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Comparative Statistics: Top 25 U.K. Banks

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Comparative Statistics: Top 25 U.K. Banks

S&P Global Ratings' bank ratings criteria framework outlines the elements of an issuer's credit profile and how we assess these elements to determine the rating on an issuer. Although we consider many quantitative and qualitative factors, the following tables highlight some of the key ratios we consider in our assessments and are meant to provide additional transparency. The glossary explains the concepts and calculations of the reported metrics and ratios.

We have based the tables on the top 25 U.K. banks ranked by revenues. Lenders are ranked based on their 2019 operating revenues, net of interest expense, and any nonrecurring income. As a general principle, we obtain historical data from published consolidated financial statements. In some cases, we make analytical adjustments to the amounts that lenders report in their financial statements and other published information to arrive at the metrics. The objective in making these adjustments is to generate measures consistent with our criteria and more meaningfully reflect the economic substance of institutions' activities. This also enables us to level the reporting differences between lenders.

Chart 1

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Table 1

Selected Financial Metrics: Smaller Banks Versus The Largest Banks
Smaller Banks Top 6 Banks Total Banks
(%) 2019 2018 2019 2018 2019 2018
Net interest income/average earning assets (NIM) (mean) 2.5 2.8 1.5 1.7 2.3 2.5
Noninterest income/revenues (mean) 16.7 16.0 35.1 32.6 21.1 20.0
Noninterest expenses/revenues (median) 56.9 56.0 60.4 57.6 58.3 56.6
Noninterest expenses/average assets (mean) 1.8 1.8 1.1 1.1 1.6 1.6
New loan loss provisions/revenues (mean) 6.5 6.7 6.4 4.2 6.5 6.1
New loan loss provisions/average customer loans (mean) 0.3 0.3 0.3 0.2 0.3 0.2
Operating income after provisions/revenues (mean) 28.7 32.2 32.5 36.2 29.6 33.1
Return on equity (median) 6.1 8.3 4.7 5.9 5.9 7.7
Annual growth in customer loans (median) 5.2 9.3 3.5 0.0 4.2 5.5
Gross NPLs/customer loans (mean) 2.0 2.2 1.9 2.0 2.0 2.1
Net customer loans/customer deposits (median) 113.3 113.6 96.8 96.3 111.1 110.8
Stable funding ratio (mean) 111.4 111.4 112.6 115.3 111.7 112.6
Broad liquid assets/s-t wholesale funding (median) 4.6 6.7 1.8 1.9 4.0 4.0
Total wholesale funding / funding base (median) 20.4 21.6 32.4 31.9 23.5 23.1
Source: S&P Global Rating database. Data is un-weighted. NPLs--Nonperforming loans.

Table 2

Largest 25 U.K. Lenders Ranked By Revenues (2019 Data)
(Mil. £) Lender Long-term opco issuer credit rating/outlook Revenues Profit before tax Total assets
1

HSBC Holdings PLC§

A+/Stable 45,628 10,459 2,050,238
2

Barclays PLC

A/Negative 21,693 4,357 1,140,229
3

Lloyds Banking Group PLC

A+/Negative 18,264 4,393 833,893
4

The Royal Bank of Scotland Group PLC

A/Negative 12,009 4,232 723,039
5

Santander UK Group Holdings PLC

A/Negative 4,170 981 288,488
6

Nationwide Building Society

A/Stable 3,039 466 248,041
7

Virgin Money UK PLC

BBB+/Negative 1,714 (232) 90,999
8

FCE Bank PLC

BBB-/Watch Neg 1,000 297 20,539
9

TSB Banking Group PLC

NR 988 46 39,521
10

Tesco Personal Finance PLC

NR 833 79 11,644
11

Skipton Building Society

NR 725 153 25,489
12

Handelsbanken plc

AA-/Stable 566 252 31,562
13

Bank of Ireland (UK) PLC

NR 531 155 26,934
14

Yorkshire Building Society

NR 457 167 44,278
15 Metro Bank PLC NR 416 (131) 21,400
16

Co-operative Bank PLC (The)

NR 389 (152) 23,436
17

Coventry Building Society

NR 378 147 49,531
18

OneSavings Bank PLC

NR 343 209 21,417
19

Aldermore Bank PLC

NR 341 130 12,530
20

AIB Group (U.K.) PLC

BBB/Negative 324 164 11,652
21 Sainsbury's Bank plc NR 321 5 9,402
22

Shawbrook Bank Ltd

NR 295 122 8,223
23 Paragon Banking Group PLC NR 283 159 14,396
24 Leeds Building Society NR 189 88 20,808
25 Secure Trust Bank PLC NR 166 39 2,683
Source: S&P Global Ratings database. We have chosen to exclude from this list Standard Chartered PLC, Investec Bank PLC, and Close Brothers PLC, among others.. §HSBC Holdings PLC reports in US$. The Dec. 31, 2019 exchange rate has been applied. Aldermore data is 18 months to Jun. 30, 2019. Nationwide's year-end is Apr. 4, 2020. Tesco Personal Finance's and Sainsbury's Bank year-end is Feb. 28, 2020. Virgin Money UK PLC's and The Paragon Group of Companies PLC's year-end is Sept. 30. 2019.

Table 3

U.K. Banks Comparative Statistics (2015-2019)
Adjusted assets (£ Mil.) Total Equity (£ Mil.)
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
AIB Group (U.K.) PLC 12,914 13,363 11,810 11,835 11,618 1,614 1,703 1,760 1,829 1,763
Aldermore Bank PLC 6,985 8,355 N.A. 10,418 12,516 534 626 N.A. 758 1,095
Bank of Ireland (UK) PLC 27,909 25,935 26,174 26,646 26,886 2,104 2,050 1,999 2,004 1,980
Barclays PLC 1,110,341 1,205,363 1,125,399 1,125,310 1,132,110 65,378 71,093 65,744 63,086 64,969
Co-operative Bank PLC (The) 28,886 27,488 24,409 23,013 23,360 1,363 959 1,506 1,750 1,612
Coventry Building Society 34,098 38,263 42,532 46,034 49,498 1,693 1,863 2,018 2,162 2,244
FCE Bank PLC 14,852 17,615 19,584 21,676 20,513 1,902 2,182 2,408 2,647 2,779
Handelsbanken PLC N.A. N.A. N.A. 31,243 31,538 N.A. N.A. N.A. 2,089 2,273
HSBC Holdings PLC* 1,832,823 1,805,024 1,910,597 1,927,843 1,948,780 156,535 144,745 156,918 154,046 145,486
Leeds Building Society 13,503 15,927 18,479 19,382 20,788 791 874 959 1,027 1,086
Lloyds Banking Group PLC 685,842 684,608 681,041 675,038 690,906 47,960 49,679 49,956 51,002 48,689
Metro Bank PLC 6,094 9,965 16,207 21,450 21,232 407 805 1,096 1,403 1,583
Nationwide Building Society 207,748 220,440 227,756 236,977 246,802 10,930 11,133 12,403 13,169 12,962
OneSavings Bank PLC 5,967 6,576 8,582 10,452 21,386 297 396 557 659 1,477
Paragon Banking Group PLC 11,871 13,413 13,578 14,346 14,224 970 970 1,009 1,096 1,108
Sainsbury's Bank plc 4,381 5,648 7,561 8,608 9,168 603 731 943 951 1,000
Santander UK Group Holdings PLC 279,178 300,825 313,018 287,567 286,712 15,420 15,849 15,967 15,985 16,106
Secure Trust Bank Plc N.A. N.A. 1,881 2,434 2,674 N.A. N.A. 249 237 254
Shawbrook Bank Ltd 3,945 4,587 5,693 6,759 8,156 368 437 623 681 766
Skipton Building Society 17,358 18,855 20,859 23,043 25,327 1,178 1,278 1,405 1,525 1,632
Tesco Personal Finance PLC 10,635 12,279 14,320 15,408 11,505 1,566 1,671 1,761 1,673 1,731
The Royal Bank of Scotland Group plc 808,871 792,176 731,513 687,619 716,417 55,104 48,385 48,203 46,481 43,547
TSB Banking Group PLC 31,618 37,196 42,515 41,106 39,501 1,746 1,865 1,996 1,864 1,886
Virgin Money UK PLC 38,440 39,673 42,892 43,044 90,483 3,443 3,211 3,402 3,186 5,021
Yorkshire Building Society 38,181 39,561 42,015 43,015 44,242 2,105 2,221 2,390 2,528 2,667
Median 17,358 18,855 20,859 23,043 25,327 1,614 1,703 1,761 1,864 1,886
Operating revenues (£ Mil.) Net income before minority interest (£ Mil.)
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
AIB Group (U.K.) PLC 272 265 263 287 324 (87) 66 102 111 106
Aldermore Bank PLC 225 268 NA 468 341 78 94 NA 139 97
Bank of Ireland (UK) PLC 527 529 505 558 531 188 164 130 151 97
Barclays PLC 24,575 20,941 21,146 21,205 21,693 623 2,828 -894 2,372 3,354
Co-operative Bank PLC (The) 520 253 310 364 389 (623) (419) (158) (69) -153
Coventry Building Society 369 395 416 424 378 171 182 185 156 122
FCE Bank PLC 592 695 856 923 1,000 160 144 213 209 224
Handelsbanken PLC N.A. N.A. N.A. N.M. 566 N.A. N.A. N.A. N.M. 184
HSBC Holdings PLC* 47,577 42,319 42,082 44,693 45,628 11,972 2,733 9,420 11,915 6,824
Leeds Building Society 219 212 221 221 189 89 86 88 89 66
Lloyds Banking Group PLC 17,795 17,849 18,650 18,995 18,264 956 2,514 3,547 4,400 3,006
Metro Bank PLC 120 195 294 404 416 (49) (17) 11 27 (183)
Nationwide Building Society 3,372 3,251 3,215 3,206 3,039 985 757 745 618 365
OneSavings Bank PLC 163 201 238 282 343 84 121 127 140 159
Paragon Banking Group PLC 211 243 252 275 283 107 116 117 146 127
Sainsbury's Bank plc 274 287 327 331 321 6 -4 19 -35 7
Santander UK Group Holdings PLC 4,577 4,676 4,864 4,543 4,170 962 1,317 1,254 1,121 709
Secure Trust Bank Plc N.A. N.A. 130 152 166 N.A. N.A. 20 28 31
Shawbrook Bank Ltd 167 210 239 274 295 59 65 61 82 94
Skipton Building Society 630 654 697 721 725 113 130 158 148 122
Tesco Personal Finance PLC 770 797 870 894 833 186 137 141 143 104
The Royal Bank of Scotland Group plc 13,446 12,522 12,924 12,931 12,009 (1,185) (5,248) 1,415 2,084 3,800
TSB Banking Group PLC 891 972 1,028 973 988 89 128 119 -63 26
Virgin Money UK PLC 964 988 1,016 1,007 1,714 (229) (164) 182 -145 -194
Yorkshire Building Society 548 515 536 510 457 139 114 124 150 129
Median 527 515 505 534 531 89 116 124 145 122
Core/customer deposits (£ Mil.) Customer loans (net)/customer deposits (%)
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
AIB Group (U.K.) PLC 8,327 8,726 9,034 8,878 8,893 77.72 74.16 72.08 75.72 79.89
Aldermore Bank PLC 5,742 6,674 N.A. 7,776 8,972 107.01 112.04 N.A. 115.61 118.09
Bank of Ireland (UK) PLC 21,574 19,475 18,961 19,769 19,075 89.25 101.78 105.46 99.67 111.14
Barclays PLC 418,242 423,178 429,121 380,672 400,385 99.73 95.30 87.76 82.97 82.29
Co-operative Bank PLC (The) 22,809 22,437 20,635 18,736 18,997 86.33 86.70 81.15 94.65 94.32
Coventry Building Society 26,162 28,874 31,771 33,788 36,709 112.42 113.88 113.09 116.21 115.05
FCE Bank PLC 56 69 388 1,198 1,970 N.M. N.M. N.M. N.M. N.M.
Handelsbanken PLC N.A. N.A. N.A. 14,977 16,457 N.A. N.A. N.A. N.M. 130.06
HSBC Holdings PLC* 1,022,686 1,009,045 1,082,065 1,080,622 1,086,690 71.69 67.71 70.57 72.04 72.04
Leeds Building Society 10,351 11,591 13,321 14,136 14,722 111.53 116.28 114.28 113.55 115.47
Lloyds Banking Group PLC 418,326 412,998 415,486 416,248 411,790 107.42 107.19 107.97 106.71 106.91
Metro Bank PLC 5,108 7,951 11,669 15,661 14,477 69.36 73.77 82.45 90.89 101.41
Nationwide Building Society 146,801 154,187 153,728 159,043 164,173 122.32 122.01 124.61 125.41 123.50
OneSavings Bank PLC 5,370 5,956 6,676 8,105 16,285 95.63 99.71 109.43 110.84 113.28
Paragon Banking Group PLC 709 1,874 3,615 5,297 6,392 1,419.84 573.00 307.69 228.97 190.65
Sainsbury's Bank plc 3,456 4,610 6,211 7,326 7,992 97.02 85.94 80.05 84.52 81.47
Santander UK Group Holdings PLC 163,371 172,765 176,919 173,692 179,006 123.36 117.98 117.51 116.41 116.25
Secure Trust Bank Plc N.A. N.A. 1,483 1,848 2,020 N.A. N.A. 107.76 109.81 121.27
Shawbrook Bank Ltd 3,186 3,944 4,376 4,978 6,109 104.16 102.71 110.70 117.44 108.65
Skipton Building Society 14,218 15,646 16,791 17,804 19,181 101.02 100.87 101.08 101.83 104.62
Tesco Personal Finance PLC 7,399 8,467 9,248 10,479 7,718 115.51 117.65 124.59 118.58 109.50
The Royal Bank of Scotland Group plc 345,991 353,872 367,034 379,115 390,597 89.01 91.28 88.05 85.84 86.75
TSB Banking Group PLC 25,916 29,384 30,521 29,084 30,182 101.88 100.12 101.09 103.18 102.96
Virgin Money UK PLC 26,474 27,138 27,744 28,919 64,004 103.81 107.61 112.79 113.23 114.20
Yorkshire Building Society 27,941 29,128 29,358 30,067 31,262 119.26 117.08 119.43 122.07 121.50
Median 14,218 15,646 16,791 17,804 18,997 101 101 107 110 110
Stable funding ratio (%) Broad liquid assets/short-term wholesale funding (x)
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
AIB Group (U.K.) PLC 159.48 173.11 149.65 147.59 144.49 35.26 40.76 16.03 23.70 19.25
Aldermore Bank PLC 100.66 100.87 N.A. 110.94 114.96 1.39 1.57 N.A. 155.88 497.39
Bank of Ireland (UK) PLC 117.86 108.98 107.39 110.50 104.94 6.07 3.40 2.16 2.59 2.91
Barclays PLC 110.81 101.67 119.14 119.44 118.06 1.49 1.50 1.46 1.54 1.59
Co-operative Bank PLC (The) 120.98 115.19 126.20 114.75 117.36 3.96 2.45 5.47 7.82 15.01
Coventry Building Society 108.74 103.30 112.61 111.82 110.10 3.39 1.34 3.97 3.98 3.09
FCE Bank PLC 80.80 87.95 82.77 81.44 72.82 0.42 0.47 0.34 0.35 0.23
Handelsbanken PLC N.A. N.A. N.A. N.M. 122.25 N.A. N.A. N.A. N.M. 2.09
HSBC Holdings PLC 125.15 126.51 116.06 125.57 125.86 2.29 1.83 1.54 1.88 1.95
Leeds Building Society 104.39 101.08 103.11 110.49 103.69 2.14 1.24 1.36 6.68 1.52
Lloyds Banking Group PLC 103.47 103.87 103.93 107.33 102.41 1.47 1.52 1.60 2.16 1.87
Metro Bank PLC 107.31 111.21 125.75 117.56 115.76 1.83 2.62 26.71 9.55 4.57
Nationwide Building Society 99.38 101.32 105.69 106.44 106.79 1.04 1.17 1.70 1.86 1.67
OneSavings Bank PLC 114.44 108.86 116.17 114.33 124.32 70.89 45.50 1,206.50 17.19 9.86
Paragon Banking Group PLC 116.08 121.14 117.87 113.56 110.20 293.66 920.73 2,120.06 931.85 885.36
Sainsbury's Bank plc 112.00 108.55 118.55 111.73 111.64 5.97 5.71 11.14 9.56 10.39
Santander UK Group Holdings PLC 102.01 106.27 105.90 108.16 102.57 1.32 1.48 1.33 1.59 1.18
Secure Trust Bank Plc NA NA 106.26 97.51 98.91 N.A. N.A. 6.46 1.02 1.52
Shawbrook Bank Ltd 101.36 104.37 109.31 107.18 110.49 25.06 8.56 56.82 54.98 65.91
Skipton Building Society 107.81 107.33 114.35 116.75 115.24 3.88 4.89 33.20 35.37 73.80
Tesco Personal Finance PLC 102.87 102.46 103.21 103.00 107.71 17.42 5.89 3.31 2.88 4.64
The Royal Bank of Scotland Group plc 121.75 118.21 124.95 124.65 120.12 2.01 1.99 2.12 2.47 2.25
TSB Banking Group PLC 110.48 109.75 100.36 118.65 113.57 5.60 2.93 1.19 6.63 12.27
Virgin Money UK PLC 107.59 107.47 104.77 109.07 108.50 5.85 6.76 2.74 4.49 4.05
Yorkshire Building Society 101.11 104.70 107.30 107.97 109.22 1.18 1.51 1.63 2.16 4.42
Median 107.59 106.27 107.39 111.34 110.49 2.29 1.99 2.16 4.24 4.05
Core deposits/funding base (%) Net interest income/average earning assets (NIM) (%)
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
AIB Group (U.K.) PLC 77.77 79.04 95.02 93.54 93.59 2.19 2.27 2.61 3.16 3.37
Aldermore Bank PLC 90.01 87.15 N.A. 81.06 79.66 3.23 3.17 N.A. N.A. 2.90
Bank of Ireland (UK) PLC 84.47 82.44 78.99 80.82 80.87 2.02 2.11 2.03 2.27 2.14
Barclays PLC 59.28 58.66 52.61 45.36 47.91 1.61 1.51 1.42 1.34 1.44
Co-operative Bank PLC (The) 85.91 87.25 92.18 90.13 89.27 1.43 0.89 1.20 1.79 1.54
Coventry Building Society 82.40 80.60 79.06 77.46 78.28 1.21 1.17 1.15 1.10 0.94
FCE Bank PLC 0.45 0.46 2.32 6.47 11.37 3.28 3.15 2.88 3.03 2.91
Handelsbanken PLC N.A. N.A. N.A. N.M. 56.34 N.A. N.A. N.A. N.M. 2.06
HSBC Holdings PLC 72.75 71.48 69.55 67.61 67.27 1.74 1.68 1.53 1.59 1.53
Leeds Building Society 82.88 79.07 77.66 78.45 75.97 1.73 1.49 1.39 1.30 1.11
Lloyds Banking Group PLC 70.72 71.01 70.62 70.92 70.18 1.93 1.64 1.93 2.37 1.80
Metro Bank PLC 90.09 86.92 77.22 78.09 74.20 2.01 2.09 2.11 2.05 1.71
Nationwide Building Society 76.07 74.98 72.19 71.61 70.85 1.62 1.50 1.47 1.36 1.26
OneSavings Bank PLC 95.52 97.37 83.72 83.24 82.62 3.43 3.52 3.63 3.48 2.42
Paragon Banking Group PLC 6.55 15.14 28.82 39.95 49.02 2.01 2.03 1.95 2.06 2.20
Sainsbury's Bank plc 92.04 93.68 92.74 94.20 96.53 4.32 3.96 3.83 3.09 2.56
Santander UK Group Holdings PLC 67.84 66.49 63.75 64.70 66.54 1.54 1.45 1.49 1.41 1.30
Secure Trust Bank Plc N.A. N.A. 92.92 85.48 84.75 N.A. N.A. 6.85 6.74 5.97
Shawbrook Bank Ltd 96.55 94.65 86.50 81.84 83.23 5.38 5.28 5.27 4.90 4.48
Skipton Building Society 90.36 92.01 88.46 84.20 82.43 1.47 1.28 1.24 1.25 1.09
Tesco Personal Finance PLC 82.92 81.37 74.76 77.26 81.15 4.41 4.22 4.14 4.07 4.25
The Royal Bank of Scotland Group plc 71.02 72.02 70.68 74.73 74.94 1.64 1.90 1.95 1.88 1.72
TSB Banking Group PLC 88.24 85.93 77.63 76.19 81.84 3.03 2.82 2.74 2.65 2.50
Virgin Money UK PLC 83.70 82.37 76.33 78.13 77.57 2.57 2.52 2.48 2.40 2.64
Yorkshire Building Society 78.39 78.91 74.62 74.63 75.74 1.58 1.37 1.40 1.26 1.16
Median 82.40 79.07 76.33 77.78 77.57 1.93 1.90 1.95 2.06 2.06
Noninterest expenses/operating revenues (%) New loan loss provisions/operating revenues (%)
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
AIB Group (U.K.) PLC 50.74 44.15 49.81 47.74 42.59 (1.10) 0.38 7.98 5.57 6.48
Aldermore Bank PLC 50.38 44.26 N.A. 46.80 53.40 4.63 5.79 N.A. 4.17 6.98
Bank of Ireland (UK) PLC 55.98 58.03 63.96 62.90 59.70 8.35 4.35 5.15 6.09 7.53
Barclays PLC 65.92 73.24 69.78 66.19 62.47 8.60 11.33 11.05 6.92 8.81
Co-operative Bank PLC (The) 129.81 283.54 155.20 121.56 118.49 (9.35) (1.86) 6.12 2.15 (0.64)
Coventry Building Society 40.84 38.86 40.81 48.81 56.77 (0.51) (0.38) 0.05 (0.09) 0.56
FCE Bank PLC 61.49 62.01 64.49 67.71 68.10 1.86 3.17 2.45 1.84 2.20
Handelsbanken PLC N.A. N.A. N.A. N.M. 55.79 N.A. N.A. N.A. N.M. (0.22)
HSBC Holdings PLC 60.31 57.26 58.68 58.54 56.22 6.20 6.37 3.33 3.14 4.73
Leeds Building Society 38.92 44.43 43.30 44.77 53.46 8.45 (0.42) (2.49) (0.63) 0.05
Lloyds Banking Group PLC 52.22 52.05 51.22 50.01 50.94 2.19 4.21 3.69 4.93 7.10
Metro Bank PLC 131.40 102.81 85.33 87.97 119.44 13.12 2.57 3.02 1.98 2.82
Nationwide Building Society 55.84 62.17 66.35 70.02 76.08 2.16 4.31 3.27 3.52 6.75
OneSavings Bank PLC 25.32 26.66 27.34 28.22 33.17 6.53 4.47 1.85 2.87 4.54
Paragon Banking Group PLC 33.08 37.35 39.90 41.51 44.32 2.65 3.16 2.10 2.69 2.83
Sainsbury's Bank plc 70.80 71.43 68.20 70.09 75.70 5.47 7.67 12.84 18.43 14.95
Santander UK Group Holdings PLC 56.37 54.70 53.35 56.42 62.66 1.44 1.43 4.17 3.37 5.28
Secure Trust Bank Plc N.A. N.A. 53.51 54.55 56.92 N.A. N.A. 25.87 21.37 19.70
Shawbrook Bank Ltd 50.09 44.51 53.12 46.49 46.95 4.85 12.12 10.64 12.17 11.66
Skipton Building Society 73.60 77.17 76.38 71.89 76.41 1.33 (0.05) (0.57) 2.12 2.61
Tesco Personal Finance PLC 66.35 66.80 58.29 55.96 62.42 8.81 13.35 15.80 18.35 21.44
The Royal Bank of Scotland Group plc 63.38 64.37 58.20 56.62 58.33 (5.41) 3.82 3.81 3.08 5.80
TSB Banking Group PLC 83.17 75.63 83.60 93.12 88.64 9.24 8.99 7.57 7.54 6.12
Virgin Money UK PLC 70.23 67.41 58.56 63.85 55.48 8.09 3.95 4.72 4.07 14.70
Yorkshire Building Society 63.13 67.24 63.36 61.00 63.31 2.33 0.02 (1.83) (0.08) 0.04
Median 56.37 58.03 58.29 57.58 58.33 2.65 3.82 3.69 3.45 5.80
Core earnings/operating revenues (%) Gross nonperforming assets/customer loans + other real estate owned (%)
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
AIB Group (U.K.) PLC (22.43) 16.23 40.68 40.42 33.02 7.74 5.84 3.41 3.63 3.25
Aldermore Bank PLC 37.20 36.70 N.A. 35.67 29.67 0.54 1.06 N.A. 0.70 1.44
Bank of Ireland (UK) PLC 30.09 32.14 26.73 27.06 20.51 7.31 5.27 3.63 2.53 1.86
Barclays PLC 7.95 11.42 15.58 18.25 18.39 2.34 2.13 1.95 2.73 2.44
Co-operative Bank PLC (The) (22.80) (158.58) (55.95) (3.91) (18.08) 5.21 NA 3.09 2.76 1.21
Coventry Building Society 47.33 46.93 45.03 40.44 29.40 0.78 0.51 0.41 0.33 0.47
FCE Bank PLC 27.03 28.17 24.88 22.64 22.40 0.55 1.14 1.59 1.51 1.05
Handelsbanken PLC N.A. N.A. N.A. N.M. 32.40 N.A. N.A. N.A. N.M. 0.40
HSBC Holdings PLC 25.21 18.54 24.18 26.97 27.44 3.56 2.57 1.94 1.62 1.54
Leeds Building Society 43.12 41.30 43.77 42.63 34.97 3.65 2.48 1.96 2.30 2.05
Lloyds Banking Group PLC 27.31 26.72 30.34 33.26 26.16 3.38 2.80 2.40 2.58 3.02
Metro Bank PLC (38.20) (5.16) 8.97 6.71 N/A 0.44 0.37 0.41 0.44 0.78
Nationwide Building Society 32.34 24.08 23.17 19.62 12.07 1.66 1.36 1.28 0.72 0.81
OneSavings Bank PLC 54.40 51.05 53.58 52.60 47.30 2.42 2.08 1.69 3.13 2.33
Paragon Banking Group PLC 51.42 48.32 47.07 44.82 42.35 3.78 3.56 3.28 2.11 3.16
Sainsbury's Bank plc 23.72 N.A. 14.41 N.A. N.A. 3.15 2.85 2.70 3.00 3.05
Santander UK Group Holdings PLC 27.46 27.17 25.83 24.70 19.05 3.24 2.14 1.91 1.79 1.73
Secure Trust Bank Plc N.A. N.A. 16.68 19.85 18.79 N.A. N.A. 2.22 2.93 4.85
Shawbrook Bank Ltd 37.69 32.20 25.64 30.77 31.65 0.65 1.17 1.23 2.50 2.15
Skipton Building Society 19.35 17.58 19.13 20.45 16.76 1.94 1.58 0.96 1.42 0.84
Tesco Personal Finance PLC 24.55 N.A. 18.03 18.51 12.30 1.76 1.77 1.81 2.10 3.23
The Royal Bank of Scotland Group plc 41.86 22.50 24.09 21.48 28.87 5.05 3.84 3.18 2.50 2.04
TSB Banking Group PLC 9.97 10.81 6.45 3.70 3.24 1.51 1.86 1.73 2.38 2.18
Virgin Money UK PLC 27.49 4.25 24.93 33.96 29.64 1.37 1.24 1.07 0.91 1.10
Yorkshire Building Society 27.60 24.68 28.86 30.41 28.25 2.07 4.72 4.31 5.13 2.56
Median 27.31 22.50 24.18 25.84 27.44 2.07 1.86 1.91 2.34 2.04
New loan loss provisions/average customer loans (%) Growth in customer loans (%)
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
AIB Group (U.K.) PLC (0.04) 0.01 0.31 0.24 0.30 (0.76) (0.81) (0.91) 3.06 5.18
Aldermore Bank PLC 0.19 0.23 N.A. N.A. 0.24 27.82 21.72 N.A. N.A. 18.12
Bank of Ireland (UK) PLC 0.23 0.12 0.13 0.18 0.20 4.20 1.92 0.32 (1.57) 7.62
Barclays PLC 0.48 0.57 0.59 0.42 0.58 (6.92) (3.35) (6.54) (15.38) 4.09
Co-operative Bank PLC (The) (0.21) (0.02) 0.10 0.05 (0.01) (24.03) (1.81) (14.05) 5.72 0.89
Coventry Building Society (0.01) N.A. N.A. N.A. 0.01 9.07 11.78 9.26 9.26 7.56
FCE Bank PLC 0.10 0.16 0.13 0.10 0.12 17.86 19.01 13.48 10.14 (3.57)
Handelsbanken PLC N.A. N.A. N.A. N.M. (0.01) N.A. N.A. N.A. N.M. 3.84
HSBC Holdings PLC 0.39 0.38 0.19 0.18 0.27 (5.37) (6.92) 11.63 2.05 5.57
Leeds Building Society 0.17 (0.01) (0.04) (0.01) 0.00 12.51 16.57 12.82 5.37 5.88
Lloyds Banking Group PLC 0.08 0.17 0.15 0.21 0.29 (5.65) (1.61) 1.28 (0.53) (0.94)
Metro Bank PLC 0.61 0.11 0.11 0.07 0.08 122.42 65.46 64.05 48.10 3.13
Nationwide Building Society 0.04 0.08 0.06 0.06 0.10 4.72 4.75 1.83 4.23 1.70
OneSavings Bank PLC 0.23 0.16 0.07 0.10 0.11 30.84 15.54 22.86 22.89 105.32
Paragon Banking Group PLC 0.06 0.07 0.05 0.06 0.07 8.57 6.65 3.54 8.91 (0.06)
Sainsbury's Bank plc 0.46 0.59 0.92 1.07 0.73 10.04 17.72 25.42 25.75 5.05
Santander UK Group Holdings PLC 0.03 0.03 0.10 0.07 0.11 5.00 1.05 1.96 (2.82) 2.92
Secure Trust Bank Plc N.A. N.A. 2.08 1.74 1.42 N.A. N.A. N.A. 27.95 19.79
Shawbrook Bank Ltd 0.29 0.69 0.57 0.62 0.55 45.15 22.27 19.66 21.28 13.28
Skipton Building Society 0.06 N.A. (0.02) 0.09 0.10 11.86 9.80 7.43 6.66 10.67
Tesco Personal Finance PLC 0.82 1.13 1.25 1.33 1.63 10.61 16.73 15.81 9.78 (30.76)
The Royal Bank of Scotland Group plc (0.20) 0.15 0.15 0.12 0.21 (23.67) 3.92 (0.15) 0.55 4.20
TSB Banking Group PLC 0.34 0.31 0.26 0.24 0.20 21.84 11.41 4.86 (2.32) 3.42
Virgin Money UK PLC 0.29 0.14 0.16 0.13 0.47 5.97 6.15 7.09 4.56 123.01
Yorkshire Building Society 0.04 N.A. (0.03) N.A. 0.00 3.38 2.33 2.77 4.67 3.49
Median 0.10 0.12 0.13 0.11 0.20 5.97 6.15 3.54 5.02 4.20
YoY growth in operating revenues (%)
2015 2016 2017 2018 2019
AIB Group (U.K.) PLC 15.74 (2.57) (0.75) 9.13 12.89
Aldermore Bank PLC 36.17 19.05 N.A. N.A. (27.13)
Bank of Ireland (UK) PLC (3.66) 0.38 (4.54) 10.50 (4.84)
Barclays PLC (4.61) (14.79) 0.98 0.28 2.30
Co-operative Bank PLC (The) (5.09) (51.36) 22.75 17.18 7.10
Coventry Building Society 5.79 6.91 5.40 2.04 (10.86)
FCE Bank PLC 1.20 17.40 23.17 7.83 8.34
Handelsbanken PLC N.A. N.A. N.A. N.A. N.M.
HSBC Holdings PLC (6.41) (11.05) (0.56) 6.21 3.32
Leeds Building Society 10.33 (3.15) 4.25 (0.05) (14.31)
Lloyds Banking Group PLC (1.07) 0.30 4.49 1.85 (3.85)
Metro Bank PLC 59.32 62.32 50.56 37.57 2.85
Nationwide Building Society 7.73 (3.59) (1.11) (0.28) (5.21)
OneSavings Bank PLC 36.67 23.93 18.22 18.48 21.73
Paragon Banking Group PLC 6.30 15.36 3.70 8.99 2.69
Sainsbury's Bank plc (8.67) 4.74 13.94 1.22 (3.02)
Santander UK Group Holdings PLC 2.44 2.16 4.02 (6.60) (8.21)
Secure Trust Bank Plc N.A. N.A. N.A. 17.07 9.17
Shawbrook Bank Ltd 48.75 25.58 13.88 14.62 7.82
Skipton Building Society 3.74 3.84 6.54 3.44 0.53
Tesco Personal Finance PLC 1.89 3.48 9.14 2.83 (6.83)
The Royal Bank of Scotland Group plc (8.65) (6.87) 3.21 0.05 (7.13)
TSB Banking Group PLC (1.06) 9.07 5.76 (5.34) 1.56
Virgin Money UK PLC 0.21 2.49 2.83 (0.89) 70.21
Yorkshire Building Society (3.01) (6.13) 4.12 (4.78) (10.35)
Median 1.20 2.16 4.12 2.04 1.04
Year-end is Dec. 31, unless otherwise stated. Aldermore Bank's data is 18 months to Jun. 30, 2019. Year-end for Nationwide Building Society is Apr. 4, 2020. Year-end for Tesco Personal Finance PLC and Sainsbury's Bank plc is Feb. 28, 2020. Year-end for Virgin Money UK PLC and The Paragon Group of Companies PLC is Sept. 30. 2019. N.M.--Not meaningful. N.A.--Not available. YoY--Year-on-year. *HSBC Holdings PLC reports in US$. The Dec. 31, 2019 exchange rate was applied.

Glossary of Terms

For more definitions please refer to "Quantitative Metrics For Rating Banks Globally: Methodology And Assumptions," published on July 17, 2013.

Adjusted assets

Assets as reported, less insurance statutory funds, nonservicing intangibles, and allowance for loan losses in countries where such reserves are represented as a liability account.

Total equity

The sum of common shareholders' equity, minority interest-equity, and hybrid instruments with high or intermediate equity content.

Operating revenues

All revenues net of interest expense and nonrecurring income.

Customer loans (net)/customer deposit ratio (%)

Net customer loans.   Customer loans (gross) net of loan loss reserves and net of reverse repurchase agreements and net of securities borrowing.

Customer loans (gross).   Loans to nonbank customers before reserves but net of unearned income.

Customer deposits.   Customer deposits net of repurchase agreements and net of securities lending.

Stable funding ratio (SFR) (%)

Stable funding ratio.   Available stable funding divided by stable funding needs.

Available stable funding.   The sum of total equity net of intangibles, customer deposits, and long-term interbank and debt market funding including hybrid instruments with minimal equity content maturing after one year.

Stable funding needs.   The sum of customer loans (net), short-term reverse repurchase agreements and securities borrowing with nonbanks maturing within one year net of haircut, long-term interbank loans and reverse repurchase agreements and securities borrowing maturing after one year, securities holdings net of haircut, restricted, all other assets net of haircut, and off-balance sheet credit equivalents net of haircut.

Broad liquid assets to short-term wholesale funding (BLAST) ratio (x)

Broad liquid assets.   The sum of cash, short-term interbank loans and reverse repurchase agreements and securities borrowing with banks maturing within one year, short-term reverse repurchase agreements and securities borrowing with nonbanks net of haircut maturing within one year, and securities holdings net of haircut less restricted cash.

Short-term wholesale funding.   The sum of short-term interbank and debt.

Net interest income/average earning assets (NIM) (%)

Net interest income.   Interest income net of interest expense. May include dividend income and loan fees according to convention of country.

Earning assets.   Interbank deposits, reverse repurchase agreements, securities, gross loans, and leases.

Noninterest expenses/operating revenues (%)

Noninterest expenses.   Salaries and general administrative expenses before any nonrecurring expenses.

New loan loss provisions/operating revenues (%)

New loan loss provisions.   Credit loss provision (net new) minus provisions for loans to banks.

Gross nonperforming assets/customer loans + other real estate owned (%)

Gross nonperforming assets.   Sum of non-accrual loans, restructured loans, repossessed real estates owned, and loans over 90 days past due but accruing.

Customer loans + other real estate owned.

Loans to nonbank customers net of unearned income and net of reserves + other real estate owned.

New loan loss provisions/average customer loans (%)

New loan loss provisions.   Credit loss provision (net new) minus provisions for loans to banks.

Average customer loans.   Daily average if reported by bank; otherwise the arithmetic mean of period-end and prior year-end customer loans.

This report does not constitute a rating action.

Primary Credit Analyst:Carolina Coelho, London +44 (0) 207 176 0342;
carolina.coelho@spglobal.com
Secondary Contact:Nigel Greenwood, London (44) 20-7176-1066;
nigel.greenwood@spglobal.com
Research Contributors:Chirag Gupta, Pune + 02042008280;
Chirag.Gupta@spglobal.com
Ankit Jalan, Pune;
ankit_jalan@spglobal.com
Rishabh Khare, Pune (91) 22-4200-8481;
rishabh.khare@spglobal.com

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