v3.25.4

Measurement basis of financial assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure of detailed information about financial instruments [abstract]

Schedule of Financial Assets and Liabilities

The following table analyses the carrying amounts of the financial assets and liabilities

by category and by balance sheet heading.

Derivatives designated as hedging instruments £m

Mandatorily held at fair value through profit or loss

Designated at fair value through profit or loss £m

At fair value through other comprehensive income £m

Held at amortised cost £m

Insurance- related contracts £m

At 31 December 2025

Held for trading £m

Other £m

Total £m

Financial assets

Cash and balances at central banks

–

–

–

–

–

56,661

–

56,661

Financial assets at fair value through profit or loss

–

25,537

214,876

–

–

–

–

240,413

Derivative financial instruments

25

19,702

–

–

–

–

–

19,727

Loans and advances to banks

–

–

–

–

–

7,236

–

7,236

Loans and advances to customers

–

–

–

–

–

481,463

–

481,463

Reverse repurchase agreements

–

–

–

–

–

50,986

–

50,986

Debt securities

–

–

–

–

–

13,987

–

13,987

Financial assets at amortised cost

–

–

–

–

–

553,672

–

553,672

Financial assets at fair value through other comprehensive income

–

–

–

–

36,320

–

–

36,320

Other

–

–

–

–

–

–

514

514

Total financial assets

25

45,239

214,876

–

36,320

610,333

514

907,307

Financial liabilities

Deposits from banks

–

–

–

–

–

5,779

–

5,779

Customer deposits

–

–

–

–

–

496,457

–

496,457

Repurchase agreements at amortised cost

–

–

–

–

–

38,570

–

38,570

Financial liabilities at fair value through profit or loss

–

23,666

–

4,243

–

–

–

27,909

Derivative financial instruments

290

15,842

–

–

–

–

–

16,132

Notes in circulation

–

–

–

–

–

2,118

–

2,118

Debt securities in issue at amortised cost

–

–

–

–

–

78,271

–

78,271

Liabilities arising from insurance and participating investment contracts

–

–

–

–

–

–

135,284

135,284

Liabilities arising from non-participating investment contracts

–

–

–

61,640

–

–

–

61,640

Other

–

–

–

–

–

1,026

–

1,026

Subordinated liabilities

–

–

–

–

–

9,894

–

9,894

Total financial liabilities

290

39,508

–

65,883

–

632,115

135,284

873,080

Derivatives designated as hedging instruments £m

Mandatorily held at fair value through profit or loss

Designated at fair value through profit or loss £m

At fair value through other comprehensive income £m

Held at amortised cost £m

Insurance- related contracts £m

At 31 December 2024

Held for trading £m

Other £m

Total £m

Financial assets

Cash and balances at central banks

–

–

–

–

–

62,705

–

62,705

Financial assets at fair value through profit or loss

–

25,450

190,475

–

–

–

–

215,925

Derivative financial instruments

48

24,017

–

–

–

–

–

24,065

Loans and advances to banks

–

–

–

–

–

7,900

–

7,900

Loans and advances to customers

–

–

–

–

–

459,857

–

459,857

Reverse repurchase agreements

–

–

–

–

–

49,476

–

49,476

Debt securities

–

–

–

–

–

14,544

–

14,544

Financial assets at amortised cost

–

–

–

–

–

531,777

–

531,777

Financial assets at fair value through other comprehensive income

–

–

–

–

30,690

–

–

30,690

Other

–

–

–

–

–

173

5,481

5,654

Total financial assets

48

49,467

190,475

–

30,690

594,655

5,481

870,816

Financial liabilities

Deposits from banks

–

–

–

–

–

6,158

–

6,158

Customer deposits

–

–

–

–

–

482,745

–

482,745

Repurchase agreements at amortised cost

–

–

–

–

–

37,760

–

37,760

Financial liabilities at fair value through profit or loss

–

22,981

–

4,630

–

–

–

27,611

Derivative financial instruments

355

21,321

–

–

–

–

–

21,676

Notes in circulation

–

–

–

–

–

2,121

–

2,121

Debt securities in issue at amortised cost

–

–

–

–

–

70,834

–

70,834

Liabilities arising from insurance and participating investment contracts

–

–

–

–

–

–

122,064

122,064

Liabilities arising from non-participating investment contracts

–

–

–

51,228

–

–

–

51,228

Other

–

–

–

–

–

1,708

5,278

6,986

Subordinated liabilities

–

–

–

–

–

10,089

–

10,089

Total financial liabilities

355

44,302

–

55,858

–

611,415

127,342

839,272

Schedule of Offsetting of Financial Assets and Liabilities

Offsetting of financial assets and liabilities

							Related amounts where set off in the balance sheet not permitted1						Potential net amounts if offset of related amounts permitted £m
At 31 December 2025	Gross amounts of assets and liabilities £m		Amount offset in the balance sheet2 £m		Net amounts presented in the balance sheet £m		Cash collateral (received)/ pledged £m		Non-cash collateral (received)/ pledged £m		Master netting and similar agreements £m
Derivative assets	52,332		(32,605)		19,727		(2,815)		(2,962)		(8,339)		5,611
Derivative liabilities	(50,775)		34,643		(16,132)		3,006		882		8,339		(3,905)
Net position	1,557		2,038		3,595		191		(2,080)		–		1,706
Reverse repurchase agreements held at fair value	42,475		(21,494)		20,981		(32)		(20,832)		–		117
Repurchase agreements held at fair value	(43,304)		21,594		(21,710)		(14)		21,621		–		(103)
Net position	(829)		100		(729)		(46)		789		–		14
Reverse repurchase agreements held at amortised cost	63,862		(12,876)		50,986		75		(50,843)		–		218
Repurchase agreements held at amortised cost	(51,345)		12,775		(38,570)		2		38,424		–		(144)
Net position	12,517		(101)		12,416		77		(12,419)		–		74

1The Group enters into derivatives and repurchase and reverse repurchase agreements with various counterparties which are governed by industry standard master netting agreements.

The Group holds and provides cash and securities collateral in respect of derivative transactions covered by these agreements. The right to set off balances under these master netting

agreements or to set off cash and securities collateral only arises in the event of non-payment or default and, as a result, these arrangements do not qualify for offsetting under IAS 32.

2The amounts offset in the balance sheet as shown above meet the criteria for offsetting under IAS 32.

Offsetting of financial assets and liabilities

		Amount offset in the balance sheet2 £m					Related amounts where set off in the balance sheet not permitted1					Potential net amounts if offset of related amounts permitted £m
At 31 December 2024	Gross amounts of assets and liabilities £m			Net amounts presented in the balance sheet £m			Cash collateral (received)/ pledged £m		Non-cash collateral (received)/ pledged £m	Master netting and similar agreements £m
Derivative assets	60,118		(36,053)		24,065		(4,071)		(4,139)		(10,522)		5,333
Derivative liabilities	(60,150)		38,474		(21,676)		3,853		1,514		10,522		(5,787)
Net position	(32)		2,421		2,389		(218)		(2,625)		–		(454)
Reverse repurchase agreements held at fair value	35,463		(14,997)		20,466		362		(20,389)		–		439
Repurchase agreements held at fair value	(35,561)		14,997		(20,564)		31		19,991		–		(542)
Net position	(98)		–		(98)		393		(398)		–		(103)
Reverse repurchase agreements held at amortised cost	60,282		(10,806)		49,476		257		(49,341)		–		392
Repurchase agreements held at amortised cost	(48,566)		10,806		(37,760)		8		37,427		–		(325)
Net position	11,716		–		11,716		265		(11,914)		–		67

1The Group enters into derivatives and repurchase and reverse repurchase agreements with various counterparties which are governed by industry standard master netting agreements.

The Group holds and provides cash and securities collateral in respect of derivative transactions covered by these agreements. The right to set off balances under these master netting

agreements or to set off cash and securities collateral only arises in the event of non-payment or default and, as a result, these arrangements do not qualify for offsetting under IAS 32.

2The amounts offset in the balance sheet as shown above meet the criteria for offsetting under IAS 32.

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