Helping Britain Prosper: annual report and accounts 2018
See how we've been Helping Britain Prosper: annual report and accounts 2018
Group highlights
£6.0bn +13%
Statutory profit before tax increased significantly, further closing the gap between statutory and underlying profit.
£8.1bn +6%
Underlying profit increased, driven by higher income and lower costs.
5.5p +27%
Earnings per share increased in the year, largely due to the significant increase in statutory profit.
>£3bn
Strategic investment spend over the three-year plan period (2018 to 2020), significant increase on prior plan.
3.21p +5%
Ordinary dividend per share including interim and final dividend. The Group intends to implement a share buyback of up to £1.75bn.
11.7% +2.8pp
Group delivering a market leading return on tangible equity.
49.3% (2.5)pp
Cost:income ratio including remediation further improved.
15.7m
Digitally active customers. The Group is the largest digital bank in the UK.
Helping Britain Prosper
Retail
1 million switchers, the first UK bank to reach this milestone.
Commercial Banking
£3 billion growth in net lending to start-ups, SMEs and Mid Market clients.
Insurance and Wealth
>350,000 people helped to save for their future.
Group Chief Executive and Chairman's update
Chairman's statement
"At the heart of our success is our purpose to Help Britain Prosper and we are playing a vital role in supporting people, businesses and communities across the UK."
Lord Blackwell, Chairman
Group Chief Executive's review
"Our differentiated, customer focused, UK business model continues to deliver, positioning us well to succeed in a digital world."
António Horta-Osório, Group Chief Executive
Our strategic priorities
In February 2018 we launched our new three-year strategy to transform the Group for success in a digital world. We identified four strategic priorities focused on the financial needs and behaviours of the customer of the future and are investing more than £3 billion in these strategic initiatives over the plan period.
