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WestBromwich BldgSoc (WBS)

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Thursday 26 May, 2022

WestBromwich BldgSoc

Final Results

RNS Number : 8221M
West Bromwich Building Society
26 May 2022
 

West Bromwich Building Society


Preliminary results announcement for the year


ended 31 March 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward-Looking Statements

Statements in this document are forward-looking with respect to plans, goals and expectations relating to the future financial position, business performance and results of the West Brom. Although the West Brom believes that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that these expectations will prove to be an accurate reflection of actual results. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the control of the West Brom including, amongst other things, UK domestic and global economic business conditions, market-related risks such as fluctuation in interest rates and exchange rates, inflation/deflation, the impact of competition, changes in customer preferences, risks concerning borrower credit quality, delays in implementing proposals, the timing, impact and other uncertainties of future acquisitions or other combinations within relevant industries, the policies and actions of regulatory authorities, the impact of tax or other legislation and other regulations in the jurisdictions in which the West Brom operates. As a result, the West Brom's actual future financial condition, business performance and results may differ materially from the plans, goals and expectations expressed or implied in these forward-looking statements. Due to such risks and uncertainties the West Brom cautions readers not to place undue reliance on such forward-looking statements. We undertake no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.


West Bromwich Building Society
Preliminary results announcement

for the year ended 31 March 2022

 

The West Brom today announces its results for the financial year ended 31 March 2022 , reporting a pre-tax profit of £23.2m.

 

Key highlights of the financial year include:

 

·   £756m in new mortgage lending (2020/21: £784m), with 54% of loans for house purchase supporting first-time buyers onto the property ladder (2020/21: 48%).  

 

·     Savers rewarded with rates that were, by the end of the year, more than three times the average rates paid by the market1 (end of 2020/21: more than double). Only passed on a quarter of the increases led by the Bank Rate to borrowers on Standard Variable Rate; equivalent to a combined benefit to our members of £9.2m (2020/21: £5.3m).

 

·   A Net Promoter Score®2 of +81 (2020/21: +76) with customer satisfaction maintained at 96%.

 

·   Statutory profit before tax of £23.2m (2020/21: £4.7m), driven by strong net interest income, fair value gains, the release of residential mortgage provisions that increased during the pandemic and a lower commercial impairment charge.

 

·   Strong capital position maintained with an improved Common Equity Tier 1 (CET 1) capital ratio of 17.0% (2020/21: 16.4%) and a leverage ratio of 6.5% (2020/21: 6.8%).

 

·   Recognised in three categories of the Moneyfacts 2021 awards, including Winner of Best Building Society Mortgage Provider. Also awarded the highest accolade in the Financial Adviser Service Award for the 4th consecutive year.

 

·   Supported refugees from the Ukrainian conflict by making homes from our rental property portfolio available to house families impacted by the crisis.

 

                           1 Average market rates sourced from Bank of England Bankstats table A6.1

                                           2   Net Promoter Score and NPS are trademarks of Satmetrix Systems, Inc., Bain & Company, Inc., and Fred Reichheld.

 

 

Jonathan Westhoff, Chief Executive, commented:

 

After an extended period of uncertainty, we report our results today under more 'normal' circumstances.   Supporting the financial wellbeing of our members has underpinned our decision making throughout the pandemic and will remain at the fore as we navigate the economic impacts of the actions taken to manage the economy throughout the last two years and now the effects of the invasion by Russia of Ukraine.

 

 

Purpose-led performance

Throughout the past few years, we have remained guided by our mutual ethos and Purpose -  supporting the financial wellbeing of members by providing safe and good returns on the savings they entrust with us and promoting home ownership through responsible lending.

 

We delivered £756m in total residential lending (20/21: £784m) and we received £0.9bn in new applications (20/21: £1.2bn).   Although the housing market remained buoyant and competitive throughout the year, the downside consequences of this tend to affect those seeking to purchase their first home,   as price inflation makes affordability more challenging, and can further marginalise other borrowers who do not fit the standard mortgage market offerings. That's why it's pleasing to report that more than half of all new home purchase lending   was for first-time buyers, increasing from 48% in 20/21. These borrowers are at the heart of our Purpose and we continue to provide options that meet their needs, including products for those with smaller deposits and recently re-entering Shared Ownership, underpinned by a   strong focus on our underwriting to ensure we lend responsibly.

 

At the start of the pandemic in 2020, the Bank of England introduced an abundance of low cost funding, primarily via the Term Funding Scheme, to ensure banks and building societies had sufficient access to funding to support lending activities. This meant that average savings rates drifted lower for most of the year and did not always benefit from material increases when interest rates in general began to increase in the second half of 2021 and early 2022.

 

To support our savers, we were in the minority of those who restricted the impact of this low cost funding by maintaining interest rates where we could and passing on benefits of the general increase to interest rates led by the Bank Rate. This meant that, whilst we already started the year with average savers rates for our members that were double the market average, by the end of the year, our rates were on average more than three times those of the market. We also restricted interest rate increases for our borrowing members on the Society's Standard Variable Rate (SVR), to just a quarter of the increases led by the Bank of England Bank Rate. Combined, we believe that these approaches delivered some £9.2m in direct financial benefit to our members.

 

Having delivered these benefits to members,   £24.4m post-tax profit was added to reserves, strengthening the Society's capital. The key measure of capital, the Common Equity Tier 1 ratio, improved to 17.0% (31 March 2021: 16.2%), which provides not only strong protection for the Society's members should further economic shocks occur, but moreover a capability for the Society to support future home ownership.

 

Our support for our members was recognised in the Moneyfacts Awards 2021 where the Society was awarded 'Best Building Society Mortgage Provider', highly commended in the 'Best Fixed Rate Mortgage Provider' category and commended in the 'Innovation in Personal Finance' category for our work with mortgage prisoners. We were also awarded 'Best Regional Building Society' at the Mortgage Finance Gazette awards at the start of 2022 and achieved 5 stars for the 4th consecutive year in the Financial Adviser Service Awards.

 

It is pleasing that the more pessimistic predictions about the impact of the pandemic on employment and household income haven't, to date, come to fruition. In fact, arrears for the core residential book decreased to 0.31% (20/21: 0.43%) which continues to compare favorably against the UK Finance average of 0.77%. That said, the anticipated cost of living crisis will potentially put a strain on many across the UK, with t he pressure on incomes becoming unavoidable in many cases. This will potentially mean that some may temporarily find meeting their mortgage payments a challenge. As a mutual we will be looking to help our members, if affected in this way, through such periods.   The Society adopts a compassionate, fair and flexible approach towards borrowers who are unable to meet their payments.

 

Making a real impact

Throughout this year, we have continued our focus on being a responsible lender and began exploring new ways the Society's mutual ethos can be used to support customers and communities. One of our goals is to see how we can support borrowers who are either underserved or overcharged by the wider mortgage market. Helping mortgage prisoners has been a motivation of ours since September 2020, when we were the first lender to introduce products specifically tailored for these borrowers, with some saving up to £1,000 a month on their mortgage. In the last 12 months, we have extended our mortgage prisoner product range, providing the most comprehensive options on the market, and we continue to call on the industry to work together with the government and regulators to find further solutions to help these borrowers. 

 

Following a period of limited fundraising options due to the restrictions of the pandemic, we were pleased to announce our new charity partnership with Barnardo's in August 2021. As part of the partnership, we have an ambition to donate £500k via the Dormant Account Scheme to build four 'Gap Homes' in Sandwell and are working with our local council to gain their support and commitment in the next year. Whilst we still await approval of the scheme from Sandwell Council, the homes will be used to support young people leaving the care system in the area to help them transition into adult life. When people leave care, they can face many challenges adapting to independent living and don't always have a support network or safety net to help them.

 

A situation that has been devastating to watch unfold has been the conflict in Ukraine. In March 2022, we offered an initial 11 homes to the Government's Homes for Ukraine scheme as a way we could support those fleeing the conflict. The homes are a mix of accommodation located above our branches and from West Bromwich Homes Limited, the Society's rental subsidiary. We are looking to add further homes to the scheme where availability allows. We have also been returning the £350 'Thank You' payment to the refugees by providing essentials like furniture, appliances, clothing, toiletries, fuel and food to those living in our accommodation. Whilst we cannot begin to imagine what these refugees have been through, we felt this was one way we could use the Society's Purpose to support them.

 

A sustainable future

Like many businesses in the UK, we are committed to supporting the green agenda and ensuring our operations are more sustainable. Initially, we set ourselves the target of zero carbon emissions by 2035, and because of the great progress we have made, we have now moved this target forward to 2025.

 

We know that we also have a part to play in helping our customers improve their carbon footprint and take advantage of green home initiatives now and in the future. Heating and powering homes currently accounts for 40% of the UK's total energy usage whilst contributing to 22% of all greenhouse gas emissions in the UK 1 . Therefore, homeowners are looking at ways to make their homes more sustainable. We're exploring ways in which we can help any customer looking to make their homes more efficient through green financing options and promoting eco-initiatives.

 

New ways of working

Throughout the pandemic, we learned much about how we can adapt our operational model to serve both our customers and colleagues. We have adopted a truly hybrid model, with teams and individuals given autonomy to choose working patterns that will deliver the best outcomes for customers. To support this, we have created a 'Hybrid Working Group' of colleagues across the business that are tasked with implementing new initiatives to deliver true hybrid working. The group has been working on reconfiguring our head office spaces to encourage more collaborative working and have added areas to support creativity. 

 

We implemented our new branch operating model during the year. This maintains the presence of the 'local branch' for our members by ensuring our network is on a sound financial footing through the improved efficiency that the updated model creates.

 

Diversity and inclusion in the workplace, including gender and BAME (Black, Asian and minority ethnic) representation, remains a strategic priority. This year we published, on a voluntary basis, the Society's first Ethnicity Pay Gap report being one of the few companies in financial services to do so. This supports our ongoing drive to increase transparency and drive the diversity ambition. Whilst there is always more to be done, it is pleasing to see that the Society's ethnicity pay gap statistics and representation across all levels of the Society are in a strong position.

 

Looking Ahead

Whilst we have emerged from the pandemic with a stronger economy than predicted, there will be more challenges ahead with the   Russian invasion of Ukraine and the looming cost of living crisis . As we have demonstrated over the last two years, thanks to the continued commitment and resilience of our colleagues, the Society is well positioned to weather any future storms and serve our customers, colleagues and communities. As well as supporting our core members, our work with mortgage prisoners has shown how mutuality can help those who are being underserved or overcharged in the mainstream market. Using our Purpose to develop propositions to help these savers and borrowers will continue to be our strategic focus over the next 12 months.

 

1 New homes to produce nearly a third less carbon - GOV.UK (www.gov.uk)


ENQUIRIES:

 

The West Brom                                              07507 338485/[email protected]

Sarah O'Leary

Corporate Communications Manager


Chief Executive's Review

 

Delivering on our Purpose for our members


Supporting the financial wellbeing of our members has underpinned our decision making throughout the pandemic and will remain at the fore as we now navigate the economic impacts of not just the actions taken to manage the economy throughout the last two years but also the effects of the invasion by Russia of Ukraine.

 

Although the housing market remained buoyant and competitive throughout the year, the downside consequences of this tend to affect those seeking to purchase their first home, as price inflation makes affordability more challenging, and can further marginalise other borrowers who do not fit the standard mortgage market offerings.

 

For savers the abundance of low cost funding, primarily via the Bank of England's liquidity scheme (the Term Funding Scheme), which was put in place at the start of the pandemic to ensure banks and building societies had sufficient access to funding to support their lending activities, meant that average rates in the market drifted lower for most of the year, and did not always benefit from material increases when interest rates in general began to increase in the second half of 2021 and early 2022.

 

Our Purpose focus enabled us to respond positively to these circumstances. M ore than half of all new home purchase lending   was for first-time buyers   (2020/21: 48%), with not only competitive rates but with a strong focus on structuring our underwriting to ensure we could support affordability. In addition, we remained at the forefront of helping mortgage prisoners escape from being unintentionally trapped by regulations introduced as a consequence of the 2008 financial crisis.

 

To support our savers, we were in the minority of those who restricted the impact of the excess low cost funding to hold interest rates where we could, but passed on benefits of the general increase in interest rates led by the Bank Rate. This meant that, whilst we already started the year with average savers rates for our members that were double the market average, by the end of the year, our rates were on average more than three times those of the market1. For our borrowing members on the Society's Standard Variable Rate (SVR), however, we restricted interest rate increases, to just 25% of the increases led by Bank Rate. Combined, we believe that these approaches delivered some £9.2m in direct financial benefit to our members (2020/21: £5.3m).

 

 

Financial strength

 

Delivering these benefits of mutuality to our members can only be achieved on the back of ensuring we remain financially strong. The previous two financial years demonstrated how we have to be ready to withstand downside risks, with concerns at that time of severe financial hardship during the pandemic requiring a cautious modelling of potential credit losses which meant profits of just £1.5m (2019/20) and £4.7m (2020/21) across those periods. However, with schemes such as furlough having successfully mitigated against the severe downside scenarios, credit impairment provisions and related charges were some £16.2m lower than the previous financial year. Also, the strength of the housing market meant that a further £5.8m was added to the value of the Society's residential letting portfolio (West Bromwich Homes Limited (WBHL)).


When combined with a £4.4m improvement in net interest income this financial performance meant that, after delivering   the £9.2m  of member benefits described above, £24.4m post-tax profit was added to reserves, strengthening the Society's capital. The key measure of capital, the Common Equity Tier 1 (CET 1) ratio, improved to 17.0% (31 March 2021: 16.4%), which provides not only a strong protection for the Society's members should further economic shocks occur, but moreover a capability for the Society to support future home ownership.


Environmental, Social and Governance (ESG) 

For us ESG is embedded in how we operate our Society and, increasingly, in what we offer to our members and how we engage with them.


Our Member Council, which continued to meet remotely via videoconferencing or hybrid meetings since the onset of the pandemic, has been engaged on a range of strategic and operational topics. These have included decisions concerning Executive Director remuneration, operating model changes including those to branch operations as well as strategic discussions around values and our culture. 


Our colleagues are, of course, another key stakeholder group with whom we have ongoing interactions, which include all colleague surveys, sub-working groups and the Employee Council which considers the same elements as those of the Member Council. 


In designing our customer offerings, as well as delivering on our Purpose, the social aspects of what we offer increasingly shape our strategy. In addition to the core social purpose of enabling homeownership we aim to do more to help support those who are potentially being charged more than is appropriate for their mortgage. Our strongest move in this way has been to support mortgage prisoners as detailed earlier. The impact has been very significant to the members we have welcomed, who have benefitted by up to £1,000 per month in reduced payments. 


In addition to our well established community and charity support activities and contributions, at the end of our financial year, we unexpectedly had an opportunity to extend our social responsibility to support families displaced by the tragic events unfolding in Ukraine, through the provision of an initial 11 homes from our rental property portfolio and living accommodation above some of our branches. We have also geared up to offer employment opportunities to those displaced either directly, or by giving support to those individuals seeking employment with others.


Outlook

 

As we emerge from pandemic conditions and prepare for the economic consequences of the Russian invasion of Ukraine, there is a looming cost of living crisis. Inflation is not only at levels not experienced for decades, but it is being driven by everyday basics and necessities such as energy and food essentials. The pressure on incomes that becomes almost unavoidable will potentially mean that some may temporarily find meeting their mortgage payments a challenge. As a mutual we will be looking to help our members, if affected in this way, through such periods. This goes beyond having the financial strength to withstand even the most difficult of economic downturns; it is about supporting people to remain in their homes.

 

Beyond that, the future is all about continuing to develop our strategy to ensure the benefits of mutuality continue to accrue to our members and other key stakeholders.

 

 

 

Jonathan Westhoff

Chief Executive

25 May 2022

1  Average market rates sourced from Bank of England Bankstats table A6.1

 

Income Statement

 


for the year ended 31 March 2022

Group

Group


2022

2021


£m

£m

 

 



Interest receivable and similar income



  Calculated using the effective interest method

100.0

99.4

  On instruments measured at fair value through profit or loss

(12.7)

(15.2)

Total interest receivable and similar income

87.3

84.2

Interest expense and similar charges

(25.2)

(26.5)

Net interest receivable

62.1

57.7

Fees and commissions receivable

1.9

2.0

Other operating income

3.7

3.7

Fair value gains on financial instruments

10.6

3.4

Total income

78.3

66.8

Administrative expenses

(45.5)

(39.1)

Depreciation and amortisation

(7.4)

(8.1)

Operating profit before revaluation gains, impairment and provisions

25.4

19.6

Gains on investment properties

5.8

4.0

Impairment on loans and advances

(8.1)

(18.8)

Provisions for liabilities

0.1

(0.1)

Profit before tax

23.2

4.7

Taxation

1.2

0.4

Profit for the financial year

24.4

5.1






 












 

 

Statement of Comprehensive Income

 


for the year ended 31 March 2022

 Group

 Group


2022

2021


 m

 m




Profit for the financial year

24.4

5.1

Other comprehensive income

 


Items that may subsequently be reclassified to profit or loss

 


Fair value through other comprehensive income investments



   Valuation (losses)/gains taken to equity

(1.0)

3.7

Taxation

0.2

(0.7)

Items that will not subsequently be reclassified to profit or loss

 


Actuarial gains/(losses) on defined benefit obligations

9.6

(0.3)

Taxation

(2.9)

0.1

Other comprehensive income for the financial year, net of tax

5.9

2.8

Total comprehensive income for the financial year

30.3

7.9





           

 



 


Statement of Financial Position

At 31 March 2022

 


 Group

 Group


2022

2021


 m

 m

Assets

 


Cash and balances with the Bank of England

              652.0

316.5

Loans and advances to credit institutions

                73.2

107.3

Investment securities

              286.9

276.5

Derivative financial instruments

                52.4

6.5

Loans and advances to customers

           4,778.3

4,852.3

Current tax assets

                     -  

0.2

Deferred tax assets

                27.1

21.3

Trade and other receivables

                   2.2

2.6

Intangible assets

                10.2

16.3

Investment properties

              147.3

143.0

Property, plant and equipment

                22.8

24.9

Retirement benefit asset

                14.9

1.1

Total assets

           6,067.3

5,768.5

Liabilities

 


Shares

           4,183.6

4,234.1

Amounts due to credit institutions

           1,116.7

751.8

Amounts due to other customers

              114.6

90.9

Derivative financial instruments

                11.5

40.5

Debt securities in issue

              171.2

217.9

Current tax liabilities

                   0.3

-

Deferred tax liabilities

                14.7

7.6

Trade and other payables

                14.0

12.4

Provisions for liabilities

                   0.5

0.6

Subordinated liabilities

22.9

22.8

Total liabilities

5,650.0

5,378.6

Members' interests and equity

 


Core capital deferred shares

              127.0

127.0

Subscribed capital

                   7.8

7.8

General reserves

              279.1

250.7

Revaluation reserve

                   3.1

3.3

Fair value reserve

                   0.3

1.1

Total members' interests and equity

              417.3

389.9

Total members' interests, equity and liabilities

           6,067.3

5,768.5

 

 

Statement of Changes in Members' Interests and Equity

for the year ended 31 March 2022

 



Core capital deferred shares

Subscribed capital

General reserves

Revaluation reserve

Fair value reserve

Total


Group

£m

£m

£m

£m

£m

£m


At 1 April 2021

127.0 

7.8 

250.7 

3.3 

1.1 

389.9 


Profit for the financial year

-  

-  

24.4 

-  

-  

24.4 


Other comprehensive income for the year (net of tax)








Retirement benefit obligations

-  

-  

6.9 

-  

-  

6.9 


Realisation of previous revaluation gains

-  

-  

-  

(0.2)

-  

(0.2)


Fair value through other comprehensive income investments

-  

-  

-  

-  

(0.8)

(0.8)


Total other comprehensive income

-  

-  

6.9 

(0.2)

(0.8)

5.9 


Total comprehensive income for the year

-  

-  

31.3 

(0.2)

(0.8)

30.3 


Distribution to the holders of core capital deferred shares

-  

-  

(2.9)

-  

-  

(2.9)


At 31 March 2022

127.0 

7.8 

279.1 

3.1 

0.3 

417.3 

 

 



Core capital deferred shares

Subscribed capital

General reserves

Revaluation reserve

Fair value reserve

Total


Group

£m

£m

£m

£m

£m

£m


At 1 April 2020

127.0 

8.9 

246.5 

3.3 

(1.9)

383.8 


Profit for the financial year

-  

-  

5.1 

-  

-  

5.1 


Other comprehensive income for the year (net of tax)








Retirement benefit obligations

-  

-  

(0.2)

-  

-  

(0.2)


Fair value through other comprehensive income investments

-  

-  

-  

-  

3.0 

3.0 


Total other comprehensive income

-  

-  

(0.2)

-  

3.0 

2.8 


Total comprehensive income for the year

-  

-  

4.9 

-  

3.0 

7.9 


Distribution to the holders of core capital deferred shares

-  

-  

(1.3)

-  

-  

(1.3)


Buyback and cancellation of subscribed capital

-  

(1.1)

0.6 

-  

-  

(0.5)


At 31 March 2021

127.0 

7.8 

250.7 

3.3 

1.1 

389.9 

 


   


 



 

 

 

Statement of Cash Flows



for the year ended 31 March 2022

2022

2021


 m 

 m 




Net cash inflow from operating activities (below)

365.7 

82.5 

Cash flows from investing activities



Purchase of investment securities

(101.9)

(37.5)

Proceeds from disposal of investment securities

86.5 

54.0 

Proceeds from disposal of investment properties

2.1 

0.2 

Purchase of property, plant and equipment and intangible assets

(5.1)

(5.2)

Net cash flows from investing activities

(18.4)

11.5 

Cash flows from financing activities



Repayment of debt securities in issue

(47.4)

(49.2)

Interest paid on subordinated liabilities

(2.5)

(2.5)

Payment of lease liabilities

(0.4)

(0.5)

Distribution to the holders of core capital deferred shares

(2.9)

(1.3)

Buyback and cancellation of subscribed capital

-  

(0.3)

Net cash flows from financing activities

(53.2)

(53.8)

Net increase in cash

294.1 

40.2 

Cash and cash equivalents at beginning of year

416.0 

375.8 

Cash and cash equivalents at end of year

710.1 

416.0 

For the purposes of the Statement of Cash Flows, cash and cash equivalents comprise the following balances with less than 90 days’ original maturity:

 

 

Group

Group


2022

2021


 m 

 m 

Analysis of cash and cash equivalents



Cash in hand (including Bank of England Reserve account)

636.9 

304.7 

Loans and advances to credit institutions

73.2 

107.3 

Investment securities

-  

4.0 

 

710.1 

416.0 


The Group is required to maintain certain mandatory balances with the Bank of England which, at 31 March 2022, amounted to £15.1m (2020/21: £11.8m). The movement in these balances is included within cash flows from operating activities.



Group

Group


2022

2021


 m 

 m 

Cash flows from operating activities



Profit before tax

23.2 

4.7 

Adjustments for non-cash items included in profit before tax



Impairment on loans and advances 

8.1 

18.8 

Depreciation, amortisation and impairment

13.0 

8.1 

Disposal of property, plant and equipment

(0.1)

-  

Revaluations of investment properties

(5.8)

(4.0)

Changes in provisions for liabilities

(0.1)

0.1 

Interest on subordinated liabilities

2.5 

2.5 

Fair value (gains)/losses on equity release portfolio

(0.2)

0.2 

Interest paid on lease liabilities

0.1 

0.1 

Changes in fair value

63.7 

13.6 


104.4 

44.1 

Changes in operating assets and liabilities

 

 

Loans and advances to customers

2.5 

(193.3)

Loans and advances to credit institutions

(3.3)

(0.5)

Derivative financial instruments

(74.9)

(15.7)

Shares

(50.5)

388.0 

Deposits and other borrowings

389.3 

(134.9)

Trade and other receivables

0.4 

1.5 

Trade and other payables

1.8 

(2.3)

Retirement benefit obligations

(4.2)

(4.1)

Subscribed capital

-  

(0.3)

Tax received

0.2 

-  

Net cash inflow from operating activities

365.7 

82.5 


 

Ratios



for the year ended 31 March 2022

Group

Statutory


2022

limit


 % 

%




Lending limit

7.5 

25.0

Funding limit

22.8 

50.0





Group

Group


2022

2021


 % 

 % 

As a percentage of shares and borrowings: 



  Gross capital

7.88 

7.79 

  Free capital

4.65 

4.32 

  Liquid assets

18.12 

13.23 

As a percentage of mean total assets:



 Profit for the financial year

0.41 

0.09 

 Net interest margin

1.05 

1.02 

 Management expenses

0.89 

0.83 




Group

Group


2022

2021


 % 

 % 




Common Equity Tier 1 capital ratio

17.0 

16.4 

Common Equity Tier 1 capital ratio before IFRS 9 transitional relief

16.2 

15.3 

 












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