| Summary of results | | 6 months to
30 June 2010 | 6 months to
30 June 2009 | 12 months to
31 December 2009 |
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| Group financial performance: |
| | | |
|---|
| Profit/(loss) before tax |
£m | 896.0 | (160.0) | (196.0) |
|---|
| Adjusted profit/(loss) before tax 1 |
£m | 79.4 | (160.0) | (196.0) |
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| |
| | | |
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| Ongoing cost: asset ratio 2 |
% | 0.26 | 0.27 | 0.29 |
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| Costs |
£m | 64.4 | 65.3 | 137.1 |
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| Ongoing costs 3 |
£m | 58.6 | 65.3 | 137.1 |
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| |
| | | |
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| Net interest margin |
% | 1.62 | 1.23 | 1.29 |
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| Adjusted net interest margin 4 |
% | 1.15 | 1.23 | 1.29 |
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| |
| | | |
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| Residential: |
| | | |
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| Gross advances |
£bn | - | 0.3 | 0.3 |
|---|
| Net redemptions |
£bn | (1.0) | (1.3) | (2.2) |
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| Redemptions |
£bn | (1.0) | (1.6) | (2.5) |
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| Redemptions (% opening book) |
% | 5.2 | 8.0 | 6.0 |
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| |
| | | |
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| Funding mix: |
| | | |
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| Statutory Debt |
% | 40 | 37 | 37 |
|---|
| HM Treasury Working Capital Facility |
% | 18 | 16 | 17 |
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| Wholesale |
% | 11 | 14 | 14 |
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| Securitised |
% | 12 | 14 | 12 |
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| Covered bonds |
% | 11 | 11 | 12 |
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| Capital/other |
% | 8 | 8 | 8 |
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| |
| | | |
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| Asset mix: |
| | | |
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| Buy-to-let |
% | 51 | 49 | 49 |
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| Self-cert |
% | 16 | 17 | 16 |
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| Other residential |
% | 12 | 12 | 12 |
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| Commercial and housing association |
% | 2 | 2 | 2 |
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| Wholesale/other |
% | 19 | 20 | 21 |
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| Lending balances - total |
£bn | 37.7 | 40.3 | 39.0 |
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| Residential |
£bn | 36.9 | 39.4 | 38.2 |
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| Commercial and housing association |
£bn | 0.8 | 0.8 | 0.8 |
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| |
| | | |
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| Capital Structure (Basel II): |
| | | |
|---|
| Tier 1 |
£m | 2,336.7 | 1,676.2 | 1,714.8 |
|---|
| Tier 1 ratio |
% | 12.1 | 8.7 | 8.7 |
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| Tier 2 |
£m | 510.3 | 1,449.6 | 1,464.9 |
|---|
| Total capital ratio |
% | 14.8 | 15.9 | 16.1 |
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| Risk weighted assets |
£bn | 19.3 | 19.3 | 19.8 |
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| Staff numbers |
no. | 992 | 997 | 943 |
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| Number of mortgage accounts |
no. | 331,775 | 358,880 | 346,440 |
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Notes:
1 There were two items in H1 2010 which are considered non-recurring that significantly impacted the Interim Income Statement, namely the one-off gain on the repurchase of subordinated liabilities £712.3m, and a £104.3m benefit from the discounting arising due to the deferral of coupons on subordinated liabilities. These have been excluded from adjusted profit before tax.
2 Ongoing cost :asset ratio represents ongoing administrative expenses divided by the mean interest-earning assets.
3 Ongoing administrative expenses exclude certain items which are considered to be non-recurring.
4 Adjusted net interest margin for H1 2010 reflects the elimination of the £104.3m effect of discounting subordinated liabilities.