Santander UK notes the publication of the results of the 2022/23 stress tests conducted on eight major UK banks and building societies by the Bank of England.   Santander UK passed the stress test without any requirement for management actions, demonstrating our resilient balance sheet and prudent approach to risk. As a result of the exercise, the Bank of England does not require Santander UK to undertake any actions. 

Duke Dayal, Chief Financial Officer at Santander UK commented: "The results of the 2022/23 Bank of England stress test demonstrate that Santander UK’s strong capital position and prudent balance-sheet management would enable the bank to withstand a severe stress to the UK economy. Our customers can be confident that we are well positioned to continue to support them over the years ahead.” 

In detail – Santander’s results were as follows

  • Santander UK's lowest post-stress common equity tier 1 ('CET 1') capital ratio was modelled to be 11.3% before management actions.  This is defined as CET1 capital expressed as a percentage of risk-weighted assets, where these are in line with CRR and the UK implementation of CRD V via the PRA Rulebook.
  • Santander UK's lowest post-stress Tier 1 leverage ratio was modelled to be 4.1% before strategic management actions and 4.5% after strategic management actions.  The Tier 1 leverage ratio is Tier 1 capital expressed as a percentage of the leverage exposure measure excluding central bank reserves, as defined in Rule 1.2 of the Leverage Ratio part of the PRA Rulebook.

These results are in excess of the CET 1 hurdle rate established by the Bank of England of 8.1% and the leverage hurdle rate of 3.5%. 

Santander UK reported a CET 1 capital ratio of 15.4% and Leverage ratio of 5.2% as at 31 March 2023.  

The Bank of England’s CET1 hurdle rate comprises the CRR Pillar 1 minimum of 4.5% together with a Pillar 2A CET1 requirement, an estimate of the applicable Systemic Risk Buffer and an adjustment to offset the pro-cyclical impacts of IFRS 9.  


- Ends -

The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.


Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 31 December 2022, the bank had around 19,000 employees and serves around 14 million active customers, via a nationwide branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the FCA and the PRA in the UK. Santander UK plc customers’ eligible deposits are protected by the FSCS in the UK.

Banco Santander (SAN SM, STD US, BNC LN) is a leading commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in the Europe, North America and South America regions, and is one of the largest banks in the world by market capitalization. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. In the first quarter of 2023, Banco Santander had €1.2 trillion in total funds, 161 million customers, 9,000 branches and 210,000 employees.


Media Enquiries :
Follow @santanderuknews on Twitter