Sainsbury Q1 Report 2024

The mortgage portfolio was sold to The Co-operative Bank Plc on 15 August 2023, reflecting the earlier strategic decision to exit mortgages to simplify the business. This reduced customer lending by £449m on sale. Although the risks and rewards of the business have transferred, we continue to service mortgage customers until the legal transfer takes place, expected in summer 2024.

Highlights

• Statutory (loss)/profit before tax from Continuing Operations £(165)m 
• Net interest margin (underlying) 4.7%  
• Bad debt asset ratio 2.1% 
• Cost : income ratio (underlying) 67%  
• CET 1 Capital Ratio (transitional) 17.1%  
• Liquidity Coverage Ratio 352%