentation for investors and analysts will be held at 9AM (UK time) on 31 July 2024. The presentation will be webcast on:
将于2024年7月31日英国时间上午9点（UTC+1时区）举行面向投资者和分析师的演示。演示将通过网络发布：
For those wishing to dial-in:
From the UK dial: 0800 358 1035
From the US dial: +1 855 979 6654
Other global dial-in numbers:
Financial performance for the half year ended 30 June 2023
£ in millions |
30 Jun
2024
|
31 Dec
2023
|
Change from
H2 2023
|
30 Jun
2023
|
Change from
H1 2023
|
|
|
|
|
|
|
Demand: current accounts |
£5,662 |
£5,696 |
(1%) |
£7,106 |
(20%) |
Demand: savings accounts |
£8,108 |
£7,827 |
4% |
£7,218 |
12% |
Fixed term: savings accounts |
£1,956 |
£2,100 |
(7%) |
£1,205 |
62% |
Deposits from customers |
£15,726 |
£15,623 |
1% |
£15,529 |
1% |
|
|
|
|
|
|
Deposits from customers includes: |
|
|
|
|
Retail customers (excluding retail partnerships) |
£7,170 |
£7,235 |
(1%) |
£5,647 |
27% |
SMEs4 |
£4,224 |
£3,782 |
12% |
£5,066 |
(17%) |
|
£11,394 |
£11,017 |
3% |
£10,713 |
6% |
Retail partnerships |
£1,734 |
£1,708 |
2% |
£1,910 |
(9%) |
Commercial customers (excluding SMEs4) |
£2,598 |
£2,898 |
(10%) |
£2,906 |
(11%) |
|
£4,332 |
£4,606 |
(6%) |
£4,816 |
(10%) |
4. SME defined as enterprises which employ fewer than 250 persons and which have an annual turnover not exceeding €50 million, and/or an annual balance sheet total not exceeding €43 million and have aggregate deposits less than €1 million. |
-
Customer deposits reduced by 1% at H1 2024 to £15.7 billion, down £0.8 billion on February 2024 peak of £16.5 billion (31 December 2023: £15.6 billion) reflecting the deliberate focus on reducing liquidity and cost of deposits. The core customer deposit base continues to be predominantly Retail and SME. Fixed term deposits have increased 62% year-on-year reflecting the success of the Q4 2023 deposit campaign.
|
-
Cost of deposits was 2.18% for H1 2024 (H2 2023: 1.29%) reflecting the impact of the deposit campaign in Q4 2023. Monthly cost of deposits has been reducing since its peak in February 2024 and is 2.12% in Q2 2024.
|
-
Stores remain a key element to the Group's service offering and Metro Bank has changed store hours and reprioritised in-store services to align with customer activity.
|
-
Metro Bank plans to open two new stores in Q2 2025 in Chester and Gateshead for further market coverage in the North of England. Locations are being prioritised to support Metro Bank's commercial, corporate and SME banking offering.
|
百万英镑 |
6月30日
2024
|
12月31日
2023
|
从
2023年下半年
|
6月30日
2023
|
从
2023年上半年
|
|
|
|
|
|
|
需求：活期账户 |
£5,662 |
£5,696 |
(1%) |
£7,106 |
(20%) |
需求：储蓄账户 |
£8,108 |
£7,827 |
4% |
£7,218 |
12% |
定期：储蓄账户 |
£1,956 |
£2,100 |
(7%) |
£1,205 |
62% |
客户存款 |
£15,726 |
£15,623 |
1% |
£15,529 |
1% |
|
|
|
|
|
|
客户存款包括： |
|
|
|
|
零售客户（不包括零售合作伙伴） |
£7,170 |
£7,235 |
(1%) |
£5,647 |
27% |
中小板企业 |
£4,224 |
£3,782 |
12% |
£5,066 |
(17%) |
|
£11,394 |
£11,017 |
3% |
£10,713 |
6% |
零售合作伙伴关系 |
£1,734 |
£1,708 |
2% |
£1,910 |
(9%) |
商业客户（不含中小板企业） |
£2,598 |
£2,898 |
（10%） |
£2,906 |
(11%) |
|
£4,332 |
£4,606 |
（6％） |
£4,816 |
（10%） |
4. 中小板企业被定义为雇员少于250人，年营业额不超过5千万欧元和/或年资产负债表总额不超过4千3百万欧元，且资金存款总额不超过100万欧元的企业。 |
- 在2024年上半年，客户存款减少了1%，至157亿英镑，比2024年2月的165亿英镑低8亿英镑（2023年12月31日：156亿英镑），反映了关注降低流动性和存款成本的刻意重心。核心客户存款基础仍然以零售和中小板企业为主。定期存款同比增长了62%，反映出2023年第四季度存款活动的成功。
|
- 2024年上半年存款成本为2.18%（2023年下半年为1.29%），反映了2023年第四季度存款活动的影响。自2024年2月份峰值以来，存款成本已经在降低，并且在2024年Q2已达到2.12%。
|
- 商店仍然是集团服务提供的重要组成部分，Metro Bank已经调整了商店营业时间并重新排序了店内服务以与顾客活动保持一致。
|
- Metro Bank计划在2025年第二季度在切斯特和盖茨黑德开设两家新店，以进一步开拓北英格兰市场。店铺的位置被优先考虑，以支持Metro Bank的商业、企业和中小板银行业务。
|
£ in millions |
30 Jun
2024
|
31 Dec
2023
|
Change from
H2 2023
|
30 Jun
2023
|
Change from
H1 2023
|
|
|
|
|
|
|
Gross loans and advances to customers |
£11,739 |
£12,496 |
(6%) |
£12,769 |
(8%) |
Less: allowance for impairment |
(£196) |
(£199) |
2% |
(£197) |
1% |
Net loans and advances to customers |
£11,543 |
£12,297 |
(6%) |
£12,572 |
(8%) |
|
|
|
|
|
|
Gross loans and advances to customers consists of: |
|
|
|
|
|
Retail mortgages |
£7,512 |
£7,818 |
(4%) |
£7,591 |
(1%) |
Commercial lending5 |
£2,437 |
£2,443 |
0% |
£2,659 |
(8%) |
Consumer lending |
£1,003 |
£1,297 |
(23%) |
£1,410 |
(29%) |
Government-backed lending6 |
£787 |
£938 |
(16%) |
£1,109 |
(29%) |
|
5. Includes CLBILS.
6. BBLS, CBILS and RLS.
|
-
Total net loans as at 30 June 2024 were £11.5 billion, down 6% compared to £12.3 billion at 31 December 2023 as focus remains on optimising the mix for risk-adjusted return on regulatory capital. The Consumer and Government-backed lending portfolios are in run-off as the Group continues to pivot its strategy towards commercial, corporate and SME lending, and specialist mortgages. Yields continue to improve despite the Bank of England base rate remaining stable. The loan to deposit ratio reduced to 73% (31 December 2023: 79%).
-
Retail mortgages decreased 4% to £7.5 billion (31 December 2023: £7.8 billion) and remain the largest component of the lending book at 64% (31 December 2023: 63%). The Debt to Value (DTV) of the portfolio at 31 June 2024 was 61% (31 December 2023: 58%) as a result of observed house price falls over the period. The pivot towards more specialist mortgages continues following recent investment to enhance product offerings. Metro Bank's operating model is tailored to more complex underwriting which enables the Group to meet the needs of more customers and scale underserved markets whilst offering improved risk-adjusted returns.
|
-
Commercial loans (excluding BBLS, CBILS and RLS) remained stable during H1 2024 at £2,437 million (31 December 2023: £2,443 million) reflecting continued focus on commercial customers whilst shrinking commercial real estate to £440 million (31 December 2023: £509 million) and portfolio buy-to-let to £365 million (31 December 2023: £465 million). The DTV of the portfolio at 31 June 2024 was 57% (31 December 2023: 55%) and the portfolio has a coverage ratio of 2.08% (31 December 2023: 2.13%). Metro Bank is committed to supporting local businesses as we continue to pivot towards commercial, corporate and SME lending.
|
-
Cost of risk decreased to 0.10% for the half year (H2 2023: 0.34%). The overall impact of risk profile, credit performance and macroeconomic outlook has resulted in a lower cost of risk in the first half. The credit quality of new lending continues to be strong through the current macro-economic environment and the bank retains its prudent approach to provisioning.
|
-
Overall arrears levels have remained broadly stable and there have been no material signs of increased stress. Non-performing loans increased to 3.75% (31 December 2023: 3.11%) driven largely by the maturity profile of the consumer portfolio that is in run off and reduced commercial lending volumes, partly offset by successful BBLS claims and repayments of a few large commercial and mortgage exposures. Excluding government-backed lending, non-performing loans were 3.13% at 31 June 2024 (31 December 2023: 2.58%).
|
-
The loan portfolio remains highly collateralised and prudently provisioned. The ECL provision as at 30 June 2024 was £196 million with a coverage ratio of 1.67%, compared to £199 million with a coverage ratio of 1.59% as at 31 December 2023. The level of post-model overlays remained at 10% of the ECL stock, or £20 million which has reduced since 31 December 2023 (12% of ECL stock, or £23.4 million) is mainly due to a more up to date impact assessment of the new IFRS9 commercial models.
|
百万英镑 |
6月30日
2024
|
12月31日
2023
|
从
2023年下半年
|
6月30日
2023
|
从
2023年上半年
|
|
|
|
|
|
|
向客户的总贷款和垫款 |
11,739英镑 |
12,496英镑 |
（6％） |
12,769英镑 |
（8%） |
减：减值准备 |
（196英镑） |
（199英镑） |
2% |
（197英镑） |
1% |
向客户的净贷款和垫款 |
11,543 |
£12,297 |
（6％） |
12,572 |
（8%） |
|
|
|
|
|
|
向客户发放的总贷款和拨款包括： |
|
|
|
|
|
零售抵押贷款 |
£7,512 |
£7,818 |
（4％） |
£7,591 |
(1%) |
商业贷款5 |
£2,437 |
£2,443 |
0% |
£2,659 |
（8%） |
消费贷款 |
£1,003 |
£1,297 |
(23%) |
£1,410 |
(29%) |
政府担保贷款6 |
£787 |
£938 |
(16%) |
£1,109 |
(29%) |
|
5. 包括CLBILS。
6. BBLS、CBILS和RLS。
|
- 截至2024年6月30日，净贷款总额为115亿英镑，较2023年12月31日的123亿英镑下降6％，因集团继续优化风险调整回报的组合而将策略转向商业、企业和中小板贷款以及专业抵押贷款，消费和政府担保贷款组合正在结清。尽管英格兰银行基准利率保持稳定，但收益率继续改善。存贷比下降至73％（2023年12月31日：79％）。
- 零售抵押贷款下降了4%至75亿英镑（2023年12月31日：78亿英镑），仍然是贷款组合中占比最大的部分，占比为64%（2023年12月31日：63%）。2024年6月30日组合的贷款价值（Debt to value, DTV）为61%（2023年12月31日：58%）, 这是由于房价在这一期间下跌所导致的。根据对产品的投资进行的最近增强，向更有专业性的抵押贷款的趋势继续发展。Metro银行的运营模式是专为更复杂的核保而设计的，从而使该集团能够满足更多客户的需求，规模化向优势市场，同时提供改进的风险调整回报。
|
- 商业贷款（不包括BBLS、CBILS和RLS）在2024年上半年保持稳定，为2.437亿英镑（2023年12月31日：2.443亿英镑），反映了持续专注商业客户，同时将商业房地产缩小到4.4亿英镑（2023年12月31日：5.09亿英镑）和购买出租房资产降至3.65亿英镑（2023年12月31日：4.65亿英镑）的趋势。2024年6月30日组合的贷款价值为57%（2023年12月31日：55%），组合覆盖率为2.08%（2023年12月31日：2.13%）。Metro银行致力于支持当地企业，同时我们继续向商业、企业和中小企业贷款的趋势转变。
|
- 风险成本下降至本半年的0.10%（2023年下半年：0.34%）。总体风险管理、信用表现和宏观经济前景的影响使上半年的风险成本降低。新贷款的信用质量在当前的宏观经济环境下仍然很强，银行继续保持谨慎的拨备方法。
|
- 整体逾期款水平保持基本稳定，未出现增加压力的迹象。由于消费者贷款组合已经在清算中，商业贷款的减少部分抵消了成功的BBLS申请以及偿还少数大型商业和抵押贷款敞口的收回，非表内贷款增加至3.75%（2023年12月31日：3.11%）。不包括政府支持的贷款，在2024年6月30日的非表内贷款为3.13%（2023年12月31日：2.58%）。
|
- 贷款组合仍然高度抵押，并经过谨慎拨备。截至2024年6月30日，预期信用损失的拨备金额为1960万英镑，覆盖率为1.67%，而2023年12月31日为1990万英镑，覆盖率为1.59%。后模型覆盖层的水平仍然保持在ECL存量的10%或2000万英镑，这自2023年12月31日以来有所降低（ECL存量的12%或2340万英镑），主要原因是对新IFRS9商业模型的新冠肺炎影响评估更加及时。
|
-
Net interest margin (NIM) of 1.64% for the half is down 21bps compared to 1.85% in H2 2023 as a result of a higher cost of deposits at 2.18% (H2 2023: 1.29%, H1 2023: 0.66%) and reduction of lower yielding assets.
|
-
Underlying net interest income decreased by 10% HoH at £172 million (H2 2023: £190 million) driven by reductions in net interest margin (NIM) reflecting the impact of increased cost of deposits following the successful deposit campaign in Q4 2023, and the lag between underwrite to completion; as the bank pivots its lending towards higher yielding lending assets.
|
-
Underlying net fee and other income decreased HoH to £62 million (H2 2023: £69 million). The HoH decrease of 10% reflects the seasonal nature of fee income largely driven by customer activity and transactional volumes.
|
-
Underlying costs reduced 6% to £255 million (H2 2023: £272 million). The Group has delivered £50 million of annualised run-rate cost savings and is on track to deliver the additional £30 million cost savings on an annualised run-rate basis by December 2024.
|
-
Underlying loss before tax of £27 million achieved in the first half (H2 2023: loss of £33 million) reflecting the NIM and cost of funding impact in the first half of the year.
|
-
Statutory loss before tax of £34 million (H2 2023: profit of £15 million) HoH movement a function of the £74 million one-off benefit resulting from the capital raise and refinancing in H2 2023.
|
- 净利息收益率（NIM）本半年为1.64%，比2023年下半年的1.85%下降了21个基点，这是由于存款成本升高，达到2.18%（2023年下半年：1.29%，2023年上半年：0.66%），以及收益较低的资产减少所导致的。
|
- 基础净利息收入在上半年下降了10%，为1.72亿英镑（2023年下半年：1.9亿英镑），主要是由于净利息收益率（NIM）的下降，反映了2023年第四季度成功的存款活动所带来的存款成本增加和核保到完成之间的滞后期，随着银行将贷款向收益更高的贷款资产的趋势转变。
|
- 基础净手续费和其他收入在上半年下降了10%至6200万英镑（2023年下半年：6900万英镑）。基础净手续费在很大程度上受到季节性收入的影响，主要由客户活动和交易量驱动。
|
- 基础成本下降了6%至2.55亿英镑（2023年下半年：2.72亿英镑）。该集团已经实现了5,000万英镑的年化节约成本，并在按年化节约成本方面取得了额外的3,000万英镑的节约目标。
|
- 上半年实现的基础税前亏损为2700万英镑（2023年下半年：亏损3,300万英镑），反映了上半年的NIM和资金成本的影响。
|
- 法定税前亏损为3400万英镑（2023年下半年：盈利1,500万英镑），本半年的亏损是7400万英镑的一次性收益的结果，该笔收益是由于H2 2023的资本筹集和再融资所带来的。
|
Capital, Funding and Liquidity
|
Position
30 June
2024
|
Position
31 December
2023
|
Minimum
requirement
including buffers7
|
Minimum
requirement
excluding buffers
|
Common Equity Tier 1 (CET1) |
12.9% |
13.1% |
9.2% |
4.7% |
Tier 1 |
12.9% |
13.1% |
10.8% |
6.3% |
Total Capital |
15.0% |
15.1% |
12.9% |
8.4% |
Total Capital + MREL |
22.2% |
22.0% |
21.2% |
16.7% |
1. CRD IV buffers
|
-
Total RWAs as at 30 June 2024 were £7.2 billion (31 December 2023: £7.5 billion). The movement reflects the actions taken to optimise the balance sheet, with a lag between pipeline to conversion as we pivot our lending mix. RWA density was 29.7% compared to 30.2% as at 31 December 2023 and the movement HoH continues to reflect the elevated liquidity position.
|
-
The £2.5 billion mortgage asset sale post-period is expected to reduce RWAs by c. £824 million and results in a pro forma improvement in total capital plus MREL of c122 bps to 23.4% (31 December 2023: 22.0%, 30 June 2023: 18.1%).
|
-
Strong liquidity and funding position maintained. All customer loans are fully funded by customer deposits with a loan-to-deposit ratio of 73% compared to 79% at the end of 2023. Liquidity Coverage Ratio (LCR) was 365% compared to 332% as at 31 December 2023, with cash balances at c£4 billion. Net Stable Funding Ratio (NSFR) was 153% compared to 145% as at 31 December 2023.
|
- The Treasury portfolio of £8.8 billion includes £4.7 billion of investment securities, of which 79% are rated AAA and 21% are rated AA. Of the total investment securities, 93% is held at amortised cost and 7% is held at fair value through other comprehensive income.
- Over the next 3 years more than £2.0 billion of fixed rate treasury assets will mature at an average blended yield of just over 1%, these will be replaced by asset with yields in line with or greater than the prevailing base rate.
|
- UK leverage ratio was 5.5% as at 30 June 2024 (31 December 2023: 5.3%).
|
|
职位
6月30日
2024
|
职位
12月31日
2023
|
最低
需求
包括缓冲区7
|
最低
需求
不包括缓冲区
|
第一应付资本（CET1） |
12.9% |
13.1% |
9.2% |
4.7% |
一线城市 |
12.9% |
13.1% |
10.8% |
6.3% |
总资本 |
15.0% |
15.1% |
12.9% |
8.4% |
总资本+ MREL |
22.2% |
22.0% |
21.2% |
16.7% |
1. CRD IV缓冲区
|
- 截至2024年6月30日，总风险加权资产为72亿英镑（2023年12月31日：75亿英镑）。 这一变动反映了我们在优化资产负债表方面采取的措施，由于我们在调整贷款组合的过程中存在从管道到转化的滞后，因此变化仍然受到了影响。截至2023年12月31日，风险加权资产密度为29.7％，而2023年12月31日为30.2％，这一季度-on-季度的变化仍然反映了较高的流动性水平。
|
- 后期的25亿英镑按揭资产出售预计将使降低权益风险调整资产（RWAs）约为8240万英镑，并在总资本加上最低发行要求比例（MREL）方面产生专业形式的改进，从而提高至23.4％（2023年12月31日：22.0％，2023年6月30日：18.1％）。
|
- 保持了强大的流动性和资金状况。 所有客户贷款均由客户存款完全资助，贷款存款比率为73％，而在2023年底为79％。 流动性覆盖率（LCR）为365％，而2023年12月31日为332％，现金余额约为40亿英镑。 净稳定资金比率（NSFR）为153％，而2023年12月31日为145％。
|
- 88亿英镑的国库组合包括47亿英镑的投资证券，其中79％为AAA级，21％为AA级。 在总投资证券中，93％以摊余成本持有，7％以其他综合收益计提的公允价值持有。
- 在接下来的3年中，超过20亿英镑的固定利率国库资产将以略高于1％的平均混合收益率到期，这些资产将被收益率与或高于当前基准利率的资产所替代。
|
- 2024年6月30日，英国杠杆比率为5.5％（2023年12月31日：5.3％）。
|
| |
Updated Guidance |
ROTE |
• Increased to mid-to-upper single digit in 2025, double digit in 2026 and mid-to-upper teens thereafter |
NIM |
• Continued NIM expansion driven by asset rotation, and NIMs in 2024, 2025 and 2026 to be approaching 2.5%, 3.25% and 4.00%, respectively
• Mortgage lending originations > 200bps above prevailing reference rate SWAP from H1 2025
• Commercial lending originations already > 350bps above prevailing Bank of England base rate
• Benefit from fixed rate treasury and mortgage maturities across 2025-2028
|
Costs |
• £80m of annualised run-rate cost savings on track to be delivered by Q4 2024
• 2024 costs are expected to be below 2023, with further reductions in 2025 reflecting the benefit of the full £80 million annualised cost savings
• Cost to income ratios in 2026, 2027 and 2028 to be approaching 70%, 60% and 50%, respectively
|
Lending |
• Total lending to grow at an 8 – 11% CAGR (after drop due to mortgage portfolio sale) over the next few years
• Future lending book composition by early 2029:
• Back book mortgages (c.£5bn) will run-off
• Mortgages as a % of total lending balances reduces to c.30%
• Commercial as a % of total lending balances grows to c.70%
• All other lending broadly runs-off during the period
|
Deposits |
• Ongoing optimisation on deposits to reduce cost of funding continues, with CoD expected to consistently reduce across H2 2024
• Deposits broadly flat from 2024 to 2026, followed by mid-to-upper single digit growth thereafter
|
| |
更新指引 |
ROTE |
在2025年踏入中高位一位数，在2026年进入两位数，在此后进入中高位青少年 |
NIM |
继续通过资产轮换推动净息差增长，2024年、2025年和2026年的净息差分别接近2.5％、3.25％和4.00％
从2025年上半年起，按揭贷款发放率比当前基准利率SWAP高200个基础点
商业贷款发放已经超过了当前英格兰银行基准利率的350个基础点
从2025年到2028年的资产与按揭到期将获得好处
|
成本 |
预计到2024年第4季度交付的年运营率成本节约达8000万英镑
预计2024年的成本将低于2023年，2025年的成本进一步降低将反映出整个8000万英镑年节省成本的好处
到2026年、2027年和2028年，成本收入比率将接近70％、60％和50％
|
借贷。 |
未来几年内，贷款总额将以8-11％的复合年增长率增长（按照按揭组合出售后的情况）。
未来的贷款组合资产将在2029年初形成：
• 背书按揭（约50亿英镑）将到期还款
• 按揭贷款占贷款余额的比例将降至约30％
商业贷款余额占总贷款余额的比例增长至约70%。
期间所有其他贷款总体清退。
|
存款 |
持续优化存款以降低资金成本，预计 H2 2024 非传统国库存款会持续下降。
2024 年至 2026 年存款总体保持不变，此后中高位数增长。
|
Summary Balance Sheet and Profit & Loss Account
Balance Sheet |
HoH
change
|
|
30 Jun
2024
|
31 Dec
2023
|
30 Jun
2023
|
| |
|
|
£'million |
£'million |
£'million |
Assets |
|
|
|
|
|
Loans and advances to customers |
(6%) |
|
£11,543 |
£12,297 |
£12,572 |
Treasury assets8 |
1% |
|
£8,819 |
£8,770 |
£8,023 |
Other assets9 |
(4%) |
|
£1,127 |
£1,178 |
£1,152 |
Total assets |
(3%) |
|
£21,489 |
£22,245 |
£21,747 |
| |
|
|
|
|
|
Liabilities |
|
|
|
|
|
Deposits from customers |
1% |
|
£15,726 |
£15,623 |
£15,529 |
Deposits from central banks |
0% |
|
£3,050 |
£3,050 |
£3,800 |
Debt securities |
(3%) |
|
£675 |
£694 |
£573 |
Other liabilities |
(46%) |
|
£934 |
£1,744 |
£875 |
Total liabilities |
(3%) |
|
£20,385 |
£21,111 |
£20,777 |
Total shareholder's equity |
(3%) |
|
£1,104 |
£1,134 |
£970 |
Total equity and liabilities |
(3%) |
|
£21,489 |
£22,245 |
£21,747 |
资产负债表： |
HoH
改变
|
|
6月30日
2024
|
12月31日
2023
|
6月30日
2023
|
| |
|
|
£'百万 |
£'百万 |
£'百万 |
资产 |
|
|
|
|
|
向客户的贷款和垫款 |
(6%) |
|
11,543 |
12,297 |
12,572 |
国库资产8 |
1% |
|
8,819 |
8,770 |
£8,023 |
其他资产9 |
（4％） |
|
£1,127 |
£1,178 |
£1,152 |
总资产 |
（3%） |
|
£21,489 |
£22,245 |
£21,747 |
| |
|
|
|
|
|
负债 |
|
|
|
|
|
客户存款 |
1% |
|
£15,726 |
£15,623 |
£15,529 |
央行存款 |
0% |
|
£3,050 |
£3,050 |
£3,800 |
债务证券 |
（3%） |
|
£675 |
£694 |
£573 |
其他负债 |
(46%) |
|
£934 |
£1,744 |
£875 |
负债合计 |
（3%） |
|
£20,385 |
£21,111 |
£20,777 |
股东权益总额 |
（3%） |
|
£1,104 |
£1,134 |
£970 |
所有板块权益和负债总计 |
（3%） |
|
£21,489 |
£22,245 |
£21,747 |
- Comprises investment securities and cash & balances with the Bank of England.
- Comprises property, plant & equipment, intangible assets and other assets.
- 包括投资证券和与英格兰银行的现金及存款
- 包括物业、厂房和设备、无形资产和其他资产
| |
HoH
change
|
Half year ended |
Profit & Loss Account |
30 Jun
2024
|
31 Dec
2023
|
30 Jun
2023
|
| |
|
£'million |
£'million |
£'million |
|
|
|
|
|
Underlying net interest income |
(10%) |
£171.9 |
£190.4 |
£221.5 |
Underlying net fee and other income |
(10%) |
£62.0 |
£68.6 |
£63.3 |
Underlying net gains on sale of assets |
|
£0.1 |
£1.9 |
£0.8 |
Total underlying revenue |
(10%) |
£234.0 |
£260.9 |
£285.6 |
| |
|
|
|
|
Underlying operating costs |
(6%) |
(£254.6) |
(£272.0) |
(£258.2) |
Expected credit loss expense |
|
(£6.2) |
(£21.9) |
(£11.3) |
| |
|
|
|
|
Underlying profit/(loss) before tax |
|
(£26.8) |
(£33.0) |
£16.1 |
| |
|
|
|
|
Impairment and write-off of property plant & equipment and intangible assets |
|
(£0.3) |
(£4.6) |
- |
Transformation costs |
|
(£4.5) |
(£20.2) |
- |
Remediation costs |
|
(£1.8) |
(£0.8) |
£0.8 |
Capital raise and refinancing |
|
- |
£74.0 |
- |
Holding company insertion |
|
(£0.1) |
(£0.3) |
(£1.5) |
Statutory profit/(loss) before tax |
|
(£33.5) |
£15.1 |
£15.4 |
|
|
|
|
|
Statutory taxation |
|
£0.4 |
£1.7 |
(£2.7) |
|
|
|
|
|
Statutory profit/(loss) after tax |
|
(£33.1) |
£16.8 |
£12.7 |
| |
|
Half year ended |
Key metrics |
30 Jun
2024
|
31 Dec
2023
|
30 Jun
2023
|
|
|
|
|
|
Underlying earnings per share – basic |
|
(3.9p) |
(12.2p) |
7.8p |
Number of shares |
|
672.7m |
672.7m |
172.6m |
Net interest margin (NIM) |
|
1.64% |
1.85% |
2.14% |
Cost of deposits |
|
2.18% |
1.29% |
0.66% |
Cost of risk |
|
0.10% |
0.34% |
0.18% |
Arrears rate |
|
3.8% |
3.8% |
3.5% |
Underlying cost: income ratio |
|
109% |
104% |
90% |
Tangible book value per share |
|
£1.37 |
£1.40 |
£4.42 |
| |
HoH
改变
|
半年截至 |
损益表 |
6月30日
2024
|
12月31日
2023
|
6月30日
2023
|
| |
|
£'百万 |
£'百万 |
£'百万 |
|
|
|
|
|
基本净利息收入 |
（10%） |
171.9英镑 |
190.4英镑 |
221.5英镑 |
基本净手续费及其他收入 |
（10%） |
62.0英镑 |
68.6英镑 |
63.3英镑 |
资产出售的基本净盈利 |
|
0.1英镑 |
1.9英镑 |
0.8英镑 |
总基本营业收入 |
（10%） |
234.0英镑 |
260.9英镑 |
285.6英镑 |
| |
|
|
|
|
基本营业成本 |
（6％） |
(254.6英镑) |
(272.0英镑) |
（258.2英镑） |
预期信用损失费用 |
|
（6.2英镑） |
（21.9英镑） |
（11.3英镑） |
| |
|
|
|
|
税前基础利润/（亏损） |
|
（26.8英镑） |
（33.0英镑） |
16.1英镑 |
| |
|
|
|
|
资产减值和处置物业、厂房及设备和无形资产 |
|
（£0.3） |
（4.6英镑） |
- |
转型成本 |
|
（4.5英镑） |
（20.2英镑） |
- |
纠正成本 |
|
（1.8英镑） |
（0.8英镑） |
0.8英镑 |
融资和再融资 |
|
- |
74.0英镑 |
- |
持有公司插入 |
|
（£0.1） |
（£0.3） |
（£1.5） |
税前法定利润/（亏损） |
|
（£33.5） |
£15.1 |
£15.4 |
|
|
|
|
|
法定税务 |
|
£0.4 |
£1.7 |
（£2.7） |
|
|
|
|
|
税后法定利润/（亏损） |
|
（£33.1） |
£16.8 |
£12.7 |
| |
|
半年截至 |
主要指标 |
6月30日
2024
|
12月31日
2023
|
6月30日
2023
|
|
|
|
|
|
基本每股基础盈利 |
|
(3.9p) |
(12.2p) |
7.8p |
股数 |
|
672.7百万 |
672.7百万 |
172.6百万 |
净利息收益率（NIM） |
|
1.64% |
1.85% |
2.14% |
存款成本 |
|
2.18% |
1.29% |
0.66% |
风险成本 |
|
0.10% |
0.34% |
0.18% |
拖欠率 |
|
3.8% |
3.8% |
3.5% |
基础成本和收入比率 |
|
109% |
104% |
90% |
每股有形账面价值 |
|
£1.37 |
£1.40 |
£4.42 |
