v3.25.4

Fair values of financial assets and liabilities (Tables) | 12 Months Ended
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Dec. 31, 2025
Disclosure of detailed information about financial instruments [abstract] |
Schedule of Financial Assets Excluding Derivatives | The table below analyses these financial assets by balance sheet classification, asset type and valuation methodology (level 1, 2 or 3, as described on page 257). The fair value measurement approach is recurring in nature. There were no significant transfers between level 1 and 2 during the year.
| Level 1 £m |  | Level 2 £m |  | Level 3 £m |  | Total £m
At 31 December 2025 |  |  |  |  |  |  |
Trading assets |  |  |  |  |  |  |
Loans and advances to customers | – |  | 621 |  | – |  | 621
Reverse repurchase agreements | – |  | 20,981 |  | – |  | 20,981
Debt securities: |  |  |  |  |  |  |
Government securities | 2,908 |  | – |  | – |  | 2,908
Asset-backed securities | – |  | 182 |  | – |  | 182
Corporate and other debt securities | – |  | 845 |  | – |  | 845
| 2,908 |  | 1,027 |  | – |  | 3,935
Total trading assets | 2,908 |  | 22,629 |  | – |  | 25,537
Other financial assets mandatorily held at fair value through profit or loss |  |  |  |  |  |  |
Loans and advances to banks | – |  | 2,851 |  | – |  | 2,851
Loans and advances to customers | – |  | 2,322 |  | 6,058 |  | 8,380
Debt securities: |  |  |  |  |  |  |
Government securities | 16,588 |  | 5 |  | – |  | 16,593
Other public sector securities | – |  | 1,905 |  | – |  | 1,905
Bank and building society certificates of deposit | – |  | 7,036 |  | – |  | 7,036
Asset-backed securities | – |  | 272 |  | 651 |  | 923
Corporate and other debt securities | – |  | 21,303 |  | 2,107 |  | 23,410
| 16,588 |  | 30,521 |  | 2,758 |  | 49,867
Treasury and other bills | 11 |  | – |  | – |  | 11
Equity shares | 144,164 |  | – |  | 1,435 |  | 145,599
Contracts held with reinsurers | – |  | 8,168 |  | – |  | 8,168
Total other financial assets mandatorily held at fair value through profit or loss 1 | 160,763 |  | 43,862 |  | 10,251 |  | 214,876
Total financial assets at fair value through profit or loss | 163,671 |  | 66,491 |  | 10,251 |  | 240,413
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |
Government securities | 22,875 |  | 308 |  | – |  | 23,183
Asset-backed securities | – |  | 167 |  | 50 |  | 217
Corporate and other debt securities | 1,276 |  | 11,593 |  | – |  | 12,869
| 24,151 |  | 12,068 |  | 50 |  | 36,269
Equity shares | – |  | – |  | 51 |  | 51
Total financial assets at fair value through other comprehensive income | 24,151 |  | 12,068 |  | 101 |  | 36,320
Total financial assets (excluding derivatives) at fair value | 187,822 |  | 78,559 |  | 10,352 |  | 276,733
1 Other financial assets mandatorily at fair value through profit or loss include assets backing insurance contracts and investment contracts of £209,545 million. Included within these assets are investments in unconsolidated structured entities of £45,991 million; see note 37. Note 17: Fair values of financial assets and liabilities continued
| Level 1 £m |  | Level 2 £m |  | Level 3 £m |  | Total £m
At 31 December 2024 |  |  |  |  |  |  |
Trading assets |  |  |  |  |  |  |
Loans and advances to customers | – |  | 621 |  | – |  | 621
Reverse repurchase agreements | – |  | 20,466 |  | – |  | 20,466
Debt securities: |  |  |  |  |  |  |
Government securities | 3,473 |  | – |  | – |  | 3,473
Asset-backed securities | – |  | 149 |  | – |  | 149
Corporate and other debt securities | – |  | 741 |  | – |  | 741
| 3,473 |  | 890 |  | – |  | 4,363
Total trading assets | 3,473 |  | 21,977 |  | – |  | 25,450
Other financial assets mandatorily held at fair value through profit or loss |  |  |  |  |  |  |
Loans and advances to banks | – |  | 2,787 |  | – |  | 2,787
Loans and advances to customers | – |  | 2,418 |  | 6,010 |  | 8,428
Debt securities: |  |  |  |  |  |  |
Government securities | 7,091 |  | 2 |  | – |  | 7,093
Other public sector securities | – |  | 2,288 |  | – |  | 2,288
Bank and building society certificates of deposit | – |  | 8,667 |  | – |  | 8,667
Asset-backed securities | – |  | 285 |  | 367 |  | 652
Corporate and other debt securities | – |  | 14,722 |  | 2,161 |  | 16,883
| 7,091 |  | 25,964 |  | 2,528 |  | 35,583
Treasury and other bills | 32 |  | – |  | – |  | 32
Equity shares | 131,767 |  | – |  | 1,351 |  | 133,118
Contracts held with reinsurers | – |  | 10,527 |  | – |  | 10,527
Total other financial assets mandatorily held at fair value through profit or loss 1 | 138,890 |  | 41,696 |  | 9,889 |  | 190,475
Total financial assets at fair value through profit or loss | 142,363 |  | 63,673 |  | 9,889 |  | 215,925
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |
Government securities | 15,146 |  | 115 |  | – |  | 15,261
Asset-backed securities | – |  | 149 |  | 48 |  | 197
Corporate and other debt securities | 1,152 |  | 13,755 |  | – |  | 14,907
| 16,298 |  | 14,019 |  | 48 |  | 30,365
Equity shares | – |  | – |  | 325 |  | 325
Total financial assets at fair value through other comprehensive income | 16,298 |  | 14,019 |  | 373 |  | 30,690
Total financial assets (excluding derivatives) at fair value | 158,661 |  | 77,692 |  | 10,262 |  | 246,615
1 Other financial assets mandatorily at fair value through profit or loss include assets backing insurance contracts and investment contracts of £185,201 million. Included within these assets are investments in unconsolidated structured entities of £86,630 million; see note 37.
Schedule of Movements in Level 3 - Portfolio, Financial Liabilities, Derivative Assets and Liabilities | The table below analyses movements in level 3 financial assets (excluding derivatives) at fair value, recurring basis.
| 2025 |  | 2024
| Financial assets at fair value through profit or loss £m | Financial assets at fair value through other comprehensive income £m | Total level 3 financial assets (excluding derivatives) at fair value, recurring basis £m |  | Financial assets at fair value through profit or loss £m | Financial assets at fair value through other comprehensive income £m | Total level 3 financial assets (excluding derivatives) at fair value, recurring basis £m
At 1 January | 9,889 | 373 | 10,262 |  | 11,681 | 284 | 11,965
Exchange and other adjustments | (1) | 3 | 2 |  | 1 | (3) | (2)
Gains recognised in the income statement within other income | 529 | 2 | 531 |  | 352 | 3 | 355
(Losses) gains recognised in other comprehensive income within the revaluation reserve in respect of financial assets at fair value through other comprehensive income | – | (71) | (71) |  | – | 92 | 92
Purchases/increases to customer loans | 1,251 | – | 1,251 |  | 1,080 | – | 1,080
Sales/repayments of customer loans | (1,365) | (206) | (1,571) |  | (3,266) | (3) | (3,269)
Transfers into the level 3 portfolio | 32 | – | 32 |  | 84 | – | 84
Transfers out of the level 3 portfolio | (84) | – | (84) |  | (43) | – | (43)
At 31 December | 10,251 | 101 | 10,352 |  | 9,889 | 373 | 10,262
Gains (losses) recognised in the income statement, within other income, relating to the change in fair value of those assets held at 31 December | 273 | 5 | 278 |  | 186 | (1) | 185
The table below analyses movements in the level 3 financial liabilities (excluding derivatives) at fair value portfolio.
| 2025 £m | 2024 £m
At 1 January | 22 | 42
(Gains) losses recognised in the income statement within other income | (2) | 2
Redemptions | (3) | (3)
Transfers out of the level 3 portfolio | – | (19)
At 31 December | 17 | 22
(Gains) losses recognised in the income statement, within other income, relating to the change in fair value of those liabilities held at 31 December | (2) | 3
Schedule of Financial Liabilities Excluding Derivatives | The table below analyses these financial liabilities by balance sheet classification and valuation methodology (level 1, 2 or 3, as described on page 257). The fair value measurement approach is recurring in nature. There were no significant transfers between level 1 and 2 during the year.
| Level 1 £m |  | Level 2 £m |  | Level 3 £m |  | Total £m
At 31 December 2025 |  |  |  |  |  |  |
Trading liabilities |  |  |  |  |  |  |
Liabilities in respect of securities sold under repurchase agreements | – |  | 21,710 |  | – |  | 21,710
Short positions in securities | 1,722 |  | 234 |  | – |  | 1,956
Total trading liabilities | 1,722 |  | 21,944 |  | – |  | 23,666
Debt securities in issue designated at fair value through profit or loss | – |  | 4,226 |  | 17 |  | 4,243
Total financial liabilities (excluding derivatives) at fair value | 1,722 |  | 26,170 |  | 17 |  | 27,909
At 31 December 2024 |  |  |  |  |  |  |
Trading liabilities |  |  |  |  |  |  |
Liabilities in respect of securities sold under repurchase agreements | – |  | 20,564 |  | – |  | 20,564
Short positions in securities | 2,400 |  | 17 |  | – |  | 2,417
Total trading liabilities | 2,400 |  | 20,581 |  | – |  | 22,981
Debt securities in issue designated at fair value through profit or loss | – |  | 4,608 |  | 22 |  | 4,630
Total financial liabilities (excluding derivatives) at fair value | 2,400 |  | 25,189 |  | 22 |  | 27,611
Schedule of Derivatives | The table below analyses these derivative balances by valuation methodology (level 1, 2 or 3, as described on page 257). The fair value measurement approach is recurring in nature. There were no significant transfers between level 1 and level 2 during the year.
| 2025 |  | 2024
| Level 1 £m | Level 2 £m | Level 3 £m | Total £m |  | Level 1 £m | Level 2 £m | Level 3 £m | Total £m
Derivative assets | 57 | 19,206 | 464 | 19,727 |  | 103 | 23,221 | 741 | 24,065
Derivative liabilities | (29) | (15,879) | (224) | (16,132) |  | (79) | (21,175) | (422) | (21,676)
Schedule Of Level 3 Derivative Assets and Liability Movements | The table below analyses movements in level 3 derivative assets and liabilities carried at fair value.
| 2025 |  | 2024
| Derivative assets £m | Derivative liabilities £m |  | Derivative assets £m | Derivative liabilities £m
At 1 January | 741 | (422) |  | 422 | (444)
Exchange and other adjustments | 19 | (9) |  | (15) | 7
(Losses) gains recognised in the income statement within other income | (216) | 189 |  | 11 | (7)
Purchases (additions) | 7 | (7) |  | 5 | (4)
(Sales) redemptions | (22) | 25 |  | (29) | 53
Transfers into the level 3 portfolio | – | – |  | 347 | (27)
Transfers out of the level 3 portfolio | (65) | – |  | – | –
At 31 December | 464 | (224) |  | 741 | (422)
(Losses) gains recognised in the income statement, within other income, relating to the change in fair value of those assets or liabilities held at 31 December | (43) | 31 |  | 12 | (7)
Schedule of Valuation Adjustment Movements |
Adjustment | 2025 £m | 2024 £m
Credit Valuation Adjustment | 98 | 122
Debit Valuation Adjustment | (43) | (42)
Funding Valuation Adjustment | 29 | 47
Liquidity Adjustment | 57 | 60
Other | 3 | 3
Total | 144 | 190
Schedule of Sensitivity of Level 3 Valuations |
|  |  | 2025 |  | 2024
|  |  |  |  | Effect of reasonably possible alternative assumptions 1 |  |  |  | Effect of reasonably possible alternative assumptions 1
| Valuation techniques | Significant unobservable inputs 2 | Carrying value £m |  | Favourable changes £m | Unfavourable changes £m |  | Carrying value £m |  | Favourable changes £m | Unfavourable changes £m
Financial assets at fair value through profit or loss
Loans and advances to customers | Discounted cash flows | Interest rate spreads (+/- 16%)3 | 6,058 |  | 168 |  | (159) |  | 6,022 |  | 245 |  | (231)
Debt securities | Discounted cash flows | Credit spreads (+/- 27%)4 | 860 |  | 36 |  | (56) |  | 621 |  | 35 |  | (55)
Equity and venture capital investments | Market approach | Earnings multiple (+/- 10%)5 | 2,275 |  | 101 |  | (101) |  | 2,267 |  | 150 |  | (150)
Underlying asset/net asset fair value (incl. property prices) | n/a | 811 |  | 85 |  | (87) |  | 773 |  | 80 |  | (84)
Unlisted equities, debt securities and property partnerships in the life funds | Underlying asset/net asset fair value (incl. property prices), broker quotes or discounted cash flows | n/a | 247 |  | 1 |  | (2) |  | 206 |  | – |  | (7)
|  |  | 10,251 |  |  |  |  |  | 9,889 |  |  |  |
Financial assets at fair value through other comprehensive income
Asset-backed securities | Lead manager or broker quote/ consensus pricing | n/a | 50 |  | 2 |  | (2) |  | 48 |  | 2 |  | (2)
Equity and venture capital investments | Underlying asset/net asset fair value (incl. property prices) | n/a | 51 |  | 3 |  | (3) |  | 325 |  | 33 |  | (33)
|  |  | 101 |  |  |  |  |  | 373 |  |  |  |
Derivative financial assets
Interest rate options | Option pricing model | Interest rate volatility (12%/195%)6 | 202 |  | 4 |  | (4) |  | 394 |  | 4 |  | (6)
Interest rate derivatives | Discounted cash flows | (+/- 8%) uncertainty of recovery rates 7 | 262 |  | 21 |  | (21) |  | 347 |  | 21 |  | (21)
|  |  | 464 |  |  |  |  |  | 741 |  |  |  |
Level 3 financial assets carried at fair value | 10,816 |  |  |  |  |  | 11,003 |  |  |  |
Financial liabilities at fair value through profit or loss
Securitisation notes and other | Discounted cash flows | Interest rate spreads (+/– 50 bps)8 | 17 |  | 1 |  | (1) |  | 22 |  | 1 |  | (1)
Derivative financial liabilities
Interest rate derivatives | Option pricing model | Interest rate volatility (12% /195% )6 | 224 |  | 15 |  | (13) |  | 422 |  | 17 |  | (15)
Level 3 financial liabilities carried at fair value | 241 |  |  |  |  |  | 444 |  |  |  |
1 Where the exposure to an unobservable input is managed on a net basis, only the net impact is shown in the table. 2 Ranges are shown where appropriate and represent the highest and lowest inputs used in the level 3 valuations. 3 2024: -241bps/+131bps. 4 2024: +/- 17%. 5 2024: 3.5/15.0. 6 2024: 11%/183%. 7 2024: +/- 8%. 8 2024: +/- 50bps.
Schedule of Valuation Hierarchy for Financial Assets |
| Carrying value £m |  | Fair value £m |  | Valuation hierarchy
|  |  | Level 1 £m |  | Level 2 £m |  | Level 3 £m
At 31 December 2025 |  |  |  |  |  |  |  |  |
Loans and advances to banks | 7,236 |  | 7,235 |  | – |  | – |  | 7,235
Loans and advances to customers | 481,463 |  | 480,703 |  | – |  | – |  | 480,703
Reverse repurchase agreements | 50,986 |  | 50,986 |  | – |  | 50,986 |  | –
Debt securities | 13,987 |  | 14,082 |  | – |  | 12,908 |  | 1,174
At 31 December 2024 |  |  |  |  |  |  |  |  |
Loans and advances to banks | 7,900 |  | 7,892 |  | – |  | – |  | 7,892
Loans and advances to customers | 459,857 |  | 455,846 |  | – |  | – |  | 455,846
Reverse repurchase agreements | 49,476 |  | 49,476 |  | – |  | 49,476 |  | –
Debt securities | 14,544 |  | 14,380 |  | – |  | 11,980 |  | 2,400
Schedule of Valuation Hierarchy for Financial Liabilities | The table below analyses the fair values of those financial liabilities of the Group which are carried at amortised cost by valuation methodology (level 1, 2 or 3, as described on page 257).
| Carrying value £m | Fair value £m |  | Valuation hierarchy
|  | Level 1 £m | Level 2 £m | Level 3 £m
At 31 December 2025 |  |  |  |  |  |
Deposits from banks | 5,779 | 5,779 |  | – | 5,779 | –
Customer deposits | 496,457 | 497,849 |  | – | 497,849 | –
Repurchase agreements at amortised cost | 38,570 | 38,570 |  | – | 38,570 | –
Debt securities in issue at amortised cost | 78,271 | 78,900 |  | – | 78,900 | –
Subordinated liabilities | 9,894 | 11,475 |  | – | 11,475 | –
At 31 December 2024 |  |  |  |  |  |
Deposits from banks | 6,158 | 6,158 |  | – | 6,158 | –
Customer deposits | 482,745 | 483,568 |  | – | 483,568 | –
Repurchase agreements at amortised cost | 37,760 | 37,760 |  | – | 37,760 | –
Debt securities in issue at amortised cost | 70,834 | 70,894 |  | – | 70,894 | –
Subordinated liabilities | 10,089 | 10,419 |  | – | 10,419 | –

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