UK: Top 10 Banks & Banking Institutions by Assets in 2021

More than 960,000 businesses operate in the Finance, Insurance and Real Estate sector in the UK. That's 14.6% of all UK-based businesses which makes Finance, Insurance, and Real Estate the second largest sector after Services (over 2.6 million entities; 40.8% of all UK-based businesses).

A couple of notes on methodology:

  • This overview does not take into account banks that are foreign companies that have a special registration in the United Kingdom.
  • When comparing the size of individual banks, we took into account the size of their assets. The majority of banks' assets are made up of loans and credits to bank customers. At the same time, bank investments, financial accounts in the central bank or various derivative operations also have a significant presence in the assets.
  • All data was taken from individual banks’ annuals reports.
  • To convert GBP to EUR we used the European Central Bank’s exchange rate as of 05/12/2022.
This analysis is based on the extensive financial and credit information of UK companies found in HitHorizons Financial Reports, including detailed financial analysis, full company credit checks, organizational structure, contact information and more.

HSBC Holding plc is the largest bank

The largest bank in the United Kingdom and, at the same time, in Europe is HSBC HOLDING PLC, which focuses on commercial banking, private banking and investment banking. Its assets were EUR 3.49T in 2021. The bank was founded in 1865 in Hong Kong.

The second largest bank is Barclays plc, which has been in business since 1690 and manages EUR1.6T in assets (2021). The bank, like HSBC HOLDING PLC, also deals with corporate banking and investment banking.

The third largest, Lloyds Bank plc, is a commercial bank that operates in England and Wales and is the UK's largest retail bank. It was founded in 1765. Its total assets were more than EUR 700B in 2021. Lloyds Bank PLC is part of the Lloyds Banking Group (Bank of Scotland, which is also included in our ranking, is also part of the Group).

UK: Assets of TOP 10 Banks & Banking Institutions in 2021 (in EUR)

J.P. Morgan Securities plc is fourth. Unlike the first three banks in our ranking, this bank primarily deals with investment banking. Total assets of J.P. Morgan were EUR 637B in 2021.

Fifth is Standard Chartered Bank with assets of more than EUR 507B. Although this bank is based in the UK, more than 90% of its sales come from markets in Asia, Africa and the Middle East. The company was founded in 1969, but had been active in Asia for over a hundred years before that.

The remaining five banks have assets of less than EUR 400B each. Bank of Scotland plc is part of the Lloyds Banking Group. It’s a commercial bank for retail customers which had total assets of more than EUR 361B in 2021.

SANTANDER UK PLC had total assets of over EUR 333B in 2021. It is the UK's leading commercial bank focusing on retail banking. The company was formed in 2010 by the merger of Abbey National plc and Bradford & Bingley plc.

The Royal Bank of Scotland plc is part of the NatWest Group in which the UK government has a more than 48% stake. The bank is primarily focusing on the retail segment. Its total assets were more than EUR 123B in 2021.

Clydesdale Bank plc is a commercial bank. It focuses on retail and operates in Scotland. Its assets were more than EUR 103B in 2021.

The smallest bank in our top 10 ranking is Bank of Georgia plc, which is a Georgian bank registered in the UK. Its shares are traded on the London Stock Exchange. Its assets were worth just under EUR 7.5B in 2021.

UK: Assets of TOP 10 Banks & Banking Institutions between 2018 and 2021 (in thousands of EUR)

Company 2018 2019 2020 2021
HSBC Holding plc € 2,974,562,791 € 3,157,153,488 € 3,469,958,140 € 3,439,463,953
Barclays plc € 1,317,770,930 € 1,325,847,674 € 1,569,202,326 € 1,609,633,721
Lloyds Bank plc € 690,100,000 € 676,009,302 € 697,603,488 € 700,987,209
J.P. Morgan Securities plc € 630,155,942 € 541,015,749 € 745,265,242 € 637,889,301
Standard Chartered Bank € 608,466,570 € 414,482,138 € 478,871,913 € 507,960,795
Bank of Scotland plc € 393,893,023 € 436,911,628 € 360,846,512 € 361,116,279
Santander UK plc € 329,502,326 € 327,560,465 € 339,920,930 € 333,834,884
The Royal Bank of Scotland plc € 109,880,233 € 105,351,163 € 115,397,674 € 123,366,279
Clydesdale Bank plc € 50,677,907 € 105,931,395 € 105,008,140 € 103,739,535
Bank of Georgia Group plc € 6,695,459 € 4,529,565 € 7,021,391 € 7,465,617

Profit before tax: HSBC Holding plc was the most profitable bank in 2021

In terms of profit before tax, the strongest bank is HSBC Holding plc, with almost EUR 22B in 2021 (double compared to 2020 results). Barclays plc is second with EUR 9.7B (almost three times the profit of 2020).

Lloyds Bank plc is third with a profit of EUR 6.7B. That’s more than four times compared to the previous year. Another four banks - Bank of Scotland plc, Standard Chartered Bank, Santander UK plc, and J.P. Morgan Securities plc - had a profit before tax of more than EUR 2B each. The Royal Bank of Scotland plc had a profit of more than EUR 1.1B. Clydesdale Bank plc and Bank of Georgia Group plc had less than a billion euros each.

UK: Profit Before Tax of TOP 10 Banks & Banking Institutions between 2018 and 2021 (in EUR)

Company 2018 2019 2020 2021
HSBC Holding plc € 23.13B € 15.52B € 10.21B € 21.98B
Barclays plc € 4.063B € 5.066B € 3.564B € 9.784B
Lloyds Bank plc € 5.731B € 4.040B € 1.545B € 6.727B
Bank of Scotland plc € 2.594B € 1.486B € 1.027B € 2.693B
Standard Chartered Bank € 457.7M € 1.465B € 499.8M € 2.220B
Santander UK plc € 1.797B € 1.177B € 651.2M € 2.145B
J.P. Morgan Securities plc € 4.115B € 2.348B € 2.748B € 2.116B
The Royal Bank of Scotland plc € 1.135B € 1.160B € 427.9M € 1.187B
Clydesdale Bank plc € -320.9M € -211.6M € -201.2M € 483.7M
Bank of Georgia Group plc € 198.0M € 135.7M € 100.8M € 255.5M

Net profit: Again, HSBC Holding plc was the most profitable bank in 2021

In terms of net profit, the ranking of the top 10 banks is very similar. HSBC Holding plc had a net profit of more than EUR 17B in 2021 (2.4 times more than in 2020). Barclays plc had a net profit of more than EUR 8.4B and Lloyds Bank plc just over EUR 6B. Both banks increased their net profit compared to previous years and 2021 was their most profitable year.

Bank of Scotland plc is fourth with EUR 2.2B (doubled compared to 2020). The remaining banks - Santander UK plc, J.P.Morgan Securities plc, and Standard Chartered Bank - all had a net profit of just over EUR 1.5B. The Royal Bank of Scotland plc, Clydesdale Bank plc, and Bank of Georgia Group plc had a net profit of less than EUR 1B each.

UK: Net Profit of Banks & Banking Institutions between 2018 and 2021 (in EUR)

Company 2018 2019 2020 2021
HSBC Holding plc € 17.47B € 10.13B € 7.092B € 17.08B
Barclays plc € 1.857B € 2.862B € 2.862B € 8.402B
Lloyds Bank plc € 4.077B € 2.597B € 1.705B € 6.049B
Bank of Scotland plc € 1.823B € 783.7M € 1.062B € 2.265B
Santander UK plc € 1.333B € 852.3M € 510.5M € 1.573B
J.P. Morgan Securities plc € 3.178B € 1.678B € 1.763B € 1.534B
Standard Chartered Bank € -475.4M € 786.5M € 20.51M € 1.527B
The Royal Bank of Scotland public limited company € 816.3M € 767.4M € 425.6M € 902.3M
Clydesdale Bank plc € -277.9M € -144.2M € -222.1M € 618.6M
Bank of Georgia Group plc € 172.3M € 122.0M € 93.98M € 231.7M

The total assets of the top 10 UK banks were EUR 7.8T in 2021. HSBC Holding plc, which is the only bank on the list operating on both the UK and the European markets, accounts for less than half. The total net profit of all banks in our ranking was just over EUR 40B, where HSBC had a share of more than 42%.

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