SAINSBURY'S BANK PLC

1. SAINSBURY'S BANK PLC 1997-02-10 → present
2. AITKEN LIMITED 1996-11-12 → 1997-02-10

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Directors have considered the appropriateness of the going concern basis of preparation of the financial statements, taking into account the Bank's current and projected performance, with specific additional consideration given to the impacts of the strategic changes to the business as described in the Strategic report on page 3, including any new or amended risks in respect of capital and liquidity adequacy. The Directors are satisfied the Bank has the ability to continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the Financial Statements, taking into account a range of possible operational, economic and legal scenarios.”

Group structure

1. SAINSBURY'S BANK PLC · parent
   1. Home Retail Group Card Services Limited 100% · England
   2. Home Retail Group Insurance Services Limited 100% · England

Significant events

• “Sainsbury's Bank signalled a new strategy, namely a phased withdrawal from the Core Banking business with financial services products in the future being provided through partnerships with carefully chosen third parties.”
• “The migration of over 1 million customers to NatWest across loans, cards and deposits was successfully completed in November 2025.”
• “The bank paid dividends totalling £400m during the year.”
• “Sale of Core Banking Business to NatWest Group: On 20 June 2024, J Sainsbury plc announced an agreement for the sale of the Bank's personal loan, credit card and retail deposit portfolios to NatWest Group. The High Court approved the transfer on 16 April 2025, with the transaction completing on 1 May 2025.”
• “Sale of ATM network to NoteMachine: On 26 September 2024 J Sainsbury plc announced the sale of the ATM business to NoteMachine. The transition of ownership successfully completed in May 2025.”
• “Sale of Travel Money business to Fexco Group: On 30 July 2025 the Bank announced an agreement to sell its travel money business to Fexco Group. The sale completed on 31 January 2026.”
• “Agreement with Allianz UK on the future provision of car and home insurance: The Bank entered into a new strategic agreement with Allianz UK. From 1 November 2025, LV began offering replacement home and motor insurance policies to existing Sainsbury's Bank customers.”
• “Sale of Argos Financial Services cards portfolio: The existing Argos Financial Services cards portfolio was sold by Home Retail Group Card Services Limited to NewDay Group Holdings Limited, with the transfer of beneficial title completing on 28 February 2025.”
• “Creation of Argos Pay: A strategic partnership with NewDay was formed to create a new Argos-branded digital credit proposition, Argos Pay, which launched on 10 February 2026.”
• “Dividends from subsidiary: Home Retail Group Card Services Limited paid an interim dividend of £300m to the Bank in August 2025 and a further interim dividend of £24m in January 2026.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

18

last 12 months

Capital events

3

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  -70.5%

  £1,138,000,000 → £336,000,000

• Net assets

  -64.4%

  £648,000,000 → £231,000,000

• Employees

  -21.1%

  1,780 → 1,404

• Operating profit

  +6,675%

  -£4,000,000 → £263,000,000

• Profit before tax

  +81.7%

  -£131,000,000 → -£24,000,000

• Wages

  -40%

  £110,000,000 → £66,000,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers