Rathbones Group

RAT · Main Market · Financial Services · mcap £1,570m · 1552.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 29 Jul 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,407m
Revenue: £923.3m
Free cash flow after leases: −£51.8m
FCF yield: -3.7%
Price / tangible book: 3.64×
Net income (owners): £119.6m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 29 Jul 26 · read the results ↗

Source ↗

	Unaudited Six months to 30 June 2026 £m	Unaudited Six months to 30 June 2025 £m	Audited Year to 31 December 2025 £m
Interest and similar income	78.1	76.0	159.8
Interest expense and similar charges	(30.8)	(37.1)	(73.1)
Net interest income	47.3	38.9	86.7
Fee and commission income	458.0	418.0	858.9
Fee and commission expense	(20.1)	(18.8)	(38.2)
Net fee and commission income	437.9	399.2	820.7
Other operating income	2.3	11.0	15.9
Operating income	487.5	449.1	923.3
Charges in relation to client relationships and goodwill	(22.6)	(22.2)	(45.3)
Acquisition-related and integration costs	(9.5)	(23.2)	(39.9)
Skilled person review	(19.0)	-	-
Other operating expenses	(364.3)	(341.4)	(685.2)
Operating expenses	(415.4)	(386.8)	(770.4)
Profit before tax	72.1	62.3	152.9
Taxation	(20.4)	(17.9)	(40.6)
Profit after tax	51.7	44.4	112.3
Profit for the period attributable to equity holders of the company	51.7	44.4	112.3
Other comprehensive income
Items that will not be reclassified to profit or loss
Net remeasurement of defined benefit asset or liability	-	-	0.1
Other comprehensive income net of tax	-	-	0.1
Total comprehensive income for the period net of tax attributable to equity holders of the company	51.7	44.4	112.4
Dividends paid and declared for the period per ordinary share	32.0p	31.0p	99.0p
Dividends paid and declared for the period	32.7	32.4	102.7
Earnings per share for the period attributable to equity holders of the company
- basic	50.4p	42.6p	107.9p
- diluted	49.1p	41.5p	104.7p

Source ↗

	Unaudited 30 June 2026 £m	Unaudited 30 June 2025 £m	Audited 31 December 2025 £m
Assets
Cash and balances with central banks	1,483.0	1,811.0	1,504.0
Settlement balances	309.7	275.2	89.5
Loans and advances to banks	329.9	277.0	264.7
Loans and advances to customers	187.9	176.3	168.5
Investment securities at amortised cost	1,850.0	1,800.9	1,864.3
Accrued income, prepayments and other assets	274.0	248.2	247.6
Property, plant and equipment	47.1	50.6	49.5
Right-of-use assets	71.0	37.3	72.1
Current tax asset (UK)	17.6	7.2	9.4
Intangible assets	934.9	964.4	947.0
Net defined benefit asset	0.6	0.5	0.6
Total assets	5,505.7	5,648.6	5,217.2
Liabilities
Deposits by banks	16.3	17.5	8.4
Settlement balances	380.7	217.0	98.8
Due to customers	3,310.1	3,660.3	3,284.4
Accruals and other liabilities	229.2	233.7	251.2
Provisions	63.2	27.1	39.1
Lease liabilities	76.8	36.3	74.9
Current tax liabilities (overseas)	1.2	0.3	0.8
Net deferred tax liability	67.5	72.1	67.7
Subordinated loan notes	39.9	39.9	39.9
Total liabilities	4,184.9	4,304.2	3,865.2
Equity
Share capital	5.4	5.5	5.4
Share premium	10.7	3.4	6.9
Merger reserve	824.4	824.4	824.4
Other reserves	0.2	-	0.1
Own shares	(63.7)	(65.5)	(63.3)
Retained earnings	543.8	576.6	578.5
Total equity	1,320.8	1,344.4	1,352.0
Total liabilities and equity	5,505.7	5,648.6	5,217.2

Source ↗

	Unaudited Six months to 30 June 2026 £m	Unaudited Six months to 30 June 2025 £m	Audited Year to 31 December 2025 £m
Cash flows from operating activities
Profit before tax	72.1	62.3	152.9
Net interest income	(47.3)	(38.9)	(86.7)
Impairment losses on financial instruments	-	(0.1)	(0.1)
Net charge for provisions	18.7	1.1	9.2
Depreciation, amortisation and impairment	33.2	33.7	67.2
Loss on modification of leases	-	0.5	0.5
Foreign exchange movements	(1.5)	4.7	3.0
Share-based payment charges	11.5	13.4	27.5
Interest paid	(28.6)	(36.6)	(69.5)
Interest received	82.2	71.8	154.6
	140.3	111.9	258.6
Changes in operating assets and liabilities
Net increase in loans and advances to banks and customers	(18.7)	(80.0)	(72.3)
Net (increase)/decrease in settlement balance debtors	(220.2)	(146.9)	38.8
Net (increase)/decrease in prepayments, accrued income and other assets	(31.2)	(6.4)	0.6
Net increase in amounts due to customers and deposits by banks	33.6	1,321.9	937.0
Net increase/(decrease) in settlement balance creditors	281.9	83.4	(34.8)
Net decrease in accruals, provisions and other liabilities	(25.1)	(12.8)	(9.6)
Cash generated from operations	160.6	1,271.1	1,118.3
Tax paid	(30.2)	(23.4)	(52.1)
Net cash inflow from operating activities	130.4	1,247.7	1,066.2
Cash flows from investing activities
Purchase of property, plant, equipment and intangible assets	(7.4)	(5.3)	(8.8)
Purchase of investment securities	(1,287.4)	(1,376.3)	(2,689.2)
Proceeds from sale and redemption of investment securities	1,303.2	848.9	2,100.1
Net cash generated/(used in) investing activities	8.4	(532.7)	(597.9)
Cash flows from financing activities
Issue of ordinary shares	3.8	3.4	6.9
Repurchase of ordinary shares	(3.1)	(13.3)	(18.9)
Share buyback	(21.5)	-	(36.1)
Dividends paid	(70.0)	(65.8)	(98.4)
Payment of lease liabilities	(0.6)	(8.3)	(7.0)
Interest paid	(3.2)	(2.2)	(5.3)
Net cash used in financing activities	(94.6)	(86.2)	(158.8)
Net increase in cash and cash equivalents	44.2	628.8	309.5
Cash and cash equivalents at the beginning of the period	1,768.7	1,459.2	1,459.2
Cash and cash equivalents at the end of the period	1,812.9	2,088.0	1,768.7

Source ↗

	2025 £m	2024 £m
Interest and similar income	159.8	147.8
Interest expense and similar charges	(73.1)	(83.9)
Net interest income	86.7	63.9
Fee and commission income	858.9	835.1
Fee and commission expense	(38.2)	(34.3)
Net fee and commission income	820.7	800.8
Other operating income	15.9	31.2
Operating income	923.3	895.9
Charges in relation to client relationships and goodwill	(45.3)	(44.6)
Acquisition-related and integration costs	(39.9)	(83.4)
Other operating expenses	(685.2)	(668.3)
Operating expenses	(770.4)	(796.3)
Profit before tax	152.9	99.6
Taxation	(40.6)	(34.1)
Profit after tax	112.3	65.5
Profit for the year attributable to equity holders of the company	112.3	65.5
Other comprehensive income
Items that will not be reclassified to profit or loss
Net remeasurement of defined benefit asset or liability	0.1	(10.6)
Deferred tax relating to net remeasurement of defined benefit asset or liability	-	2.7
Other comprehensive income net of tax	0.1	(7.9)
Total comprehensive income for the year attributable to equity holders of the company	112.4	57.6
Dividends paid and proposed for the year per ordinary share	99.0p	93.0p
Dividends paid and proposed for the year	102.7	96.9
Earnings per share for the year attributable to equity holders of the company
- basic	107.9p	63.0p
- diluted	104.7p	60.4p

Source ↗

	2025 £m	2024 £m
Assets
Cash and balances with central banks	1,504.0	1,166.0
Settlement balances	89.5	128.3
Loans and advances to banks	264.7	293.2
Loans and advances to customers	168.5	96.1
Investment securities at amortised cost	1,864.3	1,278.2
Accrued income, prepayments and other assets	247.6	242.8
Current tax asset (UK)	9.4	6.8
Property, plant and equipment	49.5	53.2
Right-of-use assets	72.1	42.3
Intangible assets	947.0	982.7
Net defined benefit asset	0.6	0.5
Total assets	5,217.2	4,290.1
Liabilities
Deposits by banks	8.4	3.8
Settlement balances	98.8	133.6
Due to customers	3,284.4	2,352.1
Accruals and other liabilities	251.2	249.9
Current tax liabilities (overseas)	0.8	0.5
Net deferred tax liability	67.7	78.0
Subordinated loan notes	39.9	39.9
Provisions	39.1	28.1
Lease liabilities	74.9	44.8
Total liabilities	3,865.2	2,930.7
Equity
Share capital	5.4	5.5
Share premium	6.9	317.8
Merger reserve	824.4	824.4
Other reserves	0.1	-
Own shares	(63.3)	(68.1)
Retained earnings	578.5	279.8
Total equity	1,352.0	1,359.4
Total liabilities and equity	5,217.2	4,290.1

Source ↗

	2025 £m	2024 £m
Cash flows from operating activities
Profit before tax	152.9	99.6
Net interest income	(86.7)	(63.9)
Impairment losses on financial instruments	(0.1)	-
Net charge for provisions	9.2	14.9
Depreciation, amortisation and impairment	67.2	80.4
Loss on disposal of property, plant and equipment	-	0.1
(Gain)/loss on modification of leases	0.5	(13.5)
Foreign exchange movements	3.0	(1.0)
Defined benefit pension scheme credits	-	(0.4)
Defined benefit pension contributions paid	-	(3.7)
Share-based payment charges	27.5	29.1
Interest paid	(69.5)	(79.8)
Interest received	154.6	147.6
	258.6	209.4
Changes in operating assets and liabilities
Net (increase)/decrease in loans and advances to customers	(72.3)	21.8
Net decrease in settlement balance debtors	38.8	37.4
Net decrease/(Increase) in accrued income, prepayments and other assets	0.6	(12.1)
Net increase in amounts due to customers and deposits by banks	937.0	90.2
Net decrease in settlement balance creditors	(34.8)	(38.5)
Net (decrease)/increase in accruals, provisions and other liabilities	(9.6)	27.2
Cash generated from operations	1,118.3	335.4
Tax paid	(52.1)	(41.8)
Net cash inflow from operating activities	1,066.2	293.6
Cash flows from investing activities
Purchase of property, plant, equipment and intangible assets	(8.8)	(56.6)
Purchase of investment securities	(2,689.2)	(2,028.0)
Proceeds from sale and redemption of investment securities	2,100.1	2,046.6
Net cash used in investing activities	(597.9)	(38.0)
Cash flows from financing activities
Issue of ordinary shares	6.9	5.6
Repurchase of ordinary shares	(18.9)	(22.0)
Share buyback	(36.1)	-
Dividends paid	(98.4)	(56.9)
Payment of lease liabilities	(7.0)	(20.9)
Interest paid	(5.3)	(5.1)
Net cash used in financing activities	(158.8)	(99.3)
Net increase in cash and cash equivalents	309.5	156.3
Cash and cash equivalents at the beginning of the year	1,459.2	1,302.9
Cash and cash equivalents at the end of the year	1,768.7	1,459.2

	LTM Jun 26	FY 25	FY 24
Insurance and banking
Net interest income	95.1	86.7	63.9
Revenue to operating profit
Revenue	–	923.3	895.9
Share-based payments	25.6	27.5	29.1
Operating profit to net income
Profit before tax	162.7	152.9	99.6
Tax	(43.1)	(40.6)	(34.1)
Net income (owners)	119.6	112.3	65.5
Per share
EPS basic	115.7p	107.9p	63.0p
EPS diluted	112.3p	104.7p	60.4p
Dividend per share	100.0p	99.0p	93.0p

	H1 26	vs H1 25	H2 25	H1 25
Insurance and banking
Net interest income	47.3	+22%	47.8	38.9
Revenue to operating profit
Share-based payments	11.5	−14%	14.1	13.4
Operating profit to net income
Profit before tax	72.1	+16%	90.6	62.3
Tax	(20.4)	+14%	(22.7)	(17.9)
Net income (owners)	51.7	+16%	67.9	44.4
Per share
EPS basic	50.4p	–	65.3p	42.6p
EPS diluted	49.1p	–	63.2p	41.5p
Dividend per share	32.0p	–	68.0p	31.0p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	(51.1)	1,066.2	293.6
Tax paid	(58.9)	(52.1)	(41.8)
Financing activities
Lease principal paid	0.7	(7.0)	(20.9)
Dividends paid	(102.6)	(98.4)	(56.9)
Share buybacks	–	(36.1)	–
Shares issued	7.3	6.9	5.6

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	130.4	−90%	(181.5)	1,247.7
Tax paid	(30.2)	+29%	(28.7)	(23.4)
Financing activities
Lease principal paid	(0.6)	−93%	1.3	(8.3)
Dividends paid	(70.0)	+6%	(32.6)	(65.8)
Share buybacks	(21.5)	–	–	–
Shares issued	3.8	+12%	3.5	3.4

	30 Jun 26	31 Dec 25	31 Dec 24
Insurance and banking
CET1 ratio	16.8%	–	–
Loans to customers	187.9	168.5	96.1
Customer deposits	3,310.1	3,284.4	2,352.1
Non-current assets
Goodwill	934.9	947.0	–
Property, plant & equipment	47.1	49.5	53.2
Current assets
Cash	–	1,768.7	1,459.2
Total assets	5,505.7	5,217.2	4,290.1
Non-current liabilities
Borrowings, non-current	–	39.9	39.9
Lease liabilities, non-current	76.8	74.9	44.8
Pension surplus / (deficit)	–	0.6	0.5
Total liabilities	4,184.9	3,865.2	2,930.7
Equity
Total equity	1,320.8	1,352.0	1,359.4

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Insurance and banking
CET1 ratio	16.8%	–	17.4%	–
Loans to customers	187.9	168.5	176.3	96.1
Customer deposits	3,310.1	3,284.4	3,660.3	2,352.1
Non-current assets
Goodwill	934.9	947.0	964.4	–
Property, plant & equipment	47.1	49.5	50.6	53.2
Current assets
Cash	–	1,768.7	–	1,459.2
Total assets	5,505.7	5,217.2	5,648.6	4,290.1
Non-current liabilities
Borrowings, non-current	–	39.9	–	39.9
Lease liabilities, non-current	76.8	74.9	36.3	44.8
Pension surplus / (deficit)	–	0.6	–	0.5
Total liabilities	4,184.9	3,865.2	4,304.2	2,930.7
Equity
Total equity	1,320.8	1,352.0	1,344.4	1,359.4

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