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AIB Group (UK)COVER P.L.C AIB Group (UK)COVER p.l.c. Annual Financial Report For the year ended 31 December 2017 Company number: NI018800 Contents Strategic report How we’ve done ...................................................................................................................................................................1 At a glance ..............................................................................................................................................................................2 Chairman’s statement .........................................................................................................................................................4 Managing Director’s review ..............................................................................................................................................6 Financial review .....................................................................................................................................................................9 Alternative performance measures ..............................................................................................................................18 Risk management report Introduction ..........................................................................................................................................................................19 Role of risk management .................................................................................................................................................19 Strategic risk objectives ....................................................................................................................................................19 Risk governance .................................................................................................................................................................20 Material risk assessment ..................................................................................................................................................21 Governance and oversight Corporate governance report ....................................................................................................................................... 25 The Board ............................................................................................................................................................................. 32 Report of the Directors .................................................................................................................................................... 34 Financial statements Directors’ responsibility statement ...............................................................................................................................40 Independent auditors’ report ........................................................................................................................................ 41 Consolidated and parent company financial statements ...................................................................................48 Notes to the financial statements ................................................................................................................................ 53 General information Glossary of terms ............................................................................................................................................................. 134 Within this document any reference made to ‘AIB UK’, ‘The Bank’ or ‘The Company’ will relate to AIB Group (UK) p.l.c., whilst any reference to ‘AIB UK Group’ will relate to AIB Group (UK) p.l.c. and its subsidiaries. Reference made to ‘AIB plc’ or ‘the Parent’ will relate to Allied Irish Banks, p.l.c. whilst reference to ‘the Parent Group’ will relate to Allied Irish Banks, p.l.c. and its subsidiary undertakings, which includes AIB Group (UK) p.l.c. How we’ve done 2017 Performance highlights 2016 Performance highlights report Strategic AIB UK Group’s performance and key performance indicators below are presented to exclude those items that the Bank believes obscure the underlying performance trends of the business. A reconciliation to the statutory view of performance is included in the Financial review on page 9 of this report. Net interest Banking net Sustained banking NIM in a highly margin (NIM) interest margin liquid and competitive market. NIM 1.9% 3.0% increase of 21bps reflects reductions in 1.7% 3.0% intercompany balances with Parent. Risk management report management Risk Cost income ratio OneUK transformation was completed 47% in 2017. This will deliver a run rate Profitable and 47% reduction in staff costs of 10% in 2018. Efficient Profit before tax Sustainable underlying profit before tax £122m but impacted by credit losses in the year. £139m Statutory profit before tax of £106m. Governance and oversight Governance Return on equity (ROE) Statutory ROE improved by 2% reflecting 5.9% the increased profit after tax. 3.9% Total capital ratio Leverage ratio Strong and stable capital and leverage 16.3% 9.8% position. 17.0% 8.7% Earning loans remain stable with a focus Earning loans Non-earning loans on improvement in returns but has Strong Balance £6.4b £0.2b been tempered by higher redemptions. Sheet £6.3b £0.4b Continued focus on the reduction in Financial statements non-earning loans. Liquidity coverage Customer deposits Robust funding structure. Reduction ratio £9.0b in LCR reflects the reduction of 197% £8.7b intercompany funding in 2017. 678% New lending 20% growth delivered, tangible results £1.8b being achieved from our new strategy. information General £1.5b Franchise Net promoter score Transactional NPS has been affected by +34 the branch closures in Northern Ireland. +47 AIB Group (UK) p.l.c. Annual Financial Report 2017 1 At a glance Our purpose - to back our customers to achieve their dreams and ambitions - is reflected in our structure, strategy and in the values and behaviours we believe in. What we do Our divisions AIB UK is a growing UK specialist Allied Irish Bank (GB) First Trust Bank (FTB) bank, servicing retail, SME and corporate customers in Great Britain AIB GB is a niche commercial and FTB is a long established bank in and Northern Ireland. corporate bank with locations in key Northern Ireland. cities across Great Britain. In Great Britain, we mainly concentrate Personal products include mortgages, on corporate & commercial banking. We strive for recognised expertise in personal loans, credit cards, current our chosen sectors, targeting mid-tier accounts and savings. Customers can In Northern Ireland, we offer business corporates who value a high-touch engage with us via mobile, online, banking, personal banking and relationship model. post office or traditional channels. mortgages through the First Trust Bank brand. Banking services include lending, Business banking services include treasury, trade facilities, asset finance, finance and loans, business current We create value by providing invoice discounting and day-to-day accounts, credit cards, payment products and services that help transactional banking. solutions and savings. customers to manage their finances and fuel economic growth. We have a committed focus on British-Irish Trade, meeting the needs of companies in Ireland and the UK who are operating, or want to set up operations, in either jurisdiction. UK Financial Solutions Group (UK FSG) UK FSG assists customers in difficulty and ensures our non-performing book is within acceptable parameters. 2 AIB Group (UK) p.l.c. Annual Financial Report 2017 Our Our Our ambition & values Values Ambition We put our Customers rst We will be at the heart Everything starts and ends with our customers. Every action we take of our customers’ We are better together nancial lives by and decision we make centres on putting customers first. We keep it simple Our always being useful, report Strategic always informing We are empowering Purpose and always providing We are building trust To back our Customers an exceptional Our ambition is to be at the heart of our customers financial lives, always and appreciation to achieve their dreams customer experience and ambitions being useful and always providing an exceptional customer experience. Our Culture How we run our business and measure our progress Accountable Collaborative There are four strategic pillars which determine our areas of focus and Trusted drive our investment programme. These pillars are set out below. Risk management report management Risk What this means Measure Description We put our customers at the heart of our A measure of our customers’ Relationship NPS organisation, continually adapting our relationship experience product and service offerings to meet A measure of the difference Customer their needs. We have deep expertise in chosen sectors and customer segments. We between the interest First provide a digitally-enabled, multi-channel Net Interest income generated and the banking experience which allows customers Margin amount of interest paid out to interact with the bank how and when relative to (interest-earning) they want. assets % of our active customers and oversight Governance We make things simpler, focusing our Channel Trends transacting digitally efforts on what has the greatest impact Simple & on our customers’ experiences. Our A measure of our customers’ Transactional NPS Efficient products and services are simple and easily transactional experience accessible,
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