This report does not constitute a rating action. Rated U.K. banks delivered strong earnings in the first half of 2026. Elevated interest rates, tight cost control, and benign, yet normalizing, asset quality saw the sector-wide return on tangible equity climb above 17% from 15% in the first half of 2025. The six major U.K. banks--Barclays, HSBC, Lloyds, NatWest, Santander U.K., and Standard Chartered--reported aggregate profits before tax of £33.4 billion in the first half of 2026, up from £28.5 billion in the first half of 2025 (see table 1 and chart 1). Table 1 Major U.K. banks' first-half 2026 results summary (Mil. £) Barclays HSBC Lloyds NatWest Standard Chartered Operating revenues 16,525 29,551 10,732 8,876 8,616 Non-interest expenses 8,870 12,960
