For over 325 years we have supported Britain, helping people and businesses invest and grow. Today is no different.

Front cover of 2023 annual report, with title: 'Helping Britain Prosper'

Annual report

Our annual report provides disclosures relating to our strategic, financial, operational, environmental and social performance. 

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Front cover of 2023 sustainability report, with title: 'Building a sustainable and inclusive future'

Sustainability report

Our sustainability report provides information and progress on our environmental, social and governance performance.

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Our business model

By focusing on Helping Britain Prosper, we aim to deliver sustainable growth and returns.

Horizontal figure of eight shaped graphic with 'Helping Britain Prosper' in the centre. In a small circle around Helping Britain Prosper is the text: Products, services and solutions > Innovation, development, influence > funding, investment and expertise. 

On the left-hand side of the figure of eight shape is the heading 'Sustainable and inclusive growth' with three alternating points underneath:

1) Supporting our customers - £27m customers, with 21.5m active digital users.
2) Supporting our colleagues - 40.1% of our senior manager roles were held by women in 2023.
3) Supporting our communities - £2.7bn of funding supported to the social housing sector in 2023.

On the right-hand side of the figure of eight shape is the heading 'Sustainable profit and returns' with three alternating points illustrating 'returns for shareholders' underneath:

1) 2.2m shareholders, including around 85% of our colleagues.
2) 2.76p ordinary dividend per share.
3) £3.8bn returned to shareholders for 2023.

Animation on the graphic shows movement around the entire figure of eight, illustrating how sustainable and inclusive growth feeds into sustainable profit and returns, and vice versa.

Group Chief Executive's review

"2023 was an important year for our Group. We delivered a robust financial performance, and we are seeing real evidence of strategic progress as we transform the business.

We have increased confidence in delivering the 2024 and 2026 strategic commitments."

Charlie Nunn, Group Chief Executive

How we're Helping Britain Prosper

Video | 2 mins

Watch Charlie's message, as he reflects on supporting our stakeholders in 2023 and beyond.

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Group Chair, Robin Budenberg

Chair's statement

"Our purpose of Helping Britain Prosper provides us with a great opportunity for future success. 

We remain focused on helping people and businesses finance their ambitions and grow whilst delivering long-term, sustainable returns for our shareholders."

Robin Budenberg, Chair

Our stakeholders

Our purpose is Helping Britain Prosper. It's what drives us, what makes us different and defines how we profitably grow for all our stakeholders.

Our progress and performance

The Group delivered a robust financial performance, meeting our 2023 guidance, driven by income growth, cost discipline and strong asset quality. This performance enabled strong capital generation and increased shareholder distributions.


Financial performance in 2023

See page 28 of the annual report for full details

Net income: £17.9 billion in 2023
Statutory profit after tax: £5.5 billion in 2023
Operating costs: £9.1 billion in 2023
Return on tangible equity: 15.8% in 2023
Underlying profit: £7.8 billion in 2023
Common equity tier 1 ratio: 13.7% in 2023

Our strategy

We have three strategic priorities which will enable us to deliver our vision of being the UK customer-focused digital leader and integrated financial services provider, capitalising on new opportunities, at scale.

We have three strategic pillars which will enable us to deliver our vision.

Grow: Drive revenue growth and diversification
Highlights: Balanced growth across our diversified priority areas, with circa £0.5 billion of additonal growth revenues already delivered. 
What this means for the Group: Circa £1.5 billion additional revenues by 2026 (circa £0.7 billion by 2024).
For Helping Britain Prosper: £5.7 billion lending to electric vehicles and plug-in hybrid electric vehicles since 2022.

Focus: Strengthen cost and capital efficiency 
Highlights: Cost discipline in an inflationary environment, with circa £0.7 billion of gross cost savings to date.
What this means for the Group: Circa £1.2 billion gross cost savings by 2024.
What this means for Helping Britain Prosper: 48% reduction in emissions intensity by 2030 for our CRRE portfolio.

Change: Maximise the potential of people, technology and data
Highlights: Technology and data transformation to improve agility and accelerate the pace of change to unlock the potential of our people.
What this means for the Group: >15% reduction in legacy applications by end of 2024.
What this means for Helping Britain Prosper: 12% representation of colleagues with disabilities in senior roles by 2025.

Higher, more sustainable, returns and capital generation.

Digital communications

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We ask shareholders to access our documents online wherever possible, but if you need a printed copy of the annual report (free of charge) please contact the Company Registrar, Equiniti Limited, on 0371 384 2990.