Helping Britain Prosper: annual report and accounts 2022
We are Helping Britain Prosper by creating a more sustainable and inclusive future for people and businesses, shaping finance as a force for good.
Environmental sustainability report
This report provides an update on how we're supporting the transition to a low carbon economy, including progress against our climate ambitions and targets, our first Group climate transition plan and associated TCFD disclosures.
Social sustainability report
This report provides an update on how we're building an inclusive society, including promoting financial inclusion, improving access to quality housing, enabling regional development and championing inclusion and diversity.
How we're Helping Britain Prosper
For over 325 years we have supported Britain through the good times and the bad. Today is no different. During 2022, we have continued to work hard to Help Britain Prosper. This is in the best interests of all our stakeholders.
Group Chief Executive's review
"Throughout 2022, we have continued to deliver on our purpose of Helping Britain Prosper, core to everything we do, whilst creating a more sustainable and inclusive future for people and businesses.
During the year, the Group delivered a robust financial performance with continued income growth supported by higher interest rates and solid business volumes."
Charlie Nunn, Group Chief Executive
Our strategy: looking to 2023 and beyond
Video | 1 min
Hear from Charlie Nunn, Group Chief Executive, on how we're working to support a more inclusive and sustainable society.
"During 2022 the Group has continued to make significant progress, effectively supporting our customers through what are clearly uncertain and challenging times, whilst launching a more purpose-driven strategy, accelerating our investment in the business and establishing a culture to support long-term sustainable success."
Robin Budenberg, Chair
Building on our strong foundations and distinct competitive strengths, our purpose of Helping Britain Prosper forms the basis of our strategy to profitably deliver for all of our stakeholders.
A clear strategy with significant action taken in 2022
Drive revenue growth and diversification
Investing in growth
£0.9 billion in-year incremental strategic investment weighted towards growth. Delivered early stages of targeted additional 2024 revenues.
Strengthen cost and capital efficiency
Accelerating efficiency initiatives
Cost discipline in an inflationary environment. Delivered £0.3 billion or around 25 per cent of increased 2024 gross cost savings target.
Maximise the potential of people, technology and data
Mobilising for change
New operating model implemented to deliver change more effectively.
Refreshing the team
New organisational structure and leadership team.
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