Overview
- Pre-tax operating profit rose to £2.2bn from £1.7bn a year earlier, beating the £1.8bn analyst consensus.
- Total income reached £4.2bn as net interest margin improved to 2.37%, up nine basis points quarter on quarter.
- Management raised the 2025 income target to £16.3bn and guided return on tangible equity to above 18%.
- Efficiency measures cut the year-to-date cost-to-income ratio to 47.8% with about 600 roles removed, while retail banking delivered £850m in profit supported by £1.7bn of mortgage lending growth.
- Shares rose about 4–5% in early trading to levels near a 17-year high, while potential bank tax increases flagged ahead of the Autumn Budget remain a risk.