Customer deposits rose by 1.8% quarter-on-quarter to £18.7bn, while both the CET1 and total capital ratios increased slightly to 12.6% and 14.9% respectively.
Based on a strong Q1 performance, the bank has released its full-year guidance, which forecasts further growth in its loan book to £21bn.
Marcelino Castrillo, chief executive, said: “Q1 2026 has delivered tangible progress against the strategic priorities we set out at the full year.
“Financial performance was strong in the first quarter, driven by continued growth and cost discipline. The loan book grew 2.6% in the quarter to £19.7bn, with cost of deposits reducing to 3.71%. Asset quality remained robust and we strengthened our capital position by issuing £250m of AT1 securities in April 2026.”
Castrillo said the bank saw “attractive” opportunities for growth in the specialist markets it served, adding: “Our proven specialist model and disciplined underwriting allow us to capture those opportunities, while remaining alert to the macroeconomic backdrop.”
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