FINANCIAL RESULTS RELEASE - Skipton
Group
2
August 2024
SKIPTON DELIVERS STRONG
FINANCIAL PERFORMANCE
AND CONTINUES TO FOCUS ON
HELPING MORE FIRST-TIME BUYERS
Group performance
Skipton Group ("Skipton"), which
includes Skipton Building Society, Connells Group - the UK's
largest estate agency; and other group businesses, delivered a
strong first half financial performance, with Group profit before
tax (PBT) of £157.0m - maintaining our financial strength whilst
also investing in our members, Group capabilities, and
strengthening our executive team.
· We
have delivered against our strategic priorities -
to Help More People Have a
Home:
- Group mortgage balances
growth of 10.8% year-on-year to £30.1bn
- 41% of new lending to FTBs
(June 2023: 31%)
- 127,090 properties under
management (June 2023: 125,025)
- 91% member
satisfaction[1]
to Make Money Work Harder:
- Society savings balances
growth of 16.6% year-on-year to £27.6bn
- 15,654 advice conversations
held (June 2023: 14,427)
- 1,005,249 savers and
investors (June 2023: 933,265)
- £80.1m value returned to
members (June 2023: £57.5m)
to Make Membership Matter:
- Society membership growth of
7.5% year-on-year to over 1.26 million (June 2023: 1.17
million).
- 18.3k customer panel
members
- 24% of journeys
digital-channel enabled
· Group
financial performance is underpinned by our strong asset quality,
capitalisation, liquidity and funding profiles and these firm,
sustainable foundations have enabled us to deliver the following
achievements:
- Group PBT of £157.0m (June
2023: £148.9m), up 5% year-on-year, with underlying Group
PBT[2] of £149.1m (June
2023: £143.8m); reflecting the improvement in housing market
activity with Connells Group total revenue up 12% to £508m (June
2023: £453m); offset by the effect of downward pressure on net
interest income in the Society.
- A liquidity coverage ratio
(LCR)[3] of 188% at June
2024 (June 2023: 186%).
- Group UK residential
mortgages in arrears by three months or more are only 0.27% of
mortgage accounts at the end of June 2024, well below the industry
average of 0.94% (Source: UK Finance industry arrears data
(residential mortgages in arrears by more than three months) at 31
March 2024 - being the latest available data).
- A strong capital position -
Common Equity Tier 1 (CET1) and leverage ratios2 of
26.1% and 6.6%
(June 2023: 26.1% and 6.9%) respectively[4].
- Group net interest margin of
1.27% (June 2023: 1.62%), driven by £250m
more in interest payments year-on-year,
with net interest income of £238.9m, compared to £277.7m for the
same period in 2023.
- Despite net interest margin pressures, the Society delivered a
strong first half PBT of £113.0m (June 2023: £127.8m). Skipton
International performed similarly well, with PBT of £18.2m (June
2023: £24.5m). Pleasingly,
Connells Group achieved PBT of £20.0m, as housing
market activity continues to recover; compared to a loss in the
comparative period (June 2023: £(5.8)m loss).
Stuart Haire, Group Chief Executive:
"The Skipton Group consists of a diversified portfolio,
Skipton Building Society (Home Finance and Money businesses),
Connells Group (Estate Agency and Property Services), Skipton
Business Finance, Skipton International (our bank in the Channel
Islands), and Jade Software (database and AI company). Our Group
Purpose is to help people have a home, to save for life ahead and
to support long term financial well-being.
Our three key strategic priorities are:
- Helping More People
Have a Home Members, and brokers on
behalf of members, want us to provide finance to help those trying
to get onto the housing ladder, specifically focusing on first-time
buyers.
- Making Money Work
Harder We will invest more to ensure our members receive above-market
interest rates for their savings and have access to free financial
advice to help them plan their financial
futures.
- Making Membership
Matter Our members will see and feel the value of Skipton
membership.
Our key strategic priorities, underpinned by our purpose,
which is the same as it has been since 1853, have kept us focussed
on purpose led delivery, and building a stronger and more
sustainable Group. We're member-owned and our members have always
been central to our Society, and this year we are putting even more
focus on making membership matter, making good progress in both
growth and transformation initiatives.
Given our position as the largest owner of estate agencies in
the UK, responsible for about one in ten houses bought and sold
every year, alongside our financial capabilities, we have great
potential to drive transformative change in the UK housing market
and financial services industry. We have already started to
leverage the unique power of our collective Group expertise and the
launch of the Home Affordability Index is a great example of how we
can make the most of the power and potential of our Group data and
insights. The Skipton Group Home Affordability Index provides a
fresh perspective on how housing costs vary for households across
the country, exploring where and for whom the challenges are most
significant. The timing of the launch has given us the opportunity
to contribute to the national debate, informing critical agenda and
supporting policy with important insights. We will continue to
develop our Group data capabilities throughout 2024, exploring
where we can make meaningful change for society.
We
recognise the role we have as Skipton Group to enable us to become
a well-known voice campaigning on socially important matters, such
as affordable housing. This year we will be an advocate for change,
delivering solutions that make a real difference to peoples' lives
for a better future. Our Strong performance in the first half of
2024 shows just how valued our diverse Group is, growing member
numbers, savings and mortgage balances. We are building a platform
that harnesses our individual businesses as part of a strong and
respected Group brand, adding real value to people who need
us.
The colleagues across the Group have made everything we have
achieved possible, and I would like to thank them for their
tenacity and passion in delivering on our purpose, and for our
members."
Helping More People Have a Home
Grounded in our purpose and why
building societies exist, we aim to do more to address the housing
challenges and we could not be prouder of the impact we are having
- supporting 9,756 (June 2023: 8,951) first-time buyers in the
first half of this year. The launch of the UK's first Track Record
Mortgage in May 2023 has so far helped 375 first-time buyers
overcome challenges of home ownership, and we remain as committed
as ever to continuing to support first-time buyers. That's why this
year we have not only launched the Home Affordability Index but
also launched an innovative first-time buyer helpdesk, providing
dedicated support to aspiring homeowners and brokers. We also
teamed up with Channel 4 to produce the "Make Your Move" series,
raising awareness of the barriers to home ownership, highlighting
ways to access support and further lending options.
Through our mortgage offerings for
residential homeowners, buy to let landlords, and our offshore
lending in the Channel Islands, we have grown our Group mortgage
portfolio by 10.8% year-on-year to £30.1bn, maintaining our UK
market share of gross mortgage lending at 2.91%[5] (June 2023: 2.91%).
Our unwavering commitment to our
customers and brokers has seen us implement improvements to our
mortgage journeys, creating best in class speed to offer, improving
experiences for customers in financial difficulty, and expanding
the ability for our customers to make product switches digitally.
The commitment to supporting borrowers in financial difficulty has
seen our arrears level remain well below industry average, with
only 0.27% of our Group UK residential mortgages in arrears by
three months or more (June 2023: 0.18%) in comparison to the
industry average of 0.94%[6].
Digital experience remains a key
priority for our borrowers and brokers, and we remain focused on
excellent customer satisfaction with a roadmap of activity to
support them. In the first half of this year our net satisfaction
scores held strong, achieving 91%[7]
whilst we continue to
focus on improving our self-service satisfaction scores through
increased digitisation.
We are focused on leveraging Group
assets to drive additional value for members. Last year, through a
group company, Vibrant Energy Matters, we launched a free EPC Plus
Home Energy Efficiency Report to members, enabling them to identify
where they can make improvements to make their homes more energy
efficient. We have now provided 9,441 free reports as at June
2024 (June 2023: 7,198).
In addition, alongside a partnership
with Leeds Beckett and Leeds Universities to support our research
on retrofit, we are installing multiple energy efficiency
improvements at a Skipton property to be able to further support
and educate our members on transitioning to greener
homes.
As we engage further with our member
needs, we are increasing the borrowing power for those purchasing
an EPC rated A and B homes to support their lending requirements,
both now and in the future. Engagement with our members is key, and
that's why this year we are actively seeking member participation
to ensure they are aware of our commitment to promoting greener
living, with an ambition to raise this over the coming
years.
We continue to support around one in
ten individuals to buy and sell homes in the UK through Connells
Group, our estate agency network. Despite market volatility, the
housing market has seen some level of recovery in the first half of
the year, and we continue to see greater volumes of activity (from
enquiry to sale) year-on-year. Here are some highlights from the
period:
-
The number of properties placed on the market
increased by 15% compared to June 2023.
-
The average number of properties available for
sale across our 1,200+ estate agency branches stood at 60, up from
50 per branch versus June 2023.
-
The number of house viewings in the first half of
the year was 15% higher than the same period in 2023.
-
Rental supply: ended June 2024 with 24% more
properties available to rent than at June 2023.
-
Rental market: saw no significant signs of
landlords exiting the market, with Connells Group re-letting over
77% (June 2023: 77%) of properties at the end of their tenancies.
The average tenancy length was 30.9 months (June 2024: 27.3
months).
-
Rental arrears: at June 2024 the number of rental
properties in arrears represents just 4.92% (June 2023: 4.94%) of
tenancies managed.
Making Money Work Harder
From innovative new products, to
improved capabilities and tools, we have equipped our colleagues to
support more members in making their money work harder through
value-add interactions. Our Financial Advice proposition continues
to support those who need it. We are growing our advice
conversations with members, up 9% year-on-year, where others have
withdrawn, demonstrating our passion and commitment to delivering
advice for all. We remain committed to supporting our members with
long term financial wellbeing and will continue to offer free
financial advice to our members to support a better future and
provide help in addressing the UK's advice gap.
We have seen strong demand for our
financial reviews, member exclusive products and further
self-service options for our members. Responding to our member
needs, we are the only provider with multiple Cash ISA account
opening functionality and saw an increase in ISA applications this
year of over 140%. Our high quality offering also saw us launch a
unique and market leading base rate tracker bond, and expansion of
our member exclusive product range now includes regular saver,
bonus saver, one year fixed bond and a 66+ monthly income bond to
help our members utilise their pension income.
These launches contributed to the
strong growth in our savings balances, with growth of 16.6%
year-on-year to £27.6bn and are contributing to our net customer
satisfaction scores, achieving 90%6 across the Money
business.
As the Bank of England Base Rate
peaks, we see more members looking to maximise the return on their
savings to make their money work harder. That's why, founded in our
purpose, we continue to offer above market average rates for our
savers, paying 0.74%[8] (June 2023:
0.61%) above the market average.
Significant progress is being made
in enabling our members to interact with us through a channel that
suits their needs, remaining accessible to our current and future
members. A quarter of our savings journeys are now digital-channel
enabled, and our technical capabilities allow colleagues and
members to interact more seamlessly with us, being here when they
need us. Throughout our transformational activities, we will
support more of our members to interact digitally, removing more
paper from our journeys to support our ambitions to become
paperless.
Skipton International (SIL) aims to
exceed customer expectations in providing a winning combination of
best interest rates and service for offshore savings accounts. This
continues to be recognised, retaining the Moneyfacts best Offshore
Account provider for the third year running, and the Feefo Platinum
Trusted Service Award for the fifth year running; with work ongoing
to develop our processes to even higher standards.
Making Membership Matter
We have delivered campaigns,
communications, exclusive products and improved opportunities for
member participation. We are proud to launch our Member Commitments
including reconfirming our branch promise.
Our branch network stands strong at
82 branches (June 2023: 87) for the Society. We continue to invest
in our network to help our members interact with us in a way that
suits their needs, including branches, telephony, via our app, and
Video Link.
We're committed to:
· More Value
- rewarding loyal members with our best available
rates, investing profits for member benefits, and providing access
to a wide range of member exclusive accounts and services. We want
to reward our members for their loyalty, and as such
over 55,000 members have taken up
our exclusive savings accounts to June 2024. Our products and
services continue to attract new members and we have grown our
member base by 7.5% year-on-year to 1,260,562 (June 2023:
1,172,333).
· More For You
- helping members increase energy efficiency
through providing free EPC Plus Home Energy Efficiency reports, and
helping make members money work harder via our free My Money Review
and Pension Health Check. We aim to give the best possible service,
if we do get something wrong, we'll try to put it right within
three business days.
· More of a Say
- every year eligible members can vote for the
Board of Directors and over 66,000 members
did at the 2024 AGM. Our members' voice matters and there are over
18,000 in our Member Panel, helping to shape the
products and services they want to see.
This year, we actively encouraged
more members to participate in our AGM, in person or digitally, and
asked our members to vote for our purpose aligned charity partner.
Our members voted to support the fantastic work that Age UK deliver
across the nation; and we commit to continue to support our charity
partners, Skipton Building Society Charitable Foundation, and
colleague and community schemes as part of our commitment to donate
a total of 1% of our Group pre-tax profits each year through
purposeful giving.
We continue to transform our Skipton
Group by ensuring our platforms and people are enabled to use the
latest technologies to meet future needs. We continue to invest in
cloud technology platforms, our data capabilities and embedding
agile ways of working, including utilising skills from our Jade
Software colleagues, and allowing our colleagues' voices to be
heard.
Our colleagues across the Group are
at the heart of everything we do for our members and customers, and
our commitment and investment to developing talent, and skills for
the future remain a key priority. As part of our commitment, we
have also recruited some great colleagues to our Executive
Leadership Teams across the Skipton Group businesses, bringing
exceptional talent and diversity to the team to drive a thriving
Group for our members. We continue to invest in our capabilities to
equip our colleagues with the tools and
skills they need to be their best selves and develop in the
workplace.
Skipton Building Society
Results for the half year ended 30 June 2024
Consolidated income statement
|
|
6 months
to 30.06.24
|
6
months
to
30.06.23
|
12
months
to 31.12.23
|
|
|
£m
|
£m
|
£m
|
|
Interest receivable and similar
income:
|
|
|
|
|
Accounted for using the effective
interest rate method
|
1,025.7
|
770.3
|
1,746.4
|
|
Other
|
16.2
|
15.3
|
33.6
|
|
Total interest receivable and
similar income
|
1,041.9
|
785.6
|
1,780.0
|
|
Interest payable and similar
charges
|
(803.0)
|
(507.9)
|
(1,237.2)
|
|
Net
interest receivable
|
238.9
|
277.7
|
542.8
|
|
Fees and commissions
receivable
|
533.3
|
474.7
|
993.7
|
|
Fees and commissions
payable
|
(3.0)
|
(2.6)
|
(8.3)
|
|
Fair value gains on financial instruments mandatorily
held at FVTPL
|
7.8
|
3.4
|
23.5
|
|
Other income
|
2.4
|
1.7
|
2.9
|
|
Total income
|
779.4
|
754.9
|
1,554.6
|
|
Administrative expenses
|
(626.4)
|
(595.7)
|
(1,224.8)
|
|
Operating profit before impairment and
provisions
|
153.0
|
159.2
|
329.8
|
|
Impairment and provisions
|
4.0
|
(10.3)
|
3.6
|
|
Profit before tax
|
157.0
|
148.9
|
333.4
|
|
Tax expense
|
(38.2)
|
(36.2)
|
(78.8)
|
|
Profit for the period
|
118.8
|
112.7
|
254.6
|
|
|
|
|
|
|
Profit for the period attributable to:
|
|
|
|
|
Members of Skipton Building
Society
|
118.8
|
112.8
|
254.8
|
|
Non-controlling interests
|
-
|
(0.1)
|
(0.2)
|
|
|
118.8
|
112.7
|
254.6
|
Underlying Group PBT for the six months ended 30 June 2024 was £149.1m (six months ended 30 June
2023: £143.8m; year ended 31 December 2023: £308.6m) as shown
below:
|
|
6 months to
30.06.24
|
6 months
to 30.06.23
|
12 months
to 31.12.23
|
|
|
£m
|
£m
|
£m
|
|
Total Group profit before
tax
|
157.0
|
148.9
|
333.4
|
|
(Less) / add back fair value (gains)
/ losses in relation to equity release portfolio
(note 1)
|
(5.6)
|
3.2
|
(11.0)
|
|
Less fair value gains on share
warrants and equity share investments (note
2)
|
(2.3)
|
(8.3)
|
(13.8)
|
|
Underlying Group profit before tax
|
149.1
|
143.8
|
308.6
|
Notes
1.
The £5.6m gain (six months ended 30 June 2023:
£3.2m loss; year ended 31 December 2023: £11.0m gain) is comprised
of fair value losses on the portfolio of £6.9m (six months ended 30
June 2023: £17.3m losses; year ended 31 December 2023: £9.2m
gains), and fair value gains of £12.5m (six months ended 30 June
2023: £14.1m gains; year ended 31 December 2023: £1.8m gains) on
the associated derivatives held to economically hedge these fair
value movements, included in the 'Fair value gains on financial
instruments mandatorily held at FVTPL' line in the Income
Statement.
2.
Included in the 'Fair value gains on financial
instruments mandatorily held at FVTPL' line in the Income
Statement.
Skipton Building Society
Results for the half year ended 30 June 2024
Consolidated statement of comprehensive
income
|
|
6 months to
30.06.24
|
6 months
to 30.06.23
|
12 months
to 31.12.23
|
|
|
£m
|
£m
|
£m
|
|
Profit for the period
|
118.8
|
112.7
|
254.6
|
|
Other comprehensive income:
|
|
|
|
|
Items that will not be reclassified to profit or
loss:
|
|
|
|
|
Remeasurement losses on defined
benefit obligations
|
(1.9)
|
(3.8)
|
(4.5)
|
|
Gains on equity share investments
designated at FVOCI
|
-
|
-
|
0.2
|
|
Income tax on items that will not be
reclassified to profit or loss
|
0.5
|
1.0
|
1.1
|
|
|
(1.4)
|
(2.8)
|
(3.2)
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
Movement in cash flow hedging
reserve:
|
|
|
|
|
(Losses) / gains taken to
equity
|
(29.5)
|
3.9
|
(48.4)
|
|
Realised losses transferred to
Income Statement
|
45.1
|
14.4
|
14.1
|
|
Movement in fair value reserve (debt
securities):
|
|
|
|
|
Gains / (losses) taken to
equity
|
8.0
|
(2.2)
|
1.7
|
|
Impairment loss / (credit) allowance
on debt securities held at FVOCI
|
0.1
|
(0.1)
|
(0.1)
|
|
Movement in cost of hedging
reserve:
|
|
|
|
|
(Losses) / gains taken to
equity
|
-
|
(1.9)
|
0.8
|
|
Exchange differences on translation
of foreign operations
|
(0.4)
|
(0.7)
|
(0.3)
|
|
Income tax on items that may be
reclassified to profit or loss
|
(6.7)
|
(4.0)
|
9.2
|
|
|
16.6
|
9.4
|
(23.0)
|
|
Other comprehensive income / (expense)
for the period, net of tax
|
15.2
|
6.6
|
(26.2)
|
|
Total comprehensive income for the period
|
134.0
|
119.3
|
228.4
|
|
|
|
|
|
|
Total comprehensive income / (expense) attributable
to:
|
|
|
|
|
Members of Skipton Building
Society
|
134.0
|
119.6
|
228.6
|
|
Non-controlling interests
|
-
|
(0.3)
|
(0.2)
|
|
|
134.0
|
119.3
|
228.4
|
Skipton Building Society
Results for the half year ended 30 June 2024
Consolidated statement of financial position
|
|
As at
30.06.24
|
As at
30.06.23
|
As at
31.12.23
|
|
|
£m
|
£m
|
£m
|
|
Assets
|
|
|
|
|
Cash in hand and balances with the
Bank of England
|
2,509.4
|
3,520.1
|
3,266.2
|
|
Loans and advances to credit
institutions
|
482.1
|
538.6
|
488.8
|
|
Debt securities
|
4,121.5
|
2,939.0
|
3,337.7
|
|
Derivative financial
instruments
|
953.6
|
1,794.1
|
1,000.8
|
|
Loans and advances to customers held
at amortised cost
|
29,674.7
|
25,859.3
|
28,161.4
|
|
Loans and advances to customers held
at FVTPL
|
0.9
|
1.1
|
0.9
|
|
Equity release portfolio held at
FVTPL
|
285.9
|
265.6
|
293.3
|
|
Current tax asset
|
-
|
5.3
|
0.9
|
|
Investments in joint
ventures
|
10.6
|
9.7
|
10.3
|
|
Other assets
|
191.3
|
144.2
|
152.1
|
|
Property, plant and
equipment
|
78.1
|
72.0
|
74.5
|
|
Right-of-use assets
|
94.0
|
104.2
|
100.9
|
|
Deferred tax asset
|
8.8
|
6.3
|
20.9
|
|
Intangible assets
|
310.4
|
319.0
|
313.2
|
|
Total assets
|
38,721.3
|
35,578.5
|
37,221.9
|
|
Liabilities
|
|
|
|
|
Shares
|
27,534.0
|
23,398.0
|
25,949.8
|
|
Amounts owed to credit
institutions
|
2,006.4
|
3,062.2
|
2,093.4
|
|
Amounts owed to other
customers
|
2,739.5
|
2,592.6
|
2,808.8
|
|
Debt securities in issue
|
2,513.1
|
2,647.3
|
2,414.7
|
|
Derivative financial
instruments
|
325.6
|
550.1
|
452.2
|
|
Current tax liability
|
4.1
|
2.7
|
2.4
|
|
Lease liabilities
|
95.0
|
107.8
|
103.0
|
|
Other liabilities
|
83.5
|
74.7
|
85.9
|
|
Accruals
|
88.4
|
72.0
|
97.5
|
|
Deferred income
|
10.8
|
10.2
|
10.4
|
|
Provisions for
liabilities
|
33.4
|
33.3
|
29.4
|
|
Retirement benefit
obligations
|
9.7
|
30.5
|
26.2
|
|
Subordinated liabilities
|
680.9
|
643.3
|
685.3
|
|
Subscribed capital
|
41.6
|
41.6
|
41.6
|
|
Total liabilities
|
36,166.0
|
33,266.3
|
34,800.6
|
|
|
|
|
|
|
Members' interests
|
|
|
|
|
General reserve
|
2,539.4
|
2,286.4
|
2,422.0
|
|
Fair value reserve
|
(3.7)
|
(18.7)
|
(9.5)
|
|
Cash flow hedging reserve
|
16.1
|
42.8
|
4.9
|
|
Cost of hedging reserve
|
(0.5)
|
(2.4)
|
(0.5)
|
|
Translation reserve
|
4.2
|
4.2
|
4.6
|
|
Attributable to members of Skipton Building
Society
|
2,555.5
|
2,312.3
|
2,421.5
|
|
Non-controlling interests
|
(0.2)
|
(0.1)
|
(0.2)
|
|
Total members' interests
|
2,555.3
|
2,312.2
|
2,421.3
|
|
Total members' interests and liabilities
|
38,721.3
|
35,578.5
|
37,221.9
|
Skipton Building Society
Results for the half year ended 30 June 2024
Consolidated statement of cash flows
|
|
6 months to
30.06.24
|
6 months
to
30.06.23
Restated*
|
12 months
to
31.12.23
Restated*
|
|
|
£m
|
£m
|
£m
|
|
Cash flows from operating activities
|
|
|
|
|
Profit before tax
|
157.0
|
148.9
|
333.4
|
|
Adjustments for:
|
|
|
|
|
Impairment (credits) / losses on
financial instruments
|
(8.6)
|
9.7
|
(2.0)
|
|
Depreciation and
amortisation
|
35.1
|
36.2
|
74.2
|
|
Impairment of property, plant and
equipment, right-of-use assets and investment property
|
0.6
|
0.9
|
2.3
|
|
Profit on disposal of property,
plant and equipment, investment property and intangible
assets
|
(0.4)
|
-
|
(0.2)
|
|
Fair value gains on financial
instruments held at FVTPL
|
(7.8)
|
(3.4)
|
(23.5)
|
|
Interest on subordinated liabilities
and subscribed capital
|
16.9
|
9.9
|
27.1
|
|
Interest on lease
liabilities
|
1.4
|
1.0
|
2.3
|
|
Other non-cash movements
|
3.0
|
13.0
|
(34.1)
|
|
|
197.2
|
216.2
|
379.5
|
|
Changes in operating assets and
liabilities:
|
|
|
|
|
Movement in prepayments and accrued
income
|
(13.1)
|
(6.6)
|
(12.2)
|
|
Movement in accruals and deferred
income
|
(8.7)
|
(20.8)
|
4.9
|
|
Movement in provisions for
liabilities
|
(5.3)
|
(1.4)
|
(5.3)
|
|
Net movement in
derivatives
|
11.6
|
(126.2)
|
(116.2)
|
|
Movement in loans and advances to
customers
|
(1,571.8)
|
(1,723.7)
|
(3,085.1)
|
|
Movement in shares
|
1,608.3
|
1,160.4
|
3,470.8
|
|
Net movement in amounts owed to
credit institutions and other customers
|
(156.4)
|
352.7
|
(400.2)
|
|
Net movement in debt securities in
issue
|
97.0
|
71.5
|
(198.4)
|
|
Net movement in loans and advances
to credit institutions
|
144.1
|
55.3
|
76.5
|
|
Net movement in other
assets
|
(28.1)
|
18.1
|
20.0
|
|
Net movement in other
liabilities
|
13.6
|
(5.7)
|
5.8
|
|
Contributions to defined benefit
scheme
|
(24.6)
|
(3.6)
|
(8.4)
|
|
Income taxes paid
|
(29.3)
|
(18.1)
|
(58.3)
|
|
Net
cash flows from operating activities
|
234.5
|
(31.9)
|
73.4
|
* The information shown above for
the 6 months to 30 June 2023 and for the 12 months to 31 December
2023 is restated, as reported in the Half-Yearly Financial Report
2024, to reflect the appropriate presentation of certain non-cash
movements.