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2020-Hbos-Annual-Report.Pdf HBOS plc Report and Accounts 2020 Member of Lloyds Banking Group HBOS plc Contents Strategic report 2 Directors’ report 8 Directors 11 Forward looking statements 12 Independent auditors’ report 13 Consolidated income statement 23 Statements of comprehensive income 24 Consolidated balance sheet 25 Consolidated statement of changes in equity 27 Consolidated cash flow statement 28 Company balance sheet 29 Company statement of changes in equity 30 Company cash flow statement 31 Notes to the accounts 32 Subsidiaries and related undertakings 113 Registered office: The Mound, Edinburgh 1EH1 1YZ. Registered in Scotland no 218813 HBOS plc Strategic report Principal activities HBOS plc (the Company) and its subsidiaries (together, the Group) provide a wide range of banking and financial services. The Group’s revenue is earned through interest and fees on a broad range of financial services products including current and savings accounts, personal loans, credit cards and mortgages within the retail market; loans and other products to commercial, corporate and asset finance customers; and private banking. Business review In the year to 31 December 2020, the Group recorded a profit before tax of £1,214 million compared to £1,543 million in the year to 31 December 2019. Total income decreased by £787 million, or 13 per cent, to £5,508 million in the year ended 31 December 2020 compared to £6,295 million in 2019 with a £225 million decrease in net interest income combined with a reduction of £562 million in other income. Net interest income was £5,271 million in the year ended 31 December 2020, a decrease of £225 million, or 4 per cent compared to £5,496 million in 2019 reflecting the lower rate environment, actions taken during the year to support customers and reduced levels of customer activity and demand during the coronavirus pandemic. Other income was £562 million lower at £237 million in the year ended 31 December 2020 compared to £799 million in 2019. Net fee and commission income was £110 million lower at £225 million in the year ended 31 December 2020 compared to £335 million in 2019, reflecting lower levels of customer activity, largely due to the coronavirus pandemic. Net trading income was £710 million lower at a net loss of £321 million in the year ended 31 December 2020 due to losses incurred on hedging arrangements entered into with fellow Lloyds Banking Group undertakings. Other operating income was £258 million higher at £333 million in the year ended 31 December 2020 compared to £75 million in 2019, benefitting from a gain of £221 million as a result of liability management exercises. Total operating expenses of £2,673 million were 38 per cent lower than in 2019, driven by significantly lower regulatory provisions and continued reductions in other operating expenses. Regulatory provisions benefitted from a £1,040 million reduction in charges in respect of payment protection insurance compared to 2019. Other operating expenses were down £518 million, driven by lower staff costs and ongoing cost management. Impairment losses increased by £1,170 million to £1,621 million in the year ended 31 December 2020 compared with £451 million in 2019, largely reflecting potential future losses in light of the Group’s revised economic outlook for the UK as a consequence of the coronavirus pandemic. The tax expense for the year ended 31 December 2020 was £29 million, representing an effective tax rate of 2 per cent, compared to £673 million in 2019 representing an effective tax rate of 44 per cent. This is primarily as a result of a credit of £182 million on remeasurement of the Group’s deferred tax balances following the UK government’s decision to maintain the corporation tax rate at 19 per cent, which was substantially enacted on 17 March 2020. Total assets were £67,812 million lower at £301,864 million at 31 December 2020 compared to £369,676 million at 31 December 2019. Loans and advances to customers increased in the year by £5,451 million to £263,766 million, compared to £258,315 million at 31 December 2019, driven by open mortgage book growth reflecting the strength of the UK housing market. Amounts due from fellow Lloyds Banking Group undertakings were £71,261 million lower at £19,852 million compared to £91,113 million at 31 December 2019 as a result of increased levels of settlement activity during 2020. Customer deposits were £11,156 million higher at £163,001 million at 31 December 2020 compared to £151,845 million at 31 December 2019 as a result of lower levels of customer spending during the pandemic and inflows to the Group’s trusted brands. Amounts due to fellow Lloyds Banking Group undertakings were £71,044 million lower at £86,954 million at 31 December 2020 compared to £157,998 million at the previous year end, as a result of increased levels of settlement activity during 2020. Total equity increased by £721 million from £13,145 million at 31 December 2019 to £13,866 million at 31 December 2020 with total comprehensive income of £1,352 million more than offsetting the change in non-controlling interests of £500 million and distributions to non-controlling interests of £164 million. Post-tax return on average assets increased from 0.2 per cent in 2019 to 0.3 per cent in 2020. Future developments Information about future developments is provided with the Principal risks and uncertainties section below. Capital The Company and the Group are not regulated from a capital perspective. Regulatory capital is instead managed in the Company’s principal banking subsidiary, Bank of Scotland plc. 2 HBOS plc Strategic report Section 172(1) Statement In accordance with the Companies Act 2006 (the ‘Act’), the Directors provide this statement describing how they have had regard to the matters set out in section 172(1) of the Act, when performing their duty to promote the success of the Company, under section 172. This statement also provides details of how the Directors have engaged with and had regard to the interests of key stakeholders. The Directors of Lloyds Banking Group plc are also the Directors of the Company. The Company is a subsidiary of Lloyds Banking Group plc, and as such follows many of the processes and practices of this company, which are further referenced in this statement where relevant, in conjunction with the processes and practices of the Company’s principal subsidiary, Bank of Scotland plc. Engagement with all stakeholders The Board is responsible for the long-term success of the Company, setting and overseeing culture, purpose, values and strategy. The Board’s understanding of stakeholders’ interests is central to these responsibilities, crucial to the Company’s success, and informs key aspects of Board decision-making as set out in this statement. Stakeholder engagement is embedded in all aspects of the Board’s decision-making, with stakeholder interests identified in proposals put to the Board. This year interaction with stakeholders was adapted to comply with the Government’s measures in relation to COVID-19, and has been undertaken virtually as necessary. Customers COVID-19 response The response to the COVID-19 pandemic has been a central focus for the Board since the start of the outbreak. Regular Board updates identified key areas of customer concern. In addition, the Group Chief Executive attended virtual customer engagement events, which provided an important opportunity for customers to raise directly any concerns on the matters of most significance to them. Areas of worry included customers’ ability to meet their ongoing financial commitments, and to continue to operate their businesses as the extent of the economic impacts emerged. The Board considered and approved participation in the Government’s COVID-19 related business loan schemes, which provided funding to a range of client businesses across a number of economic sectors. Customer payment holidays were also introduced, complementing other means of support, including removing fees for missed payments and access to fixed term accounts without charge. The Board supported further key actions, including the launch of two initiatives with digital inclusion training provider, We Are Digital. These included providing tablet devices free of charge to over-70s isolated by COVID-19, and a dedicated phone line giving vulnerable customers support in staying connected with digital activities, including managing online banking. The essential nature of a deep understanding of challenges faced by customers in financial difficulty was also highlighted by the pandemic. The Board was updated regularly on the needs of these customers, which resulted in the provision of additional support. This included increased capacity to serve customers who needed the help of a colleague, and delivering related self-serve functionality where preferred by customers. Customer feedback Customer feedback is always a priority for the Board. Regular updates are provided which give valuable insight into performance in delivering on customer- related objectives, and on improving customer outcomes. With Board oversight, new means of sharing customer views were developed for use over the coming year. These will provide greater insight not only on customer experience, but also on the progress being made to improve customer satisfaction in the areas of most importance. This will in turn help in ensuring the Board can continue to focus on the things that matter most to customers and our clients. The Board recognises the importance of understanding performance in supporting customers, including performance relative to peers. Related updates covered a range of internal and external measures, including customer indices and market share updates. Such updates provided important insight, and enabled the Board to recommend suitable customer related actions. Helping Britain Recover The needs of customers once the pandemic abates has also been a focus for the Board.
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