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Financial review

Average balance sheet and net interest income (year ended 31st December)
2000 1999 1998
Average Average Average Average Average Average Average Average Average
balance Interest rate balance Interest rate balance Interest rate
£m £m % £m £m % £m £m %
Assets
Treasury bills and other eligible bills:
in offices in the UK 4,491 146 3.3 3,697 175 4.7 2,445 154 6.3
in offices outside the UK 844 88 10.4 898 90 10.0 963 103 10.7
Loans and advances to banks:
in offices in the UK 6,579 355 5.4 7,762 361 4.7 10,561 605 5.7
in offices outside the UK 6,361 397 6.2 8,224 442 5.4 11,138 535 4.8
Loans and advances to customers:
in offices in the UK 83,651 6,810 8.1 68,752 5,549 8.1 62,304 5,757 9.2
in offices outside the UK 20,693 1,298 6.3 16,154 893 5.5 11,596 863 7.4
Lease receivables:
in offices in the UK 4,683 316 6.7 5,059 346 6.8 5,499 452 8.2
in offices outside the UK 366 39 10.6 537 67 12.5 240 21 8.8
Debt securities:
in offices in the UK 26,973 1,630 6.0 15,256 851 5.6 13,804 910 6.6
in offices outside the UK 11,559 709 6.1 9,928 546 5.5 8,846 552 6.2
Average assets of banking business 11,788 7.1 136,267 9,320 6.8 127,396 9,952 7.8
Average assets of trading business 98,156 4,808 4.9 67,278 3,655 5.4 77,599 3,809 4.9
Total average interest
earning assets 264,356 16,596 6.3 203,545 12,975 6.4 204,995 13,761 6.7
Provisions (2,115) (1,955) (1,847)
Non-interest earning assets 43,125 42,526 39,957
Total average assets and
interest income 305,366 16,596 5.4 244,116 12,975 5.3 243,105 13,761 5.7
Percentage of total average assets
in offices outside the UK 31.4 31.0 29.6
Average interest earning assets
and net interest income:
Banking business 166,200 5,161 3.1 136,267 4,630 3.4 127,396 4,352 3.4
Trading business 98,156 (216) (0.2) 67,278 (31) – 77,599 (25) –
Write-down of leases – – – – (40) –
Discount rate adjustment
on provisions (8) – (6) – (4) –
Profit on redemption/repurchase
of loan capital 2 – 3 – 3 –
Total average interest earning
assets and net interest income 264,356 4,939 1.9 203,545 4,596 2.3 204,995 4,286 2.1
Total average interest earning assets
related to:
Interest income 16,596 6.3 12,975 6.4 13,761 6.7
Interest expense (11,651) (4.4) (8,376) (4.1) (9,434) (4.6)
Write-down of leases – – – – (40) –
Discount rate adjustment on provisions (8) – (6) – (4) –
Profit on redemption/repurchase of
loan capital 2 – 3 – 3 –
4,939 1.9 4,596 2.3 4,286 2.1




Average balance sheet and net interest income (year ended 31st December)
2000 1999 1998
Average Average Average Average Average Average Average Average Average
balance Interest rate balance Interest rate balance Interest rate
£m £m % £m £m % £m £m %
Liabilities and shareholders’ funds
Deposits by banks:
in offices in the UK 21,465 932 4.3 14,210 479 3.4 17,911 719 4.0
in offices outside the UK 13,736 545 4.0 11,506 460 4.0 11,726 505 4.3
Customer accounts –
demand deposits:
in offices in the UK 13,302 220 1.7 12,786 168 1.3 11,072 201 1.8
in offices outside the UK 1,707 50 2.9 1,827 35 1.9 2,088 44 2.1
Customer accounts –
savings deposits:
in offices in the UK 27,349 1,005 3.7 24,517 772 3.1 22,635 1,110 4.9
in offices outside the UK 1,312 62 4.7 1,307 55 4.2 1,120 63 5.6
Customer accounts –
other time deposits – retail:
in offices in the UK 28,639 1,634 5.7 23,998 1,231 5.1 22,703 1,574 6.9
in offices outside the UK 5,785 316 5.5 5,076 234 4.6 5,262 266 5.1
Customer accounts –
other time deposits – wholesale:
in offices in the UK 22,596 1,165 5.2 19,555 848 4.3 17,379 890 5.1
in offices outside the UK 10,005 553 5.5 6,067 306 5.0 5,904 307 5.2
Debt securities in issue:
in offices in the UK 19,904 1,057 5.3 15,656 777 5.0 14,554 913 6.3
in offices outside the UK 7,279 457 6.3 7,130 379 5.3 6,181 340 5.5
Dated and undated loan capital
and other subordinated liabilities
principally in offices in the UK 4,643 335 7.2 4,092 263 6.4 3,372 244 7.2
Internal funding of trading business (30,355) (1,704) 5.6 (29,231) (1,317) 4.5 (32,682) (1,576) 4.8
Average liabilities of
banking business 147,367 6,627 4.5 118,496 4,690 4.0 109,225 5,600 5.1
Average liabilities of
trading business 98,297 5,024 5.1 71,535 3,686 5.2 79,513 3,834 4.8
Total average interest
bearing liabilities 245,664 11,651 4.7 190,031 8,376 4.4 188,738 9,434 5.0
Interest free customer deposits:
in offices in the UK 9,468 8,677 8,333
in offices outside the UK 1,858 1,597 1,278
Other non-interest
bearing liabilities 37,637 35,190 36,652
Minority and other interests
and shareholders’ funds 10,739 8,621 8,104
Total average liabilities, shareholders’
funds and interest expense 305,366 11,651 3.8 244,116 8,376 3.4 243,105 9,434 3.9
Percentage of total average non-capital
liabilities in offices outside the UK 30.5 30.3 30.0
Notes
(a) Loans and advances to customers and banks include all doubtful lendings, including non-accrual lendings. Interest
receivable on such lendings has been included to the extent to which either cash payments have been received or interest
has been accrued in accordance with the income recognition policy of the Group.
(b) Average balances are based upon daily averages for most UK banking operations and monthly averages elsewhere.
(c) The average balance sheet does not include the retail life-fund assets attributable to policyholders nor the related liabilities.
Changes in net interest income – volume and rate analysis
The following table allocates changes in net interest income between changes in volume and changes in interest rates for the last two years. Volume and rate variances have been calculated on the movement in the average balances and the change in the interest rates on average interest earning assets and average interest bearing liabilities. Where variances have arisen from changes in both volumes and interest rates, these have been allocated proportionately between the two.
2000/1999 Change due 1999/1998 Change due
to increase/(decrease) in: to increase/(decrease) in:
Total Total
change Volume Rate change Volume Rate
£m £m £m £m £m £m
Interest receivable
Treasury bills and other eligible bills:
in offices in the UK (29) 33 (62) 21 66 (45)
in offices outside the UK (2) (6) 4 (13) (7) (6)
(31) 27 (58) 8 59 (51)
Loans and advances to banks:
in offices in the UK (6) (59) 53 (244) (143) (101)
in offices outside the UK (45) (110) 65 (93) (151) 58
(51) (169) 118 (337) (294) (43)
Loans and advances to customers:
in offices in the UK 1,261 1,213 48 (208) 562 (770)
in offices outside the UK 405 274 131 30 286 (256)
1,666 1,487 179 (178) 848 (1,026)
Lease receivables:
in offices in the UK (30) (25) (5) (106) (34) (72)
in offices outside the UK (28) (19) (9) 46 34 12
(58) (44) (14) (60) – (60)
Debt securities:
in offices in the UK 779 703 76 (59) 90 (149)
in offices outside the UK 163 96 67 (6) 63 (69)
942 799 143 (65) 153 (218)
Total banking business interest receivable:
in offices in the UK 1,975 1,865 110 (596) 541 (1,137)
in offices outside the UK 493 235 258 (36) 225 (261)
2,468 2,100 368 (632) 766 (1,398)


Total trading business interest receivable 1,153 1,542 (389) (154) (537) 383


Total interest receivable 3,621 3,642 (21) (786) 229 (1,015)

Changes in net interest income – volume and rate analysis
2000/1999 Change due 1999/1998 Change due
to increase/(decrease) in: to increase/(decrease) in:
Total Total
change Volume Rate change Volume Rate
£m £m £m £m £m £m
Interest payable
Deposits by banks:
in offices in the UK 453 290 163 (240) (135) (105)
in offices outside the UK 85 89 (4) (45) (9) (36)
538 379 159 (285) (144) (141)
Customer accounts – demand deposits:
in offices in the UK 52 7 45 (33) 28 (61)
in offices outside the UK 15 (2) 17 (9) (5) (4)
67 5 62 (42) 23 (65)
Customer accounts – savings deposits:
in offices in the UK 233 95 138 (338) 86 (424)
in offices outside the UK 7 – 7 (8) 9 (17)
240 95 145 (346) 95 (441)
Customer accounts – other time deposits – retail:
in offices in the UK 403 256 147 (343) 86 (429)
in offices outside the UK 82 35 47 (32) (9) (23)
485 291 194 (375) 77 (452)
Customer accounts – other time deposits – wholesale:
in offices in the UK 317 143 174 (42) 104 (146)
in offices outside the UK 247 215 32 (1) 8 (9)
564 358 206 (43) 112 (155)
Debt securities in issue:
in offices in the UK 280 223 57 (136) 65 (201)
in offices outside the UK 78 8 70 39 51 (12)
358 231 127 (97) 116 (213)
Dated and undated loan capital and other
subordinated liabilities principally in offices in the UK 72 38 34 19 48 (29)
Internal funding of trading businesses (387) (52) (335) 259 160 99
Total banking business interest payable:
in offices in the UK 1,423 1,000 423 (854) 442 (1,296)
in offices outside the UK 514 345 169 (56) 45 (101)
1,937 1,345 592 (910) 487 (1,397)

Total trading business interest payable 1,338 1,368 (30) (148) (400) 252

Total interest payable 3,275 2,713 562 (1,058) 87 (1,145)


Movement in net interest income
Increase/(decrease) in interest receivable 3,621 3,642 (21) (786) 229 (1,015)
(Increase)/decrease in interest payable (3,275) (2,713) (562) 1,058 (87) 1,145

346 929 (583) 272 142 130
Movement in write-down of leases – 40
Movement in profit on redemption/repurchase
of loan capital (1) –
Movement in discount rate adjustment on provisions (2) (2)
343 310