TIDMWBS
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 GBP23.2m.
Key highlights of the financial year include:
-- GBP756m in new mortgage lending (2020/21: GBP784m), 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 market(1) (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 GBP9.2m
(2020/21: GBP5.3m).
-- A Net Promoter Score(R)(2) of +81 (2020/21: +76) with
customer satisfaction maintained at 96%.
-- Statutory profit before tax of GBP23.2m (2020/21: GBP4.7m),
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 4(th) 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 GBP756m in total residential lending (20/21:
GBP784m) and we received GBP0.9bn in new applications (20/21:
GBP1.2bn). 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
GBP9.2m in direct financial benefit to our members.
Having delivered these benefits to members, GBP24.4m 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 4(th) 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
GBP1,000 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 GBP500k 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 GBP350 '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/PR@westbrom.co.uk
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 market(1) . 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 GBP9.2m in direct
financial benefit to our members (2020/21: GBP5.3m).
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
GBP1.5m (2019/20) and GBP4.7m (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 GBP16.2m lower than the
previous financial year. Also, the strength of the housing market
meant that a further GBP5.8m was added to the value of the
Society's residential letting portfolio (West Bromwich Homes
Limited (WBHL)).
When combined with a GBP4.4m improvement in net interest income
this financial performance meant that, after delivering the GBP9.2m
of member benefits described above, GBP24.4m 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 GBP1,000 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
GBPm GBPm
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
GBPm GBPm
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
GBPm GBPm
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 Fair
deferred Subscribed General Revaluation value
shares capital reserves reserve reserve Total
Group GBPm GBPm GBPm GBPm GBPm GBPm
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 Fair
deferred Subscribed General Revaluation value
shares capital reserves reserve reserve Total
Group GBPm GBPm GBPm GBPm GBPm GBPm
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
GBPm GBPm
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
GBPm GBPm
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
GBP15.1m (2020/21: GBP11.8m). The movement in these balances is
included within cash flows from operating activities.
Group Group
2022 2021
GBPm GBPm
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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