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AIB Group (UK) P.L.C. Annual Financial Report 2020 1

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AIB Group (UK) p.l.c. Annual Financial Report for the year ended 31 December 2020 Company number: NI018800 Contents Strategic report How we've done......................................................................................................................................................... 2 At a glance.................................................................................................................................................................. 4 Chairman's statement................................................................................................................................................. 8 Managing Director's review........................................................................................................................................ 11 Financial review.......................................................................................................................................................... 15 Alternative performance measures............................................................................................................................. 25 Section 172(1) statement........................................................................................................................................... 26 Risk management report Introduction................................................................................................................................................................. 29 Risk governance......................................................................................................................................................... 30 Three lines of defence................................................................................................................................................ 31 Risk appetite............................................................................................................................................................... 31 Risk assessment........................................................................................................................................................ 31 Governance and oversight Corporate governance report..................................................................................................................................... 37 Board of Directors....................................................................................................................................................... 43 Directors' report.......................................................................................................................................................... 45 Financial statements Directors' responsibility statement.............................................................................................................................. 50 Independent Auditors' report...................................................................................................................................... 51 Consolidated and parent company financial statements............................................................................................ 61 Notes to the financial statements............................................................................................................................... 66 General information Glossary of terms....................................................................................................................................................... 153 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. ________________________________________________________________________________________________ AIB Group (UK) p.l.c. Annual Financial Report 2020 1 How we’ve done 2020 Performance results Net interest margin 1.9% Low interest rate environment Reduced customer loan yields in line with market rates offset by decrease in interest expense. Total adjusted £145m (1) costs Statutory costs £189m (incl. restructure costs) Continued focus on cost management Cost growth impacted by higher retirement benefit costs due to the decision to reduce the risk of the defined benefit scheme in 2019, changes in the discount rate and past service costs. Net credit impairment £178m charge Forward looking and comprehensive provisioning approach Impairment charge of £178m due to the deterioration in the economic outlook, credit downgrades, particularly in sectors most impacted by COVID-19 restrictions, as well as post model adjustments ('PMAs') for expected COVID-19 impacts Adjusted loss before (£62m) tax(1) Adjusted operating profit £116m(1) Statutory operating profit £73m Operating profit of £116m down 38% due to income impact of lower interest rates and lower other income as result of the COVID-19 pandemic. Loss before tax £62m1 following an impairment charge of £178m. Statutory loss before tax £105m. Net promoter '+49 score Continually improved throughout 2020, with +5 increase from 2019 (AIB NI Retail) Customers have fed back that they feel valued, staff are helpful and friendly and that the loans’ application process is straightforward and quick. ________________________________________________________________________________________________ AIB Group (UK) p.l.c. Annual Financial Report 2020 2 New lending £1.5b Playing our role in aiding the economic recovery by continuing lending £0.3b lending as part of government backed loan schemes. Sustainability remaining a key focus with strides made within the Energy sector alongside the successful launch of a Green Mortgage Product. Net loans £6.9b 3% decrease in net loans Lower net loans largely as result of increase in expected credit loss. Gross loans down 1%. Non- performing £0.4b loans 6% of gross loans Increase in non-performing loans due to economic environment. A dedicated specialist team has been established to manage cases deemed particularly vulnerable to the COVID-19 crisis. Customer accounts £10.0b 12% increase following restrictions and lockdowns Customer account balances increasing as result of less discretionary spending in 2020. CET1 ratio(2) 20.7% Strong capital base A measure of our ability to withstand financial stress, also optimised changes in regulatory capital requirements. (1) AIB UK Group’s performance and key performance indicators above are adjusted to exclude those items that the Bank believes obscure the performance trends of the business. These measures are considered Alternative Performance Measures ('APMs') and a description of AIB UK Group's APMs and their calculation is included on page 25 of this report. A reconciliation to the statutory view of performance is included in the Financial review on page 15. (2) The CET1 ratio for 2020 includes add-backs for COVID-19 reliefs, which are not included in the 2019 calculation. When these reliefs are excluded, the CET1 ratio at 31 December 2020 reduces from 20.7% to 19.7%. ________________________________________________________________________________________________ AIB Group (UK) p.l.c. Annual Financial Report 2020 3 At a glance How we back our customers Our business structure in 2020 We back our customers as a UK specialist bank servicing retail, small and medium-sized enterprises ('SME') and corporate customers in Great Britain and Northern Ireland. In Great Britain, we mainly concentrate on corporate & commercial banking. In Northern Ireland, we offer business banking, personal banking and mortgages. 2020 brought significant challenges for our customers as a result of the COVID-19 pandemic. We helped them respond to these challenges through a range of supports such as payment breaks and government backed loans. 285k 28 129k CUSTOMERS LOCATIONS DIGITAL CUSTOMERS 285k retail, business and corporate 13 business centres in Great Britain. 129k customers actively engaging customers across the United Kingdom 15 branches in Northern Ireland, across our digital channels including six business centres co- located in branches and one centre for small and micro business ALLIED IRISH BANK (GB) AIB (NI) AIB GB is a commercial and corporate bank with Our business in Northern Ireland operates as AIB NI locations in key cities across Great Britain. following the rebrand from First Trust Bank in November 2019. We strive for recognised expertise in our chosen sectors, targeting mid-tier corporates who value a Personal products include mortgages, personal high-touch relationship model. loans, credit cards, current accounts and savings. Customers can engage with us via mobile, online, Banking services include lending, treasury, trade post office or traditional channels. facilities, asset finance, invoice discounting and day-to-day transactional banking Business banking services include finance and loans, business current accounts, credit cards, payment solutions and savings. UK FINANCIAL SOLUTIONS GROUP ('FSG') UK FSG assists customers in difficulty, looking to rehabilitate them back to financial health where feasible, while optimising the recovery for the Bank. Our people in 2020 Our people Management 968 55% 45% 271 40% 60% Employees (FTE) Female Male Employees
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