v3.25.4

Derivative financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2025
Disclosure of derivative financial instruments [Abstract] |
Schedule of Fair Values and Notional Amounts of Derivative Instruments | The fair values and notional amounts of derivative instruments are set out in the following table:
| 2025 |  | 2024
| Contract/ notional amount £m |  | Fair value |  | Contract/ notional amount £m |  | Fair value
|  | Assets £m |  | Liabilities £m |  |  | Assets £m |  | Liabilities £m
Trading and other |  |  |  |  |  |  |  |  |  |  |
Exchange rate contracts | 689,215 |  | 7,594 |  | 6,454 |  | 707,329 |  | 10,247 |  | 9,172
Interest rate contracts | 15,086,291 |  | 11,797 |  | 8,924 |  | 12,864,265 |  | 13,436 |  | 11,644
Credit derivatives | 5,566 |  | 75 |  | 170 |  | 6,103 |  | 87 |  | 172
Equity, commodity and other contracts | 8,914 |  | 236 |  | 294 |  | 8,678 |  | 247 |  | 333
Total derivative assets/liabilities – trading and other | 15,789,986 |  | 19,702 |  | 15,842 |  | 13,586,375 |  | 24,017 |  | 21,321
Hedging |  |  |  |  |  |  |  |  |  |  |
Interest rate |  |  |  |  |  |  |  |  |  |  |
Currency swaps | 35 |  | 4 |  | – |  | 43 |  | 2 |  | –
Interest rate swaps | 211,737 |  | 8 |  | 253 |  | 231,064 |  | 6 |  | 337
Designated as fair value hedges | 211,772 |  | 12 |  | 253 |  | 231,107 |  | 8 |  | 337
Foreign exchange |  |  |  |  |  |  |  |  |  |  |
Currency swaps | 1,554 |  | 6 |  | 33 |  | 1,963 |  | 30 |  | 14
Interest rate |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | 571,126 |  | 7 |  | 4 |  | 484,996 |  | 10 |  | 4
Designated as cash flow hedges | 572,680 |  | 13 |  | 37 |  | 486,959 |  | 40 |  | 18
Total derivative assets/liabilities – hedging | 784,452 |  | 25 |  | 290 |  | 718,066 |  | 48 |  | 355
Total recognised derivative assets/liabilities | 16,574,438 |  | 19,727 |  | 16,132 |  | 14,304,441 |  | 24,065 |  | 21,676
Schedule of Hedged Items and Gains and Losses Arising from Hedge Accounting | The Group’s hedged items and gains and losses arising from hedge accounting are summarised as follows:
| Carrying amount of the hedged item |  | Accumulated amount of fair value adjustment on the hedged item |  | Change in fair value of hedged item for ineffectiveness assessment £m |  | Hedge ineffectiveness recognised in the income statement 4 £m
Fair value hedges | Assets £m |  | Liabilities £m |  | Assets £m |  | Liabilities £m |  |
At 31 December 2025 |  |  |  |  |  |  |  |  |  |  |
Interest rate |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgages 1 | 121,732 |  | – |  | (178) |  | – |  | 725 |  | (68)
Fixed rate issuance 2 | – |  | 45,053 |  | – |  | 829 |  | (530) |  | 10
Fixed rate bonds 3 | 35,058 |  | – |  | (1,053) |  | – |  | (138) |  | 4
Total | 156,790 |  | 45,053 |  | (1,231) |  | 829 |  | 57 |  | (54)
At 31 December 2024 |  |  |  |  |  |  |  |  |  |  |
Interest rate |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgages 1 | 124,013 |  | – |  | (890) |  | – |  | (184) |  | (52)
Fixed rate issuance 2 | – |  | 51,499 |  | – |  | 1,340 |  | (75) |  | (11)
Fixed rate bonds 3 | 29,264 |  | – |  | (1,070) |  | – |  | (1,158) |  | (18)
Total | 153,277 |  | 51,499 |  | (1,960) |  | 1,340 |  | (1,417) |  | (81)
1 Included within loans and advances to customers. 2 Included within debt securities in issue at amortised cost and subordinated liabilities. 3 Included within financial assets at amortised cost and financial assets at fair value through other comprehensive income. 4 Hedge ineffectiveness is included in the income statement within net trading income.
Schedule of Movements in Cash Flow Hedges |
| Gain (loss) recognised in other comprehensive income £m |  | Amounts reclassified from reserves to net interest income as: |  | Cash flow hedge reserve |  | Change in fair value of hedged item for ineffectiveness assessment £m |  | Hedge ineffectiveness recognised in the income statement 1 £m
Cash flow hedges |  | Hedged cash flows that will no longer occur £m | Hedged item affected income statement £m |  | Continuing hedges £m |  | Discontinued hedges £m |  |
At 31 December 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency issuance 2 | (3) |  | – |  | (4) |  | (11) |  | 138 |  | 7 |  | –
Customer deposits 3 | – |  | – |  | 4 |  | – |  | 9 |  | – |  | –
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |
Customer loans 4 | 294 |  | – |  | 1,131 |  | (2,159) |  | (1,475) |  | (802) |  | 63
Central bank balances 5 | 205 |  | – |  | 793 |  | (100) |  | (831) |  | (487) |  | 3
Customer deposits 3 | (14) |  | – |  | (55) |  | 1,527 |  | 38 |  | 72 |  | (12)
Total | 482 |  | – |  | 1,869 |  | (743) |  | (2,121) |  | (1,210) |  | 54
At 31 December 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency issuance 2 | 61 |  | – |  | (4) |  | 75 |  | 59 |  | (60) |  | –
Customer deposits 3 | – |  | – |  | – |  | – |  | 5 |  | – |  | –
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |
Customer loans 4 | (2,700) |  | – |  | 2,458 |  | (3,470) |  | (1,590) |  | 982 |  | (61)
Central bank balances 5 | (780) |  | – |  | 937 |  | (1,012) |  | (917) |  | 384 |  | (7)
Customer deposits 3 | 842 |  | – |  | (794) |  | 1,592 |  | 42 |  | (51) |  | 8
Total | (2,577) |  | – |  | 2,597 |  | (2,815) |  | (2,401) |  | 1,255 |  | (60)
1 Hedge ineffectiveness is included in the income statement within net trading income. The reported hedge ineffectiveness includes an adjustment for off-market derivatives. 2 Included within debt securities in issue at amortised cost and subordinated liabilities. 3 Included within customer deposits. 4 Included within loans and advances to customers. 5 Included within cash and balances at central banks.
Schedule of Amount, Timing and Uncertainty of Future Cash Flows | Details of the Group’s hedging instruments are set out below:
| Maturity |  | Changes in fair value used for calculating hedge ineffectiveness £m
Fair value hedges | Up to 1 month £m |  | 1 to 3 months £m | 3 to 12 months £m |  | 1 to 5 years £m | Over 5 years £m |  | Total £m |
At 31 December 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |
Cross currency swap |  |  |  |  |  |  |  |  |  |  |  |  |
Notional | – |  | – |  | – |  | 35 |  | – |  | 35 |  | 2
Average fixed interest rate | – |  | – |  | – |  | 1.28% |  | – |  |  |  |
Average EUR/GBP exchange rate | – |  | – |  | – |  | 1.38 |  | – |  |  |  |
Interest rate swap |  |  |  |  |  |  |  |  |  |  |  |  |
Notional | 395 |  | 5,503 |  | 31,294 |  | 132,417 |  | 42,128 |  | 211,737 |  | (113)
Average fixed interest rate | 3.00% |  | 3.24% |  | 3.70% |  | 3.33% |  | 1.96% |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 211,772 |  | (111)
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |
At 31 December 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange |  |  |  |  |  |  |  |  |  |  |  |  |
Currency swap |  |  |  |  |  |  |  |  |  |  |  |  |
Notional | 152 |  | 162 |  | 157 |  | 884 |  | 199 |  | 1,554 |  | (7)
Average EUR/GBP exchange rate | 1.13 |  | 1.16 |  | 1.14 |  | 0.98 |  | 0.95 |  |  |  |
Average USD/GBP exchange rate | 1.33 |  | 1.31 |  | 1.30 |  | 1.29 |  | – |  |  |  |
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  |  |  |  |  |  |  |  |  |  |  |  |
Notional | 12,636 |  | 31,911 |  | 114,577 |  | 321,862 |  | 90,140 |  | 571,126 |  | 1,771
Average fixed interest rate | 4.03% |  | 3.43% |  | 3.65% |  | 3.59% |  | 3.56% |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 572,680 |  | 1,764
Total |  |  |  |  |  |  |  |  |  |  | 784,452 |  | 1,653
Fair value hedges |  |  |  |  |  |  |  |  |  |  |  |  |
At 31 December 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |
Cross currency swap |  |  |  |  |  |  |  |  |  |  |  |  |
Notional | – |  | – |  | – |  | – |  | 43 |  | 43 |  | –
Average fixed interest rate | – |  | – |  | – |  | – |  | 1.28% |  |  |  |
Average EUR/GBP exchange rate | – |  | – |  | – |  | – |  | 1.38 |  |  |  |
Interest rate swap |  |  |  |  |  |  |  |  |  |  |  |  |
Notional | 5,236 |  | 13,781 |  | 55,607 |  | 111,300 |  | 45,140 |  | 231,064 |  | 1,336
Average fixed interest rate | 3.04% |  | 3.68% |  | 4.04% |  | 3.36% |  | 2.27% |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 231,107 |  | 1,336
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |
At 31 December 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange |  |  |  |  |  |  |  |  |  |  |  |  |
Currency swap |  |  |  |  |  |  |  |  |  |  |  |  |
Notional | 107 |  | 441 |  | 646 |  | 763 |  | 6 |  | 1,963 |  | 61
Average EUR/GBP exchange rate | 1.17 |  | 1.16 |  | 1.15 |  | 1.10 |  | 1.06 |  |  |  |
Average USD/GBP exchange rate | 1.30 |  | 1.27 |  | 1.27 |  | 1.27 |  | 1.30 |  |  |  |
Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  |  |  |  |  |  |  |  |  |  |  |  |
Notional | 9,195 |  | 21,010 |  | 129,436 |  | 262,387 |  | 62,968 |  | 484,996 |  | (600)
Average fixed interest rate | 4.32% |  | 4.36% |  | 3.84% |  | 3.34% |  | 3.01% |  |  |  |
|  |  |  |  |  |  |  |  |  |  | 486,959 |  | (539)
Total |  |  |  |  |  |  |  |  |  |  | 718,066 |  | 797

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