Lloyds Banking Group PLC (LYG) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Lloyds Banking Group 2024 half year results call. (Operator Instructions) There'll be presentations from Charlie Nunn and William Charles followed by a question-and-answer session. (Operator Instructions) Please note this call is scheduled for 90 minutes as being recorded.

感謝您的支持，歡迎參加勞埃德銀行集團 2024 年半年業績電話會議。（操作員指示）查理·納恩 (Charlie Nunn) 和威廉·查爾斯 (William Charles) 將進行演講，隨後進行問答環節。（操作員指示）請注意，本次通話預計錄音 90 分鐘。

I will now hand over to Charlie Nunn. Please go ahead.

現在我將把話題交給查理·努恩。請繼續。

Thank you, operator, and good morning, everyone, and thank you for joining our 2024 half year results presentation. As usual, I'll start by providing a short overview of the group financial and strategic performance. Wayne will then run through the financials in detail. Following a brief summary, we'll have plenty of time to take your questions.

謝謝接線員，大家早安，謝謝您參加我們的 2024 年半年業績發表會。與往常一樣，我將首先簡要介紹集團財務和策略績效。韋恩隨後將詳細介紹財務狀況。在簡短總結之後，我們將有充足的時間回答您的問題。

Let me begin on slide 3. I'm pleased to say that we are continuing to make strong progress on delivering in line with our purpose, driving positive outcomes for customers, colleagues and shareholders. I'll cover this in more detail in the following pages. But to start, I'd like to highlight the following three key messages. Firstly, we're now halfway through our 5-year strategic transformation. We remain on track to deliver our interim 2024 targeted outcome, delivering meaningful change for our customers and creating value for the Group.

我從幻燈片 3 開始。我很高興地說，我們在實現我們的目標方面繼續取得長足進步，為客戶、同事和股東帶來積極的成果。我將在後續頁面中更詳細地介紹這一點。但首先，我想強調以下三個關鍵訊息。首先，我們的五年策略轉型已經走過一半了。我們將繼續按計劃實現 2024 年中期目標成果，為客戶帶來有意義的變化並為集團創造價值。

Secondly, we've delivered a robust financial performance in the first half, in line with the expectations we laid out at full year. This is driving strong capital generation delivering consistent growth in shareholder distributions. And finally, we are reaffirming our guidance for 2024 and remain confident of delivering higher more sustainable returns in 2026.

其次，我們上半年的財務業績表現強勁，符合我們對全年的預期。這推動了強勁的資本創造，從而實現了股東分配的持續成長。最後，我們重申對 2024 年的指導，並有信心在 2026 年實現更高、更永續的回報。

Turning now to our purpose on slide 4. Delivering in line with our clear long-standing purpose of helping Britain Prosper ensures that we drive outcomes that benefit all stakeholders. During the first half will continue to provide extensive support to our customers to help them meet their lifecycle financial needs, such as supporting their savings goals through our strong ICE proposition, our 19% share of cash flows has enabled an additional GBP6 billion of tax-free savings for our customers.

現在轉到投影片 4 上的我們的目的。按照我們長期以來明確的目標「幫助英國繁榮」來實施，確保我們能夠推動使所有利害關係人受益的成果。上半年我們將繼續為客戶提供廣泛的支持，幫助他們滿足其生命週期的財務需求，例如透過我們強大的 ICE 主張支持他們的儲蓄目標，我們 19% 的現金流份額為我們的客戶帶來了額外的 60 億英鎊的免稅儲蓄。

We also helped more than 50,000 more businesses and charities start a new banking relationship with us. We remain focused on contributing to an inclusive society and supporting the transition to a low-carbon economy with these also representing new opportunities for growth. Since the beginning of 2022, we provided around GBP38 billion of sustainable financing.

我們也幫助超過 50,000 家企業和慈善機構與我們建立了新的銀行業務關係。我們仍然致力於建立包容性社會，支持向低碳經濟轉型，這些也代表著新的成長機會。自 2022 年初以來，我們提供了約 380 億英鎊的可持續融資。

Looking ahead, we welcome the emphasis has been placed on sustainable economic growth by the new government. Businesses like ours have a vital role to play in working in partnership with the government to address national priorities and help communities across the UK [prosphet]. We are well positioned in this regard and believe we can make a meaningful contribution across key focus areas such as sustainable infrastructure, housing and financial planning.

展望未來，我們歡迎新政府重視永續經濟成長。像我們這樣的企業在與政府合作解決國家優先事項和幫助英國各地社區方面發揮著至關重要的作用。我們在這方面處於有利地位，並相信我們可以在永續基礎設施、住房和財務規劃等重點領域做出有意義的貢獻。

On slide 5, I'll provide a brief overview of our financial performance. Our robust financial performance in the second quarter and across the first half was consistent with our expectations and guidance. Our Q2 NIM has remained resilient, plus we continued to deliver strong momentum in the other income with our strategic initiatives supporting this growth. Net income with lower, reflecting an increase in operating lease depreciation, an area that William will cover in more detail shortly.

在第 5 張投影片上，我將簡要概述我們的財務表現。我們第二季和上半年強勁的財務業績符合我們的預期和指引。我們第二季的淨利差保持強勁，此外，我們透過策略舉措支持其他收入的成長，持續保持強勁勢頭。淨收入較低，反映出經營租賃折舊的增加，威廉將在稍後詳細介紹這個領域。

Elsewhere in the P&L costs are tracking in line with guidance and asset quality remained strong. We've also grown the balance sheet in the quarter with broad-based lending growth of GBP5 billion, excluding a Q2 securitization, whilst deposits were up GBP6 billion with growth in both retail and commercial banking.

其他損益成本與預期一致，資產品質依然強勁。本季度，我們的資產負債表也實現了增長，廣泛貸款增長 50 億英鎊（不包括第二季度的證券化），而存款增加了 60 億英鎊，零售銀行和商業銀行業務均實現了增長。

Our return on tangible equity with 13.5% for the first half fleet translates into strong capital generation of 87 basis points, with 47 basis points in Q2. In line with our intention to deliver attractive shareholder distributions, with today announced a 15% increase in the interim ordinary dividend to 1.06p per share.

我們上半年船隊的有形資產回報率為 13.5%，這意味著強勁的資本創造能力達到 87 個基點，其中第二季為 47 個基點。為了實現有吸引力的股東分配的目標，我們今天宣布將中期普通股息增加 15% 至每股 1.06 便士。

Our financial performance is supported by our strategic progress as we realize the benefits of our investments. I'll provide an update on this over the coming slides starting with slide 6. We're now halfway through our five-year strategic transformation and nearing the end of the first phase. Our investor seminar, we provided you with increased detail on our plan and progress across our main business areas.

隨著我們認識到投資的效益，我們的財務表現得到了策略進步的支持。我將在接下來的幻燈片中提供有關此內容的更新，從第 6 張投影片開始。如今，我們的五年策略轉型已走過一半，第一階段即將結束。我們在投資者研討會上為您提供了有關我們主要業務領域的計劃和進展的更多詳細資訊。

To reiterate, the key messages from these sessions we're building upon the strong foundation, including our significant scale, digital leadership and broad offerings. The increased investments in the business with circa GBP3 billion incremental investments out to 2024. We're building momentum across our businesses, delivering growth in priority areas whilst investing in our enabler to improve operating leverage and enhanced capabilities. And finally, we remain on track to meet our financial targets for both 2024 and 2026.

重申一下，這些會議傳達的關鍵訊息是我們建立在堅實的基礎上，包括我們龐大的規模、數位領導力和廣泛的產品。到 2024 年，該業務的投資增量將增加約 30 億英鎊。我們正在整個業務領域中累積發展勢頭，在重點領域實現成長，同時投資於我們的推動因素，以提高營運槓桿和增強能力。最後，我們仍有望實現 2024 年和 2026 年的財務目標。

Bring this slide on slide 7, I'll provide some examples of our progress in the first half. We are addressing a variety of growth opportunities meeting more of our customers' needs, focusing on higher value segments and leveraging the unique breadth of the group businesses. Building upon our existing scale with focused on deepening relationships right across the Group for extending our digital leadership position with new features and proposition to increase engagement.

將這張投影片放到第 7 張上，我將提供一些我們在上半年取得進展的例子。我們正在抓住各種成長機會，滿足更多客戶的需求，專注於更高價值的領域，並利用集團業務的獨特廣度。在我們現有規模的基礎上，專注於深化整個集團的關係，透過新的功能和主張來擴大我們的數位領導地位，從而提高參與度。

For example, we launched invest while a new mobile-first investment proposition for 18 to 25 year old, which has supported the doubling of customers in this segment. Traditionally with delivering strong growth in our CIB market business, deepening our share of wallet and diversifying revenues with CIB other income, up 30% compared to the first half of 2021.

例如，我們針對18至25歲的年輕一代推出了一項新的行動優先投資方案，這支持了該細分市場客戶數量的翻倍。傳統上，我們的 CIB 市場業務實現強勁增長，擴大了我們的錢包份額，並透過 CIB 其他收入實現了收入多元化，與 2021 年上半年相比增長了 30%。

Our strategy is also focused on building our offering with high-value customer groups that have a greater number of needs. The development of our mass affluent proposition is a key example of this. With scale the number of customers with access to Lloyds Bank 360, 10 times since launch with early benefits, such as higher investment portfolio sizes for these customers, we expect these benefit to grow as we scale further with a larger addressable customer base.

我們的策略也專注於為具有更多需求的高價值客戶群提供產品。我們大眾的富裕主張的發展就是一個重要的例子。自推出以來，能夠使用勞埃德銀行 360 的客戶數量增長了 10 倍，並帶來了早期效益，例如為這些客戶提供了更大的投資組合規模，我們預計，隨著我們進一步擴大規模並擁有更大的可尋址客戶群，這些效益將會增長。

Finally, we better connecting our businesses to address our customers' financial need. This includes increasing the penetration of our IP&I product within our consumer and commercial franchises. For example, we've seen a marked improvement in protection, upgrade uptake rates and reclaim the number one share in new home insurance policies.

最後，我們更好地連接我們的業務以滿足客戶的財務需求。這包括增加我們的 IP&I 產品在消費者和商業特許經營中的滲透率。例如，我們看到保障範圍顯著改善，升級接受率並重新奪回新房屋保險單第一的份額。

Importantly, these outcomes are translating into financial benefits. We remain on track to deliver circa GBP0.7 billion of additional revenues from strategic initiatives by the end of the year. And this growing to GBP1.5 billion per annum by 2026.

重要的是，這些成果正在轉化為經濟利益。我們仍有望在今年底前透過策略性舉措實現約 7 億英鎊的額外收入。到 2026 年，這一數字將增長到每年 15 億英鎊。

Let me now cover our enablers on slide 8. Complementary to our growth focus. We're investing in our enablement to enhance our capabilities and drive operating leverage. By digitizing end-to-end and modernizing our technology estate, we're increasing efficiency benefits as we scale. For example, we've now digitized around 45% of servicing journeys within BCB at this stage in the journey to change of business stress.

現在，讓我在第 8 張投影片上介紹我們的推動因素。與我們的成長重點相補充。我們正在投資我們的支持，以增強我們的能力並提高營運槓桿。透過端到端數位化和我們的技術資產現代化，我們在擴大規模的同時提高了效率效益。例如，在業務壓力轉變的這個階段，我們已經將 BCB 內約 45% 的服務旅程數位化。

For example, we've reduced unit costs in this area by 60%. We're also transforming our physical footprint. Our new lease offices are the most energy efficient in the region. And later this year, we'll be moving to our new head office in London as we improve and consolidate our state. Since the end of 2021, we've reduced our office footprint by more than 20%.

例如，我們將該領域的單位成本降低了 60%。我們也正在改變我們的物理足跡。我們的新租賃辦公室是該地區能源效率最高的辦公室。今年晚些時候，我們將遷至倫敦的新總部，以改善和鞏固我們的狀態。自 2021 年底以來，我們已將辦公室面積減少了 20% 以上。

These activities have contributed to the delivery of circa GBP0.9 billion of gross cost savings to date, leaving us on track to deliver circa GBP1.2 billion by the end of the year. For the same time, we continue to demonstrate discipline with regards to capital efficiency, growing in capital-light areas and undertaking securitization activities. We've now realized around GBP15 billion of RWA savings from optimization since the end of 2021.

這些活動迄今已幫助我們節省了約 9 億英鎊的總成本，使我們預計在年底前實現約 12 億英鎊的成本節約。同時，我們持續嚴格遵守資本效率的紀律，在輕資本領域發展並進行證券化活動。自 2021 年底以來，我們已透過優化節省了約 150 億英鎊的 RWA。

Finally, our people remain critical to our future success, and we're taking action to build capability in key areas. For example, we recruited another 1,500 technology and data specialists in the first half, taking the total to more than 4,000 over the past two-and-a-half years.

最後，我們的員工對於我們未來的成功仍然至關重要，我們正在採取行動，在關鍵領域建立能力。例如，我們上半年又招募了 1,500 名技術和數據專家，過去兩年半以來總數已超過 4,000 名。

Turning now to slide 9, where I will close with our financial outlook. As you've heard, we're making strong strategic progress in all areas and are on track to deliver our targeted outcomes. We're also on track to deliver our interim 2024 financial targets and remain confident in the outlook for 2026. This includes a return on tangible equity of greater than 15% and capital generation in excess of 200 basis points. The higher more sustainable return and capital generation represents a highly attractive proposition for shareholders.

現在翻到第 9 頁，我將以我們的財務展望作為結束語。正如您所聽到的，我們在各個領域都取得了強大的策略進展，並正在按計劃實現我們的目標成果。我們也有望實現 2024 年中期財務目標，並對 2026 年的前景充滿信心。這包括超過 15% 的有形資產回報率和超過 200 個基點的資本創造。更高、更永續的回報和資本創造對股東來說是一個極具吸引力的提案。

Thanks listening. I'll now hand over to William for the financials.

謝謝聆聽。現在我將財務事宜交給威廉。

Thank you, Charlie. Good morning, everyone, and thanks again for joining. Let me start with an overview of the financials on slide 11. As you heard, Lloyds Banking Group had a very robust financial performance in H1 and in Q2. Statutory profit after tax for the first half was GBP2.4 billion. The return on tangible equity at 13.5%.

謝謝你，查理。大家早安，再次感謝大家的加入。讓我先從第 11 張投影片上的財務概況開始。正如您所聽到的，勞埃德銀行集團上半年和第二季度的財務表現非常強勁。上半年法定稅後利潤為24億英鎊。有形資產報酬率為13.5%。

In H1, net income of GBP8.4 billion was down 9% year on year. This was built on a resilient banking net interest margin of 2.94%, including a Q2 net interest margin from 2.93%, two basis points lower than in Q1. Operating costs of GBP4.7 billion were up 7% year on year, in line with our expectations (inaudible) the impact of the sector-wide Bank of England levy in Q1, H1 operating costs were up 4% on the prior year.

上半年淨收入84億英鎊，年減9%。這是建立在 2.94% 的穩健銀行淨利差基礎上的，其中第二季淨利差為 2.93%，比第一季低兩個基點。營運成本為 47 億英鎊，年增 7%，符合我們的預期（聽不清楚），受英國央行第一季全行業徵稅的影響，上半年營運成本較上年同期上漲了 4%。

We continue to see strong asset quality. H1 impairment charge of GBP101 million equates to an asset quality ratio of five basis points. Through the MES benefits totaling GBP324 million. The asset quality ratio was a still low 19 basis points. Half of the impact of shareholder distributions TNAV per share is now 49.6p and 1.2p in H1, given distributions and rate developments. Our performance resulted in strong capital generation of 87 basis points in the first half after the impact of regulatory headwinds, this support our 15% increase in the interim dividend.

我們繼續看到強勁的資產品質。H1減損費用1.01億英鎊相當於資產品質比率5個基點。透過MES獲得的總收益為3.24億英鎊。資產品質比率仍較低，為19個基點。考慮到分配和利率的發展情況，股東分配每股 TNAV 的影響的一半現在為 49.6 便士，而上半年為 1.2 便士。在監管阻力的影響下，我們的業績在上半年強勁成長，資本產生了 87 個基點，這支持了我們將中期股息提高 15%。

I'll now turn to slide 12, look at the customer franchise. Our business grew in the first six months of the year across the lending and deposit franchise. Group lending balances of GBP452 billion were up GBP3.9 billion or 1% in Q2. This is led by growth across the retail business. The mortgage book balances were up GBP3.2 billion in Q2, excluding the GBP0.9 billion legacy mortgage securitization or GBP2.3 billion after that transaction.

我現在翻到第 12 張投影片，看一下顧客特許經營權。今年上半年，我們的貸款和存款業務均實現了成長。集團貸款餘額為 4,520 億英鎊，比第二季增加 39 億英鎊，增幅 1%。這是由零售業務的成長所帶動的。第二季抵押貸款帳面餘額增加了 32 億英鎊，不包括 9 億英鎊的遺留抵押貸款證券化或該交易後的 23 億英鎊。

High mortgage balances reflect the increase in application volumes observed that half of the year as we mentioned, the Q1. Elsewhere in retail business, we saw continued growth across cards, motor finance and unsecured loans. Commercial lending balances were also up slightly in Q2 by GBP0.3 billion. Within this, we saw modest growth in corporate institutional, partly offset by net repayments in small and medium businesses, including GBP0.4 billion for government backed lending balances.

高額的抵押貸款餘額反映了我們提到的上半年（第一季）申請量的增加。在零售業務的其他領域，我們看到信用卡、汽車金融和無擔保貸款持續成長。第二季商業貸款餘額也小幅增加了 3 億英鎊。其中，我們看到企業機構貸款溫和成長，但部分被中小企業淨還款所抵消，其中包括 4 億英鎊的政府支持貸款餘額。

If you look at the liability franchise, it's also been a good performance in deposits, which now stand at GBP475 billion, up GBP5.5 billion or 1% in Q2. We saw growth of GBP3.6 billion in retail, with savings accounts up GBP5 billion, driven by inflows, limited withdrawal and fixed term products and a successful lighter season.

如果你看一下負債業務，那麼其存款表現也不錯，目前為 4,750 億英鎊，比第二季增加了 55 億英鎊，增幅為 1％。我們看到零售額增長了 36 億英鎊，其中儲蓄帳戶增長了 50 億英鎊，這得益於資金流入、有限的提款和定期產品以及成功的淡季。

Current accounts were GBP1.4 billion lower in the quarter, given the reversal of the bank holiday timing impact we saw at the end of Q1. This is probably a touch better than our expectations, driven by salary increases and lower spend.

由於第一季末銀行假期時間影響的逆轉，本季經常帳戶減少了 14 億英鎊。由於工資上漲和支出減少，這可能比我們的預期要好一些。

Commercial deposits were also up in Q2 by GBP1.9 billion. In particular, we saw some stabilization of noninterest-bearing accounts and growth in targeted sectors within small and medium businesses. Alongside deposit developments, we continue to see steady liability growth in insurance, pensions and investments for circa GBP2.7 billion of net new money in H1.

第二季商業存款也增加了 19 億英鎊。特別是，我們看到無利息帳戶有所穩定，中小企業目標產業也實現了成長。除了存款的發展之外，我們繼續看到保險、退休金和投資方面的負債穩步增長，上半年淨新增資金約為 27 億英鎊。

Turning to net interest income on slide 13. The Group delivered a resilient performance in net interest income in the first six months of the year. Net interest income of GBP3.2 billion in Q2 was down 1% quarter on quarter, alongside AIEAs of GBP449 billion was stable on Q1, driven by the weighting of customer lending growth towards the end of the quarter.

轉向第 13 頁的淨利息收入。今年上半年，集團淨利息收入表現強勁。第二季的淨利息收入為 32 億英鎊，環比下降 1%，而 AIEA 為 4,490 億英鎊，與第一季持平，這主要是受季末客戶貸款成長的推動。

As mentioned, the Q2 net interest margin of 293 basis points was down two basis points from the first quarter, resulting in a first half net interest margin of 294 basis points. This general decline in the margin through the first half is consistent with our expectations as we outlined previously. [Stage] one non-banking NII charge of GBP229 million was driven by increased funding costs in the current rate environment and strategic growth in the group's nonbanking businesses.

如上所述，第二季淨利差為 293 個基點，較第一季下降 2 個基點，導致上半年淨利差為 294 個基點。上半年利潤率普遍下降與我們先前概述的預期一致。第一階段非銀行NII費用為2.29億英鎊，主要是由於當前利率環境下融資成本增加，以及集團非銀行業務的策略性成長。

The charge is tracking in line with the indication we gave previously for the full year of between GBP450 million and GBP500 million. Looking ahead, we continue to expect AIEAs for 2024 to be greater than GBP450 billion, driven by current lending activity and expected further lending growth in the second half of the year. We also continue to expect net interest margin to be in excess of 290 basis points for 2024.

該費用與我們之前給出的全年 4.5 億英鎊至 5 億英鎊之間的預期一致。展望未來，我們繼續預計 2024 年的 AIEA 將超過 4500 億英鎊，這得益於當前貸款活動以及預計下半年貸款將進一步增長。我們也繼續預期 2024 年的淨利差將超過 290 個基點。

Indeed, our confidence in this guidance is further reinforced performance in H1. Within the margin, mortgage refinancing and deposit churn developments continue to evolve in line with our expectations forecasted bank base rate cuts flat the deposit headwind in the second half.

事實上，我們對這指引的信心進一步增強了上半年的表現。在利潤率方面，抵押貸款再融資和存款流失的發展繼續按照我們的預期發展，預測銀行基準利率下調將在下半年緩解存款逆風。

However, the structural hedge refinancing will also play a greater role as we progress through the year, helping offset is precious. Putting all this together and as we said at year end in Q1, we continue to expect net interest margin to be on a positive trajectory before the end of the year.

然而，隨著一年的進展，結構性對沖再融資也將發揮更大的作用，幫助抵消損失是寶貴的。綜合所有這些因素，正如我們在第一季末所說的那樣，我們繼續預期淨利差將在年底前呈現正成長趨勢。

Looking at the mortgage portfolio on slide 14. The mortgage book now stands at GBP307 billion. This is up GBP1.6 billion in H1 and up GBP3.2 billion in Q2, that's excluding the GBP0.9 billion legacy portfolio securitization. In Q2, completion margins increased to around 70 basis points, albeit securities in the book where around 110 basis points. I said the impact of the mortgage book refinancing on the group's margin is playing out more or less in line with our expectations.

請參閱投影片 14 上的抵押貸款組合。目前抵押貸款總額已達3,070億英鎊。上半年該金額增加了 16 億英鎊，第二季增加了 32 億英鎊，這還不包括 9 億英鎊的遺留投資組合證券化。在第二季度，完成利潤率增加至約 70 個基點，儘管帳面證券約為 110 個基點。我說過，抵押貸款再融資對集團利潤率的影響基本上符合我們的預期。

As Charlie mentioned, a key element of our strategy is to increase connectivity between businesses reaching more of our customers' financial needs. As an example of this, we've now enhanced the integration of our protection insurance offering into the mortgage journey.

正如查理所提到的，我們策略的關鍵要素是增強企業之間的連結性，以滿足更多客戶的金融需求。舉例來說，我們現在已加強將保護保險服務融入抵押貸款流程中。

This drove a 3-percentage-point increase in protection take-up in H1 (inaudible) is still below where we think it should be. The financial benefits gained by partnering across divisions reinforce the attractiveness of new mortgage lending from both a strategic and economic value perspective.

這導致上半年保護率上升了 3 個百分點（聽不清楚），但仍低於我們認為的水平。跨部門合作所獲得的財務利益從策略和經濟價值角度增強了新抵押貸款的吸引力。

Looking ahead, we continue -- we expect the mortgage book to continue to grow through the remainder of this year.

展望未來，我們預計抵押貸款餘額將在今年剩餘時間內繼續成長。

Let me now look at the other lending books on slide 15. Consumer balances are performing well credit cards, loans and motor were collectively up GBP2.7 billion in the first half of the year, including GBP1.4 billion in Q2. We continue to see credit card spend recovering is balances up GBP0.5 billion in H1. Likewise, loan balances grew by GBP1.3 billion, partly driven by lower repayments following a securitization in Q4 last year. Meanwhile, motor finance was also up GBP0.9 billion. In commercial lending was down GBP0.5 billion in the first half.

現在讓我來看看投影片 15 上的其他借閱書籍。消費者餘額表現良好，信用卡、貸款和汽車貸款在上半年共增加了 27 億英鎊，其中第二季增加了 14 億英鎊。我們繼續看到信用卡支出復甦，上半年餘額增加 5 億英鎊。同樣，貸款餘額增加了 13 億英鎊，部分原因是去年第四季證券化後還款金額減少。同時，汽車融資也增加了9億英鎊。上半年商業貸款減少了5億英鎊。

Within this, corporate institutional lending was up GBP1 billion, including growth in strategic areas such as working capital and securitized products. In small and medium businesses, balances were down GBP1.5 billion with slow customer demand continuing to impact performance alongside GBP0.8 billion of government-backed lending repayments.

其中，企業機構貸款增加了10億英鎊，包括營運資金和證券化產品等策略領域的成長。在中小型企業方面，餘額下降了 15 億英鎊，客戶需求放緩以及 8 億英鎊的政府支持貸款償還繼續影響業績。

Moving on to deposits on slide 16. Our deposit franchise grew strongly in the first half of the year. Total deposits are up by GBP3.3 billion or 1% GBP475 billion. Within this, retail deposits were up GBP4.9 billion, continued growth in savings balances more than offset expected current count reductions. Retail savings balances were up GBP6.7 billion in H1, supported by net new money inflows and strong retention activities. Two points stand out first, as Charlie mentioned, we had a strong season tracking significant cash interest savings from new and existing customers in the half.

前往投影片 16 上的存款。我們的存款業務上半年成長強勁。總存款增加了33億英鎊，即1%，達到4750億英鎊。其中，零售存款增加了49億英鎊，儲蓄餘額的持續成長超過了預期的活期存款減少。受淨新資金流入和強勁的保留活動推動，上半年零售儲蓄餘額增加了 67 億英鎊。首先有兩點引人注目，正如查理所提到的，我們度過了一個強勁的季度，上半年從新舊客戶身上節省了大量現金利息。

Second, our limited withdrawal product continues to see strong demand enabling us to retain a high proportion of rate-sensitive money within our own savings proposition. Current account balances reduced in the half by GBP1 billion outflows were driven by seasonal tax payments and movements to savings products, partly offset by wage inflation. Commercial deposits decreased by GBP1.6 billion in H1. Within this small and medium businesses -- business balances increased due to growth in targeted sectors, particularly in Q2.

其次，我們的有限提款產品持續受到強勁需求，使我們能夠在自己的儲蓄中保留高比例的利率敏感型資金。上半年經常帳餘額減少了10億英鎊，資金流出主要是由於季節性稅收和儲蓄產品流動，但被薪資通膨部分抵銷。上半年商業存款減少16億英鎊。在這些中小型企業中，由於目標行業的成長，尤其是在第二季度，業務餘額增加。

Noninterest-bearing balances meanwhile, showed early signs of stabilization. Elsewhere, outflows in corporate institutional balances reflects the group managing deposits for value. As you are aware, the performance of our deposit franchise supports the structural hedge (inaudible) Our structural hedge is a significant tailwind income. Hedge notional currently stands at GBP242 billion down GBP5 billion in H1, including GBP2 billion in Q2.

同時，非生息餘額顯示出初步穩定的跡象。此外，企業機構餘額的流出反映了管理存款的價值群體。如您所知，我們的存款特許經營權的表現支持結構性對沖（聽不清楚）我們的結構性對沖是一項重要的順風收入。目前對沖名目金額為 2,420 億英鎊，上半年下降 50 億英鎊，其中第二季下降 20 億英鎊。

This is in line with our expectations for a modest notional reduction during 2024 linked deposit churn trends. In H1 we saw gross hedging income of GBP1.9 billion, GBP0.3 billion higher than last year. The average earnings rate on the hedge is now circa 1.6% with the reinvestment rates continuing to be significantly higher than this. Weighted average life of the hedge remained stable at around 3.5 years.

這符合我們對 2024 年掛鉤存款流失趨勢名目金額適度減少的預期。上半年，我們的總避險收入為 19 億英鎊，比去年同期高出 3 億英鎊。對沖的平均收益率目前約為 1.6%，而再投資利率則繼續遠高於這一水平。對沖的加權平均壽命保持穩定，約3.5年。

[Booking] rates average would have been slightly stronger than our expectations at the start of the year. Accordingly, looking ahead, we now expect the growth in 2024 hedge income to be slightly higher than the GBP0.7 billion, so we mentioned in February.

平均預訂率會比我們年初的預期略高一些。因此，展望未來，我們現在預計 2024 年對沖收入的成長將略高於我們在 2 月提到的 7 億英鎊。

Moving on to other income on slide 18. We continue to build momentum in other income across the franchise and linked to the successful execution of our strategic initiatives. Other income of GBP1.4 billion in Q2 was 9% higher than Q2 last year, with H1 up 8% year on year. Pleasingly, this income is driven by growth across all of our business divisions.

轉到第 18 張投影片上的其他收入。我們將繼續在整個特許經營中增強其他收入的勢頭，並與我們戰略計劃的成功執行保持聯繫。第二季其他營收為14億英鎊，比去年第二季成長9%，上半年年增8%。令人高興的是，這筆收入是由我們所有業務部門的成長所推動的。

Within retail, we saw a growing contribution from our motor business, driven by an increased fleet size alongside we saw quarter on quarter growth banking activity. In commercial team drove a strong H1 performance in our markets business with growth supported by strategic investments as well as higher client activity.

在零售領域，我們看到汽車業務的貢獻不斷增長，這得益於車隊規模的擴大以及銀行業務活動的逐季增長。商業團隊在市場業務中取得了強勁的上半年業績，成長得益於策略投資和更高的客戶活動。

Insurance pensions investments delivered increased income within general insurance as well as workplace pensions. Looking forward, we continue to expect strategic initiatives across our business to drive further growth in other income.

保險退休金投資增加了一般保險和工作場所退休金的收入。展望未來，我們持續期待整個業務的策略舉措能推動其他收入的進一步成長。

Turning to operating lease depreciation. Stage one charge of GBP679 million included GBP396 million in Q2. Increased depreciation in Q2 incorporates a circa GBP100 million additional charge. This is caused by the half yearly fleet revaluation exercise, recognizing used car price developments, particularly in electric vehicles. These are material part of our leasing business.

轉向經營租賃折舊。第一階段的費用為 6.79 億英鎊，其中包括第二季的 3.96 億英鎊。第二季折舊增加包含約 1 億英鎊的額外費用。這是由於每半年進行一次的車隊重新評估活動造成的，該活動考慮到了二手車價格的發展情況，尤其是電動車的價格發展。這些都是我們租賃業務的重要組成部分。

Looking forward this charge will revert to something slightly higher than the Q1 run rate because of the revised depreciation schedules alongside business growth. Taking a step back today, charge comes down to a period of significant net benefits from used car price movements. Overall, we continue to see that business as an attractive and profitable growth opportunity.

展望未來，由於折舊計劃的修改和業務的增長，該費用將恢復到略高於第一季的運行率。今天退一步來說，費用可以歸結為二手車價格變動帶來的一段顯著的淨收益。總體而言，我們仍然認為該業務是一個有吸引力且有利可圖的成長機會。

Moving on to costs on slide 19. We remain on track to deliver our cost guidance in 2024. Operating costs of GBP2.3 billion in Q2 was stable on the prior quarter, excluding the circa GBP0.1 billion Bank of England levy in Q1. H1 operating costs were GBP4.7 billion, up 7% from the prior year or up 4% excluding the levy. Costs include expected elevated and front-loaded severance charges taken to facilitate cost efficiencies.

繼續討論第 19 張投影片上的成本。我們仍有望在 2024 年實現成本指導目標。第二季的營運成本為 23 億英鎊，與上一季持平，不包括第一季約 1 億英鎊的英格蘭銀行徵稅。H1 營運成本為 47 億英鎊，比上年增長 7%，若不包括徵稅則增長 4%。成本包括為提高成本效率而預期增加的和前期支付的遣散費。

Excluding the levy and the component severance and excess of last year, costs were up 2% with inflationary pressures partially mitigated by continued cost efficiency. The cost-to-income ratio was 57% or 56%, excluding remediation. The Group continues to maintain strong cost discipline in the context of inflationary pressures and strategic investments that Charlie mentioned earlier, we remain on track to deliver GBP1.2 billion of gross cost savings this year.

除去去年的稅金和部分遣散費及超額費用，成本上漲了 2%，通膨壓力因持續的成本效率而部分緩解。成本收入比為 57% 或 56%（不包括補救措施）。正如查理之前提到的，在通膨壓力和戰略投資的背景下，集團繼續保持嚴格的成本紀律，我們仍有望在今年實現 12 億英鎊的總成本節約。

Excluding the Bank of England levy costs will be up in total by 7% over the three years from 2022 -- 2024 in the context was much higher CPI growth during that same period. As said, we continue to expect operating costs of circa GBP9.4 billion in 2024, including GBP0.1 billion Bank of England levy. Remediation charge was GBP95 million in H1, essentially in relation to pre-existing programs, there have been no further charges relating to the FCA investigation into historical motor finance commission arrangements.

如果不包括英格蘭銀行的徵稅成本，那麼在 2022 年至 2024 年的三年內，總體成本將上漲 7%，因為同一時期的 CPI 成長率要高得多。正如前文所說，我們預計 2024 年的營運成本仍約為 94 億英鎊，其中包括 1 億英鎊的英格蘭銀行徵稅。上半年的補救費用為 9500 萬英鎊，主要與先前存在的計劃有關，FCA 對歷史汽車金融委員會安排的調查並未產生進一步的指控。

Let me move to asset quality on slide 20. Asset quality remains very strong. Credit quality continued to improve in the quarter, but either stable or (inaudible) is seen across our portfolio. This reflects the resilience of our prime customer base on our prudent approach to risk. Strong credit performance alongside MES adjustments resulted in a low Q2 impairment charge of GBP44 million, equivalent to an asset quality ratio, five basis points. On a pre MES basis, the asset quality ratio was still low 16 basis points in the quarter.

讓我轉到第 20 頁的幻燈片來討論資產品質。資產品質依然強勁。本季信貸品質持續改善，但在我們的投資組合中，信貸品質要麼穩定，要麼（聽不清楚）。這反映了我們的主要客戶群對我們審慎的風險應對方法的適應力。強勁的信貸表現加上 MES 調整，導致第二季的減損費​​用較低，僅為 4,400 萬英鎊，相當於資產品質比率 5 個基點。以 MES 之前的標準計算，本季資產品質比率仍然低至 16 個基點。

It's benefited from a modest underlying charge as well as the release of inflationary judgments in retail, given the strong portfolio performance despite environment. GBP132 million MES yesterday's in Q2 was primarily driven by revised approach towards the downside scenario.

儘管環境不佳，但投資組合仍表現強勁，這得益於適度的基本收費以及零售業通膨判斷的發布。昨日第二季的1.32億英鎊MES主要受下行情境的修改方法的推動。

This now incorporates the more evenly balanced risks of supply-side and demand-side shocks for the attendant CPI and bank base rate impacts. [Absorbent] materials in the balance sheet is now GBP3.8 billion has remained circa GBP500 million above our base case and like-for-like higher than pre-pandemic levels, driving strong coverage across our portfolio.

現在，這將更均衡地涵蓋供給面和需求面衝擊的風險，以及隨之而來的消費者物價指數和銀行基準利率的影響。資產負債表中的[吸收性]材料目前為 38 億英鎊，比我們的基準情況高出約 5 億英鎊，且同比水平高於大流行前的水平，從而推動了我們整個投資組合的強大覆蓋。

We feel confident in the asset quality continuing to strengthen the portfolio and performance year to date in the context of an improved economic outlook, we now expect the asset quality ratio to be less than 20 basis points for 2024.

我們對資產品質充滿信心，在經濟前景改善的背景下，今年迄今的投資組合和業績將繼續增強，我們現在預計 2024 年的資產品質率將低於 20 個基點。

Let me briefly update on our latest economic assumptions. We've made modest changes to our forecasts since Q1. We now forecast GDP to be slightly stronger than our previous expectations. 0.8% growth in 2024. Given sticky pay rises and inflation, we now assume two rather than three base rate cuts in 2024 starting in third quarter.

讓我簡要地介紹一下我們最新的經濟假設。自第一季以來，我們對預測做了適度修改。我們現在預測 GDP 將略高於我們先前的預期。 2024年增長0.8%。鑑於薪資上漲和通膨的持續，我們現在假設從 2024 年第三季開始將下調兩次而不是三次基準利率。

This higher rate environment leads us to expect unemployment to rise a little earlier, peaking at 4.9% in 2025. Our assumptions for house prices meanwhile, broadly unchanged. Let me now move on to slide 22 and address the below-the-line items and TNAV. Return on tangible equity of 13.5% in H1 represents a robust performance.

這種較高的利率環境使得我們預期失業率將會稍微提前上升，在 2025 年達到 4.9% 的高峰。同時，我們對房價的假設基本上保持不變。現在我轉到第 22 張投影片，討論一下線下專案和 TNAV。上半年有形資產回報率為 13.5%，表現強勁。

Looking ahead to the full year, we continue to expand our ROTE for 2024, to circa 13%. Restructuring costs remain low at GBP15 million for the first half volatility, another impact of GBP158 million in H1, so essentially driven by negative insurance volatility given the increase in long-term rates. Charge also includes the usual fair value unwind. Tangible net assets per share of 49.6p were down 1.2p in H1, 1.6p in Q2.

展望全年，我們將繼續擴大 2024 年的 ROTE，至約 13%。重組成本在上半年波動中仍維持在1500萬英鎊的低位，上半年的另一個影響是1.58億英鎊，因此主要是由於長期利率上升導致的負面保險波動所致。費用還包括通常的公允價值解除。每股有形淨資產為 49.6 便士，上半年下降 1.2 便士，第二季下降 1.6 便士。

The decrease was driven by shareholder distributions, including the full year ordinary dividend payments in April and also by movements in the rate curve impacts in the cash flow hedge reserve in Q1. As usual at this time, TNAV is also temporarily suppressed by an accrual for the share buyback over the H1 closed period with no corresponding share count reduction. This 0.9p per share accrual impact will mechanically reverse in Q3.

下降的主要原因是股東分配，包括四月份的全年普通股息支付，以及第一季利率曲線變動對現金流對沖儲備的影響。與平時一樣，此時 TNAV 也因 H1 封閉期內股票回購的應計費用而暫時受到抑制，而股票數量並沒有相應減少。每股 0.9 便士的應計影響將在第三季機械地逆轉。

Looking ahead, we continue to expect TNAV per share to grow this year and indeed over the medium term from lending growth, buybacks and the unwind of headwinds. Inevitably, the growth trajectory may be influenced in the short term by rate volatility just as we saw in the first quarter of this year.

展望未來，我們繼續預期今年每股 TNAV 將會成長，並且從中期來看，由於貸款成長、回購和逆風解除，每股 TNAV 將會成長。不可避免的是，正如我們在今年第一季看到的那樣，利率波動可能會在短期內影響成長軌跡。

Turning to capital generation on slide 23, we have delivered strong capital generation in the first half. In H1, RWAs were up GBP2.9 billion, ending at GBP222 billion. Lending growth was offset by securitization and other capital optimization activities. In Quarter RWA developments were further impacted by the reversal of the temporary increase in market risk RWAs related to hedging, we mentioned in Q1. We continue to expect risk-weighted assets to be between GBP220 billion and GBP225 billion for the end of the year.

談到第 23 張投影片上的資本創造，我們在上半年實現了強勁的資本創造。上半年，風險加權資產增加了 29 億英鎊，達到 2,220 億英鎊。貸款成長被證券化和其他資本優化活動所抵消。我們在第一季提到，本季的風險加權資產發展受到與避險相關的市場風險風險加權資產暫時增加逆轉的進一步影響。我們繼續預期年底風險加權資產將在2,200億英鎊至2,250億英鎊之間。

This is led by expected lending growth in H2 with continued active balance sheet management to offset regulatory pressures. Capital generation of 87 basis points in the first half was as said a strong result. In this context, we continue to expect full year 2024 capital generation be circa 175 basis points. This represents a healthy level of capital generation from what is a robust business performance. Closing CET1 ratio of 14.1% is up to 48 basis points ordinary dividend accrual. This is inclusive of the announced interim dividend increase of 15%.

這是由於下半年預期貸款成長，以及持續積極的資產負債表管理以抵消監管壓力。上半年資本創造率為 87 個基點，可謂強勁表現。在此背景下，我們繼續預期 2024 年全年資本創造量約為 175 個基點。這表明，強勁的業務表現帶來了健康的資本創造水準。收盤 CET1 比率為 14.1%，相當於普通股息應計金額的 48 個基點。這包括宣布的 15% 的中期股息成長。

I'll now move on to talk further on capital distributions on slide 24. The Group's strong capital generation and CET1 position continues to support growth in shareholder distributions. Today, the Board announces an increased interim dividend of 1.06p per share, 15% growth from last year. As usual, we'll consider further capital distributions at the end. Both the interim and final dividend per share has grown consistently over our strategic plan. Through 2024, interim dividend per share announced today is around 60% higher than in 2021.

我現在將在第 24 張投影片上進一步討論資本分配。集團強大的資本產生能力和 CET1 地位繼續支持股東分配的成長。今天，董事會宣布將中期股息增加至每股 1.06 便士，比去年增長 15%。像往常一樣，我們將在最後考慮進一步的資本分配。在我們的策略計畫中，每股中期股息和末期股息都持續成長。到 2024 年，今天宣布的每股中期股息將比 2021 年高出約 60%。

This strong distribution growth is consistent with our guidance for progressive and sustainable dividends. But inside this growth, we have undertaken consecutive and significant share buyback programs. These would reduce this group share count around 12% since the end of 2021. Supporting growth in value for our shareholders. We remain committed to growth in distributions and returning excess capital to shareholders alongside delivery of our strategy for the benefit of all stakeholders.

強勁的分紅成長符合我們對漸進式和永續股利的指導。但在這成長過程中，我們已連續開展了重大的股票回購計畫。這將使該集團的股份數量自 2021 年底以來減少約 12%。支持股東價值成長。我們將繼續致力於增加分配並將多餘的資本返還給股東，同時實施我們的策略以造福所有利害關係人。

I'll now move on to slide 25 to wrap up the financials. In sum, the group is delivering in line with expectations. As Charlie said, our strategy is progressing well towards our ambition of generating higher, more sustainable returns for our shareholders.

我現在將轉到第 25 張投影片來總結財務狀況。總體而言，該集團的業績符合預期。正如查理所說，我們的策略正在順利實現為股東創造更高、更永續的回報的目標。

As part of this, we saw robust financial performance over the first six months of the year with solid profitability, strong capital generation and an increased interim dividend. Looking forward, we reaffirm our 2024 guidance as set out in full on the slide, and we remain confident in our 2026 commitments. We remain very well positioned for the future.

作為其中的一部分，我們在今年前六個月看到了強勁的財務表現，包括穩健的獲利能力、強勁的資本創造能力和增加的中期股息。展望未來，我們重申幻燈片中完整列出的 2024 年指導方針，並對 2026 年的承諾充滿信心。我們仍然為未來做好了充分準備。

That concludes my comments this morning. Thank you for listening, and I'll hand back to Charlie for his closing remarks.

這是我今天早上的評論。感謝大家的聆聽，我將把發言權交給查理，讓他作最後發言。

Thank you, William. So to summarize, the group has once again delivered in line with the expectations we laid out increasing our track record of consistent delivery. We've continued to deliver in line with our purpose of helping Britain prosper and see further opportunities to drive sustainable economic growth. We can continuing to execute against our strategic plan and are on track to deliver our interim 2024 outcomes.

謝謝你，威廉。總而言之，集團再次達到了我們設定的期望，並提高了我們持續交付的記錄。我們將繼續履行我們的目標，幫助英國繁榮，並尋找更多機會推動永續經濟成長。我們可以繼續執行我們的策略計劃，並有望實現 2024 年中期成果。

Our financial performance remains robust with strong capital generation, supporting increasing shareholder distributions. We have today reaffirmed our guidance for 2024 and remain confident in the outlook of delivering higher, more sustainable returns and capital generation in 2026.

我們的財務表現依然強勁，資本創造能力強勁，支持增加股東分配。今天，我們重申了 2024 年的指導方針，並對 2026 年實現更高、更永續的回報和資本創造的前景充滿信心。

Thanks for listening. That concludes our presentation, and we're now very happy to take your questions. Back to you, operator.

感謝您的聆聽。我們的演示到此結束，現在我們很高興回答您的問題。回到你這裡，接線生。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Jason Napier, UBS.

瑞銀的傑森·納皮爾（Jason Napier）。

Good morning. Thank you for taking my questions. Two on net interest margins, please. If I could the walk on margins on a quarter-on-quarter basis? Just focusing first on the four basis point headwind from mortgages. Wonder whether you could talk a little bit about the spreads that you achieved in the second quarter, the pipeline for the third quarter and how that looks the sort of persistence of the headwind is a particular focus for investors. How long you think that headwind will continue.

早安.感謝您回答我的問題。請提供兩個關於淨利差的資訊。我是否可以按季度提高利潤率？首先關注抵押貸款帶來的四個基點的阻力。想知道您是否可以談談您在第二季度實現的利差、第三季度的計劃以及逆風的持續性如何成為投資者特別關注的焦點。您認為這種逆風將持續多久。

And then secondly, the support in this quarter from funding capital and that it looks to me like that's mostly about the Bank of England levy change. But if you could talk about whether we should consider that to be a plus or minus or neither in future periods would be most helpful. Thanks very much.

其次，本季來自融資資本的支持在我看來主要與英格蘭銀行徵稅變化有關。但如果您可以談論我們在未來時期是否應該將其視為優點、缺點或兩者都不是，那將會非常有幫助。非常感謝。

Thanks, Jason. I'll perhaps take those two questions. Maybe the Charlie, you want to handle on the mortgage point, in particular. On the mortgage question first of all, in relation to them as you say, we've seen a bit of a headwind during the course of quarter two in relation to mortgages, four basis points. That's very consistent with what we saw in quarter one and to look forward point, Jason is consistent with what we would expect to see the remainder of this year.

謝謝，傑森。也許我會回答這兩個問題。也許查理，你想特別處理房貸問題。首先關於抵押貸款問題，正如您所說，我們在第二季度看到抵押貸款方面出現了一些阻力，下降了 4 個基點。這與我們在第一季看到的情況非常一致，展望未來，Jason 的表現與我們對今年剩餘時間的預期一致。

As that play out, very much in line with expectations. What's going on behind that is commented on in my comments, I think perhaps and Charlie's too. We've seen completion margins of around 70 basis points in the course of quarter two. That's up a touch versus quarter one , which I think was more like 65. That's good to see, but it's a gradual and obviously relatively modest progression events progress nonetheless.

隨著情況的發展，一切都非常符合預期。我對這背後發生的事情進行了評論，我想也許查理也是如此。我們看到第二季的完成利潤率約為 70 個基點。與第一季相比，這略有上升，我認為第一季的數字更像是 65。這是件好事，但無論如何，這是一個漸進的、顯然相對溫和的進展過程。

That is, however as in the context of maturing mortgages coming off the balance sheet around 110 basis points. And it's that combination at least that four basis points headwind in quarter two but as I say, I expect that patent to be pretty consistent for the remainder of this year. As we go forward on that today, not today, obviously to be making guidance we're giving guidance for 2025.

但這就像到期抵押貸款從資產負債表中扣除約 110 個基點的情況一樣。這種結合至少在第二季帶來了 4 個基點的逆風，但正如我所說，我預計該專利在今年剩餘時間內將保持相當穩定。今天，我們繼續討論這個問題，但不是今天，顯然是為了製定指導，我們將提供 2025 年的指導。

But as we go forward and consistent with the comments we've made before, we expect that headwind to temper slightly during the course of 2025 and then get effectively eliminated during the first half of 2026 average point we were taking on new mortgages and much the same rate as that coming off. So it's that type of development looking forward, Jason, which hopefully is helpful to your question.

但隨著我們繼續前進，並與我們先前的評論一致，我們預計這種不利因素將在 2025 年期間略有減弱，然後在 2026 年上半年有效消除，屆時我們承擔的新抵押貸款的平均點數與即將到期的利率大致相同。所以這就是期待的這種發展，傑森，希望這對你的問題有幫助。

In terms of the second question there, funding capital and other on the margin as you say, we had about a three basis point benefit from that at what's underneath that number. It's basically three things. You mentioned bank levy, which is quite right that it's certainly a feature of that alongside of that. And we've seen some spread compression, which is helpful.

就第二個問題而言，正如您所說，融資資本和其他保證金，我們從中獲得了大約 3 個基點的收益，低於這個數字的收益是多少。基本上有三件事。您提到了銀行稅，這是非常正確的，它當然是其中的一個特點。我們已經看到了一些利差壓縮，這是有幫助的。

And we've also seen lower quantities of hotel issuance than we might otherwise have had partly because of the deposit strength that we've seen on the balance sheet. So those things are coming together to help steer the margin in the context of our 293 for Q2, 294 for the half as a whole.

而且我們也看到飯店發行量低於本來可能的數量，部分原因是我們在資產負債表上看到的存款實力。所以這些因素結合在一起，有助於控制利潤率，我們第二季的利潤率為 293，上半年的利潤率為 294。

Looking forward, Jason, on that particular point, I would expect that to continue to be a bit of a tailwind going forward 11 flow a little bit. But overall, that bank levy benefit will continue to contribute through the course of the year. And likewise, maybe a bit of benefit from wholesale in the context of strong deposits. Charlie, I don't know, whether you want to talk a little bit about mortgage volumes.

展望未來，傑森，就這一點而言，我預計這將繼續成為推動未來 11 進程的順風。但總體而言，銀行徵收收益將在今年內繼續產生貢獻。同樣，在存款充足的情況下，批發業務也許能帶來一些好處。查理，我不知道您是否想談談抵押貸款量。

Yeah, thankfully, I'm just on the mortgage market broadly. I think probably everyone will know we saw a strong Q1 actually in terms of customers going back and origination around moving volume. That was linked to obviously the lower forecast that we saw in January and February. And I think the good thing from our perspective is our strategy about being focused on our segments that we -- what we are the leader and maintaining and growing market share in those segments played out well and it played out at margins as William said, that we're very much in line or slightly better than our guidance.

是的，幸運的是，我只是廣泛地關注抵押貸款市場。我想大家可能都知道，就客戶回流和移動量發起而言，我們第一季的表現其實很強勁。這顯然與我們在一月和二月看到的較低預測有關。我認為，從我們的角度來看，好的方面是我們的策略專注於我們所處的細分市場，我們是這些細分市場的領導者，我們在這些細分市場中保持並增加市場份額，這一戰略效果很好，而且正如威廉所說，我們的利潤率與我們的預期非常一致，甚至略好於我們的預期。

Volumes in Q2, slightly dropped as a swap curve moved up, but stay healthy, and we'll have to see how the second half develops probably along with the rest of the market. We're not expecting huge volatility in and swap curves and therefore, pricing remains a competitive market. But what we're pleased about is we're competing well within the segments we've seen and we've actually gained a bit of share in the first half.

由於掉期曲線上行，第二季的交易量略有下降，但仍保持健康狀態，我們將不得不觀察下半年以及其他市場的發展。我們預期掉期曲線不會出現巨大的波動，因此定價仍是一個有競爭力的市場。但我們很高興的是，我們在我們所看到的細分市場中競爭得很好，而且我們在上半年實際上已經獲得了一些份額。

So (inaudible) second ago, but it's a good start to the year. And then obviously, those balances will be supportive of our AIEAs in the second half and hopefully in '25, '26. Thanks Jaison.

所以（聽不清楚）第二次了，但這是今年的一個好開始。顯然，這些平衡將在下半年支援我們的 AIEA，並預計在 2025 年和 2026 年提供支援。謝謝 Jaison。

Thanks very much.

非常感謝。

Thank you. Aman Rakkar, Barclays.

謝謝。巴克萊銀行的阿曼‧拉卡爾 (Aman Rakkar)。

Good morning, Charlie. Good morning, William. I guess I had a follow-on question on the net interest margin. So you're kind of talking about a bit more mortgage margin pressure in the current coming quarters, a similar run rate to Q2's a lot of heavy lifting that needs to be done by the deposit side of NIM here. I guess could you kind of break out your expectations of the deposit margin sequentially from here and in particular the structural hedge?

早安，查理。早上好，威廉。我想我還有關於淨利差的後續問題。因此，您談論的是未來幾季的抵押貸款保證金壓力會更大一些，與第二季類似的運行率需要由 NIM 的存款方面完成很多繁重的工作。我想您能否從這裡開始按順序列出您對存款保證金的預期，特別是結構性對沖？

So do you think we're kind of at a level now where the structural hedges stabilize, should we expect that to be pretty meaningful pickup from here?

那麼，您是否認為我們現在處於結構性對沖穩定的水平，我們是否應該期待從現在開始會出現相當有意義的回升？

And I guess that's coming in the broader context of name, which to me, I think is -- I think you are pointing to a weaken NIM profile in H2 then consensus is modeling, I guess solid touch, I guess a second question to that, is it right to think of NIM down in Q3 and then some kind of pickup in Q4, but one that probably may not approximate consensus. Is there any change you can comment on those points, please. Thank you.

我想這是在更廣泛的背景下出現的，對我來說，我認為——我認為你指出的是下半年 NIM 概況較弱，然後共識是建模，我想是實實在在的，我想第二個問題是，是否正確地認為 NIM 在第三季度下降，然後在第四季度有所回升，但這可能與共識不符。請問您對這些觀點有何看法？謝謝。

So thanks Aman. I'll take those questions on the margin. Generally in the direction going forward, demand, the guidance for the margin remains consistent with what we said at the beginning of the year. And then again, a Q1. So hopefully that's helpful in the sense that it's consistent over the course of the year.

所以，謝謝阿曼。我將在邊際上回答這些問題。整體來說，未來的發展方向、需求、利潤率的指導與我們年初所說的保持一致。然後再次，Q1。所以希望這會有所幫助，因為它會在一年內保持一致。

What's going on behind that as I mentioned in my comments earlier on actually the developments in half one we have seen. So is I suppose or rather underlined our confidence in that guidance as we stand today. So it continues to be greater than 290 for the full year underlying great than and it continues to be turning towards a positive inflection point before the end of the year.

正如我之前在評論中提到的，這背後到底發生了什麼，我們已經看到了上半年的發展。所以，我想，或者更確切地說，這強調了我們今天對這項指導的信心。因此，全年來看，該數字仍高於 290，並且在年底之前繼續轉向積極的轉折點。

Behind that, what is going on is the principal headwinds and tailwinds that we discussed before, which is to say that we see the mortgage headwind developing in the way that I've just described pretty consistent remainder of this year. We see the deposit churn evolving, but actually slowing in the second half of the year and as an early signs of that happening.

在這背後，是我們之前討論過的主要不利因素和有利因素，也就是說，我們看到抵押貸款逆風以我剛才描述的方式發展，並且將在今年剩餘時間內持續下去。我們看到存款流失正在發生變化，但實際上在下半年有所放緩，這是這種情況發生的早期跡象。

Aman, we can add that we have discussed in the context of Q2. So we expect to see that churn continue in the rates environment would be natural to expect people to continue to put money into things like CapEx term accounts, likewise into withdrawal. But nonetheless, that patent, we expect to slow in the second half and has had some early signs of that in Q2.

阿曼，我們可以補充一點，我們已經在 Q2 的背景下進行了討論。因此，我們預期利率環境將持續波動，人們將繼續把錢投入資本支出定期帳戶等，同樣也會繼續把錢提款。但儘管如此，我們預計專利的成長將在下半年放緩，並且在第二季度已經出現了一些早期跡象。

Alongside of that in deposits, that pressure is going to be slightly augmented by the bank base rate reductions that we expect to see, which in turn, as will lead to certain lag before we're able to pass those on to the positives in whatever shape or form, we choose to pass one. So that's a picture of the deposit of the deposit headwind, which evolved in the patent described. At the same time, we commented earlier on that funding capital, another tailwind, which is helpful.

除了存款方面的壓力外，我們預計銀行基準利率將下調，這也將略微增加存款方面的壓力，而這又會導致一定的滯後，然後我們才能以任何形式將這些壓力轉嫁到我們選擇轉嫁的積極因素上。這就是專利中所描述的沉積逆風沉積物的圖像。同時，我們之前評論過，融資資本是另一個順風，它是有幫助的。

But actually much more importantly in the second half is the structural hedge. From the structural hedge comes back in a significant way in the context of second half to offset a number of those headwinds that I just described a second ago.

但實際上下半年更重要的是結構性避險。結構性對沖在下半年顯著回歸，抵消了我剛才描述的一些不利因素。

So I'm not sure I would totally bind the profile that you described in terms of the overall performance, the margin, we feel, let's say, very comfortable in the overall guidance presently 290 and likewise, the guidance that we expect the margin to turn before the end of the year. In that context, I think it's also reasonable to expect net interest income to turn in advance of the margin turning.

因此，我不確定我是否會完全遵守您所描述的總體表現、利潤率，我們對目前的總體指導值 290 感到非常滿意，同樣，我們預計利潤率將在年底前實現轉變。在這種背景下，我認為預期淨利息收入先於保證金轉變也是合理的。

So as we see it today based on the guidance we have given you in respect of net interest margin in respect to non-bank net interest income in respect of AIEAs, we expect modest progress in H2 NII over H1. So it gives you a bit of context, if you like, for the way in which you might view not just the margin, but also the net interest income picture as a whole.

因此，根據我們今天為您提供的有關 AIEA 的非銀行淨利息收入的淨利差指導，我們預計下半年 NII 將比上半年略有增長。因此，如果您願意的話，它可以為您提供一些背景信息，讓您不僅可以查看利潤率，還可以查看整個淨利息收入狀況。

That's excellent. Thanks very much. Appreciate it.

太棒了。非常感謝。非常感謝。

Thank you. Benjamin Toms, RBC.

謝謝。班傑明‧湯姆斯（Benjamin Toms），加拿大皇家銀行。

Good morning (inaudible) Thank you for taking my questions. First, one's on that structural hedge, just to help with our modeling. Can you just put some color on to what extent you pre hedged your '24, '25 and '26, what maturities? So it has been a bit all over the place. So to the extent that you have pre-hedged, when do you do the bulk of that pre hedging or to put it another way, how does the rate you've locked in at compare to swap rates today?

早安（聽不清楚）謝謝您回答我的問題。首先，我們來談談結構性對沖，這只是為了幫助我們建立建模。您能否詳細說明一下您對 24、25 和 26 年到期債券的預先對沖程度？因此，情況有點混亂。那麼，就您預先對沖的程度而言，您什麼時候進行大部分預先對沖，或者換句話說，您鎖定的利率與今天的掉期利率相比如何？

And secondly, on securitizations it may performed an SRT securitization. Some of your peers are utilizing this method more than you are, but it's sizable loan books. Can you talk around your ambitions around further securitizations, whether that traditional or SRT and maybe put some color around the economics on this type of transaction from an ROTA and capital perspective. Thank you.

其次，在證券化方面，它可以進行SRT證券化。您的一些同行比您更多地使用這種方法，但它的貸款帳簿相當龐大。您能否談談對進一步證券化的期望，無論是傳統證券化還是 SRT 證券化，並從 ROTA 和資本的角度對此類交易的經濟學進行一些闡述。謝謝。

So thanks, and again, perhaps I'll go through those two questions. In relation to the structural hedge, consistent with the pattern that we described in Q1 and perhaps also in February, we have a structural hedge, which is right now GBP242 billion invested. That's come off a touch since quarter one, about GBP2 billion.

所以謝謝您，也許我會再次討論這兩個問題。關於結構性對沖，與我們在第一季以及二月描述的模式一致，我們有一個結構性對沖，目前投資額為 2420 億英鎊。自第一季以來，這一數字略有下降，約 20 億英鎊。

That's pretty much tracking in line with our expectations for this year, which is to say that we expect a modest national reduction, probably not unlike what we saw last year averaged about GBP8 billion, maybe the deposit performance that we've seen this year actually helps us a little bit in that respect, but let's see how the rest of the year fell as we look forward to your question, Ben.

這與我們今年的預期基本一致，也就是說，我們預計全國範圍內會出現適度的減幅，可能與去年平均約 80 億英鎊的水平不同，也許今年看到的存款表現實際上在這方面對我們有點幫助，但讓我們看看今年剩餘時間的表現如何，我們期待著您的提問，本。

We do obviously in trying to ensure that the hedge is both a source of shareholder value, but also stability in our earnings, which in turn means that we do look to lock in a hedge in a way that's not hugely different to what you would expect out of a 3.5 year average life and the kind of lock-in associated with that as you roll it forward.

我們顯然會努力確保對沖既是股東價值的來源，也是我們收益的穩定，這反過來意味著，我們確實希望以一種與你對 3.5 年平均壽命的預期以及與此相關的鎖定方式沒有太大區別的方式鎖定對沖。

So specifically, what I mean by that, it means that within 2024, we are very largely locked in, as you would expect we've only got six more months or, in fact, five more months of the year and run. So you'd expect to be largely locked into '24. When we look forward into 2025, we're about four fixed locked-in, if you were to -- if you like, extrapolate hedge over the course of seven years (inaudible) 3.5 half year weighted average life, that's about what you'd expect.

所以具體來說，我的意思是，在 2024 年內，我們基本上被鎖定了，正如你所預料的那樣，我們只有六個月的時間了，或者實際上是五個月的時間了。因此，你可能會認為大部分時間都被鎖定在‘24’。當我們展望 2025 年時，我們大約有四個固定鎖定，如果您願意的話，推斷七年內的對沖（聽不清楚）3.5 年半年的加權平均壽命，這就是您所期望的。

And then in 2026, we're probably around two-thirds locked in. Again to extrapolate the Heritage over its total life and roughly seven years average weighted average life of 3.5 years, pretty much what you would expect. So that gives you a sense as to our hedge position but as we roll forward. In terms of timing, I'm not going to address precisely your timing question, but I think it is safe to say that when we see the curve look advantageous, if you like, relative to our long-term expectations, then we will incrementally take steps forward on that basis.

到 2026 年，我們大概已經鎖定了三分之二。再次推斷 Heritage 的整個壽命，大約七年的平均加權平均壽命為 3.5 年，幾乎與您所期望的完全一致。因此，這讓您了解我們的對沖頭寸，但隨著我們向前推進。至於時間方面，我不會準確回答你的時間問題，但我認為可以肯定地說，當我們看到曲線看起來有利時，如果你願意的話，相對於我們的長期預期，那麼我們將在此基礎上逐步向前邁進。

I wouldn't take that too far though, Ben, because if you look at our hedge, it is more like a kind of conventional hedge, do you expect to roll forward in a pretty conventional way than anything else, but occasionally when rates look very favorable then yes, we'll deploy a touch more than we would do in other less favorable circumstances.

不過，本，我不會做得太過分，因為如果你看看我們的對沖，它更像是一種傳統的對沖，你是否期望以一種非常傳統的方式而不是其他方式向前滾動，但偶爾當利率看起來非常有利時，是的，我們會比在其他不太有利的情況下部署更多。

In respect of the SRTs and the like Ben, optimization is a part of our balance sheet management strategy that we seek to pursue in a very net present value positive way for shareholders. There are a range of tools available at our disposal in respect to that optimization, some of them are simply around making sure that we are efficient in our interpretations of how risk-weighted assets should sit on the balance sheet.

對於 SRT 和 Ben 之類的人來說，優化是我們資產負債表管理策略的一部分，我們希望以非常有利於股東的淨現值的方式實現這項策略。在進行這種優化方面，我們可以使用多種工具，其中一些工具只是為了確保我們能夠有效地解釋風險加權資產在資產負債表上的位置。

Some of them are around management with counterparties, for example, (inaudible) collateral. Some (inaudible) into your question in both transactions and to your particular point, yes, we do deploy SRTs. You'll see SRTs are being deployed in respect of our commercial business, including in respect of our commercial real estate business in particular. And so we do take advantage of SRTs. Likewise, we also take advantage of retail securitizations, particularly in the mortgage book.

其中一些涉及與交易對手的管理，例如（聽不清楚）抵押品。對於您在這兩筆交易中提出的問題以及您的特定觀點，有些（聽不清楚）是的，我們確實部署了 SRT。您將看到 SRT 正在部署到我們的商業業務中，特別是商業房地產業務。因此我們確實利用了 SRT。同樣，我們也利用零售證券化，特別是在抵押貸款方面。

We did both the mortgage book actually and personal loans last year. The question that we ask ourselves every time we do an SRT or for that matter of retail securitization is this structure -- is this transaction net present value positive? And if it is then we see it as a useful source of shareholder value added. It is also, by the way a useful source of risk management reports on the balance sheet, talk about SRTs and the context CRE just a second ago, but also over the course of quarter two, we securitized about GBP900 million of Bank of Scotland self-certified mortgages that combined with a transaction we did in securitization space last year.

去年我們實際上既辦理了抵押貸款，也辦理了個人貸款。我們每次進行 SRT 或零售證券化時都會問自己的問題是這種結構——這項交易的淨現值為正嗎？如果是的話，我們認為它是股東價值增加的有用來源。順便說一下，它也是資產負債表上風險管理報告的有用來源，剛才討論了 SRT 和背景 CRE，但在第二季度，我們將約 9 億英鎊的蘇格蘭銀行自我認證抵押貸款證券化，結合我們去年在證券化領域進行的交易。

Similarly, part of it relating to the legacy book has saved us about GBP200 million in expected loss and therefore, help us in terms of the ECL Management business going forward. So we are effectively risk managing in the context of some of these transactions as well as obviously managing risk-weighted asset base that we seek to adhere to in target, as you know, for our year end. Thanks Ben

同樣，與遺留帳簿相關的部分資金為我們節省了約 2 億英鎊的預期損失，因此有助於我們未來的 ECL 管理業務。因此，我們在其中一些交易中有效地管理風險管理，同時顯然管理風險加權資產基礎，如您所知，這是我們在年底尋求堅持的目標。謝謝本

Thank you.

謝謝。

Thank you. Edward Firth, KBW.

謝謝。愛德華·弗斯，KBW。

Yeah, morning, everybody, and thanks so much for taking my question. I had two questions actually on a slightly different topic. Just coming back to Charlie's comments about growth and the sort of labor imperative for the labor governments imperative for growth because if I look at your full-year '26 target sort of 15%-plus return target on a 13% core Tier 1, you're going to generate 200 basis points of capital that probably present suggest as much spare that for growth, it's virtually pushing nothing.

是的，大家早安，非常感謝您回答我的問題。我實際上有兩個問題，涉及稍微不同的主題。回到查理關於成長以及工黨政府對成長的必要性的勞動力要求的評論，因為如果我看一下你 26 年全年的目標，即在 13% 的核心一級資本上實現 15% 以上的回報目標，你將產生 200 個基點的資本，這可能表明為增長節省了這麼多資金，這實際上什麼也沒推動。

So I'm just trying to think how important, but how much do you have to gear up your growth to actually get the economy going. And I'm particularly thinking of the commercial book that's now been falling reasonably consistently for some time. And I'm just not clear in my own mind how the economy can really pick up. You was one of the biggest players continue to decline that loan book.

所以我只是想知道這有多重要，但你需要多大程度上加快成長才能真正推動經濟發展。我特別想到的是商業書籍，其銷量一段時間以來一直保持相當穩定的下降趨勢。而我只是不清楚經濟如何才能真正復甦。你是繼續拒絕那筆貸款的最大參與者之一。

And that was my first. But I would not tell you different questions so I'll give it to you now or wait till after that one?

這是我的第一次。但我不會告訴你不同的問題，所以我現在就給你，還是等到那之後？

(inaudible) both on the second. But yes, we (inaudible) the second one.

（聽不清楚）兩者都在第二個。但是的，我們（聽不清楚）第二個。

Yeah, the other one is a completely different topic. When I look at the sort of regulators -- regulatory papers that are coming out at the moment from the FSB base and everybody else it seems to be about one a week on artificial intelligence and the sort of potential in the banking sector. For huge efficiencies achieved sort of transformations in the way you do to your business.

是的，另一個是完全不同的話題。當我看到監管機構——目前金融穩定理事會和其他機構發布的監管文件時，似乎每週都會發布一篇有關人工智慧和銀行業的潛力的文章。為了獲得巨大的效率，您在經營業務的方式上實現了某種轉變。

And I'm just wondering your thoughts on where you are at noise in your thinking, if it's you're potentially going to be a big game changer, lot like sort of digital banking was perhaps 20 years ago. Should we be thinking about a lot of costs potentially to implement that? How -- where are the sort of big pluses and minuses, but from that sort of initiative. Thanks so much.

我只是想知道，您認為您是否有可能成為一個巨大的遊戲規則改變者，就像 20 年前的數位銀行一樣。我們是否應該考慮實現這一目標可能產生的大量成本？如何－有哪些巨大的優點和缺點，但來自那種主動性。非常感謝。

Great. Thanks Ed. And thanks to (inaudible) main question , it's a great process, a little bit of on the first one around growth and the imperative of the focus is right governance around growth. I think the starting point is you'll see it in our forecast and the basis of our plan actually assume the GDP this year where we upgraded at five years and in 0.8% growth. And then we start heading towards 1.41%, 1.7% growth in '25, '26, and that's not in line with the labor government's objective of getting to 2.5%.

偉大的。謝謝埃德。感謝（聽不清楚）主要問題，這是一個偉大的進程，第一個問題與成長有關，重點是圍繞成長的正確治理。我認為起點是您會在我們的預測中看到它，而我們計劃的基礎實際上假設今年的 GDP 在五年內升級並成長 0.8%。然後我們在25年和26年開始朝著1.41%、1.7%的成長目標前進，這與工黨政府達到2.5%的目標不符。

So we have laid out a growth plan we think is realistic based on the current government policy and the government's current fiscal policy. We'll have to see what plays out in terms of the labor government policies and whether that changes that trajectory. We think there is an opportunity by the way for a government to take a more proactive stance around unblocking the supply side and encouraging investment in the UK that could enable at (inaudible) in the first 6 or 12 months.

因此，我們根據當前政府政策和政府當前的財政政策制定了我們認為現實的成長計劃。我們必須觀察工黨政府的政策將如何發展，以及這是否會改變這一軌跡。順便說一句，我們認為，政府可以採取更積極主動的立場，暢通供給側，鼓勵對英國的投資，這可能在前 6 到 12 個月內實現（聽不清楚）。

It makes a difference, obviously, but we do think there's an opportunity to beat that. But obviously, our forecast is based on what we can see today. In terms of our own growth and balance sheet, I think about it in a couple of ways. The first thing is our baseline does have some core growth in AIEAs. We haven't given you specific guidance, obviously beyond 2024, but I think what you've seen this quarter around the kind of growth we can achieve when markets are returning to more stability is a good example of the trust we have in Lloyds Banking Group business and the broad-based growth we can achieve that with the both across our [RCIB] business is another of our consumer businesses.

顯然，這會產生影響，但我們確實認為有機會克服這個問題。但顯然，我們的預測是基於我們今天所看到的情況。就我們自身的成長和資產負債表而言，我從幾個方面來考慮這個問題。首先，我們的基線在 AIEA 中確實有一些核心成長。我們還沒有給你具體的指導，顯然是在 2024 年之後，但我認為你本季度看到的關於當市場恢復穩定時我們可以實現的增長，很好地證明了我們對勞埃德銀行集團業務的信任以及我們可以實現的廣泛增長，這既包括我們的 [RCIB] 業務，也包括我們的另一項消費者業務。

So we do have that growth built-in. And that is even with the capital return on the ROE that we're expecting in 2026, if growth were to be faster, it does depend on where income comes from and of course, as you know, when you talk about a lot of the investment and infrastructure growth, the UK need, it's going to be in some of that longer-term patient capital. And it's going to be in areas like the energy transition, building out housing, infrastructure, et cetera.

因此我們確實擁有這種內在的成長能力。即使我們預計 2026 年的 ROE 資本回報率會更高，但如果增長速度更快，那也取決於收入來源，當然，如你所知，當你談到英國需要的大量投資和基礎設施增長時，它將是一些長期耐心資本。它將涉及能源轉型、住房建設、基礎設施等領域。

Some of that can be bank based lending, but we have some of the leading structure is and especially ESG structuring teams in the UK, focused on those sectors where most of the investment needs to go. And often we do that through obviously debt financing, debt capital markets for a leading structure of our insurance companies. And you've just seen the announcement this week around Oaktree firm.

其中一些可以是銀行貸款，但我們擁有一些領先的結構，特別是英國的 ESG 結構團隊，專注於需要大部分投資的領域。我們通常透過債務融資、債務資本市場為我們的保險公司的主要結構來做到這一點。您剛剛看到了本周有關 Oaktree 公司的公告。

We are you're up a source or a destination for private credit companies to come and say, how do you can how can you help us use your expertise to originate assets? And so we see that as a really exciting area, both for our CIB business, but also the right way to think about supporting some of this growth that needs long-term patient capital with the right cost of equity and the right liquidity profile underpinning that and the great news is. And we start as the leader in the UK on many of those sectors.

我們是私人信貸公司的來源或目的地，我們會問，您能如何幫助我們利用您的專業知識來創造資產？因此，我們認為這是一個真正令人興奮的領域，不僅對我們的 CIB 業務而言，而且也是支持部分增長的正確方式，這種增長需要長期耐心的資本，並以正確的股權成本和正確的流動性狀況作為支撐，而好消息是。在許多領域，我們都是英國的領導者。

And we will have already have strong relationships. So I think that's where the growth come, it doesn't have to be back, just bank balance sheet basins. I think if it were just bank balance sheet based, we wouldn't get the right return profiles for those sectors and for those industries. So that's really important part of this. And (technical difficulty) might have gone on it but if we see our ability to grow our core retail and SME franchise is part of it is in our plan, they are accretive businesses.

而且我們已經建立了牢固的關係。所以我認為這就是成長的來源，它不必回來，只是銀行資產負債表的盆地。我認為，如果僅僅基於銀行資產負債表，我們就無法獲得這些部門和這些行業的正確回報狀況。所以這是非常重要的部分。而且（技術困難）可能已經出現，但如果我們看到我們發展核心零售和中小企業特許經營的能力是我們計劃的一部分，那麼它們就是增值業務。

And we'll always look to take economically positive growth for our shareholders, if we can say it because we know that builds long-term sustainable returns. And if we see that coming, we'll just give you guidance to go through this period.

我們將始終尋求為股東實現經濟正成長，如果我們可以這麼說的話，因為我們知道這可以帶來長期可持續的回報。如果我們預見到這種情況的發生，我們就會為你提供指導，幫助你度過這段時期。

Maybe your second point, (technical difficulty) now, I feel like I'm about to start a two hour lecture on AI (inaudible) very passionate about this topic. let me couple of thoughts. Look, the first thing is we're already a leader in the context of financial services, and we have over 800 AI models. Most of them are generative AI, but they are AI models that we're using to make better decisions, optimize the efficiency of the way we do we manage the bank today to manage risk better and we've been doing that for a long period of time and in the last 2.5 years in the period of the strategy, William and I will be making sure we're now investing in and leapfrogging into some of the data and technology capabilities that really will enable us to use AI at the next level.

也許你的第二點，（技術難度）現在，我覺得我即將開始一場關於人工智慧的兩小時講座（聽不清楚）對這個主題非常感興趣。請容許我談談幾點想法。首先，我們已經是金融服務領域的領導者，我們擁有超過 800 個人工智慧模型。它們大多數都是生成性人工智慧，但它們是我們用來做出更好決策的人工智慧模型，優化我們今天管理銀行的方式的效率，以更好地管理風險，我們已經這樣做了很長一段時間，在過去的 2.5 年策略期間，威廉和我將確保我們現在投資並跨越式發展一些數據和技術能力，這些能力將真正使我們能夠在下一個層次上使用人工智慧。

So we're already a leader and it's already driving significant impact for shareholders, as I said, across things like risk management, efficiency, our ability to meet needs. And we definitely see that as part of the continued best two or three years, and that is part of the investment would be making my way domestically material into bispecific technologies.

因此，我們已經是領導者，並且已經為股東帶來重大影響，正如我所說的，涉及風險管理、效率、滿足需求的能力等方面。我們確實將其視為持續最好的兩三年的一部分，這也是投資的一部分，將使我在國內進入雙特異性技術。

Generative AI is an additional opportunity for better services to customers, better risk management, better efficiency in terms of how we serve customers, we're already piloting those and we've had some good case studies and impact around bringing generative AI tools to support our colleagues and make better decisions faster and more efficiently. And we're seeing some good lift right in different areas, customer servicing, our coding teams, and we definitely think that provides additional opportunities over the next year.

生成性人工智慧為我們更好地服務客戶、更好地管理風險、提高客戶服務效率提供了一個額外的機會，我們已經在進行試點，並且在使用生成性人工智慧工具來支援我們的同事、更快、更有效地做出更好的決策方面取得了一些很好的案例研究和影響。我們在不同領域、客戶服務、程式設計團隊等方面都看到了一些良好的提升，我們確信這將在明年提供更多的機會。

One thing I'd say is I think like all technologies have been 32 years doing this since the early 90s and from day one being totally disrupting and building better efficiency around banking and financial services from day one starts on the trading floor in the 1990s. All of these adoption curves don't happen overnight. It's going to take a few years for this to really be used Generative AI that is on top of the existing AI tools.

我想說的是，我認為自 20 世紀 90 年代初以來，所有技術都已經發展了 32 年，從 20 世紀 90 年代在交易大廳開始的第一天起，就徹底顛覆了銀行和金融服務，並提高了效率。所有這些採用曲線都不是一朝一夕就能形成的。這種基於現有人工智慧工具的生成式人工智慧真正投入使用還需要幾年時間。

And I do think it provides an exciting opportunity for the industry over the three to five year time period. And I think what you should be looking for and what I can give you confidence about is we're already a leader in AI, and we're already leading on how do we deploy the new tools to get the best outcomes for the shareholders over the medium term.

我確實認為它在未來三到五年內為該行業提供了一個令人興奮的機會。我認為你們應該尋找的以及我可以給你們信心的是我們已經是人工智慧領域的領導者，並且我們已經在如何部署新工具以便在中期內為股東獲得最佳結果方面處於領先地位。

So we definitely see it as opportunity. I think it's going to probably be more about 2026 plus, but it really starts to make a difference (technical difficulty) we're already working on a few.

因此我們確實將其視為機會。我認為它可能要到 2026 年以後才會出現，但它確實開始產生影響（技術難度），我們已經在研究一些問題了。

And so just to come back. So I think just very quickly is it did you see it as something that can provide a source of competitive advantage or is this something where it's just going to be good for the industry as a whole in terms of credit risk management and costs?

所以就回來吧。因此，我想問的是，您是否認為它可以提供競爭優勢，或者在信用風險管理和成本方面，它是否對整個行業有利？

So I've seen some of the comments from some of the US CEOs around this, you say if you're not using this never happened and you're no longer relevant to your customers. Look, I am always believed ultimately the way we use technology will be a source of competitive advantage. And that's why, for example, our digital capabilities and the differentiated position we have on customer engagement, ease of digital and data is already differentiating.

我看到一些美國執行長對此發表的評論，他們說，如果你不使用這種技術，那麼它就永遠不會發生，你就不再與你的客戶相關。看，我始終相信，最終我們使用科技的方式將成為競爭優勢的來源。這就是為什麼我們的數位能力以及我們在客戶參與、數位化和數據便利性方面的差異化地位已經與眾不同。

Just give you one tangible thing and why do I think we're doing better than other high street banks around our core deposits and our relationship banking I think it's because of our digital engagement services and relevance of our services. So I think it is differentiating how we use generative AI directly with customers’ needs a bit of development because there are risks about it. And obviously, the regulatory context is going to have to develop for how we use it.

只需給您一件切實的事情，為什麼我認為我們在核心存款和關係銀行業務方面比其他商業銀行做得更好？所以我認為，我們如何直接使用生成式人工智慧來滿足客戶的需求，這需要進行一些開發，因為這存在風險。顯然，監管環境必須根據我們如何使用它而發展。

So I think that the initial application of it will be around efficiency making better risk decisions, which are guided by people and some enhancement around customer service. I think in that kind of three to five year time period, it could start to really improve how you serve customers and differentiate the service and therefore, gain more market share, if you like, for the businesses that are winners in that segment. And we're obviously going to be thinking that way and are piloting things in that context.

因此，我認為它的初步應用將圍繞著效率、做出更好的風險決策，這些決策以人為本，並圍繞客戶服務進行一些改進。我認為，在這三到五年的時間裡，它可以開始真正改善您為客戶服務的方式並提供差異化服務，從而為該領域的贏家贏得更多的市場份額。我們顯然會這樣思考，並在這樣的背景下試行一些事情。

So short term, probably more about support for better doing what we do stay better managing risk better being more efficient. I do think that this medium term than maybe we were just (inaudible) seminars as we think about what we do next, we should just highlight some of those examples. I think around your guided online advice in wealth space, it's a really good example.

因此，短期內，可能更多是支持我們更好地開展工作、更好地管理風險、提高效率。我確實認為，在這個中期，也許我們只是（聽不清楚）研討會，當我們思考下一步該做什麼時，我們應該強調其中的一些例子。我認為您在財富領域提供的線上指導建議是一個很好的例子。

So maybe we'll bring that back in more of the next set of seminars. We haven't yet committed to and I'm looking my team with a smile. (technical difficulty)

因此也許我們會在下一組研討會中再次討論這個問題。我們尚未承諾，我正微笑著看著我的團隊。（技術難度）

Perfect. Thank you very much.

完美的。非常感謝。

Thank you.

謝謝。

Thank you. Joseph Dickerson, Jefferies.

謝謝。傑富瑞的約瑟夫·迪克森。

I think you've just come back to the on the ground. Another question, just on the margin outlook I guess I mean, one thing that's really stood out is that if you look at the your retail unsecured, the card, the motor finance, you've grown those three segments on the balance sheet by GBP2.7 billion and they're currently at a 550 basis points margin.

我想你剛剛回到地面。另一個問題，僅就利潤率前景而言，我想說的是，真正引人注目的一件事是，如果您看看您的零售無擔保、信用卡、汽車金融，您會發現資產負債表上的這三個部分增長了 27 億英鎊，目前的利潤率為 550 個基點。

You've had a neutral hedge impact in Q2 following the maturity yield issues that you flagged at Q1, but this looks like it's going to turn and you've highlighted on slide 17 that the contributions this year is going to be a little more than GBP700 million-plus you've got some funding benefits. So I guess if you're relatively consistent on the mortgage headwind and what's happening on deposit sales, is there any reason why the Q2 NIM won't be the lowest for the year. Thank you.

繼您在第一季標記的到期收益率問題之後，您在第二季度受到了中性的對沖影響，但這種情況看起來將會轉變，並且您在第 17 張幻燈片上強調了今年的貢獻將略高於 7 億英鎊 - 而且您還獲得了一些融資收益。因此，我想，如果您對抵押貸款逆風和存款銷售情況的把握相對一致，那麼第二季的淨利差不會是今年最低的嗎？謝謝。

Thanks for the question, Joe. Just to comment on one or two of those component parts. You've been through that. App starting off before that with the overall reiteration really of the guidance to greater than 290 for the full year and indeed the turn before the year end to a positive trajectory. I'll come back to that in just a second.

謝謝你的提問，喬。僅對其中的一兩個組成部分進行評論。你曾經經歷過這些。應用程式在此之前就開始了，實際上重申了全年超過 290 的指導目標，並且確實在年底之前轉向積極的軌跡。我馬上就回來討論這個問題。

You mentioned that consumer finance is the first new component parts. And effectively what we've seen within consumer finance is a couple of things going on. One is decent growth in balances. You've seen as kind of circa GBP0.5 billion for the course of quarter two for car business for personal loans business and so forth. And those are in relatively high margin cost of books, so that is net beneficial.

您提到消費金融是第一個新的組成部分。實際上，我們看到消費金融領域正在發生一些事情。一是餘額合理成長。您已經看到第二季汽車業務、個人貸款業務等的投資額約為 5 億英鎊。這些書籍的利潤成本相對較高，因此是淨收益。

At the same time, if you look at it over a temporal period, the margins have come in a little bit for one or two of those areas. And that's mainly because funding costs have been going up and we haven't passed on all of those funding costs, two customers fell a little bit of margin compression there. But as we look forward, that is easing up a little bit. And that is a source of pressure is easing up a little bit on the margin going forward. So consumer finance is playing its part in short in the margin as we look forward.

同時，如果從一段時間來看，我們會發現其中一兩個領域的利潤率已經下降。這主要是因為融資成本一直在上升，而我們還沒有轉嫁所有的融資成本，導致有兩家客戶的利潤率壓縮。但當我們展望未來時，這種情況正在緩解。而這壓力源在未來將會有所緩解。因此，我們展望未來，消費金融將在邊際上發揮其作用。

The second, the structural hedge, you say we were kind of in a paid fairly for quarter two. We flagged it at quarter one. The quarter two contribution from the hedge would not be terribly much. That's simply a function of the impact of maturities within the hedge and the yield that the maturing hedges come off that as well as any pre-hedging that we might have put on to manage duration and the yield of those.

第二，結構性對沖，您說我們在第二季度獲得了公平的回報。我們在第一季就對此進行了標記。對沖在第二季的貢獻不會太大。這只是對沖期限影響、到期對沖收益率以及我們為管理期限和收益率而進行的任何預先對沖的影響的函數。

So that combination is what's led to the hedge being pretty static in Q2. But as I mentioned earlier on, our expectation is that the hedge picks up significantly in the second half and goes as I say a considerable way to offsetting the headwinds that I mentioned in respect of deposits and in respect of margin in respect of mortgages. So overall, the structural hedge makes a much more significant contribution in the second half of this year.

因此，這種結合導致第二季的對沖相當穩定。但正如我之前提到的，我們預計下半年對沖將大幅增加，並將在很大程度上抵消我提到的存款和抵押貸款保證金方面的不利因素。因此整體來看，結構性避險在今年下半年的貢獻會更大。

You asked about timing in terms of the turn of the margin Joe, I'd make two comments really wanted to revert to the earlier points where I went through the headwinds and tailwinds as we see them for the second half this year. I shall repeat that. The second is clearly you can see based on the flattening of the Q1 into Q2 margin.

你問到利潤率喬的轉變時機，我想發表兩點評論，我真的想回到之前的觀點，我經歷了今年下半年的逆風和順風。我要重複一遍。第二，您可以清楚地看到第一季和第二季利潤率的趨平。

So we are getting very close to the turn, which precise there or the week the turn happens on is going to be a function of customer behavior can be a function of rates. It's going to be a function of competitive pricing and the like. So we have complete confidence, as said increasing 290 and indeed the turn before the year end.

因此，我們已經非常接近轉折點，確切地說，轉折發生的那一周，將成為客戶行為的函數，也可以是利率的函數。它將成為競爭性定價等的功能。因此我們完全有信心，正如我們所說的那樣，增加 290 個，並且確實在年底之前實現轉變。

And again, in that context, I'll just repeat the earlier point I made, which is in this context, is reasonable to expect net interest income to turn before the margin. And as based on all guidance you have out there as soon as the net interest margin as to AIEA, that's the nonbanking net interest income, but we would expect that modest progress in H2 GenAI.

再次，在這種情況下，我只想重複我先前提出的觀點，即在這種情況下，預計淨利息收入將在保證金之前轉變是合理的。根據您提供的所有指導，AIEA 的淨利差是非銀行淨利息收入，但我們預計 H2 GenAI 會取得適度進展。

So the margin is going to turn, we're not calling the precise as we can, which are happening right now because of the uncertainties that I mentioned just a second ago, Joe, but it is going to turn and alongside of that, in fact, in advance of that, we expect NII to turn.

因此，利潤率將會發生轉變，我們無法準確預測，這種情況正在發生，因為我剛才提到的不確定性，喬，但它將會發生轉變，與此同時，事實上，在此之前，我們預計 NII 將會轉變。

Thank you (multiple speakers) Thanks. Can I just confirm the full-year guidance is still using a 4.5% base rate?

謝謝（多位發言者）謝謝。我能否確認全年指引仍採用 4.5% 的基準利率？

The full-year guidance is expecting two cut in base rate this year, which takes it down to 475, not 4.5.

全年指引預計今年基準利率將下調兩次，至 475，而不是 4.5。

475, okay, great. Thank you.

475，好的，太好了。謝謝。

Thank you. Guy Stebbings, Exane BNP.

謝謝。蓋伊·斯特賓斯（Guy Stebbings），Exane BNP。

Hi morning, thanks for taking the questions. The first one was on asset quality and anything about the impairment charge in the medium term. We consensus at around 30 basis points I think you've talked to historically you've increased the guidance this year to sub 20 basis points. I recognize that changed in part reflects the more one-off changes during the first half, but then even excluding those model changes, we're still running below 20 basis points in terms of experience.

早上好，感謝您回答這些問題。第一個問題是關於資產品質以及中期減損費用的任何資訊。我們的共識是大約 30 個基點，我想你已經從歷史上談過，今年你已經將指導值提高到 20 個基點以下。我認識到這種變化在一定程度上反映了上半年的一次性變化，但即使排除這些模型變化，我們的經驗仍然低於 20 個基點。

And that comes at a time and households and corporates (technical difficulty) some pressures so I'm just interested if your view on medium-term cost of risk is perhaps lower than 30 basis points given the experience of the last 18 months or so in particular. And then my second question was really just a couple of brief ones on NIM on the hedge.

此時家庭和企業 (技術難度) 面臨一些壓力，因此我只是想知道，根據過去 18 個月左右的經驗，您是否認為中期風險成本可能低於 30 個基點。我的第二個問題實際上只是關於對沖的 NIM 的幾個簡短問題。

Can you talk about maturities between Q3 and Q4? Just given they are quite significant on those sort of quarter-to-quarter NIM dynamics and relates to Jason's earlier questions on mortgage growth. And I suppose you could tell us what the average back book spread is now on the mortgage book Thank you.

您能談談第三季和第四季之間的到期情況嗎？只是鑑於它們對這些季度 NIM 動態具有相當重要的意義，並且與 Jason 先前關於抵押貸款成長的問題有關。我想您可以告訴我們現在抵押貸款帳簿的平均回購利差是多少謝謝。

Yeah, thank you, Guy. A couple of different questions that first of all, asset quality, second the hedge, and then third of all the back book mortgage spread. So I'll cover each of those in turn.

是的，謝謝你，蓋伊。有幾個不同的問題，首先是資產質量，其次是對沖，然後第三是後台抵押貸款利差。因此我將依序介紹其中的每一個。

So taking a step back, as said, the impairment experience for Q2 and also for H1 has been extremely benign. Specifically within that, the Q2 impairment charge, GBP44 million, as you know, five basis points, the H1 impairment charge, GBP101 million also coincidentally, five basis points. What's going on within that two things.

所以退一步來說，正如所說，第二季和上半年的減損經驗一直非常溫和。具體來說，其中第二季的減損費​​用為 4,400 萬英鎊，如您所知，是 5 個基點，而上半年的減損費用為 1.01 億英鎊，恰好也是 5 個基點。這兩件事裡面到底發生了什麼事。

One is the observed charge has been extremely low. Do you observe charges, relates to the customers going through people process currently your customers having difficulties. We are seeing those at extremely low levels, that is augmented by a very benign write-offs picture, very few write-offs, very fused flows to default and indeed improving due to a raise pictures within most of our portfolios in Q2. So that's a very benign observed charge.

一是觀測到的電荷極低。您是否觀察費用，涉及客戶正在經歷的人員流程目前您的客戶遇到了困難。我們看到這些金額處於極低的水平，這得益於非常良性的註銷情況，很少的註銷，非常融合的違約流量，而且由於第二季度我們大多數投資組合的情況都有所改善。所以這是一個非常良性的觀察到的電荷。

So that is augmented (technical difficulty) within the observed charge of 176 in Q2 by the withdrawal or release of some inflationary adjustments. Why do we do that? It is because the inflation happened for the defaults that we thought might be associated with that inflation did not happen, i.e. the credit quality of the customers was more resilient than we had expected.

因此，由於一些通膨調整的取消或釋放，第二季觀察到的 176 的費用增加了（技術難度）。我們為什麼要這麼做？正是因為我們認為的違約可能會引發通貨膨脹，所以通貨膨脹並沒有發生，也就是說，客戶的信用品質比我們預期的更有彈性。

Therefore, the inflation adjustment has been withdrawn. The second component of the impairment charge in Q2 was MES revisions and MES provisions credit GBP132 million in Q2. That was principally because of a modest change in the way which we model the severe scenario, the severe scenario within our IFRS nine provisioning is still pretty severe. You'll see it in the context of our economic assumptions and it produces a circa GBP7 billion ECL associated with it.

因此，通膨調整已被撤銷。第二季減損費用的第二部分是MES修訂和第二季的MES撥備抵金1.32億英鎊。這主要是因為我們對嚴重情境的建模方式發生了適度變化，我們 IFRS 9 撥備中的嚴重情境仍然相當嚴重。您將在我們的經濟假設背景下看到它，它產生了與之相關的約 70 億英鎊的 ECL。

So what we have done is in recognition of the kind of evolving economic environment around us is we now have a blended demand shock and supply shock in the context of our severe model. What does that mean? It means a supply shock, which is being associated with very high inflation and very high interest rates in balance in our severe scenario with a demand shock, which is associated with a contract of high low inflation and low interest rates. And it's that modeling change, which is fed into our MES in quarter two. And as I say, it is conditioned upon the evolving environment as we see it in terms of the outside world.

因此，我們所做的就是認識到我們周圍不斷變化的經濟環境，在我們嚴峻的模型背景下，我們現在面臨著混合的需求衝擊和供應衝擊。這意味著什麼？這意味著供給衝擊與極高的通膨和極高的利率有關，在我們嚴峻的形勢下，供給衝擊與需求衝擊相關，而需求衝擊則與高低通膨和低利率的平衡相關。正是這種模型變化在第二季被輸入到了我們的 MES 中。正如我所說，它取決於我們所看到的外在世界不斷變化的環境。

So stepping back for a moment Guy, and your first question, asset quality continues to be very benign quarter one going into quarter two. But as we look forward two points. One is I'm going to give guidance on 2025 for the second is we would expect, as you can tell from our AQR revision to be below 20 basis points for the full year and if you look at the underlying charges that we've seen within the first half to maximize their charge earlier on, we've seen a observed charge of around 25 basis points averaged over the first half as a whole.

所以退一步來說，蓋伊，你的第一個問題是，從第一季到第二季度，資產品質繼續保持良好。但我們期待兩點。一是我將提供 2025 年的指導，二是我們預計，正如您從我們的 AQR 修訂中看到的那樣，全年費用將低於 20 個基點，如果您查看我們在上半年看到的基本費用，以在早些時候最大化其費用，我們發現整個上半年的平均費用約為 25 個基點。

That is not a bad sign posts to what you might expect to see in the context of the second half of this year. And in turn helps inform our less than 20 basis point AQR guidance for 2024 as a whole.

這對於今年下半年可能出現的情況來說並不是一個壞兆頭。這反過來有助於我們為 2024 年全年提供不到 20 個基點的 AQR 指引。

How that then progresses into 2025, I said I'm going to give guidance in 2025. So you can see that the underlying performance of the portfolio has been pretty robust at the moment at least we're not seeing any signs, it is about change.

那麼到 2025 年將會如何發展呢，我說我將在 2025 年提供指導。所以你可以看到，目前投資組合的基本表現相當強勁，至少我們沒有看到任何變化的跡象。

Second question Guy, in terms of the Q3, Q4 structural hedge movements in the maturities and so forth in respect of that, I'll just give you some guidance for the second half of the year in respect of the structural hedge, which is that we're expecting about GBP20 billion of maturities that obviously takes off it's more like GBP40 billion of maturities in the context of 2025, but it's GBP20 billion for the remainder of this year.

第二個問題 Guy，關於第三季度、第四季度到期結構性對沖變動等方面的情況，我只能為您提供一些關於今年下半年結構性對沖的指導，即我們預計約有 200 億英鎊的到期債券，這顯然會有所增加，如果以 2025 年的情況來看，到期債券將達到 400 億英鎊，但到期時間為剩餘的 200 億英鎊。

The slight word of caution, I would apply that Guy, as you interpret that bear in mind that the maturities will be coming off and indeed the refinancing going on at various different yield at any given moment. So there's some numbers behind that are required to build a full picture. But I think, bearing my earlier comments, we consider those.

我要稍微提醒一下，Guy，當你解釋這一點時，請記住到期日將會到來，並且確實再融資在任何特定時刻都會以不同的收益率進行。因此，需要一些數字來建立完整的圖像。但我認為，考慮到我之前的評論，我們會考慮這些。

We do expect the structural hedge to play much more significant part in developing the margin Q3 and Q4. And that's the right context to deliver that GBP20 billion of maturities in.

我們確實預計結構性對沖將在第三季和第四季的利潤成長中發揮更重要的作用。這就是兌現200億英鎊到期債務的正確背景。

Final question, Guy, in respect to the mortgages, as said earlier on, we've seen maturity yields on those mortgages rolling off the balance sheet of 110. I know that's not exactly your question. Your question is about the yield on the back-book deals on the back book as we stand today is around 1%. It's going to be about that on a going forward basis. And so hopefully that gives you the answer that you need to respect the back-book.

最後一個問題，蓋伊，關於抵押貸款，正如之前所說，我們已經看到資產負債表中這些抵押貸款的到期收益率為 110。我知道這不完全是你的問題。您的問題是關於後台交易的收益率，目前後台交易的收益率約為 1%。從未來來看，我們將會繼續致力於此。所以希望這能給你一個答案，你需要尊重背景。

That's all very helpful. Can I just check on that loss or would that be X SVR or including SVR the 1%?

這一切都非常有幫助。我可以檢查一下那筆損失嗎，還是那是 X SVR 還是包含 SVR 的 1%？

(inaudible) number that I give you is the total book of mortgages Guy, 1% for the GBP307 billion of mortgages that we have based on where we are today. The SVR is obviously going to be marginally higher than that. I don't think we disclosed the SDI yield. You can see it in the context of our publications and public information.

(聽不清楚) 我給你的數字是抵押貸款總額，蓋伊，根據我們目前的情況，占我們 3070 億英鎊抵押貸款總額的 1%。SVR 顯然會略高於此。我認為我們沒有披露 SDI 收益率。您可以在我們的出版物和公開資訊中看到它。

And William, as you noted earlier, as you said, the mortgage headwind we think as we get towards 2026 front-book, back-book pricing becomes no longer a headwind to (multiple speakers) you have to think that guidance helps the back-book front-book pricing assumptions. Thanks, Guy.

威廉，正如您之前提到的，我們認為，隨著 2026 年賬面價值的臨近，抵押貸款逆風將不再成為 (多位發言者) 的阻力，您必須認為指引有助於逆風前賬面價值定價假設。謝謝，蓋伊。

Thank you.

謝謝。

Thank you. Andrew Coombs, Citi.

謝謝。花旗銀行的安德魯庫姆斯 (Andrew Coombs)。

Good morning. Thanks for taking my questions. I just wanted to get a little bit on the full year guidance. Firstly, with net respect to name and second, average interest-earning assets. So on the NIM, just to follow up on Joe's point earlier, you talk about mortgage and deposit trends being as expected, seen good growth in motor and card structural hedges now expect to contribute more than 700 for is around 700, and you're only assuming two cuts now rather than three.

早安.感謝您回答我的問題。我只是想了解全年指引。第一，以名目淨額計算；第二，以平均生息資產計算。因此，關於 NIM，只是為了跟進喬之前的觀點，您談到抵押貸款和存款趨勢符合預期，看到汽車和信用卡結構對沖的良好增長，現在預計貢獻超過 700，約為 700，而您現在只假設兩次降息，而不是三次。

So that all sounds quite positive and yet your full year guidance is unchanged on NIM. So what's the offsetting negative? And certainly on average in standing assets, your GBP449 billion, your guidance is for greater than GBP450 billion for the full year, you've just done GBP5 billion Q-on-Q (inaudible) securitization, very strong volume growth in mortgages. And even if that does slow in Q3, Q4, why the caution on the greater than GBP450 billion wise that's been reiterated? Thank you.

這一切聽起來都非常積極，但您對全年 NIM 的預期並沒有改變。那麼抵消的負面因素是什麼？當然，就平均常備資產而言，你們的資產為 4490 億英鎊，而你們的預期是全年將超過 4500 億英鎊，你們剛剛完成了 50 億英鎊的環比（聽不清楚）證券化，抵押貸款的數量增長非常強勁。即使第三季和第四季的成長確實放緩，為什麼要重申對超過 4500 億英鎊的謹慎態度呢？謝謝。

Thanks Andrew. I'll perhaps take each of those and then Charlie may wish to add particularly in respect of AIEAs. In respect of net interest margins, your question is effectively, why are we not increasing guidance today?

謝謝安德魯。我或許會採納其中的每一個，然後查理可能會希望特別補充有關 AIEA 的內容。關於淨利差，你的問題其實是，為什麼我們今天不增加指導價？

Let me just put a bit of context around that. The guidance today I said is greater than 290. I'll just underline that point greater than 290. We feel very comfortable. In fact, per my comments earlier on in my script, we feel more confident now around that guidance than we did at the start of the year. So we're feeling very comfortable with that. And again, greater than 290. We also continue to feel very comfortable with the guidance around the turn of the margin before year end, we're just not calling out precisely, which did weaken is going to happen on.

讓我簡單介紹一下這件事的背景。我今天說的指導是大於290。我只想強調一下大於 290 的點。我們感覺非常舒服。事實上，根據我之前在腳本中的評論，我們現在對該指導比年初更有信心。因此我們對此感到非常滿意。再一次，大於 290。我們對年底前利潤率轉變的指引仍然感到非常滿意，我們只是沒有準確指出哪些因素確實會導致利潤率下降。

So why is that your question, Andrew, when we look at the year as a whole, as it developed so far, we've clearly seen some things turn out pretty much as we expected, the macros more or less as we expected the direction of deposit churn more or less as we expected for refinancing and mortgages, again, more or less as we expected.

那麼安德魯，為什麼你會問這個問題呢？

We've also to your question Andrew, we've seen some developments that are more positive, more constructive than we'd expected. We talked a bit about the PCA balances being a little bit better than expected in my comments earlier on, we talked about the rate environment that was in your question are being a bit higher than expected. But likewise, we've had the bank levy change. For the same time we've consistently pointed out and clearly in Q1, either one or two developments will be more balanced, frankly, to BCP's non-interest bearing current accounts, for example, have been a touch more of a headwind than we had expected.

我們也回答了你的問題安德魯，我們看到了一些比我們預期更積極、更有建設性的發展。我們在之前的評論中談到了PCA餘額比預期要好一點，我們談到了你問題中提到的利率環境比預期要高一點。但同樣，我們也對銀行稅進行了修改。同時，我們一直明確指出，在第一季度，有一兩個發展將會更加平衡，坦白說，例如，BCP 的無息經常帳戶就比我們預期的要困難一些。

To a degree in the rate environment that we've seen augmented by the from some customer retention that we paid, the SVR book in the mortgage business has come off perhaps a little bit more than we had expected for huge, but perhaps a little bit more than expected.

在某種程度上，我們看到，由於我們支付了一些客戶保留費用，利率環境有所改善，抵押貸款業務中的 SVR 帳簿的增幅可能比我們預期的要大一點，但也可能比預期的要大一點。

So those are the balancing factors Andrew, in response to your question. But overall, where does that lead? And that leads us to feel asset very comfortable, in fact, very confident with greater than 290 as a margin guidance, very confident in the point that I made earlier on is that we expect to see progress in H2 NII over H1 NII, and I am very confident in the development of the margin on a positive trajectory before the end of the year. And we'll call out precisely when as we see the third quarter developed and obviously come back to you accordingly.

所以這些就是平衡因素安德魯，回答你的問題。但總的來說，這會導致什麼結果呢？這讓我們對資產感到非常放心，事實上，我們對利潤率指引超過 290 非常有信心，我對我之前提出的觀點非常有信心，那就是我們預計 H2 NII 將超過 H1 NII，而且我對利潤率在年底前呈現積極軌蹟的發展非常有信心。當我們看到第三季的發展時，我們會準確地宣佈時間，並相應地回覆您。

Your second question, AIEAs, Andrew, we feel very comfortable actually with our guidance of greater than GBP450 billion for AIEAs, why we feel comfortable with that.

您的第二個問題，AIEAs，安德魯，我們對 AIEAs 超過 4500 億英鎊的指導金額感到非常滿意，為什麼我們對此感到滿意。

Look at the lending developments over the course of quarter two, we've had lending developments of GBP3.9 billion, adding back the securitization, it's over GBP4 billion of lending, predominantly back-end loaded. So if you look at our GBP449.4 billion, I think it is AIEAs in quarter two, those are not really being influenced by the lending that we saw in quarter two. But of course, Q3 and Q4 will be, that's one reason.

看看第二季的貸款發展情況，我們的貸款發展額為 39 億英鎊，加上證券化貸款，總額超過 40 億英鎊，主要是後端貸款。因此，如果你看看我們的 4494 億英鎊，我認為這是第二季度的 AIEA，這些並沒有真正受到我們在第二季度看到的貸款的影響。但當然，Q3 和 Q4 將會如此，這是一個原因。

The second reason is we've seen not just the exciting developments in Q2, but we expect to see continued positive blended developments in Q3 and Q4, and that will be across the business. It will be across the retail business obviously, mortgages but also the unsecured books. Likewise, motor, we would also be across food parts of the commercial business.

第二個原因是我們不僅看到了第二季令人興奮的發展，而且我們預計第三季和第四季將繼續出現積極的混合發展，而且這將涵蓋整個業務。顯然，它將涉及零售業務、抵押貸款以及無擔保帳簿。同樣，除了汽車，我們還將涉足食品商業業務。

And so in that context, Andrew our AIEA's deal is very firmly in GBP450 billion, again, consistent with the guidance we've given all year. You don't see so much in the AIEA numbers for Q2. You should expect to see it in Q3 and Q4. Charlie (inaudible) consumer lending?

因此，在這種背景下，安德魯，我們 AIEA 的交易金額堅定地保持在 4500 億英鎊，這與我們全年給出的指導一致。在 AIEA 第二季的數據中你看不到太多這樣的情況。您應該會在第三季和第四季看到它。查理（聽不清楚）消費貸款？

But just on lending and IG on SME deposits, I think the other thing you can imagine we are very focused on is just understanding our market shares and whether customers are choosing to bank with us on SME cash flows and deposits. What you've seen in the industry, as you know, is there have been smaller than that, actually, we all expected.

但僅就貸款和 IG 的中小企業存款而言，我想您可以想像我們非常關注的另一件事就是了解我們的市場份額以及客戶是否選擇在中小企業現金流和存款方面與我們合作。正如您所知，您在行業中看到的情況是，實際上，我們都預料到會出現比這更小的情況。

And in that context, we've actually grown our market share of SME deposits. So but it is a good indication of we can't get everything right in terms of our projections, even when the market is smaller than we think you're you can trust us to be really focused on whether customers are choosing us. I'm going to be competing well, and that's also to a mortgages.

在這種背景下，我們實際上增加了中小企業存款的市場份額。所以，這很好地表明，我們無法在預測方面把所有事情都做對，即使市場比我們想像的要小，你也可以相信我們真正專注於客戶是否選擇我們。我會很好地競爭，這對抵押貸款也是如此。

I think just stepping back on both of these and I understand, I think the question is really why didn't you take a positive upgrade on both of these are guidance. We're very comfortable with great then is important in this context. And actually, you just saw here at a macro level here of, I think, a couple of basis points and a couple of billion on numbers, which we've given really quite clear guidance on. So as William said, we're comfortable the guidance.

我認為，只要回顧一下這兩者，我就會明白，我認為真正的問題是為什麼你沒有對這兩者進行積極的升級。我們對此感到非常滿意，因此在這種情況下「偉大」非常重要。實際上，我認為，您剛剛從宏觀層面看到了幾個基點和數十億的數字，我們對此已經給出了非常明確的指導。正如威廉所說，我們對該指導感到滿意。

I'm going to stay very focused with William and the team were actually winning of the trust of our customers in these businesses. We know that can be quite significant swings in the market and the volumes in the market. And from my perspective, it's good that we can stay committed to our guidance that we gave at the start of the year. Thanks, Andrew.

我將與威廉以及團隊一起全神貫注地贏得客戶對這些企業的信任。我們知道市場和市場交易量可能會發生相當大的波動。從我的角度來看，我們能夠堅持年初給的指導方針是件好事。謝謝，安德魯。

Very clear message. Thank you.

訊息非常明確。謝謝。

Thanks Andrew.

謝謝安德魯。

Thank you. Chris Cant, Autonomous.

謝謝。克里斯‧坎特 (Chris Cant)，Autonomous。

Good morning. Thanks for taking my questions. I had one on NII, please. And then one on operating lease patient bond on NII obviously you've discussed very extensively this morning. I guess cutting to the chase, you've indicated modest half-on-half growth. I think the current consensus is looking for about 3% on half-on-half growth.

早安.感謝您回答我的問題。我有一個關於 NII 的，謝謝。然後是關於 NII 的經營租賃病人債券，顯然您今天早上已經進行了非常廣泛的討論。我想長話短說，您已經指出了適度的半成長。我認為目前的共識是預期上半年將成長 3% 左右。

Is that consistent with your view of what modest means in your own sort of lexicon as it works. And then on operating lease depreciation, obviously that's been a source of kind of ongoing misses for several quarters now just keen to get a bit more insight into actually the underlying dynamics here. So could you give us a bit more visibility on the composition of the current suite?

這是否與您對您自己的字典中“謙虛”的含義的看法一致？然後關於經營租賃折舊，顯然這已經成為幾個季度以來持續失準的一個原因，現在我們只是渴望更深入地了解這裡實際的潛在動態。那麼您能否向我們進一步介紹一下目前套件的組成呢？

How much of the fleet is electric vehicles versus ICE? And what's the sort of sensitivity you would encourage us to think about in terms of potential further residual value provisions and (inaudible) by 10% and then within he first half. So is it sort of GBP100 million if there's a further 10% fall, we should assume another top-up? Or is that too simplistic. Thank you.

電動車和內燃機汽車各佔多少比例？就潛在的進一步殘值準備而言，您會鼓勵我們考慮什麼樣的敏感度？那麼，如果進一步下跌 10%，我們是否應該假設再次補充 1 億英鎊？或者說這太過簡單了。謝謝。

Thanks, Chris. I'll take both of those two questions and hopefully address your queries. First of all, in respect of NII at you repeated my words, obviously a modest tick-up in NII in the second half over the first progress in that respect. I'm not going to comment on consensus numbers, so I won't answer your question directly in that respect.

謝謝，克里斯。我將回答這兩個問題並希望能夠解答您的疑問。首先，關於國家資訊基礎架構 (NII)，正如您重複我的話一樣，顯然下半年國家資訊基礎架構 (NII) 在這方面的進展比上半年略有上升。我不會對共識數字發表評論，因此我不會直接回答你的問題。

But hopefully what we've given you the context of the AIEA net interest margin and the nonbanking net interest income guidance, which is pretty comprehensive, gives you enough to work from. Obviously depreciation Chris, it's an entirely fair question, when we look at the depreciation, it might be worth just stepping back for a moment and saying what are we -- what we do in the confidence area.

但希望我們為您提供的 AIEA 淨利差和非銀行淨利息收入指導的背景資訊（相當全面）能夠為您提供足夠的參考。顯然是折舊，克里斯，這是一個完全公平的問題，當我們看折舊時，可能值得退一步思考一下，說說我們在信心領域做了什麼。

First of all, as you know, confidence is massive for the UK economy. Circa 85% of customers use confidence when they buy new cars. And that means there is a significant market which is going to grow as we look forward. We participate in that confidence business in two respects. One is a leasing business and what is the financing business.

首先，正如你所知，人們對英國經濟有著巨大的信心。大約 85% 的客戶在購買新車時充滿信心。這意味著，我們期待著這個巨大的市場能夠持續成長。我們從兩個方面參與這項信心事業。一個是租賃業務，還有一個是融資業務。

For the financing business, first of all, trades under the Black Horse name, it's a conventional financing business income comes into net interest income, any impairments go through the impairments line. The leasing business, which is less auto, number one and Tusker number two, the income comes in through the other operating income line and the charge, if you like, of the depreciation come through the up least depreciation line.

對於融資業務，首先，以 Black Horse 的名義進行交易，這是一項傳統的融資業務，收入轉化為淨利息收入，任何減值都會透過減損線進行。租賃業務減去汽車（第一名）和 Tusker（第二名），收入來自其他營業收入線，而折舊費用（如果你願意的話）則來自最低折舊線。

When we see -- when we execute on the leasing business, we have, the obligations take the vehicle back at the end of the term, which means that we then set aside a residual value expectation against that vehicle and depreciate the automobile against that residual expectation. If the residual value expectation changes.

當我們看到 - 當我們執行租賃業務時，我們有義務在租賃期結束時收回車輛，這意味著我們會針對該車輛留出剩餘價值預期，並根據該剩餘價值預期對汽車進行折舊。如果殘值預期會改變。

So does our depreciation schedule for that means in times of used car strength, we will actually get some benefit from that. And that has been the experience. As you know, in 2020, we've been significant net beneficiaries from strength in used car prices, which in turn has come through the P&L to the benefit of shareholders. From time to time, we do see car price weakness.

我們的折舊計畫也是如此，這意味著在二手車實力強勁的時候，我們實際上會從中獲得一些好處。這就是我的經驗。如您所知，2020 年，二手車價格走強為我們帶來了顯著的淨受益，而這又透過損益表體現出來，使股東受益。有時我們確實會看到汽車價格疲軟。

And over the last six months, we've seen weakness in particular in electric vehicles. And so that causes us to revise down the residual values to revise up the additional depreciation and accordingly, take an adjustment of a type that we saw in quarter two.

在過去六個月中，我們看到電動車市場尤其出現疲軟。因此，這導致我們下調剩餘價值，上調額外折舊，並相應地進行我們在第二季度看到的調整。

Now a couple of questions -- couple of points to follow on with that, Chris, in terms of the implications of that property depreciation going forward, the combination of fleet growth within the business plus the revised additional depreciation schedules that I just mentioned are going to mean that oblige depreciation in quarter three and quarter four is going to be a touch above GBP300 million.

現在有幾個問題 - 克里斯，關於未來財產折舊的影響，我有幾點要繼續問，業務中的車隊增長加上我剛才提到的修訂後的額外折舊計劃，將意味著第三季度和第四季度的應計折舊將略高於 3 億英鎊。

Why is it going to be above that as said. So two factors that I just mentioned. And as you look forward, you should expect the business growth to contribute to that number growing over time. But that's what you'd expect in the context of other income growth that comes with that, as you would expect, we hope for that business to grow. It serves an important part of our strategy and likewise charge not least depreciation will grow as other operating income growth.

為什麼它會像所說的高於這個水平？我剛才提到了兩個因素。展望未來，您應該期待業務成長將隨著時間的推移促進這一數字的成長。但這正是您在隨之而來的其他收入成長的背景下所期望的，正如您所期望的，我們希望該業務能夠成長。它是我們策略的重要組成部分，同樣，隨著其他營業收入的成長，折舊也會成長。

That's one point. Second point you asked about sensitivity. The residual value exposure within the business across the Black Horse business and across Lex Autolease and across Tusker in total and we disclosed this number residual value at around GBP10.5 billion, GBP10.4 billion to be precise, the operating lease part or component of that residual value is GBP4.7 billion.

這是一點。您詢問的第二點是關於敏感性。我們揭露，Black Horse 業務、Lex Autolease 和 Tusker 業務的剩餘價值敞口總計約為 105 億英鎊，準確地說是 104 億英鎊，其中經營租賃部分或組成部分的剩餘價值為 47 億英鎊。

That's relating to Tesco and it's relating to mix now within the operating lease business, partly because a lot of it is company linked. That is a more electric vehicle, heavy part of the business. So to give you some idea, just the 50% of the RV exposure within Lex and Tesco, it's electric vehicle linked. To come to your question, what type of sensitivity do we have our exposure do we have those electric vehicle prices going forward.

這與樂購 (Tesco) 有關，也與現在經營租賃業務的混合有關，部分原因是其中許多原因都與公司有關。這是電動車領域更為重要且業務的重要組成部分。給你一個概念，Lex 和 Tesco 中 50% 的 RV 曝光都與電動車有關。回到你的問題，我們對未來電動車價格的敏感度如何？

The schedules for an operating lease depreciation that I mentioned just a second ago, either touch about GBP300 million for Q3 and beyond. They incorporate a further circa 7% reduction for electric vehicle prices over the course of 2024 and then a further 2% to 3% fall over the course of 2025. The internal combustion engine equivalent of that is around 2% to 3% in '24, a further 2%, 3% for '25.

我剛才提到的經營租賃折舊計劃，第三季及以後將達到約 3 億英鎊。它們將在 2024 年進一步降低電動車價格約 7%，並在 2025 年進一步降低 2% 至 3%。而內燃機的當量在'24年約為2%到3%，在'25年將進一步成長2%、3%。

So you can see in terms of the indications you've given for operating lease depreciation in quarter three and beyond. We are taking into account some further buffer or expected electric vehicle price reductions during that time.

因此，您可以根據給出的有關第三季度及以後經營租賃折舊的跡象來判斷。我們正在考慮在此期間進一步的緩衝或預期的電動車價格下降。

Final point, Chris, which I would emphasize is we are now seeing the operating costs of an internal combustion engine and electric vehicle engine basically come into equilibrium. In fact, it might even be cheaper to operate an electric vehicle today. So it is to operate an internal combustion engine. That in turn should lead to some stability in prices.

最後一點，克里斯，我想強調的是，我們現在看到內燃機和電動車引擎的營運成本基本上達到平衡。事實上，如今駕駛電動車甚至可能更便宜。內燃機的運作也是如此。這反過來會導致價格一定程度的穩定。

Let's say I'm not forecasting it as such, but let's see. It should be an ingredient, if you like, the stability of prices. In that context, because of the residual value exposure within the leasing business, we are also exposed to the upside of that business. Now if we see it, that will obviously be a net benefit to shareholders.

假設我沒有這樣預測，但讓我們看看。如果你願意的話，它應該是價格穩定的因素。在這種背景下，由於租賃業務中的剩餘價值風險，我們也面臨該業務上行空間。現在，如果我們看到它，這顯然會為股東帶來淨收益。

Again, I'm not forecasting it is not in our additional depreciation expectations, Chris, but it has happened before it happened in the period between 2020 to 2023. So I just want to land on that or rather end on that point, if you like this exposure goes both ways.

再說一次，克里斯，我並沒有預測這不在我們的額外折舊預期之內，但它在 2020 年至 2023 年期間就已經發生過了。因此，如果您喜歡這種雙向曝光，那麼我只想就這一點或更確切地說就這一點結束討論。

Well, I'm not going to jump in too much on that, but just one thought and Chris William and I are highly aware that the (inaudible) decline isn't something that the shareholders have appreciated. So we are taking at the moment. We're not going to give you specifics today on ways we can mitigate that volatility going forward.

好吧，我不想對此做過多的探討，但只是一個想法，克里斯威廉和我都非常清楚，（聽不清楚）下滑並不是股東所欣賞的事情。所以我們目前正在採取行動。我們今天不會向您透露未來緩解這種波動的具體方法。

So we'll come forward back with some of the things we've done, but we are aware that the facility isn't really what you want to see and we're going to make sure we can see if there's any way to mitigating that going forward, but the returns of those businesses are good.

因此，我們將回顧我們已經做的一些事情，但我們知道該設施並不是您真正想看到的，我們將確保我們能夠看到是否有任何方法來緩解未來的問題，但這些業務的回報是好的。

(multiple speakers) quite hopeful. Thank you.

（多位發言者）非常有希望。謝謝。

Thanks, Chris.

謝謝，克里斯。

Thank you. As you know, this call is scheduled for 90 minutes and we've now reached the end of the allotted time. So this will be the last question we have this morning. If you have any further questions, please contact the Lloyd's Investor Relations team.

謝謝。如您所知，本次通話原定為 90 分鐘，現在已到了規定時間。這是我們今天早上的最後一個問題。如果您還有任何其他問題，請聯絡勞合社投資者關係團隊。

Amit Goel, Mediobanca.

阿米特·戈埃爾 (Amit Goel)，Mediobanca。

Hi, Thank you and thanks for taking my question. And sorry, just then one clarification on and I appreciate them. They really won't say exactly when you expect it to turn, but just wanted to get a sense, making sure I understand that correctly. So would you expect that Q4 mean in aggregate today better than the Q3 NIM or are we saying that term you expect the exit rate at some point this year to take up.

你好，謝謝你，謝謝你回答我的問題。很抱歉，我只想澄清一下，我很感激他們。他們確實不會確切地告訴你預計它什麼時候會轉變，而只是想了解一下，確保我理解正確。那麼，您是否預計今天的第四季度總體平均值將好於第三季度的淨利潤，或者我們說您預計今年某個時候的退出率會上升。

And then secondly, just to follow on the operating lease depreciation and just and maybe just the market is a bit different now, but just curious if you were to use depreciation curves from back in 2000? And how different it looks now and what kind of order of impact to do (inaudible) Thank you.

其次，只是為了追蹤經營租賃折舊，也許現在的市場有點不同，但只是好奇您是否使用 2000 年的折舊曲線？現在看起來有多麼不同，以及會產生什麼樣的影響（聽不清楚）謝謝。

Thank you. Why don't I take those questions and maybe, Charlie, you want to add before finishing up in respect of your net interest margin question is, as your question implies and hopefully is my comments to imply through the course of the session this morning. In short, we would expect the net interest margin to be better in Q4 than Q3.

謝謝。我為什麼不回答這些問題呢？簡而言之，我們預期第四季的淨利差將好於第三季。

That is not predicting anything about the Q2 to Q3 shape, which have obviously given the commentary on during the course of this call, but by its very nature, the evolution of the deposit churn picture, the evolution of the structural hedge picture to a degree, the simulation of the mortgage picture related, I said that that has been that will be stable through the course of second half, not repeat that.

這並不是對第二季度到第三季度的任何預測，這些顯然已經在這次電話會議中給出了評論，但就其本質而言，存款流失圖景的演變，結構性對沖圖景的演變，以及抵押貸款圖景的模擬相關，我說過，這些將會在下半年保持穩定，不再重複。

But that combination naturally leads to the strengthening of the margin over the course of this year. So that's a question that I missed the second question on the depreciation. Depreciation curve has necessarily changed since previous years. The one point that I would make there is that there's a couple of things going on in our business.

但這種結合自然會導致今年利潤率的上升。所以我錯過了關於折舊的第二個問題。折舊曲線自前幾年以來必然發生了變化。我要指出的一點是，我們的業務中正在發生幾件事。

One is used car prices. We talked a bit about that. Two is the evolution of car prices themselves. Car prices are up around 50% over the course of the last five years or so, naturally, for any given size of fleet, you're going to get higher operating lease depreciation charge. And then the third component is obviously the growth of our fleet itself.

一是二手車價格。我們討論了一下這個。二是車企自身的演變。在過去五年左右的時間裡，汽車價格上漲了約 50%，自然，對於任何規模的車隊來說，你都會得到更高的經營租賃折舊費。第三個因素顯然是我們船隊本身的成長。

This, as I said earlier on, is a growth driver for the business, and we expect to continue to be so and that's a factor that leads into what lease depreciation charge. But at the same time, I mean, there are two points to bear in mind that one is a database that is a contributor. That business is a contributor to the significant growth we have seen in other operating income, half on half other operating income as a whole, our 8% quarter on quarter, year on year that is up 9%.

正如我之前所說，這是業務成長的動力，我們預計這種趨勢將持續下去，而這也是導致租賃折舊費用的一個因素。但同時，我的意思是，有兩點需要牢記，一是資料庫，也就是貢獻者。該業務是我們其他營業收入大幅成長的貢獻者，其他營業收入整體成長了一半，較上季成長了 8%，較去年同期成長了 9%。

So that's a significant driver of other operating income growth alongside businesses elsewhere in retail businesses and commercial business (inaudible) and I and the final point is just to underline the point that Charlie made the automobile finance business is a very attractive, profitable and growing business. Charlie, you want to add?

因此，這是推動其他營業收入成長的重要動力，同時也推動了零售業務和商業業務（聽不清楚）的成長。查理，你想補充嗎？

Just a couple of things because it's and I'd love to talk about the business a bit more. As you said William, the great thing is we're operating at kind of 17% market share. So we just have a very extensive set of data across the whole industry, both on new cars and second-hand car prices. And when you look at the way you went about how was the depreciation curve changed since 2000.

只是幾件事，因為我很樂意再多談一下業務。正如你所說，威廉，最棒的是我們的市佔率達到 17%。因此，我們擁有整個行業的非常廣泛的數據，包括新車和二手車價格。當您觀察自 2000 年以來折舊曲線如何變化時。

As William said, at the aggregate level, we've seen a significant increase in the secondary car prices, especially in [ICE] vehicles. It actually differs quite significantly by vehicle and so we have a really a distinctive competitive advantage around understanding around individual vehicle depreciation, schedules, what customers do and don't want.

正如威廉所說，從整體來看，我們看到二手車價格大幅上漲，尤其是內燃機汽車。實際上，不同車輛之間存在很大差異，因此我們在了解個人車輛折舊、時間表、客戶想要什麼和不想要什麼方面具有獨特的競爭優勢。

And then every time we set prices for our operating leases, we can learn of what's happened in the previous weeks, quarters and months. So that's why it's hard for us to give you sensitivity, as Chris asked because if we learn that a specific vehicle type is depreciating faster. We'll actually price the operating lease to incorporate that expectation.

然後，每次我們為經營租賃設定價格時，我們都可以了解前幾週、前幾季和前幾個月的情況。所以這就是為什麼我們很難給你敏感度，就像克里斯問的，因為如果我們了解到某種特定類型的車輛貶值速度更快。我們實際上會對經營租賃定價以反映這一預期。

And we have the best leadership team in the market making those kinds of judgments and assessments, which is why we have confidence around the ability for us to manage this risk going forward.

我們擁有市場上最好的領導團隊來做出此類判斷和評估，這就是我們對未來管理這種風險的能力充滿信心的原因。

Thank you Amit. I think we, through the call today. I'd just like to say thank you to everybody for taking the time to join through interest is much appreciated, and we wish you a good summer.

謝謝你，阿米特。我想我們透過今天的電話。我只想對大家說謝謝，謝謝你們花時間加入我們，我們祝福你們有個愉快的夏天。

Thanks, everyone.

謝謝大家。

This concludes today's call. There'll be a replay of the call and webcast available on the Lloyds Banking Group website. Thank you for participating. You may now disconnect your lines.

今天的電話會議到此結束。勞埃德銀行集團網站將會提供此電話會議和網路直播的重播。感謝您的參與。現在您可以斷開線路了。