Banking

Unity Trust Bank has posted strong half-year results as it celebrates its 40th anniversary. Net lending increased to £1.032 billion, with 40% of loans allocated to organisations in areas of high deprivation, 57% specifically supporting disadvantaged or marginalised groups, and 59% going to org

Edinburgh-headquartered private bank Hampden & Co has reported significant demand for personalised banking over the first half of 2024 as deposits, lending and client numbers all grew by double-digits. Total deposits across current, call, notice and term accounts increased by 15.8% year-on-year

The Cumberland Building Society has joined the National Association of Commercial Finance Brokers (NACFB) as a patron. This partnership aims to strengthen support for hospitality businesses, particularly those offering room-led accommodation. The society specialises in mortgages for a variety of bus

HSBC Group has announced a further $4.8 billion (c. £3.7bn) payout to shareholders, comprising a $3bn (c. £2.3bn) share buyback and $1.8bn (c. £1.4bn) in dividends. This comes as the bank reported a 1.5% increase in pre-tax profit to $8.9bn (c. £6.9bn) for the second quarter.

Four major UK banks, HSBC, Lloyds, TSB, and AIB, are under scrutiny by the Competition and Markets Authority (CMA) for breaching a 2017 order designed to ensure fair competition in the retail banking sector. The order mandates accurate information on products and services, including interest rates a

NatWest Group's shares surged to 7.5% in Friday's morning trading after the bank reported positive first-half results, raised its annual outlook, and announced a £2.5 billion mortgage portfolio acquisition from Metro Bank. Despite a 7.7% drop in total income to £7.13 billion, NatWest's p

FinTech and challenger bank Revolut has announced today that it has received its UK banking licence with restrictions from the Prudential Regulation Authority (PRA). Revolut now enters the ‘mobilisation’ stage, sometimes referred to as ‘Authorisation with Restrictions’, a com

Lloyds Banking Group reported a half-year pretax profit of £3.32 billion, a decline from the previous year due to increased costs and shrinking net interest income.

The Competition and Markets Authority (CMA) has approved Nationwide Building Society's £2.9 billion acquisition of Virgin Money UK.

The UK's largest banks have become engaged in a fierce competition to attract borrowers, resulting in significant cuts to mortgage rates. Halifax, HSBC UK, Barclays, Santander, Natwest, and Yorkshire Building Society are among those who have lowered their fixed-rate deals this week.

Lloyds Banking Group has announced it is shutting down 60 more branches, with 15 of them being Bank of Scotland outlets. This is part of a larger plan to close 190 branches this year and 47 more in 2025. The bank attributes this to the increasing popularity of digital banking, stating that usage of

Revolut has posted a 95% surge in revenues to $2.2 billion (around £1.74bn), and a record profit before tax of $545 million (around £430m), marking the fintech's third consecutive year of profitability. The company attributed its success to a focus on core banking services in Europe, str

RBS-owner NatWest Group has agreed to buy a significant portion of Sainsbury's banking business. The banking group will acquire approximately £2.5 billion of gross customer assets, comprising £1.4bn of unsecured personal loans and £1.1bn of credit cards balances, together with appr

Nationwide Building Society members are being asked to approve a new pay deal for chief executive Debbie Crosbie, potentially tripling her maximum long-term bonus to £3.42 million. The proposal comes after Ms Crosbie's plan to acquire Virgin Money UK for £2.9 billion, significantly incre

Virgin Money, set to be acquired by Nationwide Building Society in a deal worth £2.9 billion, reported a half-year pre-tax profit of £279 million.