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%) |
| | | | | |
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 |
| | | | | | |
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 |
| | | | |
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 |
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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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亮點
財務業績：
- 2023年下半年出現2680萬英鎊的稅前虧損（2023年下半年3300萬英鎊的虧損），主要因爲淨利息收益率降至1.64%（2023下半年1.85%，2024年第二季度淨利息收益率爲1.74%），由於成功的2023年第四季度存款活動，存款成本短暫上升至2.18%（2023下半年爲1.29%）。
- 升級後的指導方針包括2024年第四季度的盈利能力、2025年中高單位貢獻率、2026年兩位數貢獻率和此後中高的青少年。這是由成本紀律、資產輪換和抵押貸款組合銷售推動的。
- 新商店：開始在切斯特建設，並在蓋茨黑德簽訂了租約。正在尋找更多北英格蘭和東米德蘭茲的新商店位置。
- 總基礎運營費用降低了6%，或者1700萬英鎊，達到了2.55億英鎊（2023下半年：2.72億英鎊），其中8000萬英鎊的年化節約已經按計劃在2024年12月交付。
- 截至2024年6月30日的總淨貸款爲110億英鎊，較全年水平下降6%（2023年12月31日爲123億英鎊），因銀行在戰略上將資產負債表重新定位爲收益率更高的商業、公司、中小板和專業抵押貸款。
- 梅特羅銀行在2024年上半年有一個堅實的審批信用商業管道，其規模相當於2023年總新貸款的116%，2024年上半年的支出佔2023年總新貸款的約81%。
- 2024年6月30日，客戶存款爲15.7億英鎊，比2月份165億英鎊的峯值下降了8億英鎊（2023年12月31日爲15.6億英鎊），反映了有意在減少流動性和存款成本。
- 截至2024年6月30日，梅特羅銀行的MREL比率爲22.2%，比2023年12月31日的22.0%增加了20bp，反映了在優化風險調整回報的同時專注於資本管理。年度MREL從2023年6月30日開始增加約410bp。在抵押貸款銷售完成後，從總資本加權平均資本率22.2%到23.4%，相當於2023年6月30日的提高了約530bp。
期末後的進展：
- 宣佈後，2500億英鎊的抵押貸款組合銷售交易收益、NIm和資本比率增值。這次銷售創造的額外貸款能力使銀行能夠繼續向更高的收益資產轉移。
- 從抵押貸款銷售獲得利潤後，TFSME就被償還了，從而消除了未來行業範圍存款資金的壓力。
指導方針升級：
- 預計在2024年第四季度回歸盈利能力
- RoTE指導方針上調至2025年中高位數、2026年兩位數和此後的中高位數
- 由資產輪換推動的持續淨利息收益率擴張，預計2024年、2025年和2026年的淨利息收益率分別接近於2.50%、3.25%和4.00%。
- 通過成本紀律和控制持續，預計2026年、2027年和2028年的成本收入比將接近70%、60%和50%。
|
Daniel Frumkin, Chief Executive Officer at Metro Bank, said:
梅特羅銀行首席執行官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，梅特羅銀行取得了重大的基礎性進展。我們在商業、公司和中小板借貸審批管道方面積累了真正的動力，同時擴大了零售抵押貸款利差和重新定價存款。同時，我們持續的成本紀律正在創造一個更簡單、更敏捷的銀行，適應未來。
"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.
我們今天的升級指導方針反映了我們策略的進展，包括最近的住宅抵押貸款組合銷售。我們預計這些舉措將對我們本財年第四季度的資產負債表產生積極的影響，帶來盈利的回報。
"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."
我們期待未來的信心增強，並在FANS最看重的領域繼續加強和深化我們的人與人之間的銀行關係和關係型服務。
£ 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 |
百萬英鎊 |
6月30日
2024
|
12月31日
2023
|
從
2023年下半年
|
6月30日
2023
|
從
2023年上半年
|
|
|
|
|
|
|
資產 |
£21,489 |
£22,245 |
（3%） |
£21,747 |
(1%) |
貸款 |
11,543 |
£12,297 |
（6%） |
12,572 |
（8%） |
存款 |
£15,726 |
£15,623 |
1% |
£15,529 |
1% |
貸存比 |
73% |
79% |
(6頁) |
81% |
(8頁) |
|
|
|
|
|
|
CET1資本充足率 |
12.9% |
13.1% |
(20個點子) |
10.4% |
250個點子 |
總資本比率（TCR） |
15.0% |
15.1% |
(10個點子) |
13.2% |
180個點子 |
MREL比率1 |
22.2% |
22.0% |
20個點子 |
18.1% |
410個點子 |
流動性覆蓋率 |
365% |
332% |
33個百分點 |
214% |
151個點子 |
£ 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%) |
百萬英鎊 |
上半年
2024
|
下半年
2023
|
相對於
2023下半年
|
上半年
2023
|
相對於
2023年上半年
|
|
|
|
|
|
|
總基礎收入2 |
234.0英鎊 |
260.9英鎊 |
（10%） |
285.6英鎊 |
（18%） |
稅前基礎利潤/虧損3 |
（26.8英鎊） |
（33.0英鎊） |
19% |
16.1英鎊 |
(266%) |
稅前法定利潤/（虧損） |
（£33.5） |
£15.1 |
(322%) |
£15.4 |
(318%) |
淨利息收益率 |
1.64% |
1.85% |
(21bps) |
2.14% |
(50bps) |
貸款收益率 |
5.18% |
4.91% |
27bps |
4.50% |
68bps |
存款成本 |
2.18% |
1.29% |
89bps |
0.66% |
152bps |
風險成本 |
0.10% |
0.34% |
(24bps) |
0.18% |
(8 bps) |
|
(3.9p) |
(12.2p) |
8.3p |
7.8p |
（11.7便士） |
每股有形賬面價值 |
£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.
- 該貸款組合出售的額度未計入此數字。在住房抵押貸款組合出售的基礎上，總資本加MREL比率預計將達到23.4%。交易的完成取決於競爭與市場管理局的滿意回應。
- 基本業績不包括與能力和創新基金相關的授予收入識別。
- 基本稅前虧損是一種備選業績指標，其中不包括財產、廠房和設備（PPE）和無形資產的減值和沖銷、轉型成本、整治成本、控股公司插入的成本以及H2 2023年期間進行的資本增加和再融資的成本。
A presentation for investors and analysts will be held at 9AM (UK time) on 31 July 2024. The presentation will be webcast on:
將於2024年7月31日英國時間上午9點（UTC+1時區）舉行面向投資者和分析師的演示。演示將通過網絡發佈：
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.
|
百萬英鎊 |
6月30日
2024
|
12月31日
2023
|
從
2023年下半年
|
6月30日
2023
|
從
2023年上半年
|
|
|
|
|
|
|
需求：活期帳戶 |
£5,662 |
£5,696 |
(1%) |
£7,106 |
(20%) |
需求：儲蓄帳戶 |
£8,108 |
£7,827 |
4% |
£7,218 |
12% |
定期：儲蓄帳戶 |
£1,956 |
£2,100 |
(7%) |
£1,205 |
62% |
客戶存款 |
£15,726 |
£15,623 |
1% |
£15,529 |
1% |
|
|
|
|
|
|
客戶存款包括： |
|
|
|
|
零售客戶（不包括零售合作伙伴） |
£7,170 |
£7,235 |
(1%) |
£5,647 |
27% |
中小板企業 |
£4,224 |
£3,782 |
12% |
£5,066 |
(17%) |
|
£11,394 |
£11,017 |
3% |
£10,713 |
6% |
零售合作伙伴關係 |
£1,734 |
£1,708 |
2% |
£1,910 |
(9%) |
商業客戶（不含中小板企業） |
£2,598 |
£2,898 |
（10%） |
£2,906 |
(11%) |
|
£4,332 |
£4,606 |
（6%） |
£4,816 |
（10%） |
4. 中小板企業被定義爲僱員少於250人，年營業額不超過5千萬歐元和/或年資產負債表總額不超過4千3百萬歐元，且資金存款總額不超過100萬歐元的企業。 |
- 在2024年上半年，客戶存款減少了1%，至157億英鎊，比2024年2月的165億英鎊低8億英鎊（2023年12月31日：156億英鎊），反映了關注降低流動性和存款成本的刻意重心。核心客戶存款基礎仍然以零售和中小板企業爲主。定期存款同比增長了62%，反映出2023年第四季度存款活動的成功。
|
- 2024年上半年存款成本爲2.18%（2023年下半年爲1.29%），反映了2023年第四季度存款活動的影響。自2024年2月份峯值以來，存款成本已經在降低，並且在2024年Q2已達到2.12%。
|
- 商店仍然是集團服務提供的重要組成部分，Metro Bank已經調整了商店營業時間並重新排序了店內服務以與顧客活動保持一致。
|
- Metro Bank計劃在2025年第二季度在切斯特和蓋茨黑德開設兩家新店，以進一步開拓北英格蘭市場。店鋪的位置被優先考慮，以支持Metro Bank的商業、企業和中小板銀行業務。
|
£ 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.
|
百萬英鎊 |
6月30日
2024
|
12月31日
2023
|
從
2023年下半年
|
6月30日
2023
|
從
2023年上半年
|
|
|
|
|
|
|
向客戶的總貸款和墊款 |
11,739英鎊 |
12,496英鎊 |
（6%） |
12,769英鎊 |
（8%） |
減：減值準備 |
（196英鎊） |
（199英鎊） |
2% |
（197英鎊） |
1% |
向客戶的淨貸款和墊款 |
11,543 |
|
（6%） |
12,572 |
（8%） |
|
|
|
|
|
|
向客戶發放的總貸款和撥款包括： |
|
|
|
|
|
零售抵押貸款 |
£7,512 |
£7,818 |
（4％） |
£7,591 |
(1%) |
商業貸款5 |
£2,437 |
£2,443 |
0% |
£2,659 |
（8%） |
消費貸款 |
£1,003 |
£1,297 |
(23%) |
£1,410 |
(29%) |
政府擔保貸款6 |
£787 |
£938 |
(16%) |
£1,109 |
(29%) |
|
5. 包括CLBILS。
6. BBLS、CBILS和RLS。
|
- 截至2024年6月30日，淨貸款總額爲115億英鎊，較2023年12月31日的123億英鎊下降6％，因集團繼續優化風險調整回報的組合而將策略轉向商業、企業和中小板貸款以及專業抵押貸款，消費和政府擔保貸款組合正在結清。儘管英格蘭銀行基準利率保持穩定，但收益率繼續改善。存貸比下降至73％（2023年12月31日：79％）。
- 零售抵押貸款下降了4%至75億英鎊（2023年12月31日：78億英鎊），仍然是貸款組合中佔比最大的部分，佔比爲64%（2023年12月31日：63%）。2024年6月30日組合的貸款價值（Debt to value, DTV）爲61%（2023年12月31日：58%）, 這是由於房價在這一期間下跌所導致的。根據對產品的投資進行的最近增強，向更有專業性的抵押貸款的趨勢繼續發展。Metro銀行的運營模式是專爲更復雜的核保而設計的，從而使該集團能夠滿足更多客戶的需求，規模化向優勢市場，同時提供改進的風險調整回報。
|
- 商業貸款（不包括BBLS、CBILS和RLS）在2024年上半年保持穩定，爲2.437億英鎊（2023年12月31日：2.443億英鎊），反映了持續專注商業客戶，同時將商業房地產縮小到4.4億英鎊（2023年12月31日：5.09億英鎊）和購買出租房資產降至3.65億英鎊（2023年12月31日：4.65億英鎊）的趨勢。2024年6月30日組合的貸款價值爲57%（2023年12月31日：55%），組合覆蓋率爲2.08%（2023年12月31日：2.13%）。Metro銀行致力於支持當地企業，同時我們繼續向商業、企業和中小企業貸款的趨勢轉變。
|
- 風險成本下降至本半年的0.10%（2023年下半年：0.34%）。總體風險管理、信用表現和宏觀經濟前景的影響使上半年的風險成本降低。新貸款的信用質量在當前的宏觀經濟環境下仍然很強，銀行繼續保持謹慎的撥備方法。
|
- 整體逾期款水平保持基本穩定，未出現增加壓力的跡象。由於消費者貸款組合已經在清算中，商業貸款的減少部分抵消了成功的BBLS申請以及償還少數大型商業和抵押貸款敞口的收回，非表內貸款增加至3.75%（2023年12月31日：3.11%）。不包括政府支持的貸款，在2024年6月30日的非表內貸款爲3.13%（2023年12月31日：2.58%）。
|
- 貸款組合仍然高度抵押，並經過謹慎撥備。截至2024年6月30日，預期信用損失的撥備金額爲1960萬英鎊，覆蓋率爲1.67%，而2023年12月31日爲1990萬英鎊，覆蓋率爲1.59%。後模型覆蓋層的水平仍然保持在ECL存量的10%或2000萬英鎊，這自2023年12月31日以來有所降低（ECL存量的12%或2340萬英鎊），主要原因是對新IFRS9商業模型的新冠肺炎影響評估更加及時。
|
-
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.
|
- 淨利息收益率（NIM）本半年爲1.64%，比2023年下半年的1.85%下降了21個點子，這是由於存款成本升高，達到2.18%（2023年下半年：1.29%，2023年上半年：0.66%），以及收益較低的資產減少所導致的。
|
- 基礎淨利息收入在上半年下降了10%，爲1.72億英鎊（2023年下半年：1.9億英鎊），主要是由於淨利息收益率（NIM）的下降，反映了2023年第四季度成功的存款活動所帶來的存款成本增加和核保到完成之間的滯後期，隨着銀行將貸款向收益更高的貸款資產的趨勢轉變。
|
- 基礎淨手續費和其他收入在上半年下降了10%至6200萬英鎊（2023年下半年：6900萬英鎊）。基礎淨手續費在很大程度上受到季節性收入的影響，主要由客戶活動和交易量驅動。
|
- 基礎成本下降了6%至2.55億英鎊（2023年下半年：2.72億英鎊）。該集團已經實現了5,000萬英鎊的年化節約成本，並在按年化節約成本方面取得了額外的3,000萬英鎊的節約目標。
|
- 上半年實現的基礎稅前虧損爲2700萬英鎊（2023年下半年：虧損3,300萬英鎊），反映了上半年的NIM和資金成本的影響。
|
- 法定稅前虧損爲3400萬英鎊（2023年下半年：盈利1,500萬英鎊），本半年的虧損是7400萬英鎊的一次性收益的結果，該筆收益是由於H2 2023的資本籌集和再融資所帶來的。
|
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%).
|
|
職位
6月30日
2024
|
職位
12月31日
2023
|
最低
需求
包括緩衝區7
|
最低
需求
不包括緩衝區
|
第一應付資本（CET1） |
12.9% |
13.1% |
9.2% |
4.7% |
一線城市 |
12.9% |
13.1% |
10.8% |
6.3% |
總資本 |
15.0% |
15.1% |
12.9% |
8.4% |
總資本+ MREL |
22.2% |
22.0% |
21.2% |
16.7% |
1. CRD IV緩衝區
|
- 截至2024年6月30日，總風險加權資產爲72億英鎊（2023年12月31日：75億英鎊）。 這一變動反映了我們在優化資產負債表方面採取的措施，由於我們在調整貸款組合的過程中存在從管道到轉化的滯後，因此變化仍然受到了影響。截至2023年12月31日，風險加權資產密度爲29.7％，而2023年12月31日爲30.2％，這一季度-on-季度的變化仍然反映了較高的流動性水平。
|
- 後期的25億英鎊按揭資產出售預計將使降低權益風險調整資產（RWAs）約爲8240萬英鎊，並在總資本加上最低發行要求比例（MREL）方面產生專業形式的改進，從而提高至23.4％（2023年12月31日：22.0％，2023年6月30日：18.1％）。
|
- 保持了強大的流動性和資金狀況。 所有客戶貸款均由客戶存款完全資助，貸款存款比率爲73％，而在2023年底爲79％。 流動性覆蓋率（LCR）爲365％，而2023年12月31日爲332％，現金餘額約爲40億英鎊。 淨穩定資金比率（NSFR）爲153％，而2023年12月31日爲145％。
|
- 88億英鎊的國庫組合包括47億英鎊的投資證券，其中79％爲AAA級，21％爲AA級。 在總投資證券中，93％以攤餘成本持有，7％以其他綜合收益計提的公允價值持有。
- 在接下來的3年中，超過20億英鎊的固定利率國庫資產將以略高於1％的平均混合收益率到期，這些資產將被收益率與或高於當前基準利率的資產所替代。
|
- 2024年6月30日，英國槓桿比率爲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年踏入中高位一位數，在2026年進入兩位數，在此後進入中高位青少年 |
NIM |
繼續通過資產輪換推動淨息差增長，2024年、2025年和2026年的淨息差分別接近2.5％、3.25％和4.00％
從2025年上半年起，按揭貸款發放率比當前基準利率SWAP高200個基礎點
商業貸款發放已經超過了當前英格蘭銀行基準利率的350個基礎點
從2025年到2028年的資產與按揭到期將獲得好處
|
成本 |
預計到2024年第4季度交付的年運營率成本節約達8000萬英鎊
預計2024年的成本將低於2023年，2025年的成本進一步降低將反映出整個8000萬英鎊年節省成本的好處
到2026年、2027年和2028年，成本收入比率將接近70％、60％和50％
|
借貸。 |
未來幾年內，貸款總額將以8-11％的複合年增長率增長（按照按揭組合出售後的情況）。
未來的貸款組合資產將在2029年初形成：
• 背書按揭（約50億英鎊）將到期還款
• 按揭貸款佔貸款餘額的比例將降至約30％
商業貸款餘額佔總貸款餘額的比例增長至約70%。
期間所有其他貸款總體清退。
|
存款 |
持續優化存款以降低資金成本，預計 H2 2024 非傳統國庫存款會持續下降。
2024 年至 2026 年存款總體保持不變，此後中高位數增長。
|
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 |
資產負債表： |
HoH
改變
|
|
6月30日
2024
|
12月31日
2023
|
6月30日
2023
|
| |
|
|
£'百萬 |
£'百萬 |
£'百萬 |
資產 |
|
|
|
|
|
向客戶的貸款和墊款 |
（6%） |
|
11,543 |
£12,297 |
12,572 |
|
1% |
|
8,819 |
8,770 |
£8,023 |
其他資產9 |
（4％） |
|
£1,127 |
£1,178 |
£1,152 |
總資產 |
（3%） |
|
£21,489 |
£22,245 |
£21,747 |
| |
|
|
|
|
|
負債 |
|
|
|
|
|
客戶存款 |
1% |
|
£15,726 |
£15,623 |
£15,529 |
央行存款 |
0% |
|
£3,050 |
£3,050 |
£3,800 |
債務證券 |
（3%） |
|
£675 |
£694 |
£573 |
其他負債 |
(46%) |
|
£934 |
£1,744 |
£875 |
負債合計 |
（3%） |
|
£20,385 |
£21,111 |
£20,777 |
股東權益總額 |
（3%） |
|
£1,104 |
£1,134 |
£970 |
所有板塊權益和負債總計 |
（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.
- 包括投資證券和與英格蘭銀行的現金及存款
- 包括物業、廠房和設備、無形資產和其他資產
| |
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
改變
|
半年截至 |
損益表 |
6月30日
2024
|
12月31日
2023
|
6月30日
2023
|
| |
|
£'百萬 |
£'百萬 |
£'百萬 |
|
|
|
|
|
基本淨利息收入 |
（10%） |
171.9英鎊 |
190.4英鎊 |
221.5英鎊 |
基本淨手續費及其他收入 |
（10%） |
62.0英鎊 |
68.6英鎊 |
63.3英鎊 |
資產出售的基本淨盈利 |
|
0.1英鎊 |
1.9英鎊 |
0.8英鎊 |
總基本營業收入 |
（10%） |
234.0英鎊 |
260.9英鎊 |
285.6英鎊 |
| |
|
|
|
|
基本營業成本 |
（6%） |
(254.6英鎊) |
(272.0英鎊) |
（258.2英鎊） |
預期信用損失費用 |
|
（6.2英鎊） |
（21.9英鎊） |
（11.3英鎊） |
| |
|
|
|
|
稅前基礎利潤/（虧損） |
|
（26.8英鎊） |
（33.0英鎊） |
16.1英鎊 |
| |
|
|
|
|
資產減值和處置物業、廠房及設備和無形資產 |
|
（£0.3） |
（4.6英鎊） |
- |
轉型成本 |
|
（4.5英鎊） |
（20.2英鎊） |
- |
糾正成本 |
|
（1.8英鎊） |
（0.8英鎊） |
0.8英鎊 |
融資和再融資 |
|
- |
74.0英鎊 |
- |
持有公司插入 |
|
（£0.1） |
（£0.3） |
（£1.5） |
稅前法定利潤/（虧損） |
|
（£33.5） |
|
£15.4 |
|
|
|
|
|
法定稅務 |
|
£0.4 |
£1.7 |
（£2.7） |
|
|
|
|
|
稅後法定利潤/（虧損） |
|
（£33.1） |
£16.8 |
£12.7 |
| |
|
半年截至 |
主要指標 |
6月30日
2024
|
12月31日
2023
|
6月30日
2023
|
|
|
|
|
|
基本每股基礎盈利 |
|
(3.9p) |
(12.2p) |
7.8p |
股數 |
|
672.7百萬 |
672.7百萬 |
172.6百萬 |
淨利息收益率（NIM） |
|
1.64% |
1.85% |
2.14% |
存款成本 |
|
2.18% |
1.29% |
0.66% |
風險成本 |
|
0.10% |
0.34% |
0.18% |
拖欠率 |
|
3.8% |
3.8% |
3.5% |
基礎成本和收入比率 |
|
109% |
104% |
90% |
每股有形賬面價值 |
|
£1.37 |
£1.40 |
£4.42 |
