Aldermore Group PLC Investor presentation Full Year Results 2015 A - - PowerPoint PPT Presentation
Aldermore Group PLC Investor presentation Full Year Results 2015 A year on from IPO . Delivered another excellent set of financial results 1 Generating attractive and sustainable returns 2 Strong balance sheet and capital position 3
Full Year Results 2015
A year on from IPO ….
Generating attractive and sustainable returns
2
Delivered another excellent set of financial results
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Strong balance sheet and capital position
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1
Benefit from a diversified lending, funding and distribution model
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Confident of driving continued significant growth
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Underlying profit before tax (£m)(1) Cost of risk (bps)
2015: Another year of strong financial delivery
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Cost income ratio (%)(1)
(1) Excludes IPO costs of £4.1m pre-tax (£3.4m post-tax) in 2015 and £6.0m pre-tax (£4.6m post-tax) in 2014 (2) After AT1 coupon payment in April 2015 of £3.5m pre-tax (£2.8m post-tax)
Net interest margin
3.4% 3.6% 2014 2015 56 99 2014 2015 60 51 2014 2015 23 19 2014 2015
Underlying profit before tax(1) up by 75% to £99m Net interest margin increased to 3.6% Cost/ income ratio(1) improved by 9% to 51% Cost of risk of 19bps reflects strong discipline
and benign credit environment
Underlying return on equity(1)(2) of 20.6% Net loans up by 28% to £6.1bn Origination of £2.6bn; up 10% on prior year 71,000 lending customers, up 27% in year Strong capital position Fully loaded CRD IV total capital ratio of 15.1% Fully loaded CRD IV CET1 ratio of 11.8%
Asset Finance grew by 29% to £1.3bn Strong origination of £893m; up by 21% Customer numbers up by 30% to c42,000 SME Commercial Mortgages up by 50% to £0.8bn Excellent origination of £428m; up by 42% Direct grew by over 200%; now 26% of origination Buy-to-Let grew by 18% to £2.4bn Customers numbers up by 15% to c16,000 Robust origination of £673m; down 7% Direct grew by 10% and is now 19% of origination Residential Mortgages up by 42% to £1.4bn Origination of £582m up by 4% 40% increase in customers to c10,000
Driving continued double digit lending growth in 2015
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1.0 1.3 0.2 0.2 0.6 0.8 2.0 2.4 1.0 1.4 2014 2015
Asset Finance Invoice Finance SME Commercial Mortgages Residential Mortgages Buy-to-Let
4.8 6.1 +42% +18% +50% +29%
+28% Net loans to customers (£bn)
£28bn Credit cards £111bn
Significant opportunities for growth in focus markets
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Lending market in the UK is estimated to be around £530bn
Source: Council of Mortgage Lenders (CML), British Bankers Association (BBA), Finance and Leasing Association (FLA), Asset Based Finance Association (ABFA), DeMontfort University. Aldermore estimates. Other consumer finance includes second charge mortgages, personal loans and credit cards (non-BBA members), retail store and online credit, Point of sale (source: FLA). Invoice Finance figure is based on loan advances as at the end of September 2015. Overdrafts excluded. Mortgage distribution split excludes buy-to-let and commercial mortgages. For illustration purposes only, not to scale.
2015 market growth (%) 2015 market size (£bn) 15%
Invoice Finance Mortgages (£268bn)
£20bn
9% 6% 3% 12% 0%
Aldermore’s estimated market share Broker £5bn £53bn Other consumer finance Consumer car finance Asset Finance (£28bn) Personal loans
£20bn
Hard assets 80% Soft assets 20% Intermediated 70% Direct 30%
Remortgages £55bn Commercial Mortgages £48bn First time buyers £47bn Homemovers £72bn Buy-to-Let £38bn Other £8bn
Direct £14bn Sales £9bn Broker £5bn
22% 3% 13% 39% 23% Asset Finance Invoice Finance SME Commercial Mortgages Buy-to-Let Residential Mortgages
Aldermore is a diversified, specialist lender ….
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66% 22% 2% 6% 3% 1% Retail deposits SME deposits Corporate deposits FLS RMBS Other wholesale
£6.1bn(1)
Customer loans Funding base
£6.4bn(1)
(1) As at 31 December 2015
Focused on large, growing customer segments
which are under- or poorly served by the wider market
Targeted human underwriting facilitated by modern,
legacy-free systems and combined with a rigorous focus on credit risk management
Diversified lending portfolio provides multiple
avenues to drive continued significant growth
Dynamic online deposit franchise anchors
diversified funding base
Expanding distribution; leveraging strong intermediary
relationships as well as growing direct capability
Delivering award-winning customer service Leveraging operating platform successfully to drive
efficiency and innovation
Confident of sustained momentum across the business
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First time buyers £33bn Buy-to-Let £23bn Diversified lending portfolio provides multiple growth
levers within our current prudent risk appetite
Small shares of addressable markets Continue to extend distribution reach and mix Ongoing investment in technology supports customer
experience, innovation and broker service
Proven ability to leverage our specialist underwriting
capability into adjacent market segments
1.2 2.1 3.4 4.8 6.1 2011 2012 2013 2014 2015 £0.9bn £1.3bn £1.4bn £1.3bn Net loans to customers (£bn)
18% 13% 10% 8% 12% 6% 8% 5% 2% 18%
Logistics Manufacturing Construction Plant hire Wholesale and retail trade Financial intermediation Agriculture Community activities Utilities Other
Asset Finance: a breadth of industry and asset expertise
Specialist and experienced credit underwriters remain at the core of our growing business
Modern technology enables the team to focus
their time on the key credit issues
Pro-active deal maker; able to tackle
complex transactions
Industry-leading reputation for expert and responsive service underpins strong franchise
Treat our brokers as an extension of our team Consistent decisions provide clarity of appetite Credit approvals made in hours and not weeks Rapid application to pay-out time
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Portfolio split by industry (%) Portfolio split by asset type (%)
(1) As at 31 December 2015
34% 30% 11% 10% 6% 2% 7%
Plant & Machinery Commercial Vehicles Professional Loans Cars - used Cars - new IT equipment Other £1.3bn(1) £1.3bn(1)
Asset Finance: Clear strategy for delivering continued growth
(1) Source: Finance and Leasing Association (FLA). Total market originations for 2015 excluding high value (deals over £20m). (2) “Sales” finance includes origination where the finance company has an indirect relationship with the customer through the manufacturer, dealer, supplier
Pre-eminent Asset Finance lender for UK brokers Maintain market-leading share of growing
broker-distributed market
Continued investment and relentless focus on
flexible and responsive service
Training the next generation of UK brokers Continued push into soft assets Deepening relationships with specialist brokers Further penetration of sales channel Leverage Dealer Services proposition into key
industry segments of agriculture, construction, transportation and materials handling
Target manufacturers with Stocking facility
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Aldermore Asset Finance net loans (£bn) 12.3 14.1 8.2 9.0 4.6 5.0 25.2 28.1 2014 2015 Direct Sales Broker Asset finance market origination by channel (£bn)(1)(2) 1.0 1.3 2014 2015
Award-winning, innovative and integrated Mortgages business
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Comprehensive proposition One-stop shop; SME Commercial range spans
property development to purchase and refinancing
Seamless buy-to-let offering supported by
dedicated, expert teams
Residential mortgages target otherwise under- or
poorly served prime credit worthy customers
Modern, legacy-free systems support targeted
manual and dedicated expert underwriting
Make speedy and consistent lending decisions Able to underwrite creditworthy business that the
high street banks can’t
Systems also support best-in-class service Portal provides decision in principle in 90 seconds
and enables online application tracking by brokers
Allow brokers direct access to underwriters Differentiated proposition will continue to deliver
significant, profitable and diversified growth
57% 9%
Shop Property development Office Warehouse Residential Other Industrial Unit
SME Commercial Mortgages Buy-to-Let and Residential Mortgages
Balance as at 31 December 2015 6% 21% 16% 13% 13% 10% 8% 13% Greater London South East Midlands East Anglia North West South West Yorkshire Other 35% 20% 9% 9% 9% 8% 5% 5%
£2.4bn £1.4bn
31% 22% 17% 14% 8% 5% 3%
£0.8bn £xbn
Buy-to-Let remains a significant growth opportunity
10 57%
(1) Source: English housing survey (2) Source: Council of Mortgage Lenders (CML)
10 20 30 40 2006 2007 2008 2009 2010 2011 2012 2013 2014 Mortgaged Owned Outright Social Rental Private Rental 32.7 30.7 19.4 17.3 30.5 39.7 12.2 17.7
Trends in UK housing tenure (%)(1) UK Buy-to-Let market origination by purpose (%)(2)
0% 20% 40% 60% 80% 100% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Remortgages Purchases Other
Buy-to-let will remain a key part of the UK market Around 20% of UK households are currently living
in privately rented accommodation
Expected to grow by 1.1m households in 5 years Prudent underwriting approach Average LTV at origination is c70% Minimum DSCR of 150%; stress for 2% increase in
interest rates plus 1% for voids/ maintenance
Driving continued growth at attractive margins Expect overall buy-to-let market to remain resilient c70% of our portfolio relates to remortgages Span all landlord types and simple to complex
properties so responsive to shifting market dynamics
Diversified mortgage strategy levers multiple growth options
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Build on existing Mortgage-wide capability Continue to capitalise on market-leading expertise
and service levels for brokers
Ongoing investment in technology; upgrading our
mortgage operating platforms
SME Commercial Mortgages growth supported by
Focus on commercial investment in multi-let properties
rather than single high profile anchor tenants
Support experienced regional property developers
where planning consent already obtained
Buy-to-let demand expected to remain resilient Offering responsive to changing demand dynamics Government initiatives promote home ownership Significant opportunity to support first time buyers Invested in in-house advisors to drive Direct Aldermore Mortgages net loans (£bn) 44 48 27 38 176 182
247 268
2014 2015
Commercial Buy-to-Let Residential
UK Mortgage market origination (£bn)(1) 0.6 0.8 2.0 2.4 1.0 1.4 3.6 4.6 2014 2015
SME Commercial Buy-to-Let Residential
(1) Source: Council of Mortgage Lenders (CML), DeMontfort University, Aldermore estimates.
26 56 99 2013 2014 2015
Confident of delivering continued profitable growth
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Another year of strong delivery Underlying profit before tax up by 75% to £99m Net lending grew by 28% to £6.1bn Maintained diversified funding base, prudent
risk appetite and strong capital position
Clear and differentiated strategy leveraging Specialist and experienced credit underwriters
supported by modern technology
Our award-winning reputation for expert
and responsive service
Positive outlook Expect to deliver continued nominal net loan
growth in line with recent run rates
Confident in our ability to generate strong,
sustainable returns for shareholders
Net loans to customers (£bn) Underlying profit before tax (£m)(1) 3.4 4.8 6.1 2013 2014 2015
(1) Excludes IPO costs of £4.1m pre-tax (£3.4m post-tax) in 2015 and £6.0m pre-tax (£4.6m post-tax) in 2014
Commentary
Note: Numbers may not exactly sum / reconcile due to rounding. (1) Includes derivatives held for risk management, fair value adjustments for portfolio hedged risk, other assets, prepayments and accrued income, deferred tax and property, plant and equipment. (2) Includes corporate deposits.
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(3) RWA = Risk weighted assets. (4) CET1 ratio = Common equity tier 1 capital / RWAs
Continued balance sheet momentum…
31 December 31 December (£m) 2015 2014 Growth % Key balance sheet items Net loans 6,145 4,801 28% Cash and investments 806 707 14% Intangible assets 24 23 6% Fixed and other assets(1) 34 35 (2%) Total assets 7,009 5,565 26% Customer deposits(2) 5,742 4,459 29% Wholesale funding 636 621 2% Other liabilities 97 107 (9%) Total liabilities 6,475 5,186 25% Ordinary shareholders' equity 460 305 51% AT1 capital 74 74
534 379 41% Total liabilities and equity 7,009 5,565 26% Key ratios Loans to deposits ratio 107% 108% Net loan growth (£bn) 1,344 1,427 Fully loaded CRD IV RWAs(3) 3,693 2,702 Fully loaded CRD IV CET1 capital 436 281 Fully loaded CRD IV CET1 ratio(4) 11.8% 10.4% Leverage ratio 7.3% 6.3% 1 2 2 3
− Net loan growth of £1.3bn represents a strong performance − Diverse portfolio with significant double digit growth across all major lending lines
− Deposits up 29% to £5.7bn − Loans to deposits ratio of 107%
− Raised £75m of gross primary equity
1 2 3 1
(£m) 2015 2014 Growth % Key P&L items Interest income 300 228 32% Interest expense (102) (88) (16%) Net interest income 199 140 42% Net fee and other operating income(3) 26 26 (2%)
225 165 36% Operating expenses (116) (99) (17%) IPO related costs (4) (6) 32% Profit before impairment losses 105 60 75% Impairment losses (10) (10) (8%) Profit before tax 95 50 88% Tax (16) (12) (38%) Profit after tax 78 38 104% Underlying profit before tax(1) 99 56 75% Key ratios Net interest margin 3.6% 3.4% Cost income ratio(1) 51% 60% Cost of risk 19 bps 23 bps Underlying return on equity(1)(2) 20.6% 15.1% Earnings per share 22.7 p 13.0 p Net derivatives income and gains on disposal of debt securities(4)
…drives a significant improvement in profitability
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(1) Excludes IPO related costs of £4.1m pre-tax (£3.4m post-tax) in 2015 and £6.0m pre-tax (£4.6m post-tax) in 2014 (2) Return on Equity = Profit after tax minus AT1 coupon paid / average ordinary shareholder
− Loan growth drives 32% increase in interest income to £300m − Funding costs up by only 16% as we benefit from ongoing diversification
− Growth in Asset Finance and Mortgages offsets reduction in Invoice Finance fees
− Operating income up 36%; expenses up 17% − Cost/income ratio(1) improves by 9pts to 51%
− Cost of risk improved by 4 bps to 19 bps
4 3 1 2 5 1 3 6 4 6 3 6
(3) Net fees and other operating income = Fee income + Fee expense + Other
(4) Net derivatives income and gains on disposal of debt securities = Net income from derivatives and other financial instruments + Gains on disposal of available for sale of debt securities
2 4 5
Commentary
92 111 2014 2015 37 45 2014 2015
7.7% 6.5%
SME Commercial Mortgages
35 66 2014 2015 228 300 2014 2015
Delivering strong growth at attractive risk adjusted margins
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(1) Gross interest margin = interest income / average net loans
Gross interest margin (%)(1)
Asset Finance
57 76 2014 2015
6.4% 6.3%
9 8 2014 2015
Invoice Finance
4.7% 4.5%
Residential Mortgages
5.6% 4.6%
Group
5.6% 5.5%
Interest income (£m)
Buy-to-Let
5.2% 5.0%
Funding diversification drives expected improvement in NIM
(1) Numbers may not exactly sum / reconcile due to rounding (2) Loans to deposits ratio = net customer loans / customer deposits (3) Cost of funding = interest expense / average net loans. (4) Net interest margin = net interest income / average net loans.
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Deposit-led funding strategy
− £5.7bn of customer deposits; up by 29% − Of which SME deposits grew by 37% to £1.4bn − Of which Corporate deposits exceed £150m
Ongoing diversification of wholesale funding
− Capitalising on FLS extension for SME lending − First full year of RMBS benefit; issued April 2014
Drives further cost of funding benefit
− Cost of funds for 2015 down to 1.9%
Net interest margin improved to 3.6%
− In line with management expectations − Expect net interest margin to flatten in 2016 reflecting the continued stable UK interest rate environment
2.9 3.4 4.2 0.5 1.0 1.4 0.2 0.4 0.6 0.6 3.9 5.1 6.4 2013 2014 2015 Retail deposits SME deposits Corporate deposits Wholesale funding 2.8% 2.1% 1.9% 2013 2014 2015 Cost of funding (%) 108%
LDR(2) (%)
Increasingly diversified funding base (£bn)(1)
107%
Declining funding costs(3)
97%
Improving net interest margin(4)
3.0% 3.4% 3.6% 2013 2014 2015 Net interest margin (%)
Strong and consistent credit performance
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Average loan balance (as at 31 Dec 2015) (1) % of loan book at origination constituted by secured loans for Asset Finance; prepayment percentage for Invoice Finance, average loan-to-value ratio for SME Commercial Mortgages, Buy-to-Let and Residential Mortgages. (2) Non-performing loans ratio = Individually impaired loans / average gross loans
Granular Portfolio
c£31k
88% 82% 2014 2015
(3) Cost of risk = Impairments / average net loans
Group cost of risk (bps)(3) Group NPL ratio (%)(2)
0.25 0.31 2014 2015
NPL ratio (%)(2) Cost of risk (bps)(3) Highly secured(1)
31 40 2014 2015 69% 68% 2014 2015 3.12 1.51 2014 2015 173 88 2014 2015 64% 64% 2014 2015 1.06 0.83 2014 2015 63 29 2014 2015 68% 68% 2014 2015 0.15 0.21 2014 2015 (2) 6 2014 2015 75% 77% 2014 2015 0.34 0.29 2014 2015 11 7 2014 2015 0.43 0.37 2014 2015 23 19 2014 2015
SME Commercial Mortgages Asset Finance Invoice Finance Buy-to-Let Residential Mortgages c£125k c£494k c.£158k c£138k
60% 51% 2014 2015
Continuing to leverage scaleable operating model
Relative cost advantage driven by
− Modern and scaleable systems − Lack of legacy costs
Underlying operating expenses up by 17%
as we continue to invest in the business
Other admin expenses of £108m
− Average headcount increased by 12% over 2014 − Reflects investment in central functions ahead of IPO and to support growth
Provisions include £2m FSCS charge High degree of operating leverage
− Cost income ratio reduced to 51%(1)(2) in 2015 despite continued investment − Making good progress towards cost/income ratio
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Leveraging operational efficiency 92 108 4 2 4 5 99 116 2014 2015 Depreciation & amortisation Provisions Other administrative expenses Cost base breakdown (£m)(1) Cost/income ratio (%)(1)(2)
(1) Excludes IPO related costs of £4.1m pre-tax (£3.4m post-tax) in 2015 and £6.0m pre-tax (£4.6m post-tax) in 2014 (2) Cost income ratio = (Administrative expenses + depreciation) / operating income.
6.3% 7.3% 2014 2015
Maintaining a strong capital base
Total capital ratio (%)(1) Leverage ratio (%)(2)
(1) Total capital ratio = Total capital / risk weighted assets. (2) Leverage ratio = Tier 1 capital / total exposures.
19 Target CET 1 ratio of c11% Target >5%
Strong capital ratios support growth Profit after tax of £78m and £75m of gross equity
raised at IPO partially offset by growth in RWA leads to improvement in capital ratios
CET1 ratio of 11.8%; target remains c11% Intend to pursue an advanced internal risk-based
capital model approach
Leverage ratio of 7.3% remains well above
regulatory minimum requirements
Target to maintain leverage ratio > 5% 10.4% 11.8% 4.4% 3.3% 14.8% 15.1% 2014 2015 AT1 and Tier 2 capital ratio CET1 capital ratio
66% 60% 51% 2013 2014 2015 26 56 99 2013 2014 2015
Net loans (£bn) Net interest margin (%) Profit before tax (%)(1) Cost income ratio (%)(1)
Driving continued momentum
20 3.0% 3.4% 3.6% 2013 2014 2015
Underlying return on equity(1)(2)
11.6%
(1) Excludes IPO related costs of £4.1m pre-tax (£3.4m post-tax) in 2015, £6.0m pre-tax (£4.6m post-tax) in 2014 (2) Includes AT1 coupon payment in April 2015 of £3.5m pre-tax (£2.8m post-tax)
15.1% 20.6% 3.4 4.8 6.1 2013 2014 2015
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Appendices
75% 75% 25% 25% 740 893 2014 2015 93% 91% 7% 9% 560 582 2014 2015 84% 81% 16% 19% 726 673 2014 2015 88% 74% 12% 26% 301 428 2014 2015 71% 60% 29% 40% 45 35 2014 2015 0.3%
Diversified portfolio provides multiple growth levers
(1) Based on total market origination for 2015, except Invoice Finance which represents a stock figure as at 30 September 2015. Data from: Finance & Leasing Association (Asset Finance); Asset Based Finance Association (Invoice Finance) and CML (Buy-to-Let and Residential Mortgages). (2) Market share based on 2015 origination for Asset Finance, SME Commercial Mortgages, Buy-to-Let and Residential Mortgages. Market share for Invoice Finance based on September 2015 period-end balance. (3) Market size for SME Commercial Mortgages based on H1 2015 DeMontfort University study. H1 2015 market origination annualised to give market size.
Asset Finance Residential Mortgages Invoice Finance SME Commercial Mortgages
Grew customer numbers by 15% to c16,000 Robust origination of £673m; down 7% Direct distribution grew by 10% Grew customer numbers by 30% to 42,000 Organic origination growth of 21% across both
broker and direct channels
Soft assets now form 7% of the portfolio Customer numbers remain around 1,200 Trade and construction finance gaining traction Support Asset Finance Dealer Finance proposition Customer numbers grew by 38% to c1,500 Origination driven by Commercial Investment Good progress in Property Development Direct origination grew by over 200%
£1.3bn £0.2bn £0.8bn £1.4bn Net loans (£bn), as at 31 December 2015 Intermediated Direct / Sales
Business segment 2015 performance Market size(1) and current market share(2)
3.2% £28bn 0.8% £20bn 0.9% £48bn(3) 1.8% £182bn 22
Loan origination (£m)
Buy-to-Let £2.4bn
£38bn
Customer numbers grew by 40% to c10,000 Origination supported by Help to Buy Direct origination grew by 33%
Benefit from ongoing diversification of funding base
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Source of funding Average balance (£m) Cost of funding (%) Interest expense(2) (£m)
3M GBP LIBOR(3) Liability spread
Retail fixed deposits
× × × × = = = =
1,782 2,552 2014 2015
× =
(1) Blended monthly average of gross drawings and carrying value of repurchase transactions. (2) Interest expense not provided for tier 2 instrument, corporate deposits or the negative interest expense (i.e. income) attributable to the liquid asset buffer. (3) As of 08 March 2016 (4) Issued 10 April 2014, therefore interest expense in 2014 is for 9 months only.
Retail variable deposits SME deposits Corporate deposits FLS(1) RMBS(4)
0.6% 0.6% 1.9% 1.6% 2.5% 2.2% 2014 2015 43 57 2014 2015 1,342 1,115 2014 2015 0.6% 0.6% 1.3% 0.8% 1.9% 1.4% 2014 2015 25 15 2014 2015 773 1,219 2014 2015 0.6% 0.6% 0.9% 0.8% 1.5% 1.4% 2014 2015 12 17 2014 2015 13 85 2014 2015 0.6% 0.6% 0.8% 0.9% 1.4% 1.5% 2014 2015 0.2 1.2 2014 2015 485 665 2014 2015 0.6% 0.6%
0.1% 0.5% 0.7% 2014 2015 3 4 2014 2015 314 238 2014 2015 4 3 2014 2015 0.6% 0.6% 0.9% 0.9% 1.5% 1.5% 2014 2015
× =
35% 20% 9% 9% 9% 8% 5% 5% Greater London South East Midlands East Anglia North West South West Yorkshire Other
Diversified and prudently underwritten mortgage portfolios
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Geographic split (%) Indexed Loan to Value (%)(1)
SME Commercial Mortgages Buy-to-Let Residential Mortgages
£2.4bn
Net loans as at 31 December 2015 0% 1% 3% 19% 24% 53% 80+ 75-80% 70-75% 60-70% 50-60% 0-50% 2% 2% 9% 13% 30% 22% 22% 85%+ 80-85% 75-80% 70-75% 60-70% 50-60% 0-50% 31% 11% 10% 9% 16% 10% 13% 85%+ 80-85% 75-80% 70-75% 60-70% 50-60% 0-50% 6% 21% 16% 13% 13% 10% 8% 13% Greater London South East Midlands East Anglia North West South West Yorkshire Other
£1.4bn
23% 20% 11% 5% 11% 13% 5% 12% Greater London South East Midlands East Anglia North West South West Yorkshire Other
£0.8bn Help to Buy and Family Guarantee (1) SME Commercial Mortgages excludes Property Development
99% 1% Online Phone 75% 3% 22% Online Phone Post
Dynamic, online deposit franchise forms core of funding base
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Retail SME
Balance Product suite Distribution and
(1) Retail deposit balances breakdown by initial contract term as at 31 December 2015. (2) Based on accounts opened in 2015.
0.5 1.0 1.4 2013 2014 2015 SME deposits (£bn) 14% 11% 13% 25% 20% 9% 1% 7% Notice (incl. ISA Notice) <1 year ISA 1 year 2 year 3 year 4 year 5 year 2% 54% 44% Notice <1 year 1 year
(2) (2) (2)
£4.2bn(1)
Customer deposits as at 31 December 2015 2.9 3.4 4.2 2013 2014 2015 Retail deposits (£bn)
£1.4bn(1)
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